HomeMy WebLinkAboutR-84-0601J-84-484
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RESOLUTION NO. 84-601
A RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $2,000,000 FIRE FIGHTING, FIRE
PREVENTION AND RESCUE FACILITIES BONDS,
$18,100,000 HOUSING BONDS, $3,000,000 STORM
SEWER IMPROVEMENT BONDS AND $7,100,000
STREET AND HIGHWAY IMPROVEMENT BONDS, OF
THE CITY OF MIAMI, FLORIDA, AND DIRECTING
PUBLICATION OF NOTICE OF SALE OF SAID BONDS.
WHEREAS, the Commission (hereinafter sometimes called
the "City Commission") of The City of Miami, Florida (herein-
after sometimes called the "City") duly passed and adopted
the following resolutions providing for the issuance of
bonds of the City:
,Resolution No. 81-1020, adopted by the City Commission
on the loth day of December, 1981, as amended by Resolution
No. 82-304, adopted on April 1, 1982 (such amendment conform-
ing to Ordinance No. 9406 adopted on April 1, 1982, amending
Ordinance No. 9296, adopted on July 23, 1981), providing for
the issuance of not exceeding $21,000,000 Fire Fighting,
Fire Prevention and Rescue Facilities Bonds, to consist of
4,200 bonds of the denomination of $5,000 each, said bonds
to be issued at one time or from time to time and to be
dated and sold as shall hereafter be determined by the City
Commission and to mature in annual installments three (3) to
twenty (20) years after the date of the bonds.
CITY COMMISSION
MEETING Or
t AY 24 1204
FCSO:JI, ., S` - I
f,Lf.i! t;r:S
Resolution
No. 76-1104,
adopted by the City
Commission
on the 16th day
of December,
1976, providing for
the issuance
of not exceeding
$25,000,000
dousing Bonds to consist
of
5,000 bonds of the
denomination
of $5,000 each,
said bonds
to be issued at
one time or
from time to time and
to be
dated and sold as shall hereafter
be determined
by the City
Commission, and
to mature in
the years and in the
principal
amounts as follows:
Years After
Principal
Years After
Principal
Date or Dates
Amount
Date or Dates
Amount
2
$ 400,000
16
$ 700,000
3
400,000
17
900,000
4
400,000
18
90U,000
5
400,000
19
9001000
6
400,000
20
900,000
7
500,000
21
900,000
8
500,000
22
1,200,000
9
500,000
23
11200,000
10.
500,000
24
1,200,000
11
500,000
25
1,200,000
12
700,000
26
1,200,000
13
700,000
27
1,500,000
14
700,000
28
1,500,000
15
700,000
29
1,700,000
30
1,800,000
Resolution
No. 78-216,
adopted by the City
Commission
on the 23rd day
of March, 1978,
providing for the issuance
of not exceeding $15,000,000
Storm Sewer Improvement Bonds,
to consist of 3,000
bonds of
the denomination of $5,000
- 2.
84-601
84-601
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each, said bonds to be issued at one time or from time to
time and to be dated and sold as shall hereafter be deter-
mined by the City Commission, and to mature in the years and
in the principal amounts as follows:
Years After
Principal
Years After
Principal
Date or Dates
Amount
Date or Dates
Amount
2
$ 445,000
12
$ 795,000
3
470,000
13
845,000
4
500,000
14
895,000
5
530,000
15
945,000
6
560,000
16
1,005,000
7
595,000
17
1,065,000
8
630,000
18
1,130,000
9
670,000
19
1,195,000
10
710,000
20
1,265,000
11
750,000
Resolution No. 80-774, adopted by the City Commission
on the 30th day of October, 1980 providing for the issuance
of not exceeding $30,000,000 Street and Highway improvement
Bonds, to consist of 6,000 bonds of the denomination of
$5,000 each, said bonds to be issued at one time or from
time to time and to be dated and sold as shall hereafter be
determined by the City Commission, and to mature in the
years and in the principal amounts as follows:
Years After
Date or Dates
Principal
Amount
3
$ 880,000
4
945,000
5
1,010,000
6
1,080,000
7
11155,000
8
1,235,000
9
1,325,000
10
1,415,000
11
11515,000
Years After
Date or Dates
Principal
Amount
12
$1,620,000
13
1,735,000
14
11855,000
15
1,985,0no
16
21125,000
17
2,275,000
18
21430,000
19
21600,000
20
2,8151000;
and
WHEREAS, each of said resolutions provides that (i) the
bonds authorized thereunder shall bear interest at rates not
3.
A '
exceeding the legal rate, (ii) all or any part of the bonds
therein authorized may be made redeemable prior to their
respective maturities, at such times and prices and under
such terms and conditions, as the City Commission shall
determine by resolution prior to the sale of the bonds, and
(iii) both the principal of and the interest on said bonds
shall be payable at a bank or trust company in each of the
respective cities therein stated; and
WHEREAS, the City has heretofore issued its (1) Fire
Fighting, Fire Prevention and Rescue Facilities Bonds
authorized under said Resolution No. 81-1020 in the prin-
cipal amount of $8,000,000 in one series dated May 1, 1983,
thereby reducing the authorized but unissued portion of
said lire Fighting, Fire Prevention and Rescue Facilities
Bonds to $13,000,000; (2) Housing Bonds authorized under
said Resolution iqo. '76- 1.1.04 in the Principal amount of
$6,900,000 in three series dated December 1, 1.977, August 1,
1981 and May 1, 1983, respectively, thereby reducing the
authorized but unissued portion of said Housing Bonds to
$18,100,000; (3) Storm Sewer Improvement Bonds authorized
under said Resolution No. 78-216 in the principal amount
of $12,000,000, in three series, dated December 1, 1978,
August 1, 1981 and May 1, 1983, respectively, thereby
reducing the authorized but unissued portion of said Storm
Sewer Improvement Bonds to $3,000,000; and (4) Streetand
Highway Improvement Bonds authorized under said Resolution
No. 80-774, in the principal amount of $6,000,000 in one
series, dated May 1, 1983, thereby reducing the unauthorized
but unissued portion of said Street and Highway Improvement
Bonds to $24,000,000; and
4
•
A.
low
WHEREAS, the City Commission has determined:
(a) that $2,000,000 principal amount of said authorized
but unissued $13,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds shall. be issued and sold at this
time, said bonds to be dated, to be numbered and to mature
as hereinafter provided;
(b) that $18,100,000 principal amount of said authorized
but unissued $18,100,000 Housing Bonds shall be issued and
sold at this time, said bonds to be dated, to be numbered
and to mature as hereinafter provided;
(c) that $3,000,000 principal amount of said authorized
but unissued $3,000,000 Storm Sewer Improvement Bonds shall
be issued and sold at this time, said bonds to be dated, to
be numbered and to mature as hereinafter provided;
(d) that $7,100,000 principal amount of said author-
ized but unissued $24,000,000 Street and Highway Improvement
Bonds shall be is auc3d and sold at this time, said bonds to
be dated, to be numbered and to mature as hereinafter
provided;
(e) that each of said bonds shall be redeemable prior
to its respective maturity as hereinafter provided;
(f) that the principal of and the interest on said bonds
shall be payable at the banks hereinafter designated; and
(g) that the sale of said bonds shall be held and
notice thereof given as hereinafter provided; now, therefore,
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. There shall be issued and sold at this time
Fire Fighting, Fire Prevention and Rescue Facilities
Bonds, authorized under Resolution No. 81-1020, adopted by
5.
.,
the City Commission on the 10th day of December, 1981, as
amended by Resolution No. 82--304, adopted on April 1, 1982,
in the aggregate principal amount of Two million Dollars
($2,000,000), being a portion of the $2.1,000,000 principal
amount of said bonds authorized as hereinabove described.
Said bonds shall be dated as of the 1st day of June, 1984,
shall consist of 400 bonds of the denomination of $5,000
each, numbered 1 to 400, inclusive, and shall mature,
subject to redemption at the option of the City, in numer-
ical order, lowest numbers first, on the 1st day of June
in the following years and in the following amounts, re-
spectively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1987
$200,000
1996
$ 110,000
1988
190,000
1997
100,000
1989
180,000
1998
90,000
1990
170,000
1999
80,000
1991
160,000
2000
60,000
1992
150,000
2001
50,000
1993
140,000
2002
30,000
1994
130,000
2003
20,000
1995
120,000
2004
20,000
Section 2. There shall be issued and sold at this
time Housing Bonds, authorized under Resolution No. 76-1104,
adopted by the City Commission on the 16th day of December,
1976, in the aggregate principal amount of Eighteen Million
one Hundred Thousand Dollars ($18,100,000), being a por-
tion of the $25,000,000 principal amount of such bonds
authorized as hereinabove described. Said bonds shall be
dated as of the 1st day of June, 1984, shall consist of
3,620 bonds of the denomination $5,000 each, numbered 1
to 3,620 inclusive, and shall mature, subject to redemp-
tion at the option of the City, in numerical order, lowest
numbers first, on the 1st day of June in the following
years and in the following amounts,.respectively:
6.
0
0
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1986
$295,000
2001
$ 650,000
1987
295,000
2002
650,000
1988
295,000
2003
650,000
1989
295,000
2004
650,000
1990
295,000
2005
650,000
1991
365,000
2006
865,000
1992
365,000
2007
865,000
1993
365,000
2008
865,000
1994
365,000
2009
865,000
1995
360,000
2010
865,000
1996
505,000
2011
1,080,000
1997
505,000
2012
1,080,000
1998
505,000
2013
1,235,000
1999
505,000
2014
1,310,000
2000
505,000
Section 3. There shall be issued and sold at this
time Storm Sewer Improvement
Bonds, authorized under Resolu-
tion No. 78-216, adopted by
the City Commission
on the 23rd
day of March, 1978, in the aggregate
principal
amount of
Three Million Dollars ($3,000,000),
being a
portion of the
$15,000,000 principal amount
of said bonds
authorized as
hereinabove described. Said
bonds shall be
dated as of the
1st day of June, 1984, shall
consist of 600
bonds of the
denomination of $5,000 each,
numbered 1 to
600 inclusive,
and shall mature, subject to
redemption at
the option of the
City, in numerical order, lowest
numbers first,
on the 1st
day of June in the following
years and in the
following
amounts, respectively:
Year of Principal
Year of
Principal
Maturity Amount
Maturity
Amount
1986 $ 85,000
1996
$ 155,000
1987 95,000
1997
170,000
1988 100,000
1998
175,000
1989 110,000
1999
.185,000
1990 120,000
2000
205,000
1991 115,000
2001
220,000
1992 125,000
2002
230,000
1993 130,000
2Q03
235,000
1994 150,000
2004
245,000
1995 150,000
7.
84-601
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Section 4. There shall be issued and sold at this time
Street and Highway Improvement Bonds, authorized under
Resolution No. 80--774, adopted by the City Commission on the
30th day of October, 1980, in the aggregate principal amount
of Seven Million One Hundred Thousand Dollars ($7,100,000),
being a portion of the $30,000,000 principal amount of
said bonds authorized as hereinabove described. Said
bonds shall be dated as of the 1st day of June, 1984,
shall consist of 1,420 bonds of the denomination of $5,000
each, numbered 1 to 1,420 inclusive, and shall mature,
subject to redemption at the option of the City, in numer-
ical order, lowest numbers first, on the 1st day of June
in the following years and in the following amounts, respec-
tively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1987
$ 21-0,000
1996
$ 385,000
1988
225,000
1997
410,000
1989
240,000
1998
440,000
1990
255,000
1999
470,000
1991
275,000
2000
500,000
1992
290,000
2001
535,000
1993
315,000
2002
575,000
1994
335,000
2003
615,000
1995
360,000
2004
665,000
Section 5. Interest on said Fire Fighting, Fire
Prevention and Rescue Facilities Bonds, Housing Bonds,
Street and Highway Improvement Bonds and Storm Sewer Im-
provement Bonds, shall be payable semi-annually on the
1st day of June and of December in each year, first inter-
est being payable on the 1st day of December, 1984, and
both the principal of and the interest on said bonds shall
be payable at Chemical Bank, in the Borough of Manhattan,
City and State of New York, or, at the option of the hol-
8.
84-601
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der or registered owner, at Pan American Bank, N.A., in
the City of Miami, Florida.
Section 6. The Director of Finance is hereby authorized
and directed to publish a notice calling for bids for said
bonds in The Miami Review and The Miami News, daily newspapers
of general circulation published in the City of Miami, and
in The Bond Buyer, a financial journal published in New York
City and devoted primarily to municipal bonds, each of such
publications to be made at least ten (10) days before the
date for the receipt of bids, which notice shall be substan-
tially in the following form:
NOTICE OF SALE
$30,200,000
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDS
Sealed Bids
Sealed bids will be received by the Commission (the
"Commission") of The City of Miami, Florida (the "City") at
its regular place of meeting in the City Hall, 3500 Pan
American Drive, Dinner Key, Miami, Florida, until 11:00 A.M.
Miami time on June 14, 1984, at which time and place all bids
will be publicly opened and read, for The City of Miami Gen-
eral Obligation Bonds in the principal amount of $30,200,000,
consisting of $2,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds, $18,100,000 Housing Bonds, $3,000,000
Storm Sewer Improvement Bonds and $7,100,000 Street and
Highway Improvement Bonds, dated June 1, 1984.
Bond Details
The Bonds will be issuable as registered bonds with-
out coupons in the denomination of $5,000. The Bonds
will be dated and bear interest from June 1, 1984, payable
semi-annually on June 1 and December 1 in each year, first
interest payable December 1, 1984, at the rate or rates
specified in such proposal as may be accepted, and will
mature as follows:
9.
C
Maturity Date
(June 1)
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
MATURITY SCHEDULE
Fire Fighting,
Fire
Prevention
and Rescue Storm Sewer
Housing Facilities improvement
Bonds Bonds Bonds
$ 295,000
295,000
295,000
295,000
295,000
365,000
365,000
365,000
365,000
360,000
505,000
505,000
505,000
505,000
505,000
650,000
650,000
650,000
650,000
650,000
865,000
865,000
865,000
865,000
865,000
1,080,000
1,080,000
1,235,000
1,310,000
$ -0-
200,000
190,000
180,000
170,000
160,000
150,000
140,000
130,000
120,000
110,000
100,000
90,000
80,000
60,000
50,000
30,000
20,000
20,000
$ 85,000
95,000
100,000
110,000
120,000
115,000
125,000
130,000
150,000
150,000
155,000
170,000
175,000
185,000
205,000
220,000
230,000
235,000
245,000
Street and
Highway
Improvement
Bonds
$-0-
210,000
225,000
240,000
255,000
275,000
290,000
315,000
335,000
360,000
385,000
410,000
440,000
470,000
500,000
535,000
575,000
615,000
665,000
Total
Principal
Amount
$ 380,000
800,000
810,000
825,000
840,000
915,000
930,000
950,000
980,000
990,000
1,155,000
1,185,000
1,210,000
11240,000
1,270,000
1,455,000
1,485,000
1,520,000
1,580,000
650,000
865,000
865,000
865,000
865,000
865,000
1,080,000
1,080,000
1,235,000
1,310,000
Principal of, premium, if any, and interest on the
Bonds will be payable at the option of the holder, at
Chemical Bank, New York, New York, or at Pan American Bank,
N.A., Miami, Florida.
Optional Redemption
The Bonds maturing on or after June 1, 1995 are subject
to redemption at the option of the Commission of the City on
or after June 1, 1994, in whole on any date, or in part
in the inverse order of their maturities (by lot within any
maturity) on any interest payment date, at the following
redemption prices, plus accrued interest to the date of
redemption:
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84-601..
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e
Redemption Period
(dates inclusive)
Redemption Price
(percentage of
principal amount)
June
1,
1994
to
May 31,
1995 %
June
1,
1995
to
May 31 ,
1996 %
June
1,
1996
to
May31,
1997 %
June
1,
1997
to
May 31 ,
1998 %
June
1,
1998
to
May 31 ,
1999 %
June
1,
1999
to
May 31 ,
2000 %
June
1,
2000
and
thereafter %
Purpose; Validation
The Fire Fighting, Fire Prevention and Rescue Facili-
ties Bonds were authorized by Ordinance No. 9296 for the
purpose of paying the cost of fire fighting, fire prevention
and rescue facilities.
The Housing Bonds were authorized by Ordinance No. 8514
for the purpose of providing housing in the City for fami-
lies and persons, including the elderly, of low or moderate
income.
The Storm Sewer Improvement Bonds were authorized by
Ordinance No. 3736 for the purpose of paying the cost of the
construction of permanent drainage facilities within the
City.
The Street and Highway Improvement Bonds we're author-
ized by Ordinance No. 9129 for the purpose of paying the
cost of street and highway improvements in the City.
All of the Bonds have been validated by judgments of
the Circuit Court of Dade County and no appeal was taken
thereon.
Security for and Source of Payment for the Bonds
The Bonds will be general obligations of the City
for which its full faith, credit and taxing power are
pledged, and are payable from unlimited ad valorem taxes on
all taxable property in the City (excluding homestead
exemptions for certain persons who are aged, disabled or
otherwise qualified therefor).
Interest Rates and Biddinq Details
Each proposal must be in the form of the Official Bid
Form, and enclosed in a sealed envelope marked "Bid for
$30,200,000 City of Miami, Florida General Obligation
Bonds". Each bid constitutes a separate bid for each of
said series of Bonds and any premium bid shall be for all of
said Bonds and allocated to each series in the proportion
which the amount of such series bears to the total amount of
all Bonds. Bidders are requested to name the interest rate
or rates in multiples of 1/8 or 1/20 of 1%. Each bidder
must specify in his bid the interest rate for the Bonds of
each maturity, and all Bonds maturing on the same date must,
bear interest at the same rate. Any number of interest
U
E
rates may be named, but the highest .�,nterest rate named
may not exceed the lowest interest/rtr ted by more than
two percent (2%). No bid for less than all of the Bonds
offered or for less than par and accrued interest will be
entertained. Premiums may be specified.
Award of Bonds
As between acceptable proposals complying with this
Notice of Sale, the Bonds will be sold to the responsible
bidder whose proposal offers to purchase all the Bonds at
such rate or rates of interest as will produce the lowest
effective interest rate to the City. The lowest effective
interest rate will be determined in accordance with the
"Canadian" or "true" interest cost method of calculation by
doubling the semi --annual interest rate (compounded semi-
annually) necessary to discount the debt service payments
from the payment dates to the date of the Bonds and to the
price bid, not including interest accrued to the date of
delivery.
The right is reserved to reject all bids or any bid
not conforming to this Notice of Sale or not in the form
of the Official Bid Form. The right is also reserved
to waive, if permitted by law, any irregularity or informal-
ity in any proposal.
Good Faith
Each bid must be accompanied by a certified bank
cashier's or treasurer's check, drawn upon an incorporated
bank, or trust company, in the amount of $302,000, which
check, on which no interest will be allowed, must be
payable unconditionally to the order of The City of Miami,
Florida. Award or rejection of bids will be made on
the date above stated for receipt of bids, and the checks
of unsuccessful bidders will be returned immediately.
The check of the successful bidder will be cashed and
the proceeds will be held as security for the performance
of the bid, and, in the event such successful bidder shall
fail to comply with the terms of his bid, the proceeds wi•11
be retained. The retention of such check will constitute
full liquidated damages. If it shall be found impossible to
issue and deliver the Bonds, the Cite will deliver to the
successful bidder a certified, bank cashier's or treasurer's
check drawn upon a bank or trust company in the City of
Miami, Florida, payable unconditionally to the order of such
bidder, in the amount of the check deposited by such bidder
with his bid. Upon delivery of the Bonds, the proceeds of
such check of the successful bidder will be applied to
payment for the Bonds.
CUSIP Numbers
_ It is anticipated that CUSIP identification numbers
will be printed on the Bonds, but neither the failure to
print such numbers on any Bond nor any error with respect
thereto shall constitute cause for a failure or refusal by
the purchasers thereof to accept delivery of or pay for the
Bonds in accordance with the terms of their bid. All
12.
expenses in relation to the printing of CUSIP numbers on
said Bonds and the CUSIP Service Bureau charge for the
assignment of said numbers shall be paid for by the City of
Miami.
Delivery of Bonds
Delivery of the Bonds in definitive form will be
made on or about June 28,1984 in New York, New York,
against payment therefor in immediately available Federal
Reserve Funds to the order of The City of Miami, Florida.
The unqualified approving legal opinion of Brown, Wood,
Ivey, Mitchell & Petty of New York, New York will be fur-
nished without cost to the purchasers of the Bonds. There
will also be furnished the usual closing documents.
Concurrently with the delivery of the Bonds, the
City Manager and the Director of Finance will furnish
their certificate to the effect that, to the best of their
knowledge, the Official Statement, as of its date and as of
the date of delivery of the Bonds, did not and does not
contain an untrue statement of a material fact or omit to
state a material fact which should be included therein for
the purpose for which the Official Statement is to be used,
or which is necessary to make the statements contained
therein, in the light of the circumstances under which
they were made, not misleading.
The successful bidder shall have the right, at its
option, to cancel its obligation to purchase the Bonds
if the City shall fail to tender the Bonds for delivery
within 60 days from the date herein fixed for the receipt of
bids, and, in such event, the successful bidder shall be
entitled to the return of its deposit mentioned above, with
interest.
Disclosure Obligations of the Purchaser
Section 218.38(b)(1), Florida Statutes, requires
that the City file, within 120 days after delivery of the
Bonds, an information statement with the Division of Bond
Finance of the State of Florida (the "Division") containing
the following information: (a) the name and address of
each underwriter associated with the Bonds; (b) the name and
address of any attorney or financial consultant who advised
the City with respect to the Bonds; (c) any management fee
charged by the underwriter; (d) the gross compensation which
the underwriter expects to realize; (e) any fee, bonus
or gratuity paid, in connection with the Bonds, by the
underwriter or financial consultant; and (f) any other fee
by the City with respect to the Bonds, including any fee
paid to attorneys or financial consultants. The successful
purchaser(s) is required to provide to the City the informa-
tion mentioned in (a), (c), (d) and (e) above in a timely
fashion such that the City may comply with the above statute.
Receipt of such statement is a condition precedent to the
delivery of the Bonds to such successful purchaser. Section
218.38(b)(2), Florida Statutes, requires the successful pur-
chaser(s) to file with the Division within 90 days after the
sale of the Bonds a sworn statement containing the same
information mentioned in (c), (d) and (e) above.
13,
84-6;�
Additional Information
The Official Hid Form and Notice of Sale and copies of
the Preliminary Official Statement relating to the Bonds
may be obtained upon request to the undersigned at Miami
City Hall, 3500 Pan American Drive, Dinner Key, Miami,
Florida 33133, telephone number (305) 579-6350, or to the
Financial Advisor, James J. Lowrey & Co. Incorporated, 110
Wall Street, New York, New York 10005, telephone number
(212) 363-2000.
Carlos E. Garcia, CPA
Director of Finance
The City of Miami, Florida
Section 7. The form referred to in the Notice of Sale
set forth in Section 6 above and on which all bids are
requested to be made shall be substantially as follows:
®4-601
OFFICIAL BID FORM
Proposal
For the Purchase of
$ 30, 200 , 000
THE CITY OF MIAMI, FLORIDA
General Obligations Bonds
June 14, 1984
Commission of The City of Miami
City Hall
3500 Pan American Drive
Dinner Key
Miami, Florida 33133
Gentlemen:
On behalf of an underwriting syndicate which we have
formed, headed by the undersigned and consisting of the
firms listed on a separate sheet attached hereto, and in
accordance with the terms and conditions of the attached
Notice of Sale dated June , 1984, which is hereby made a
part of this proposal, we offer to purchase all of the
$30,200,000 City of Miami, Florida General Obligation Bonds
(consisting of $2,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds, $18,100,000 Housing Bonds, $3,000,000
Storm Sewer Improvement Bonds and $7,100,000 Street and High-
way Improvement Bonds) to be dated June 1, 1984 and we will,
pay therefor, at the time of delivery, in immediately avail-
able Federal Reserve Funds, Thirty Million Two Hundred
Thousand Dollars ($`20,200,000), plus accrued interest, if
any, from Jude: 1, 1984 to the date: of delivery of the Bonds
and a cash pr.remiuni of for a].1. of said
Bonds, %,di .ch ::30, 2.0O,O�lU const{z.tt�t.esT_the total. of t-l�c�
separate bids of pal- for each of the four_ series of bonds
specified above. Such premium, if any, is to be allocated
to each series of Bonds as provided in the Notice of Sale.
SCHEDULE OF MATURITIES AND INTEREST RATES
The Bonds shall bear
interest at the rates set forth in
the
following schedule:
Maturity
Date Principal Interest Maturity Date Principal Interest
June 1
Amount Rate
June 1 Amount Rate
1986
$
% 2001 $ %
1987
2002
1988
2003
1989
2004
1990
2005
1991
2006
1992
2007
1993
2008
1994
2009
1995
2010
1996
2011
1997
2012
1998
2013
1999
2014
2000
15.
We enclose herewith a certified or bank cashier's or
treasurer's check, drawn on an incorporated bank or trust
company in the amount of $302,000 payable to the order of
The City of Miami, Florida, which check is to by applied or
returned in accordance with the Notice of Sale.
The closing documents referred to in the Notice of Sale
are to include certificates, dated as of the date of the
delivery of the bonds, with reference to the Official
Statement, as provided therein, and stating that there is no
litigation pending or, to the knowledge of the signer of
such certificate, threatened affecting the validity of the
bonds.
Respectfully Submitted,
Bidder
By
Title
(No addition or alteration, except as
provided above, is to be made to this
bid and it must not be detached from
the attached Notice of Sale.)
The following is for information only and is not part
of this bid:
0.11 The total amount of interest payable on the Bonds during
the life of the issue under this Proposal, without deducting
the premium bid, if any, is $
Effective interest rate for the Bonds calculated as
described in the Notice of Sale is %.
The above mentioned check has been returned and receipt
thereof is duly acknowledged.
Bidder
By
Title
16.
84-601
Section B. The bonds maturing on or after June 1, 1995
are subject to redemption prior to
their respective maturities,
at the option of the City, on or
after June 1, 1994, in whole
on any date, or in part on any interest
payment date in the
inverse order of their maturities
(by lot within any maturity),
at the following redemption prices,
together with the interest
accrued thereon to the date fixed
for redemption:
Redemption Price
Redemption Period
(percentage of
(dates inclusive)
principal amount)
June 1, 1994 to May 31, 1995
%
June 1, 1995 to May 31, 1996
%
June 1, 1996 to May 31, 1997
%
June 1, 1997 to May 31, 1998
%
June 1, 1998 to May 31, 1999
%
June 1, 1999 to May 31, 2000
%
June 1, 2000 and thereafter
%
Notice of redemption of any
bonds shall be given by
publication once in a newspaper of
general circulation in
The City of Miami., Florida, and in
a financial journal of
national circulation published in
the City of New York, N.Y.
Said publication of the notice of
redemption shall be at
least thirty (30) days but not more
than sixty (60) days
prior to the date fixed for such
redemption.
84-601
The bond forms for each of the four series of bonds
shall be as heretofore provided, subject to the inclusion of
redemption provisions and such minor revisions as shall be
deemed necessary or desirable by the Director of. Finance.
Section 9. This resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 24th day of May, 1984.
Maurice A. Ferre
Maurice A. Ferret Mayor
Rolph G. Ongie, City6 L-(-X
er
Deputy City Attorney
APPROVED AS TO FORM AND CORRECTNESS:
kse. Garcia -Pedrosa, City Attorney
Ask
CITY OF MIAM1, FLORIDA
• 4 INTER -OFFICE NiSMORAN0UM ATTACHMENT 1
TO. Randolph Rosencrantz GATE: April 25, .1.9.84 FILE;
Assistant City Manager
Carlos E. Garcia
FROM' Director of Finance
SU9:ECT: Projects to be funded
with 184 Bond Sale
REFERENCES:
ENCLOSURES:
Proceeds of the 1984 - $30.2M G.Q. Bond Sale are projected to be
as follows:
Housing Bonds
Affordable Housing
Overtown Park West
Streets & Highways
City Wide Paving
Design Plaza
Manor Highway Improvement
S.W. 27th Avenue
Allapattah Industrial Area
Grand Avenue Sidewalk
Overtown Highway
E. Little Havana Highway
S.W. loth Street Highway
Overtown Parkwest
Storm Sewers
Flagler Storm Mods.
Local Drainage E-54
Riverview P.S. Mods.
Orange Bowl P.S. Mods
Manor
Shenandoah
LeJeune Station
Fire Bonds
New Communications System
Total
$ 7,000,000
11 100 000
1 ,100,000
$ 250,000
500,000
700,000
70,000
11000,000
200,000
400,000
1,000,000
880,000
2.100.000
7,100,000
200,000
800,000
50,000
100,000
600,000
420,000
830,000
3,0002000
2,000,000
$ 30,200,000
G. 0. Bonds
Authorized & Issued
9/30/83
Date
Purpose
AMT
Issued
Balance
6/30/70
Highways
$ 811475,000
$ 75,1009000•-
$6,375,000*
Pollution
Control
9/28Y76
Sanitary
Sewers 25,000,000
22,000,000
3,000,000
Fire
101000,000
10,0001000
-0-
-3/9/76
Housing
251000,000
6,900,000
18,100,000
3/7/78
Storm Sewer
15,000,000
12,000,000
3,000,000
10/7/80
Sanitary
Sewer 45,000,000
-0-
45,000,000
Streets
30,000,000
6,000,000
241000,000
11/3/81
Fire
21,000,000
8,000,000
13,000,000
3/12/84
Police
20,000,000
-0-
20,000,000
Sewer
30,000,000
-0-
30,000,000
$30 75, 03
1�,000,O0o
1 2� ,4'75,000
►Interest limit of 7%
0
0
STATE OF FLORIDA )
COUNTY OF DADE
CITY OF MIAMI )
I, RALPH G. ONGIE, Clerk of the City of Miami,
Florida, and keeper of the records thereof, do hereby
certify that the attached and foregoing pages numbered
to inclusive, contain a true and correct copy of a
resolution adopted by the City of Miami Commission at a
meeting held on the day of , 1984.
SAID RESOLUTION WAS DESIGNATED RESOLUTION NO.
WITNESS MY HAND and the Official Seal of the City of
Miami, Florida, this day of , 1984.
RALPH G. ONGIE
CITY CLERK
CITY OF MIAMI, FLORIDA
(OFFICIAL SEAL)
—...:..
CITY OF P.•;IAM111, ', 0^I(?;^ _ !/
}
INTER-OFFIC:F_ VIF?-`IOPANDIJM
TO Howard V. Gary DATE: May 111, 198)1
City Manager
SUBJECT: Agenda Item `,(fir.. -'{:� ""i`•� f�i _,.q�'
Carlos E. Garcia
FROM:Director of Finance REFERENCES:
ENCLOSURES:
It is recommended that the attached
resolution approving notice of sale
relating to the issuance of $2,000,000
Fire Fighting, Fire Prevention, and
Rescue Facilities Bonds; $18,100,000
Housing Bonds; $3,000,000 Storm Sewer
Improvement Bonds, and $7,100,000 High-
way Improvement Bonds, be adopted by
the City Commission..
The sale of $30,200,000 general obligations bonds is recommended
so that the City of Miami may continue to fund its capital pro-
jects as approved by the City Commission in the Capital Projects
Ordinance. Interest rates are expected to follow an upwards trend
during the next several months.
It is necessary for the City Commission to approved the attached
resolution approving the notice of sale relating to the issuance
of these bonds in order to mail such notices of sale to
prospective purchasers and to publish such notice in newspapers of
general circulation in the City of Miami, Florida, and in a
financial journal of national circulation published in the City of
New York, N. Y.
84-601