HomeMy WebLinkAboutR-83-0377J - S 3 - 3 5 7
i 0
RESOLUTION NO. S .5" -42,7 r
A RESOLUTION AWARDING SOUTHEAST BANN, M.A. ,
$8,000,000 FIRE FIGHTING, FIRE PREVENTION' AND
RESCUE FACILITIES BONDS, $1,000,000 HOUSING
BONDS, $6,000,000 SANITARY SEWER SYSTEM BONDS,
S4,000,000 STORM SEWER IMPROVEMENT BONDS and
S6,000,000 STREET AND HIGHWAY IMPROVEMENVT BONDS
OF THE CITY OF MIAMI, FLORIDA, AND SETTING FORTH
THE PATES OF INTEREST AND OTHER DETAILS RESPECT-
IN1G SUCH BONDS.
BE IT RESOLVED BY THE CO'•1MISSION' OF THE CITY OF MAIAMI,
FLORIDA:
Section 1. That the Commission has ascertained
and determined and does nereby declare that:
(a) In accordance with the provisions of Resolution
�Io. 83-332 duly passed and adopted by the Commission on
April 28, 1983, a Notice of Sale was published on April 29,
1993, by the Director of Finance calling for sealed bids to
be received until 11:00 o'clocK A.M., Miami time, May 12,
1983, for S8,000,000 Fire Fiahting, Fire Prevention and
Rescue Facilities Bonds, S1,000,000 Housing Bonds, $6,000,000
Sanitary Sewer System Bonds, S4,000,000 Storm Sewer Improve-
ment Bonds and S6,000,000 Street and Highway Improvement
Bonds c-.,f The City of. ;•;lami, dated May 1 , 1983, the publica-
tion of which Notice of Sale on said day in The Bond Buyer,
The Miami Herald and The Miami :Jews is hereby ratified
and arproved .
(b) At the hour stated in said Notice of Sale, bidaing
was closed and the following bids were found to nave been
filed and to accord in all respects with the terms of said
Notice of Sale, each bid enclosing a certified or oanx
cashier's or treasurer's check for $250,000 payable uncon-
ditionally to the order of The City of Miami, Florida:
IMAY 12 1933 l
�� •� 7
F�Ei�tAHK�;
(1) Bid of Southeast Bank, N.A. offering
to pay $25,000,000, being par for each of the
five above -mentioned series of bonds (plus a
premium of $1,c"07.04 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to the date of their delivery,
said bonds bearing interest at the rates set
forth below in Column (1) of the tabulation
.headed "INTEREST RATES NAMED IN BIDS" .
2) Bid of Citibank, N.A. offering
to pav S25,000,000, beinq par for each of the
five above -mentioned series of bonds (plus a
premium of S -0- for all of said bonds) and
accrued interest on all of the bonds from 'iav
1, 1983 to the date of their delivery, said
bonds bearing interest at the rates set forth
below in Column (2) of the tabulation headed
"INTEREST RATES NAmED I".' BIDS" .
(3) Bid of Prudential Bache Sec., Inc.offerinq
to pay S25,000,000, being par for each of the
five above -mentioned series of bonds (plus a
premium of $3, 157. 95 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to tie date of their delivery,
said ponds bearing interest at the rates set
forth below in Column (3) of the tabulation
neaded "INTEREST RATES NAMED IN BIDS".
-2-
8' 37
0 0
(4) Bid of Bankers Trust Company offering
to pay $25,000,000, being par for each of the
five above -mentioned series of bonds (plus a
premium of $ 2 , 632. 00 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to the date of their delivery,
said bonds bearing interest at the rates set
forth below in Column (4) of the tabulation
-3-
83--37°i
0
0
STATED MATURITIES OF BONDS IN EACH YEAR
Fire Fighting,
Fire
Prevention
Sanitary
Street and
Maturity
and Rescue
Sewer
Storm Sewer
Highway
7btal
Date
Housing
Facilities
System
Lnprovement
Improvement
Principal
May 1
Bonds
Bonds
Bonds
Bonds
Bonds
Amount
1985
$1-5000
None
$325,000
$120,000
None
$ 460,000
1986
J57000
$350,000
325,000
125,000
$1750,000
990,000
1987
151000
410,000
325,000
135,000
190,000
18,075,000
1988
15,000
420,000
325,000
140,000
200,000
1-j,100,000
1989
15,000
420,000
325,000
145,000
215,000
10120,000
1990
20,000
420,000
325,000
160,000
230,000
1,155,000
1991
20,000
430,000
315,000
170,000
245,000
i,i80,000
1992
20,000
440,000
315,000
180,000
2659000
1,220,000
1993
20,000
440,000
315,000
185,000
285,000
11245,000
1994
20,000
440,000
315,000
200,000
305,000
1,280,000
1995
300,000
450,000
310,000
215,000
325,000
1,330,000
1996
30,000
450,000
310,000
225,000
345,000
1,360,000
1997
30,000
460,000
310,000
240,000
370,000
%4101000
1998
30,000
460,000
310,000
255,000
400,000
1,455,000
1999
30,000
470,000
310,000
265,000
425,000
1,500,000
2000
35,000
470,000
310,000
2800000
455,000
1,550,000
2001
351,000
480,000
310,000
300,000
485,000
1,610,000
2UO2
350000
49U,000
310,000
320,000
520,000
11675,000
2003
35,000
500,000
310,000
340,000
565,000
1,750,000
2004
35,000
35,000
2005
50,000
500,000
2006
50,000
50,000
2007
50,000
50,000
2008
50,000
50,000
2009
50,000
50,000
2010
60,000
60,000
2011
60,000
60,000
2012
65,000
65,000
2013
65,000
65,000
INTEREST RATES NAMED IN BIDS
Interest Rates Columns
Year of
Maturity
(1)
(2)
(3)
(4)
1985
9.25$
10.0 %
9.415%
9.50%
1986
9.25
10.0
9.25
9.50
1987
9.25
10.0
9.25
9.50
1988
9.2-
10.0
9.25
9.50
1989
9.25
10.0
9.25
9.50
1990
9.25
9.625
9.25
9.50
1991
9.25
8.0
9.25
9.25
1992
9.25
8.0
9.25
9.25
1993
8.00
8.20
8.50
9.25
1994
8.20
8.40
8.25
8.30
1995
8.30
8.50
8.40
8.40
1996
8.40
8.60
8.50
8.50
1997
8.50
8.70
8.60
E.60
1998
8.60
8.75
8.70
8.70
1999
8.70
8.80
8.75
8.80
2000
8.80
8.90
8.80
8.90
2001
8.90
9.00
8.80
9.00
2002
8.95
9.00
8.90
9.00
2003
9.00
9.00
8.90
9.00
2004
9.00
9.00
8.90
9.00
2005
9.00
9.00
8.90
9.00
2006
9.00
9.00
8.90
9.00
2U07
9.00
9.00
9.00
9.00
2008
9.00
9.00
9.00
9.00
2009
9.00
9.00
9.00
9.00
2010
9.00
9.00
9.00
9.00
2011
9.00
9.00
9.00
9.00
2012
9.00
9.00
9.00
9.00
2013
9.00
9.00
9.00
9.00
0 4
Section 2. That the bid offering to purchase said
bonds at the lowest effective interest cost to the Citv,
such cost being 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, was
the bid of Southeast Bank,NA ( herein called the "Awardee" )
offering to pay $25,000,000, being par for each of the five
above -mentioned series of bonds, plus a premium of $
for all of said bonds, and accrued interest on the bonds
from May 1, 1983 to the date of their delivery, and naming
for the bonds the interest rates set forth in Column ( 1 )
of the tabulation in Section 1 above.
Section 3. That said bid of the Awardee is hereby
accepted and said $8,000,000 Fire Fighting, Fire Prevention
and Rescue Facilities bonds, $1,000,000 Housing bonds,
$6,000,000 Sanitary Sewer System Bonds, $4,000,000 Storm
Sewer Improvement Bonds and S6,000,000 Street and Highway
Improvement Bonds of Tne City of Miami are hereby awarded to
the Awardee at the price set forth in Section 2 above
offered for said bonds bearing interest at the rates set
forth in Column ( 1 ) of the tabulation in Section 1 above,
and said bonds snall bear interest at said rates.
Section 4. That the checks of unsuccessful oidders
shall he returned immediately.
Section 5. There shall ne printed on the reverse of
each of said bonds the legal opinion of Brown, Wood, Ivey, -
Mitchell & Petty respect inq the validity of said bonas and,
-5-
0
0
immediately following such legal opinion, a certificate
signed with the facsimile signature of the City Clerk
substantially as follows:
"I HFRHBY CERTIFY that the foregoing is a
true and correct copy of the legal
opinion upon the bonds therein described
which was manually siqned by Brown,
Wood, Ivey, Mitchell & Petty, New York,
N.Y., and was dated as of the date of
delivery of and payment for said bonds.
".........(Facsimile Signature).......
City Clerk of The City of Miami, Florida."
Section 6. CUSIP numbers will be printed on such bonds.
The validity, sale, delivery or acceptance of the bonds will
not be affected in any manner by any error in printing the
CTISIP numbers on said bonds, or any of them.
Section 7. This resolution shall be in full force and
effect immediately upon its passage.
PASSED AND ADOPTED this 12th day of May , 1983.
ATTEST:
R PH G. ONGIF.
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
d X,
R. GARCIA-PEDROSA
1, CITY ATTORNEY
V`
6.
Maurice A. Ferre
MAURICE A. FERRE
M A Y O R
8 3-37 st
J - S 3 - 3 3 7
RESOLUTION NO. S0` ."a17I'
A RESOLUTION AWAPDI*IG SOUTHEAST I31`:NE, N.A. ,
$6,000,000 FIRE FIGHTING, FIRE PREVENTION AND
RESCUE FACILITIES BONDS, 51,000,000 HOUSING
BONDS, $6,000,000 SANITARY SEWER SYSTEM BONDS,
S4,000,000 STORM SEWER IMPROVEMEN`!' BONDS and
56,000,000 STREET AND HIGHWAY IMPROVE14ENT BONDS
OF THE CITY OF *.IIAMI, FLORIDA, AND SETTING FORTH
THE PATES OF INTEREST AND OTHER DETAILS RESPECT-
ING SUCH BONDS.
RE IT RESOLVED BY `rHE CO3MMISSIO1,11 OF THE CITY OF MIAMI,
FLORIDA:
section 1. That the Commission has ascertained
and determined and does hereby declare that:
(a) In accordance with the provisions of Resolution
No. 83-352 duly passed and adopted by the Commission on
April 28, 1983, a Notice of Sale was published on April 29,
1993, by the Director of Finance callina for sealed bids to
be received until 1 1 : 00 o'clock A. m. , hiiami time, May 12,
1983, for 58,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds, S1,000,000 Housina Bonds, $6,000,000
Sanitary Sewer System Bonds, 54,000,000 Storm Sewer Improve-
ment Bonds and S6,000,J00 Street and Hiahway Improvement
Bonas cf The City of. ",lami, dated May 1 , 1983, the publica-
tion of .-Jnich Notice of Sale on said day in Tne Bond Buyer,
The Miami Herald and The Idiami :yews is hereby ratified
and approved.
(b) At the hour stated in said .notice of Sale, bidding
was closed and the following bids were found to nave been
filed and to accord in all respects with the terms of said
Notice of Sale, each bid enclosina a certified or oanri
cashier's or treasurer's check for $250,000 payable uncon-
ditionally to the order of The Citv of Miami, Florida:
i i'Y C01:6 %11SSI0N
VA'( 12 1933 I
T` '} •
11.j',LLL10J:i :.1 _!l�'�1.� �/y
RLMAHKS:.
( 1 ) Bid of Southeast Ban;:, N.A. offering
to pay $25,000,000, beinv par for each of the
five above -mentioned series of bonds (plus a
premium of $ 1 ,,107. 04 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to the date of their delivery,
said bonds bearing interest at the rates set
forth below in Column (1) of the tabulation
headed "INTEREST RATES NAMED IN BIDS".
2) Bid of Citibank, N.A. offerino
to pay $25,000,000, eeinq par for each of the
five above -mentioned series of bonds (plus a
premium of S -0- for all of said bonds) and
accrued interest on all of the bonds from Mav
1, 1983 to the date of their delivery, said
bonds bearing interest at the rates set forth
below in Column (2) of the tabulation headed
"INTEREST PRATES "IA:iED IM BIDS" .
(3) bid of Prudential Bache Sec., inc.offerinq
to pay S*5,000,000, being par for each of the
five aoove-mentioned series of bonds (plus a
premium of $3, 157. 95 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to tae date of their delivery,
said ponds bearing interest at the rates set
forth below in Column (3) of the tabulation
neaded "INTEREST RA'r S NAMED IN BIDS".
-2-
N 4
( 1 ) Bid of Southeast Ban;,, N.A. offering
to pay $25,000,000, beino par for each of the
five above -mentioned series of bonds (plus a
premium of $ 1,107.04 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to the date of their delivery,
said bonds bearing interest at the rates set
forth below in Column (1) of the tabulation
headed "INTEREST RATES NAMED IN BIDS".
2) Bid of Citibank, N.A. offerinc
to pav $25,000,000, oeinq par for each of the
five above -mentioned series of bonds (plus a
premium of $ -0- for all of said bonds) and
accrued interest on all of the bonds from Mav
1, 1983 to the date of their delivery, said
bonds bearing interest at the rates set forth
below in Column (2) of the tabulation headed
"INTEREST RATES NA.,jED IN BIDS" .
(3) Bid of prudential Bache Sec., Inc.ofierinq
to pay S'5,000,000, being par for each of the
five above -mentioned series of bonds (plus a
premium of $3, 157. 95 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to tae date of their delivery,
said ponds bearinq interest at the rates set
forth below in Column (3) of the tabulation
neaded "INTEREST RATS NAivIED IN SIDS" .
-2-
4
(4) Bid of Bankers Trust Company offering
to pay $25,000,000, being par for each of the
five above -mentioned series of bonds (plus a
premium of $ 2 , 632.00 for all of said bonds)
and accrued interest on all of the bonds from
May 1, 1983 to the date of their delivery,
said bonds bearing interest at the rates set
forth below in Column (4) of the tabulation
-3-
S3-3'7":
4
STATED MATURITIES OF BONDS IN EACH YEAR
Fire Fighting,
Fire
Prevention
Sanitary
Street and
Maturity
and Rescue
Sewer
Storm Sewer
Highway
7btal
Date
Housing
Facilities
System
Improvement
Improvement
Principal
May 1
Bonds
Bonds
Bonds
Bonds
Bonds
Amount
1985
51-5,000
None
$325,000
$120,000
None
$ 460,000
1986
"57b00
$350,000
325,000
125,000
$175,1000
990,000
1987
15,000
410,000
325,000
135,000
190,000
1,0l5,000
1988
15,000
420,000
325,000
140,000
200,000
1-j,100,000
1989
15,000
420,000
325,000
145,000
215,000
1,120,000
1990
20,000
420,000
325,000
160,000
230,000
1,155,000
1991
2U,000
430,000
315,000
170,000
245,000
1,180,000
1992
20,000
440,000
315,000
180,000
265,000
1,2201000
1993
20,000
440,000
315,000
1851000
285,000
11245,000
1994
20,000
440,000
315,000
200,000
305,000
1,280,000
1995
30,000
450,000
310,000
215,000
325,000
1,330,000
1996
30,000
450,000
310,000
225,000
345,000
1,360,000
1997
30,000
460,000
3100000
240,000
370,000
11410,000
1998
30,000
460,000
310,000
255,000
400,000
1,455,000
1999
30,000
470,000
310,000
265,000
425,000
1,500,000
2000
35,000
470,000
310,000
280,000
455,000
1,550,000
2001
35,000
480,000
310,000
300,000
485,000
1,610,000
2002
35,000
490,000
310,000
320,000
520,000
11675,000
2003
35,000
500,000
310,000
340,000
565,000
11750,000
2004
35,000
35,000
2005
500,000
50,000
2006
50,000
50,000
2007
50,000
501000
2008
50,000
50,000
2009
50,000
50,000
2010
60,000
60,000
2011
60,000
60,00
2012
65,000
65,000
2013
65,000
65,000
INTEREST
RATES NAMED IN BIDS
Interest
Rates
Columns
Year of
Maturity
(1)
(2)
(3)
(4)
1985
9.25%
10.0 %
9.25%
9.50%
1986
9.25
10.0
9.25
9.50
1987
9.25
10.0
9.25
9.50
1988
9.25
10.0
9.25
9.50
1989
9.25
10.0
9.25
9.50
1990
9.25
9.625
9.25
9.50
1991
9.25
8.0
9.25
9.25
1992
9.25
8.0
9.25
9.25
1993
8.00
8.20
8.50
9.25
1994
8.20
8.40
8.25
8.30
1995
8.30
8.50
8.40
8.40
1996
8.40
8.60
8.50
8.50
1997
8.50
8.70
8.60
8.60
1998
8.60
8.75
8.70
8.70
1999
8.70
8.00
8.75
8.80
'
2000
8.80
8.90
8.80
8.90
2001
8.90
9.00
8.80
9.00
2002
8.95
9.00.
8.90
9.00
2003
9.00
9.00
8.90
9.00
2004
9.00
9.00
8.90
9.00
2005
9.00
9.00
8.90
9.00
2006
9.00
9.00
8.90
9.00
2U07
5.00
9.00
9.00
9.00
2008
9.00
9.00
9.00
9.00
2009
9.00
9.00
9.00
9.00
2010
9.00
9.00
9.00
9.00
2011
9.00
9.00
9.00
9.00
2012
9.00
9.00
9.00
9.00
2013
9.00
9.00
9.00
9.00
4
4
Section 2. That the bid offering to purchase said
bonds at the lowest effective interest cost to the Citv,
such cost being 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, was
the bid of Southeast Bank,NA (herein called the "Awardee" )
offering to pay $25,000,000, being par for each of the five
above -mentioned series of bonds, plus a premium of $
for all of said bonds, and accrued interest on the bonds
from May 1, 1983 to the date of their delivery, and namino
for the bonds the interest rates set forth in Column ( 1 )
of the tabulation in Section 1 above.
Section 3. That said bid of the Awardee is hereby
accepted and said $8,000,000 Fire Fighting, Fire Prevention
and Rescue Facilities bonds, $1,000,000 Housing bonds,
$6,000,000 Sanitary Sewer System Bonds, $4,000,000 Storm
Sewer Improvement Bonds and S6,000,000 Street and Highway
Improvement Bonds of Tne City of Miami are hereby awarded to
the Awardee at the price set forth in Section 2 above
offered for said bonds bearing interest at the rates set
forth in Column ( 1 ) of the tabulation in Section 1 above,
and said bonds snall bear interest at said rates.
Section 4. That the checks of unsuccessful bidders
shall be returned immediately.
Section 5. There shall be printed on the reverse of
each of said bonds the legal opinion of Brown, Wood, Ivey,
Mitchell & Petty resoectinq the validity of said bonds and,
-5-
S3-377
E
immediately following such legal opinion, a certificate
signed with the facsimile signature of the City Clerk
substantially as Follows:
"I HEREBY CBRTIFY that the foregoing is a
trite and correct copy of the legal
opinion upon the bonds therein described
which was manually signed by Brown,
Wood, Ivey, Mitchell & Petty, New York,
N.Y., and was dated as of the date of
delivery of and payment for said bonds.
11 .(Facsimile Signature).. ......
City Clerk of The City of Miami, Florida."
Section 6. CUSIP numbers will be printed on such bonds.
The validity, sale, delivery or acceptance of the bonds will
not be affected in any manner by any error in printing the
CUSIP numbers on said bonds, or any of them.
Section 7. This resolution shall be in full force and
effect immnediately upon its passage.
PASSED AND ADOPTED this 12th day of ^lay
ATTEST: 1
RREPH G. ONGIE
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
R. GARCIA—PEDROSA
(, CITY ATTORNEY
V/
21
Maurice A. Ferre
MAURICE A. FERRE
M A Y 0 R
1983.
83-3 7
0
11
CITY OF MIAMI. FLORIDA
54 INTER -OFFICE MEMORANDUM
1O Howard V. Gary DATE May 3, 1983 FILE s
City Manager
SUBJECT Agenda Item z
FROM REFERENCES
Carlos E. Garcia
Director of Finance
ENCLOSURES
It is recommended that the attached
resolution awarding $8,000,000 Fire
Fighting, Fire Prevention and Rescue
Facilities Bonds; $1,000,000 Housing
Bonds; $4,000,000 Storm Sewer Improve-
ment Bonds; $6,000,000 Sanitary Sewer
Bonds; and $6,000,000 Street and High-
way Improvement Bonds of the City of
Miami, Florida and setting forth the
rates of interest and other details
respecting such bonds.
As approved by resolution 83-352, adopted by the City Commission
on April 28, 1983, the competitive sale of $25,000,000 general
obligation bonds, this resolution awards the bonds and sets forth
the rates of interest and other details respecting such bonds.
Na
83-�3'7 :'