HomeMy WebLinkAboutR-83-0352RESOLUTION NO. S3--352
_ A RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $8,000000 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 $6,000,000
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 'he 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 10th 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 and in the
principal amounts as follows:
CITY C 01M 11%TIS SION
?•iE 'rIitiTG OF
n;,R La 1983
110N No. 83-352
IFEMARKS: 1
Years After
Date or Dates
3
4
5
6
7
8
9
10
11
Principal
Years After
Principal
Amount
Date or Dates
Amount
$450,000
12
$1,000,000
525,000
13
1?150?000
600,000
14
1,3001000
625,000
15
1,450,000
650,000
16
1,6001000
700,000
17
1,800,Ooo
750,000
18
2,000,000
800,000
19
2,200,000
900,000
20
2,500,000
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 Housing 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
Date or Dates
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Principal
Amount
$ 400,000
400,000
400,000
400,000
400,000
500,000
500,000
500,000
500,000
500,000
700,000
700,000
700,000
700,000
Years After
Date or Dates
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Principal
Amount
$ 700,000
900,000
900,000
900,000
900,000
900,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,500,000
1,500,000
1r700,000
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 31000 bonds of the denomination of $5,000
2.
83-352
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 $ 7950000
3 470,000 13 845,000
4 5000,000 14 895,000
5 530,000 15 945,000
6 560,000 16 1j005,000
7 595,000 17 1,065,000
8 630,000 18 1,130,000
9 670,000 19 10,195,000
10 710,000 20 1,265,000
11 750,000
Resolution No. 76-1060, adopted by the City Commission
on the 18th day of November, 1976 providing for the issuance
of not exceeding $25,000,000 Sanitary Sewer System Bonds, to
consist of 5,0L0 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
Date or Dates Amount
Years After
Date or Dates
Principal
Amount
2
$1,350,000
12
$1t300,000
3
11350,000
13
1,300,000
4
1,350,000
14
1,300,000
5
1,350,000
15
1r300,000
6
1,350,000
16
1r300,000
7
1,350,000
17
1,300,000
8
1,300,000
18
1,300,000
9
1,300,000
19
1j300,000
10.
1,300,000
20
1,300,000
11
1,3001000
; and
3.
Y
83-352
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
3
4
5
6
7
8
9
10
11
Principal
Amount
$ 880,000
945,000
1 ,010,000
1,080,000
1,155,000
1,235,000
11325,000
1,415,000
1,515,000
Years After
Date or Dates
12
13
14
15
16
17
18
19
20
Principal
Amount
$1 ,620,000
1 ,735,000
1,855,000
1 ,985,000
2,125,000
2,275,000
21430,000
2,600,000
2,815,000
WHEREAS, each of said resolutions provides that (i) the
bonds authorized thereunder shall bear interest at rates not
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 conditons, 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 not issued any of its Fire
Fighting, Fire Prevention and Rescue Facilities Bonds under
said Resolution No. 81-1020 or any of its Street and Highway
Improvement Bonds under said Resolution No. 80-774; the City
4.
83-352
has heretofore issued its (1) Housing Bonds authorized under
said Resolution No. 76-1104 in the principal amount of
$5,900,000 in two series dated December 1, 1977, and August
1, 1981, respectively, thereby reducing the authorized but
unissued portion of said Housing Bonds to $19,100,000; (2)
Storm Sewer Improvement Bonds authorized under said Resolution
No. 78-216 in the principal amount of $8,000,000, in two
series, dated December 1, 1978, and August 1, 1981, respec-
tively, thereby reducing the authorized but unissued portion
of said Storm Sewer Improvement Bonds to $7,000,000; and
(3) Sanitary Sewer System Bonds authorized under said
Resolution No. 76-1060, in the principal amount of $16,000,000
in two series, dated May 1, 1977, and December 1, 1978,
respectively, thereby reducing the unauthorized but unissued
portion of said Sanitary Sewer System Bonds to $9,000,000;
and
WHEREAS, the City Commission has determined:
(a) that $8,000,000 principal amount of said authorized
but unissued $21,000,000 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 $1,000,000 principal amount of said authorized
but unissued $19,100,000 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 $4,000,000 principal amount of said authorized
but unissued $7,0001000 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;
5.
S3--a
i
41
(d) that $6,000,000 principal amount of said author-
ized but unissued $9,000,000 Sanitary Sewer System Bonds
shall be issued and sold at this time, said bonds to be
dated, to be numbered and to mature as hereinafter provided;
(e) that $6,000,000 principal amount of said author-
ized but unissued $30,000,000 Street and Highway Improvement
Bonds shall be issued and sold at this time, said bonds to
be dated, to be numbered and to mature as hereinafter
provided;
(f) that each of said bonds shall be redeemable prior
to its respective maturity as hereinafter provided;
(g) that the principal of and the interest on said bonds
shall be payable at the banks hereinafter designated; and
(h) 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
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 Eight Million Dollars
($8,000,000), being the first installment of the $21,000,000
principal amount of said bonds authorized as hereinabove
described. Said bonds shall be dated as of the 1st day of
May, 1983, shall consist of 11600 bonds of the denomination
of $5,000 each, numbered 1 to 11600, inclusive, and shall
mature, subject to redemption at the option of the City, in
6.
83-352.
•
i�
numerical order, lowest numbers first, on the 1st day of May
in the following years and in the following amounts, respec-
tively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1986
$ 350,000
1995
$450,000
1987
410,000
1996
450,000
1988
420,000
1997
460,000
1989
420,000
1998
460,000
1990
420,000
1999
470,000
1991
430,000
2000
470,000
1992
440,000
2001
480,000
1993
440,000
2002
490,000
1994
440,000
2003
500,000
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 One Million
Dollars ($1000,000), being a portion 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
May, 1983, shall consist of 200 bonds of the denomination
$5,000 each, numbered 1 to 200 inclusive, and shall mature,
subject to redemption at the option of the City, in numerical
order, lowest numbers first, on the 1st day of May in the
following years and in the following amounts, respectively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1985
$15,000
2000
$35,000
1986
151000
2001
35,000
1987
15,000
2002
35,000
1988
151000
2003
35,000
1989
15,000
2004
35,000
1990
20,000
2005
50,000
1991
20,000
2006
50,000
1992
20,000
2007
50,000
1993
20,000
2008
501000
1994
20,000
2009
501000
1995
30,000
2010
60,000
1996
30,000
2011
60,000
1997
30,000
2012
65,000
1998
30,000
2013
65,000
1999
30,000
7.
53--352.
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
Four Million Dollars ($4,000,000), 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 May, 1983, shall consist of 800 bonds of the
denomination of $5,000 each, numbered 1 to 800 inclusive,
and shall mature, subject to redemption at the option of the
City, in numerical order, lowest numbers first, on the 1st
day of May in the following years and in the following
amounts, respectively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1985
$120,000
1995
$215,000
1986
125,000
1996
225,000
1987
135,000
1997
240,000
1988
140,000
1998
255,000
1989
145,000
1999
265,000
1990
160,000
2000
280,000
1991
170,000
2001
300,000
1992
180,000
2002
320,000
1993
185,000
2003
340,000
1994
200,000
Section 4. There shall be issued and sold at this time
Sanitary Sewer System Bonds, authorized under Resolution No.
78-216, adopted by the City Commission on the 18th day of
November, 1976, in the aggregate principal amount of Six Mil-
lion Dollars ($6,000,000), being a portion of the $25,000,000
principal amount of said bonds authorized as hereinabove
described. Said bonds shall be dated as of the 1st day of
May, 1983, shall consist of 1,200 bonds of the denomination
of $5,000 each, numbered 1 to 1,200 inclusive, and shall
8.
83-352,
i
mature, subject to redemption at the option of the City, in
numerical order, lowest numbers first, on the 1st day of May
in the following years and in the following amounts, respec-
tively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1985
$325,000
1995
$310,000
1986
325,000
1996
310,000
1987
325,000
1997
310,000
1988
325,000
1998
310,000
1989
325,000
1999
310,000
1990
325,000
2000
310,000
1991
315,000
2001
310,000
1992
315,000
2002
310,000
1993
315,000
2003
310,000
1994
315,000
Section 5. 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 Six Million Dollars ($6,000,000), 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 May, 1983, shall consist of 1,200 bonds of the
denomination of $5,000 each, numbered 1 to 1,200 inclusive,
and shall mature, subject to redemption at the option of the
City, in numerical order, lowest numbers first, on the 1st
day of May in the following years and in the following
amounts, respectively:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1986
$175,000
1995
$325,000
1987
190,000
1996
345,000
1988
200,000
1997
370,000
1989
215,000
1998
400,000
1990
230,000
1999
425,000
1991
245,000
2000
455,000
1992
265,000
2001
485,000
1993
285,000
2002
5200,000
1994
305,000
2003
565,000
9.
83-352.
i
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Section 6. Interest on said Fire Fighting, Fire
Prevention and Rescue Facilities Bonds, Housing Bonds,
Sanitary Sewer System Bonds, Street and Highway Improvement
Bonds and Storm Sewer Improvement Bonds, shall be payable
semi-annually on the 1st day of May and of November in
each year, first interest being payable on the 1st day of
November, 1983, 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 holder or registered owner, at Pan
American Bank, N.A., in the City of Miami, Florida.
Section 7. The Director of Finance is hereby authorized
and directed to publish a notice calling for bids for said
bonds in The Miami Herald 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
$25,0001000
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
10.
83-35Z
its regular place of meeting in the City hall, 3500 Pan
American Drive, Dinner Rey, Miami, Florida, until 11:00 A.M.
Miami time on May 12, 1983, 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 $25,000,000,
consisting of $8,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds, $1,000,000 Housing Bonds, $4,000,000
Storm Sewer Improvement Bonds, $6,600,000 Sanitary Sewer
System Bonds and $6,000,000 Street and Highway Improvement
Bonds, dated May 1, 1983.
Bond Details
The Bonds will be coupon bonds in the denomination of
$5,000#registrable as to principal only or as to both
principal and interest. The Bonds will be dated and bear
interest from May 1, 1983, payable semi-annually on May 1
and November 1 in each year, first interest payable November
1, 1983, at the rate or rates specified in such proposal as
may be accepted, and will mature as follows:
►• -"CO IF
Fire Fighting,
Fire
Prevention
Sanitary
Street and
and Rescue
Sewer
Stone Sewer
Highway
Total
Maturity Date
Housing
Facilities
System
Improvement
Improvement
Principal
(May 1)
Bonds
Bonds
Bonds
Bonds
Bonds
Amount
1985
$15,000
None
$325,000
$120,000
None
$460,000
1986
15,000
$350,000
325,000
125,000
$175,000
990,000
1987
15,000
410,000
325,000
135,000
190,000
1,075,000
1988
15,000
420,000
325,000
140,000
200,000
1,100,000
1989
15,000
420,000
325,000
145,000
215,000
1,120,000
1990
20,000
420,000
325,000
160,000
2301,000
1,155,000
1991
20,000
430,000
315,000
170,000
245,000
1,180,000
1992
20.000
440,000
315,000
180,000
265,000
1,220,000
1993
20,000
440,000
315f,000
185,000
285,000
1,245,000
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
310,000
240,000
370,000
1,410,000
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
1,675,000
2003
35,000
500,000
310,000
340,000
565,000
1,750,000
2004
35,000
35,000
2005
50,000
50,000
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
11.
83-35o;
i
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 May 1, 1994 are subject
to redemption at the option of the Commission of the City on
and after May 1, 1993, 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:
Redemption Period
(dates inclusive)
Redemption Price
(percentage of
principal amount)
May
1,
1993
to
April
30,
1994
103 %
May
1,
1994
to
April
30,
1995
102�%
May
1,
1995
to
April
30,
1996
102 %
May
1,
1996
to
April
30,
1997
101h%
May
1,
1997
to
April
30,
1998
101 %
May
1,
1998
to
April
30,
1999
100�%
May
1,
1999
and thereafter
100 %
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 Sanitary Sewer System Bonds were authorized by Ordi-
nance No. 8573 for the purpose of paying the cost of improve-
ments and extensions to the sanitary sewer system of the
City.
The Storm Sewer Improvement Bonds were authorized by
Ordinance No. 8736 for the purpose of paying the cost of the
construction of permanent drainage facilities within the
City.
The Street and Highway Improvement Bonds were 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.
12.
83--352.
4h
Security for and Source of Payment for the Bonds
The Bonds will be general obligations of the City
for which its full faitth, 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 Bidding Details
Each proposal must be in the form of the Official Bid
Form, and enclosed in a sealed envelope marked "Bid for
$25,000,000 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
rates may be named, but the highest interest rate named may
not exceed the lowest interest rate named by more than
two loercent (2%). The interest on any Bond payable on any
interest payment date shall be represented by a single
coupon. 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
not conforming to this Notice
of the Official Bid Form. The
to waive, if permitted by law,
ity in any proposal.
Good Faith
reject all bids or any bid
of Sale or not in the form
right is also reserved
any irregularity or informal -
Each bid must be accompanied by a certified or.bank
cashier's or treasurer's check drawn upon an incorporated
bank or trust company, in the amount of $250,0001 which
13.
83-352.
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 will
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 City will deliver to the
successful bidder a certified or 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
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.
e Delivery of Bonds
Delivery of the Bonds in definitive form will be
made on or about May 26, 1983 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.
14.
83-350c,
i fi`
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 paid
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.
Additional Information
The Official Bid 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 8. The form referred to in the Notice of Sale
set forth in Section 7 above and on which all bids are
requested to be made shall be substantially as follows:
15.
83-352.
qb
OFFICIAL BID FORM
Proposal
For the Purchase of
$25,000,000
THE CITY OF MIAMI, FLORIDA
General Obligations Bonds
May 12, 1983
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 April 29, 1983, which is
hereby made a part of this proposal, we offer to purchase
all of the $25,000,000 City of Miami, Florida General
Obligation Bonds (consisting of $8,000,000 Fire Fighting,
Fire Prevention and Rescue Facilities Bonds, $1,006,000
Housing Bonds, $6,000,000 Sanitary Sewer System Bonds,
$4,000,000 Storm Sewer Improvement Bonds and $6,000,000
Street and Highway Improvement Bonds) to be dated May 1,
1983 and we will pay therefor, at the time of delivery, in
immediately available Federal Reserve Funds, Twenty -Five
Million Dollars ($25,000,000), plus accrued interest, if
any, from May 1, 1983 to the date of delivery of the Bonds
and a cash premium of $ for all of said
Bonds, wnich $25,000,000 constitutes the total of the
separate bids of par for each of the five 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 I14TEREST RATES
The Bonds shall bear interest at the rates set forth in
the following schedule:
Maturity Date Principal Interest Maturity Date Principal Interest
May 1 Amount Rate May 1 Amount Rate
1985
$ 460,000
% 2000
$.11550, 000
1986
990,000
2001
1,610,000
1987
1,075,000
2002
1,675,000
1988
1,100,000
2003
1,750,000
1989
1,120, 000
2004
35,000
1990
1,155,000
2005
50,000
1991
1,180, 000
2006
50,000
1992
1,220,000
2007
50,000
1993
1,245,000
2008
50,000
1994
1,280,000
2009
50,000
1995
1,330,000
2010
60,000
1996
1,360,000
2011
60,000
1997
1,410,000
2012
65,000
1998
1,455,000
2013
65,000
1999
1,500,000
16.
S3-352.
1% W
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 $250,000 payable to the order of �.
The City of Miami, Florida, which check is to be 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:
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.
By
Title
17.
Bidder
83--352.
lb
V
Section 9. The bonds maturing on or after May 1, 1994
are subject to redemption prior to their respective maturities,
at the option of the City, on and after May 1, 1993, 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)
May
11
1993
to
April
30,
1994
103 %
May
1,
1994
to
April
30,
1995
102h%
May
11
1995
to
April
30,
1996
102 %
May
1,
1996
to
April
30,
1997
10A %
May
1,
1997
to
April
30,
1998
101 %
May
1,
1998
to
April
30,
1999
look%
May
1,
1999
and
thereafter
100 %
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.
18 83--352
w 0
9
The bond forms for each of the five 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 10. This resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 28th day of April, 1983.
Maurice A. Ferre
Maurice A. Ferrel Mayor
Ral G. Ongie, City C1 rk
s !-st-ant City Attorney
. ,,ov'Ay
APPROVED AS TO FORM AND CORRECTNESS:
ose R. Garcia -Pedrosa, City Attorney
19.
83--352,
w
0
The bond forms for each of the five 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 10. This resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 28th day of April, 1983.
Maurice A. Ferre
Maurice A. Ferret Mayor
ST:j
lalft G. Ongie, City C1 rk
s"I-s�an-t City Attorney
4WM Ay
APPROVED AS TO FORM AND CORRECTNESS:
ose R. Garcia -Pedrosa, City Attorney
19.
83--352
W
it
49
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
z.
TO DATE FILE
Howard V. Gary April 13, 1983
City Manager SUBJECT City Commission Agenda Item
i
I
,,,,,Carlos E. Garcia REFERENCES
Director of Finan rl
�(---" ENCLOSURES
�.
It is recommended that the attached
resolution approving notice of sale
relating to the issuance of $8,000,000
Fire Fighting, Fire Prevention, and
Rescue Facilities Bonds; $1,000,000
Housing Bonds, $4,000,000 Storm Sewer
Improvement Bonds, $6,000,000 Sanitary
Sewer Bonds, and $6,000,000 Street and
Highway Improvement Bonds be adopted
by the City Commission.
The sale of $25,000,000 general obliqation bonds is recommended
so that the City of Miami may continue to fund its capital
projects as approved by the City Commission in the Capital
Projects Ordinance. At this time the municipal bond market
is experiencing its lowest rates in the last three years.
It is necessary for the City Commission to approve the attached
resolution approving the notice of sale relating to the issuance
of these bonds in order to mail such notices of sale to nrosnective
purchasers and to publish such notice in newspapers of general
circulation in the City of Miami, Fla., and in a financial journal
of national circulation published in the City of New York, N.Y.
83--352.
9
W
is
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
TO A. E. Perez-Lugones
Planning b Zoning Board Administration
FROM
Carlos E. Garcia;
Director of Finan
DATE April 25, 1983 FILE
SUBJECT Supplementary Agenda - 4/28/83
City Commission Meeting
REFERENCES
ENCLOSURES
Please include the attached items which are related to agenda items as
follows:
Preliminary Official Statement for Bond Sale, for agenda item:
- Resolution approving Preliminary Official Statement for
issuance of bonds.
Resolution fixing certain details concerning bond sale and direct-
ing publication of notice of sale, for agenda item:
- Resolution approving Notice of Sale relating to the issuance
of bonds.
These items were not included in original agenda distribution due to various
delays inherent on bond sales due to need to synchronize bond counsel,
financial advisors, printers, and city staff, to take advantage of the most
current market conditions.
CEG:hb
Y
8 3-352.