HomeMy WebLinkAboutR-82-0091t
FLORIDA:
RESOLUTION NO. 8 2 - 9 1
A RESOLUTION AWARDING $10,400,000 PARKING
REVENUE BONDS (ADDITIONALLY SECURED BY NON -
AD VALOREM REVENUES), SERIES 1981, OF THE
CITY OF MIAMI, FLORIDA, AND SETTING FORTH
THE RATES OF INTEREST AND OTHER DETAILS
RESPECTING SUCH BONDS.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
Section 1. The Commission has ascertained and determined
and does hereby declare that:
(a) In accordance with the provisions of Resolution
No. 82-77, duly passed and adopted by the Commission on January
28, 1982, a Notice of Sale was duly published on February 1, 1982,
by the Director of Finance calling for sealed bids to be received
until 11:00 o'clock a.m., Miami Time, February 11, 1982, for
$10,400,000 Parking Revenue Bonds (Additionally Secured By Non -
Ad Valorem Revenues), Series 1981, of The City of Miami, Florida,
dated March 1, 1982, the publication of which Notice of Sale on
said date is hereby ratified and approved.
(b) At 11:00 o'clock a.m., the hour stated in said
Notice of Sale, bidding was closed and the following bids were
found to have been filed and to accord in all respects with the
terms of said Notice of Sale, each bid being accompanied by a
certified, or bank cashier's or treasurer's check, drawn on an
incorporated bank or trust company, in the amount of $208,000
payable unconditionally to the order of The City of Miami, Florida:
(1) Bid of William R. Hough & Co.
offering to pay $10,202,400 and accrued interest
for said bonds, and naming the interest rates set
forth below in Column (1) of the tabulation headed
CITY COMMISSION
MEETING OF
FE61 8 2 1982 9 1
FAMMrtr..._..
.....$**sees$»
"INTEREST RATES NAMED IN BIDS" and stipulating
which annual principal al amounts are Sinking Fund
Installments within the meaning of the Notice of
Sale.
(2) Bid of Smith, Barney, Harris, Upham & Company
offering to pay $ 10,193,144 and accrued interest
for said bonds, and naming the interest rates set
forth below in Column (2) of the tabulation headed
"INTEREST RATES NAMED IN BIDS" and stipulating
which annual principal amounts are Sinking Fund
Installments within the meaning of the Notice of
Sale .
(3) Bid of Merril Lynch
offering to pay $ 10,192,000 and accrued interest
for said bonds, and naming the interest rates set
forth below in Column (3) of the tabulation headed
"INTEREST RATES NAMED IN BIDS" and stipulating
which annual principal amounts are Sinking Fund
Installments within the meaning of the Notice of
Sale.
(4) Bid of Solomon Brothers, Inc.
offering to pay $ 10,192 000 and accrued interest
for said bonds, and naming the interest rates set
forth below in Column (4) of the tabulation headed
"INTEREST RATES NAMED IN BIDS" and stipulating
which annual principal amounts are Sinking Fund
Installments within the meaning of the Notice of
Sale.
(5) Bid of L.F. Rothschild, Unterbert, Towbin & Associates
.199.337.35 and accrued interest
offering to pay $ 10
for said bonds, and naming the interest rates set
forth below in Column (5) of the tabulation headed
"INTEREST RATES NAMED IN BIDS" and stipulating which annual
principal amounts are Sinking Fund Installments within the
meaning of the Notice of Sale.
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82-91
(6) Bid of Goldman, Sachs & Co.
oil
offering to pay $10,202,400 and accrued interest
for said bonds, and naming the interest rates set forth
below in Column (6) of the tabulation headed "INTEREST
RATES NAMED IN BIOS" and stipulating which annual princi-
pal amounts are Sinking Fund Installments within the
meaning of the Notice of Sale.
INTEREST RATES NAMED IN BIDS
INTEREST RATES
August
Ist Amount of
Column
Column
Column
Column
r, I ijmn
Column
of the
Year Bonds
(1)
(2)
(3)
(4)
U)
(6)
1984
55,000
8.5
%
8.5 %
0 %
8.5
%
12
%
8.75 %
1985
65,000
9.0
%
8.75 %
0 %
g . 0
%
12
%
9.25 %
1986
75,000
9.3
%
9.0 %
0 %
9.5
%
12
%
9.75 %
1987
85, 000
9.75
%
9. 5 %
0 %
10.0
%
12
%
10.25 %
1988
95,000
10.0
%
10.0%
0 %
10.5
%
12
%
10.5 %
1989
110,000
10.5
%
10.5 %
10'-� %
11.0
%
12
%
10.75 %
1990
125,000
10.75
%
10.75 %
11 %
11.25
%
12
%
11.0 $
1991
145,000
11.0
%
11.0 %
1114 %
11.5
%
12
%
11.25 %
1992
165,000
11.25
%
11.25%
11 z %
11.75
%
12
%
11.5 %
1993
185,000
11.5
%
11 .5 %
11
3/4%
12.0
%
13
%
11.75 %
1994
210,000
11.75
%
11.75%
12 %
12.25
%
13
%
12.0 t
1995
240,000
12.0
%
12.875 %
12
7/8%
1.2. 5
%
13
%
12.25 �
1996
275,000
12.25
%
12.875 %
12
7/8%
12.75
%
13
%
12.5
1997
315,000
12.5
%
12.875 %
12
7/8%
13.0
%
13
%
13.5
1998
360,000
12.75
%
12.875 %
12
7/8%
13.5
%
13.4
%
13.5
1999
410,000
12.85
%
12.875 %
13
1/4%
13.5
g
13.4
%
13.5 p
2000
465,000
13.0
%
13.25 %
13
1/4%
13.5
%
13.4
%
13.5
2001
530,000
13.0
%
13.25 %
13
1/4%
13.5
%
13.4
%
13.5
2002
605,000
13.10
%
13.25 %
13
1/4%
1.1.5 _ :
%
13.5
%
13.75
2003
690,000
13.10
%
13.25 %
13
1/2%
13.625
%
13.5
%
13.75 '
2004
785,000
13.20
%
13.25 %
13
1/2%
13.625
%
13.5
%
13.75
2005
895,000
13.20
%
13.25 %
13
1/2%
13.625
%
13.5
%
13.75
2006
1,020,000
13.25
%
13.25 %
13
1 /2%
13.625
%13.5
�
13.75
2007
1,165, 000
13.25
%
13.25 %
13
1 /2%
13.625
%
13.5
13.75
2008
11330,000
13.25
%
13.25 %
13
1/2%
13.625
13.5
%
13.75
Section 2. The bid offering to purchase said bonds at
the lowest "true or Canadian" interest cost to the City, determined
in accordance with the Notice of Sale, is that of William R. Houah
and Company (herein called the "Purchaser") , offering
to pay $10,202,400 , being not less than 98% of par value for
all of said bonds, and accrued interest on the bonds from March 1,
1982, to the date of their delivery, and naming for said bonds the
interest rates set forth in Column (1) of the tabulation in
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82-91
.W*
Section 1 above, captioned "INTEREST RATES NAMED IN BIDS" and
stipulating which annual principal amounts are Sinking Fund In-
stallments.
Section 3. Said bid of the Purchaser is hereby accepted
and said $10,400,000 Parking Revenue Bonds (Additionally Secured
By Non -Ad Valorem Revenues), Series 1981, of The City of Miami,
are hereby awarded to the Purchaser 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 stipulating which annual principal amounts are Sinking Fund
Installments and said bonds shall be issued bearing interest at
said rates and shall have such Sinking Fund Installments as stipu-
lated in said bid.
Section 4. This resolution shall be in full force and
effect immediately upon its passage.
PASSED AND ADOPTED this 11th day of February, 1982.
ATTEST:
Ralph G. Ongie, City rk
PREPARED AND APPROVED BY:
V-0
Deputy C ty Attorney
APPROVED AS TO FORM AND CORRECTNESS:
X�01_" I'
&a4o�
George F. Knox, Jr. City Attorney
-4-
Maurice A. Ferre
Maurice A. Ferre, Mayor
82-91
A'N
27
TO Howard V. Gary
City Manager
FROM Carlos E. Garcia
Director of Financ
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
DATE January 28, 1982
SUBiE,-t Agenda Item
REFERENCES
ENCLOSURES
It is recommended that the attached resolutions
in reference to the sale of $10,400,000 Parking
Revenue Bonds (Additionally secured by Non -Ad
Valorem Revenues), Series 1981, be adopted by
the City Commission.
FILE.
The attached resolutions will allow the City to accept bids and award
sale of the $10,400,000 Parking Revenue Bonds approved for sale by the
City Commission on January 28, 1982.. These resolutions must be adopted
at the meeting of February 11, 1982, in the following order and lat the
suggested times:
11:00 a.m. Resolution to receive, open, read and refer to the
City Manager for tabulation and report bids.
11:00 a.m. Resolution approving the Official Statement for the
bonds.
11:55 a.m. Resolution awarding the bonds to the lowest bidder.
CEG:hb
cc: George F. Knox, Jr., City Attorney
R. Rosencrantz, Assistant City Manager
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82-91