The URL can be used to link to this page

Home My WebLink AboutR-82-0036z9 Tr RESOLUTION NO. 8 2 ` 3 8 ro A RESOLUTION ACCEPTING THE ATTACHED BID PROPOSAL OF BARNETT BANK AND TRUST COMPANY, N.A.o TO ACT AS FISCAL AGENT FOR THE PROPOSED SALE AND DURING THE 25-YEAR LIFE OF PARKING GARAGE REVENUE BONDS IN THE AMOUNT OF $1290009000, AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT WITH SAID BANK IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF SAID BID, WITH FUNDS FOR SAID SERVICES TO BE DERIVED FROM THE PROCEEDS OF THE SALE OF SAID BONDS. WHEREAS, sealed bids were received on November 12, 1981 for services as fiscal agent for the proposed sale of Parking Garage Revenue Bonds in the amount of $12,000,000; and WHEREAS, the City Manager reports that the bid of Barnett Bank Trust Company, N.A., is the lowest responsible bid and recom- mends that a contract be awarded to said bank; and WHEREAS, the bid process was engaged in by the City in con- formance with the City Code, Section 18-55; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The attached bid proposal from Barnett Bank and Trust Company, N. A. to act as fiscal agent for and during the 25-year life of the proposed sale of Parking Garage Revenue Bonds in the amount of $12,000,000 is hereby approved, with funds for said services to be derived from the proceeds of the sale of said bonds. Section 2. The City Manager is hereby authorized to execute an agreement on behalf of the City of Miami with Barnett Bank and Trust Company, N.A. for the 25-year life of the proposed Parking Garage Revenue Bonds. PASSED AND ADOPTED this 14 day of January , 1981. MAURICE A. FERRE EST:/ RALP G. ON( CITY CL PREPARED AND APPROVED BY: A�' I. &a4'-'1K R BERT F. CLARK, DEPUTY CITY ATTY. ED AS T 0 R M SS: GEO ft F. KNOX, JR,, CITY ATTOR M A Y 0 R CITY COMMISSION ' MEETING OF J A N 1 41932 82-3 rap=?l NO ....................« ...........NNNN•M.NN CITY OF MIAM1. FLOR11PA 29' 1 INTER -OFFICE MEMORANOU'+A"1 TO Howard V. Gary DATE Decembe 9y 401 City Manager SU9JEc:T Agenda Item FROM Carlos F. Garcia iEFERENCE!= Acting Director o AC F:NCLOSURLS It is recommended that the attached Resolution awarding a contract to the Barnett Bank & Trust Company, N.A., for trustee services on the proposed sale of $12,000,000 parking garage revenue bonds be passed. The City must obtain services of a qualified institution to act as trustee for the parking garage revenue bonds which are pro- posed to be sold in January, 1982. These services include receiving bond proceeds, disbursing construction funds, adminis- tering debt service payments and serving as paying agent. M Requests for proposals of services were advertised in the Miami Herald and the Miami News on November 2, 1981. In addition, request for proposals were mailed on October 30, 1982 to: The Bank of Miami Barnett Bank of Miami, N.A. The Capital Bank City National Bank of Miami Flagship National Bank of Miami Florida National Bank of Miami Intercontinental Bank Pan American Bank, N.A. Southeast First National Bank of Miami Sun Bank of Miami Bids were received from six banks as shown in the attached tabula- tion. cc: George F. Knox, Jr. City Attorney 8 N - 3 V BID TABULATIONS BARNETT BANK CITY NATIONAL FLAGSHIP BANKS FLORIDA NATIONAL PAN AMERICAN SUN BANK BANK BANK BANK Acceptance Fee (One-time Charge) $ 5,100 $ 5,000 $ 6,000 $ 2,500 $ 5,000 $ 4,800 Administration Fees* (Annual) First 5,000,000 Principal 1,250 11,760 1,750 1,500 1,625 3,700 Next 5,000,000 Principal 1,000 (fixed) 1,500 1,500 1,625 (fixed) Next 2,000,000 Principal 400 400 400 250 219650 11,760 3,650 3,400 3,500 3,700 (Min. $750) (Min. $1,000) (Min. $1,500) Investment of Funds $20 each invest- ment; $250 annual during construct --- ion. Cash Withdrawals N/C $3 per check N/C 1/10 of 1% of $50 each N/C funds disbursed Authentication & Delivery N/C N/C N/C N/C 2,700 N/C Paying Agent Interest Coupon each .20 .125 .125 - .08 .15 .15 .15 Matured Bond each 1.50 3.00 .1/10 of 1% of 1.50 1.25 .135 Prin paid. (Min. $100 Annu- (Min. $300 annu- (Min. $50 • ally) ally) Annually) Registerar Per piece registered 1.00 ** ** ** 1.50 ** Per interest payment .50 ** ** 1.00 ** ** OD Annual Maintenance Fee Per account 1.00 ** ** ** (Min. $200 per ** annum) Q0 Fees Guaranteed For 25 years For 5 years For 3 years Not -specified For 5 years For 25 years d� N/C - No charge or already included in other quotation. * The administration fee will be paid annually over the 25 year life of the bonds on tht amount of outstanding bonds, and it isby far the most relevent cost component. ** Not addressed in the proposal. Need for this service is minimal. - 1�1111�1! I I� I IIIIIIII II I I II I IIII II II11111 III III I H II II IIII I II I III 1-1 Barnett ban 801 Riverside Post Office 8( Jacksonville, Florida 32231 November 9, 1981 Carlos E. Garcia, C.P.A. Acting Director of Finance City of Miami P. 0. Box 330708 Coconut Grove Station Miami, Florida 33133 Re: $12,000,000 City of Miami Parking Garage Revenue Bonds Dear Mr. Garcia: Enclosed is our fee schedule for the bid proposal for the above bond issue. There is no charge for withdrawals of cash or authentication and delivery of the bonds, however, please note that our out-of-pocket and legal expenses are not included on this schedule as they are generally not determined until after the closing. Also, these charges are fixed for the life of the issue. We are currently acting as trustee and/or paying agent for over 130 municipal bond issues with an approximate par value of $1.5 billion. We are confident you will find Barnett Banks Trust Company, N.A. highly qualified to provide the services needed for this issue. If you have any questions or need any additional information please let me know. Sincerely, a Ap, 9 UI. Jane E. Pope Corporate Trust Officer Enclosure /mrh 82-36 v r I r I Barnett Banks Trust Company+ N.A. 801 Riverside Avenue Post Office Box 40200 Jacksonville, Florida 32231 BARNETT BANKS TRUST COMPANY, N.A. CORPORATE TRUST DEPARTMENT SCHEDULE OF FEES FOR SERVING AS TRUSTEE, PAYING AGENT AND REGISTRAR. r ACCEPTANCE CHARGE BOND TRUSTEESHIP For the first $5,000,000 principal amount each million $500.00 For the next $5,000,000 principal amount each million 400.00 For the next $10,000,000 principal amount each million 300.00 In excess of $20,000,000 principal amount each million 200.00 Covers preliminary negotiations and review of the Trust Indenture and supporting documents, setting up records and authentication and delivery of the bonds. This charge does not include counsel fees or any other out of pocket expenses or disbursements. Minimum Fee - $1,500.00 ANNUAL ADMINISTRATION CHARGE For the first $5,000,000 principal amount each million $250.00 For the next $15,000,000 principal amount each million 200.00 In.excess of $20,000,000 principal amount each million 100.00 Minimum Fee - $750.00 PAYING AGENT Payment of each interest coupon $ .20 Each bond maturing $ 1.50 REGISTRAR Per piece registered $ I.n0 Per interest payment per account .50 Annual maintenance fee per account 1.00 CONSTRUCTION FUND $20 per investment transaction Minimum annual $250.00 82-36 .