HomeMy WebLinkAboutR-79-0835RESOLUTION NO. 7 9` 8 3 5
A RESOLUTION AUTHORIZING THE EXTENSION OF THE
TERM UNTIL DECEMBER 31, 1980, OF THE INVEST-
MENT BANKING AGREEMENT BETWEEN THE CITY OF
MIAMI AND THE FIRMS OF PRESCOTT, BALL & TURBEN
AND BLYTH EASTMAN DILLON & CO. INCORPORATED
FOR THE SALE AND ISSUANCE OF REVENUE BONDS IN
THE AMOUNT OF $55,000,000 TO FINANCE THE
WATSON ISLAND PROJECT.
WHEREAS, the City of Miami has undertaken the development of the
Watson Island Project and has, by Resolution No. 77-671, dated July 28, 1977,
entered into an Agreement with Diplomat World Enterprises, Ltd., dated
November 11, 1977, and amended June 29, 1979 by Resolution No. 79-410
dated June 4, 1979, which firm was responsible to obtain, among other things,
underwriters satisfactory to the City to underwrite Fifty-five Million
Dollars ($55,000,000) of revenue bonds for the financing of the Project; and
WHEREAS, the firm of Prescott, Ball & Turben jointly with the
firm of Blyth, Eastman, Dillon & Co. Incorporated were recommended by
Diplomat World Enterprises, Ltd. for said purpose of underwriting the said
revenue bonds; and
WHEREAS, The City of Miami has, by Resolution No. 79-411, dated
June 4, 1979, entered into an Investment Banking Agreement with Prescott,
Ball & Turben and Blyth; Eastman, Dillon & Co. Incorporated as the sole
managing underwriter for the sale and issuance of revenue bonds in the
amount of Fifty-five Million Dollars ($55,000,000) for the Watson Island
Project; and
WHEREAS, the said agreement under paragraph III (c) states.
"This agreement will extend until December 31, 1979 and thereafter upon
written agreement between the City and the Underwriters.";
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA: "DOCUMENT INDEX
Section 1. The extension of the term of thU' ,c�I�eA
We4tA nt Ba/long_
Agreement dated June 4, 1979 between the City of Miami and Prescott, Ball &
-1-
CITY COMMISSION
MEETING OF
DEC5
pooLunot; No7 9 ' 8 3
Turben jointly with Blyth , Eastman, Dillon & Co. Incorporated for the
sale and issuance of revenue bonds in the amount of $55,000,000 to finance.
the Watson Island Project is hereby authorized until December 31, 1980.
PASSED AND ADOPTED this 5th day of. December,. 1979.
ATTEST:
Ongie, ity C er
PREPARED AND APPROVED BY:
driA/1040//1 °71(66,644!:
Robert F. Clark
Assistant City Attorney
APPROVED ' 0 FORM AND CORRECTNESS:
Georg- F. ►" ox,
City Att4 ney
Maurice A. Ferre
Maurice A. Ferre, M a y o r
-2-
•i
79-835