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HomeMy WebLinkAboutCC 1979-10-30 Minutes~~ ~~ ~ ~ . G1 ,.. ~ ~ •. ~ ujr i'~~~ i ~ . (i ., 1~ ~ 9a c • .~O ,.. 4~ Q~~ ~ CO FLo .. ~ ~ ~~~ E d OF MEETING HELD ON October 30, 1979 PREPARED BY THE OFFICE OF THE CITY CLERK CITY HALL FIALPH G.. ONGIE CITY CLERK ~„ - - __ _ -~-r .I~ I ~OF~-MIA~FIARIDA CI~ ISSI , (SPECIAL) OCTOBER 30, 1979 - - -- - - ~nt niaNCE o~ PAGE N0. sou~rioN I'i~''1 N0. SI~CT . 1 RECEIVE, OPEN, READ & REFER TO CITY MANAGER FOR M-79-712 1-8 R-79-713 TABULATION BIDS FOR SALE OF $3,000,000 SANITARY SEWER BONDS, $1,750,000 FIRE FIGHTING, FIRE PREVENTION AND s RESCUE FACILITIES BONDS & $2,000,000 STORM SEWER IMPROVEMENT BONDS. 2 BID AWARD: $3,000,000 SANITARY SEWER BONDS, R-79-714 9-10 $1,750,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS AND $2,000,000 STORM SEWER IMPROVEMENT BONDS. . MIT1tiTFS (1F SPR(',TAL MEETING OF THE CITY COMMISSION OF MIAMI, FLORIDA it it ,k ~ n ~ !t it On the 30th day of October, 1979,.the City Commission of Miami, Florida mef at its regular meeting place in the, City Hall, 3500 Pan American Drive, Miami, Florida in Special session.... The meeting was called to order at 11:00 O'clock AM, by Vice-Mayor J. L. Plummer, Jr. with the following members of the. Commission found to be present: ., Commtibe~.onen Robe Gordon Commtiee~.onen (Rev.) Theodore G,i.bean Vice-Mayon J.: L. P~ummen, Jr. ABSENT: Mayon Maun~.ce A. Fehhe and Comm~.ba~.onen Armando lacaea." ALSO PRES~NTr lab eph. R. Gnaad~.e, C~.~y Manager R. L. Foemoen, A.34~.bxanx C-i.xy bSanagen .George ~. Knox, C~.xy Axxonney Ra.~ph G. Ong~.e, C~.~y C~.enlz - Max~y H~.na~,, Abb.tbxan~ C~.~y C.Qenh. An invocation was delivered by Reverend Gibson and a pledge. of allegiance was led by Commissioner Rose Gordon. 1. RECEIVE, OPEPI, READ & REFER TO CITY MANAGER FOR TABU- { CATION BIDS FOR SALE OF $3,000,000 SANITARY SEWER BONDS i $1,750,000 FIRE FIGHTING, FIRE PREVENTION AP;D RESCUE FACILITIES BONDS ~ $2,000,000 STORPI SEWER IMPROVET1ETdT pn,.~nc- - ,. _. - .. .. _..- -~ Mr. Plummer: Sharply at 11:00 O'clock which is the time we will receive and open the bids for items 1 and 2, or just one first and then 2? Mr. Ongie: We have to have a motion on Item 1 first, please. Mr. Plummer: All right, a motion is in order. Rev. Gibson: Move. . Mr. Plummer: Mrs.."Gordon is indicating that she refuses to second so then I will then have to pass the gavel... Excuse me, Mr. Knox, can we, in fact, refuse to open ,the bids? Mr. Knox: Yes, sir. Mr. Plummer: Ok, then I pass the gavel to Mrs. Gordon, I will second the motion. Mrs. Gordon: The motion? Mr. Plummer: The motion is to open and receive the bids. Mrs. Gordon: item 1 is a-resolution, Is there any discussion? Rev. Gibscn: Question? Mrs. Gordon:. I just-.want to reiterate my objection to the whole procedure because of the omission of facts from the prospectus. Is there any other discussion? Call the roll. fll CCT 3 ~ 197g Mr. Ongie: Roil call, Mr. Plummer? Mr. Plummer: Yes. Mr. Ongie: Revererid.Gibson? Rev. Gibsans Yes. Mr. Ongie: Commissioner Gordon? Mre. Gordon: No. Mr. Plummer: Albright, if you'll open and read the bids. Mr. Knox: Excuse me. Mr. Plummer Mr. Knox. Mr. Knox: Yes, sir, the measure would fail-because any measure which is adopted by the Commission has to be adopted by three-fifths irrespective of the existence of the quorum. Mrs.. Gordon: Will somebody explain the absence of Armando Lacasa? Mr: Plummer: Look behind you and it will explain it. Mr. Ongie: He's here. `NOTE: Commissioner Lacasa entered the meeting at 11:03 A.M. Mr: Plummer: All right, so then it would be proper at this time since I was'on :the prevailing side to ask for reconsideration and I so move: Rev. Gibson: Second. Mrs.. Gordon: A motion for reconsideration moved and seconded, discussion on the reconsideration?. If not, call the roll. The following motion was introduced by Commissioner Plummer, who moved its adoptions MOTION N0. 79-712 A MOTION TO RECONSIDER A PROPOSED RESOLUTION TO RECEIVE, OPEN, READ AND REFER TO THE CITY MANAGER FOR TABULATION AND REPORT BIDS AUTHORIZED TO BE RECEIVED THIS DATE UPJDER RESOLUTION N0. 79-666 FOR THE SALE OF $3,000,000 SANITARY SEWER BONDS, $1,750,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS AND $2,000,000 STORM SEWER IMPROVEMENT BONDS OF THE CITY OF MIAMI. Upon being seconded by Commissioner Gibson, the motion was passed and adopted by the following vote: AYES: Rev. Gibson, Mr. Plummer, and Mr. Lacasa. NOES: Mrs. Gordon. ASSENT: Mayor Ferre. Mrs. Gordon: I give you back the gavel, Mr. Plummer. Mr. Plummer: Okay, a motion would now be in order to .open and receive the bids. Rev. Gibson:. I'move. Mr. Lacasa: Second. Mr. Plummer: Any discussion? Mrs. Gordon: Yes. Mr. Plummer: Mrs. Gordon: Mrs. Gordon: Since there are four people here now I will point out that we need to face the facts in a very positive way on these bids for the bonding future of this City. We don't need to misstate or omit material facts to sell bonds in this great City. On October 17th under duress I listed a number of factual omissions and misstatements in the Official Statement for these bonds. r,T 3 01979 ~`. As soon as the bids are opened the Security and Exchange Commission takes juris- diction. There will have to be an official investigation. In the future interest of this City let's minimize the potential damage for our bond rating. Future interest costs and our future ability to issue bonds are addressed in these issues now. This great City will exist after tuesday regardless of the outcome of the election. Let's not cover up until Tuesday and mortgage our future. What should be our positive attitude? We should face up to the truth. For example, are the charges against the mis-statements and omissions in the bond prospectus true? If not the city management and the Mayor should disprove the charges and not fust try to stifle the truth. My comments of October 17, 1979 were, "Are these accurate records?" "Are these ~udgemente against the City The gates suit not mentioned in the prospectus?" The total in this case is equivalent to the total millage yield from ten mills. Is the pension funded illegally this year by $4,000,000? Have the Pension Plan and System trustees initiated legal action against riiami?Is this mentioned in the prospectus? Is there a possible disruption in State Revenue Sharing due to the faulty records of the City? These are material facts, and omissions omitted from the Official Statement but the City Manager won't even answer our charges of October 17~h. Miami deserves the truth on this. Eventually the truth always catches up with you, the longer it takes the more damage to our bondability the cover up will do. Mr. Grassie, have you any statement regarding the charges that I mentioned? Mr. Plummer: Mr. Grassie? Mr. Grassie: Commissioner, I talked this morning with the City's bond attorney in New York and I find no reason to believe based on the very sketchy informa- tion that we have been able to get, and that is purely over the telephone, that any of your charges have any merit. Now we do have to recognize the fact that none of your regresentatives have had the courtesy of providing the City with a copy of your charges so I have had to call our bond attorney in New York this morning to find out what they were. You know that he was served with them only yesterday but I can assure you that they will be fully answered and I have cop- ies coming from New York right now. Mrs. Gordon: I~# your responsibility to the City, are you, therefore, recommend- ing a deferment on this issue? Mr. Grassie: I certainly-am not. Mrs. Gordon: Are you recommending that the Commission:proceed`to open the bonds? Mr. Grassie: I am. Mr. Plummer: Mrs. Gordon, so that we can have the record complete, I think the same question should be asked of Mr. Gunderson and of Mr. Knox and if you don't want to I will. Mrs. Gordon: Mr. Grassie, you said that you didn't know what the charges were, you werE here when we read into the record on October 17th the same charges and, therefore, you have been put on notice. Mr. Gunderson, are you recommending that we.... Mr. Grassie: Ii all of the charges, Commissioner, consist of what you have said in the past then I would. have to advise you that they have no merit. Mrs. Gordon: Mr. Gunderson, are you advising the Commission to proceed to open the. bids? Mr. Gunderson: Yes, ma'am. Mrs. Gordon:. Just say it into the record Mr. Gunderson: Yes, ma'am, I am advising the Commission to open the bids. Mrs. Gordon: Mr. Knox, will you give your opinion into the record? Mr. Knox: I don't have a recommendation, as far as what legislative action the City 'Commission should take, I can indicate that I have no evidence that there is any court order which would preclude the City from opening the bids at this time. Mr.-Plummer: Well, let's ask it fn another way. Mr. Knox, do you have any knowledge that there is any impropriety in the bonds as in the prospectus? ~'~ ~ .. „~ .~ rt t , .i •~ ., .. __ ~`. Mr. Knoxs No, sir. MYS. Cordons Mr. Knox, can I ask you a snore pointed question? in your legal knowledge is asy omission of a material fact from a prospectus the same as a fast that:~fe put in deliberately incorrect? Mr. Plummer. Mr. Knox? Mrs. Gordon: in other words is a deletion the same `as a missiatament2' Mr. Knox: If a court determines that there a material fact has been omitted then that would be the same as, has been willfully omitted that woulil~be the same as a willful misstatement of fact, yes. Mrs. Gordon: And as an attorney, since the facts of the omission have been put forth this morning and were put forth on October 17th would you say that notice has beer. given to this Commission and to the Management and to the Finance Director? Would you as an attorney say that notice has been given that there have been omissions of material facts? Would you say that that is notice? Mr. Knox: No, ma'am. Mrs. Gordon: That is not notice? Mr. Knox:' I`would say that the Director of Finance and the City Manager and the City generally have been .notice that there are allegations of omissions of material facts. Mrs.. Gordon: That's fine,, L'll accept the words because allegations are the proper words to use but these facts have been brought to the attention of the respective parties and you agree that they have been noted in that manner. Mr. Knox: I; agree that to the extent that public records reflect that these allegations have been .made that there has been notice. Mrs. Cordons For the record, there were other specifics that could be in- cluded such as the amount of the Gates Suit, the actual Gates Suit including interest, Mr. Knox, what would the amount be? Mr. Knox: Since the actual amount is not appealed in the face of any pleadings I can only at this point concur in the suggestion of those persons who filed the plea in that the potential liability of the City is in excess of $1,500. Mrs. Gordon: Mr. Knox, you're not aware of anything other than that? It's already been an ~judicated, a portion of that has already been ajudicated. Mr.-Knox: But again, in the first place that question is on appeal so it does not represent a final ajudication. Mrs. Gordon: Ture, but the decision that was given that you are on appeal for, what was the decision? Mr. Knox: That the amount that was to have been placed into the Pension Acccwa was $2,000,000 plus. Mrs. Gordon: S2,000,000 plus what? Mr. Knox: More than 52,000,000. Mrs. Gordon:. More than $2,000,000 plus interest? Mr. Knox:- No, ma'am, i don't believe that interest. was calculated, the only reason I said .more than S2,000,000 is because I don't remember the pzecise figure. Mrs. Gordon: But you agree that it's over 52,000,000. Mr. Knox:- Yes, ma'am. Mrs. Gordon: Are there other counts that are being argued? Mr. Knox: There has been a motion filed, it's not been scheduled for a hear- ing,- concerning two other counts in the .complaint. ~'~ OCT 3 01919 ;. Ir1rs. Gordon: Mr. Gunderson, is any of this information in the prospectus relative to this suit? Mr. Gunderson: Yes, there is a provision that sets forth in the prospectus that there is a Gates Suit pending and it lists it at the time of the publi- cation and the formation of the official statement, no order had beer. entered. Mrs. Gordon: Dr. Barry, would you mind coming to .the microphone and let me ask you as,a professional a question? Mr. Plummers Mrs. Gordon, excuse me. Doctor, would you please for the record give us your full name, your mailing address and who you represent. Dr. Marshall Barry: Yes, I am Dr. Marshall Barry and as has been the case since since 1971 I have been analyzing the books and the financial condition of the City of Miami and this year I am working with Mrs. Gordon in her cam- paign. •• Mr. Plummer: Your address, please. Dr. Barry:, It is 4302 Robin Lane, Tampa, Florida. Mr. Plummer: Mrsc Gordon, proceed. Mrs. Gordon: Dr. Barry, will you state from your knowledge the observations and information that you have found lacking in the prospectus so that the record may reflect the opinion of a professional? Dr. Barry: Yes, Mrs. Gordon, as you know, these points were raised at the meet- ing on the 27th of September at the Budget Hearing that night initially and then again they were raised by yourself at the Meeting of the 17th of October and again to summarize them basically they boil down to the fact that still the City has no accurate records. The most recent statement on the condition of the financial records of the City was made by Mr. Gary at the time this bond prospectus was published in its current form and those statements are that "No, we do not have any accurate print-outs and no, we do not have any basis for eGtimating the fund balance left over from last year" which is an important revenue source in every year. We have no basis, in fact, for know- ledge of whether it is plus or negative, whether there was a deficit from the previous year. In addition, one of the entries in there alone had an excess of a $30,OOO,G00 error in it in the current runs at the time this City's bond prospectus was drawn. Secondly, on the matter of contingent liabilities, in fact, the Gates Case decision was in in the early part of October and as was the case wi*_h the Rosen Case - you can check with Mr. Knox on this - the Rosen Case was carried as a contingent liability long before the appeal process was finished on that matter. Contingent liability means that it is the opinion that there will be a material payment necessary and required to cover that in the future even if there is a process of appeal which will delay that partic- ular payment. Now the Gates Case estimate by Mr. Gong to the Pension Boards of the City on the 18th and the 19th of October estimated that that would run in the neighborhood counting past interest payable of $39,000,000. Now includ- ing the $5,000,000 current under funding of the Pension Plan which is another point $39,000,000 represents approximately the amount of the ten mills of ad valorem taxation which is raised by the City annually. So you have a sit- uation of lawsuits which were initiated, not filed, but the process of initiat- ing those lawsuits to be filed on the 31st of October for the current under funding by $5,000,000 which will in effect be closer to $6,000,000 by the end of the }year counting the interest lost to the assets of the Pension Plan plus the existing in excess of $3,000,000 settlement or judgement that has been awarded in the Gates et al versus the City of Miami Case on the pensions plus an additional in excess of $30,000,000 counting interest and penalties estim- ated by Mr. Gong in the Gates et al Case, you add just those three up together and forget about the failure to know whether or not the fund balance from the previous year is even a deficit or a positive figure, you're talking about just for those three sources alone dealing with the Pension an amount that has been left out of the bond prospectus which is equivalent to the total ad valorem operating revenue of this City for a whole year or 10 mills of taxation and really what you are in the process of doing, if you state that that is not a material fact then you're saying that the loss or the possible taxation of an additional 10 mills to pay for these settlements by the citizens of this community is not a material fact. In other words, the loss of revenues equiv- alent to the single most important revenue source for this City in an annual basisis not material and I think that stretches the imagination beyond bearing, ~J p~T 3 ~ 1979 '~,, that, of course, the loss of your ad valorem taxation for one year in this City would be cripp].inq, it would certainly be material. Because what you would have to do fn order to pay that amount would be you'd have to cut back on ser- vices and then you'd have a situation of whether the viability of the City it- self was in question and not to face up to these facts I think is mortgaging the future of this great City rather thin being up front about the truth and stating the fact that there are contingent liabilities, realistically believ- able contingent liabilities that lead to serious consideration in this bond prospectus. They should be included in there, there's no question about that. Everyone we have talked to about this particular issue has said that these are material, that these are extremely important facts. Mrs. Gordon: Is there anything further you wanted to add to clarify the sit- uation? Dr. Barry: Just, I want to emphasize, and I think that someone sl:c~uld direct, I'm not sure Mr. Knox really understood or was directed perhaps a direct ques- tion on that, but I remember that two years ago when the FIU panel was t;ere to evaluate the Manager's budget at that time, the c~-e that called for the lay-offs but ended up as a surplus that year without the lay-offs, if you reme:rler cor- rectly the list of contingent liabilities in that particular list of liabilit- ies that was included in the bottom line "Miracle Million" as we called it at that time included a number of cases that were still under appeal and, in fact, the current contingent liability statement in the bond prospectus sums up a number of police tort cases that are in the process cf being ajudicated and has a gross amount of money listed as possible covEi•ance for that potential liability and yet in the matter of the Gates Case it lists the amount that is being alleged as being owed to to the Gates et al class action but it says in the opinion of the City Attorney there will be no material cost to the City and yet since that statement was written there has been a 3.9 counting inter- est penalties million dollar judgement against the City and I think that that needs to be updated. There obviously has been a judgemEr:t against the City since that original statement was written and is not included in the bond pro- spectus and there was an attorney here from Paul and Thompson that's handling the Gates Case at the Pension Board Meetings or.• the 18th and 19th and that attorney from Paul and Thompson at that time said th~:t they took these two counts, the first ones that had been ruled upon by the judge in the Gates et al case and they took those two counts because they were easily summarizable and they wanted to get a judgement on two counts and now they':•t coming in with the rest of the counts in the Gates Cases and the attorney quitE honest- ly said that the theory of law and the arguments for these other counts is exactly the same as the ones that have been ajudicated upon. Ncw the total principle plus interest penalties on those law suits is in the nei5hborhood of 33 to 34 million dollars as estimated by Mr. Gong to the Pension Boards and Mr. Silver to his Pension Board as their legal attorneys on the Thursday and Friday following the meeting of the 17th of October. It would seem ss• though that range of potential liability is important particularly witt: the $5,000,000 Pension Plan under funding in the current budget, another contingent liability because there has aiready been notice given to the City that if that 55,00,000 isn't contributed there will be a lawsuit on that from the Pension Boards as well so the City is right now leaving out of its bond prospectus an amount equivalent to the ad valorem revenue in a single year from 10 mills of prop- erty taxation and to say that that's not m:terial would in my opinion be preposterous. Mrs. Gordon: Mr. Knox, you've heard the rest of the facts that have been stated, as legal counsel for the City Commission and fos the City of Miami what is your opinion and your recommendation with regard to the resolution before this Commission now? Mr. Knox: Mrs. Gordon, I neither have an opinion nor a recommendation, I can only advise the City Commission that there is no action by any tribunal which would preclude its opening the bonds at this time if the City Commission should choose to do so. Mrs. Gordon: I'd like to ask the Commission to reconsider after hearing all of the evidence and ask this Commission to defer the opening of any of the bids. Mr. Plummer: ~ic•uld you repeat the motion on the floor? Mr. Ongie: The motion on the floor n!ade by Commissioner Gibson and seconded by Commissioner Lacasa is to receive, open and refer to the City Manager for tabulation and report bids for the sale of 53,000,000 Sanitary Sewer Bonds, ~~3 OCT 3 0 )979 \ ~ '. ` ' $1,750,000 Fire Fighting, Fire Prevention andheeCit ofcMii~es Bonds and $2,000,000 Storm Sewer improvement Bonds of t Y Mrs. Gordon: I'd like to ask a substitute motion to defer the opening of these bids. Mr. Plummer:-'There's a substitute motion o defer, is .there a secon8? ur ose, for the positive reason of preventing the damage Mrs. Gordon:° For the p p that might occur to the future bonding of the City. Mr. Plummets is there a second? Is there a second? Is there a second? Hear- ing none, call the roll. Mr. Ongie: Roll call, Commissioner Lacasa? ($r. Lacasa: Yes. ' Mr. Ongie: Commissioner Gibs+on? Rev. Gibson: Yes. Mr. Ongie: Commissioner Gordon? Mrs. Gordon: I just have a simple queosenin tofythes~bids9ldo youohave antopin- What would your opinion be .about the p 9 ion, not a legal opinion, as.the Clerk? Rev. Gibson: Mr. Mayor, Mr. .acting Mayor, I resent that. Mr. Ongie doesn't .pass policy here.. Mrs. Gordon: It's. not policy..... Rev. Gibson: That's what you're asking him, for an opinion on a policy. Now either yoe want me to be the Commission or you want Ongie who is the Clerk to be Commissioner. Now you know I've got some real gut reaction about what I hear and see. I am the Commissioner, now I don't want him to trespass on my rights that the people gave me. Okay? Mrs. Gordon: Are you denying me a:y rights that the people gave me? Mr. Plummer: Whoa, both of you, either I'm going to run the meeting or I'm going to leave. Now Mr. Ongie, you've been asked a question. Past policy of this Commission, if a Commissioner asks a question and you wish to answer you may do so and I will proceed with that if you wish to answer Mrs. Cordon's question. Mrs. Gordan: From your position as the person who deals with the opening of these bids and also in your Aealings that you have to handle with the sale of bonds would ycu answer the question? Mr. Plummer: Mr. Ongie, you can answer if you wish to do so. Mr. Ongie: If you're asking me if I have any objection to the proceedings- is that the question? Mrs. Gordon: -The continuance of the opening of these bids with the information ..... Mr. Ongie: I do not as a person who deals with the bonds object to the contin- uance of the procedings which would include the opening of the bids. The meet- ing was properly started on time at 11:00 O'Clock sharp and this has just been discussion, I certainly have no objection. ~.-Plummer: Continue with the roll call. .The following resolution was introduced by Commissioner Gibson who moved its adoption: RESOLUTION N0. 79-713 A RESOLUTION TO RECEIVE. OPEN, READ AND REFER TO THE CITY MANAGER FOR TABULATION AND REPORT BIDS AUTHORIZED TO BE RECEIVED THIS DATE CINDER RESOLUTION N0. 79-686 FOR THE SALE OF $3,000,000 SAN- ITARY SEWER BONDS. $1,750,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS AND $2.000,000 STORM SEWER II~ROVEMENT BONDS OF THE CITY OF MIAMI. C CT 3 ~ 1919 ~~ ~` (Here follows body of resolution, omitted here and on file in the Office of the City Clerk.) Upon being seconded by Commissioner L~+casa, the resolution was passed ahd adopted by the following vote- . AYES: Rev. Gibson, Mr. Lacasa and Vice-Mayor Plummer. NOES: Mrs. Gordon. ABSENT: Mayor Ferre. Mr. Plummer: Open the bids. Excuse me, I do have a question for clarification. Mr. Ongie, when you read it you stated that the motion stated to pass them onto the City Manager, Mr. Grassie for evaluation, i think the proper person would be Mr. Gunderson the Finance Director. Mr. Ongie: It is the City Manager but he simply delegates it to the Finance Director. Mr. Plummer: Maybe I don't want':to-. I'm kidding, of course. Would you open and read the bonds. How many bids total do you have? Mr. Ongie: We have four bids, sir. BIDS WERE'RECEIVED FROM-THE FOLLOWING FIRMS: Net Eff. Int. Rate Southeast First National Bank of .Miami for the Managers 7.365383 Bankers Trust Company and Associates 7.4853 The Chase Manhattan Bank, N.A. 7.4985 Citibank, N.A. 7.4999 Mr. Plummers All right, do we need a motion or does the original motion cover givingthem to you for analyzation? Mr. Ongie: Yes, sir.. Mr. Plummer: Okay. So here. will be the ruling of the Chair. Item 2 is award- ing the bids and we will continue that over since we have a meeting tonight at 7:00 O'clock and we will have Mr. Grassie come back at that time and make his recommendation to this. Commission. INAUDIBLE CONVERSATION Mr. Gunderson: Well, we have $135,000 from three of the bidders who would be returned and I don't like to hold it because that is money that they have not invested at current market prices, and I would certainly like to return that to them as rapidly as possible. So if the Commission can make an award at this time then I can return all of those deposits immediately. Mr. Plummer: Well, I'm at the pleasure of the Commission, what does the Com-'- mission want? Mr. Lacasa: I.don't have any objection to going ahead and making an award at this particular point. Mr. Plummer: Father? Rev. Gibson: Go ahead. . Mr. Gunderson: Excuse me, it would take me just about ten minutes to check their calculations and come back to you and tell you which one is the winner. Rev. Gibson: Then let's take ten minutes because if you made a motion to analyze you aren't going to tell me that you're making a motion to analyze and not analyze otherwise we'll be living a lie. So then go on, ten minutes. I'll wait. Analyze and come back and tell us. Mr. Plummer: We stand in recess for ten minutes. Thereupon the City Commission recessed at 11:35 A.M. and reconvened at 11:55 A.M. d~ 0CT3U1919 ~~• 2. BID AWARD: $3,000,000 SANITARY SE?dER BONDS, $1,750,000 t FIRE FIGHTIPIG, FIRE PREVENTION AND RESCUE FACILITIES , BONDS AND $2,000,000 STORM SEWER IMPROVEMENT BONDS. Mr. Plummer: Ten minutes has now elapsed, and that's the time that you asked for, are you complete with your analyzation? Mr. Grassier I'll have a report for you in just a minute, Commissioner. Mr. Plummer: You didn't ask for eleven minutes, you-asked for ten. Mr. Grassiee We're now asking for a two minute extension, Commissioner. Mr. Plummer: Motion denied.. Mrs. Gordon: While we're waiting to get started, Mr. Grassie, did you call Mr. Guandolo or did he call you? Mr. Grassier He called me, Commissioner. Mr. Plummer: While we're waiting, would you please have whoever you have com- municate with the Florida League of Cities who are looking forward to holding their convention, the first one booked in our new Conference/Convention Center indicating to them to please come in, Mr. Gunderson is ready to give the sermon on top of the hill. ,Father Gibson, Mr.,Lacasa, Mrs. Gordon.... we'll proceed with the rest. Mr. Grassie, do you have a report and a recommendation to the Commission? Mr. Grassier Yes we`,do, Commissioner. Mr. Plummer: Then this is Item 2 on the agenda. Item 2 is a resolution award- ing $3,000,000 of Sanitary .:Sewer Bonds, $1,750,000 Fire Fighting, Fire Prevention and RescLe Facilities.Bonds and $2,000,000 Storm Sewer Improvement Bonds of the City of Miami, setting forth rates of interest and other details. Your report, please. Mr.`Gunderson: Members of the Commission, the low bidder on the aforementioned bonds-.was the Southeas First National Bank of Miami for 7.365383 and it would be my recommendation that we award to that lowest... Rev. Gibson: Mr. Chairman,,whatdo we do now? Mr. Plummer: A motion would be in order. Rev.' Gibson: I move, sir, that the bid be awarded. Mr. Lacasa: Second. Mr.'Plummer: Discussion? Hearing none, call the roll. The following resolution. was. introduced by Commissioner Gibson who moved its adoption; RESOLUTION N0. 79-714 "A:RESOLUTION AWARDING $3,000,000 SANITARY SEWER BONDS, $1,750,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS AND $2,000,000 STORM SEWER IMPROVEDSENT BONDS OF THE CITY OF MIAMI, FLORIDA, AND SETTING FORTH THE RATES OF INTEREST AND OTHER DETAILS:. RESPECTING SUCH BONDS. (Here follows body of resolution, omitted here and on file in the Office of the City Clerk.) Upon being seconded by Commissioner Lacasa, the resolution was passed and adopted by the following vote- AYES: Mr. Lacasa, Rev. Gibson and Vice-Mayor Plummer. NOES: Mrs. Gordon. ASSENT: Mayor Ferre. ~~, ~ ,T. 3 01919 ON ROLL CALL: Mrs. Gordon: I vote no for ail the reasons previously stated in the past resolution. Mr. Plummer: Mr. Gunderson, there was obviously some problem in your calcu- lations which exceeded the ten minutes that you originally needed.- Obviously it seems very easy and clear, what was the problem, sir? Mr. Gunderson: Time, there was no problem, what we had to do was run each of the bids and their interest rates against the principle through a calculator to make certain that no mistake had been made in the announcements when the bids were opened and when we calculated them each of the bids corresponded exactly with the computation as set forth in the opening announcement. Mr. Plummer: I vote yes. Any other matters to come before this Commission? Rev. Gibson: Let me add this for the record.. I'm glad that Southeast First National won that bid not because I-:have any preference but I think the time has come that some of the local people ought to get some of the goodies around here for a change. Mr. Plummer: Well Father, here again I think that it should be said for the record irrespective of the other discussion but I think the City of Miami should be very proud that in today's spiraling inflation that we were able to come in with a bid which shows the good faith in this City of these kinds of rates. That doesn't address itself to any other discussion that was present this morning but I do feel that somewhere along the line someone has pretty good faith in this City to come in with these kinds of bids. This meeting is adjourned, reminding you that there is a meeting tonight at 7:00 O'Clock, there has been some controversy so I want to bring that - not controversy, difference of opinion. For example, I forgot the meeting tonight. THERE BEING NO FURTHER BUSINESS TO COME BEFORE THE CITY COMMISSION THE MEETING WAS ADJOURNED AT 12:00-NOON. h~AlIR1CE A. F~RR~ M A Y O R RAGP+~ G. ONGL~ CITY'CLERK MATTy HIRAI ASSISTANT_CITY_CLERK '.~ ~r~,,.i~. ~, e. ~ 5~' ~'' ~ ~~~4 b+ . ~ ~` •, c, .• ~ ~1~ ~i~! i' . i . ~ d ~~,` .~ ~ ~~t OCT ~ ~ 1979 ___ _ __ CITY OF M~AM DOCUMENT INDE MEETING DATE: October 30, 1979 COMMISSION RETRIEVAL ITEM NO DOCUME~rT IDENTIFICATION A TI N CO NO 1 TO RECEIVE, OPEN, READ AND REFER TO THE CITY MANAGER FOR TABULATION AND REPORT BIDS AUTHO- NOZED9T686EFORCTHEESA EIOFD$3E000DOOORSANITARY SEWER BONDS R-79-713 2 AWARDING $3,000,000 SANITARY SEWER BONDS, $1,750,000 FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS AND $2,000,000 STORM SEWER. IMPROVEMENT BONDS OF THE CITY OF R-79_714 MIAMI 79-713 79-714