HomeMy WebLinkAboutR-79-0687RESOLUTION NO. 7 9 - 6 8 7
A RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $3,000,000 SANITARY SEWER SYSTEM
BONDS, $1,750,000 FIRE FIGHTING, FIRE PRE-
VENTION AND RESCUE FACILITIES BONDS AND
$2,000,000 STORM SEWER IMPROVEMENT BONDS
OF THE CITY OF MIAMI, FLORIDA, AND DIRECT-
ING PUBLICATION OF NOTICE OF SALE OF SAID
BONDS
(hereinafter
City of Miami,
WHEREAS, the Commission
the "City Commission".) of The
inaf ter sometimes called the'City")
the following
of the City:
resolutions
sometimes called
Florida (here
duly passed and adopted
providing for the issuance of bonds
adopted .by the City Commission
1976, providing for the
Resolution No. 76-1060,
on the 18thday of November,
of not exceeding $ 25, 000, 000 Sanitary Sewer System
bonds of the denomination of
said issued at the time or from time t
consist of 5,000
•
bonds to be
to be dated and sold as hereafter
resolutionsof the City Commission
Years After Principal
Date or Dates Amount
2 $1,350,000
3 1,350,000
4 1,350,000
5 1,350,000
6 1,350,000
7 : 1,350,000
8 1,300,000
9 1,300,000
10 1,300,000.
11 1,300,000
$5
issuance
Bonds,
000
eac
o time and
provided by resolution or
and to mature as
Years After
Date or Dates
follows:
Principal
Amount
12 $1,300,000
13 1,300,000
14 1,300,000
15 1,300,000
16 1,300,000
17 1,300,000
18 1,300,000
19 1,300,000
20 1,300,000
"DOCUMENT I DEX
ITEM NO. / ”
CITY COMMISSION
MEETING OE
OCT 171979
7 9. 6 8
the
not
Resolution No. 76-1059, adopted by the City Commission
On.
18th day of November, 1976, providing for the issuance of
exceeding $10,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities' Bonds, to consist of 2,000 bondsof 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 hereafter
provided by resolution or resolutions of the City Commission,
and tomature as
Years After
Date or Dates
on the
2
3
4
5
6
7
8
9
10
11
follows:
Principal Years After Principal,
Amount Date or -Dates Amount
$ 530,000 12'.: $ 525,000
530,000 13' 525,000
530,000 14, 525,000
530,000 15` 525,000
'530,000 16 525,000
525,000 1/` 525,000
525,000 16 525,000
525,000 19 525,000
525,000 20 525,000
525,000
esolution:No. 78-216, adopted by theCity Commission
23rd day of March, 19.78, providing for the issuance
of not exceeding $15,;000,000;Storm Sewer Improvement Bonds
to consist of 3,000 bonds of the denornination of $5000;'
each", said bonds .to be. issued at one time or frotime to
time and to be dated and sold as..hereafter 'provided .by reso-
resolutions of the City Commission, and to mature
lution or
as follows:
79- 6 87
Years .Af ter Principal
Date or Dates Amount
2 $ 445,000 ,
3 470,000
4 500,000
5 530,000
6 560,000
7 595,000
$ 630,000
9 670,000
10 710,000
li' 750,000
; and
Years After Principal
Date or Dates Amount
12 $ 795,000
13 845,000
14 895,000
15 945,000
16 1,005,000
17 : 1,065,000
18 1,130,000
19 1,195,000
20 1,265,000
WHEREAS, each of said resolutions provides that("i) the
bonds authorized thereunder shall bear interest at rates not
exceeding the legal rate, (i'"i) all or any part of the bonds
therein
authorized may be made redeemable prior to.=their re.
spective maturities, :at such times and prices and under•: such
terms and conditions, as, the City Commission shall determine
by resolution priorto the sa1e of the bonds and (-iii) both
of and the interest on said bonds
a bank or trust company in the Borough
City and State of New York or at:'a bank or trust company in
the principal"
able at:
the City of Chicago,"I1linois;, or at a:bank or trust company
in the City of Miami, Florida, at the option of the holder
or
Sewer
the
registered owner; and:i
WHEREAS, the City has heretofore issued: (1) Sanitary
Bonds: authorized under said, Resolution No. 76-1060 in
principal amount of $16,000,0.00, in two. series dated
shall be pay -
of Manhattan,
79-687
reipeceively, thereby
1978,
of said
Fire Fighting,
Facilities
Fire:.
No. 76-1059 in the principal amount. of $8,250,000, in three
series
dated May 1, 1977, December 1, 1977, and December
1978, respectively, thereby
reducing the authorized but
unissued` portion of said Fire
Fighting,'` Fire Prevention and
Rescue Facilities Bonds to $1,750,000;
Improvement Bonds under
principal amount 'of $5,
thereby reducing ;the
and (3)'' Storm Sewer
said Resolution No. 78-216 in t
000,000, dated December 1, 1978,
authorized but unissued portion o
said Storm Sewer Improvement Bonds to $10,000
000;. an
WHEREAS, the. City Commission has determined:
(a). that $3.,000`,000 >principal amount of said.. author -
unissued $9,000,000 SanitarY Sewer
ized
issued and•- sold
Bonds shall
at.: this -•-time, said . bonds to be date<
be numbered and to mature` as hereinafter provided;
b) that $1,750,000 principal.amount of :said authorized
but unissued °$1,750,000 Fire Fighting,
Rescue Facilities Bonds shall be issued
time,
'ire. Prevention an
and sold at this
said ,bonds`: to be dated, ,; to be numbered and to mature
as hereinafter provided;
79-687
May 1, 1977 and December 1,
reducing. the authorized but unissued portion
Sanitary Sewer Bonds. to $9,000,000 (2)
Prevention and Rescue Bonds under said Resolution
but
(c) that $2,000,000 principal amount of said author-
ized but unissued $10,000,000 Storm Sewer Improvement Bonds
shall be issued and sold at this time, said bonds to be
dated, to be nurnbered and to mature as hereinafter provided;
(d) that none of said bonds shall be redeemable prior
to its respect.ive maturity;
(e) that the principal of and the interest on said
bonds shall be payable at the banks hereinafterdesignated;
and
(f) that the sale of said bonds shall be held and
notice thereof given as- hereinafter provi.ded; now, ttlerefc:ire,
BE IT RESOLVED BY THE COMMISSION OF 'THE CITY OF MIAMI,
FLORIDA:
Section 1. There shall be issued and so].
d at this time
said Sanitary Sewer Bonds in the aggregate 1:)ri.ncipal amount
of Three Million Dollars($3,000,000), being a portion of
the $25,000,000 principal amount of such bonds authorized as
herei.nabove described. Said bonds shall be dated as of the
,
lst day of November 1979, shall consist of 600 bonds of the
denomination of $5,000 each, numbered 1 to 600 inclusive,
and shall mature, without option of prior redemption, in,
numerical order, lowest numbers first, on the 1st day of,
November in the following years and in the following amounts,
respect.i.ve y.
the
Year of Principal Year of , Principal
Maturity, ,
Amount Maturity Amount
1981 '. $ 160,000 1990 $ 155,000
1982 160,000 1991 155,000
1983 . 160,000 1992 155,000
1984 160,000 1993 155,000
1985 160,000 1994 155,000
1986 160,000 1995 160,000
1987- 155,000 1996 160,000
1988 155,000 1997 160,000
1989 155,000 1998 160,000
1999 160,000
Section 2. There shall be issued and sold at this time
said Fire Fighting, Fire Prevention and Rescue Facilities
Bonds in, the aggregate principal amount of One Million Seven
Hundred Fifty. Thousand Dollars ($1,750,000), being a; portion.:
of the $10,000,000 principal amount ofsaid bonds authorized
Said bonds shall'be dated as' of the`.
as hereinabove described.
1st day of November
1979, ;;shall- consist of 350 bonds of th
denomination of $5,000 each, numbered 1 to ;350inclusive, and
shall mature,without option of prior redemption, in numerical
order, lowest numbers first, on the 1st day of November in
nd in the following amounts, respectively.:`
following years a
Principal
Amount
Year of Principal Year of
Maturity Amount Maturity
1981 $ 95,000 1990 $ 95,000
1982 95,000 1991 95,000
1983 95,000 1992 95,000
1984 95,000 1993 90,000
1985 95,000 1994 90,000
1986 90,000 1995 90,000
1987 90,000 1996 90,000
1988 90,000 1997 90,000
1989 90,000 1998 90,000
1999 90,000
9-687
said Storm Sewer
Section 3. There shall'be issued..and sold at-.this.time
aggregate principal
Improvement. Bonds
amount of. Two Mi11io'n Dollars`($2,000,000), being a portion
of the $15,000,000 principal amount
as
hereinabove described.
1st day of November
of said bonds authorized
Said bonds
shall be dated as o.f the
1979, shall consist of 400
bonds of the
denomination of $5, 000 each, numbered 1 to ?400, inclusive,
and shall mature, without option of prior redemption, in nu
merical order, lowest numbers first, on' the 1st day of Novem-
the following amounts;
ber in the following years and
respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount.
1981 $ 60,000 1990 $,100,000
1982 65,000 1991 105,000
1983 70,000 1992 110,000.
1984 - 70,000'- 1993 120,000
1985 75,000 1994 125,000
1986 80,000 1995 135,000 ..;:
1987 85,000 1996 140,000
1988 90,000 1997 150,000
1989 95,000 1998 160,000
1999 " ' 165,000
Section 4. Interest on said Sanitary; Sewer` Bonds ire•
Fighting, Fire Prevention and Rescue Facilities Bonds and
Storm Sewer Improvement Bondsshall be payable semi annually
the 1st day of. May and November in each year, and both
on
the principal of and the interest on said bonds shall
79-687
payable at Chemical Bank, in the Borough of Manhattan, City
and State of I4ew York, or at The First National
in the City of Chicago,` Illinois, or at
can the City of Miami, Florida,
Chicago,
opti
Bank of Miami, in
on of the holder
or registered owner.
Bank of
Pan Aneri
t the
Section 5. The Director of Finance is hereby author
ized and directed to publish a noticecalling for
said bonds in The Miami Herald and The
newspapers.
Miami, a
published
pal bonds,
(10) days before the date for the receipt of bids, whic
notice shall be substantially in the following forme
of
bids for
daily
d in The Daily Bond
in New York City and devoted
each of such publications to be made at least
Miami News,
general circulation published in the City of
Buyer, `a financial journal
primarily to ,munici-.;
ten
9
687
NOTICE OF SALE
THE CITY $
6OF MIA'75°'°13° BONDS -cnds n
MI, FLORIDA
$
$31:700500:000000 sFainreitFarighySteiwnegrf D-Fire preventicn and
aled hidE w at its
$2 ,000 ,°°1°11 SormilesScesqueerreFaitTcniiPialrt°.ivtpeirneesnBtoiBnsd°sKsnledoysnr of.the
be receivedf meet.ing
Se plot. ida ,_npbryivteh'elDCai°cnmenineorTuesday"
city 0 miaml, 3
5
00 pjne r 1 c. .me, on .11 be
f pan
City in
i
Hall, I lock A.M lace a- of the
the . 11 c e and place all
Florida, until 11
at which t3-111 Mlarrifoilowingll bids.
publicly Octcher 3°'eln9ed and read'lf_or_attheed November 1' 1979.
• op
CityFof Mi SANITARYber 1,
l
orida, all
NdsernEvipEtRiBONwpi,Sth'out
r3in9annually, ufaasprioriowres
° ovem .one
matu option foi
Principal
year principal Maturity Amount
year of Amount
19901992 $ 115555:00°0:
1.985 160,000
1984 160,000
1986 160
'0
0
0
Maturity
1982983 160,000.iii999999135
$ 160 000
1981
1994 111556 550 000 °00°00
13.5650,r00::0
999 888 789 111i 6555 °565 °°°0 °°°0 °°°0 1.1 999 999 768
1999 160,000
160,000
160,000
79-687
Year of
Maturity
1981
1982
1983
1984
1985
1986
1987
1988
1989
$1,750,000 FIRE FIGHTING, FIRE PREVENTION
AND RESCUE FACILITIES BONDS,
maturing annually, November 1, without
option of prior redemption,
as follows:
Principal
Amount
$ 95,000
95,000
95,000
95,000
95,000
90,000
90,000
90,000
90,U00
Year of
Maturity
1990.
1991
1992
1993
1994
1995
1996.
1997
1998
1999
Principal
Amount
$;95,000
95,000
95,000
90,0U0.
90,000
90,000
90,000
90,000
90,000
90,000.
2,000,000 STORM SEWER,IMPROVEMENT BONDS,
maturing: annually, November 1, without_
opt°ion of prior redemption,
as: follows:
Year`of Principal Year of Principal
Maturity Amount > ..` Maturity Amount
1981 $ 60,000 1990 $`100,000
1982 65,000 1991 105,000
1983 70,000 1992 110,000
1984 70,000 1993 120,000
1985 75,000 1994 125,000
1986 80,000 1995, 135,000
1987 85,000 '1996 140,000
1988 90,000. 1997150,000
1989 95,000 1998. 160,000
1999 165,000
10 .=
79- 687
rates
or
Miami,
holder
tax
Denomination .$5000;.coupon bonds
principal alone or
registrable as to
as' to. both, principal and interest; prn-
cipal and semi-annual interest (November 1 and May 1) pay
able at chernical Bank, in the Borough of Manhattan, City
State of New York, or, at The First National Bank of Chicago,
in the City
and
of Chicago, Illinois or at Pan American Bank o
in the' City of Miami, Florida, at the option of the
or registered owner; general obligations unlimited
upon all taxable property within the City (excluding'
homesteads).
Said Sanitary
vention and Rescue
Sewer Bonds and Fire Fighting, Fire Pre
Facilities Bonds were validated by a
judgment of the Circuit Court of Dade County, Florida,
February 22, 1977; and said Storm Sewer Iraprovemeflt Bonds
validated by a judgment of the Circuit Court of Dade
were
County on November 30, 1978.'
Bidders` are requested to name the interest rate or;
not exceeding 7 1/2% per annum, in: multiples; of"1/8
1/20 of 1%. Each bidder must specify in his bid, the
amount and the maturities of the bonds;, of each rate
maturing on thesane date must bear interest ,,at the
samerate. Any number of interest rates may be named,., but
named for the bonds of any maturity shall
bonds
the interest rate
not
be less than the interest rate named for the ;""bonds.o
any earlier ,Maturity. No rate may be more;than two tunes
11.
id all
79-687
vtt
the lowest'rate named in the bid. The interest on any bond
payable on any interest payment date shall be represented
a single coupon. No bid for less than all of the bonds
by
offered or for less than par accrued interest will be
entertained. The Bondswill be awarded to the bidder offering
to purchase
such cost
the bonds
and
at the lowest interest cost to the City,
to be determined by deducting the total amount o
any premium bid
of t
from the aggregate amount of interest on all
the bonds from their dateuntil their respective maturities.
Each bid must be submitted on a -form to be furnished by
the undersigned and must be enclosed in a sealed envelope
marked "Bid for $6,750,000 Bonds", and: must be accompanied
by a certified or bank cashier's or treasurer's check for
$135,000, drawn on an incorporated bank ortrust company,'.'
payable unconditionally to the order of The City of Miami,
on which no interest will be allowed. Award;o
rejection ofbids will -be made on the date above .stated
Florida
for the 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
his bi
held assecurity for the performance of
event that the successful bidder :shall fail to comply with.
the terms of his bid, the proceeds will be retained
for full liquidated damages. Whenever such terms have been
complied with t
of the
and
bonds,
n t
an
the proceeds may be applied towards payment
r if it shallbe found impossible.to issue
deliver the bonds, the proceeds will be returned.
12
79-687
The approving opinion of Brown, Wood, Ivey, Mitchell_&
Petty, will be furnished without Cost to -
the bonds. .There will also be furnished the usual c
papers.
20
the purchasers of.
osing
Delivery of the bonds will be made on or about November
1979 in the Borough of Manhattan, City and State of New
, a ainst payment therefor in Federal funds or other
Yorkg
immediately
available funds.
Copies of the Notice of Sale, bid f�rm and the Official
Statmer.t may be obtained by application to the " undersigned
3500 Pan American Drive, Dinner Key,
at Miami City Hall,
Miami, Florida 33133 and from Brown Wood, Ivey, Mitchell
New York, N.Y. 10006, Attention:
Petty, One Liberty Plaza,
Joseph Guandolo.
The right to rejectany or all bids is reserved.
James.E.;Gunderson:
Director of ,;Finance
City of Miami, Florid
Section 6. The <form `. referred to in the Notice of Sale
set forth in Section 5. above and on which all bids are
requested to be made shall be substantially as foliows.
79-687
i
BID FOR BONDS
October 3
Commission of the City
of Miami
City; Hall
3500Pan.; American Drive
Dinner Key
Florida 33133
Sirs:
1979
We make the following offer for the bonds of The City
of Miami, Florida, mentioned below. and described in the Notice
of Sale of said bonds, which Notice is hereby 'made a part
this bid
this offer being
less than all:
for all of said bonds and not f
For $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 maturing and
bearing
interest as follows:
Fire Fighting,
Sanitary Fire Prevention and
Year of, Sewer Rescue Facilities
Maturity Bonds Bonds
Storm Sewer
Improvement
Bonds
of
r
Interest
Rate
1981 $160,000 $95,000 $ 60,000 8
1982 160,000 95,000 65,000 %
1983 160,000 95,000 70,000 %
1984 160,000 95.,000 70,000 %
1985 160,000 95,000 75,000 %
1986 160,000 90,000 80,000 %
1987 155,000 90,000 85,000 %
1988 155,000 90,000 90,000 %
1989 155,000 90,000 95,000 8
1990 155,000 95,000 100,000
1991 155,000 95,000 105,000 %
1992 155,000 95,000 110,000
1993 155,000 90,000 120,000 $.
79-687
Fire Fighting',
Sanitary Fire Prevention and Storm Sewer
Year of, Sewer Rescue Facilities Improvement Interest
Maturity Bonds Bonds. Bonds Rate
1994
1995
1996
1997
1998
1999
$155,000.
160,000.
160,000
160,000
160,000.
160,000
we enclose herewith
check,
amount
Miami,
a cco
to
of,
pro
$90,,000
90,000
90,000
90,000
90,000
90,000.
$125,000
135,000
140,000
150,000
160,000
165,000
a certified or bank cashier's or treasurer's
drawn on an incorporated bank or trust company in
of $135,000 payableto the order of The City of
Florida, which, check is to be applied or returned
accordance with the Notice of Sale.
The closing papers referred to
include a
the 'bonds; with reference to the Official Statement, as
videdtherein, and stating that there is no litigation
the
in 'the Notice of Sale are
certificate, dated a of th'e date of
the delivery
pending 'or, to the knowledge of the signer of such certifi-
threatened affecting the validity of the 'bonds.
cate,
Bidder
i tl e`
(No addition or alteration, except as provide
above, is to bemade to this bid and it
must not be detached from the
attached Notice of Sale.)
************.
79-687
and is not .partof this bid:
Aggregate amount of interest from
date of bonds to final maturity
Less premium' bid, if any
Net interest cost
Net effective interest rate
The above good faith check has been returned and receipt thereof is
•
duly acknowledged.
PREPARED AND APPROVED BY:
ASSISTANT CITY ATTORNEY
APPI
GEO
CITY
ATT
RALPH
AS TO FOR
t3y
AND CORRECTNESS:
79-687
T1
ac
CITY OF MIAMI. FLORIDA
1NTER-OFFICE MEMORANDUM
TO1
FROM
Joseph R Grassie
City Manager
Meeks'
GUtlJ cTr
es '& REFI RENCESt
j.ames . Gunderson'
Director of Finance
ENCL08URK9s
September 28, 1979 FILE:
$6, 750, 000 General" Obligation
Bond Sale, October 30;.1979
Attached is a resolution fixing certain details concerrithg the $6, 750, 000`.
City. of Miami General Obligation Bond sale scheduled for October 30, 1979,
consisting of
$3, 000, 000 Sanitary Sewer Bonds
$T, 750, 000 Fire Fighting,' Fire Prevention
arid Rescue Facilities Bonds
$2'000,000 Storm Sewer Improvement. Bonds.
Please place the resolution on the
Commission rneeting.
JEG:JP:m
Attachment-(1)
cc: George F.
agenda of the, October 15, 1979 City
Attorne
79.687