HomeMy WebLinkAboutCC 1978-11-10 Discussion ItemNOTItt OP SALE
t18,2A0,o0o BONDS
THE CITY OF MIAMI, FLORIDA
$6,000.000 Sanitary Sewer Bonds
$5,000,000 Street arid t•1ighway itliprdveti1etit t3ands
$2,250,000 hire Vighting, t✓ire Prevention and Rescue l acilities Bonds
ds
$5,000,000 Storm Sett improvement ent Solids
sealed bids will he received by the. Cotiii11ission of the City of Miami, l'lonida. at its regular place of
meeting in the City Hall, 3500 liitn American Drive, binnet key. Miami, l'Ioridit, until 11 o'cir .k A.M.
Miami time, on Thursday.
November 9. 1978.
Lit ahit,h time and place all hids will he publicly opened and read, for the following bonds of the City of
Miami. Florida, all dated December I. 1978:
S6,O00,OOO SAN11 AR1' SE',S t tt t ()Nb';(
maturing annually, December 1, without option of prior redemption, as follows:
Year of Principal Year of Principal lest nt Principal
Nluturit) Amount Naturit% Amount ltatutity Amount
19811 S325.00() 1986 S315.0(0 1993 $310.000
1981 325,(00 1987 315.000 1994 310.0(X)
1982 325,000 1988 315,000 1995 310.0(8)
1983 325.(88) 1989 315.0(X) 1996 310.0(8)
1984 325.000 199(1 310,1)0) 1997 3I0.(108)
1985 325.1883 1991 310.000 1998 310.(XX)
1992 310,00
$5,000.000 STREET AND HIGHWAI' IMPRO\'1':N1l NT BONDS,
maturing annually, December 1, without option of prior redemption, as follows:
Year „f Principal Year of Principal fear of Principal
Mlaturitt Amount Maturity Amount Maturity (mount
1980 S295,000 1986 S295,(X10 1993 $225 (XN)
1981 295.(88) 1987 295.0(81 1994 210.100)
1982 295,000 1988 2950)0 1995 230.000
1983 295.188) 1989 295.18)0 1996 230.(000
1984 295,0(X) 1990. 225010 1997 230.000
1985 295,000 1991 225.000 1998 230.(8)(1
1992 225.000
$2,25(1,(WO FIRE FIGHTING, FIRE PREVENTION.
AND RESCUE FACILITIES BONDS,
maturing annually, December 1, without option of prior redemption, as follows:
Year of Principal Year of. Principal Year of Principal
llaturitt Amount Maturity Amount Maturity Amount
198(1 S 1211,0(0 1986 $120.001) 1993 $120.000
1981 120.00(1 1987 120.010 1994 120.000
1982 120.000 1988 120.000 1995 120.000
1983 120,(88) 1989 110.188) 1996 120.0110
1984 120,000 1990 110.000 (997 120.0(X)
1985 120,(10(1 1991 110.(88) 1998 120.000
1992 12.0,000
$5,000,00(ISTORM SEWER IMPROVENI ENT BONDS,
maturing annually, December 1, without option of prior redemption. as follows;
1'ear of Principal
Nlaturit) Amount
19811
1(81
19>;'
1983
1984
1985
S 151).0(8)
I j5.(N))
165.(88)
17`,U18)
I8?(XNI
21)0,000
Year of Principal Near of Principal
llaluril Amount Maturity Amount
1986
1987
1981.4
1989
1990
1991
1992
$210.188)
225388)
235,(0lt
250.(88)
2140.0(I(}
1111)6)1)(1
1993
1994
1995
1996
1997
I998
5315,(NX)
335.000
355,(N(1
375,000
400.(810
425.000
Denomination g5,fl(J0: coupon honds registrable as to prone (it as to both principal and
interest: principal and rten i•ttrinu,il interest i FSecenihet i and ayahh it (1itmical 1#itnk, in the
tnrtiuch or S.lrtnhatttiit. City and State of Ness Yotk, or. at CoilIlirtots Natiorial.l3ank and 1rtist
CliatiianFlorida,ieitilo. at the in the CfttholicCildet o r registered
or at 1'akn 13atik uf' liunii. in the C'itj Of
hli + ttions: unlitiiited tax -upon all
optiongisieti.d ow�nt.r: � ��
ttisahle property within the Cite tezcludilig hotitesteadsl.
Said Sanitary Sesser. Bonds and Fire Fighting. Fire Prevtd kescue F ucilitirs 13onds were
validated by a judgment of the Circuit Court Of Dade County. i March 4, 1977: said Street and
Highway Improveniettt Bonds were validated by tt judgment-oflt Court of 1)itde County, l loridtt:
Oh JutsNI; 1971; and said Storm Sewer lniproventent honds silted by a judgment of the Circuit
Court of lade Counts on October 20. 1918. Such judgment is appeal tt ithin 3t1 days 1`roni such
cktte. The consuitlmalion of the sale and delivery ol'the honds &sunder shall be conditioned rtipOti
the eyhiratioti ol'such atpcul period ss ith no tippeal being then
Bidders are requested to name the interest rate or rates. ho'g 7' "' per annttm. in Multiples of
1,14 or 1 20 of 1'.'r, Lich kidder must specilc in his hid the atncbe maturities of the honds of each
rate, and all honds m ituring on the saint: date must hear into` sante rate. No sates Mas he more
than two times the losseSti rate named in the hid No pond shttbrc than one rate of interest shish -
rate shall be uniform for the life of the bond. and the interest u l payable on any interest payment
date shall he represented by a single coupon. No hid of less thaacctued interest or for less than all
of the honds Offered will he entertained. The Minds will he aslhe kidder offering to purchase the
bonds at the loosest interest cost to the City. such cost to he if by. deducting the total amount of
ant prentiutn bid from the aggregate amount of interest upon ;Minds from December 1, 1978, until
their respective maturities.
Each hid must he submitted on a I'orin to he furnished htrsigned ind be enclosed in a
se;iled envelope marked "13id for S18.25(1,000 Bonds and nconipanicd be a certified or hank
cashier's or treasurer's check for S365.000, drawn on an ind hank or trust company, Payable
unconditionally to the order of The City of Miami. Florida. ots interest will he ullowed.Award or
rejection of bids ss ill he made on the date:ahoce stated far the bids and the checks of unsuecessful
bidders will he returned immediately• The check of the succer %+ill he held encashed as security'
for the perfornrince of his hid, but in the event that the success shall fail to comply' with the terms
of his hid the check may then he cashed and the proceeds'etainetl as and for full liquidated
damages: \\Ilene%er such terms have been complied with the c he applied tos;trds payment of the
honds, or if it shall he found impossible to issue and deliver thae check will he returned:
The approving opinion of Brown, \\'ood. Ivey, Mitchell ,►ill be furnished without cost to the
purchasers Of the honds. There ss ill also be furnished the usualapers.
Delivery of the bonds sill be made on or about Decembeiin the Borough of Manhattan. City
and State of New York. against payment therefor in Federalother immediately available funds.
Copies of the Notice of Sale, hid form and the Official Smay he obtained by application to
the undersigned at Mitimi City H ill,`3500 Pan American Drer Key. Miami; Florida 33133 and
from Brown, Wood. Ivey. Mitchell & Petty. One Liberty' Plaiork. N.Y. 10006. Attention: Joseph
Guandolo.
The right to reject any or all bids is reserved,
lames E. Gunderson
(Director of Finance
lity of Miami, Florida
1
BID thf UONDS
Commission of the City of Miami
City l=lall
35001'an American Drive
Dinner 14ev
Miami. hlorida 33133
Sirs:
November 9. I9/8
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 hands, Which Notice is hereby made a Bart of this hid this offer
being for all of scud bonds and not rot less than all:
For S(000.000 Sanitary Sewer Bonds. S5.000,000 Street and Iligh► ziy Improvement Bonds.
S2,250.000 Fire fighting, lire prevention and Rescue Facilities Bonds and 55,000.000 Storm Sewer.
Improvement Bonds maturing and hearing interest as follows:
Fire Fighting.
Fire
Street and Pretention
Sanitarj fligh%ay Rescue Storm Sesser total
Year of Sesser Imprni►ment Facilities I inpros i merit Principal
Ntuturit% _Hands Bonds [fonds Bonds !mount
1980 S325.000 S295,000 S 120.000 S 150.000 S890.000
1981 325,000 295,000 120.000 155.(101) 895.000
1982 325.000 295.000. 120.000 165.00(0 905.000
1983 325.000 295,000 120.000 175.000 915,000
1984 325.000 295.000 120.000 185.000 925.000
19!;5 325.000 295.000 120.000 200.00(1 910,1100
1986- 315,000 295.000 120.0110 210.000 9411,000
1987 315.000 29.5.000, 120.000 225.001) 955,000
1988 315,000 295.000 120.000 235.0(10 963.000
1959 315.000 295,000 110.000 250.000 970.1)1)0
1990- 310,000 225,000 110.000 265.001) 910.000
1991 310.000 225.000 110.000 280.000 925.000
1992 '310,000 225,000 120.000 300.000 955.11011
1993 310.000 225.000 120.000 315.00(1 970.001)
1994 310.001) 230.000 120.000 335.000 195.000
1995 310.000. 230.000 120.000 355.001) 1.015.000
1996 310.000 230.000 120.000 375.000 I.O.35.000
1997 310.000 230.000 120.00(1 41)0.000 1.0(,0.000
1998 310.000 230.000 120,000 425,000 1,085,0011
We enclose herewith a certified or bank cashier's or treasurer's check. drawn on an incorporated bank
or trust company in the amount of S365.000 payable to the order of The Cite of Miami. Florida, which
cheek is to he applied or returned in accordance with the Notice of Sale.
'The dosing rapers referred to in the Notice of Sale are to include a certificate. dated as of the date of
the delivery of the bonds, with reference to the Official Statement, as provided therein, and stating that
there is no litigation pending or, to the knowledge of the signer of such certificate. threatened affecting the
validity of the hands.
interest
Rate
cr
ti
(No addition or alteration. exeept as provided above.
is to be made to this hid and it must not
he detached from the attached
Notice of Sale.)
The following is for information only and is not part of this bid:
Aggregate amount of interest from date of hoods to final maturity
Less premium hid. if any
Net interest east
Net effective interest rate
5
The above good faith check has been returned and receipt thereof is duly acknowledged.
By
Bidder
Title