HomeMy WebLinkAboutR-78-0660RESOLUTION NO, nt 8 - A 6 0
A► RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $6,000,000 SANITARY SEWER SYSTEM
BONDS, $5,000,000 STREET AND HIGHWAY IM-
PROVEMENT BONDS, $5,000,000 STORM SEWER
IMPROVEMENT BONDS AND $2,250,000 FIRE
FIGHTING, FIRE PREVENTION AND RESCUE
FACILITIES BONDS OF THE CITY OF MIAMI,
FLORIDA, AND DIRECTING PUBLICATION OF
NOTICE OF SALE OF SAID BONDS
WHEREAS, the Commission (hereinafter sometimes called the
"City Commission") of The City of Miami, Florida (hereinafter
sometimes called the "City") duly passed and adopted the
following resolutions providing for the issuance of bonds of
the City: (�
Resolution No. 76-1060, adopted by the) T CtMy ��fr� ri
the 18th day of November, 1976, providing for the issuance of
not exceeding $25,000,000 Sanitary Sewer System Bonds, to
consist of 5,000 bonds of the denomination of $5,000 each,
said bonds to be issued at the time or from time to time and
to be dated and sold as hereafter provided by resolution or
resolutions of the City Commission, and to mature as follows:
Years After Principal
Date or Dates Amount
"DOCUMENT INDEX
Years After
Date or Dates
Principal
Amount
2 $1,350,000 12 $1,300,000
3 1,350,000 13 1,300,000
4 1,350,000 14 1,300,000
5 1,350,000 15 1,300,000
6 1,350,000 16 1,300,000
7 1,350,000 17 1,300,000
8 1,300,000 18 1,300,000
9 1,300,000 19 1,300,000
10 1,300,000 20 1,300,000
11 1,300,000
Resolution No. 42484, adopted by the City Commission on
the 13th day of May, 1971, providing for the issuance of not
exceeding $17,375,000 Street and Highway Improvement Bonds, to
consist of 3,475 bonds of the denomination of $5,000 each,
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said bohds to be issued at one t iitte or front tithe to tide and
to be dated and sold as hereafter provided by resolution or
resolutions of the City Commission, and to maturc as follows:
Years After
Date or Dates
Principal
Amount
2 $1,390,000
3 1,390,000
4 1,390,000
5 1,390,000
6 1,390,000
*7 1,390,000
8 1,390,000
9 1,390,000
10 1,390,000
11 1,390,000
Years After
bate or Dates
12
13
14
15
16
17
18
19
20
Principal
Amount
$390,000
390,000
385,000
385,000
385,000
385,000
385,000
385,000
385,000
Resolution No. 76-1059, adopted by the City Commission on
the 18th day of November, 1976, providing for the issuance of
not exceeding $10,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds, to consist of 2,000 bonds of 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 to mature as follows:
Years After
Date or Dates
Principal
Amount
Years After
Date or Dates
Principal
Amount
2 $ 530,000 12 $ 525,000
3 530,000 13 525,000
4 530,000 14 525,000
530,000 15 525,000
530,000 16 525,000
525,000 17 525,000
525,000 18 525,000
525,000 19 525,000
525,000 20 525,000
525,000
Resolution No. 78-216, adopted by the City Commission on the
23rd day of March, 1978, providing for the issuance of not exceeding
$15,000,000 Storm Sewer Improvement Bonds to consist of 3,000 bonds
of the denomination of $5,000 each, said bonds to be issued at one
78-.660
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t rote c r froth time to tithe and to be dated and sold as hereafter
ipfovided by resolution or resolutions of the City Commission, and
to mature as follows:
Years After
bate or Dates
2
3
4
Principal
Amount
$ 445,000
470,000
500,000
530,000
560,000
595,000
630,000
670,000
710,000
750,000
Years After
Date or Dates
Principal
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 except that said Resolution No.
42484,
adopted May 13, 1971, provides that the interest rate
of the Street and Highway Improvement Bonds shall not exceed
7 1/2% per annum, (ii) all or any part of the bonds therein
authorized may be made redeemable prior to their respective
maturities, at such times and prices and under such terms and
conditions, as the City Commission shall determine by resolution
prior to the sale of the bonds, and (iii) both the principal
of and the interest on said bonds shall be payable at a bank
or trust company in the Borough of Manhattan, City and State
of New York, or at a bank or trust company in the City of
Chicago, Illinois, or at a bank or trust company in the City
of Miami, Florida, at the option of the holder or registered
owner; and
WHEREAS, the City has heretofore issued: (1) Sanitary
Sewer Bonds authorized under said Resolution No. 76-1060 in
the principal amount of $10,000,000, dated May 1, 1977,
78 660
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thereby reducing the authorized but uhissued portion of said
Sanitary Sewer Bonds to $15,000,000; (2) Street and Highway
Improvement Bonds authorized under said Resolution No. 42484
in the principal amount of $10,000,000, in three series dated
June 1, 1972, March 1, 1975 and May 1, 1977, respectively,
thereby reducing the authorized but unissued portion of said
Street and Highway Improvement Bonds to $7,375,000; and (3)
Fire Fighting, Fire Prevention and Rescue Facilities Bonds
under said Resolution No. 76-1059 in the principal amount of
$6,000,000, in two series dated December 1, 1977 and
May 1, 1977, respectively, thereby reducing the authorized but
unissued portion of said Fire Fighting, Fire Prevention and
Rescue Facilities Bonds to $4,000,000; and
WHEREAS, none of the Storm Sewer Improvement Bonds
authorized under said Resolution No. 78-216 has heretofore
been issued; and
WHEREAS, the City Commission has determined:
(a) that $6,000,000 principal amount of said authorized
but unissued $15,000,000 Sanitary Sewer Bonds shall be issued and
sold at this time, said bonds to be dated, to be numbered and to
mature as hereinafter provided;
(b) that $5,000,000 principal
amount
of said authorized
but unissued $7,375,000 Street and Highway Improvement Bonds shall
be issued and sold at this time, said bonds to be dated, to be
numbered and to mature as hereinafter provided;
(c) that $5,000,000 principal amount of said authorized
but unissued $15,000,000 Storm Sewer Improvement Bonds shall
be issued and sold at this time, said bonds to be dated, to be
numbered and to mature as hereinafter provided;
( ) that $2,250,000 principal amount of said authorized
but Unissued $4,000,000 Fire Fighting, Fire Prevention and
ttescue Facilities Bonds shall be issued and sold at this time,
said bonds to be dated, to be numbered and to mature as
hereinafter provided;
(e) that none of said bonds shall be redeemable prior to
respective maturity;
(f) that the principal of and the interest on said bonds
than be payable at the banks hereinafter designated; and
(g) that the sale of said bonds shall be held and notice
thereof given as hereinafter provided; now, therefore,
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. There shall be issued and sold at this time
said Sanitary Sewer Bonds in the aggregate principal amount of
Six Million Dollars ($6,000,000), being a portion of the
S25,000,000 principal amount of such bonds authorized as herein -
above described. Said bonds shall be dated as of the 1st day of
December 1978, shall consist of 1,200 bonds of the denomination
of $5,000 each, numbered 1 to 1,200, inclusive, and shall mature,
without option of prior redemption, in numerical order, lowest
numbers first, on the 1st day of December in the following years
and in the following amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980 $ 325,000 1989 $ 315,000
1981 325,000 1990 310,000
1982 325,000 1991 310,000
1983 325,000 1992 310,000
1984 325,000 1993 310,000
1985 325,000 1994 310,000
1986 315,000 1995 310,000
1987 315,000 1996 310,000
1988 315,000 1997 310,000
1998 310,000.
its
1111 11111111111111111111111M1111111111 i 1 II mil mIclimilinitvimiRminul
geftion 2. There shall be issued and sold at this tide
d gtreet and Highway Improvement Bonds in the aggregate
principal amount of Five Million Dollars ($5,000,000), being a
portion of the $17,375,000 principal amount of such bonds
authorized as hereinabove described. Said bonds shall be
dated as of the 1st day of December 1978, shall consist of
1,000 bonds of the denomination of $5,000 each, numbered 1 to
1,000, inclusive, and shall mature, without option of
redemption, in numerical order, lowest numbers first,
1st day of December in the following years and in the
amounts, respectively:
Year of
Maturity
1980
1981
1982
1983
1984
1985
1986
1987
1988
Principal
Amount
$ 295,000
295,000
295,000
295,000
295,000
295,000
295,000
295,000
295,000
Year of
Maturity
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
prior
on the.
following
Principal
Amount
$ 295,000
225,000
225,000
225,000
225,000
230,000
230,000
230,000
230,000
230,000
Section 3. There shall be issued and sold at this time
said Fire Fighting, Fire Prevention and Rescue Facilities
Bonds in the aggregate principal amount of Two Million Two
Hundred Fifty Thousand Dollars ($2,250,000), being a portion
of the $10,000,000 principal amount of said bonds authorized
as hereinabove described. Said bonds shall be dated as of the
1st day of December 1978, shall consist of 450 bonds of the
denomination of $5,000 each, numbered 1 to 450 inclusive, and
shall mature, without option of prior redemption, in numerical
order, lowest numbers first, on the 1st day of December in the
following years and in the following amounts, respectively:
Year 6f Pt itft it5al Year 6f Pr ine ipai
Maturity Amount MatB'itY _Amount
1980 $ 120,000 1989 $ 110,000
1981 120,000 1990 110,000
1982 120,000 1991 110,000
1983 120,000 1992 120,000
1984 120,000 1993 120,000
1985 120,000 1994 120,000
1986 120,000 1995 120,000
1987 120,000 1996 120,000
198$ 120,000 1997 120,000
1998 120,000
Section 4. There shall be issued and sold at this time
said Storm Sewer Improvement Bonds in the aggregate principal
amount of Five Million Dollars ($5,000,000), being a portion
of the $15,000,000 principal amount of said bonds authorized
as hereinabove described. Said bonds shall be dated as of the
1st day of December 1978, shall consist of 1,000 bonds of the
denomination of $5,000 each, numbered 1 to 1,000, inclusive,
and shall mature, without option of prior redemption, in
numerical order, lowest numbers first, on the 1st day of
December in the following years and in the following amounts
respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980 $ 150,000 1989 $ 250,000
1981 155,000 1990 265,000
1982 165,000 1991 280,000
1983 175,000 1992 300,000
1984 185,000 1993 315,000
1985 200,000 1994 335,000
1986 210,000 1995 355,000
1987 225,000 1996 375,000
1988 235,000 1997 400,000
1998 425,000
Section 5. Interest on said Sanitary Sewer Bonds,
Street and Highway Improvement Bonds, Fire Fighting, Fire
Prevention and Rescue Facilities Bonds and Storm Sewer Improve-
ment Bonds shall be payable semi-annually on the 1st day of
78-660
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mite and December in each year, and both the principal of
atd the interest on said bonds shall be payable at Chemical
Bank, in the Borough of Manhattan, City and State of New York,
of at Continental Illinois National Bank and Trust Company
of Chicago, in the City of Chicago, Illinois, or at Pan
American Bank of Miami, in the City of Miami, Florida, at the
Option of the holder or registered owner.
Section 6. The Director of Finance is hereby authorized
and directed to publish a notice calling for bids for said
bonds in The Miami Herald and The Miami News, daily newspapers
of general circulation published in the City of Miami, and
in The Daily Bond Buyer, a financial journal published in New
York City and devoted primarily to municipal bonds, each of
such publications to be made at least ten (10) days before
the date for the receipt of bids, which notice shall be
substantially in the following form:
City
NOTICE OF SALE
$18,250,000 BONDS
THE CITY OF MIAMI, FLORIDA
$6,000,000 Sanitary Sewer Bonds
$5,000,000 Street and Highway Improvement Bonds
$2,250,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds
$5,000,000 Storm Sewer Improvement Bonds
Sealed bids will be received by the Commission of the
of Miami, Florida, at its regular place of meeting in
the City Hall, 3500 Pan American Drive, Dinner Key, Miami,
Florida, until 11 o'clock A.M. Miami time, on Thursday,
November 9, 1978,
at which time and place all bids will be publicly opened and
read, for the following bonds of the City of Miami, Florida,
all dated December 1, 1978:
$6,000,000 SANITARY SEWER BONDS,
maturing annually, December 1, without
option of prior redemption,
as follows:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980
1981
1982
1983
1984
1985
1986
1987
1988
$ 325,000
325,000
325,000
325,000
325,000
325,000
315,000
315,000
315,000
1989 $ 315,000
1990 310,000
1991 310,000
1992 310,000
1993 310,000
1994 310,000
1995 310,000
1996 310,000
1997 310,000
1998 310,000
MM
000000 STREET AND HIGHWAY IMPROVEMENT BOOSI
Maturing annually, December 1, without
opt ion of prior redemption,
as follows:
Year of Principal Year of Principal
Matutity Amount Maturity Amount
1980 $ 295,000 1989 $ 295,000
1981 295,000 1990 225,000
1982 295,000 1991 225,000
1983 295,000 1992 225,000
1984 295,000 1993 225,000
1985 295,000 1994 230,000
1986 295,000 1995 230,000
1987 295,000 1996 230,000
1988 295,000 1997 230,000
1998 230,000
$2,250,000 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
Maturity Amount Maturity Amount
1980
1981
1982
1983
1984
1985
1986
1987
1988
$ 120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
$ 110,000
110,000
110,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
$5,000,000 STORM SEWER IMPROVEMENT BONDS,
maturing annually, December 1, without
option of prior redemption,
as follows:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980 $ 150,000 1989 $ 250,000
1981 155,000 1990 265,000
1982 165,000 1991 280,000
1983 175,000 1992 300,000
1984 185,000 1993 315,000
1985 200,000 1994 335,000
1986 210,000 1995 355,000
1987 225,000 1996 375,000
1988 235,000 1997 400,000
1998 425,000
benotination $5,000; coupon bonds registrable as to
r ind ipal alone or as to both principal and interest; pr it%
dipal and semi-annual interest (December 1 and June 1) payable
at Chemical Bank, in the Borough of Manhattan, City and State
of New York, or, at Continental Illinois National Bank and
'trust Company of Chicago, in the City of Chicago, Illinois or
at Pan American Bank of Miami, in the City of Miami, Florida,
at the option of the holder or registered owner; general
obligations; unlimited tax upon all taxable property within
the City (excluding homesteads).
and
Said Sanitary Sewer Bonds /Fire Fighting, Fire Preven-
tion and Rescue Facilities Bonds were validated by a judgment
of the Circuit Court of Dade County, Florida, on March 4,
1977; said Street and Highway Improvement Bonds were validated
by a judgment of the Circuit Court of Dade County, Florida,
on July 26, 1971; and said Storm Sewer Improvement Bonds were
validated by a judgment of the Circuit Court of Dade County
on October 20 , 1978. Such judgment is subject to appeal
within 30 days from such date. The consummation of the sale
and delivery of the bonds offered hereunder shall be condi-
tioned upon the expiration of such appeal period with no
appeal being then pending.
Bidders are requested to
name
the interest rate or rates:
not exceeding 7 1/2% per annum, in multiples of 1/8 or 1/20
of 1%. Each bidder must specify in his bid the amount and
the maturities of the bonds of each rate, and all bonds
maturing on the same date must bear interest at the same rate.
78-660
rate may be More than two times the lowest rate named i1
the bid. No bond shall bear more than one rate of interest
Which rate shall be uniform for the life of the bond, and the
interest on any bond payable on any interest payment date
shall be represented by a single coupon. No bid of less than
par and accrued interest or for less than all of the bonds
offered will be entertained. The bonds will be awarded to
the bidder offering to purchase the bonds at the lowest
interest cost to the City, such cost to be determined by
deducting the total amount of any premium bid from the
aggregate amount of interest upon all of the,bonds from
December 1, 1978, until their respective maturities.
Each bid must be submitted on a form to he furnished by
the undersigned and must be enclosed in a sealed envelope
marked "Bid for $18,250,000 Bonds", and must be accompanied
by a certified or bank cashier's or treasurer's check for
$365,000, drawn on an incorporated bank or trust company,
payable unconditionally to the order of The City of Miami,
Florida, on which no interest will be allowed. Award or
rejection of bids will be made on the date above stated
for the receipt of bids and the checks of unsuccessful bidders
will be returned immediately. The check of the successful
bidder will be held uncashed as security for the performance
of his bid, but in the event that the successful bidder shall
fail to comply with the terms of his bid the check may then
be cashed and the proceeds thereof retained as and for full
liquidated damages. Whenever such terms have been complied
with the check may be applied towards payment of the bonds,
11111111111111111111111111111111111111111111111111111111111 1111 11111111111111111 IIIII•IIIIIIH noun 11 1111111
it shall be found impoSsible th issud'alld,
Ahd bonds, the check will be returned,
The approving opinion of Brown, Wood, tvesti Mitchell
& Petty, will be furnished without cost to the purchasers
Of the bonds. There will also be furnished the usual
Closing papers.
Delivery of the bonds will be made on or about
becember 12, 1978 in the Borough of Manhattan, City and
State of New York, against payment therefor in Federal
funds or other immediately available funds.
Copies of the Notice of Sale, bid form and the Official
Statement may be obtained by application to the undersigned
at Miami City Hall, 3500 Pan American Drive, Dinner Key,
Miami, Florida 33133 and from Brown, Wood, Ivey, Mitchell
& Petty, One Liberty Plaza, New York, N. Y. 10006, Attention:
Joseph Guandolo.
The right to reject any or all bids is reserved.
James E. Gunderson
Director of Finance
City of Miami, Florida
Section 7. The form referred to in the Notice of
Sale set forth in Section 6 above and on which all bids
are requested to be made shall be substantially as follows:
1
111 IN III
Year of
Maturity
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
Ond
Novcrnbef 9, 1978
Cofmid sion of the City
of Miami
City Hall
3500 Pan American Drive
Dinner Key
Miami, Florida 33133
Sits:
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 of
this bid, this offer being for all of said bonds and not for
less than all:
For $6,000,000 Sanitary Sewer Bonds, $5,000,000 Street
and Highway Improvement Bonds, $2,250,000 Fire Fighting,
Fire Prevention and Rescue Facilities Bonds and $5,000,000
Storm Sewer Improvement Bonds maturing and bearing interest
as follows:
Sanitary
Sewer
Bonds
Street and
Highway
Improvement
Bonds
$325,000 $295,000
325,000 295,000
325,000 295,000
325,000 295,000
325,000 295,000
325,000 295,000
315,000 295,000
315,000 295,000
315,000 295,000
315,000 295,000
310,000 225,000
310,000 225,000
310,000 225,000
Fire Fighting,
Fire Prevention
Rescue Facilities
Bonds
$120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
110,000
110,000
110,000
120,000
Storm Sewer
Improvement Interest
Bonds Rate
$150,000
155,000
165,000
175,000
185,000
200,000
210,000
225,000
235,000
250,000
265,000
280,000
300,000
Year of
Maturity
1993
1994
1995
1996
1997
1998
MM
MM
—
MM
MM
i
Sanitary
Sewer
Bonds
310,000
310,000
310,000
310,000
310,000
310,000
Street and
Highway
Improvement
Bonds
225,000
230,000
230,000
230,000
230,000
230,000
t
Fite Fighting ,
Fire Prevention
Rescue Facilities
Bonds
120,000
120,000
120,000
120,000
120,000
120,000
Stott Sewer
Improvement
Bonds
315,000
335,000
355,000
375,000
400,000
425,000
we enclose herewith a certified or bani-: cashier's or
treasurer's check, drawn on an incorporated bank or trust
company in the amount of $365,000 payable to the order of
The City of Miami, Florida, which check is to be applied
or returned in accordance with the Notice of Sale.
The closing papers referred to in the Notice of
are to include a certificate,dated as of the date of
Sale
the
Interest
Rate
delivery of the bonds, with reference to the Official State-
ment, 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 bonds.
Bidder
Title
(No addition or alteration, except as provided
above, is to be made to this bid and it
must not be detached from the
attached Notice of Sale.)
*************
MAURICE A. FERRE
MAYOR
ibe following is tot information only and ie h t part
tit° bid
Aggregate amount of interest from
date of bonds to final maturity
Less premium bid, if any
Net interest cost
Net effective interest rate
. • . • • • • • • • • • • • ♦ ♦ ♦ • i ► i i ♦ i i
The above good faith check has been returned and
thereof is duly acknowledged.
Title
PASSED AND ADOPTED this 24 day of October, 1978.
receipt
Bidder
MAURICE A. FERRE
PREPARED AND APPROVED BY:
40-444` 4 ati
ASSISTANT CITY ATTORNEY
AP RO ED AS TO FORM AND .RRECTNESS:
GEIRGE
CITY A
ATT
RAL
NGIE, CITY CLERK
16.
78-660
RESOLUTION NO. 7 8- 6 6 0
A RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $6,000,000 SANITARY SEWER SYSTEM
BONDS, $5,000,000 STREET AND HIGHWAY IM-
PROVEMENT BONDS, $5,000,000 STORM SEWER
IMPROVEMENT BONDS AND $2,250,000 FIRE'
FIGHTING, FIRE PREVENTION AND RESCUE
FACILITIES BONDS OF THE CITY OF MIAMI,
FLORIDA, AND DIRECTING PUBLICATION OF
NOTICE OF SALE OF SAID BONDS
WHEREAS, the Commission (hereinafter sometimes called the
"City Commission") of The City of Miami,
sometimes called the "City") duly passed
Florida (hereinafter
and adopted the
following resolutions providing for the issuance of bonds of
the City:
Resolution No. 76-1060, adopted by the City Commission on
the 18th day of November, 1976, providing for the issuance of
not exceeding $25,000,000 Sanitary Sewer System Bonds, to
consist of 5,000 bonds of the denomination of $5,000 each,
said bonds to be issued at the time or from time to time and
to be dated and sold as hereafter provided by resolution or
resolutions of the City Commission, and to mature as follows:
Years After Principal Years After Principal
Date or Dates Amount Date or Dates Amount
2 $1,350,000 12 $1,300,000
3 1,350,000 13 1,300,000
4 1,350,000 14 1,300,000
5 1,350,000 15 1,300,000
6 1,350,000 16 1,300,000
7 1,350,000 17 1,300,000
8 1,300,000 18 1,300,000
9 1,300,000 19 1,300,000
10 1,300,000 20 1,300,000
11 1,300,000
Resolution No. 42484, adopted by the City Commission on
the 13th day of May, 1971, providing for the issuance of not
exceeding $17,375,000 Street and Highway Improvement Bonds, to
consist of 3,475 bonds of the denomination of $5,000 each,
s
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 to maturc as follows:
Years After Principal Years After Principal
Date or Dates Amount Date or Dates: Amount
2 $1,390,000 12 $390,000
3 1,390,000 13 390,000
4 1,390,000 14 385,000
5 1,390,000 15 385,000
6 1,390,000 16 385,000
7 1,390,000 17 385,000
8 1,390,000 18 385,000
9 1,390,000 19 385,000
10 1,390,000 20 385,000
11 1,390,000
Resolution No. 76-1059, adopted by the City Commission on
the 18th day of November, 1976, providing for the issuance of
not exceeding $10,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds, to consist of 2,000 bonds of 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 to mature as follows:
Years After Principal Years After Principal
Date or Dates Amount Date or Dates Amount
2 $ 530,000
3 530,000
4 530,000
5 530,000
6 530,000
7 525,000
8 525,000
9 525,000
10 525,000
11 525,000
12 $ 525,000
13 525,000
14 525,000
15 525,000
16 525,000
17 525,000
18 525,000
19 525,000
20 525,000
Resolution No. 78-216, adopted by the City Commission on the
23rd day of March, 1978, providing for the issuance of not exceeding
$15,000,000 Storm Sewer Improvement Bonds to consist of 3,000 bonds
of the denomination of $5,000 each, said bonds to be issued at one
2.
*'8 01660
•
tide off` froth time to time and to be dated and sold as hereafter
ptoVided by resolution or resolutions of the City Commission, and
to mature as follows:
Years After
Date or Dates
Principal
Amount
Years After
Date or Dates:
Principal
Amount
2 $ 445,000 12 $ 795,000
3 470,000 13 845,000
4 500,000 14 895,000
5 530,000 15 945,000
6 560,000 16 1,005,000
7 595,000 17 1,065,000
8 630,000 18 1,130,000
9 670,000 19 1,195,000
10 710,000 20 1,265,000
11 750,000
and
WHEREAS, each of said resolutions provides that (i) the
bonds authorized thereunder shall bear interest at rates not
exceeding the legal rate except that said Resolution No.
42484, adopted May 13, 1971, provides that the interest rate
of the Street and Highway Improvement Bonds shall not exceed
7 1/2% per annum, (ii) all or any part of the bonds therein
authorized may be made redeemable prior to their respective
maturities, at such times and prices and under such terms and
conditions, as the City Commission shall determine by resolution
prior to the sale of the bonds, and (iii) both the principal
of and the interest on said bonds shall be payable at a bank
or trust company in the Borough of Manhattan, City and State
of New York, or at a bank or trust company in the City of
Chicago, Illinois, or at a bank or trust company in the City
of Miami, Florida, at the option of the holder or registered
owner; and
WHEREAS, the City has heretofore issued: (1) Sanitary
Sewer Bonds authorized under said Resolution No. 76-1060 in
the principal amount of $10,000,000, dated May 1, 1977,
thereby reducing the authorized but unissued portion of said
Sanitary Sewer Bonds to $15,000,000: (2) Street and Highway
Improvement Bonds authorized under said Resolution No. 42484
in the principal amount of $10,000,000, in three series dated
June 1, 1972, March 1, 1975 and May 1, 1977, respectively,
thereby reducing the authorized but unissued portion of said
Street and Highway Improvement Bonds to $7,375,000; and (3)
Fire Fighting, Fire Prevention and Rescue Facilities Bonds
under said Resolution No. 76-1059 in the principal amount of
$6,000,000, in two series dated December 1, 1977 and
May 1, 1977, respectively, thereby reducing the authorized but
unissued portion of said Fire Fighting, Fire Prevention and
Rescue Facilities Bonds to $4,000,000; and
WHEREAS, none of the Storm Sewer Improvement Bonds
authorized under said Resolution No. 78-216 has heretofore
been issued; and
WHEREAS, the City Commission has determined:
(a) that $6,000,000 principal amount of said authorized
but unissued $15,000,000 Sanitary Sewer Bonds shall be issued and
sold at this time, said bonds to be dated, to be numbered and to
mature as hereinafter provided;
(b) that $5,000,000 principal amount of said authorized
but unissued $7,375,000 Street and Highway Improvement Bonds shall
be issued and sold at this time, said bonds to be dated, to be
numbered and to mature as hereinafter provided;
(c) that $5,000,000 principal amount of said authorized
but unissued $15,000,000 Storm Sewer Improvement Bonds shall
be issued and sold at this time, said bonds to be dated, to be
numbered and to mature as hereinafter provided;
1
•
frik
(d) that $2,250,000 principal amount of said authorized
but unissued $4,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds shall be issued and sold at this time,
said bonds to be dated, to be numbered and to mature as
hereinafter provided;
(e) that none of said bonds shall be redeemable prior to
its respective maturity;
(f) that the principal of and the interest on said bonds
shall be payable at the banks hereinafter designated; and
(g) that the sale of said bonds shall be held and notice
thereof given as hereinafter provided; now, therefore,
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. There shall be issued and sold at this time
said Sanitary Sewer Bonds in the aggregate principal amount of
Six Million Dollars ($6,000,000), being a portion of the
$25,000,000 principal amount of such bonds authorized as herein -
above described. Said bonds shall be dated as of the 1st day of
December 1978, shall consist of 1,200 bonds of the denomination
of $5,000 each, numbered 1 to 1,200, inclusive, and shall mature,
without option of prior redemption, in numerical order, lowest
numbers first, on the 1st day of December in the following years
and in the following amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980 $ 325,000 1989 $ 315,000
1981 325,000 1990 310,000
1982 325,000 1991 310,000
1983 325,000 1992 310,000
1984 325,000 1993 310,000
1985 325,000 1994 310,000
1986 315,000 1995 310,000
1987 315,000 1996 310,000
1988 315,000 1997 310,000
1998 310,000.
■
■
Section 2. Where shall be issued and sold at this tifite
Raid street and Highway improvement Bonds in the aggregate
principal amount of Five Million Dollars ($5,000,000), being a
portion of the $17,375,000 principal amount of such bonds
authorized as hereinabove described. Said bonds shall be
dated as of the 1st day of December 1978, shall consist of
1,000 bonds of the denomination of $5,000 each, numbered 1 to
1,000, inclusive, and shall mature, without option of
redemption, in numerical order, lowest numbers first,
1st day of December in the following years and in the
amounts, respectively:
Year of Principal
Maturity Amount
1980
1981
1982
1983
1984
1985
1986
1987
1988
$ 295,000
295,000
295,000
295,000
295,000
295,000
295,000
295,000
295,000
Year of
Maturity
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
prior
on the
following
Principal
Amount
$ 295,000
225,000
225,000
225,000
225,000
230,000
230,000
230,000
230,000
230,000
Section 3. There shall be issued and sold at this time
said Fire Fighting,
Fire Prevention and Rescue Facilities
Bonds in the aggregate principal amount of Two Million Two
Hundred Fifty Thousand Dollars ($2,250,000), being a portion
of the $10,000,000 principal amount of said bonds authorized
as hereinabove described. Said bonds shall be
1st day of December 1978, shall consist of 450
denomination of $5,000 each, numbered 1 to 450
dated as of the
bonds of the
inclusive, and
shall mature, without option of prior redemption, in numerical
order, lowest numbers first, on the 1st day of December in the
following years and in the following amounts, respectively:
Year of Principal
Maturity .Amount
Year of
Maturity
Prit cipal
Amount
1980 $ 120,000 1989 $ 110,000
1981 120,000 1990 110,000
1982 120,000 1991 110,000
1983 120,000 1992 120,000
1984 120,000 1993 120,000
1985 120,000 1994 120,000
1986 120,000 1995 120,000
1987 120,000 1996 120,000
1988 120,000 1997 120,000
1998 120,000
Section 4. There shall be issued and sold at this time
said Storm Sewer Improvement Bonds in the aggregate principal
amount of Five Million Dollars ($5,000,000), being a portion
of the $15,000,000 principal amount of said bonds authorized
as hereinabove described. Said bonds shall be dated as of the
1st day of December 1978, shall consist of 1,000 bonds of the
denomination of $5,000 each, numbered 1 to 1,000, inclusive,
and shall mature, without option of prior redemption, in
numerical order, lowest numbers first, on the 1st day of
December in the following years and in the following amounts,
respectively:
Year of
Maturity
Principal
Amount
Year of
Maturity
Principal
Amount
1980 $ 150,000 1989 $ 250,000
1981 155,000 1990 265,000
1982 165,000 1991 280,000
1983 175,000 1992 300,000
1984 185,000 1993 315,000
1985 200,000 1994 335,000
1986 210,000 1995 355,000
1987 225,000 1996 375,000
1988 235,000 1997 400,000
1998 425,000
Section 5. Interest on said Sanitary Sewer Bonds,
Street and Highway Improvement Bonds, Fire Fighting, Fire
Prevention and Rescue Facilities Bonds and Storm Sewer Improve-
ment Bonds shall be payable semi-annually on the 1st day of
ii 11 iu iii11m■i. ■
7Utie and December in each year, and both the principal of
and the interest on said bonds shall be payable at Chemical
Bank, in the Borough of Manhattan, City and State of New York,
or at Continental Illinois National Bank and Trust Company
of Chicago, in the City of Chicago, Illinois, or at Pan
American Bank of Miami, in the City of Miami, Florida, at the
option of the holder or registered owner.
Section 6. The Director of Finance is hereby authorized
and directed to publish a notice calling for bids for said
bonds in The Miami Herald and The Miami News,
daily newspapers
of general circulation published in the City of Miami, and
in The Daily Bond Buyer, a financial journal published in New
York City and devoted primarily to municipal bonds, each of
such publications to be made at least ten (10) days before
the date for the receipt of bids, which notice shall be
substantially in the following form:
111111111111111111111111111 III■ 11u■n 1111111u5m111u i.n 111
NOTICE OF SALE
$18,250,000 BONDS
THE CITY OF MIAMI, FLORIDA
$6,000,000 Sanitary Sewer Bonds
$5,000,000 Street and Highway Improvement'Bonds
$2,250,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds
$5,000,000 Storm Sewer Improvement Bonds
Sealed bids will be received by the Commission of the
City of Miami, Florida, at its regular place of meeting in
the City Hall, 3500 Pan American Drive, Dinner Key, Miami,
Florida, until 11 o'clock A.M. Miami time, on Thursday,
November 9, 1978,
at which time and place all bids will be publicly opened and
read, for the following bonds of the City of Miami, Florida,
all dated December 1, 1978:
$6,000,000 SANITARY SEWER BONDS,
maturing annually, December 1, without
option of prior redemption,
as follows:
Year of Principal
Maturity Amount
1989 $ 315,000
1990 310,000
1991 310,000
1992 310,000
1993 310,000
1994 310,000
1995 310,000
1996 310,000
1997 310,000
1998 310,000
Year of
Maturity
1980
1981
1982
1983
1984
1985
1986
1987
1988
Principal
Amount
$ 325,000
325,000
325,000
325,000
325,000
325,000
315,000
315,000
315,000
78.660
1111I111111111■■111111111111111■I I I III■ IliiiI ummul
Year of
Maturity
1980
1981
1982
1983
1984
1985
1986
1987
1988
Year of
Maturity
1980
1981
1982
1983
1984
1985
1986
1987
1988
$ ,000,000 STREET AND HIGHWAY IMPROVEMENT BONDS,
maturing annually, December 1, without
option of prior redemption,
as follows:
Principal
Amount
$ 295,000
295,000
295,000
295,000
295,000
295,000
295,000
295,000
295,000
Year of Principal
Maturity Amount
1989 $ 295,000
1990 225,000
1991 225,000
1992 225,000
1993 225,000
1994 230,000
1995 230,000
1996 230,000
1997 230,000
1998 230,000
$2,250,000 FIRE FIGHTING, FIRE PREVENTION
AND RESCUE FACILITIES BONDS,
maturing annually, December 1, without
option of prior redemption,
as follows:
Principal
Amount
$ 120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
Year of Principal
Maturity Amount
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
$ 110,000
110,000
110,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
$5,000,000 STORM SEWER IMPROVEMENT BONDS,
maturing annually, December 1, without
option of prior redemption,
as follows:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1980 $ 150,000 1989 $ 250,000
1981 155,000 1990 265,000
1982 165,000 1991 280,000
1983 175,000 1992 300,000
1984 185,000 1993 315,000
1985 200,000 1994 335,000
1986 210,000 1995 355,000
1987 225,000 1996 375,000
1988 235,000 1997 400,000
1998 425,000
t 78-660
Denomination $5,000; coupon bonds registrable as to
principal alone or as to both principal and interest; pr ins-
cipal and semi-annual interest (December 1 and June 1) payable
at Chemical Bank, in the Borough of Manhattan, City and State
of New York, or, at Continental Illinois National Bank and
Trust Company of Chicago, in the City of Chicago, Illinois or
at Pan American Bank of Miami, in the City of Miami, Florida,
at the option of the holder or registered owner; general
obligations; unlimited tax upon all taxable property within
the City (excluding homesteads).
and
Said Sanitary Sewer Bonds L.Fire Fighting,
Fire
Preven-
tion and Rescue Facilities Bonds were validated by a judgment
of the Circuit Court of Dade County, Florida, on March 4,
1977; said Street and Highway Improvement Bonds were validated
by a judgment of the Circuit Court of Dade County, Florida,
on July 26, 1971; and said Storm Sewer Improvement Bonds were
validated by a judgment of the Circuit Court of Dade County
on October 20 , 1978. Such judgment is subject to appeal
within 30 days from such date. The consummation of the sale
and delivery of the bonds offered hereunder shall be condi-
tioned upon the expiration of such appeal period with no
appeal being then pending.
Bidders are requested to name the interest rate or rates,
not exceeding 7 1/2% per annum, in multiples of 1/8 or 1/20
of 1%. Each bidder must specify in his bid the amount and
the maturities of the bonds of each rate, and all bonds
maturing on the same date must bear interest at the same rate.
•
•
s
rate tray be more than two times the lowest rate named in
the bid. No bond shall bear more than one rate of interest
which rate shall be uniform for the life of the bond► and the
interest on any bond payable on any interest payment date
shall be represented by a single coupon. No bid of less than
par and accrued interest or for less than all of the bonds
offered will be entertained. The bonds will be awarded to
the bidder offering to purchase the bonds at the lowest
interest cost to the City, such cost to be determined by
deducting the total amount of any premium bid from the
aggregate amount of interest upon all of the ,bonds from
December 1, 1978, until 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 $18,250,000 Bonds", and must be accompanied
by a certified or bank cashier's or treasurer's check for
$365,000, drawn on an incorporated bank or trust company,
payable unconditionally to the order of The City of Miami,
Florida, on which no interest will be allowed. Award or
rejection of bids will be made on the date above stated
for the receipt of bids and the checks of unsuccessful bidders
will be returned immediately. The check of the successful
bidder will be held uncashed as security for the performance
of his bid, but in the event that the successful bidder shall
fail to comply with the terms of his bid the check may then
be cashed and the proceeds thereof retained as and for full
liquidated damages. Whenever such terms have been complied
with the check may be applied towards payment of the bonds,
7$-660
11111111111111111111111111111111111111111111111111101IN
br if it shall be found impossible to issue and deliver
the bonds, the check will be returned.
The approving opinion of Brown, Wood, Ivey, Mitchell
& Petty, will be furnished without cost to the purchasers
of the bonds. There will also be furnished the usual
closing papers.
Delivery of the bonds will be made on or about
December 12, 1978 in the Borough of Manhattan, City and
State of New York, against payment therefor in Federal
funds or other immediately available funds.
Copies of the Notice of Sale, bid form and the Official
Statement may be obtained by application to the undersigned
at Miami City Hall, 3500 Pan American Drive, Dinner Key,
Miami, Florida 33133 and from Brown, Wood, Ivey, Mitchell
& Petty, One Liberty Plaza, New York, N. Y. 10006, Attention:
Joseph Guandolo.
The right to reject any or all bids is reserved.
James E. Gunderson
Director of Finance
City of Miami, Florida
Section 7. The form referred to in the Notice of
Sale set forth in Section 6 above and on which all bids
are requested to be made shall be substantially as follows:
781.660
MM
1
•
Year of
Maturity
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
November 9, 1978
Cotmission of the City
of Miami
City Hall
3500 Pan American Drive
Dinner Key
Miami, Florida 33133
Sirs:
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 of
this bid, this offer being for all of said bonds and not for
less than all:
For $6,000,000 Sanitary Sewer Bonds, $5,000,000 Street
and Highway Improvement Bonds, $2,250,000 Fire Fighting,
Fire Prevention and Rescue Facilities Bonds and $5,000,000
Storm Sewer Improvement Bonds maturing and bearing interest
as follows:
Sanitary
Sewer
Bonds
Street and
Highway
Improvement
Bonds
$325,000 $295,000
325,000 295,000
325,000 295,000
325,000 295,000
325,000 295,000
325,000 295,000
315,000 295,000
315,000 295,000
315,000 295,000
315,000 295,000
310,000 225,000
310,000 225,000
310,000 225,000
Fire Fighting,
Fire Prevention
Rescue Facilities
Bonds
$120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
110,000
110,000
110,000
120,000
Storm Sewer
Improvement
Bonds
$150,000
155,000
165,000
175,000
185,000
200,000
210,000
225,000
235,000
250,000
265,000
280,000
300,000
Interest
Rate
0
Tear of
Maturity
1993
1994
1995
1996
1997
1998
-
Sanitary
Sewer
Bonds
310,000
310,000
310,000
310,000
310,000
310,000
Street and
Highway
Improvement
Bonds
225,000
230,000
230,000
230,000
230,000
230,000
Fite Fighting,
Fire Prevention
Rescue Facilities
Bonds
120,000
120,000
120,000
120,000
120,000
120,000
Storm Sewer
Improvement
Bonds
315,000
335,00.0
355,000
375,000
400,000
425,000
Interest
Rate
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 $365,000 payable to the order of
The City of Miami, Florida, which check is to be applied
or returned in accordance with the Notice of Sale.
The closing papers 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 State-
ment, 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 bonds.
(No addition or alteration, except as provided
above, is to be made to this bid and it
must not be detached from the
attached Notice of Sale.)
78•660
IIIIIIIIIIIIIII 1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
1
1
'The following is for information only and is not pert
of 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.
By
Title
PASSED AND ADOPTED this 24 day of October, 1978.
Bidder
MAURICE A. FERRE
PREPARED AND APPROVED BY:
fhJ 4.
ASSISTANT CITY ATTORNEY
D AS TO FORM AND RRECTNESS:
GEIRGE KNOX, JR.
CITY • J. ORNEY
ATT
RAL G. 6NGIE, CITY CLERK
16.
MAURICE A. FERRE
MAYOR
78•660
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI )
I, RALPH G. ONGIE, Clerk of the City of Miami
Florida, and keeper of the records thereof, do hereby
certify that the attached and foregoing pages numbered 1
through 16, inclusive, contain a true and correct copy of a
resolution adopted by the Commission of said City at a
Meeting held on the 24th day of October, 1978.
SAID RESOLUTION WAS DESIGNATED RESOLUTION
NO. 78-660.
IN WITNESS WHEREOF, I hereunto set my hand and
impress the official seal of the City of Miami, Florida,
this 25th day of October, 1978.
(Official Seal)
RALPH G. ONGIE
CITY CLERK
MIAMI, FLORIDA
1IIIIIII1111III1IIII IIIIIIII■uII1111III1 I■iIIiiiuu■
SATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI
I, RALPH G. ONGIE, Clerk of the City of Miami;
Florida, and keeper of the records thereof, do hereby
certify that the attached and foregoing pages numbered 1
through 16, inclusive, contain a true and correct copy of a
resolution adopted by the Commission of said City at a
meeting held on the 24th day of October, 1978.
SAID RESOLUTION WAS DESIGNATED RESOLUTION
N0. 78-660.
IN WITNESS WHEREOF, I hereunto set my hand and
impress the official seal of the City of Miami, Florida,
this 19th day of December, 1978.
RALPH G. ONGIE
CITY CLERK
MIAMI, FLORIDA
tloseph Re Grass_
(7ity ' ;ana to r
;t c s H . Gu e r: );,
)1 ' t-)r of Finance
tfjli r,.
^tobet 16) 19 W3,256,000 General 0401ir ti f
bond sale, ,tioverber a 1918
Attached is a resolution fixing certain 'details concerning the
tl,T50,003 City. Jf „iami General Obligation 3ond bale scheduled
for November 9, 1973, consi, .ing of:
*2)250,
.,
Sanitar.T Ee er 3oni
Street and Hight E I'::prwvement Son.
Fire Fi3htins,, Fire Prevention and Rescue Facilities notiaS
Storm Sewer Improvement 3ona3
Please place the r e")lotion en tale ai:e'nda of the October 24j
Cit-/ r019.:ic31on meetlil'i.
`Lt.
„EGJ_^.
Alta:,h eat (1 )
c c : Ge orze F . Knox) City ..y Mt terne:; .
1975
r 78-660