HomeMy WebLinkAboutR-78-0028"SUPPORTIVE
DC:CUM ENTS
FOLLOW"
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RESOLUTION NO. 78- 28
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12/5; -
A RESOLUTION AWARDING TO THE SUCCESSFUL
BIDDER BONDS OF THE CITY OF MIAMI IN THE
PRINCIPAL AMOUNT OF $14,040,000, CONSISTING
OF $11 , 540 , 000 PUBLIC PARK AND RECREATIONAL
FACILITIES FONDS, $1, 000, 000 FIRE FIGH'1'ING,
FIRE PREVENTION AND RESCUE FACILITIES BONDS
AND $1, 500, 000 HOSING BONDS, AND SETTING
FORTH THE PATES OE I :'i'Er'.ST AND OTHER DETAILS
RESPECTING SUCH DONDS
BE IT RESOLVED B; TE ._, CD;.'`.ISSI N G' iE CITY OF MIAMI
FLORIDA:
Section 1. The Cc_;: ice._ i.on ilu.. a scertain< ? and deter-
mined and doe: h"rehv de clar- that:
(a) In accordance with the provisions of Resolution
No. 77-937 duly passed and adopted b1 the Commission on
F_ n1977,i i Sale '.':as published
L ce�.�..,Lr 1B, a � Notice r_� _ �' o:
Dcem._'r'r 20, 1977, by the Director of Finance calling for
sealed bids tc) he rec'.iv.d until 11 o'clock *i.> ., Miami
J,a.. ar_' 11, 1976, for S11, 5 0 , 000 Public is L'. rk and
.•,cre iticnal Facilitie.. Bond:, $1,0000,0(00 Fire Fighting,
Fire i'Le c-nt i'1 and Rc cuf- fond:. ,and $1, 500, 000
t1OUSin g Londo of The City of Dece:nber 1, 1977,
the publication cf which ;notice of Sale on said day is
hereby ratified and aporoved.
(b) On the date and at the hour stated in said Notice
of Sale, bidding was closed and the following bids were
found to have been filed and to accord in all res c.,cts with
the terms of said Notice of Sale, each bid offering to pay
accrued interest from 7Jece:iber 1, 1977 and enclosing
certified or bank cashier's or treasurer's check for Y280,800:
"DOCUMENT INDEX
ITEM NO. :=')
CITY COMMISSION
MEETING OF
J A (J 1 1 1978
r 2 1
RESOLUTION NO. �
REMARKS:
• ..0
(1) bid of Bache Halsey Stuart Shields Inc. and Associates
offering to pav $14,040,000, being par for
each of said three series of bonds, plus a
premium of S 1,404.00 for all of said bonds
and accrued interest on the bonds from December 1,
1977 to the date of their delivery, said bonds
to bear interest at the rates set forth below
in Column (1) of the tabulation headed "INTEREST
RATES .,',:.. D BIDS", which result in a net
interest cost of S I0,777, 188.50 and an averace
interest cost rate of 5.47107;
(2) bid of Southeast First National Bank of Miami for the Managers
offering to pa_' S14,040,000, being par for
each of said three series of bonds, plus a
premium O. $ 4,592.70 for all of said bonds
and accrued interest on the l inds from December 1,
1977 to the date of their deliver:, said bonds
to bear interest at the rates set forth below
in Column (2) of the tabulation headed "INTEREST
RATES N^ ' IN BIDS",
F?�1 ES �.��.`.F.D �.. B_DS , which result in a net
interest cost of $ 10,787,632.30and an average
interest cost rate o` 5.4763727;
(3) bid or The Chase Manhattan Bank, N.A. for the Managers and Associates
offering to pay $14,040,000, being par for
each of said three series of bonds, plus a
premium of $ 1,355.00 for all of said bonds
and accrued interest on the bonds from December 1,
1977 to the date of their delivery, said bonds
2.
' ,
78 - 2 8
f
to bear interest at the rater set forth below
in Column (3) of the tabulation headed "INTEREST
RATES NAMED IN SIDS", which result in a net
interest C'I)st of S 10,820,780 and an average
interest cost rate of 5.493270;
(4) bid of
offerin,_! to pay S14,040,000, be.n p=.17 for
each of laic: three Seri"s of bonds, phis a
premium of S for all of bonds
and accrued interF.:.. or. i=i:.. !:ond frc.i. C•,cE.r
��
1977 to t:?= date of tt,<_•i.r deliv r:jr ccnd �...�'_� � ..
to bear interest at t '? rates =•''t forth below
in Column (4) of the tabulation headed "INTEREST
RATES NAMED I., BIDS", which result in a net
interest cost of and an averari
interest cc:.t rate <_-f
(5)
offerin_ pav S14,040,000, Lein par for
each c.f said thr c _rie', of bonds, it:_ a
premium of 5 for all of said bonds
and accrued inter,-.;:,t on the bonds fro;,, rece:r.ber 1,
1977 to the dat _ of their delivery, said bonds
to bear interest at the rates set forth below
in Column (5) of the tabulation headed "INTEREST
RATES NAMED IN BIDS", which result in a net
interest cost of $ and an average
interest cost rate of i;
3.
''SUPPOP,TiVE
(6) bid of
offering to pay $14,040,000, being par for
each of said three series of bonds, plus a
premium of S for all of said bonds
and accrued interest on the Fonds from December 1,
1977 to the date of their delivery, said bonds
to bear interest _.t th€: rate..s s^t forth below
in Column (6) of the `_a .tut icn heade.," "INTEREST
RATEE 1'. E'ii);", which r.c_-2.1t in a net
intere: ` co:-. t of S and n a7 r2 ra-„7r
interest cost ,ate of
(7) hid of
offering to pay S14, 040, 000, car for
each of said three series of_ bonci: , plus a
71remit::,, of S for all of saki bonds
and accruo d b-Dn1.n fro:-: i:,?ce:::he
i9 / to the date Of their c el_v_'
, UiCk�i1C��.
to bear inter = t th`• rat o,s sr.t fc..7th
in Coiu7n (7) of the tabulation headed "INTEREST
RATES ':'•XED IN BIDS", which result in a net
interest cost of $ and an average
interest cost rate of
(6) bid of
offering to pay $14,040,000, being par for
each of said three series of bonds, plus a
premium of $ for all of said bonds
and accrued interest on the bonds from December 1,
1977 to the date of their delivery, said bonds
4.
)jjPPORTLV
F
if
of
:•luturit•;
to bear interest at the rat set forth below
in Column (8) of the tabulation heaed "I':lr. EST F.� 1
KATES `iA'1F:D I'.. 3Ii)5" , .+h i h r e."u'_ t ir. a net
intere t coEt c.)r and an a':ecare
i ntere. t co_. t
Ii;TEFs:ST ..,•;i:. i.A' r.l
Co1u.T.n:
(1) (2` (3) (�')
1979 $570,CCO 7.5 = 6.0 7.5
1980 550,000 7.5 6.0 7.5
1981 _-50,000 7.5 6.0 7.5
1982 550,600 7.5 6.0 7.5
19C3 3:0,GOU 7.5 6.0 7.5
1984 560, 0C1) 7.5 5.2 7.5
1983 560,00' 7.5 4.8 7.5
1986 1-00,0 0 5.0 4.9 6.8
1967 560,000 5.0 5.0 5.1
1988 565,' C. 5.0 5.0 5.1
19 89 575,000 5.1 5.1 5.2
1990 575,003 5.2 5.2 5.25
1991 575,000 5.3 5.25 5.25
1992 575,000 5.3 5.3 5.4
1993 573,000 5.4 5.4 5.4
1994 590,000 5.5 5.4 5.5
1995 590,000 5.5 5.5 5.5
1996 590,C00 5.6 5.5 5.6
1997 590,000 5.6 5.6 5.6
1998 535,000 5.7 5.6 5.7
1999 555,000 5.75 5.6 5.7
2000 555,000 5.75 5.7 5.75
2001 555,000 5.75 5.7 5.75
2002 555,OCJ 4.00 5.7 3.75
2003 75,000 4.00 5.7 3.75
2004 95,000 4.00 5.7 3.75
2005 95,000 4.00 5.7 3.75
2006 100,000 4.00 5.7 3.75
2007 110,000 4.00 5.7 3.75
(5) (6)
4 .' t.j .__. I'v'i 1 c_s
FOLLOW"
(7) -
5. 7 8 .. !�
Section 2. The bid off€rinc to purchase said bonds
at the lowest interest cost to the City, such cost being
determined by deducting the total amount of any premium bid
from the aagrecate amount of interest ubon all of the bonds
from December 1, 1977 until their respective maturities, was
the bid of Bache Halsey Stuart Shields Inc. and Associates (herein called the
"Awardce") offering te, pa; S14, 040 , C00, par for each
of the three Feries of bone:.,, plus ; premium of $1,404.00
for all of said b,an :, and accr_ ed it t`-'r e, t oa the bonds
from Deco:i.ber 1, 1977 to tho f at O`_ their .. liven, and'
Railing for the bonds the rates _ _ interest set forth
Column 1 of the tabulation n in Section 1 above.
Section 3. Said bid of the r.wardee in hereby accepted
and said $11 , .;40,000 P_...:li.c Park and F ecreational Facilities
Bond:_, 01,000,C00 Fire C .,,....in , Fire Prevention and Rescue
Facil itic•_ 0, 000 Housing Fonds of The City of
i. t t t • t
�•;ia�:i c,�-f� ,.e.. -. u�,:�::�:,_ . to he ::•,:�;�_.���� �:� �:�e price se�
forth in Section 2 aove and at the rates of interest set
forth in Column 1 of said tabulation in Section 1 above,
and said bond_ snail _•j ar interest at said rates.
Section 4. The checks of the unsuccessful bidders
shall be returned immediately.
Section 5. There shall be printed on the reverse
of each of said Lands the legal opinion of Brown, Wood,
"SUPPORTIVE
DOCU MS, ENT
6. FOLLOW"
Ivey, Mitchell & Petty respect the validity of said
bonds and, immediately folio ;inc Fuck legal opinion, a
certificate, signed with the facFimilr' signature of the
City Cler, rcadinsubstantially a' r'"!i Tt`Y; .
I HERE Y CE .. I. _ that the
a true and correct cot.v of t:,F; 1 _
opinion upon the r,i.n cis it.
which waz "i'- t_'d b S..rown, i,t,✓.d,
Ivey, }'.itc:.:ll Yor,
a ._ t 1 i. ,ry
and was dated ,. thet:,,,�_�' � Clc_ •c
of and L ai :Lnt f r i tond:..
City Clerk (.:.- te 1 of
Section
such b nda. :`:either t.:e :•_ii to print :.uch ,,...•,.:,:__ on any
r t' r.., r- t ".^ 1 1 rf ct in bond ncr any CrYc, ',: ; ..n •- c _.� r�_� �.`. ._..:� .. "��
or a 1v thr•:1..
Scctic.r 7. :.hall L' i-_.:1 `(Jrc.-anci
.. _.
_ f;`E= is _ i.._ , -:C:
;.al-;. _l('
•
PASSi,7) tj-A: 11th d,7,v of Uaii';ar-:, 29 , (..
ATTEST:
. (�' ! �—
R. PH G. OMGIE G'
CITY CLERK
7.
MAURICE A. FERRE
MAURICE A FER E
MAYOR
? - 2 8
PREPARED AND APPROVED BY:
J\SSIST .NT CI"1 i•TTOi 'i
APPROVED AS TO FO CC'':'.::CT
F-- - ZiiC'
GEUP.Gr:. I�iiOX
CIT T ;
8.
•
78_ 28
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO;
FROM:
Joseph R. Grassie
City Manager
nes E.�unaelrson
Director of Finance
DATE: January 11, 1978 Fmt:
SUBJECT:
Award of Bid for $14,040,000
Bond Sale
REFERENCES:
ENCLOSURES:
Bids were opened at 11:00 a.m., January 11, 1978, and were tabulated as
follows:
Bidder
Bache Halsey Stuart Shields
Inc. and Associates
Southeast First National Bank
of Miami for the Managers
The Chase Manhattan Bank, N.A.
for the Managers and Associates
Net Interest Cost Average Interest
$10,777,188.50
$10,787,632.30
$10,820,780.00
5.4710%
5.476372%
5.4932%
Recommend award of the bid to the lowest bidder which is Bache Halsey
Stuart Shields Inc. and Associates and the release of all deposits to
other bidders.
JEG:jr
Attachment (1)