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Home My WebLink AboutR-77-0308RESOLUTION NO, .... 08,..w.. A RESOLUTION AWARDING RACtl, HALSE, STUART, INO, , $13,000,000 SANITARY SEWER MesTER BONDS, $3,000,000 POLICE HEADQUARTERS ANb CRtRE PREVENTION iACILtTIES ttONDS, $5,000000 EIRE i'tcttTING, t IRE PREVENTION ANb MUM rAOtLtTIES SONDs, $20004000 STORM SEWER IMPROVEMENT BONDS AND $5,0000000 STREET ANb HIGHWAY IH R0Vi2ENT BONDS or THE CITY OF MIAML, FLORIDA, AND SETTING FORTH TtH RATES or INTEREST AND OTHER DETAILS RESPECTING SUCH 80NDS BE IT RESOLVED BY THE COMMISSION OF THE CITY OP MIAMI, FLORIDA: Section 1. That the Commission has ascertained and determined and does hereby declare that. (a) In accordance with the provisions of Resolution No. 77=275 duly passed and adopted by the Commission on March 24, 1977, a Notice of Sale was published on March 29, 1977, by the Director of Finance calling for sealed bids to be received until 11 o'clock A.M., Miami Time, April 14, 1977, for $13,000,000 Sanitary Sewer System Bonds, $3,000,000 police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, $2,000,000 Storm Sewer Improvement Bonds and $5,000,000 Street and Highway Improvement Bonds of the City of Miami, dated May 1, 1977, the publication of which Notice of Sale on said day is hereby ratified and approved. (b) 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 respects with the terms of said Notice of Sale, each bid offering to pay accrued interest from May 1, 1977, and enclosing a certified or bank cashier's or treasurer's check for $560,000. X ,, r/ COMMISSION MEETING OF APR 1 41977 • (1) Bid of BACHE, HALSEY, STUART, INC. affeting to pay; 46918 pet cent net ihtetest cost et[ $28,0000001 being pat for each of the five bond issues (plus a ptettiutn of $ tetio for all of said bonds) and acctued interest oft the bonds from May 1, 1977 to the date of their delivery, said bonds bearing interest at the rates set forth below in Column (1) of the tabula tion headed "INTEREST RATES NAMED IN BIBS". (2) Bid of NORTHERN TRUST COMPANY . MANAGER AND ASSOCIATES offering to pay; 4.960516 per cent net interest cost on $28,000,000, being par for each of the five bond issues (plus a premium of $ zero for all of said bonds) and accrued interest on the bonds from May 1, 1977 to the date of their delivery, said bonds bearing interest at the rates set forth below in Column (2) of the tabula- tion headed "INTEREST RATES NAMED IN BIDS". (3) Bid of MERRILL, LYNCH, PIERCE, FENNER AND SMITH, INC. AND ASSOCIATES offering to pay: 4.967273 per cent net interest on $28,000,000, being par for each of the five bond issues (plus a premium of $ zero for all of said bonds) and accrued interest on the bonds from May 1, 1977 to the date of their delivery, said bonds bearing interest at the rates set forth below in Column (3) of the tabulation headed "INTEREST RATES NAMED IN BIDS". (4) Bid of THE CHASE MANHATTAN BANK, N.A. offering to pay 4.9875 per cent net interest cost on $28,000,000, being par for each of the five bond issues (plus a premium of $700,00 for all of said bonds) and accrued interest on the bonds from May 1, 1977 to the date of their delivery, said bonds bearing interest at the rates set forth below in Column (4) of the tabulation headed "INTEREST RATES NAMED IN BIDS", ��w (5) tId of SOUTHEAST FIRST NATIONAL tANk OF MIAMI, WIIIIAM k, HOUGH ANDCOMPANY, A40, tECKER MUNICIPAL SECUEITIES, INC, offering to pay! 5.0425 per cent net interest cost On $28,000i000i being par for each of the five bond issues (plus a premium of $ tett, for all of said bonds) and accrued interest On the bonds from May 1, 1977 to the date of their delivery, said bonds bearing interest at the rates set forth below in Column (5) of the tabulation headed, "INTEREST RATES NAMED IN Bibs". STATED MATURITIES OF BONDS IN EACH YEAR Fire Fight- ing, Police Fire Read- Preven- Street quarters tion and Storm and Year Sani- and Crime Rescue Sewer Highway of tary Prevention Facia.. Improve- Improve- Matu- Sewer Facilities ties ment ment Rity Bonds Bonds Bonds Bonds Bonds 1979 740,000 145,000 265,000 105,000 500,000 1980 740,000 150,000 265,000 105,000 500,000 1981 740,000 150,000 265,000 105,000 500,000 1982 740,000 150,000 265,000 105,000 500,000 1983 740,000 150,000 265,000 105,000 500,000 1984 740,000 150,000 265,000 105,000 500,000 1985 720,000 155,000 265,000 105,000 500,000 1986 720,000 160,000 265,000 105,000 500,000 1987 720,000 160,000 265,000 105,000 500,000 1988 720,000 160,000 265,000 105,000 500,000 1989 630,000 170,000 265,000 105,000 1990 630,000 170,000 265,000 105,000 1991 630,000 170,000 260,000 105,000 1992 630,000 170,000 260,000 105,000 1993 630,000 170,000 260,000 105,000 1994 635,000 155,000 260,000 105,000 1995 635,000 155,000 260,000 105,000 1996 635,000 155,000 260,000 105,000 1997 625,000 155,000 260,000 110,000 INTEREST RATES NAMED IN BIDS Interest Rates Columns Year of Mat1.1r1tY V(2)0) SA). . (5) 1979 7 % 7 % 7.5 % 7.5 7. 6 % 1980 7 7 7.5 7,5 6 1981 7 7 7,5 7.4 6 1982 7 7 7.5 7.5 6 1983 7 7 6-7/8 7,5 6 1984 7 7 5 4.5 6 1985 6,3 4,75 4,5 4,5 6 1986 4,6 4,6 4,7 4,6 5.6 1987 4,7 4,7 4.8 4,75 4.8 (OoNTINUED ON NUT 140E) INTEREST RATES NAMED iN BIBS Interest Rates Colutntis Year of Maturity _:(1),„... .,(.2) _ ___(3)__ r_._(411 _. T 51__ 1988 4,8 % 4.8 % 4,9 % 4,90 7. 4.9 1989 4.9 4.9 5. 5, 5.0 1990 5 5,0 5.1 5, 5,1 1991 5,1 5.1 5.1 5.2 5,2 1992 5.2 5.2 5.1 5,25 563 1993 5,2 562 565,25 564 1994 3.5 5,2 5.1 5.25 5.5 1995 3,5 3.5 3.75 3,75 5,5 1996 3.5 3.5 3.75 3,75 3,0 1997 3.5 3.5 3.75 3,75 3.0 Section 2, That the bid offering to purchase said bonds at the lowest interest cost to the City, such cost being determined by deduct- ing the total amount of any premium bid from the aggregate amount of interest upon all of the bonds from May 1, 1977 until their respective maturities, was the bid of BACHE, HALSEY, STUART, INC. (herein called the "Awardee") offering to pay $28,000,000, being par for each of the five bond issues, plus a premium of $ - 0 - for all of said bonds, and accrued interest on the bonds from May 1, 1977 to the date of their delivery, and naming for the bonds the interest rates set forth in Column (1) of the tabulation in Section 1 above. Section 3. That said bid of the Awardee is hereby accepted and said $13,000,000 Sanitary Sewer System Bonds, $3,000,000 Police Head- quarters and Crime Prevention Facilities Bonds, $5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, $2,000,000 Storm Sewer Improvement Bonds and $5,000,000 Street and Highway Improvement Bonds of the City of Miami are hereby awarded to the Awardee at the price set forth in Section 2 above offered for said bonds bearing interest at the rates set forth in Column (1) of the tabulation in Section 1 above, and said bonds shall bear interest at said rates, Section 4, That the checks of unsuccessful bidders shall be returned immediately, Section 5. There shall be printed on the reverse of each of said bonds the legal opinion of brown, Wood, Ivey, Mitchell & Petty respecting the validity of said bonds and, immediately following such legal opinion, a certificate signed with the facsimile signature of the City Clerk sub* stantially as follbtts t "I HEREBY CERTIFY that the foregoing is a true and correct copy of the legal (spin- ion upon the bonds therein described which was manually signed by Brown, Wood, Ivey, Mitchell & Petty, New York, N.Y.) and was dated as of the date of delivery of and pay.. meat for said bonds. ".........6(Facsimile Signature).....,...., City Clerk of the City of Miami, Florida." Section 6. CUSIP numbers will be printed on such bonds. The validity, sale, delivery or acceptance of the bonds will not be affected in any manner by any error in printing the CUSIP numbers on said bonds, or any of them. Section 7. That this resolution shall be in full force and effect immediately upon its passage. PASSED AND ADOPTED this 14th day of April, 1977. ATTEST: City Clerk MAURICE A. FERRE MAYOR PREPARED AND APPROVED BY: APP " AS TO FORM AND CORRECTNESS: ee4d alZ/C ASSISTANT CITY ATTORNEY CITY AT RNEY Upon being seconded by COM, GORDON , the resolution was passed and adopted by the following vote = AYES: MAN DU NQES: None