HomeMy WebLinkAboutR-77-0571RFC/rb
7/5/77 RESOLUTION NO. 77-571
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN AGREEMENT WITH WILLIAM R. HOUGH
& CO. TO BECOME THE CITY OF MIAMI'S FINANCIAL
ADVISOR RELATIVE TO FUTURE SALES OF CITY OF
MIAMI BONDS FOR THREE YEARS IN ACCORDANCE WITH
THE ATTACHED FEE SCHEDULE APPLICABLE TO SUCH
SALES.
WHEREAS, the City of Miami wishes to hire a financial
advisor to promote future sales of Miami's bonds; and
WHEREAS, proposals were mailed to 28 firms for financial
advisor service to the City of Miami and of the 13 that responded,
6 declined to participate because they wished to trade in City
of Miami securities; and
WHEREAS, of the 7 remaining firms, the City Manager
recommends that William R. Hough & Co. be selected as the City
of Miami's financial advisor;
NOW, THEREFORE, BE IT RESOLVED BY THE COtM3ISSION OF THE
CITY OF MIAMII, FLORIDA:
Section 1. The City Manager is herefy authorized to
enter into an agreement between the City of
Hough & Co. for the purpose of becoming the
Miami and William R.
financial advisor to
the City of Miami For three years in accordance with the attached
fee schedule applicable to future sales of City of Miami Bonds.
PASSED AND ADOPTED this 14TH day
"SUPPORTIVE
DOCUMENTS
ATTEST:
(71
PH GAGIE, CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
ASSISTANT CITY ATTORNEY
of DULY , 1977.
MAURICE A. FERRE
MAYO R
"DOCUMENT INDEX
ITEM NO /4
11
APPROVED AS TO FORM AND CORRECTNESS:
GE GE F.
CITY ATTO
NOX, JR.
EY
crry COMM$SSION
MEETING Of
1. R777-5
1
Recommended Schedule of Standard
Minimulti Fees tor "Financial Consulting: Contracts
The following. schedule of standard minimum fees
is recommended by the Chartered Municipal
Financial Consultants of the Florida Security Dealers
Association and is considered to be appropriate
for all bond issues except general obligation bonds,
for which the recommended fee is 80% of the
standard schedule and pari passu revenue -;bonds for
which the recommended fee is 70'/0`0l`the-Standard
schedule. 1t is assumed that the issuer will pay ell -
direct expenses in connection with the hnancing.
Amount Amour*
Of Bonds O foe
F« Pr trap
for H..t mom*
Per Val..
Amoum Amami
Or eend. Of Fos
ONO. P.r t1,Uo
far N►.t /WOCVO
Per Value
$ 500,000
600,000
700,000
800.000
900.000
1.000.000
1,100,000
1,200,000
1,300,000
1,400,000
1,500,000
1,600,000
1,700,000
1,800,000
1,900.000
2,000,000
2,100,000
2,200,000
2,300,000
2,400,000
2.500,000
2,600,000
2,700,000
$ 7,500.00
8,750.00
9,875.00
10,875.00
11,750.00
12,500.00
13,125.00
13.737.50
14,337.50
14,925.00
15,500.00
16,062.50
16,612.50
17,150.00
17,675.00
18,187.50
18,687.50
19,175.00
19,650.00
20,112.50
20,562.50
21,000.00
21,425.00
$12.500
11.250
10.000
8.750
7.500
6.250
6.125
6.000
5.875
5.750
5.625
5.500
5.375
5.250
5.125
5.000
4.875
4.750
4.625
4.500
4.375
4.250
4.125
$2,800,000
2,900,000
3,000,000
3,100,000
3,200,000
3.300.000
3,400,000
3,500,000
3,600,000
3.700,000
3.800,000
3,900,000
4,000,000
4,100,000
4,200,000
4,300,000
4,400,000
4,500,000
4,600,000
4,700,000
4,800,000
4,900,000
5,000,000
$21,837.50
22,237.50
22,625.00
23,000.00
23,362.50
23.712.50
24,050.00
24,375.00
24,687,50
24,987.50
25,275.00
25,550.00
25,812.50
26,062.50
26,300.00
26,525.00
26,737.50
26,937.50
27,125,00
27,300.00
27,462.50
27,612.50
27,750.00
$4,000
3,875
3.750
3.625
3.500
3.375
3.250
3.125
3.000
2.875
2.750
2.625
2.500
2.375
2.250
2.125
2.000
1.875
1.750
1.625
1.500
1.375
An or.. polo. we
.ubt.c, to n.potr.bon.
The above standard fee plus $1.25 per $1,000 bond from 5 to $10,000,000;
$1.00 per bond from 10 to $15,000,000; $0.75 per bond from 15 to $20,000,000;
$0.50 per bond above $20,000,000.
"SUPPor TrJE
DOCU M E N
FOLLOW"
•
for
rOom:
, MI
89
Joseph f : ,Oi*attie
City Manager'
es E: Gun ed rsOl
biretta 6t Piiidhee
COI b ' "MIAMI: P"L8Pif5A
1NItt§,Csrftlet M1 MO1 A1V UM
&Hie 27
foEdkP NCCS:
-ENClo5UhE5-
A request for proposals was sent to twenty1°eight (28) firms for,
financial advisory service to the City of Miami. Of this number
only thirteen (13) responses were received. Six (6) of those
answering declined to participate because they wished to trade ih
our securities. The remaining seven (7) ate displayed on Exhibit A,
which is attached.
In evaluating this group there are several salient points that can
be observed. Virst, only three (3) firms proposed to be management
Underwriters, and one of these firms, the highly respected Blyth,,
Eastman, Dillon & Co., proposed to do this service singularly. The
other two (2) firms offered in the alternative to be financial
advisors or management underwriters or both. The two firms so offer-
ing were William R. Hough & Co., and Prescott, Ball and Turbin. This
posture offers the city the greatest flexibility and Lowest upfront
expense to the bond issue.
Of these two (2) contenders I would recommend William R. Hough & Co.
to be the city's choice. They have been the number one managing
underwriter in the state of Florida for many years. Their proximity
to us, plus their acknowledged superior experience is evidenced, by
Exhibit B attached.
If you concur, I am requesting that the resolution accompanying this.:
'memorandum be placed upon the Commission Agenda for Thursday, July 14th.
JEG:vh
Encls.
George F..Knox,
w/attachments
.,. City .Attorney
roM:
1a!iri
rt
e =bP MIAMt:. t:60i5A
IN tf = iP.P1TOC MtMat/ANtUM
aeph ha dra.tt is bot JUfte 2/ 1 19/,.
City Manager
es E. Gun erson
Director ofiitaiice
sutu ci: Pinafte ..i Addvisi5l'ySat/ides
tik eriEt-cCEsc'
i tvci.osunFS,
A request for proposals was sent to twenty eight (28) firms for
financial advisory service to the City of Miami6 Of this number
only thirteen (13) responses were received. Sik (6) of those
answering declined to participate because they wished to trade in
our securities. The remaining seven (7) are displayed on Exhibit Ai
which is attached.
In evaluating this group there are several salient points that can
be observed. First, only three (3) firms proposed to be management
underwriters, and one of these firms, the highly respected Blyth,
Eastman, Dillon & Co., proposed to do this service singularly. The
other two (2) firms offered in the alternative to be financial
advisors or management underwriters or both. The two firms so offer-
ing were William R. Hough & Co., and Prescott, Ball and Turbin. This
posture offers the city the greatest flexibility and lowest upfront
expense to the bond issue.
Of these two (2) contenders I would recommend William R. Hough & Co.
to be the city's choice. They have been the number one managing,
underwriter in the state of Florida for many years. Their proximity
to us, plus their acknowledged superior experience is evidenced by
Exhibit 3 attached.
-If you concur, I am requesting that the resolution accompanying this:.
'memorandum be placed upon the Commission Agenda for Thursday, July.'14th.
JEG:vh
Encls.
cc: George F. Knox, Jr., City Attorney
w/attaclunents �'
EXHIBIT'A
FIRM
Sergiblower Weeks - 1iemp5il1, Noyes
am; 'fork)
ilgLam R. Hough.:{& Co.
(Florida)
SERVICE
F/A
F/A
FEES FOR _SERVICES
(1) Hourly basis not to exceed $50,000
per bond issue and payable only on
the sale of the bonds.
(2) In addition a monthly retainer. or
$1,000 payable annually for the
three year period.
M/U (1) No fee to the City.
F/A (2) Assume $40,000,000 bond issue - $59,000
This fee paid only if a sale of bonds occurs.
M/U (1). Reserves right to terminate financial
Ohio)trt� Sall -Tur in advisor service prior to sale. No.:fee,to.city.
�h) F/A (2) Annual fee of $40,000 plus out-of-pocket..
expenses.
F/A (i) Annual retainer - $7,000, plus hourly rate
( G. so1asen Associates, .Inc. @ $60 per hour; plus expense reimbursement.
hmnesota)_ (2). $14,000 per issue, plus $10,000 on 40 million
F/Aiss
e - es.
_
F/A (3)
all s
14`,000_per l annum; plusexpensesreimbursement.
Wainwright ,& 3Rainsey ..
F/A (1) $85
,OOO fee on $40,000,000 bond issue, 'p�lus
(Mew York) cost'ofsecuring ratings from Moody`s and
Standardo & Poor.
Springsted incorporatedF/A (1) $50 ,400 fee on $40,000,000 bon
d issue.
..
Etyith, ..Eastman, Dillon.;& Co.
( 1ewYork)
FM Financial Advisor
Wi1U rianagement Underwriter
MJU (1) No fee to the city.
_F/A = Financial Advisory
M/U = Management Underwriter
WiIlitii .1'10 u 1 _ CO.
Not INcor+s ORAi t b
Lb 'Dist COVE
U.S. HIGHWAY ONE
P.O. BOX i4098
NiiRtH PALM BEACH, 'FLORIDA 02408
(i051 626.09ii
JOE 8. WISE
PttIbtta• M* 4A6tR
RAVMDNii V; COtvooN
COMPARISON or, OUR IINDtR AIltNf3 P05I7.`ION, IN
PLORiDA BONDS BOR : i :. \AR8' 1976 j 1975 '
1076
194111ti>a A, P6udR
V141 Lbtlhe`11
eAl7p11 t.5A,11R
iat7121 t.'>GIwR
NY A. bit'.I
'Mg.-if'W. 4uWIR
dlb'r(7R t, tom
-tiro gown
60.; LIII/11
6. tP) I+ui.l,
Idi&.Wtli.-'
:l i b. Abo,irhi
taWr7a A. Wuibi#n
%&y$ hd v. eeka6ii
;umber of Rank ''total
Issues by .. Dollar
1410010-“e0 Atidutit Amount t.0001
William R. Hough & Co. 49 1 095,896
Southeastern Municipal Bonds, Inc. 22 2 87,525
The Pierce, Wulbern, Murphey Corp. 17 3 81,780
Bache Halsey Stuart, Inc. 12 6 47,030
Bear, Stearns & Co. 11 4 55,269
Reynolds Securities, Inc. 11 10 29,289
Salomon Brothers 9 5 48,655'
Merrill Lynch, Pierce, Fenner & Smith, Inc. 8 16 24,433
Ziegler Securities, Inc. 7 7 35,600
A.G. Becker & Co. Municipal Securities, Inc. 6 17 24,382
Donaldson, Lufkin & Jenrette Securities Corp. 6 13 26,853
Hornblower & Weeks -Hemphill, Noyes Itzcbrporated 6 19 23,415
Kidder, Peabody & Co., Incorporated 6 45 6,696
W.H. Morton & Co. 6 14 24,804
John Nuveen & Co., Incorporated 6 36 11,634.
Arch W. Roberts & Co. 6 27 15,225White, Weld & Co., Incorporated .
" 18 23,636
SUPPORTIi V15 24,443
Weeden & Co., Incorporated
DOCUMENTS
Dean Witter & Co., Incorporated 3$' 10,812
1975 FOLLOW"
William R. Hough & Co.
John Nuveen & Co., Incorporated.
Kidder, Peabody & Co., Incorporated
Halsey, Stuart & Co., Inc.
Southeast First National Bank of Miami
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Reynolds Securities, Inc.
A.G. Becker & Co. Municipal Securities, Inc..
Hornblower & Weeks -Hemphill, Noyes, Inc.
Donaldson, Lufkin & Jenrette Securities Corp.
Smith Barney & Co., Incorporated
Barnett Bank of Jacksonville, N.A.
Dean Witter & Co., Incorporated
42 ' $127,301
16 3 44, 859
11 2.' 60,273
11 6 38,546
9 42,960
9 10 26,032
9 13 23,304
9 14 . 20,131
8 20": 14,859
7. 28,940
7 11 23,922
7 28 9,559
35 6,430
-Atitoun
2,050 000
35210,000
11,000,000
8,800,000
8,750,000
10,000,000
2,000,000
4,000,000
12,800,000
4,000,000
5,000,000
100,000,000
985,000
1,213,000
5,000,000
550,000
12,500,000
1,000,000
700,000
260,000
3,900,000
3,625,000
22,950,000
210,000
2,550,000
5o1e UrhderVritet
Sole tltidert4titef
Sole Underwriters
Senior tanager
Senior Manager
Senior Manager
Sole Underwriter
Senior Manager
Participating
Underwriter
Sole Underwriter
Selling Group
Member
Joint Manager
Sole Underwriter
Sole Manager
Sole Underwriter
Senior Manager
Participating
Underwriter
Sale Underwriter
Sole Underwriter
Sole Underwriter
Sole Manager
Sole Underwriter
Participating
Underwriter
Sole Underwriter
Sole Underwriter
W LL,IAM, .l , HOUGH & COJ 111_1910,
Issue
Orange County, hater and Sewer System tterrettue
Bonds 6f 1975, Anticipation Notes
The School Board of Santa Rosa County, Certi=
ficates of Indebtedness, Series 1975
Escambia County, Judicial Building Revenue
Bonds
State of Florida, Escambia County Road Bonds
City of Pensacola, Utility Revenue Certifi.
cates, Issue of 1976
City of Ocala, Power Supply Revenue Bonds,
Series A-1975
Sarasota -Manatee Airport Authority, Airport
Revenue Bonds, Series A
State of Florida, Alachua County Road Bonds
Escambia County, Pollution Control Revenue
Bonds (Gulf Power Company Crist Steam Plant
Project No. 2) Series A
Pinellas County, Sewer Revenue Bonds Issue
1975, Bond Anticipation Notes
Santa Rosa County, Pollution Control Revenue
Bonds Series A (American Cyanamid Company-.
Vendee)
State of Florida, State Board of Education,
Public Education Bonds, Series A-1
Village of Royal Palm Beach, General Obli-
gation Municipal Building Bonds
City of Belle Glade, Water and Sewer Revenue
Refunding Bonds, Series 1976
Pinellas County, Airport Revenue Bonds 1975
Hamilton County, Hospital Revenue Bonds
Dade County Educational Facilities Authority,
Revenue Bonds, Series 1976 (University of
Miami Issue --Academic Facilities Project)
Brevard County, Recreational Facilities
Revenue Bonds, Series 1976
The Citrus County Hospital Board, hospital
Revenue Bonds, Series 1976
Madeira Beach, Capital Improvement Revenue
Bonds
City of Boynton Beach, Water and Sewer
Revenue Bonds, Series 1975-B
Hillsborough County, Water and Sewer Revenue
Bonds, Issue of 1976, Anticipation Notes
Cape Coral, Water and Sewer General Obli-
gation Refunding Bonds, Series A and B
Village of North Palm Beach, Improvement
Revenue Bonds, Series 1975
Orange County, Water and Sewer System Revenue
Bonds of 1975, Anticipation Notes
tt. ;
QRTIVE
I i EN TS
fideses 1teuae__-Underwritten
.il
William R, Kaugk Cds 1976.Continued
Atmuht
$33,140,000
4,250,000
3,020,000
36,700,000
31,275,000
5,000,000
5,000,000
3,150,000
1,870,000
1,770,000
8,875,000
8,125,000
5,690,000
2,000,000
16,745,000
20,000,000
20,600,000
13,175,000
issue
State of Florida, State Board of Education
Capital outlay Bonds, Series 1976-A
City of Pt, Myers, Public Improvement RevehUe
Certificates, Series of 1975
City of St. Cloud, Utilities Revenue Certida
ficates, Series 1975
Ocean Highway and Port Authority, Pollution
Control Revenue Bonds, 1974 Series (ITT
Rayonier Project) 1976 Installment
Pinellas County, Sewer Revenue Bonds, Issue
1975
City of Leesburg, Utilities Revenue Certi
ficates, Series 1975
Pinellas County, General Obligation Tax
Anticipation Notes
Canaveral Port Authority, Revenue Bonds
Series 1975-B
Canaveral Port Authority, Refunding Bonds
Series 1976
The Board of County Commissioners of Alachua
County, Public Improvement Revenue Bonds
Orlando Utilities Commission, Water and Elec-
tric Refunding Revenue Bonds, Series 1976
Siesta Key Utilities Authority, Inc., Special
Obligation Bonds
Siesta Key Utilities Authority, Inc., First
Mortgage Revenue and Refunding Bonds
Pasco County, Improvement Revenue Bonds,
Series A
Hillsborough County, Special Refunding
Revenue Bonds, 1976A
Hillsborough County, Refunding Utility
Revenue Bonds, Series 1976
Margate Utility Authority, Inc., Special
Refunding Bonds
Margate Utility Authority, Inc., Water and
Sewer Refunding and Improvement Revenue
Bonds, Series 1976
3,150,000 City of Tallahassee, Municipal Utility
Revenue Bonds, Series 1970-A
26,000,000 Broward County, Gas Tax Revenue Bonds, Series
4,950,000 Village of Palm Springs, Water and Sewer
Refunding Revenue Bonds, Series 1976
3,240,000 Village of Palm Springs, Special Refunding
Revenue Bonds, Series 1976A
6,580,000 City of New Smyrna Beach, Water and Sewer
Revenue General Obligation Refunding Bonds,
Series 1976
605,000 City of New Smyrna Beach, Utilities Authority,
Utilities Revenue Refunding Certificates,
Series 1976 1dr^ ;
0u_i'td12
Joint Manager
Senior Manager
Sole Underwriter
Participating
Underwriter
Sole Manager
Senior Manager
Sole
Sole
Sole
Underwriter
Manager..
Manager
Senior Manager
Sole Underwriter
Sole Manager
Sole Underwriter
Sole Underwriter
Participating
Underwriter
Participating
Underwriter
Senior Manager
Senior Manager
Senior Manager
A Senior Manager
Participating
Underwriter
Participating
Underwriter
Sole Manager
Sole Manager
TIVE
TS
17
Florida loam Undarwitt
Amount
$ 260,000
11,250,000
3)000,000
2,500,000
6,700,000
1,600 000
Issue
City `of New Stnyttie Beach, Spehiel Refunding
Revenue Bonds, Series 1976A Port Authority►
rtenetee County Port Authority,
Revettue Bends of 1976
PAScO County, Guaranteed Btititlement Revenue
Bonds, Series 1976
Village 'of Tequesta, Water Revenue Certificates
Series 1976A
Leon County, Capital Improvement Revenue Bonds
Series 1976 Bond Anticipation Notes
The School Board of St: Lucie County, Certi'
ficates of Indebtedness, Series 1976
City of Miami Beach, Public Improvement tondS
Our Rele
Sole Manager
tole Manager*
Stile Undetoriter
Amount
$3130001000
14, 000, 000
19,000,000
23,00,000
3,000,000
1,575,000
2,000,000
41,650,000
9,880,000
3,000,000
23,100,000
13,750,000
3,000,000
3,200,000
5,000,000
2,600,000
6,000,000
345,000
17,750,000
1,850,000
3,815,000
2,000,000
19,500,000
2,430,000
25,000,000
4,000,000
500,000
ISSUSS". UNDERWRITTEN
WILLIAM R,, HOUGH & CO....
issue_
bade County, Florida, Public Improvement'Bbnds,
Series B
Hillsborough County Industrial Development
Authority, Pollution Control Revenue Bonds
(Tampa Electric Company Project)
City of Miami, Various Purpose Bonds
Ocean Highway and Port Authority, Pollution
Control Revenue Bonds, 1974 Series (ITT
Rayonier Project)
State of Florida, Florida State Fair Revenue
Bond Anticipation Notes
State of Florida, Walton County Road Bonds
State of Florida, Wakulla County Road Bonds
State Board of Education of Florida, Capital
Outlay Bonds, Series 1975-A
Pinellas County, Water Revenue Certificates,
Issue of 1975
City of Deerfield Beach, Water and Sewer Revenue
Bonds, Series 1974
City of Cape Coral, General Obligation Water and
Sewer Bonds
Tampa Sports Authority, Stadium Revenue Bonds of
1975
Manatee County, General Obligation Library Bonds
City of Naples, Water and Sewer Revenue Bonds,
Series 1973
Indian River County Hospital District, Hospital
Limited Tax Bonds
City of Boynton Beach, Water and Sewer Revenue
Bonds, Series 1975
City of Bradenton, Utilities System Revenue
Bonds, Series 1974
City of Port Richey, Water Revenue Bonds,
Series 1973
City of Fernandina Beach ($16,750,000 Pollution
Control Revenue Bonds, Series A and $1,000,000
Industrial Development Revenue Bonds, Series C)
(Container Corporation of America Project)
Canaveral Port Authority, Revenue Bonds, Series
1975-A
The School Board of Hendry County, General
Obligation School Bonds
State of Florida, Columbia County Road Bonds
City of Gainesville, Electric, Water and Sewer
Revenue Bonds, Series of 1975
Polk County, Certificates of Indebtedness
Dade County, Aviation Bond Anticipation Notes
City of Pinellas Park, Public Improvement Revenue
Bonds, Series 1974
City of New Smyrna Beach Utilities Commission
Bond Anticipation Notes 6(Q t � `R`IVE
NTS
FO .LL
Our r Rata
Joint. Manager
Participating
Underwriter
Joint Manager
Participating
Underwriter
Sole Underwriter
Senior Manager
Senior Manager
Joint Manager
Senior Manager
Senior Manager
Sole Manager
Participating
Underwriter
Sole Manager
Senior Manager
Joint Manager
Sole Underwriter
Sole Manager
Sole Underwriter
Participating
Underwriter
Sole Underwriter
Senior Manager
Senior Manager
Joint Manager
Senior Manager
Participating
Underwriter
Senior Manager
Sole Underwriter
_ft tue9 Unfit-itt+et1 1
Atttoun t
$ 3,500,000
3,400,000
15,000,000
1,900,000
6 500,000
10,000,000
1,000,000
,000,000
2,400,000
1.9,000,000
30;000,000
1,210,000
5,100,000
1,185,000
1,350,000
4,000,000
21,350,000
300,000
500,000
Issue
State of Florida, Nassau County Road Bonds
State of Florida; Charlotte County Road Bonds
City of St, Petersburg, Utility Tait Certificates,
Issue of 1975
Dade County, Aviation Bond Anticipation Notes
(Second Series)
City of Ocala, Power Supply Revenue Bonds,
Series A-1975, Anticipation Notes
Orlando Utilities Commission, Water and Electric
Revenue Bonds, Series 1975A
Sarasota -Manatee Airport Authority, Airport
Revenue Bonds, Series 1974 A, Bond Anticipation
Notes
City of Miami, Various Purpose Bonds
Seminole County, Water and Sewer Revenue Bonds
City of Tampa, Excise Tax Bonds (Series A)
City of Tampa, Waterworks System Revenue Bonds,
Series A
Brevard County, Utility Revenue Bonds, Ser. 1975
Orange County, Water and Sewer System Revenue
Bonds of 1975, Anticipation Notes
The School Board of Hendry County, General
Obligation School Bonds
Brevard County -Cocoa Beach Suburban Area,
Sewer Revenue Bonds, Series 1975
City of Homestead, Electric and Water Revenue
Bonds, Series 1975
Dade County, Aviation Bond Anticipation Notes
(Third Series)
Village of Tequesta, Tax Anticipation Notes
City of New Smyrna Beach, Utilities Revenue
Certificates, Series 1975, Anticipation Notes.
Juno Fire Control District No. 3, General
Obligation Bonds
Senior ;tanager
Senior Manager
Senior Manager
Sole Underwriter
Senior Managet
Sole Manager,
Sole Underwriter
Joint Manager
Sole Underwriter
Joint Manager
Senior Manager
Sole Underwriter
Sole Underwriter
Sole Underwriter
Sole Underwriter
Sole Manager
Participating
Underwriter
Sole Underwriter,
Sole Underwriter
Sole Underwriter
H`ottlh & Co.
Nt51' iNcottlibiiAtkb
Sad ti_oilbA OtbtiiAL bUILbING
Si'. OtttStsUMii. r-LORI A 33331
1113 • dOS.S641
1974 SUP? tItty T
UUitlii'1DEAVRIiTiJPOSITION. IN DA_ B0ND5_;buA1,NG1,?37
R. C
William _ , Bough & o:
la„1 it. ;
Lynch, Pierce, Fenner & Smith, Inc.
Reynolds Securities, ° Inc:
John Nuveen & Co . j Inc:
Barnett Hank of Jacksonville, N.A.
A. G. Becker & Co., Inc
r first National City . Bank
...usey, Stuart & Co., Inc:
Southeast 'First National Bank of
The First national Bank of Chicago
Goldman, Sachs & :Co.
v. z.ajn & Co., Inc.
Sa1o,:1sn Brothers
111iti'ieel'i: Tibugh„
bold J. tiiihtl
• WO J. 5fta4smliiF,
Altted. Shenaid
$Ifve tb}ehbtl •
Ghatl@t S..11PMh,
�. Getl HottOt
- Paitltk t: 1.1bnh
ThbfOal W. kiicoih
JoiOti t.liawtiRt
Kafhetihe Gb,ie
Pot R. b t`lbh
Sedge t, 111and
Number of 2ank:. total...
Issues by Dollar
Urider'-ritten Ari ount Amount ,( poo.i
23
19
9
6.
5
5
5
5
4
3
:3
3
3 $56,535
1 72,957
19 16,4 7,
17 20,361:.`.
22 12,475
6 36, 079_ ;,
4 53,110
20 14,469
7 35,662
5 41,085'
9 34,032
21 13,667
2 56,580
a L3T-L...A'': 33Ut:S UNDIERWRIT E1 BY WILLIAlf. R. & CO. - DURING 1974
C,.ty of Ormond Beach, Various Purpose General. Obligation Bonds
City of Oakland Park, Utilities System Revenue Bonds, Series 1973..
Acme Drainage District of Palm Beach County, Water and Sewer:
Revenue Bonds
City of i.saud , Police Headquarters and 'Crime Prevention Facilities
Bond, Storm Sewer Bonds
City of Boca Raton, Beaciifront Lund Acquisition Bonds of 1974
City;: of .Wiest Palm Beach, Water ar.d`Sewer Revenue Bonds, Series D
City of Lake forth, Water and Electric Revenue Certificates,
Series 1973
City of Homestead, Electric and Water Revenue Bonds, Series 1973
City of Pompano Beach, Sewer Revenue Bonds, Series 1973
School District of Putnam County,General Obligation School Bonds
Borth, Brovard Hospital District, iospital System Revenue Refunding
Bonds, Series 1974
i,sc umbia County, Santa Rosa Island Facilities Revenue Bonds,
Series 1973
Orange County Civic Facilities Authority, Facilities Revenue Bonds,
Series 1973
$, 2,000, 000_
1,500,000
2, 340,000
. u,,G0G,000
19, 403, 000
5,000,000'
3,850,000.
5;500,000
4 , 500, C0O
2,900,000
8,4E0,000
4,100,000
4,200,000
MtINII il+At': IlONI) I11.'AI ,1,14', AND C.ON$W1.TANTS' --
OP�IbAASS�Sb,���.�liTLNW«triTAu MICR u C0;.URiN tontinli
4,500,000
2,Sb0;
000.
1,500)000
25)000)000
750)000
8,340)000
2,050,000
6,250,000.:
13, 500) 000
12, 00J, 000
500,000
4,000,000
30000,000,
29)555,000
6,660,000
Home Office
Manatee County Port Authority, Industrial ievelbpfnent Be Venue Winds,
Series 1974 (Ws Si Dickey Clay Vanu `aCtur.ng CoMpa.ny Project
)
State of Florida, ,University of Florida Housing Sydteai ReVdnud ,Bonds,
Series .of 1974
City of Port . Dauderdale, Parking fRevehue Boridd, oer es;A.
Tallahassee) Power Supply Notes, Series A-1974
Biviei'a Beach, 1974 coneral Obligation Emergency Wotes
Hillsborough County, itnproveinefit Revenue Bonds, 'Series A
City of 3oynton Beach; `rater and Sewer ReVenue Boiids, . Series 1974
Orange . County) 'Sower Revenue Bonds, Issue 1972) Series B
� Y,
The Jacksonville Port Authority>', industrial , Development Pollution
Control Revenue Bonds (St. Regis Paper Company ?ro jedt) Series 1974
City of Vero Beach, Electric System,Revenue Bonds
Town of Longboat Key, Electric Franchise t.eVenue Bonels
Escarnbia County, Capital improvement :Series _1974.Pevenue Bonds
(Juvenile Court and Detention Facilities)
Hillsborough County, industrial Development Authority) Pollution
Control Revenue Bonds (Tampa Electric Company Project) Series 104,
Riviera _Subordinated t.en `Boi-ds,
Jiera Beach Housing , Corporation) inc.)
Series 1974
Brevard County, Solid .Waste Disposal System Revenue Bonds,
Series 1972
BranchOffices -
WILLI i R. HOUGH' & CO.
924 ° F iorida r ederal Building
St Petersburg, Florida, 33731
401 South Rosalind Avenue,
Orlando; "Florida..32S01
AlfredC. Shepard, Resident Partner.
P. 0..Box 3310
Fort Pierce, Florida 33450
D. C. iiuskey, Resident Partner
1212 Cove Plaza
;North Palm Beach, Florida 33408
Joseph B. Wise, Resident Manager'
`.`SUPPORTIVE
DOCUMENTS.
FOLLOW'
Phone: 813/896-5641
305/541,1685
305/461-2588
305/626-3911.
-,11Ji11tam R. Hou h & Co.
NotINCoRpoRAtb
424 Fttit Federal butldtng
• -St. Peteti6utgy Florida 33i3)
' 81.3 = 896-5641
"SUPPORTIVE
DOCLMENTS
1973 SUPPLEMENT
FOLLOW"
OUR UNDERWRITING POSITION IN FLORIDA BONDS DURING 1913
William R. Hough & Co.
Merrill Lynch, Pierce, Fenner & Smith
Goldman, Sachs & Co.
Reynolds Securities, Inc.
White, Weld & Co. Incorporated
A. G. Becker & Co., Incorporated
duPont Glore Forgan Incorporated
The First National Bank of Miami
Kidder, Peabody & Co., Incorporated
Pierce, Wulbern, Murphey, Inc.
Inc.
WiliMM 8: Hiuyh
bii.iM J. 'Plait
ftinkJ. Sttihiiiitif
AMMO C. ShiGiti
Slivi t6thMff
thitlet b. WO
b. Citi Huft
Pena t. Mine
Jei 8. Wiki
NM! W. Kitwin •
Junks R. HIWkihk
Kilhifine Cetle
Ray R. bickkbn
t;eotpi t. blind
Number of Total
Issues Rank'by Dollar
Underwritten --Amount Amount
33 1 $80,564,000
14 6 34,177,000
9 , ` 2 72,210,000
7 12 21,858,000
7`; 8 27,297,000
6 13 21,049,000
6' 19 17,153,000
6 3 69,960,000
6 9 25,000,000
6 16 17,955,000
FLORIDA ISSUES UNDERWRITTEN BY WILLIAM R. HOUGH & CO. DURING 1973
$ 1,800,000 City of St. Cloud, Utilities Revenue Certificates, Series A-1972
1,050,000 City of Crestview, Public Improvement Revenue Certificates
5,000,000 City of Delray Beach, Water & Sewer Revenue Bonds, Series 1972
6,500,000 City of Ocala, Electric Revenue Certificates, Series 1972
15,990,000 School District of Pasco County, General Obligation School Bonds
2,200,000 Sebring Utilities Commission, Electric & Water Revenue Bonds,
Series 1973
9,045,000 Brevard County, Utility Revenue Bonds, Series 1973
4,200,000 Orange County Civic Facilities Authority, Revenue Bonds
2,000,000 City of Fort Myers, Public Improvement Revenue Certificates,'
Series of 1972
1,200,000 City of Auburndale, Utility RevenueCertificates, Series 1972
9,000,000 City of Clearwater, Utility Revenue Certificates, Series of 1972
1,205,000 City of St. Cloud, Utilities Revenue Certificates, Series 1973
MUNICIPAL BOND DEALERS AND CONSULTANT
. . � ....�. ., .. ,i.�r.�rr•i.;"� .wyiei.iw/ir,.fa:ri�+lxCtS.n�� ,.+«.iw'�..y.�la.'W +�.djirj!
RAMA t55tfES tiNbENRITT fit_ BY = I,LIAf . HO1 GH__& CO. Atl140 ,..1971 (Continued)
$ 1,000,000
500,000
1,360,000
39,840,000
3,000,000
200,000
2,765,000
2,500,000
2,200,000
50,000,000
1,500,000
20,000,000
365,000
3,455,000
3,435,000
8,285,000
2,105,000
8,700,000
700,000
2,000,000
11,650,000
2,530,000
36,000,000
Home Office -
Siesta Key utility Authority, Inc., First Mortgage Gross Revenue Bonds
State of Florida, Sumter County, Road Bonds
City of St. Petersburg Beach, Improvement Revenue Bonds, Series 1972
State of Florida, Pollution Control Bonds, Series A
Citrus County Hospital Board, Hospital Revenue Bonds, Series 1973
City of Sebring, Sewer Revenue Bonds, Series A
Town of Longboat Key, General Obligation Sewer Bonds .
State of Florida, University of West Florida, Housing System
Revenue Bonds of 1972
City of Lauderhill, Water & Sewer Revenue Bonds, Series 1972-A
State of Florida, General Obligation Bonds
City of Tarpon Springs, Water & Sewer Revenue Certificates, Series 1971
City of St. Petersburg, General Obligation Bonds, Issue of 1973
The School Board of Taylor County, Certificates of Indebtedness
City of Reviera Beach, Utility Tax Revenue Bonds, Series 1973
Jacksonville, New Housing Authority Bonds
Fort Myers, New Housing Authority Bonds
Charlotte County, Certificates vi Indebtedness
City of Stuart, Utilities Improvement Revenue Bonds
State of Florida, Florida State University, Improvement Revenue Bonds
The School Board of Sumter County, Certificates of Indebtedness,
Series 1973
County of Manatee, Water Revenue Bonds, Series 1973
Brevard County, Utility Revenue Bonds, Series 1973A
Jacksonville Electric Authority, Electric Revenue Certificates
2nd Series of 1973
Branch Offices -
WILLIAM R. HOUGH & CO.
924 Florida Federal Building Phone: 813/896-5641
St. Petersburg, Florida 33731
1651 CNA Tower
255 South Orange Avenue
Orlando, Florida 32801
Alfred C. Shepard, Resident
0. Box 3310
` Fort Pierce, Florida 33450 "r
`D. C. Huskey, Resident Partner
1212 Cove Plaza
North Palm Beach, Florida 33408
Joseph B. Wise, Resident Manager
305/461-2588
0R/DA..ISSUES..._UNDER iRITTEN. B' LUAR .it,� 1OUGI#__&__C0._ . tTRING 1943. (ContiitUied
$ 1,000,000
500,000
1,360,000
39,840,000
3,000,000
200,000
2,765,000
2,500,000
2,200,000
50,000,000
1,500,000
20)000,000
365,000
3,455,000
3,435,000
8,285,000
2,105,000
8,700,000
700,000
2,000,000
11,650,000
2,530,000
36,000,000
Siesta Key Utility Authority; Inc., First Mortgage Gross Revenue Bonds
State of Florida; Sumter County, Road Bonds
City of St. Petersburg Beach, Improvement Revenue Bonds, Series 1972
State of Florida, Pollution Control Bonds, Series A
Citrus County Hospital Board, Hospital Revenue Bonds, Series 1973
City of Sebring, Sewer Revenue Bonds, Series A .
Town of Longboat Key, General Obligation Sewer Bonds
State of Florida, University of West Florida, Housing System
Revenue Bonds of 1972
City of Lauderhill, Water & Sewer Revenue Bonds, Series 1972-A
State of Florida, General Obligation Bonds
City of Tarpon Springs, Water & Sewer Revenue Certificates, Series 1971
City of St. Petersburg, General Obligation Bonds, Issue of 1973
The School Board of Taylor County, Certificates of Indebtedness
City of Reviera Beach, Utility Tax Revenue Bonds, Series 1973
Jacksonville, New Housing Authority Bonds
Fort Myers, New Housing Authority Bonds
Charlotte County, Certificates of Indebtedness
City of Stuart, Utilities Improvement Revenue Bonds
State of Florida, Florida State University, Improvement Revenue Bonds
The School Board of Sumter County, Certificates of Indebtedness,•
Series 1973
County of Manatee, Water Revenue Bonds, Series 1973
Brevard County, Utility Revenue Bonds, Series 1973A
Jacksonville Electric Authority, Electric Revenue Certificates
2nd Series of 1973
WILLIAM R. HOUGH & CO.
Home Office - 924 Florida Federal Building
St. Petersburg, Florida 33731
Branch Offices -
1651 . CNA Tower
255 South Orange Avenue
Orlando, Florida 32801
Alfred C. Shepard, Resident Partner
P. 0. Box 3310
Fort Pierce, Florida 33450
D. C. Huskey, Resident Partner
1212 Cove Plaza
North Palm Beach, Florida 33408
Joseph B. Wise, Resident Manager
Phone: 813/896-5641
=305/461-2588:�