HomeMy WebLinkAboutR-77-093711/30/77
RESOLUTION NO. 77- 7= j I
A RESOLUTION REPEALING RESOLUTION NO. 77-
660, ADOPTED JULY 28, 1977, WHICH DIRECTED
THAT BIDS FOR THE SALE OF CERTAIN BONDS BE
RECEIVED ON dOVEMB R 10, 1977; FIXING CER-
TAI'I DETAILS CONCERNING :'11,540,000 PUBLIC
PARK AND RECREATIONAL FACILITIES BONDS,
$1, 00 ), 00 0 FIRE FIGHTING, 'r'Iat: PREVENTION
AND RESCUE FACILITIES BONDS AND $ 1 , 500 , 000
HOUSING BONDS OF TUN OF I'll \NI, FLORIDA;
AND DIRECTING PUFJLICATION OF NOTICE OF SALE
OF SAID BONES
WHEREAS, the Commission of the City of Miami
(hereinafter sometimes called the "City Commission") on the
• '6th day of April, 1972, duly passed and adopted the follow-
ing resolution providing for the issuance of bonds of The
City of Miami, Florida (hereinafter sometimes called the
"City") :
Resolut ion No. 72-15 providing for the issuance of
$39,890,000 Public Park and Recr=, ciona' Facilities Bonds,
to consist of 7,578 bonds of the denomination of $5,000 each,
said -bonds to be issued at one t i.ie 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 $1,665,000 14 $1,665,000
3 1,665,000 15 1,665,000
4 1,664,000 16 1,665,000
5 1,665,000 17 1,665,000
6 1,665,000 18 1,665,000
7 1,665,000 19 1,665,000
8 1,665,000 20 1,665,000
9 1,665,000 21 1,665,000
10 1,665,000 22 1,665,000
11 1,665,000 23 1,665,000
12 1,665,000 24 1,665,000
13 1,665,000 25 1,595,000
and
CITY COMMISSION
MEETING OF
DEC! :;1-J77
R (,IfT10N M0, . . i
MARKS:........
7
WHEREAS, the City Commission on the 18th day of
i4oVember, 1976, duly passed and adopted the following
resolution providing for the issuance of bonds of the City:
Resolut ion Z.;o. 76-1059, providing my for the issuance
of not exceeding $10,000,000 Fire Fiahtinu, 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
and
12
13
14
15
16
17
18
19
20
$ 525,000
525,000
525,000
525,000
525,000
525,000
525,000
525,000
525,000
WHEREAS, the City Commission on the 16th day of
December, 1976, duly passed and adopted the following
resolution providing for issuance of bonds of the City:
Resolution No. 76-1104, providing for the issuance
of not exceeding $25,000,000 Housing Bonds of the City, to
consist of 5,000 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 resolu-
tion or resolutions of the City Commission, and to mature
as follows:
77 .0 9i37
Yeats Years Years
After After After
bate or Principal Date or Principal Date or Principal
Dates Amount Dates Amount Dates Amount
2 $ 400,000 12 $ 700,000 21 S 900,000
3 400,000 13 700,000 22 1,200,000
4 400,000 14 700,000 23 1,200,000
5 400,000 15 700,000 24 1,200,000
6 400,000 16 700,000 25 1,200,000
7 500,000 17 900,000 26 1,200,000
8 500,000 18 900-,000 27 1,500,000
9 500,000 19 900,000 28 1,500,000
10 500,000 20 900,000 29 1,700,000
11 500,000 30 1,600,000
and
WHEREAS, each of said resolutions provides that
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 that both the principal
of and the interest on the 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 $28,350,000
principal amount of Public Park and Recreational Facilities
Bonds, dated as of the 1st day of October 1972, and $5,000,000
Fire Fighting, Fire Prevention and Rescue Facilities Bonds,
dated as of the 1st day of May, 1977, thereby reducing the
principal amount of the authorized but unissued portion
of said Public Park and Recreational Facilities Bonds to
$11,540,000 and of said Fire Fighting, Fire Prevention and
Rescue Facilities Bonds to $5,000,000; and
WHEREAS, none of the $25,000,000 Housing Bonds
authorized under Resolution No. 76-1104 has been issued; and
WHEREAS, the City Commission has determined:
(a) that the balance of $11,540,000 in principal
amount of said authorized but unissued Public Park and
Recreational Facilities Bonds shall consist of 2,308 bonds
of the denomination of $5,000 each and shall be issued and
sold at this time, said bonds to be dated, to be numbered
and to mature as hereinafter provided;
(b) that $1,000,000 in principal amount of said
authorized but unissued balance of $5,000,000 in principal
amount of said Fire Fighting, Fire Prevention and Rescue
Facilities x3onds shall consist of 200 bonds of the denomina-
tion of $5,000 each and shall be issued and sold at this
time, said bonds to he dated, to be numbered and to mature
as hereinafter provided; and
(c) that $1,500,000 in principal amount of said
authorized but unissued $25,000,000 Housing Bonds shall
consist of 300 bonds of the denomination of $5,000 each and
shall be issued and sold at this time, said bonds to be
dated, to be numbered and to mature as hereinafter provided;
(d) that none of said bonds, in the total principal
amount of $14,040,000, shall be redeemable prior to its
respective maturity;
77
(e) that the principal of and the interest on said
bonds shall be payable at the banks hereinafter designated;
and
(f) that the sale of said bonds shall be held and
not ice thereof given as hereinafter provided; and
WHEREAS, the City Commission duly passed and
adopted on the 23th day of July, 1977 Resolution No. 77-660,
entitled
and
"A RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $11,540,000 PUBLIC PARK AND RECRE-
ATIONAL FACILITIES BONDS, $1,000,000
HOUSING BONDS AND $1,000,000 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 City Commission has determined that it
is necessary and desirable to repeal said Resolution No. 77-660
to change the date of the sale of the bonds therein described
from November 10, 1977 to the date provided in this resolution
and to increase the principal amount of housing bonds to be
sold on said date from $1,000,000 to $1,500,000, and that it
is necessary and desirable to adopt this Resolution in lieu
and in place of said Resolution No. 77-660; now, therefore,
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. Resolution No. 77-660 entitled
"A RESOLUTION FIXING CERTAIN DETAILS CON-
CERNING $11,540,000 PUBLIC PARK AND RECRE-
ATIONAL FACILITIES BONDS, $1,000,000
77-937
HOUSING BONDS AND Si,000,000 FIRE FIGHTING,
FIRE PREVENTION AND RESCUE FACILITIES BONDS
OF THE CITY OF MI AMI, FLORIDA, AND DIRECTING
PUBLICATION OF NOTICE OF SALE OF SAID BONDS"
passed and adopted by the City Commission on the 28th day of
July, 1977, be and the same is hereby repealed.
Section 2. There shall be issued and sold at this
time said Public Park and Recreational Facilities Bonds in
the aggregate principal amount of Eleven Million Five Hundred
Forty Thousand Dollars ($11,540,000), being all oc said
authorized and unissued Public Park and Recreational Facil-
ities Bonds as hereinabove described. Said bonds shall be
dated the 1st day of December, 1977, shall consist of 2,308
bonds of the denomination of $5,000 each, numbered 1 to 2,308,
inclusive, and shall :nature, 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
1979 $500,000 1991 $480,000
1980 480,000 1992 480,000
1981 480,000 1993 430,000
1982 480,000 1994 480,000
1983 480,000 1995 480,000
1984 480,000 1996 480,000
1985 480,000 1997 480,000
1986 480,000 1998 480,000
1987 480,000 1999 480,000
1988 480,000 2000 480,000
1989 480,000 2001 480,000
1990 480,000 2002 480,000
Section 3. There shall be issued and sold at this
time said Fire Fighting, Fire Prevention and
ties Bonds in the aggregate principal amount
Dollars (51,000,000), beina a portion of the
Rescue Fac it i-
of One Million
$5,000,000
principal amount of such bonds authorized but unissued as
hereinabove described.
day of December, 1977,
denomination of $5,000
Said
shall
each,
bonds shall be dated the 1st
consist of 200 bonds of the
numbered 1 to 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
Maturity
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
Principal
Amount
$50,000
50.000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
55,000
Year of Principal
Maturity Amount
1989
1990
1991
1992
1993
1994
1995
1996
1997
$55,000
55,000
55,000
55,000
55,000
55,000
55,000
55,000
55,000
Section 4. There shall be issued and sold at this
time said Housing Bonds in the aggregate principal amount of
One Million Five Hundred Thousand Dollars ($1,500,000), being
a portion of the $25,000,000 principal amount of said bonds
authorized but unissued as hereinabove described. Said bonds
shall be dated the 1st day of December, 1977, shall consist
of 300 bonds of the denomination of $5,000 each, nurnbered
I to 300, inclusive, and shall mature, without option of
prior redemption, in numerical order, lowest numbers first,
Oh 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
1979 $ 20,000
1980 20,000
1981 20,000
1982 20,000
1983 20,000
1984 30,000
1985 30,000
1986 30,000
1987 30,000
1988 30,000
1989 40,000
1990 40,000
1991 40,000
1992 40,000
1993 40,000
1994 $ 55,000
1995 55,000
1996 55,000
1997 55,000
1998 55,000
1999 75,000
2000 75,000
2001 75,000
2002 75,000
2003 75,000
2004 95,000
2005 95,000
2006 100,000
2007 110,000
Section 5. Interest on said Public Park and
Recreational Facilities Bonds, Fire Fighting, Fire Preven-
tion and Rescue Facilities Bonds and Housing Bonds shall be
payable semi-annually on the 1st day of June and of 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 The Florida National
Bank and Trust Company at 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
77. t
a 37
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:
NOTICE OF SALE
$14,040,000 BONDS
THE CITY OF MIAII, FLORIDA
$11,540,000 Public Park and Recreational
Facilities Bonds
$ 1,000,000 Fire Fighting, Fire Prevention
and Rescue Facilities Bonds
$ 1,500,000 Housing Bonds
Sealed bids will be received by the Commission of
the City of Miami, Florida, at its regular place of meeting
at 3500 Pan American Drive, Dinner Key, Miami, Florida, un-
til 11 o'clock A.M. Miami Time, Wednesday,
January 11, 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, 1977 and maturing annually, December 1,
without option of prior redemption, in the years and prin-
cipal amounts, as follows:
$11,540,000 PUBLIC PARR AND RECREATIONAL
FACILITIES BONDS
Year of
Maturity
1979
1980
1981
1982
1983
1984
Principal
Amount
$500,000
480,000
480,000
480,000
480,000
480,000
Year of
Maturity
1991
1992
1993
1994
1995
1996
Principal
Amount
$480,000
480,000
480,000
480,000
480,000
480,000
77-- :i;7
Year of
Matur ity
1985
1986
1987
1988
1989
1990
Principal
Amount
$480,000
480,000
480,000
480,000
480,000
480,000
Year of Principal
Maturity Amount
1997 $480,000
1998 480,000
1999 480,000
2000 480,000
2001 480,000
2002 480,000
$1,000,000 FIRE FIGHTING, FIRE PREVENTION
AND RESCUE FACILITIES BONDS
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1979 $50,000 1989 $55,000
1980 50,000 1990 55,000
1981 50,000 1991 55,000
1982 50,000 1992 55,000
1983 50,000 1993 55,000
1984 50,000 1994 55,000
1985 50,000 1995 55,000
1986 50,000 1996 55,000
1987 50,000 1997 55,000
1988 55,000
$1,500,000 HOUSING BONDS
Year of Principal
Maturity Amount
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
$20,000
20,000
20,000
20,000
20,000
30,000
30,000
30,000
30,000
30,000
40,000
40,000
40,000
40,000
40,000
Year of Principal
Maturity Amount
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
$55,000
55,000
55,000
55,000
55,000
75,000
75,000
75,000
75,000
75,000
95,000
95,000
100,000
110,000
Denomination $5,000; coupon bonds registrable
as to principal alone or as to both principal and interest;
principal and semi-annual interest (June 1 and December
1) payable (unless registered as to both principal and
interest) 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 The Florida National Bank and Trust
Company at Miami, in the City of Miami, Florida, at the
option of the holder or registered owner; general obliga-
tions; unlimited tax upon all taxable property within the
City (excluding homesteads).
The Fire Fighting, Fire Prevention and Rescue
Facilities Bonds were validated by a judgment of the Circuit
Court of Dade County, Florida, on March 7, 1977; the Housing
Bonds were validated by a judgment of said Circuit Court
on February 17, 1977; and said Public Park and Recreational
Facilities Bonds were validated by a judgment of said
Circuit Court on ,lay 23, 1972 which was affir.mled by the
Supreme Court of the State of Florida on October 31, 1972.
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. No rate may be more than two tines the
lowest rate named in the hid. 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, 1977, until their respective matur-
ities.
Each bid must be submitted on a form to be fur-
nished by the undersigned and must be enclosed in a sealed
envelope marked "Bid for $14,040,000 Bonds", and must
be accompanied by a certified or bank cashier's or trea-
surer's check for $280,800 upon 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 he made on the date above
stated for the receipt of bids and the checks of unsuccess-
ful 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
77 7
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, or if it shall be found impossible to
issue and deliver the bonds, the check will be returned.
It is anticipated thatt CUSIP identification
itation
numbers will be printed on the bonds, but neither the
failure to print such numbers on any bond nor any error with
respect thereto shall constitute cause for e failure or
refusal by the purchasers thereof to accept delivery of or
pay for the bonds in accordance with the terms of their bid.
All expenses in relation•to the printing of CUSIP numbers on
said bonds and the CUSIP Service Bureau charge for the
assignment of said numbers shall be paid by the City of
Miami.
The approving opinion of Brown, Wood, Ivey,
Mitchell & Petty, New York, N.Y., will he 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
January 31, 1978 in New York, N.Y. against payment therefor
by a certified or bank cashier's or treasurer's check drawn
on a New York, N.Y. bank or trust company.
Copies of the Ntice 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 (Tel. No. (305) 579-6350)
or from Crown, Wood, Ivey, Mitchell & Petty, One Liberty
Plaza, New York, N.Y. 10006 (Tel. No. (212) 349-7500, Ext.
352).
The right to reject any or all bids is reserved.
James E. Gunderson
Director of Finance
The 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:
77-937
r
BID FOR BONDS
January 11 i 1978
Commission of the City
of Miami
City Hall
3 500 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 $11,540,000 Public Park and Recreational Facil-
ities Bonds, $1,000,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds and $1,500,000 Housing Bonds matur-
ing and bearing interest as follows:
Year of
Maturity
1979
1930
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
Public Park
and
Recreational
Facilities
Bonds
$500,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
Housing
Bonds
$20,000
20,000
20,000
20,000
20,000
30,000
30,000
30,000
30,000
30,000
40,000
40,000
40,000
40,000
40,000
Fire Fighting,
Fire
Prevention,
and Rescue
Facilities
Bonds
Total
Principal Interest
Amount Rate
$50,000 $570,000
50,000 550,000
50,000 550,000
50,000 550,000
50,000 550,000
50,000 560,000
50,000 560,000
50,000 560,000
50,000 560,000
55,000 565,000
55,000 575,000
55,000 575,000
55,000 575,000
55,000 575,000
55,000 575,000
Year of
Matur ity
we
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
public Park
and
Recreational
Facilities
Bonds
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
480,000
Housing
Bonds
55,000
55,000
55,000
55,000
55,000
75,000
75,000
75,000
75,000
75,000
95,000
95,000
100,000
110,000
will pay the following amounts:
$11,540,000
$ 1,000,000
$ 1,500,000
Fire Fighting,
Fire
Prevention,
and Rescue
Facilities
Bonds
55,000
55,000
55,000
55,000
Total
Principal Interest
Amount Rate
590,000
590,000
590,000
590,000
535,000
555,000
555,000
555,000
555,000
75,000
95,000
95,000
100,000
110,000
for said Public Park and Recreational
Facilities Bonds,
for said Fire Fighting, Fire Preven-
tion and Rescue Facilities Bonds, and
for said Housing Bonds,
plus a premium of $ for all of said bonds. We
will also pay accrued interest on the bonds from December 1, 1977
to the date of their delivery.
We enclose herewith a certified or bank cashier's
or treasurer's check for $280,800 payable to the order of
The City
returned
Sale are
of Miami, Florida, which check is to be applied or
in accordance with the Notice of Sale.
The Closing papers referred to in the Notice of
to include certificates, dated as of the date of
the delivery of the bonds, with reference to the Official
Statement, as provided therein, and stating that there is
ha litigation pending or, to the knowledge of the signet of
such certificate, threatened affecting the validity of the
bonds.
By
Title
Bidder
(No addition or alteration, except as provided
above, is to be made to this bid and it
must not be detached from the
attached c;oticF of Sale.)
* * * * * * * *
The following is our computation, not to be
considered as a part of our bid, of the interest cost to the
City under the terns of our bid:
Aggregate interest on bonds computed from
December 1, 1977 $
Less Premium $
Net interest cost
Average interest cost rate (to four
decimal places)
ATTEST:
********
PASSED AND ADOPTED this 15th day or December, 1977.
MAURICE A. FERRE
RALPH G. ONGIE
CITY CLERK
MAURICE A. FERRE
MAYOR
7 7 9 3
PREPARED AND APPROVED BY:
ASSISTANT CITY ATTORNEY
APP1 OVED AS TO FORM AI1D C J::i T'iESS :
1/7 --
EORGE F. K:-NOX , JP.
CITY ATTORNEY
1
IT Oa"
45
Joseph R. Grassie
City Manager
ames E. Gunderson
'rector of Finance
December 1, 1977
$14,040,000 General Obligation
Bond Sale, January 11, 1978
•
Attached is a resolution fi-(ing certain_ details concerning the $14,040,000
City of Miami General Obligation Bond sale scheduled for January 11, 1978,
consisting of:
$11,540,000 Public Park and Recreational Facilities Bonds
$ 1,500,000 Housing Bonds
S "000,000 Firefighting, Fire Prevention and Rescue Facilities Bonds.
Please place the resolution on the agenda of the December 15, 1977 City
Commission meeting.
JEG:JP:jr
Attachment (1)
cc: George F. Knox, Jr., City Attorney (Attn:
Robert F. Clark)
e
1