The URL can be used to link to this page

Home My WebLink AboutR-75-0079t RESOLUTION N0, 75-79 A RESOLUTION AWARDING $225,000 ORANGE BOWL WAREHOUSE REVENUE BONDS, SERIES 1974, OF THE CITY OF MIAMI, FLORIDA; CONTAINING A COVENANT PROHIBITING EXCESSIVE ARBITRAGE; AUTHORIZING VARIOUS OFFICERS OF THE CITY OF MIAMI TO EXECUTE AN ARBITRAGE CERTIFICATE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The Commission has ascertained and determined and does hereby declare that: (a) In accordance with the provisions of Resolution No. 74-1374 duly passed and adopted by the Commission on December 17, 1974, a Notice of Sale was published in The Miami Herald on January 7, 1975, and in The Miami News on January 7, 1975, calling for sealed bids to be received for $225,000 !.range Bowl Warehouse Revenue Bonds, Series 1974, of The City of Miami, dated December 20, 1974, the publication of such Notices of Sale on such days being hereby ratified and approved. (b) At the hour stated in said Notice of Sale, bidding was closed and the following bid was 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 December 20. 1974, and enclosing a certified or bank cashier's check or treasurer's check for $4,500: "DODDMEhIT INDEX (1) Bid of City National Bank of Miami ITEM NO. offering $225,000 and accrued interest for said bonds bearing interest at the rates set forth below in Column (1) Year of Orange Bowl Warehouse Interest Rates Column Maturity Revenue Bonds (1) 1975 $ 9,000 6 7. 1976 10,000 6 % 1977 10,000 6 % 1978 11,000 6 7. 1979 12,000 617. 1980 13,000 6 % 1981 14,000 6 % 1982 15,000 61% 1983 16,000 6 % 1984 17,000 6 % 1985 17,000 61% 1986 18,000 6 % 1987 20,000 6 27 1988 21,000 6 7 1989 22,000 61% CITY COMMISSION MEETING OF JAN 2 3 1976 RESOLUTION NO,,7$444k077. REMARKS: Section 2. The bid offering 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 aggregate amount of interest upon all of the bonds from December 20, 1974 until their respective maturities was the bid of City National Bank of Miami, offering to pay: $225,000 for said Orange Bowl Warehouse Revenue Bonds, Series 1974, and accrued interest on the bonds from December 20, 1974 to the date of their delivery, at the rates set forth in column (1) of the tabulation in Section 1 above. Section 3. Said bid of City National Bank of Miami is hereby accepted and said $225,000 Orange Bowl Warehouse Revenue Bonds, Series 1974, are hereby awarded to said City National Bank of Miami, 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. The checks of unsuccessful bidders shall be returned immediately. Section 5. The Commission covenants to the Purchasers of the bonds and their grantees that the Commission will make no use of the proceeds of the bonds at any time during the term of the bonds which, if such use had been reasonably expected on the date the bonds were issued, would have caused such bonds to be "Arbitrage Bonds" within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, as interpreted by Section 1.103-13 and 1.103-14 of the Regulations proposed for such purpose by the United States Treasury Department or, after permanent regulations interpreting such Code section are promulgated, the corresponding provisions of such permanent regulations. The Commission understands that this covenant imposes an obligation on the Commission throughout the term of the issue to comply with the require- ments of Section 103(d) of the Internal Revenue Code of 1954, as amended, and to comply with the requirements of Treasury Regulations Sections 1.103-13 and 1.103-14 or, after permanent regulations interpreting such Code section are promulgated, the corresponding provisions of such permanent regulations. The closing papers referred to in the Notice of Sale shall include an "Arbitrage 9 Certificate' in a form which, in the opinion of Bond Counsel, is sufficient to satisfy the requirements of the Internal Revenue Code and Treasury Regulations set forth above. The Mayor, the City Clerk and the Finance Director of the City of Miami, or any one of them, are hereby authorized to sign said "Arbitrage Certificate" and any other necessary papers in connection therewith. Section 6. This resolution shall be in full force and effect immediately upon its passage. ' PASSED AND ADOPTED this 23rd day of January, 1975. ATTEST: CITY CLERK APPROVED AS TO FORM AND CORRECTNESS City Attorney 3 MAYOR RESOLUTION NO. 75-79 A hI;SoLU ION At•; ARL)Ii'k $2225 4 000 ORANGE BOWL WAREHOUSE REVENUE BONDS, SE!:T` S 1974, OF THE CITY OP I`1TAIli F,LO;C t')A; CONTAINING A COVENANT PROHIBITING I; i1;SSI\' ARBITRAGE AUTHORI.",IMi VARIOUS ovi Icca OP THE CITY OC i!I'MT TO EXECUTE AN ARBITRAGE L.,,. DI IT RESOLVED BYTIE] COMN:ISIOy OF TBE cr'cY OF i•i TA''1, FL0.[L.A; Section .i. The C'Ji":Mission has ascertained and determined and does hereby doclarc that: (a) in accordance with the provis:Lons of Resolution No. 74-1374 duly passed and adopted by the Cormnission on December 17, 1974, a Notice of Sale was published in The 'Miami Herald on January 7, 1975, and in The Miami News on January 7, 1975, calling for sealed bids to be received for $225,000 Orange Eva' Warehouse Revenue TIonds, Series 1974, of The City of Miami, dated December 20, 1974, the publication of such Notices of Sale on such days being hereby ratified and approved. (b) At the hour stated in said Notice of Sale, bidding was closed and the following bid was found to have been filed and to accord in all respects with, the terms of said z;otice of Sale, each bid offering; to pay accrued interest from December 20, 1974, and enclosing a certified or bank cashier's check or treasurer's check for $4,500: (1) Bid of City national Bank of Miami offering $225,000 and accrued interest for said bonds bearing interest at the rates set forth below in Column (I) Year of Orange Bowl Warehouse Interest hates Column Maturity Revenue Bonds (1) 1975 $ 9,000 1976 10,000 1977 10,000 1978 11,000 1979 12,000 1980 13,000 1981 14,000 1982 15,000 1983 16,000 1984 17,000 1985 17,000 1986 18,000 1987 20,000 1988 21,000 1989 22,000 Section 2. t. bid orteriii,,; to 1')'lrcitase sold bonds At th' lowest interest cost to the City. such coat being dtLt?minod by deducting the total amount of any premium hid rtlm the a ;re3ete amotnit. O' inl:crest upon i11. of tiie bonds from December 20. 1974 until their r_`speetivc: ivateri t i.Cts was the bid of City . atic;ncll. Bank of ?.•ii, of tCYlic.; to n y;225,000 l o:: r' i d t)r: n ;C Bowl ':!areliouse i rvenuc. Bonds, cts, ';2eric,.% 1974, and accrued interest oa the bonds from O2CC lier 20, 1974 to the date of their delivery, at the rates set i:ortil in column (1) of the tabulation in Section 1 above. Section 3. Said bid of City National Bank of iliami is hereby accepted and said $225,000 Orange Bowl F'arehouse Revenue :;'ends, Series 19/ 'F, are hereby awarded to said City National Bank of Miami,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. The checks of unsuccessful bidders shall be returned immediately. Section 5. The Co:r:ii.ssion covenants to the Purchasers of the bonds and their srantees that the Coa.:slission will make no use of the proceeds of the bonds at any time during the term of the bonds which, if such use had been. reasonably expected on the :late the bonds were issued, would have caused such bonds to be "Arbitrage Ponds" within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, as interpreted by Section 1.103-13 and 1.103-14 of the Regulations proposed for such purpose_ by the limited States Treasury Department or, after permanent regulations interpreting such Code section are promulgated, the corresponding; provisions of such permanent regulation. The Commission understands that this covenant imposes an obligation on the Commission throughout the term of the issue to comply with the require- ments of Section 103(d) of the internal Revenue Code of 1954, as amended, and to comply with the requirements of Treasury Regulations Sections 1.103-13 and 1.103-14 or, after permanent regulations interpreting such Code section are promulgated, the corresponding provisions of such permanent regtilati.ons. The closing papers referred to in the Notice of Sale shall include an "Arbitrage. t Certifieato" in a torn wh[ch, in the opinioi or hold Counsl, is sul:fieiont to satisEy ttic rk.lcuirQments oE toc internal Rr,v'_!nt,c, Code and TreaTory R3tAi2tion:-.1 set forth.airnve. The Playor, the City 6terl,-. and the Fin).nen Dirc,:tor of the City oZMiz-1111, or any on tL tlino, are harciw r.!.!itorld to sk:',n ,;tid "Arbitrit!;e C(7,rtificat.::" aod anv oth2r Itec:!ssavy papers ih conction therewith, !;ection (. This ro:;oluton 1he in lull Corce o,12, offect immediat'Ay upon its 11,-isse. 1'ASS!:1) AiWPT.!) this 2.7,cd day of Jahuht.y, 1971. AI' TEST: CITY CLERK APPROVED AS TO FORM AND CORRECTNESS e. // . - -, 1/ ,1- i ., -7 ",...---" \ ,-; .........--,----- ,,.. _ / ....1....,...•, ,..,..,..,.....,,, :.„, -. . City Attorney f' 3 MAYOR .ITY ar MtAMf. FLORIDA INrERti.•crFir. DU ,1 Mr, P 6 W, Andrews City Manager /eir W, Ri Bailey Director of Fine ��!13Jr'Ci: .January 10, 1975 Resolution Award of Bid = $225,000 Orange Bowl Warehouse Revenue Bonds, Series 1974 A::rc743:C=3: r;,CLp;Ug7S; resolution The attached resolution provides for the bid award of the $225,000 Orange Bowl Warehouse Revenue Bonds, Series 1974, The resolution specifies the interest rate of each of the bonds and directs the delivery of the bonds. The resolution was prepared by the Firm of Bryant, Dickens, Rumph, Fronson and Miller, Bond Counsel to the City. WRB:JAP:emd