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HomeMy WebLinkAboutR-75-0089RESOLUTION NO. 75 89 A RESOLUTION PROVIDING FOR THE SALE OF $8,000,000 POLICE HEADQUARTERS AND CRIME PREVENTION FACILITIES BONDS, $5,000,000 SANITARY SEWER BONDS, $3,000,000 STORM SEWER IMPROVEMENT BONDS, and $3,000,000 STREET AND HIGHWAY IMPROVEMENT BONDS OF THE CITY OF MIAMI, FLORIDA; SETTING FORTH THE METHOD OF PAYMENT OF INTEREST; SETTING FORTH THE FORM OF NOTICE FOR BIDS FOR SAID BONDS; DIRECTING PUBLICA- TION OF NOTICE OF SALE OF SAID BONDS; PROVIDING FOR THE BIDS TO BE OPENED ON FEBRUARY 27, 1975; SETTING FORTH THE METHOD OF BIDDING; AND SETTING FORTH THE FORM OF THE BIDS. WHEREAS, the Commission of the City of Miami (hereinafter sometimes called the "City Commission") on the 23rd day of July, 1970 duly passed and adopted the following resolution providing for the issuance of bonds of the City of Miami (hereinafter sometimes called the "City"): Resolution No. 41761 providing for the issuance of not exceeding $20,000,000 Police headquarters and Crime Prevention Facilities Bonds to consist of 4,000 bonds of the denomination of $5,000 each, said bonds to be issued at one time or from time to time and to he dated and sold as hereafter provided by resolution or resolutions of the City Commission, and to mature as follows: Year After Principal Year After Principal Date or Dates Amount Date or Dates Amount 2 $ 1,055,000 12 $ 1,050,000 3 1,055,000 13 1,050,000 4 1,055,000 14 1,050,000 5 1,055,000 15 1,050,000 6 1,055,000 16 1,050,000 7 1,055,000 17 1,050,000 8 1,055,000 18 1,050,000 9 1,055,000 19 1,050,000 10 1,055,000 20 1,050,000 11 1,055,000 and "DOCUMENT INDEX WHEREAS, the City Commission on the 2y3ra day oNO f,Iuty, 1970 duly passed and adopted the following resolution providing for the issuance of bonds of the City: Resolution No, 41758 providing for the issuance of not exceeding $25,000,000 Sanitary Sewer Bonds to consi CITY COMMISSION METING OF JAN 91975 RfSQWTIOM AO.. : Sr. 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 pro- vided by resolution or resolutions of the City Commission, and to mature as follows: Year After Date or Dates Principal Year After Principal Amount Date or Dates mount 2 $2,050,000 12 $ 500,000 3 2,050,000 13 500,000 4 2,050,000 14 500,000 5 2,050,000 15 500,000 6 2,050,000 16 500,000 7 2,050,000 17 500,000 8 2,050,000 18 500,000 9 2,050,000 19 500,000 10 2,050,000 20 500,000 11 2,050,000 and WHEREAS, the City Commission on the 13th day of May, 1971 duly passed and adopted the following resolution providing for the issuance of bonds of the City of Miami: Resolution No. 42483 providing for the issuance of not exceeding $10,000,000 ;storm Sewer Improvement 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: Year After Date or Dates Principal Amount Year After Date or Dates Principal Amount 2 $ 530,000 12 $ 525,000 3 530,000 13 525,000 4 530,000 14 525,000 5 530,000 15 525,000 6 530,000 16 525,000 7 525,000 17 525,000 8 525,000 18 525,000 9 525,000 19 525,000 10 525,000 20 525,000 11 525,000 and WHEREAS, the City Commission on the 13th day of May, 1971 duly passed and adopted the following resolution providing for the issuance of bonds of the City of Miami: Resolution No. 42484 providing for the issuance of not exceeding $17,375,000 Street and Highway Improve- ment Bonds to consist of 3,475 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: and Year After Date or Dates Principal Amount Year After Principal Date or Dates Amount 2 $ 1,390,000 12 $ 390,000 3 1,390,000 13 390,000 4 1,390,000 14 385,000 5 1,390,000 15 385,000 6 1,390,000 16 385,000 7 1,390,000 17 385,000 8 1,390,000 18 385,000 9 1,390,000 19 385,000 10 1,390,000 20 385,000 11 1,390,000 WHEREAS, said Resolutions provide 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 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 $7,000,000 Police' Headquarters and Crime Prevention Facilities Bonds in two separate issuances of $1,500,000 each dated as of October 1, 1970 and June 1, 1972, respectively, and one separate issuance of $4,000,000 dated as of September 1, 1973, thereby reducing the authorized but unissued portions of said bond authorization to $13,000,000; and 3 WHEREAS, the City has heretofore issued $12000,000 Sanitary Sewer Bonds in two separate issuances, one in the amount of $7,000,000 dated as of October 1, 1970, and one in the amount of $5,000,000 dated as of June 1, 1972, thereby reducing the authorized but unissued portion of said bond authorization to $13,000,000; and WHEREAS, the City has heretofore issued $5,000,000 Storm Sewer Improvement Bonds in two separate issuances, one in the amount of $3,000,000 dated as of June 1, 1972, and one in the amount of $2,000,000 dated as of September 1, 1973, thereby reducing the authorized but unissued portion of said bond authorization to 85,000,000; and WHEREAS, the City has heretofore issued $2,000,000 Street and Highway Improvement Bonds dated as of June 1, 1972, thereby reducing the authorized but unissued portion of said bond authorization to $15,375,000; and WHEREAS, the City Commission has determined: (a) that $8,000,000 in principal amount of said authorized but unissued $13,000,000 Police Headquarters and Crime Prevention Facilities Bonds consisting of 1600 Bonds of the denomination of $5,000 each shall be issued and sold at this time, said Bonds to be dated, to be numbered and to nature as hereinafter provided; (b) that $5,000,000 Sanitary Sewer Bonds consisting of 1000 Bonds of the denomination of $5,000 each shall be issued and sold at this time, said Bonds to be dated, to be numbered and to mature as hereinafter provided; (c) that $3,000,000 Storm Sewer Improvement Bonds consisting of 600 Bonds of the denomination of $5,000 each shall be issued and sold at this time, said Bonds to be dated, to be numbered and to mature as hereinafter provided; (d) that $3,000,000 Street and Highway Improvement Bonds consisting of 600 Bonds of the denomination of $5,000 each shall be issued and sold at this time, said Bonds to be dated, to be numbered and to mature as hereinafter provided; • (e) that none of said Bonds shall be redeemable prior to their respective maturities; (f) that the principal of and the interest on said Bonds shall be payable at the banks hereinafter designated; and (g) that the sale of said Bonds shall be held and notice thereof given as hereinafter provided; now, therefore, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. There shall be issued and sold at this time said Police Headquarters and Crime Prevention Facilities Bonds in the aggregate principal amount of Eight Million Dollars ($8,000,000), being a portion of the $13,000,000 Bonds authorized but unissued as hereinabove described. Said Bonds shall be dated as of the 1st day of March, 1975, shall consist of 1600 Bonds of the denomination of $5,000 each, numbered 1 to 1600, inclusive, shall be coupon bonds registrable as to principal alone and also as to principal and interest, and shall mature, without option of prior redemption, in numerical order, lowest numbers first, on the 1st day of March in the following years and in the following amounts, respectively: Year of Principal Year of Principal Maturity Amount Maturity Amount 1977 $430,000 1987 $415,000 1978 430,000 1988 415,000 1979 430,000 1989 415,000 1980 430,000 1990 415,000 1981 430,000 1991 415,000 1982 430,000 1992 415,000 1983 425,000 1993 415,000 1984 420,000 1994 415,000 1985 420,000 1995 415,000 1986 420,000 Section 2. There shall be issued and sold at this time said Sanitary Sewer Bonds in the aggregate principal amount of Five Million Dollars ($5,000,000), being a portion of the $13,000,000 Bonds authorized but unissued as hereinabove described. Said Bonds shall be dated as of the 1st day of March, 1975, shall consist of 1000 Bonds of the denomination of $5,000 each, numbered 1 to 1000, inclusive, shall be coupon 5 bonds registrable as to principal alone and also as to principal and interest, and shall mature, without option of prior redemption, in numerical order, lowest numbers first, on the lst day of March in the following years and in the following amounts, respectively: Year of Principal Year of Principal Maturity AmountMaturity amount___ 1977 $500,000 1982 $500,000 1978 500,000 1983 500,000 1979 500,000 1984 500,000 1980 500,000 1985 500,000 1981 500,000 1986 500,000 5ecticn 3. There shall be issu^_d and sold at this time said Storm Sewer Improvement Bonds in the aggregate principal amount of Three Million Dollars ($3,000,000), being a portion of the $5,000,000 Bonds authorized but unissued as hereinabove described. Said Bonds shall be dated as of the lst day of March, 1975, shall consist of 600 Bonds of the denomination of $5,000 each, numbered 1 to 600, inclusive, shall be coupon bonds registrable as to principal alone and also as to principal and interest, and shall mature, without option of prior redemption, in numerical order, lowest numbers first, on the 1st day of March in the following years and in the following ai::aunts, respectively: Year of Principal Year of Principal Maturity Amount Maturity Amount 1977 $160,000 1987 $160,000 1978 160,000 1988 155,000 1979 160,000 1989 155,000 1980 160,000 1990 155,000 1981 160,000 1991 155,000 1982 160,000 1992 155,000 1983 160,000 1993 155,000 1984 160,000 1994 155,000 1985 160,000 1995 155,000 1986 160,000 Section 4. There shall be issued and sold at this time said Street and Highway Improvement Bonds in the aggregate principal amount of Three Million Dollars ($3,000,000), being a portion of the $15,375,000 Bonds authorized but unissued as hereinabove described. Said Bonds shall be dated as of the 1st day of March, 1975, shall consist of 600 Bonds of the denomination of $5,000 each, numbered 1 to 600, inclusive, shall be coupon bonds registrable as to principal alone and also as to principal and interest, and 6 shall mature, without Option of prior redemption, in numerical order, lowest numbers first, on the 1st day of March in the following years and in the following amounts, respectively: Year of Principal Maturity Amount 1977 $300,000 1978 300,000. 1979 300,000 1980 300,000 1981 300,000 Crime Sewer Bonds Year of Maturity 1982 1983 1984 1985 1986 Principal Amount $300,000 300,000 300,000 300,000 300,000 Section 5. Interest on said Police Headquarters and Prevention Facilities Bonds, Sanitary Sewer Bonds, Storm Improvement Bonds, and Street and Iiighway Improvement shall be payable semi --annually on the 1st days of March and Septern}per in each year, and both the principal of and interest on said Bonds shall be payable at The Chase Manhattan Bank (National Association) 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, Florida National Bank and Trust Company at Miami, of Miami, Florida, at the option of the holder or Illinois, or at in the City registered owner. Section 6. The Director of Finance is hereby authorized and directed to publish a notice calling for bids for said Bonds in The Miami Herald and The Miami News, daily newspapers of general circulation published in the City of Miami, Florida, 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: 7 NOTICE OP SALE $19,000,000 BONDS OF THE CITY OF tMIAMI , FLORIDA $8,000,000 Police headquarters and Crime Prevention Facilities Bonds $5,000,000 Sanitary Sewer Bonds $3,000,000 Storm Sewer Improvement Bonds $3,000,000 Street and Highway Improvement Bonds Sealed bids will he 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, until 11 o'clock A.M., Eastern Daylight Time, on Thursday, February 2i, 1975 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 March 1, 1975: $8,000,000 POLICE HEADQUARTERS AND CRIME PREVENTION FACILITIES BONDS, maturing annually, March 1, without option of prior redemption as follows: Year of Principal Year of Principal Maturity Amount Maturity Amount 1977 $430,000 1987 $415,000 1978 430,000 1988 415,000 1979 430,000 1989 415,000 1980 430,000 1990 415,000 1981 430,000 1991 415,000 1982 430,000 1992 415,000 1983 425,000 1993 415,000 1984 420,000 1994 415,000 1985 420,000 1995 415,000 1986 420,000 $5,000,000 SANITARY SEWER BONDS, maturing annually, March 1, without option of prior redemption, as follows: Year.of Principal Year of Principal Maturity Amount Maturity Amount 1977 $500,000 1982 $500,000 1978 500,000 1983 500,000 1979 500,000 1984 500,000 1980 500,000 1985 500,000 1981 500,000. 1986 500,000 8 $3,000,000 STORK SEWER IMPROVEMENT BONDS, maturing annually March 1, without option of prior redemption, as follows: Year of Principal Year of Principal Maturity Amount Maturity Amount. 1977 $160,000 1987 $160,000 1973 160,000 1988 155,000 1979 160,000 1989 155,000 1980 160,000 1990 155,000 1981 160,000 1991 155,000 1982 160,000 1992 155,000 1983 160,000 1993 155,000 1984 160,000 1994 155,000 1985 160,000 1995 155,000 1986 160,000 $3,000,000 STREET AND HIGHWAY IMPROVEMENT BONDS, maturing annually March 1, without option of prior redemption as follows: Year of Principal Year of Principal Maturity Amount Maturity Amount 1977 $300,000 1982 $300,000 1978 300,000 1983 300,000 1979 300,000 1984 300,000 1980 300,000 1985 300,000 1981 300,000 1986 300,000 Denomination of $5,000 each; coupon bonds registrable as to principal alone and also as to both principal and interest; principal and semi• -annual interest (March 1 and September 1) payable at The Chase Manhattan Bank (National Association), 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 Florida National Bank and Trust Company at Miami, in the City of Miami, Florida, at the option of the holder or registered owner; general obligation; unlimited tax upon all taxable property within the City of Miami (excluding homesteads). The Police Headquarters and Crime Prevention Facilities Bonds and the Sanitary Sewer Bonds were validated by judgment of the Circuit Court of Dade County, Florida, on September 8, 1970, and no appeal was taken therefrom. The Storm Sewer Improvement Bonds and the Street and Highway Improvement Bonds were validated by judgment of the Circuit Court of Dade County, Florida, on July 26, 1971, which judgment was affirmed by the Florida Supreme Court, A separate bid for each issue is required, but no bid for less than all of the $19,000,000 Bonds offered or at a price of less than par plus accrued interest will he entertained. Any premium bid Will be allocated to each issue in the proportion which the amount of such issue bears to the total of all issues. Bidders are requested to name the' interest rate or rates, not exceeding seven and one --half per cent (7-1/2%) per annum, in multiples of 1/8 or 1/10 of 1%, and each bidder must specify in his bid the amount and the maturities of the Bonds of each rate. The Ponds of all issues maturing on the same date rust hear interest at the same rate. No Bonds shall hear more U_an one rate of interest which shall he uniform for the life of the Bonds, and the interest payable on any Bond on any interest payment date shall be represented by a single coupon. No interest rate bid may be more than two times the lowest rate named in the bid. All of the Bonds offered will be awarded to the bidder offering to purchase the Bonds at the lowest net 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 fror:March 1, 1975 until their respective raturities. Each bid must be submitted on a fora to be furnished by the undersigned Director of Finance, enclosed in a sealed envelope marked "Bid for Bonds", and must be accompanied by a certified or bank cashier's or treasurer's check upon an incorporated bank or trust company for $380,000.00 payable unconditionally to the order of the City of Miami, on which no interest will he allowed. Award or rejection of bids will be made on the date above stated for the receipt of bids, and the . checks of unsuccessful 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 the successful bidder shall fail to comply with the terms of his bid the check may then be cashed andthe proceeds thereof retained as and for the full liquiriatF-.('r iapaaes . The unqualified approving opinion of Bryant, Dickens, Ruilph, Fransoh and Miller, Tallahassee, Florida, as Bond Counsel, will be furnished to the purchasers without cost. A copy of such opinion, certified by the City Clerk by his facsimile signature, will be printed on the reverse of each Bond. There will also be furnished the usual closing papers. The Bonds will be delivered on or about March 1.9, 1975 in New York City against payment therefor by a certified or bank cashier's check drawn on a New York City bank or trust company. The right to reject any or all bids is reserved. THE CITY OF MIAMI I3y: W. R. BAILEY Director of Finance Section 7. The form referred to in the Notice of Sale set forth in Section 6 above and on which all bids are required to be made shall be substantially as follows: BID FOR BONDS Commission of the City of Miami, Florida Sirs: , 1975 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 $8,000,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Sanitary Sewer Bonds, $3,000,000 Storm Sewer Improvement Bonds and $3,000,000 Street and Highway Improvement Bonds maturing and bearing interest as follows: 11 Year of Maturity 1977 1978 1979 1980 1981 1.982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 we Police Head- quarters and Crime Prevention Facilities Bonds $ 430,000 430,000 430,000 430,000 430,000 430,000 425,000 420,000 420,000 420,000 415,000 415,000 415,000 415,000 415,000 415,000 415,000 415,000 415,000 will pay Sanitary Sewer Bonds $500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 Street and Storm Sewer Highway Improvement Improvement Bonds_ Bonds $ 160,000 $ 300,000 160,000 300,000 160;000 300,000 160,000 300,000 160,000 300,000 160,000 300,000 160,000 300,000 160,000 300,000 160,000 300,000 160,000 300,000 160,000 155,000 155,000 155,000 155,000 155,000 155,000 155,000 155,000 the following amounts: Interest Rate (1) $.,000,000 for said Police Headquarters and Crime Prevention Facilities Bonds, (2) $5,000,000 for said Sanitary Sewer Bonds, (3) $3,000,000 for said Storm Sewer Improvement Bonds, and (4) $3,000,000 for said Street and Highway Improvement Bonds, plus a premium of $ for all of said Bonds, which premium is to be allocated to each issue as provided in said Notice of Sale. We will also pay accrued interest on the Bonds from March 1, 1975 to the date of their delivery. We enclose herewith a certified or bank cashier's or treasurer's check for $380,000 payable to the order of the City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. The closing papers referred to in the Notice of Sale are to include a certificate, dated as of the date of the delivery of the Bonds, stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened affecting the validity of the Bonds. 12 (No addition or alteration, except as provided above, is to be made to this bid.) * * * * * * * * * * * * * * * * The following is our computation, not to be considered as part of our bid, of the interest cost to the city under the terms of our bid: Aggregate interest on Bonds computed from March 1, 1975 Less premium $ Net interest cost Average interest cost rate (to four decimal places) % Section 8. The Director of Finance is hereby directed to cause an Official Statement to be prepared, containing a copy of the foregoing Notice of Sale and the form on which bids are required to be submitted, and also financial and statistical information concerning the City, and to furnish copies of such Official Statement to all interested bidders. Section 9. There shall be printed on the reverse of each of said Bonds the legal opinion of Bryant, Dickens, Rumph, Franson and Miller as Bond Counsel respecting the validity of said Bonds and, immediately followinc such legal opinion, a certificate signed with the facsimile signature of the City Clerk substantially as follows: "I HEREBY CERTIFY that the foregoing is a true and correct copy of the legal opinion upon the Bonds therein described which was manually signed by Bryant, Dickens, Rumph, Franson and Miller, Tallahassee, Florida, and was dated as of the date of delivery of and payment for said Bonds. (Facsimile Signature) City Clerk of The City of Miami, Florida." Section 10. All resolutions or parts of resolutions heretofore adopted inconsistent with this resolution are hereby repealed. Section 11. This resolution shall be in full force and effect immediately upon its passage. PASSED AND ADOPTED this 23rd day of January, 1975. 13 • • 411 4 • -7 : Ctty 1 / • Divoctot iU;•Thonce \N. •-- ..---•--- +,-.4•- --•y-- ^-- • rt. 07oLco!I ;rovic.in; for Sate of 19,0A,OGO OblOao71 llond of CIE.! Cfty of , r.e.;ol.ution Tile ILLached prvidos for sale ot the followng 0,7.aaral Ob1i3ation i:unds OE the City id in the foiliyaing arlouu;:s: .5'3,000,000 2:)lice Hcadquarl-rs an0 Provontion YacilLs Bonds $5,M0,000 Erinitary Sower Bolr.1.; Sto:n Sor II-o.provmeut $3,000,000 t''.1::-.2et and ni:Iwy 1,iprf)vcizt ;lands The olution nlo 2.-ovides for the -11:othod oF nny,-2nt of f;ets Forth t' forrl or notic-! for bidthv bonanJ direon .ou'olication oL noUco of Gale :na sots fol:th the ii4,thod of otd Ln and formof: the bH6. Tho attah;?.d !te.;lintion \las prepared hy i1ii 077 Drynnt, Diet“!nr.,, Rumph, Yra:,.son and Miller, TI,,nd CcunscA to 1:11:' City. flirt 7r.o to Lite City Comi-Atsuon and opcd nt 11:00 A.1.;, en Februrl,:y 27, 1973.