HomeMy WebLinkAboutR-75-0187RESOLUTION NO, 75-187
A RESOLUTION AWARDING $8,000,000 POLICE.
HEADQUARTERS AND CRIME: PREV} NT}i)N FACILI-
TIES BONDS, $5,000,000 SANITARY SEWER
BONDS, $3,000,000 STORM SEWER IMPROVEMENT
BONDS, ANI) $3,000,000 STREET AND HIGHWAY
IMPROVEMENT BONDS OF THE CITY OF MIAIlI,
FLORIDA; CONTAINING A COVENANT PROHIBITING
EXCESSIVE ARBITRAGE; AUT}IOE12 1NG VARIOUS
OFFICERS OF THE CITY OF MIAAMI TO EXECUTE
AN ARBITRAGE CERTIFICATE.
BF, IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI.,
FLORIDA:
Section 1. The Commission has ascertained and determined
and due ; hereby declare that:
(a) In accordance with the provisions of Resolution
No. 75-89 duly passed and adopted by the Commission on January
23, 1975, a Notice of Sale was published in The Miami Herald
on February 11, 1975, in The Miami News on February I1, 1975,
and in The Daily Bond Buyer on February 11, 1975, calling for
sealed bids to be received 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
0,000,000 00 Street. and Highway Improvement Bonds of The City of
Miami, dated March 1, 1975, the publication of such Notices of
Sale on su 1i days being hereby ratified and approved.
(h) At the hour stated in said Notice of Sala, 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 March 1,
1975, and enclosing a certified or bank cashier's check or
treasurer's check for $380,000:
a
€EM N(.—
(1) Bid of Southeast First National Bank of Miami, William R.
Hough 6 Co., A. G. Becker & Co., Inc., Barnett Hank of
Jacksonville, N.A., Joint Managers
"SUPPORTIVE
FOLLOW"
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
ft
CITY COMMISSION
MEETING OF
FEB 271975
ffsottmos No..7 fb
MOM . .., e..tt a t..,Net.ftS►.Hf
and accrued interest on the Bonds from March 1, 1975 to
the date of their delivery, said Bonds hearirw intorest
at the rates set forth below in Column (1).
(2) Rid of First National City Bank in Association with:
Morgan Guaranty Trust Company of N. Y. , Salomon
Brothers, Donaldson, Lufkin `x Jenrette Securities
(Joint Managers)
offering to pay:
$8,000,000 for said Police Headquar. %ers and (:r imo
Prevention 1•acili.ties Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway improvement Bonds,
and accrued interest on the Bonds from March I, 1975 to
the date of their delivery, said Bonds hearing interest
at the rates set forth below in Column (2).
(3) Bid of The Chase Manhattan Bank, N.A., Manager and
Associates
offering to pay:
$8,000,000 fo•r said Police headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
53,000,000 for said Storm Sewer improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
plus a premium of $150.00 for all of said Bonds, which
premium is to be allocated to each issue as provided in
the Notice of Sale, and accrued interest on the Bonds
from March 1, 1975 to the date of their delivery, said
Bonds bearing interest at the rates set forth below in
Column (3). "SUPPORTIVE
(4) Bid of Bankers Trust Company & Associates D O C f M E ...,.
offering to pay: R--
nv.,
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
plus a premium of $1,817.25 for a1I of said Bonds, which
premium is to be allocated to each issue as provided in
the Notice of ;ate, and accrued interest on the Bond:;
from March 1, 1975 to the date of their delivery, said
Bonds bearing interest at the rates set forth below in
Column (4).
- 3.
r
N
r1
O 0 0 0 0 0 00 to 0 0 00 0 0 0 0 0 0
to to to to to N to .O r- co 0 r-+ N Cn O O O O
I"- N. N. r-. N to to to LA'
.o .0 u to to to to
O 0 0 0 0 0 0 0 0 000
0 0 0 0 0 0 0 O
o 0 0 -)
)� r- r`. N. r` N. N. to to to .p .0 .0 .D
0 0 0 0 0 0 0. 0 0 0 0 0 0 to to to to to to
o to n
ttr) Lto into.tll .-4 Cl O r-t N N N• N. r` N. r--
r-- r- r' 1`.. r- r . n r- .o to .D .O .A .0 r'l M M r�1 C')
0 0 0 0 0 0 0 0 to 0 0 0 0 0 to
til to to ((1 ail to to kr) :n to N O r-. C1 c .-1 C`1 c.1 C•1
7 D w .O .P .O D .D .0 .O .O .O C O M n ^t
C 0 0' o O o 0 O C. o
0 0 0 c> C: o CD O 0 O
C' O ID '0 O CI 0 0 0
C). C7 O C c C:) O C O O
) O C) CD C, CD 0 0 O O
(,? r) r-) r) r) rr) Cr) C) ( M
C) 0 0 O O O 0 O 0 O 0 0 O O 0 O O CO O
O 0 O Q O C 0 O 0 O 0 0 O 0 O 0 O C7 O
C, O O C 0 C) 0 O CD 0 0 0 O 0 CD O O c CD
o O C7 o O Cl O o 0 o V) kr) 1n Lrl Lrl in to )n
co .o ly', ': cc..) .iJ L.0 lb.-) L) L) t.0 Lr) LC) LA Lf) kr, irk till if
r-i r-1 r-1 r 1 ri ri r-i r-1 r-1 ri r-1 r-1 r-1 r-i r-i r-1 r-i r-i r i
c.) C) O C' '0 C) C) O C' 0)
L.11 C) C) Cr 0 C) C o O CD
�.) 0 C) CI Cr C' 0 O O CD
. iii
L) C) O 0' O CO 0 C.) C) O
C_) C' C.,..) c) O C-, C) O 0 O
u) to is Lf) tr) Ir) u) Ir) Irk Lr)
to
�u)
1 r0 .r.i
O !~ +) 0
'U >: in o Q 0 c".) O O CD O O 0 O o O C) CD 0 0 O 0,
4) a) r7 0) O C) C:.) CO C) O 0 O 0 C) O O C) 0 O O C)
11r r 111 - C) O Ca O O C) C) O C) O O O c' c' r_:) c:) (-7)
1-; Ot (0 ,.
() 1 i r I <) O 0 C) O C) to O 0 O LI') Lfl tti ttl Lf) tt`) (.1) t;) u t
!) M rn r) re) r*-1 N N N r--1 r-1 r-1 ri r-1 r-i r-I r i . 1
H • H Cr ' v' v' '' ‘r .:r -r
cc el ri
0 a •ri
u}
tt
i
I'
r N- 1 -• co co co 0)
. Q1 C it CT. C 1 C71 01
I i r -i r--1 r-1 r i r--i r-i
N 00 0) O
C0 to co co co co 01
01 01 0-, CT 01 Ol 01
r-i r4 r-i r---1 ri r--1 ri
r-1 N r) r Lf)
Ol Ol 01 O1 Ol
O) 0) Ol U1 Cn
r-1 r 1 r--i r { r,-1
Section 2. The bid offering to purrhr se -;;rid Bonds
at the lowest interest cost to the City, r.uclr
r.:L hi' i nr,
determined by deducting the total amount of any prcvnftrn bid
from the aggregate amount of interest upon all of the Bonds
from March 1, 1975 until their respective maturities, was the
bid of Southeast First National Bank of Miami, William R. Hough
& Co., A. G. Becker b Co., Inc,, Barnett Bank of Jacksonville,
N.A. , Joint Managers
offering to pay:
$8,0()0,000 for said Police Headquarters and crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 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 Southeast First National Bank
' of Miami, William R. Hough & Co., A. G. Becker & Co., Inc.,
Barnett Rank of Jacksonville, N.A., Joint Managers
is hereby accepted and said $8,000,000 Police headquarters and
Crime Prevention Facilities Bonds, said $5,000,000 Sanitary Sewer
Bonds, said $3,000,000 Storm Sewer Improvement Bonds, and said
$3,000,000 Street and Highway Improvement Bonds are hereby
awarded to said Southeast First National Bank of Miami, William R.
Hough & Co., A. G. Becker & Co., Inc., Barnett Bank of Jacksonville,
N.A., Joint Managers, 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
-5-
"S P OPTIVE
1 \_i 1 i E
NL_LL1 .0 "
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 Sections 1.103-13 and 1.103-14 of the Regulations
propose for such purpose by the United State:. Treasury Department
or, after permanent regulations interpreting :.uch 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 requirements 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 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 27th day of February, 1975.
i61/4:i t
DOCUMENTS
,11
CITY CQMMJSStON
MEETING OF
FEB 271975
RESoLUT t ON Not 75487
A RESOLUTION AWARDING $3,000,000 POLICE
HEADQUARTERS AND CRIME PREVENTION FACILI-
TIES BONDS, $5,000,000 S:INITARY SEWER
BONDS, $3,000,000 STORM SEWER E1PROVE'dM
BONDS, Ai,D $3,000,000 STREET AND HIGHWAY
IMPROVEMENT BONDS OF THE CITY OF MIA.:tI,
FLORIDA
Upon analysis of the Bids received this date for the above
bonds, it is recommended that the Bonds be awarded to:
Southeast First National Bank of Miami, William R. Hough & Co.,
A. G. Becker & Co., Inc., Barnett Bank of Jacksonville, N.A.
(Joint Managers) 5.80541,
The following Bids were received:
First National City Bank in Association with:
Morgan Guaranty Trust Company of N. Y., Salomon
Brothers, Donaldson, Lufkin & Jenrette
Securities (Joint Managers)
The Chase Manhattan Bank, N.A., Manager and
Associates
Bankers Trust Company & Associates
5.8S64,
5.9333Z
5.9407%
"SUPPORTIVE
DC,C;Li ENTs
FOLLOW"
4
A RESOLUTIOid AWARDING $8,000,000 POLICE
HEADQUARTERS AND Cflfl1E PREVENTION FACILI-
TIES BONDS, $5, 000, 000 SANITA:;Y SEWER
BONDS, $3,000,000 STORK SEWER fl PROVE tE 1T
BONDS, AND $3,000,000 STREET AND HICIIWAY
TIPROVF2tENT BONDS OF TiiE CITY OF MIAM I,
FLORIDA
Upon analysis of the Bids received this date for the above
bonds, it is recommended that the Bonds be awarded to:
Southeast First National Bank of Miami, William R. hough & Co.,
A. G. Becker & Co., Inc„ Barnett Bank of Jacksonville, N.A.
(Joint Managers) 5.8054%
The following Bids were received:
First National City Bank in Association with:
Morgan Guaranty Trust Company of N. Y., Sato:non
Brothers, Donaldson, Lufkin & Jenrette
Securities (Joint Managers)
The Chase Manhattan Bank, N.A., Manager and
Associates
Bankers Trust Company & Associates
5.8864%
5.9333%
5.9407.
'1! FL.f0A
Nr, r. W. Andrews
City nanar,...;er
February 1.4s 1975
Site oE $19,000,000 General
Obliation “onds of the City
Director of Finance
t '
\
I'Ns-,.. absolution
1Thy/-1
'' w. a. Dailey 11 ',7"."1:.`c:Z3•
I attach a resolution which provides for the award if bids
—11
relating to $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.
The resolution was prepared by the firm of Bryant, Dickens,
Humph, Franson and Miller, Bond Counsel to the city.
WRB/p
cc - Honorable Mayor
and City Commission2rs
RESOLUTION No,
A RESOLUTION AWARDING $8,000,000 POLICE HEAD=
OUARTERS 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; 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.
75-89 duly passed and adopted by the Commission on January 23, 1975,
a Notice of Sale was published in The Miami Herald on February 11
1975, in The Miami News on February 11 , 1975, and in The Dail:
Bond Buyer on February 11 , 1975, calling for sealed bids to be
received 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 of The City of Miami, dated March 1, 1975, 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 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 March 1,
1975, and enclosing a certified or bank cashier's check or
treasurer's check for $380,000:.
(1) Bid of
offering to pay;
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (1).
(2) Bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,Odo for said Sanitary SeWer Bonds.
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (2).
(3) Bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (3).
(4) Bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement hond;,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (4).
(5) Bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (5).
(6) Bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bcnds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (6).
(7) Bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (7).
(8) Bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said Street and Highway Improvement Bonds,
and accrued interest on the Bonds from March 1, 1975 to the
date of their delivery, said Bonds bearing interest at the
rates set forth below in Column (8).
3
i
Police seau- Street ^nc!
quarters and Sanitary Storm Sewer ni�h/ax
Year of Crime Prevention Sewer zrn-"ve�eot zngrnvcmeot
.atozitv Facilities Bonds Bonds Bonds Bonds (1) z> (3) («) (s) <a) (7) (8)
I977 s 430,n:o $500'000 $ 160,000 Y aon'nno
1978 430'000 sno'000 160,800 300,000
1979 430,000 500,000 160,000 300,000
lBuU 430,000 500.000 1e0'000 300,000
1981 ozV°oOo »OV'Dnn 160,000 300,000
1982 430~000 500,000 I601000 300,000
I983 425,,000 500,000 160,000 300,000
I984 420,000 500,000 160,000 300,000
1985 420,000 500,000 160,000 300,000
1981E 420,000 500,000 zsn'ouo 300,000
1987 415,000 I60,000
ayva 415,000 155,000
1989 415,000 I55,$08
1990 4I5,000 155,000
1991 4I5,.000 I55,000
I992 4I5,880 155,000
1993 415'000 I55,000
1e94 415,000 155,000
1995 e15.000 zas'000
|
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 March 1.
1975 until their respective maturities, Was the bid of
offering to pay:
$8,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds,
$5,000,000 for said Sanitary Sewer Bonds,
$3,000,000 for said Storm Sewer Improvement Bonds, and
$3,000,000 for said S•Lreet and Highway Improvement Bonds,
and accrued interest on the Bonds from Parch 1, 1975 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
is hereby accepted and said $8,000,000 Police Headquarters and
Crime Prevention Facilities Bonds, said $5,000,000 Sanitary
Sewer Bonds, said $3,000,000 Storm Sewer Improvement Bonds.
and said $3,000,000 Street and Highway Improvement Bonds are
hereby awarded to said
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 crake
no use of the proceeds of the Bonds at any time durinc, the terra
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 5ectit)21
103(d) of the Internal Revenue Code of 1954, as amended, Js
interpreted by Sections 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 requirements 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 Certificate"
in a form which, in the opinion of Bond Counsel, is sufficient
to satisfy the requirements of the Internal Reventa 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 pasrage.
6