HomeMy WebLinkAboutR-75-07964
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RESOLUTION No.75!496
A RESOLUT/ON PROVIDING PoR THE SALE OP $2,000,000
POLICE HEADQUARTERS AND CRIME PREVENT/ON PACILITIES
BONDS AND $5,000,000 SANITARY SEWER BONDS oP THt CITY
OP MIAMI, PLORIDAt SETTING PORTH THE METH0D OP PAYMENT
OP INTEREST; SETTING PORTH THE PORM OP NoTicn POR
BIDS POR SAID BONDS: DIRECTINC PUBLICAT/ON OP NOTICE
OP SALE OP SA/D BONDS; PROVIIANG POR THE BIDS TO BE
OPENED ON OCTOBER 0, 1075; SETTING ?OATH THE METHOD
OP BIDD/NG; AND SETTING PORTH THE PORM OP THE BIDS.
WHEREAS, the COMMigaibh of the City of Miami (hereita ter
sometimes called the "City Commission") on the 23td 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
be 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
and
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
WHEREAS, the City Commission on the 23rd day of July, 1970
duly passed and adopted the following resolution providing for the
"DOCUMENT IN EX
issuance of bonds of the city:
ITEM NO. f
Resolution No, 41758 providing for the issuance of not
exceeding $25,000,000 Sanitary Sewer Bonds to consist
CITY COMMISMN
MEETING OF
SEP 4 l'75
Mettfrictti ftQlsc.:4! 974
KMAR14;
of 5,000 bonds of the donomination of $ -,, 000 each,
said bonds tb be issued at ohe time or from time
to time and to be dated and sold as herca ter pro-
vided by resolution or resolutions of the City
Commission, and to Mature as follows;
Year Aftar Principal Year After Principal
Vie,, fir_ bes �:it5titba t ,... _or bates ,_Atioun a_
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 S00,000
9 2,050,000 19 500,000
10 2,050,000 20 500,000
11 2,050,000
and
WlER:AS, 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 bark
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 $15,000,000 Police
Headquarters and Crime Prevention Facilities Bonds in two separate
issuancesof $1,500,000 each dated as of October 1, 1970 and
June 1, 1972, respectively, one separate issuance of $4,000,000
dated as of September 1, 1973, and one separate issuance of $8,000,000
dated as of March 1, 1975, thereby reducing the authorized
but unissued portions of said bond authorization to $5,000,000;
and
WHEREAS, the City has heretofore issued $17, 000, 000
Sanitary Sewer Bonds in three separate issuances, one in the amount
2
7, 00,000 dated a s f October 1, 1570, one inte amount tf
000,000 dated at of dune 1, 157 , and one ih the amount of
000,000 dated as of March 1, 155, t' E,reby reducing the
authorized but unissued portion of said bond author'igaticn to
0,000,000f and
WttREAS, the City Commission has determined:
(a) that $ , 000,000 in principal amount of said authorised
but unissued $5,000 000 police Headquarters and Crime Prevention
Facilities Bonds consisting of 400 Bonds of the denomination of
$5,000 each shall be issued and sold at this time, said Bonds to
be dated, to be numbered aid to mature as hereinafter provided:
(b) that $5,000,000 in principal amount of said authorized
but unissued $8,000,000 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 none of said Bonds shall be redeemable prior
to their respective maturities;
(d) that the principal of and the interest on said Bonds
shall be payable at the banks hereinafter designated; and
(e) 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 Two Million Dollars ($2,000,000),
being a portion of the $5,000,000 Bonds authorized but unissued as
hereinabove described. Said Bonds shall be dated as of the 1st day
of October, 1975, shall consist of 400 Bonds of the denomination of
$5,000 each, numbered 1 to 400, 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 October
in the following years and in the following amounts, respectively:
1 ,
4 ,
t of Principal
tar ity, ,Attouttt
1977 $110,000
1978 105,000
1979 105.0000
1980 105,000
1981 105,000
1082 105,000
1983 105,000
1984 105,000
1985 105,000
1986 105,000
Year of
Maturity
198/
1988
1989
1990
1991
1992
1993
1994
1995
Principal
PokOWVt
$105,000
105,000
105,000
105,000
105,000
105,000
105,000
105,000
105,000
Section 2 There shall be issued and told at this time
said Sanitary Sewer Bonds in the aggregate principal amount of
rive Million Dollars ($5,000,000), being a portion of the
$8,000,000 Bonds authorized but unissued as hereinabove
described. Said Bonds shall be dated as of the lst day of
October, 1975, shall consist of 1000 Bonds of the denomination
of $5,000 each, numbered 1 to 1000, 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 October
in the following years and in the following amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
in the Borough of Manhattan, City and State of New York, or at
Crime Prevention Facilities Bonds and Sanitary Sewer Bonds
shall be payable semi-annually on the 1st day of April and October
Continental Illinois National Bank and Trust Company of Chicago,
4
shall be payable at The Chase Manhattan Dank (National AssociatIon)
in each year, and both the principal of and interest on said Bonds
1984
1985
1986
Section 3. Interest on said Police Headquarters and
355,000
355,000
355,000
1994
1995 170,000
160,000
1977 $355,000 1987 $160,000
1978 355,000 1988 160,000
1979 355,000 1989 160,000
1980 355,000 1990 160,000
1981 355,000 1991 160,000
1982 355,000 1992 160,000
1983 355,000 1993 160,000
the City of Chicago Illinois, o
at Plbtida National hank grid
Trutt Company at Miami, in the City of Miami, Florida, at the optic n
of the holder or registered owner.
stetihn 4. The Director of Fitahce is hereby authorised
and directed tO publish a notice balling for bide for Laid fonds
in The Miami Herald arid ti _ Miami _,Mews, daily fiewspapers of general
circulation published in the City of Miami, Florida, and in The
t a ly,`.�tont ..,:Huger, a financial journal published in New York City
and devoted primarily to municipal bands, 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 it the following form:
the City of Chicago, Illinois, or at Florida National tank and
'Trutt Company at Miami, ih the City of Miami, Florida, at the option
of the holder or registered owner.
Section 4 The Director of Pinance is hereby authorized
and directed to publish a notice calling for bits for said Bonds
it !the H,..Miami h..lteratld and ,The Miemi._ News, daily newspapers cif general
circulation published in the City of Miami, Plorida, and it Tte
baily_t arts ,,.utuye ', a financial journal published in New York City:
arid devoted primarily to municipal bonds each of such publications
to be trade at least ten (10) days before the date for the receipt
of bids, which notice shall be substantially in the following form:
NOTICE OP SALE
$7,000 000 PoNDS
OP
THE C/TY oF M/AMI, tiORIDA
$2,000,000 Police Headquarters and CrifPreVentift
Facilities Bonds
$5,000,000 Sanitary Sewer 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 Xey, Miami, Florida, until 11 o'clock
A.M„ stern Daylight Time, on
Thursday, October 9, 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
October 1, 1975:
$2,000,000 POLICE HEADQUARTERS AND CRIME
PREVENTION FACILITIES BONDS, maturing
annually, October 1, without option of prior
redemption as follows:
Year of Principal Year of Principal
A maturity Amount maturity Amount
1977 $110,000 1987 $105,000
1978 105,000 1988 105,000
1979 105,000 1969 105,000
1980 105,000 1990 105,000
1981 105,000 1991 105,000
1982 105,000 1992 105,000
1983 105,000 1993 105,000
1084 105,000 1994 105,000
1985 105,000 1995 105,000
1986 105,000
$5,000,000 SANITARY SEWER BONDS maturing
annually, October 1, without option of prior
redemption, as follows:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1977 $355,000 1-987 $160,000
1978 355,000 1988 160,000
1979 355,000 1989 160,000
1980 355,000 1990 160,000
1981 355,000 1991 160,000
1982 355,000 1992 160,000
1983 355,000 1993 160,000
1984 355,000 1994 160,000
1985 355,000 1995 170,000
1986 355,000
6
nunrmiuM.
Denomination of $S,000 each coupon bonds registrable as
to principal alone and also as to both principal and interest;
principal and semi-annual interest (April 1 and cotober 1)
payable at The Chase Manhattan Bank (National Association), in
the Borough of Manhattan, City and State of NeW `ork, or at
Continental 111inois National Bankt and Trutt Company of Chicago,
in the City of Chicago, Illinois, or at Florida National Bank
and Trust Company at Miami, in the City of Miami, plorida, 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 arid Crime Prevention Facilities
Bonds and the Sanitary Sewer Bonds were validated by judgment
of the Circuit Court of Dade County, Florida, on September S, 1970,
and no appeal was taken therefrom.
A separate bid for each issue is required, but no bid
for less than all of the $7,000,000 Bonds offered or at a
price of less than par plus accrued interest will be 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 Bonds of all issues maturing on the same date must bear
interest at the same rate. No Bonds shall bear more than one
rate of interest which shall be uniform for the life of the Bonds,
and the interest payable on any Bond on any interest payment daze
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,
,4
Mich 'cost to be determined by deduct i j the total amount of and,
premium bid from the aggregate amout7L of interest upon all of the
Bonds from October 1, 1075 until theit respective maturities.
Each bid gust be submitted on a form to be furnished by
the undersigned Director of Iinanee, enclosed ih a sealed
envelope marked "Did for Dodds", and roust be accompanied by a
certified or bank cashier's or treasurer's check upon an
incorporated bank or trust company for $140,000.00 payable
unconditionally to the order of the City of Miami, on which no
interest will be 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 encashed 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 and the proceeds thereof retained
as and for the full liquidated damages.
The unqualified approving opinion of Bryant, Dickens,
Franson 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 October 29, 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 : l IAMI
By; W,R. B;;ILEY
Director of Finance
SOCt Oh 5, The form t c t tod to il, the N Stier of 8,Ato
Ott forth in Setti in 4 above and on which all bids are required to
be male eha1t be substantially as f allews:
Bib F'0R BONDS
Comittion of the
City of Miami, Florida
Sirs:
1 75
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 $2,000,000 Police Headquarters and Crime Prevention
Facilities Bonds and $5,000,000 Sanitary Sewer Bonds maturing and
bearing interest as follows:
Police Head-
quarters and Sanitary
Year of Crime Prevention Sewer Interest
Maturity Facilities Bonds Bonds Rate
1977 $110,000 $355,000 %
1978 105,000 355,000 %
1979 105,000 355,000 %
1980 105,000 355,000
1981 105,000 355,000
1982 105,000 355,000 %
1983 105,000 355,000 %
1984 105,000 355,000 %
1985 105,000 355,000 %
1986 105,000 355,000
1987 105,000 160,000
1988 105,000 160,000 %
1989 105,000 160,000 %
1990 105,000 160,000 %
1991 105,000 160,000 %
1992 105,000 160,000 %
1993 105,000 160,000
1994 105,000 160,000
1995 105,000 170,000
we will pay the following amounts;
(1) $2,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds and
(2) $5,000,000 for said Sanitary Sewer Bonds,
9
i
us a premium offor all tit sa i is k ttti,
premium it to be allocated to each iesue as provided its said Notice
of Sale. We will also pay accrued interest On the 3onds from
October 1, 1975 to the date of their delivery,
We enclose herewith a certified or bank cashiera tar
treasurer's check for $140,000 payable to the order of the
City of Miami, Florida, which check is to be applied or returned
in accordance with the Notice of Sale.
The closing papers referred to in the Notice of Sale are
to include a certificate, dated as of the date of the delivery
of the Bonds, stating that there is no litigation pending or,
to the knowledge of the signer of such certificate, threatened
affecting the validity of the Bonds.
(No addition or alteration, except as
provided above, is to be made to this bid.)
* * * * * * * * * * * * * * * * * * * * * * * * * *
The following is our computation, not to be considered as
part of our bid, of the interest cost to the city under the terms
of our bid:
Aggregate interest on Bonds
computed from October 1, 1975
Less premium
Net interest cost
Average interest cost rate
(to four decimal places)
Section 6. The Director of Finance is hereby directed to
cause an Official Statement to be prepared, containing a copy of
the foregoing Notice of Sale and the form on which bids are required
to be submitted, and also financial and statistical information
concerning the City, and to furnish copies of such Official
Statement to all interested bidders.
Section 7. There shall be printed on the reverse side of each
of said Bonds the legal opinion of Bryant, Pickens, Franson and
10
lier as 1 o id Counsel respecting the validity of said Honds
end$ immediately following such legal opinion, a certificate si ii'ed
With the facsimile signature of the city Clerk substantially as
fcliowtt
"1 MREtY CERT1PY that the foregoing is a true and
correct copy of the legal opinion upon the bonds
therein described which was manually signed by
Dryant Dickens. Pranton and Miller, Tallahatseeo
plcrida, and was dated as of the delivery of
and payment for said tondst
• • • • • • • - tie i • ♦•. i i • (�Cacs mile . S ignatue)i4 i 4 • ♦ i i • i i '• • • ••
City Clerk of the City of Miami, C iorida •"
Section 8. All resolutions or parts of resolutions
heretofore adopted inconsistent with this resolution are hereby
repealed.
Section 9. This resolution shall be in full force and
effect immediately upon its passage.
PASSED AND ADOPTED THIS 4TH day of September, 1975.
tESOhUTIoN No.7 -7 6
A REB0LUT10N PROVID/NC; roR THE SALE or $2, 000, 000
POLICE HEADQUARTERS AND CRIME PREVENTION PAC1LIT7.FS
DONS AND $5, 000., 000 SANITARY SEWER BONDS or THE CITY
OF MIAMI, P ORIDA; SE'TIN6 rORTH THE METHOD of PAYMENT
OF INTEREST; SETTING FORTH THE FORM OR NOTICE POR
BIDS FOR SAID BONDS; DIRECTING POBI,ICATIoN or NorIcE
OF SALE OP SAID BONDS; PROVIDING PoR THE BIDS To BE
OPENED ON OCTOBER 9, 1975; SETTING FORTH THE METHoD
OF BIDDING; AND SETT/ tG PoRTH THE FORM OF THE BIDS.
WHEREAS, the Commission of the City of Miami (hereinafter
sometimes called the "City 'Commission") on the 23rd day of uuly,
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
be 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 3,050,000
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
WHEREAS, 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:
Resolution No. 41758 providing for the issuance of not
exceeding $25,000,000 Sanitary Sewer Bonds to consist
CITY COMMISSION
MEETING OF
SEP 4 1975
RESOLUTION NO . ! 7?‘
of 5,000 bonds of the donomination 01.0,000 tiachi
Said bonds tO be issued at one tittle or frOm time
tO time and to be dated and sold as hereafter pro-
vided by reaolution or resolutions of the City
COMMiSSion, and to mature as follows:
Year After Principal Yoar After Prggit5lt
Date Or_Dates .Att(511ht, bate or Dates
2 $200500000 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
6 2,050,000 16 500,000
9 2, 050, 000 19 500,000
10 2,050,000 20 500,000
11 2,050,000
and
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 $15,000,000 Police
Headquarters and Crime Prevention Facilities Bonds in two separate
issuancesof $1,500,000 each dated as of October 1, 1970 and
June 1, 1972, respectively, one separate issuance of $4,000,000
dated as of September 1, 1973, and one separate issuance of $8,000,000
dated as of March 1, 1975, thereby reducing the authorized
but unissued portions of said bond authorization to $5,000,000;
and
WHEREAS, the City has heretofore issued $17,000,000
Sanitary Sewer Bonds in three separate issuances, one in the amount
2
Of $7,000,000 dated ag bE OctOber 1, 1970, one ih the amouht of
$5,000,000 dated as bE JUhe 1, 1972, and one ih the amount of
$5,000 000 dated ag bE March 1, 1975, theteby reducing the
authorized but unissued portion of said 1)cond authoritation to
$8,000,000; and
WHtittAS, the City Commission has detettihed:
(a) that $2,000,000 in principal amoutit of said authoriaed
but unissued .5,000,000 Police headquarters and Crime Prevehtioh
Pacilities Bonds consisting of 400 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:
(b) that $5,000,000 in principal amount of said authorized
but unissued $8,000,000 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 none of said Bonds shall be redeemable prior
to their respective maturities;
(d) that the principal of and the interest on said Bonds
shall be payable at the banks hereinafter designated; and
(e) 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 Two Million Dollars ($2,000,000),
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 October, 1975, shall consist of 400 Bonds of the denomination of
$5,000 each, numbered 1 to 400, 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 lst day of October
in the following years and in the following amounts, respectively:
3
1
•
•
Year of
Mkt Uri ty
1977
1978
1979
1980
1981
1982
1981
1984
1985
1986
principal Year of Principal
Amount MaturitY Amount
$110,000 1987 $105,000
105,000 1988 105,000
105,000 1989 105,000
105,000 1990 105,000
105,000 1991 105,000
105,000 1992 105,000
105,000 1993 105,000
105,000 1994 105,000
105,000 1995 105,000
105,000
Section 2. There shall be issued and sold at this time
said Sanitary Sewer Bonds in the aggregate principal amount of
rive Million Dollars ($5,000,000), being a portion of the
$8,000,000 Bonds authorized but unissued as hereinabove
described. Said Bonds shall be dated as of the 1st day of
October, 1975, shall consist of 1000 Bonds of the denomination
of $5,000 each, numbered 1 to 1000, 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 October
in the following years and in the following amounts, respectively:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1977 $355,000
1978 355,000
1979 355,000
1980 355,000
1981 355,000
1982 355,000
1983 355,000
1984 355,000
1985 355,000
1986 355,000
1987 $160,000
1988 160,000
1989 160,000
1990 160,000
1991 160,000
1992 160,000
1993 160,000
1994 160,000
1995 170,000
Section 3. Interest on said Police Headquarters and
Crime Prevention Facilities Bonds and Sanitary Sewer Bonds
shall be payable semi-annually on the lst day of April and October
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,
4
s
in the City of Chicago, iliinois, Or at Plor ida National r3an1 and
Prunt Company at Miami, in the City of Miami. ?lorida, at the option
of the holden or registered owner.
Section 4. The 17irector of Finance is hereby authori2ed
and directed to publish a notice calling for bids for said 13bnde
in Th0 Miarri _.liera.1,d at7d 'he,M ,;a ii...lveWs, daily newspapers of yenetal
circulation published in the City of Miatni, tlorida,, and ill The
bar, ly`.,13ond, 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 forth:
NOTICE OF SALE
$/,000.000 BoND8
°V
THE CITY OP M1AMt, itoRIDA
$2,000,00° Police Headquarters and Crime Prevention
Facilities Bonds
$5,000,000 Sanitary SeWer 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 Xey, Miami, Florida, until 11 o'clock
Eastern Daylight Time, on
Thursday, October 9, 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
October 1, 1975:
Year of
Maturity
1977
1978
1979
1980
1981
1982
1983
1084
1985
1986
$2,000,000 POLICE HEADQUARTERS AND CRIME
PREVENTION FACILITIES BONDS, maturing
annually, October 1, without option of prior
redemption as follows:
Principal Year of Principal
_ Amount Maturity Amount
$110,000 1987 $105,000
105,000 1q88 105,000
105,000 1989 105,000
105,000 1990 105,000
105,000 1991 105,000
105,000 1992 105,000
105,000 1993 105,000
105,000 1994 105,000
105,000 1995 105,000
105,000
$5,000,000 SANITARY SEWER BONDS maturing
annually, October 1, without option of prior
redemption, as follows:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1977 $355,000 1987 1.60,000
1978 355,000 1988 160,000
1979 355,000 1989 160,000
1980 355,000 1990 160,000
1981 355,000 1991 160,000
1982 355,000 1992 160,000
1983 355,000 1993 160,000
1984 355,000 1994 160,000
1985 355,000 1995 170,000
1986 355,000
Denomination of $ , 0b0 each coupon bonds registrable as
tO principal alone and also as to both principal and interest;
principal arid semi-annual interest (April 1 and October 1)
payable at The Chase Manhattan Bank (National Association), in
the 8brtugh of .Manhattan, City and State of New York, or at
Continental Illinois National Batik 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, rlorida, 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 bade County, Florida, on September 8, 1970,
and no appeal was taken therefrom.
A separate bid for each issue is required, but no bid
for less than all of the $7,000,000 Bonds offered or at a
price of less than par plus accrued interest will be 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/Z%) 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 Bonds of all issues maturing on the same date must bear
interest at the same rate. No Bonds shall bear more than one
rate of interest which shall be 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,
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atioh coot to be determined by dednoting the total a Mouht of any
premium bid from the aggregate thounL of interest upon all of the
tondo from October 1, 1975 until their reopective maturitiets
Each bid mutt be submitted on a form to be furnished by
the undersigned birector of Pinanct, enclosed it a sealed
envelope marked "tid for tondo", and must be accompanied by a
certified or bank cashier's or treasurer's cheek upon an
incorporated bank or trust company for $140,000.00 payable
unconditionally to the •order of the city of Miami, on which no
interest will be 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 and the proceeds thereof retained
as and for the full liquidated damages.
The unqualified approving opinion of Bryant, Dickens,
Franson 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 October 29, 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 CT muimI
By; W.R. BAILEY
Director of Finance
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/777-777-.7,-,
geetibb it The form rotoriod to in the Notioo ot Salt,
att forth it Section 4 above aid or which all bid a are required to
be made hall be aubatattially aa follows:
BIi F0t ONDS
Commiation of the
City of Miami, Florida
Sirt:
197S
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 $2,000,000 Police Headquarters and Crime Prevention
Facilities Bonds and $5,000,000 Sanitary Sewer Bonds maturing and
bearing interest as follows:
Police Head-
quarters and Sanitary
Year of Crime Prevention Sewer Interest
Maturity Facilities Bonds Bonds Rate
1977 $110,000 $355,000 %
1978 105,000 355,000 %
1979 105,000 355,000 %
1980 105,000 355,000 %
1981 105,000 355,000 %
1982 105,000 355,000 %
1983 105,000 355,000 %
1984 105,000 355,000 %
1985 105,000 355,000 %
1986 105,000 355,000 %
1987 105,000 160,000 %
1988 105,000 160,000 %
1989 105,000 160,000 %
1990 105,000 160,000 %
1991 105,000 160,000 %
1992 105,000 160,000 %
1993 105,000 160,000 %
1994 105,000 160,000 %
1995 105,000 170,000 %
we will pay the following amounts;
(1) $2,000,000 for said Police Headquarters and Crime
Prevention Facilities Bonds and
(2) $5,000,000 for said sanitary Sewer Bonds,
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A
plus a premium of for all s said Wilds, w]t i h
premium is to be allocated to each issue as provided its said Notice
of Sale. We will alto pay acerued interest tin the Bonds from
October 1, 1975 to the date of their delivery.
We enclose herewith a certified or bank cashier's or'
treasurer's check for $140 000 payable to the order of the
City of Miami, 1''lorida , 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.
(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 October 1, 1975
Less premium
Net interest cost $
Average interest cost rate
(to four decimal places)
c
Section 6. 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 7. There shall be printed on the reverse side of each
of said Bonds the legal opinion of yryant, Pickens, Franson and
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Miller as fond Counsel respecting the validity of said Bonds
end, immediately following swing such legal opinion, a certificate signed
with the facsimile denature of the City Clerk substantially as
follows
° I RgREBY CEkTIPY that the foregoing is a true and
correct copy of the legal opinion upon the Bands
therein described which was manually signed by
Bryant, biokens, Pranson and Miller, Tallahassee,
Florida, and was dated as of the delivery of
and payment for said bonds.
♦......f ♦.♦............♦(?acsitnile Signature)....... If ..
City Clerk of the City of Miami, Florida."
Section g. All resolutions or parts of resolutions
heretofore adopted inconsistent with this resolution are hereby
repealed.
Section 9. This resolution shall be in full force and
effect immediately upon its passage.
PASSED AND ADOPTED THIS 4TH day of September, 1975.
CI 01,"-tAIA11!, Fl.:1q",.11•1A
.irtr-&,17.).1:1C•Et.:
- •
P, 14, Andrews
City Manager
2
PMt
1 / .
Director of Finanee
Anp,m,t 26, 1975
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ItootutiOn. PrOvidin3 fOr Sale of • .
$7000;000 General Ohliation fonds
of the City Of nia.:11.
The Lttached Resolution provides fnr sal of the folluoin.;
General Obligation Bonds of the City and in tha
aiitonnts:
$2,000,000 Police licadr;narturs and Cricle
Prevention Fao.ilities Bonds
$5,000,000 ;-;lnitnry Sovr Bonds
The llo-lolution al:w provides for the nethod of pay:lent of
intcrost; sets forth the foot of i:otice for Bids For the
bond:: and directs phlicatiun of ::otiee of Sale, and ceLc
fo.:th the mthod of b;Jdin,; ..Ind font of the hids.
The aZtached Ps -solution %lei; prepared by Lite iir:.t nr
Bryan:, Dickenu, Fransoil and Nilt-r, Boni a-H.111.3(A to the
City.
Bids ere to be received by the City Commission and opened
at 11:00 A.11. on October 9, 1975.
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