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HomeMy WebLinkAboutR-75-0945RESOLUTION NO. 75-9 5 A RESOLUTION AWARDING $2,000,000 p►)1.1C:E HEADQUARTERS AND CRIME PREVENTION TIES BONDS AND S5,000,000 SANITARY SEWER BONDS OF TIIE CITY OF M IAM t, 1 U)I; II)A; CONTAINING A COVENANT PROIIIBIT'INC; EXCESSIVE ARBITRAGE; Arri'}10RIZING VARIOUS OFFICES OF THE C IT1' UI' :' 1:W11 TO E::ECL f: ,1;': AM; I'f?t,\t;E CERTIFICATE. BE IT RESOLVED RY TUE C0N111SsION O1' TUE CITY O1: :M IAMI, FLORIDA: Section 1. The Commission has ascertained and determined and dots hereby declare that: (a) in accordance with the lruvi::Ions of Resolution :,o. 75..796 duly ,>asscd and adopted by the Co;,unission on ei)tember 4, 1975, a Notice of sale was published in The Miami. :k rald on September 26, 1975, in The :;ia►,i News on september 26, l975, and in The Daily Bond Buyer on Septe?lbcr 26, 1975, caltin;, :or sealed bids to be received tor $2,000 000 Police Aeadquarters and grime Prevention utilities Bonds and S5,000,000 Sanitary Sewer Bonds o. The City of Miami, dated October 1, 1975, the publication of such Notices of Sale on such days being hereby ratified and approved. ib) .1t 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 Sato, each bid offering to pay accrued interest from October 1, 1975, and enclosing a certified or bank cashier's check or treasurer': check :or S140,000: (1 ► Bid of Southeast !'ir►:t National }lank of :;harm, William R. Hough . Co., A. Becker & Co., Inc., Barnett Bank of Jacksonville, N.A. offering to pay: "DOCUME 1T INDEX S2,000,000 for said Police headquarters and CrimiJTEM NO. Prevention Facilities Sands, and $5.000,000 for said Sanitary Sewer Bonds, and accrued interest on the Bonds from October 1. 1975 to th date of their delivery, said Bonds bearing interest at the rates set iortb below in Column (1). "SUPPORTIVE DOCUMENTS F'CLLOW" CITY COM%14Ss: z N MEETING OF OCT 9 t975 It (2) Bid of The First Bost Corporation For the Tanagers offering to pay: S2,000,000 for said Pol ice Headquarters and Crime Prevention Facilities Bonds, and $5,000,000 for said Sanitary ewer Bonds, plus a premium or $1,920.55 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 October 1, 1975 to the date of their delivery, said fonds bearing interest at the rates set forth below in Column (2). (3) Hid of The Chase :'.inhattan Rank, ;;.A., (,oldman, Sachs Co., And Associates, Jt. Mgrs. offering to nay: S2,000,000 for said Police Headquarters and (:rime Prevention Facilities Bonds, and S5,000,000 for said Sanitary Sewer Bonds, -+1us a nrer:i_um of slo0.00 for all of said Bonds, which nrimittt;, is to be allocated to each issue as provided in the :;ot i ce of 'ale, and accru.•d interest on the Bonds from ►ctobe r 1, M5 to the date of their (delivery, said Bonds bearing interest at the rates set forth below in Column (3). (4) Bid of Bankers ":rust Company :Associates offering to nay: S2,000,000 for said Police Headquarters and Crime Prevention Facilities Bonds, and $5,000,000 for said Sanitary Sewer Bonds, plus a premium of S1,236.69 for all of said Bonds, which premium is to be allocated to each issue as provided in the ::otice of Sate, and accrued interest on the Bonds from October 1, 1975 to the date of tiwir delivery, said Bonds bearing interest at tlw rates set forth below in Column (4). (5) aid of Chemical Hassle offering to pay: sets �,*tt'c 040ir t S2,000,(l00 for said Police Headquarters and Crime Prevention racilities Bonds, anti $5,000,000 for said Sanitary Sewer Bonds, plus n premium of $508.10 for all of said fiends, which premium is to he allocated to each issue as provided in the :'otice of Sale, and accrued interest on the Bonds from fctober 1, 1975 to the date of their delivery, said Bonds hearing interest at the rates set forth below in Column (5). (6) Bid of Halsey, Stuart & Co. Inc. Affiliate of Bache & Co. incorporated And Associates ofsering to pay: S2,000,00u for :;aid Police Headquarters and Crime Prevention Facilities Bonds, and $5,000.000 for said Sanitary Sewer Bonds. plus a premium of $1,400.00 for ail of said Bonds, which premium is to he allocated to each issue as provided in the 2;otice of .gale, and accrued interest on the 'Bonds wrom 0ctober 1, I't; . to the plate of their delivery, said Bonds bearing interest at the rate: sit forth below in Column tb►. (7) Bid of Lynch, Pierce, Fenner Smith Incorporated and Associates offering to pay: $2,000.000 for said Police headquarters and Crime Prevention Facilities Bonds, and 55,000,000 for saki Sanitary Sewer Bonds, plus a prep,►iu; of $1,747, 00 for all of :.aV Bonds, which premium is to be allocated to each issue as provide in the Notice ice ca ' .;ale, and accrued interest on the Bonds from October 1, !973 to Cie date o:' their delivery, said Bonds bearing interest at the rate's scat forth below in Column (7). (K) Iiid of First National City liana;, Tile Northern Trust Company, ►:ontinental Illinois National Bank Trust Company of Chicago, `A'leden C. Cu.. Inc., W. 1i. !Orton L' Co. (Div. of Amer. ::p. Co.), Or1 ich•Iiabrr Company „)ferin4 to pad: ■ $2,000,000 for said Police Headquarters and Crime Prevention i'acilities Bonds, and $55,000,000 for said Sanitary :.ewer Bonds, and accrued interest on the Bonds rom October 1, 1975 to the date of their delivery, said Bonds bearing interest at the rates set forth below In Column (8) (9) Bid of Norgan (;uaranty ";'rust Company of New )or1;, tialomon I;rothers, Donaldson, Lufkin & Jenrette, inc. offering to pay: $2,000,000 for said Police Headquarters and Crime Prevention facilities ;fonds, and S5,000,000 for said Sanitary Sewer Bonds, plus a premium of S653.0C for all of said Bonds, which premium is to be allocated to each issue as provided in the Notice o - Sale, and accrued interest on the Bonds from October 1, 197 to the date of their delivery, said Bonds bearing interest at the rates set forth below in Column (91. I Police Head- quarters and Sanitary Vca : c! Cr irnz P re yen t ion Sewer (1) (21 J3) (4) (5) 1--•ri ty Fac il it. ics Bonds Bonds _ 1 )77 $ 110,000 $355,000 , . , ; )76 105,000 355,000 . . . 5 1 ) 19 105,000 355,000 -. , . i. . 1' 0 105,000 355,000 . ;5 . , • 1 ,.,1 10`.i, 000 355,000 . ) . „ .-, 105, 000 355, 000 105, 000 355.000 . ) .., . , 1 • 34 105, OCO 355, 000 .., . -; . : ••;.:1 105,000 355,000 .1 •S e• . (1 0 L 1_05, OGO 355,000 ..', i, 1 , , ) .• 105.000 160,000 • .4 t..4 .3 1 . s : 05,000 160,000 • , . . , . •• i .e.:•.." 105,000 160, 000 7 • • • .• • l' . 10 105.000 160,000 . . . : • _:: ! 05 , C.)00 160, 000 ". • ..i 1 .i05, 000 160, GOO •.1 • 1 - y3 I. -iSi, 000 160,000 .1 , 1 • ; 103, 000 160,000 , ; ., , ,. 1 . ' • OP 105, 000 170,000 ;. 1 J.: , J. . J • ) tile0 =Lao °woo CO0 1110111I_IIIIuI■I■III■.IIIIIIIIIIIIII° I Of 1'431icu. 'lead - cluryr tor, and Sanitary • C r._^ ^ .)rule.': Lion Sewer (6) (7) (8) (9) 1.) t 3.r'` i+cnds i3on(l .:377 . 110,000 $355,000 97i 105,000 355,000 179 105,000 355.000 ';';J .1.05,000 355,000 ;. i. 105,000 355, 00C . ');,w 105,000 355,000 ..i, J 105,000 355,000 1;,7.4 105.000 355,000 10 000 355,000 : 9. 107,000 355,000 1 5. 000 160,000 105,000 160,000 ' 105,000 160,000 U 105,000 160,000 ' i(.;1. l05, 000 160,000 10 300 160,000 105.003 160,000 10 r)00 ]G0, 000 ; 7: 10, 000 170,000 1.5 • r 1 7. 4 • , • • :Section 2. The bid offering to purchase said Bonds at the lowest interest cost to the City, eiUch cost being determined by deducting the total amount of any premium bid Cron the aggregate amount of interest upon all of the Bonds from October 1, 1975 until their respective maturities, was the bid ov. Southeast First National Bank of :.A..Uni, William B. Hough IS Co., A. :• Becker & Co., Inc„. Barnett Bank of Jacksonville, N.A. offering to poly: S2,OOO.0O0 for said Police let adquarters and Crime Prevention Facilities Bonds, and S5,000,000 for said 'Sanitary Sewer Bonds. and accrued interest on the Bonds from October 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 iami. ::'i l ia(n i.. dough c Co., A. • Becker & Co., lnc. , Barnett Bank of Jacksonville, N.A. is hereby accepted and said $2,000,000 Police Headquarters and Criss. Prevention facilities Bonds and said 05,000,000 Sanitary Sewer Bonds are hereby awarded to said Southeast first National Bank of ;liami, William R. Hough Co., A. Becker & Co., inc., Barnett 'iani: of Jacksonville. N.A. at the price set forth in Section 2 above offered for said Bonds bearing interest at they rates set forth in Column (1) of the tabulation in Section 1 above, and said Bonds shall bear interest at said rates. Suction 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 thy date tie Ronda were issued, would have caused such Bonds to be ":-+rbitrage bonds'' within the meaning of Section 103(d) of the Internal Revenue code of 1954. as amended, as interpreted .7. 111111111111 1111111111111011 by Sections 1.103•l3 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 Pevenue Code of 1954, as amended, and to comply with the requirements or 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 rapers referred to in the Notice of Sale shall include an "Arbitrage Certificate" in a forri which, in the opinion of Eiond counsel, is sufficient to satisfy the requirer:ients o the: internal :revenue code and Treasury (.‘ti.0 t at itin:-, set forth above. The :`ayor, the City t'lc r. and the ' inancL• Hirector of the city of i.ami, or any one of then, are I), r.by ;iuthorir.ed to :.i;;n said ".arbitrage Certi- i catc" and any oth* r n _ cussar" papers in connection therewith. Section >. This resolution shall he in full force and effect immediately upon its pnssa e. PASED '.':1? :!)OPTED this 9th day or October, 1975. "tauricc '1. Fe re i i 1 M' Tf Attest: li• D. ©utha APPROVED AS TO FORM AND CORRECTNESS: JOiiN S. LI,,OXD, City Attorney City Clerk "SUPPORTIVE DOCUMENTS FOLLOW' ASSIRIMISINIONOWN. elo• 11111164.1100.1.01...... .......6•••• • MCMOOPANOt to. :.irs P. Y. Andrew,; CiLy nant..Lor t , . R. Sail.:y Oiroctor of Findn,:v SepLtl-b,,r 22, 1975 rt Salt or si,000,000 cv eral abligatton Bonds 01 th,! City ROziOlUtiUn I attach a resolution which provides for the award of bids rolatinA. to $5,000,060 Sanitary Sower Bonds and $2,000,000 Police Headquarters and Crime Prvntion Facilities Bonds of the (;!ty. The resolution uas prepared by the firm of Bryant, Dickens, Franson and I.A1Ler, Bond Counsel to the City. cc - lionoL'able :layor lit! City f nt)nTIVE k,../•\ r,;( ; 1FNTS FOLLOW" BID If 9,40e*,(44,4 ItRMdPolice _re+ ices t DATE MD! RECEIVED 9, 197i WOOER TYPE OP SECuRitY AST • FOR ACCOYMTWO Vil Southeastern Micro_gra4phicd,lnc. $206.50 (ea. working day) _ 18b33 S.W. 105 Avenue Miami, Florida 33157 $52,125.00 (250 working days) r _ Miami Microfilm Services,tnc. $200.00 (ea. working day) • 1195 K.W. &lst Street Miami, Florida 33150 $50,000.00 (250 working days) Digital Equipment Corporation $223.60 (ea. working day) Suite 130 -7001 Lake Elienor Dr. Orlando, Fla. 32809 $55,900.00 (250 working days) - TtNrd, -,-v's _, ,imp--; R.ceiv.l rho Wm' dssc•ii+d chocks this d.r of 10 0R ACCOUNTING Di%+swN r L DEPT ICA ACCOUNT CODE 81D NO. • .t • PREPARED ev • PHONE • DATE 7 * I"Et4I btliefitilstiON ,au ANT it UNI Patv.:E r t TOTAL \ 4 k*, • 1$ '' JIM :Pi% 'I' A Mr) 44 t **UN ? 1001,011 \ , - • Ala itt t EcTiMATE0 COST: APPROvED SY : CONTRACTUAL: $ INCIDENTAL : 'TOTAL SOIJRCe. OF 14 iilif'd it, by EXPENDITURE CONTROL. $ '• FUNDS: Et I DS TO BE SECURED FOR i ^ t • t ;7' re I I", • ! J r FOR THE DEPARTMENT OF: • I i; ADVERTISE ON BIDS TO BE RECEIVED ON coP %SWIM OPARtigalt perclerl- f FUNDS AVAILABLE FOR PROJECT INVOLVED xsieMprullIg COooTioia.gat "SUPPORTIVE DOCUMENTS -FOLLOW" PROJEC r (,.ODE AD Cove h6145,‘ Vial • .14 4bedp toPIES Triserrelieskog swore IF O&M NI ;NIS - "KV v. (40 waver City UM ..Elipeterw (cowl Isaias Delhainlawf 04ior Valsi 114.41100141 wage,' pow C ANIAR CAA 004.0W100 1 , r no 10:00 o'clock A.. 9, 1175 #l'or fu;nishinrd contraC.,.el :eviuos of aa Or.Nating Sy!lt. Sdcia',1%1, a icr,),,r1 z!nd a As“1 Spcicialist in oi...Lmr.Olor. L;r0o r ai . tL. .ft00 Pen Driv. , ; -I( Ciiy P. City fla.Iller