Loading...
HomeMy WebLinkAboutR-74-0074• Ri O?,tJTXON NO. 7 "- .r A RESOLUTION PROVIDING FOR THE SALE OP $4, 000, 000 POLICE linADQUhRTERS AND CRIME PREVENTION FACILITIES PONDS AND $2,000,000 STORM SEWER 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 PONDS; DIRECTING PUBLICATION OF NOTICE OF SALE OF SAID BONDS; PROVIDING FOR THE BIDS TO BE OPENED ON FEBRUARY 6, 1974; 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 some- times 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 denomina- tion of $5,000 each, said bonds to be issued at one time or from time to time and to be dated and sold as aereafter 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, a00 4 1,055,000 14 1, t750, 000 i 1,055,000 15 1, i::.0, f O0: 6 1,055,000 16 :., ,' • 3, 000 7 1,0SF1,040 17 I, ... J, O00 6 1,0:5,000 18 1,0' 0,000 9 1, 0i!:., 000 19 1,050,000 10 1,05,000 20 1,050,000 1) 1,055,000 tut ti 'H1:AS, the City Commission on the .3th day o: May, .971 dull Ilassod and 3ropted the following resolution providing. ::or the i 3auance of howl:. cr the City: "DOCUMENT INDEX ITEM N0, p?`f rr CITY'tAtAISSION ' 3Al; 2 41974 RE$4t'js 'o' heiolution 2M0. 42403 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 Principal Year After Principal Date or Dates Amount Date or Dates 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, 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 $3,000,000 Police Headquarters and Crimes Prevention Facilities Bonds in two separate i::suances of $1, 500, 000 each dated as of October 1, 1970 and June 1, 1972, respectively,' thereby reducing the authorized but unissued portions of,said bond authorization to $17,000,000; and WHEREAS, the City has heretofore issued $3,000,000 Storm Sewer Improvement Bonds dated as of June 1, 1972, thereby reducing the authorized but unissued portion of said bond authorization to $7, 000,000 and `SUPPORTIVE DOCUMENTS FOLLOW" ps *mums, trio City Commission has determined: (a) that $4,000,000 in principal amount of said authorized but unissued $17, 000,000 Police Headquarters and Crime Prevention Facilities Ponds shall consist of 800 bonds of the denomination of $5,000 each and shall be issued and sold at this time, said bonds to be dated, to be numbered and to mature as hereinafter provided; (b) that $2,000,000 in principal amount of said authorized but unissued•$7,000,000 Storm Sewer Improvement Bonds shall consist of 400 bonds of the denomination of $5,000 each and 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 • (o) 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 Four Million Dollars ($4,000,000), being a portion of the $17,000,000 bonds authorized but unissued as hereinabove described. Said bonds shall be dated as of the 1st day of September, 1973, shall consist of 800 bonds of the denomina- tion of $5,000 each, numbered 1 to 800, 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 firs, on the 1st day of September in the following years and in the following amounts, respectively: f..,4 "SUPPORTIVE DOCUMENTS FOLLOWS? Yaaf of prinoipill Year of Principal Maturttst Amount ratjurit ► _AmOu ct .. _. 1975 $210,000 1985 $200,000 1976 210,000 1986 200,000 1977 210,000 1987 200,000 1978 210,000 1988 200,000 1979 210,000 1989 200,000 1980 210,000 1990 225,000 1981 210,000 1991 225,000 1982 210,000 1992 22b,000 1983 210,000 1993 225,000 1984 210,000 Section 2. There shall be issued and sold 'at this time said Storm Sewer Improvement Bonds in the aggregate principal amount of Two Million Dollars ($2,000,000), being a portion of the $7,000,000 bonds authorized but unissued as hereinabove described. Said bonds shall be dated as of the 1st day of September; 1973, 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 September in the following years and in the following amounts, respectively: Year of Principal Year of i'r .L 1cipal Maturity Amount Maturity Amount 1975 $105,000 1985 $100,000 1976 105,000 1986 110,000 1977 105,000 1987 110,000 1978 105,000 1988 110,000 1979 105,000 1989 110,000 1980 100,000 1990 110,000 1981 100,000 1991 110,000 1982 100,000 1992 110,000 1983 100,000 1993 105,000 1984 100,000 Section 3. Interest on said Police IIeadgnarters and Crime rrovention Facilities Donis and on ::aid Storm Sewer Improvement tsuncth shall be payable :semi-annually on the 1st days of Marcn and September 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 Marti* Trust and Savings Bank, in the City cf Chicago, Illinois, or. at The First National Bank of Miami, in the City 4 of Miatnt, Fiorida, at the option of the holder or regist*recd owner Section 4. The first coupon of said Police Headquarters and Crime Prevention Facilities Bonds and Of said Storm Sewer Improvement Bonds dated March 1, 1974 representing interest payable September 1, 1973 through February 28, 1974 shall not be printed, and interest on the bonds shall not begin accruing until March 1, 1974. Section 5. The Director of Finance is hereby authorized aeld directed to publish a notice calling for bids tor said bonds in The Miami Herald and The Miami News, daily newspapers of general circula- tion published in the City of Miami, Florida, and in The Daily Bend 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: NOTICE OF SALE $6,000,000 BONDS CF THE CITY OF MIAMI, FLORIDA $4,000,000 Police Headquarters and Crime Prevention Facilities Bonds $2,000,000 Storm Sewer Improvement 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 Key, ,Miami, Florida, until 11 o'clock A.M., Eastern Daylight Time, on Wednesday, February 6, 1974, at which time and place all bids will be publicly opened and read, for the following bonds or the City of Miami, Florida, all dated September 1, 1973: $4,:000, 000 POLICE HEADQUARTERS AND CRIMi. PREY NTION FACILITIES BONDS, maturing annually, September 1, without option of prior redemption, as follows: Year of Prinicpal Year of Principal Maturity )mount Maturity 4MPUnt 1979 $210,000 1985 $200,000 1976 210.000 1986 200,000 1977 210,000 1987 200,000 1978 210,000 1988 200,000 1979 210,000 1989 200,000 1980 210,000 1990 225,000 1981 210,000 1991 225,000 1982 210,000 1992 225,000 1983 210,000 1993 225,000 1984 210.000 $2, 000, 000 STORM SFWE12 IMPROVEMENT BONDS, maturing annually, September 1, without, option of prior redemption, as follows: Year.' of Principal Year of Principal Maturity Amount Maturity Amount 1975 $105,000 1985 $100,000 1976 105,000 1986 110,000 1977 105,000 1987 110,000 1978 105,000 1988 110,000 1979 105,000 1989 110,000 1980 100,000 1990 110,000 1981 100,000 1991 110,000 1982 100,000 1992 110,000 1983 100,000 1993 105,000 1984 100,000 Denomination of $5,000; coupon bonds registrable as to principal alone and also as to both principal and :.nterest; 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 Harris Trust and Savings Bank, in the City of Chicago, Illinois, cr at The First National Bank of 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 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 imp.overaent Bonds were validated by judgment of t# Circuit Court of Dade County, on July 26, 1971, such judgment.a firrnd by the Supreme Court of the State of 9•9rida on March 29, 1972. "SUPPORTIVE DOCUMENTS FOLLOW" A separate bid for each issue is required, but no bid for less than all of the $6,000,000 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 bond shall bear more than one rate of interest which shall be uniform for:the life of the bond, 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 from March 1, 1974 until their respective maturities. Each bid must be submitted on a form 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 $120,000 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 .?erformance of ais bid, but in the event the successful bidder shall tail to comly with the terms of his bid the check may then be cashed and the proceeds thereof retained:as and for the full liquidated damages. S`.'pP r 7 The unqualified approving opinion of Bryant, Dickens, Rumph, Franaon and Miller, Tallahassee, Florida, as Bond Counsel, will bo 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. Therc will also be furnished the usual closing papers. The bonds will be delivered on or about March 7, 1974 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 By W. R. BAILEY Director of Finance Section 6. The form referred to in the Notice of Sale set forth in Section 5 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: , 1974 We make the following offer for the bonds of T.:u 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 $4,000,000 Police Headquarters and Crime Prevention Facilities Bonds and $2,000,000 Storm Sewer Improvement Bonds maturing and.bearing interest as follows: "SUPPORTIVE DOCUMENTS FOLLOW" Year of Maturity 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 . 1987 1988 1989 1990 1991 1992 1993 we will pay (1) (2) Pallen Headquarters and Crime Prevention Facilities Bonds $210,000 210,000 210,000 210,000 210,000 210,000 210,000 210,000 210,000 210,000 200,000 200,000 200,000 200,000 200,000 225,000 225,000 225,000 225,000 Storm Sewer Improvement Bonds $105,000 105,000 102,000 105,000 105,000 100,000 100,000 100,000 100,000 100,000 100,000 110,000 110,000 110,000 110,000 ▪ 110,000 110,000' 110,000 105,000 Interest Hato _. the following amounts: $4,000,000 for said Police Headquarters and Crime Prevention Facilities Bonds, and $2,000,000 for said Storm Sewer 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 I, 1974 to the date of their delivery. We enclose herewith a certified or bank cashier's or treasurer's check for $120,000 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 os he 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. "SUi't'IIRT1VE- DC1t',1JMFNTS FOLLOW" (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 our bid: Aggregate interest on bonds computed from March 1, 1974 $ Less premium Net interest cost Average interest cost rate (to four decimal places) Section 7. 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 8. 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 following such legal opinion, a certificate signed with the facsimile signature of the City Clerk substantially as follows: of "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 9. This resolution shall ba in full force and effec immediately upon; its passage. PASSED.'1D; ADOPTED this 24th day of January, 1974. T O TZVE ,L,J M ENTS FOLLOW!, PREPARED AND APPROVED SY: ASSISTANT CITY ATTORNEY APPROVED AS FORM JOEIN LLOYD CI TTORNEY ORRECTNESS: G1'64 "SUPPORTIVE DCLUp TENTS FOLLOW"