HomeMy WebLinkAboutR-74-0082RESOLUTION NO.
74i 82
A RESOLUTION AWARDING $4,000,000 POLICE
EADCtfARI'ET S AND CRIME PAEVUTION FACILITIES
BONDS AND $2,000,000 STORM SEWER IMPROVEMENT
BONDS OP THE CITY OF MIAMI, PLORIDA3 CON-
TAINING A COVENANT PROHIBITING EXCESSIVE
ARBITRAGE; CAGE; AUTHORIZING VARIOUS OFFICERS
OF THE CITY OF MIAMI TO EXECUTE AN ARBITRAGE
CERTIFICATE.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF PMIAMI,
FLORIDA:
Section 1. The Commission has ascertained and determined
and does hereby declare that:
(a) In accordance with the provisions of Resolution No.
74-74 duly passed and adopted by the Commission on January 24, 1974,
a Notice of Sale was published in The Miami Herald on January 25,
1974, in The Miami News on January25 , 1974, and in The Daily
Bond Buyer on January 25, 1974, calling for sealed bids to be
received for $4,000,000 Police Headquarters and Crime Prevention
Facilities Bonds and $2,000,000 Storm Sewer Improvement Bonds of
The City of Miami, dated September 1, 1973, 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,
1974, and enclosing a certified or bank cashier's check or treasurer's
check for $120,000:
(1) Bid of The First National Bank of Miami, William R. Hough & Co., A. G.
Becker & Co. Inc., Barnett Bank of Jacksonville, Joint Managers
offering to pay:
$4,000,000 for said Police Headquarters and Crime Prevention Facilities
Bonds, and
$2,400,000 for said Storm Sewer Improvement Bonds,
and accrued interest on the bonds from March 1, 1974 to the date of
their delivery, said bonds bearing interest at the rates set 9rth
below in Column (1) •
"DOCUMENT 4NDEX FEB �,
ITEM NO. 1974
+wrrod 11,010,11,
(2) Bid of The Chalet Manhattan Bank, N.A., 0oidtnan, Sachs & Co. and
Aeeociatea, Joint Managers
offering to pay:
$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 $550.00 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, 1974 to the date of their
delivery, said bonds bearing interest at the rates set forth below in
Column (2).
(3) Bid of Bankers Trust Company & Associates
offering to pay:
$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 $1,880.44 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, 1974 to the date of their
delivery, said bonds bearing interest at the rates set forth below in
Column (3).
(4) Bid of North Carolina National Bank, Manager, Girard Bank, First Union
National Bank of N. C.
offering to pay:
$4,000,000 for said Police Headquarters and Crime Prevention Facilities
Bonds, and
$2,000,000 for said Storm Sewer Improvement Bonds,
and accrued interest on the bonds from March 1, 1974 to the date of
their delivery, said bonds bearing interest at the rates set forth
below in Column (4).
(5) Bid of First National City Bank, The Northern Trust Company,
Continental Illinois National Bank 6 Trust Company of Chicago,
Wooden 6 Co., Inc., W. H. Morton & Co. (Div. of Amer. Exp. Co.),
Ioewi 6 Co., Inc.
offering to pay:
$4,000,000 for said Police headquarters and Crime Prevention Facilities
Bonds, and
$2,00°,000 for said Storm Sewer Improvement Bonds,
eed accrued interest on the bonds from March 1, 1974 to the date of
thetr delivery, said bonds bearing interest atitbe rates set forth
ba oW , l (5). UPPORT1VE
DOCWIIENTS
FOLLOW
(6) bid of i etrri'll lynch, Pierce, rennet & Stith Incorporated and
Associates
Offering to pay:
$4,000,000 for Maid Police Headquarters and Crime Prevention Facilities
Bonds, and
$2,000,000 for said Storm Sewer Improvement Bonds,
plus a premium of $212.70 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, 1974 to the date of their
delivery, said bonds bearing interest at the rates set forth below in
Column (6).
(7) Bid of Chemical Bank
offering to pay:
$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 $569.00 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, 1974 to the date of their
delivery, said bonds bearing interest at the rates set forth below in
Column (7)
(8) Bid of Smith, Barney & Co. Incorporated, Blyth Eastman Dillon & Company,
Inc. and Associates, Joint Managers
offering to pay:
$4,000,000 for said Police Headquarters and Crime Prevention Facilities
Bonds, and
$2,000,000 for said Storm Sewer Improvement Bonds,
and accrued interest on the bonds from March 1, 1974 to the date of
their delivery, said bonds bearing interest at the rates set forth
below in Column (8).
(9) Bid of Morgan Guaranty Trust Company of New York, Salomon Brothers,
Donaldson, Lufkin 6 Jenrette Securities Corp.
offering to pay:
$4,000,000 for said Police Headquarters and Crime Prevention Facilities
Bonds, and
$2,000,000 for said Storm Sewer Improvement Bonds,
and accrued interest on the bonds from March 1, 1974 to the date of
their delivery, said bonds bearing interest at the rates set forth
below in Column (9) ,
"SUPPORTIVE
DOCUrENTS
FOLLOW"
10) Sid of Wiley, Stuart & Co. Inc. and Msociates
offering to pay:
$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 $1,140.00 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, 1974 to the date of their
delivery, said bonds bearing interest at the rates set forth below in
Column (10).
(11) Bid of The First Boston Corporation, Harris Trust and Savings Bank,
Bank of America N.T. & S.A., Joint Managers and Associates
offering to pay:
$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 $1,341.75 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, 1974 to the date of their
delivery, said bonds bearing interest at the rates set forth below in
Column (11).
.4-
Year Police -Headquarters Storm Sewer
and Crime Prevention Improvement
$etu tty Facilities' Bonds Bonds
1975
1976
1977
1978
461979
1980
1981
1982
1903
1984
1985
1986
14987
1988
1989
1990
21991.
1992
1993
(1) (2) 13)
(4)
(5)
(6)
(7) i8)
$210,000 $105,000 6% 7.5% 6% 7.5% 7% 6.25% 6% 7%
210,000 105 000 6 7.5 6 7.5 7 6.5 6 7
210,000105,000 6 7.5 6 7.5 7 6.5 6 7
210,000 105,000 6 7.5 6 6.9 7 6.5 4.375 7
210,000 105,000 6 5.9 6 4.1 7 6.5 4.25 7
210,000 100,000 5.4 4.1 6 4.2 7 6.5 4.25 4.9
210,000- 100,000'.' 4.5 4.2 6 4.2 4.4 4.1 4.25 4.2
210,000 100,000. 4.5 4.2 6 4.25 4.2 4.2 4.25 4.2
210,000 100,000 4.5 4.25 5.7 4.3 4.3 - 4.3 4.3 4.3
210,000 100,000, 4.5 4.4 4.4 4.3 4.4 4.4 4.4 4.4
200,000 100,000 4.5 4.5 4.5 4.4 4.5 4.5 4.4 4.5
200,,000 110,000 4.5 4.6 4.6 4.5 4.6 4.6 4.6 4.6
200, 000 110,000 4.6 4.7 4.7 4.6 4.7 4.7 4.6 4.7
200,000 110,000 4.7 4.75 4.75 4.7 4.8 4.75 4.75 4.8
200,000 110,000 4.8 4.8 4.9 4.8 4.9 4.8 4.9 4.9
225, 000 110,000 4.9 4.9 5 4.9 5 4.9 4.9 5
225,000 110,000 5 4.9 5 4,9 5 5 5 5
225,000 110,000 5 4 3 5 3,5 4 5 4
225,000 105,000 3 4 3 4 3.5 4 5 4
Year Police headquarters Storm Sewer
of and Crime Prevention Improvement
Maturity► Facilities Bonds Bonds (9) (10) 6)
$210,000 $105,000 67. 77 6%
210,000 105,000 6 7 6
210,000 105,000 6 7 6
210,000 105,000 6 7 6
210,000 105,000 6 5.9 6
210,000 100,000 6 4.5 6
210,000 100,000 6 4.5 5.2
210,000 100,000 6 4.5 5.5
210,000 100,000 5.875 4.5 5.5
210,000 . 100,000 4.5 4.5 '5.5
200,000 100,000 4.6 4.6 5.5
200,000 110,000 4.7 4.7 5.5
200,000 110,000 4.75 4.8 4.6
200,000 110,000 4.875 4.9 4.7
200,000 110,000 5 4.9. 4.8
225,000 110,000 5 5 4.9
225,000 110,000 5.1 5 5
225,000 110,000 3 5 5
225,000 105,000 3 3.5 3
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988•
1989
1990
1991
1992
1993
Cr: Lti
et
00(09
1
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, 1974 until their respective maturities, vas
the bid of The First National Bank of Miami, William R. Hough & Co., A. G.
Becker & Co, Inc., Barnett Bank of Jacksonville, Joint Managers, offering
to pay:
$4,000,000 for said Police Headquarters and Crime Prevention Facilities
Bonds, and
$2,000,000 for said Storm Sewer Improvement Bonds,
and accrued interest on the bonds from March 1, 1974 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 The First National Bank of Miami, William R.
Hough & Co., A. G. Becker & Co. Inc., Barnett Bank of Jacksonville, Joint
Managers, is hereby accepted and said $4,000,000 Police Headquarters and
Crime Prevention Facilities Bonds and said $2,000,000 Storm Sewer Improvement
Bonds are hereby awarded to said The First National Bank of Miami, William
R. Hough & Co., A. G. Becker & Co. Inc., Barnett Bank of Jacksonville, 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 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 proposed
for such purpose by the United States Treasury Department or, after permanent
regulations interpreting such Code section are promulgated, the correspond-
ing provisions of such permanent regulations. The Commission understands
that this covenant imposes an obligation on th“oaimission throughout the
terra of the issue to comply with the requirements of Section 103 (d) of
-7.
111,
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a4
g
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•
the internal Revenue Code of 1954, as emended and to comply with the
requirementof Treasury Regulations Sections 1,103.43 and 1,10344 or,
after permanent regulationa interpreting such Code section are promulgated,
the corresponding provisions of such permanent regulations. The closing
papera referred to in the Notice of Sale shall include an "Arbitrage
Certificate" in a farm 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 6th day of February, 1974.
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