HomeMy WebLinkAboutR-74-1374RESOLUTION NO. 74-1374
A RESOLUTION PROVIDING FOR THE SALE OF $225,000
ORANGE BOWL WAREHOUSE REVENUE BONDS OF THE CITY
OF J4IAl~MI, FLORIDA; PROVIDING FOR TIIE DATE OF SAID
BONDS; PROVIDING FOR TIIE YEARS IN WHICIH SAID BONDS
• MATURE AND TIIE AMOUNT OF BONDS THAT NATURE IN EACH
SUCH YEAR; SETTING FORTH THE METHOD OF PAYMENT OF
INTEREST; SETTING FORTH TIIE FORM OF NOTICE FOR
BIDS FOR SAID BONDS; DIRECTING PUBLICATION OF
NOTICE OF SALE OF SAID BONDS; PROVIDING FOR THE
BIDS TO BE OPENED ON JANUARY 23, 1975; 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 25th day of July,
1974 duly passed and adopted the following ordinance providing
for the issuance of bonds of the City of Miami (hereinafter
sometimes called the "City"):
Ordinance No. 8295 providing for the issuance of not
$225,000 Orange Bowl Warehouse Revenue Bonds
and
exceeding
to consist
of 225 bonds of the denomination of $1,000 each, said
bonds to be issued at one time or from t3m(?. to time and
to be dated and sold as hereafter provided by resolution
or resolutions of the City Commission,
WHEREAS, said Ordinance provides 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 the
offica of the Director of Finance of the City of Miami in the
City of Miami, Florida; and
"DOCUMENT INDEX
ITEM NO-AL-2
CITY COMM1SStON
MEETING OF
DEC 171974
RESOLUTION No.:
REMARKS:
1
WHBREAS, the City Commission has determined:
(a) that $225,000 in principal; amount of said Orange
Bowl %iiarehotise Revenue Bonds shall consist of 225 bonds of the
denomination of $1,000 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 said bonds shall be redeemable without premium
prior to their respective maturities;
(c) that the principal of and the interest on said bonds
shall be payable at the office of the Director of Finance of the
City of Miami in the City of Miami, Florida; and
(d) 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 andsold at this time
said Orange Bowl Warehouse Revenue Bonds in the aggregate principal
amount of Two Hundred Twenty-five Thousand Dollars ($225,000).
Said bonds shall be dated as of the 20th day of December, 1974,
shall consist of 225 bonds of the denomination of $1,000 each,
numbered 1 to 225, inclusive, shall be coupon bonds registerable
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 20th day of'December in the
following
Year of
Maturity
1975
1976
1977
1978
1979
1980
1981
1982
years and in the
Principal
Amount
$ 9,000
10,000
10,000
11,000
12,000
13,000
14,000
15,000
following amounts,
2
Year of
Maturity
1983
1984
1985
1986
1987
1988
1989
respectively:
Principal
Amount
$ 16,000
17,000
17,000
18,000
20,000
21,000
22,000
"SUPPORTIVE
DOCUMENTS
FOLLOW"
Section 2. Interest on saki Ornnge Bowl Warehouse Revenue
Bonds shall. be payable semi-annually on the20th days of December
and June in each year, and both the principal of and interest on
said bonds shall be payable at the office•of the Director of Finance
of the City of Miami in the City of Miami, Florida.
Section 3. The Director of Finance is hereby authorized
and directed to publish a notice calling for bids for said bonds
in The Miami Herald and The Miami News, daily newspapers of general
circulation published in the City of Miami, Florida, 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
$225,000 BONDS
OF
THE CITY OF MIAMI, FLORIDA
$225,000 ORANGE BOWL WAREHOUSE REVENUE BONDS, SERIES 1974
Sealed bids will be received by the Commission of the
City of Minrni, Florida, at its regular place of meeting nt
3500 Pan American Drive, Dinner Key, Miami, Florida, until
11 o'clock A.M., Eastern Standard Time, on
Thursday, January 23, 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
December 20, 1974: •
$225,000 ORANGE BOWL WAREHOUSE REVENUE BONDS,
SERIES 1974, maturing annually, December 20,
with option of prior redemption without premium,
as follows:
Year of
Maturity
1975
1976
1977
1978
1979
1980
1981
1982
Principal
Amount
$ 9,000
10,000
10,000
11,000
12,000
13,000
14,000
15,000
3
Year of
Maturity
1983
1984
1985
1986
1987
1988
1989
Principal
Amount
$ 16,000
17,000
17,000
18,000
20,000
21,000
22,000
"SUPPORTIVE
DOCUMENTS
P , LLOW"
Denomination of $1,000, coupon bonds registrable as to
principal alone and also as to both principal and interest;
principal and semi-annual interest (June 20 and December 20)
payable in legal tender at the office of the Director of Finance
of the City of Miami, in the City of Miami, Florida.
The bonds were validated by judgment of the Circuit
Court of Dade County, Florida, on December 16, 1974.
The bonds are to be issued under and pursuant to
Ordinance No. 8295 (herein called the "Ordinance") adopted
by the Commission of the City of Miami on July 25, 1974, and
•will,he payable solely from rentals to be received by the City
from the Orange Bowl Committee under a lease agreement which provides
for the payment by said Committee of rentals in amounts sufficient
to pay the principal of and the interest on the bonds as the
same shall become due and payable. The bonds shall not be
deemed to constitute a debt of the City, and the faith and
credit of the City are not pledged to their payment.
No bid for less than all of the bonds offered or at a
price of less than par plus accrued interest will be entertained.
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.
Bonds 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 taxies the lowest rate named on. the bid. All
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 ary premium
bid from the aggregate amount of interest upon all of the bonds
from December 20, 1974 until their respective maturities.
4
"SUPPORTIVE
DOCI .J M,ENTS
Each bid must be submitted on a form to be furnished by
the undersigned Director of Finance, enclosed in a sealed ° envelope
marked "Did 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 $4,500 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, Rurmph,
Franson and Miller, Tallahassee, Florida, as Bond Counsel, will be
furnishes, to the purchasers without cost. A copy of such opinion,
certified by the City Clerk by his facsimile signature, will be
printedonthe reverse of each bond. There will also he furnished
the usual closing papers. The bonds will be delivered on or
about February 14 , 1975 in Miami, Florida, against payment
therefor by a certified or bank cashier's check drawn on a Miami
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 4. The form referred to in the Notice of Sale
set forth in Section 3 above and on which all bids are required
to be made shall be substantially as follows:
5
DOCUMENTS
. FOLLOW" 1
BID FOR BONDS
Commission of the
City of Miami., Florida
Sirs:
, 1975
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
For $225,000 Orange Bowl Warehouse Revenue
1974; maturing and fearing interest as follows:
Year of Principal
Maturity Amount
1975
1976
1977
1978
1979
1980
1981
1982
$ 9,000
10,000
10,000
11,000
12,000
13,000
14,000
15,000
we will pay
Interest
Rate
Two Hundred
than all:
Bonds, Series
Year of Principal
Maturity Amount
$ 1983
1984
1985
% 1986
1987
1988
1989
$ 16,000
17,000
17,000
18,000
20,000
21,000
22,000
Twenty-five Thousand Dollars
Interest
Rate
ro
($225,000) , being
par for said Orange Bowl Warehouse Revenue Bonds plus a premium of
for all of said bonds. We will also pay accrued
interest on the bonds from December 20, 1974 to the date of their
delivery.
We enclose herewith a certified or bank cashier's or
treasurer's check for $4,500 payable to the order of the City
of Miani,: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.
(Tro addition or alteration, except as provided
above, is to be made to this bid.)
* * * * * * * * * * * * * * * * * * * * * * * *
6
EVE
1` PO R
s
1
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 bicl:
Aggregate interest on bends
Computed from December 20, 1974
Less premium
Net interest cost $ '
Average interest cost rate'
(to four decimal places)
Section 5. 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
Statement to all interested bidders.
Section 6. There shall be printed
of said bonds the legal opinion of Bryant,
of such Official
on the reverse of
each
Dickens, Rurrph, 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:
"1 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, Rurtph, Franson and Miller,
Tallahassee, Florida, and was dated as of the date
of delivery of and payment for said bonds.
11
(Facsimile Signature)
City Clerk of The City of Miami, Florida."
Section 7. All proceedings relating to the issuance of
the Orange Bowl Warehouse Revenue Bonds, Series 1974, shall
remain in full force and effect except as they may be inconsistent
with this resolution and in which event the'provisions of this
resolution shall control.
Section 8. -This resolution shall be in full force and
effect immediately upon its passage.
ASS AND A��PTED this•17th day of December, 1974.
ST: SOUTHERN
CITY CLERK
7
MAURICE A. FERRE
MAYOR
"SUPPORTIVE
DOCUMENTS
FOLLOW" k