HomeMy WebLinkAboutR-73-0158RESOLUTION NO. 73-158
A RESOLUTION AWARDING $28,350,000 PUBLIC PARK
AND RECREATIONAL FACILITIES BONDS OF THE
CITY OF MIAMI, FLORIDA
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The Commission has ascertained and determined
and does hereby declare that:
(a) Heretofore on February 8, 1973, the Commission adopted
Resolution No. 73-104 which directed publication in The Bond
Buyer, New York, New York, and The Miami Herald, Miami, Florida,
of the Notice of Sale of $28,350,000 Public Park and Recreational
Facilities Bonds of the City of Miami, Florida, on March 8, 1973,
which publication was to be ten days prior to March 8, 1973.
Through error and inadvertence the publication of the Notice of
Sale when set in print by The Bond Buyer contained an error as
to the bond maturity for the year 1974 but the publication in
The Miami Herald on February 20 was published as submitted. The
Commission finds that the publication error in The Bond Buyer
could not have misled any prudent prospective bidder inasmuch
as all bids were required by the terms of such Notice of Sale
to be submitted on a bid form supplied by the City of Miami
and which bid form contains the correct maturities for each year
including the year 1974. The Bond Buyer republished the Notice
of Sale on February 28 , 1973, the publication of which Notice
of Sale in the form annexed to this resolution and made a part
hereof by The Bond Buyer on February 28 , 1973, is hereby
ratified and approved.
WHEREFORE, the requirement in the Resolution adopted on
February 8, 1973, that the said Notice of Sale be published ten
days prior to March 8, 1973, is hereby repealed, cancelled and
set at naught.
11
� 1
RESOLUIIO' NJ. / ) �+
REMARKS:
(b) In accordance with the prov!sions of Resolution
No. 73-104 duly passed and adopted by the Commission on
February 8, 1973, a Notice of Sale was published in The Miami
Herald on February 20, 1973, for $28,350,000 Public Park and
Recreational Facilities Bonds of The City of Miami, dated
October 1,'1972, the publication of which Notice of Sale on
said day is hereby ratified and approved.
(c) 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 April 1,
1973, and enclosing a certified or bank cashier's or treasurer's
check for $567,000:
(1) Bid of The Chase Manhattan Bank, N.A. and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $2,435.00 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column .
(1).
(2) Bid of Bankers Trust Company & Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $10,983.50 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(2).
-2-
tin F r ..�
(3)
Bid of Merrill Lynch, Pierce, Fenner & Smith Incorporated;
duPont Glore Forgan Incorporated; and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $3,893.20 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(3).
(4) Bid of The First National Bank of Miami, for the mgrs.
offering co pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, and accrued interest on the bonds from April 1, 1973 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 and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, and accrued interest on the bonds from April 1, 1973 to the
date of their delivery, said bonds bearing interest at the rates set
forth below in Column (5).
(6) Bid of The First Boston Corporation and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $3,740.35 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(6).
(7) Bid of Halsey, Stuart & Co. Inc.
Kidder, Peabody & Co., Incorporated
John Nuveen & Co., Incorporated
Smith Barney & Co., Incorporated
Blyth Eastman Dillon & Co. Incorporated and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, and accrued interest on the bonds from April 1, 1973 to the date
of their delivery, said bonds bearing interest at the rates set forth
below in Column (7).
•3-
(8) Bid of Morgan Guaranty Trust Company of New York
Salomon Brothers
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $7,237.00 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(8).
-4-
Year Public Park
of and Recreational
Maturity Facilities Bonds (1) (2) (3) (4) (5) (6) (7) (8)
1974 $1,165,000 7% 6.57. 7% 67. 7% 67. 77. 6.5%
1975 1,185, 000 7 6.5 7 6 7 6 7 6.5
1976 1,185, 000 7 6.5 7 6 7 6 7 6.5
1977 1,185, 000 7 6.5 7 6 7 6 7 6.5
1978 1,185, 000 7 6.5 7 6 7 6 7 6.5
4.979 1,185,000 7 6.5 7 6 7 6 7 6.5
1980 1,185, 000 7 6.5 7 6 7 6 7 6.5
1981 1,185, 000 7 6.5 7 4.75 7 6 7 6.5
1982 1,185, 000 7 6.5 6.7 4.75 7 6 7 6.5
1983 1,185, 000 7 6.5 4.7 4.75 5.25 6 5.8 6.5
1984 1,185, 000 5.1 6.5 4.8 4.75 4.8 6 4.8 6.5
1985 1,185, 000 5 6.5 5 4.75 4.9 6 4.9 6.5
1986 1,185,000 5 5.6 5 5 5 6 5 5.2
1987 1,185, 000 5 5.1 5.1 5.25 5.1 6 5.1 5.1
1988 1,185, 000 5.1 5.1 5.1 5.25 5.1 5.2 5.1 5.2
1989 1,185,000 5.1 5.2 5.2 5:25 5.1 5.1 5.2 5.25
1990 1,185, 000 5.2 5.2 5.2 5.25 5.7 5.2 5.25 5.25
1991 1,185, 000 5.25 5.2 5.25 5.25 5.7 5.2 5.25 5.25
Year Public Park
of and Recreational
Maturity Facilities Bonds (1) (2) (3) (4) (5) (6) (7) (8)
1992 $1,185, 000 5.25 5.2 5.25 5:25 5.25 5.25 5.3 5.25
1993 1,185,000 5.25 3.75 5.25 5.25 5.25 5.25 5.3 5.25
1994 1,185,000 3.5 3.75 5.25 5.25 5.25 5.25 5.3 5.25
1995 1,185,000 3.5 3.75 3.5 5.25 6.35 4 3.5 3.25
1996 1,185,000 3.5 3.75 3.5 5.25 3.5 3 3.5 3.25
1997 1,115,000 3.5 3.75 3.5 3 3.5 3 3.5 3.25
-
•
1
i
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 April 1, 1973 until their respective maturities, was the bid
of The Chase Manhattan Bank, N.A. and Associates offering to pay $28,350,000,
being par for said Public Park and Recreational Facilities Bonds, plus a
premium of $2,435.00 for all of said bonds, and accrued interest on the
bonds from April 1, 1973 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 Chase Manhattan Bank, N.A. and As-
sociates is hereby accepted and said $28,350,000 Public Park and Recrea-
tional Facilities Bonds are hereby awarded to said The Chase Manhattan Bank,
N.A. and Associates 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. This resolution shall be in full force and effect im-
mediately upon its passage.
PASSED AND ADOPTED this 8th day of March, 1973.
1
-7-
r
p
Corrected Notice of Sale
$28,350.000
THE CITY OF MIAMI
FLORIDA
Public Park and Recreational Facilities Bonds
SEAI,ED BIDS will he rec,.'ived hy the Commission of the City of
Floi at its regular place of meeting. at :17)ilit Pall American Drive. Dinner
Rey, Florola. until 11 0'.•!,i,•1; A. M.. East,•rn Standard. Time. on
.t it (' 11 S. 1 9 7 :1
at time and 11:414 ill bids hill be publiely upetied and road, for the
fol:c,w:ngbonds of The City of Miami. Florida. all dated October 1, 1972:
PI7111,1(' .\NI) II EC PEA TH/N A 1, FACII.ITIFS
PdiNDS, flhitt tiI1 anntia!'.y.
ll-:r.ntion. as follows:
Yrar.if
ity
:971
197:;
197):
1977
197S
1979
1980
1:11
19s2
1:S1
198:,
(),1 11,0' 1. Nli111,1111 1110, f 11 Of pilotre-
Year of
Mattnity
1:00:
199
1992
I.e.
1997,
1997
11,11,11111111&011 F471.111101 1'11110,, 1 1'...11't 11,
to b oth Pr i ncip a 1 ami int-re ins and , •mi-ann.tal interest
(At: : 1 andOctober 1 (0,t. :%1;tritat :111 Thnii Natiumil
As• iation) • in the Po,t.fin,,.:Th. )1anhattan. City and State or New York. or
atC,,ittinental Illinois National litinli and '1', Company of t'iliva,tro. in the
City ..f Chirmlo. Illinois. or at The Florida National and Trust company
at in the City of NIttimi. Florida. at the option of the holder or reeds-
ter.d ..nmeral olilig•atiou: unlimited tax upon all taxahle property within
the City of texcluditie• 1iontestead4).
The bonds Were validated tv udgmont of the Cirmit Curt of Dade
Florida. on May 2:1, 1972. such jude-ment %vas affirmed by the
Sur:. !Tie t'ourt of the 'tat,' of Florida on (1ctoher 11. 1972. petitions for re-
Nvere hY tile Stiprenie Court of Florida on Oetober :11. 1972,
N bid for les., than all of trio bonds offered or at a price of less than par
:(rued interest will be entertainotl. Bidders are requested t,, name the
intc.re..,: rate or rates, wit exeeeditnr seven and one-holf per cent (71:,..) per
multiples of or 1 14 of l'.. and ea,..11 bidder must .tiecify in his
bid amount and the maturities of the brads of each rate. Bonds maturim.t:
00 •:111111' date 111114 10111' 1/1410,4 :It the Sant, rate. No trout shall bear more
tll: ,P interest which shall he uniform for the tiro of th... bor!, and
tin !i..erest payable on any timid on any intorest payment date shall be
reve-ented by a single 1/1.1//1. N o inte-est rate bid may be more than two
titre, :he lowest rate named in the bid. Al! bonds offered will be awarded to
the 1:Aider offeringto purchase the bonds at the lowest net interest ,.ost
to :he City. smli cost to 1)e determined by dedueting the total amount of any
preni.::1-, hid from the atarreemte amount of interest upon the bolds from
Aj 1. 197:1 until their respective maturities.
Erich hid must ht. -allitilitted on a form to furnish,. I by the tuidersh.Nted
Di: !,•tor of Finance, enclosed in a ,ealed envedme marked "Bid for Bonds,"
and nr.;st be a:•companied by 0 ortitied or bunk cashier's or treasurer's (lied;
int.„11.„,raied hank or trii!:t eomoany for :i:5117.1inu tivyahle uncondition-
ally t the order of the City of t whi,:it no interest ‘vill be alloxved,
A‘vai I 0: re:it...lion er bids %yin lo mp.de 10 the date above ,!ltt.:1 fur the reeeipt
of bi and tht checks of unsuc:essful 10dt1er4 will be returned immediately.
Th of the sue.....ssful bidder will be held oneashed sectitity for the
perf 1711/111(11 of his hid. but in :he event the suyres,ftil bidder fail to
oon,:.'y %vitt, the twins 11 his hid the ..11....1; tuay then be cashed and the
thereof rot:lined :is and for full liquidated damages,
approving- opinion of Bryant, Iiirhens, Franson
at-1 'Ali:ler, Tallahassee, Florida, as Bond CoutFel, %yin furnisheo to the
TRH' without l'I/S1. A pv of such opinion. certified by the f-ity Clerk
by Lis facsimile sivnaturi.. will be printed lot the revers.. of ezelt bond. There
will , be furnished the tistml pitpur. The !oils will be delivered
on ‘.1 ,out April 4, 197:1 in N.'w York City ay.:1111st payment therefor by a
ceitifo..,1 or hanhcashier's or tr...asurer's 1tk draNvii on 7! Nt'V. York City
bank or trust company.
Tie right to reject any or or bids is reserved.
:THE CITY OF MI.1111,
— .'ill""1"1""elli111111*****"4*44"4-4111 Director 01' Finance.
City and County of New York, s.s.:.
HENRIETTA RIVERS, being duly sworn, says that
the is the Advertising Clerk of THE BOND BUYER, a
laily and weekly newspaper printed and published at
77 Water Street in the City of New York, County
)f New York, State of New York; and the notice, of
which the annexed is a printed copy, was regularly
,ublished in said THE DAILY BOND BUYER on
FEB 2 8 1973
(
Advertising Clerk
subscribed and sworn to before me this
7
)4 e
day of
HELEN C. DAVIS
Notary Public, State of New York
No. 24-5937140
Qualified in Kings County
Commission expires March 30. 1974
t7-r1 Ab.
r
• ---,
:11
197 3
`LT'
A RESOLUTION AWARDING $28,350,000 PUBLIC
.PARK AND RECREATIONAL FACILITIES BONDS OF
THE CITY OF MLAMI, FLORIDA
Upon analysis of the Bids received this date for the above Bonds,
it is recommended by the City Manager and the Director of Finance
that the bonds !: a awarded to:
The Chase Manhattan Bank, N.A. and Associates 5.0205%
Other Bids were received from:
Bankers Trust Company & Associates 5.0377%
Merrill Lynch, Pierce, Fenner & Smith, Inc.
duPont Giore Forgan Incorporated; and Associates 5.0533
The First National Bank of Miami, for the mgrs. 5.06358
5.0697
First National City Bank and Associates
The First Boston Corporation and Associates 5.0752
Halsey, Stuart & Co. Inc.; Kidder, Peabody & )
Co., Inc; John Nuveen & Co., Inc. )
Smith Barney & Co., Inc. )
Blyth Eastman Dillon & Co., Inc. & Assoc. ) 5.10939
Morgan Guaranty Trust Company of New York;
Salomon Brothers 5.1296
it(''
r-
L.
Crri co,. ,:
•
VI r 3
RESOtU7wn No? 3 — / ! •Y
•
RESOLUTION NO. 73-158
A RESOLUTION AWARDING $28,350,000 PUBLIC PARK
AND RECREATIONAL FACILITIES BONDS OF THE
CITY OF MIAMI, FLORIDA
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The Commission has ascertained and determined
and does hereby declare that:
(a) Heretofore on February 8, 1973, the Commission adopted
Resolution No. 73-104 which directed publication in The Bond
Buyer, New York, New York, and The Miami Herald, Miami, Florida,
of the Notice of Sale of $28,350,000 Public Park and Recreational
Facilities Bonds of the City of Miami, Florida, on March 8, 1973,
which publication was to be ten days prior to March 8, 1973.
Through error and inadvertence the publication of the Notice of
Sale when set in print by The Bond Buyer contained an error as
to the bond maturity for the year 1974 but the publication in
The Miami Herald on February 20 was published as submitted. The
Commission finds that the publication error in The Bond Buyer
could not have misled any prudent prospective bidder inasmuch
as all bids were required by the terms of such Notice of Sale
to be submitted on a bid form supplied by the City of Miami
and which bid form contains the correct maturities for each year
including the year 1974. The Bond Buyer republished the Notice
of Sale on February 28 , 1973, the publication of which Notice
of Sale in the form annexed to this resolution and made a part
hereof by The Bond Buyer on February 28 , 1973, is hereby
ratified and approved.
WHEREFORE, the requirement in the Resolution adopted on
February 8, 1973, that the said Notice of Sale be published ten
days prior to March 8, 1973, is hereby repealed, cancelled and
set at naught.
,.rs,
(b) In accordance with the prov.sions of Resolution
No. 73-104 duly passed and adopted by the Commission on
February 8, 1973, a Notice of Sale was published in The Miami
Herald on February 20, 1973, for $28,350,000 Public Park and
Recreational Facilities Bonds of The City of Miami, dated
October 1, 1972, the publication of which Notice of Sale on
said day is hereby ratified and approved.
(c) 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 April 1,
1973, and enclosing a certified or bank cashier's or treasurer's
check for $567,000:
(1) Bid of The Chase Manhattan Bank, N.A. and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $2,435.00 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(1).
(2) Bid of Bankers Trust Company & Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $10,983.50 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(2).
_2-
Ms
(3) Bid of Merrill Lynch, Pierce, Fenner & Smith Incorporated;
duPont Glore Forgan Incorporated; and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $3,893.20 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(3).
(4) Bid of The First National Bank of Miami, for the mgrs.
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, and accrued interest on the bonds from April 1, 1973 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 and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, and accrued interest on the bonds from April 1, 1973 to the
date of their delivery, said bonds bearing interest at the rates set
forth below in Column (5).
(6) Bid of The First Boston Corporation and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $3,740.35 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at'the rates set forth below in Column
(6).
(7) Bid of Halsey, Stuart & Co. Inc.
Kidder, Peabody & Co., Incorporated
John Nuveen & Co., Incorporated
Smith Barney & Co., Incorporated
Blyth Eastman Dillon & Co. Incorporated and Associates
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, and accrued interest on the bonds from April 1, 1973 to the date
of their delivery, said bonds bearing interest at the rates set forth
below in Column (7).
-3-
(8) Bid of Morgan Guaranty Trust Company of New York
Salomon Brothers
offering to pay:
$28,350,000, being par for said Public Park and Recreational Facilities
Bonds, plus a premium of $7,237.00 for all of said bonds, and accrued
interest on the bonds from April 1, 1973 to the date of their delivery,
said bonds bearing interest at the rates set forth below in Column
(8) .
Year Public Park
of and Recreational
Maturity Facilities Bonds (1) (2) (3) (4) (5) (6) (7) (8)
1974 $1,165, 000 7% 6.5 0 7% 6% 7% 6% 7% 6.5%
1975 1,185, 000 7 6.5 7 6 7 6 7 6.5
1976 1,185, 000 7 6.5 7 6 7 6 7 6.5
1977 1,185, 000 7 6.5 7 6 7 6 7 6.5
1978 1,185,000 7 6.5 7 6 7 6 7 6.5
1979 1,185,000 7 6.5 7 6 7 6 7 6.5
40
1980 1,185, 000 7 6.5 7 6 7 6 7 6.5
1981 1,185, 000 7 6.5 7 4.75 7 6 7 6.5
].982 1,185, 000 7 6.5 6.7 4.75 7 6 7 6.5
1983 1,185, 000 7 6.5 4.7 4.75 5.25 6 5.8 6.5
1984 1,185,000 5.1 6.5 4.8 4.75 4.8 6 4.8 6.5
1985 1,185, 000 5 6.5 5 4.75 4.9 6 4.9 6.5
1986 1,185,000 5 5.6 5 5 5 6 5 5.2
1987 1,185, 000 5 5.1 5.1 5.25 5.1 6 5.1 5.1
988 1,185, 000 5.1 5.1 5.1 5.25 5.1 5.2 5.1 5.2
1989 1,185, 000 5.1 5.2 5.2 5: 25 5.1 5.1 5.2 5.25
1990 1,185,000 5.2 5.2 5.2 5.25 5.7 5.2 5.25 . 5.25
1991 1,185, 000 5.25 5.2 5.25 5.25 5.7 5.2 5.25 5.25
Year Public Park
of and Recreational
Maturity Facilities Bonds (1) (2) (3) (41 (5) (6) (7) (8)
1992 $1,185, 000 5.25 5.2 5.25 5.25 5.25 5.25 5.3 5.25
1993 1, 185, 000 5.25 3.75 5.25 5.25 5.25 5.25 5.3 5.25
1994 1,185,000 3.5 3.75 5.25 5.25 5.25 5.25 5.3 5.25
1995 1,185,000 3.5 3.75 3.5 5.25 6.35 4 3.5 3.25
1996 1, 185, 000 3.5 3.75 3.5 5.25 3.5 3 3.5 3.25
1997 1, 115, 000 3.5 3.75 3.5 3 3.5 3 3.5 3.25
ection 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 April 1, 1973 until their respective maturities, was the bid
of The Chase Manhattan Bank, N.A. and Associates offering to pay $28,350,000,
being par for said Public Park and Recreational Facilities Bonds, plus a
premium of $2,435.00 for all of said bonds, and accrued interest on the
bonds from April 1, 1973 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 Chase Manhattan Bank, N.A. and As-
sociates is hereby accepted and said $28,350,000 Public Park and Recrea-
tional Facilities Bonds are hereby awarded to said The Chase Manhattan Bank,
N.A. and Associates 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. This resolution shall be in full force and effect im-
mediately upon its passage.
PASSEL AND ADOPTED this 8th day of March, 1973.
-7-