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HomeMy WebLinkAboutR-73-0212•A cur M4 si�! ER, - RESOLUTION NO.75 i/'13 M�? S PM 2 13 A RESOLUTION FIXING CERTAIN DETAILS CONCERNING $3,150,000 PARKING FA- CILITIES REVENUE BONDS (SERIES C) OF THE CITY OF MIAMI, FLORIDA, AND DIRECTING PUBLICATION OF NOTICE OF SALE OF SAID BONDS WHEREAS, the Commission of The City of Miami (herein- after sometimes called the "City Commission"), pursuant to the provisions of Section 209 of Ordinance No. 7414, adopted by the City Commission on March 14, 1966, as amended, duly adopted, on November 22, 1972 Ordinance No. 8123 authorizing the issuance of not exceeding $3,600,000 Parking Facilities Revenue Bonds (Series C) of The City of Miami (hereinafter sometimes called the "City"); and WHEREAS, said bonds were duly validated by a Judgment of the Circuit Court in and for Dade County on February 20, 1973; and WHEREAS, said Ordinance No. 8123 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 de- termine prior to the sale of the bonds; and WHEREAS, none of said bonds has been issued; and WHEREAS, the City Commission has determined to issue and sell at this time only $3,150,000 of said bonds; now, there- fore, BY IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. There shall be issued and sold at this time Parking Facilities Revenue Bonds (Series C) in the aggregate prin- cipal amount of Three Million One Hundred Fifty Thousand Dollars ($3,150,000). being a portion of the not exceeding $3,6 O'D 7-11 di1TY C bonds authorized but not issued as hereinabove described. Said bonds shall be dated as of the 1st day of October, 1972, shall consist of 630 bonds of the denomination of $5,000 each, numbered 1 to 630, inclusive, and shall be stated to mature, subject to the right of prior redemption as hereinafter set forth, in numerical order, lowest numbers first, on the 1st day of October in the following years and•in the following amounts, respectively: Year of Principal Year of Principal Maturity Amount Maturity Amount 1973 $ 5,000 1988 $ 20,000 1974 5,000 1989 20,000 1975 5,000 1990 20,000 1976 5,000 1991 20,000 1977 5,000 1992 25,000 1978 10,000 1993 25,000 1979 10,000 1994 40,000 1980 10,000 1995 305,000 1981 10,000 1996 325,000 1982 10,000 1997 345,000 1983 10,000 1998 370,000 1984 10,000 1999 390,000 1985 15,000 2000 415,000 1986 15,000 2001 445,000 1987 20,000 2002 240,000 Section 2. Interest on said Parking Facilities Revenue Bonds (Series C) shall be payable semi-annually on the 1st days of April and October in each year, first interest payable October 1, 1973. Section 3. The bonds which mature after October 1, 1982 may be redeemed prior to their respective maturities, at the option of the City, from any moneys that may be made available for such purpose, either in whole on any date not earlier than October 1, 1982, or in part, in the inverse order of their maturities, on any interest payment date not earlier than October 1, 1982, at the prin- cipal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of one -quarter of one per centum (1/4 of 1%) of such principal amount for each twelve (12) months' period or fraction thereof between the -2- r date fixed for redemption and the stated maturity date of such bonds; providing, however, that the premium to be paid on the redemption of any such bonds shall not exceed five per centum (5%) of the principal amount of the bonds to be redeemed. If less than all of the bonds of any one maturity shall be called for redemption, the particular bonds to be redeemed shall be selected by lot as provided in Ordinance No. 7414, as amended. Section 4. The Director of Finance of The City of Miami is hereby authorized and directed to publish in The Miami Herald, a daily newspaper published and of general circulation in The City of Miami, and in The Daily Bond Buyer, a financial journal published in New York City and devoted primarily to municipal bonds, at least ten days before the sale date, a notice of sale of the $3,150,000 Parking Facilities Revenue Bonds (Series C) of The City of Miami authorized to be issued by Ordinance No. 8123 adopted by the City Commission on November 22, 1972. Said sale shall be held on April 26, 1973 or on such other date as the Director of Finance may, in his discretion, deem advisable. Section 5. Said notice of sale shall be substantially in the following form: NOTICE OF SALE $3,150,000 THE CITY OF MIAMI, FLORIDA PARKING FACILITIES REVENUE BONDS (SERIES C) Sealed bids will be received by the Commission of The City of Miami, Florida, at its regular place of meeting in the City Hall in The City of Miami, Florida, until 11:00 o'clock A.M., Eastern Standard Time, April 26, 1973, at which time and place all bids will be publicly opened and read, -3- for $3,150,000 Parking Facilities Revenue Bonds (Series C) of The City of Miami, Florida, dated October 1, 1972, and maturing annual- ly, October 1, in the following years and amounts: Year of Principal Year of Principal Maturity Amount Maturity Amount 1973 $ 5,000 1988 $ 20,000 1974 5,000 1989 20,000 1975 5,000 1990 20,000 1976 5,000 1991 20,000 1977 5,000 1992 25,000 1978 10,000 1993 25,000 1979 10,000 1994 40,000 1980 10,000 1995 305,000 1981 10,000 1996 325,000 1982 10,000 1997 345,000 1983 10,000 1998 370,000 1984 10,000 1999 390,000 1985 15,000 2000 415,000 1986 15,000 2001 445,000 1987 20,000 2002 240,000 Denomination $5,000; principal and semi-annual interest (April and October 1) payable in legal tender at The First National Bank of Miami, in The City of Miami, Florida, or, at the option of the holder, at the principal office of The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York; coupon bonds registrable as to principal alone and also as to both principal and interest and, if registered as to both principal and interest, reconvertible into coupon bonds; principal of registered bonds payable at the office of the Trustee (The First National Bank of Miami) under the Ordinance hereinafter mentioned. The bonds which mature after October 1, 1982 will be sub- ject to redemption prior to their respective maturities, at the option of the City, from any moneys that may be made available for such purpose, either in whole on any date not earlier than October 1, 1982, or in part, in the inverse order of their maturities, on any interest payment date not earlier than October 1, 1982, at the principal amount of the bonds to be redeemed, together with the in- terest accrued thereon to the date fixed for redemption, plus a premium of one -quarter of one per. centum (1/4 of 1%) of such prin- cipal amount for each twelve (12) months' period or fraction ,,, -4- thereof between the date fixed for redemption and the stated ma- turity date of such bonds. The bondt are to be issued under and pursuant to Ordi- nance No. 7414, adopted by the Commission of the City on March 14, 1966, as amended (said Ordinance as amended being herein called the "Ordinance"),and have been authorized by Ordinance No. 8123 adopted by the City Commission on November 22, 1972, for the pur- pose of providing funds for paying the cost of certain facilities for the off-street parking of motor vehicles within the corporate limits of the City. The City has heretofore issued under and pursuant to the Ordinance $3,200,000 Parking Facilities Revenue Refunding Bonds (Series A), $2,195,000 of which are now outstanding, and $1,600,000 Parking Facilities Revenue Bonds (Series B), $1,570,000 of which are now outstanding. The Ordinance permits the issuance, from time to time, under the conditions, limitations and restrictions therein set forth, of additional bonds for the purpose of paying all or a part of the cost of additional facilities for the off- street parking of motor vehicles, for the purpose of providing funds if and to the extent necessary for completing payment of the cost of off-street parking facilities financed under the Ordi- nance, and for the purpose of refunding any bonds issued by the City under the provisions of the Ordinance. The Parking Facilities Revenue Bonds (Series C) now of- fered and all other bonds heretofore or hereafter issued under the provisions of the Ordinance will be payable as to both principal and interest solely from the Miami Off -Street Parking Facilities Revenue Bonds Interest and Sinking Fund (herein called the "Sink- ing Fund"). The City has covenanted in the Ordinance to deposit to the credit of the Sinking Fund all revenues of the off-street parking facilities financed under the Ordinance over and above the -5- costs of maintenance, repair and operation thereof and reserves therefor, and a sufficient amount of the net revenues derived from • the on -street parking meters within the City to pay the principal of and the intere`t on all bonds issued under the provisions of the Ordinance and then outstanding as the same shall become due and to provide reserves therefor. The bonds shall not be deemed to constitute a debt of The City of Miami, and the faith and credit of the City are not pledged for their payment. The bonds were validated by a judgment of the Circuit Court for Dade County, Florida rendered on February 20, 1973. Bidders are requested to name the interest rate or rates, not exceeding 7-1/2% per annum, in multiples of 1/20 of 1%. Each bidder must specify in his bid the amount and the maturities of the bonds of each rate, and all bonds maturing on the same date must bear interest at the same rate. Each bid may name a different rate for each or any maturity. No interest rate bid may be more than two times the lowest rate named in the bid. The interest payable on any bond on any interest payment date shall be represented by a single coupon. An interest rate based upon the use of split or supplemental interest coupons will not be considered nor will a zero rate of interest be considered. No bid of less than par and accrued interest or for less than all of the bonds offered will be entertained. The bonds will be awarded to the bidder offering to purchase the bonds at the lowest interest cost to the City (not to exceed an average annual interest cost rate of 6-1/2%), such cost to be determined by deducting the amount of •any premium bid from the aggregate amount of interest upon all of the bonds from April 1, 1973 until their respective maturities. Each bid must be submitted on a form to be furnished by the undersigned, must be enclosed in a sealed envelope marked "Bid for Parking Facilities Revenue Bonds (Series C)", and must be accompanied by a certified or bank cashier's or treasurer's check for $63,000 payable unconditionally to the order of The City off.-�iorida, -6- a-T on which no interA. will be allowed. Award L 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 per- formance 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 full liquidated damages. The bonds will be delivered on or about May 17, 1973 in New York City, against payment therefor by a certified or bank cashier's or treasurer's check drawn on a New York City bank or trust company. The unqualified approving opinion of Mitchell, Petty & Shetterly, New York City, will be furnished the purchasers without cost. There will also be furnished the usual closing papers. Copies of the Official Notice of Sale, the required Bid Form and the Official Statement containing detailed information respecting the bonds may be obtained from the undersigned or from Wainwright & Ramsey Inc., Financial Consultants to the Department of Off -Street Parking of The City of Miami, Dadeland Towers, Suite 200, 9300 South Dadeland Boulevard, Miami, Florida 33156, and 70 Pine Street, New York, New York 10005. The City reserves the right to determine who is the success- ful bidder for the bonds, to reject any or all of the bids for such bonds, as above stated, and to waive any informality in any bid for the bonds. Nothing herein stated, however, shall limit the right of the bidder to publicize the details of his bid after 11 o'clock A.M., Eastern Standard Time, April 26, 1973, or to offer the bonds subject to award by the City. THE CITY OF MIAMI, FLORIDA By WENDELL R. BAILEY Director of Finance Section 6. The form referred to in the Notice of Sale set forth in Section 5 above on which all bids are required to be madeai;1.7 be tK -7- • -/ substantially as follows: BID FOR PARKING FACILITIES REVENUE BONDS (SERIES C) Commission of The City of Miami, Florida City Hall Miami, Florida Sirs: , 1973 We make the following offer for the $3,150,000 Parking Facilities Revenue Bonds (Series C) of The City of Miami, Florida, described in the Notice of Sale, which is hereby made a part of this bid, this offer being for all of said bonds and not for less than all: For $3,150,000 Parking Facilities Revenue Bonds (Series C) maturing on October 1 in the years and principal amounts and bearing interest as follows: Year of Principal Interest Year of Principal Interest Maturity Amount Rate Maturity► Amount Rate 1973 $ 5,000 1988 $ 20,000 1974 5,000 1989 20,000 1975 5,000 1990 20,000 1976 5,000 1991 20,000 1977 5,000 1992 25,000 1978 10,000 1993 25,000 1979 10,000 1994 40,000 1980 10,000 1995 305,000 1981 10,000 1996 325,000 1982 10,000 1997 345,000 1983 10,000 1998 370,000 1984 10,000 1999 390,000 1985 15,000 2000 415,000 1986 15,000 2001 445,000 1987 20,000 2002 240,000 we will pay Dollars ($ ), plus accrued interest on the bonds from April 1, 1973 to the date of their delivery. We enclose herewith a certified or bank cashier's or treasurer's check for $31,500 payable to the order of The City of Miami, Florida, which check is to be applied or returned in accord- ance with the Notice of Sale. -8- +�I The closing papers referred to in the Notice of Sale are to include a certificate, dated as of the day of the delivery of the bonds, stating that there is no litigation pending, or, to the knowledge of the signers of such certificate, threatened af- fecting the validity of the bonds or the means provided for their payment. (No addition or alteration, except as pro- vided above, is to be made to this bid.) Following is our computation, made in accordance with the Notice of Sale but not to be considered as a part of our bid, of the cost of effecting the loan under the terms of the attached bid: Aggregate interest on bonds from April 1, 1972 $ Less premium Net interest cost $ Average interest cost rate (to four decimal laces) Section 7. The Director of Finance is hereby directed to cause an Official Statement to be prepared, containing financial and statistical information concerning the City and the Department of Off -Street Parking, and to furnish copies of such Official State- ment to all interested bidders. Section 8. There shall be printed on the reverse of each of said bonds the legal opinion of Mitchell, Petty & Shetterly re- specting 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: -9- "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 Mitchell, Petty & Shetterly, New York, N. Y., and was dated as of the date of delivery of and payment for said bonds. (Facsimile signature) City Clerk of The City of Miami." Section 9. This resolution shall be in full force and effect immediately upon its passage. Passed and adopted this 22 day of 1973. It REVIEWED BY: John S. Lloyd Assistant Directo APPROVED AS TO FORM AND CORRECTNESS: Alan H. Rothstein City Attorney 73..-.vz,