HomeMy WebLinkAboutR-73-0330RESOLUTION NO. 73-330
A RESOLUTION AWARDING $3,150,000 PARK-
ING FACILITIES REVENUE BONDS (SERIES C)
OF THE CITY OF MIAMI, FLORIDA.
BE IT RESOLVED by the Commission of the City of Miami, Florida,
as follows:
Section 1. The City Commission hereby determines and de-
clares that:
(a) In accordance with the provisions of Resolution No. 73-212,
duly passed and adopted by the City Commission on March 22, 1973,
notice of sale was duly published by the Director of Finance of
the City of Miami calling for sealed bids to be received until
11 o'clock A.M., Eastern Standard Time, April 26, 1973, for
$3,150,000 Parking Facilities Revenue Bonds (Series C) of the
City of Miami, Florida, dated October 1, 1972.
(b) At the hour stated in said notice 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, each bid offering
to pay accrued interest on said bonds from April 1, 1973 to the
date of delivery and being accompanied by a certified or bank
cashier's or treasurer's check for $63,000, payable to the order
of The City of Miami, Florida:
(1) Bid of Kidder, Peabody & Co., Incorporated & Associates
offering $3,150,010.00 and accrued interest for said
bonds bearing interest at the rates set forth below in
column (1).
(2) Bid of Goldman, Sachs & Co. (& Associates)
offering $3,150,000.00 and accrued interest for said
bonds bearing interest at the rates set forth below in
column (2).
(3) Bid of White, Weld & Company, Inc. - Manager
duPont Glore Forgan, Inc.
The Robinson -Humphrey Company, Inc.
offering $3,150,000.00 and accrued interest for said
bonds bearing interest at the rates set forth below irr -'-"
column (3).
(4) Bid of Smith, Barney & Co. Incorporated ) Joint
Halsey, Stuart & Co. Inc. )
E. F. Hutton & Company, Inc. and Associates ) Managers
offering $3,150,382.70 and accrued interest for said
bonds bearing interest at the rates set forth below in
column (4).
(5) Bid of William R. Hough & Co.
Reynolds Securities, Inc.
offering $3,150,504.00 and accrued interest for said
bonds bearing interest at the rates set forth below in
column (5).
(6) Bid of John Nuveen & Co. Incorporated.) Joint
F. S. Smithers & Co. Inc. ) Manager
Leedy, Wheeler & Alleman, Inc.
G. H. Walker & Co. Incorporated
offering $3,150,000.00 and accrued interest for said
bonds bearing interest at the rates set forth below in
column (6).
(7) Bid of A. G. Becker & Co. Inc.
offering $3,150,055.40 and accrued interest for said
bonds bearing interest at the rates set forth below in
column (7).
(8) Bid of Loewi & Co.
offering $3,150,000.00 and accrued
bonds bearing interest at the
interest for said
rates set forth below in
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Interest Rate Columns
Year of Principal
Maturity Amount (1) (2) (3) (4) (5) (6) (7) (8)
1973 $ 5,000 6% 6.50% 5.25% 5.50% 7.50% 67. 4.407. 7.50%
1974 5,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1975 5,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1976 5,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1977 5,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1978 10,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1979 10,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1980 10,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1981 10,000 6 6.50 5.25 5.50 7.50 6 7.50 7.50
1982 10,000 6 6.50 5.25 5.50 7.50 6 7.50 7,50
1983 10,000 6 6.50 5.25 5.50 5.50 5.25 7.50 7.50
1984 10,000 6 6.50 5.25 5.50 5.50 5.25 7.50 7.50
1985 15,000 6 6.50 5.25 5.50 5.50 5.25 7.50 7.50
1986 15,000 6 6.50 5.25 5.50 5.50 5.40 7.50 6
1987 20,000 6 6.50 5.25 5.50 5.50 5.40 7.50 6
1988 20,000 6 6.50 5.50 5.50 5.50 5.40 7.50 6
1989 20,000 6 6.50 5.50 5.50 5.50 5.40 6.75 6
1990 20,000 6 6.50 5.50 5.50 5.50 5.40 5.50 6
cn
Interest Rate Columns
Year of Principal
Maturity Amount (1) (2) (3) (4) (5) (6) (7) (8)
1991 $ 20,000 6% 6.50% 5.50% 5.50% 5.50% 5.40% 5.75% 67.
1992 25,000 6 6.50 5.50 5.50 5.50 5.40 5.75 6
1993 25,000 6 5.40 5.50 5.50 5.50 5.40 5.60 6
1994 40,000 6 5.45 5.50 5.50 5.50 5.40 5.60 6
1995 305,000 5.50 5.45 6 5.75 5.55 5.75 5.70 6
1996 325,000 5.50 5.50 5.60 5.75 5.55 5.75 5.70 5.75
1997 345,000 5.50 5.50 5.60 5.75 5.70 5.75 5.60 5.75
1998 370,000 5.50 5.55 5.60 5.70 5.70 5.75 5.60 5.80
1999 390,000 5.50 5.55 5.60 5.70 5.75 5.75 5.70 5.80
•
2000 415,000 5.50 5.60 5.60 5.60 5.75 5.70 5.70 5.80
2001 445,000 5.50 5.60 5.60 5.60 5.75 5.70 5.70 5.80
2002 240,000 5.50 5.60 5.60 5.60 5.75 5.70 5.70 5.80
Section 2. The bid offering to purchase said bonds at
the lowest interest cost to the City, such cost being determined
by deducting the amount of any premium bid from or by adding the
amount of any discount bid to the aggregate amount of interest on
all of the bonds from April 1, 1973 until their respective ma-
turities, was the bid of Kidder, Peabody & Co., Incorporated &
Associates offering $3,150,010.00 and accrued interest for said bonds
bearing interest at the rates set forth in column (1) of the tabulation
in Section 1 above, and the City Commission has determined that the
sale of said bonds in accordance with said bid is in the best inter-
ests of the City of Miami.
Section 3. Said bid of Kidder, Peabody & Co., Incorporated
& Associates is hereby accepted and said $3,150,000 Parking Facilities
Revenue Bonds (Series C) are hereby awarded to said Kidder, Peabody &
Co., Incorporated & 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. The Trustee is hereby authorized and directed
to deliver said bonds to or upon the order of the purchasers named
in Section 3 above upon payment of the purchase price mentioned in
said Section 3.
Section 6. The officials and agents of the City of Miami
and of the Trustee are hereby authorized and directed to take all
steps necessary to carry out the provisions of this resolution.
Section 7. This resolution shall be in full force and effect
immediately upon its passage.
PASSED AND ADOPTED this 26th day of April, 1973.
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