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HomeMy WebLinkAboutR-43217P3:SoL1hr1(1N N(. % .02-/7 A RESOLUTION MYXING CERTAIN DETAILS CANCEPNINC, SS, 000, n0A SANITARY SEWER FONDS AND $2,AfO,Aff straw1+'Y I'RPRnVE- MENT DONbS OP THE CITY OP MIPMI, PLORIi1A, ANT, DIPF,CTTNf PtttLTCATION OP NOTICE (P SALE Or SAID PONDS WHEREAS, the Commission of the C3 tv of Miami (hereinafter sometimes called the "City Commission") on the 1Sth day of November, 1964 duly passed and adonted the fo3lowi.nrT resolutions nr.ovidinR for the issuance of bonds of the City of ""iar.ii (hereinafter sometimes called ,the "City") : Resolution No. 36147, providing for the issuance of S14,500,n0o Sanitary Sewer Bonds, to consist of 14,500 bonds of the denomination of $1,007) each, unless it shall hereafter he determined in the manner provieeci by the City Commission that said bonds shall consist of 2,!100 bonds of the denomina- tion of $5,000 each, said bonds to he issued at one time or from time to time and to he dated and cold as hereafter nro- vided by resolution or resolutions of the City Commission, 1/ and to mature as follows: Years After Principal Years After Principal Date Amount Date Amount 2 $1,240,000 12 $ 240,000 3 1,240,000 13 240,000 4 1,240,000 14 240,000 5 1,240,000 15 240,000 6 1,240,000 .16 240,000 7 1,240,000 17 240,000 8 1,240,000 18 220,000 9 1,240,000 19 220,000 10 1,240,000 20 220,000 11 1,240,000 Resolution No. 36148, providing for the issuance of $5,000,000 Highway Improvement Bonds, to consist of 5,000 bonds of the denomination of $1,000 each, unless it shall hereafter be determined in the manner provided by the City Commission that said bonds shall consist of 1,000 bonds of the denomina- tion of $5,000 each, said bonds to be issued at one time or from time to time and to be dated and sold as hereafter pro - INDEX FILM 1 0 crry COMA and Vid©d by resolution or resolutions ;if the City Commission, and to mature as follows t Years After Principal bat+ 'Mount 2 $410,000 3 410,000 4 410,000 5 410,000 6 410,000 7 410,000 8 410,000 9 410,000 10 410,000 11 410,000 Years After Principal Amount Date 12 13 14 15 16 17 18 19 20 $100,000. 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 hHEREAS, each of said resolutions 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 the interest on the bonds shall be pay- able at a bank or trust company in the Borough of Manhattan, City and State of New York, or at a bank or trust company in the City of Chicago, Illinois, or at a bank or trust company in the City of Miami, Florida, at the option of the holder or registered owner; and WHEREAS, the City has heretofore issued $1,500',000 sani- tary Sewer Bonds, dated as of August 1, 1967, $5,000,000 Sanitary Sewer Bonds, dated as of July 1, 1968 and $3,000,000 Sanitary Sewer Bonds, dated as of May 1,.1969, thereby reducing the authorized but unissued portion of said bond authorization to $5,000,000; and WHEREAS, the City has heretofore issued $3,000,000 High- way Improvement Bonds, dated as of February 1, 1971, thereby reduc- ing the authorized but unissued portion of said bond authorization to $2,000,000; and - 2- WHEREAS, the City Commission has determined: (a) that $5,000,000 in principal amount of said author ized but unissued $S,000,000 Sanitary Sewer Bonds, being the balance bf said authorization, shall consist of 1,000 bonds of the denomina- tion of $5,000 each and shall be issued and sold at this time, said 11 bonds to be dated, to be numbered and to mature as hereinafter pro- vided/ (b) that $2,000,000 in principal amount of said author- ized but unissued $2,000,000 highway Improvement Bonds, being the balance .of said authorization, shall consist of 400 bonds of the denomination of $5,000 each and shall be issued and sold at this time, said bonds to be dated, to be numbered and to mature as herein- = after provided; (c) that none of said bonds shall be redeemable prior to their respective maturities) (d) that the principal of and the interest on said bonds shall be payable at the banks hereinafter designated; and (e) that the sale of said bonds shall be held and notice 1/ thereof given as hereinafter provided) now, therefore, BE IT RESOLVED BY TILE COMMISSION OF THE CITY or MIAnr, , 4 FLORIDA: Section 1. There shall be issued and sold at this time said Sanitary Sewer Bonds in the aggregate principal amount of Five Million Dollars ($5,000,000), being the balance of the $5,000,000 bonds authorized but unissued as hereinabove described. Said bonds shall be dated as of the 1st day of September, 1971, shall consist of 1,000 bonds of the denomination of $5,000 each, numbered 1 to 1,000, inclusive, and shall mature, without option of prior redemp- tion, in numerical order, lowest numbers first, on the 1st day of September in the following years and in the following amounts, respectively: - 3- Year of Principal Year of Principal Maturity Amount Maturity Amount 1973 '$395,000 1983 $120,000 1974 395,000 1984 120,000 1975 395,000 1985 120,000 1976 395,000 1986 120,000 1977 395,000 1987 120,000 1978 395,000 1988 120,000 1979 395,000 1989 110,000 1980 395,000 1990 110,000 11 1981 395,000 1991 110,000 1982 395,000 Section 2. There shall be issued and sold at this time said Highway Improvement Bonds in the aggregate principal amount of Two Million Dollars ($2,000,000), being the balance of the $2,000,000 bonds authorized but unissued as hereinabove described. Said bonds shall be dated as of the 1st day of September, 1971, shall consist of 400 bonds of the denomination of $5,000 each, numbered 1 to 400, inclusive, and shall mature, without option of prior redemption, in numerical order, lowest numbers first, on the 1st day of September in the following years and in the following amounts, respectively: Year of Principal Year of Principal Maturity Amount Maturity Amount 1973 $110,000 1983 $100,000 1974 110,000 1984 100,000 1975 110,000 1985 100,000 1976 110,000 1986 100,000 1977 110,000 1987 100,000 1978 110,000 1988 100,000 1979 110,000 1989 100,000 1980 110,000 1990 100,000 1981 110,000 1991 100,000 1982 110,000 Section 3. Interest on said Sanitary Sewer Bonds and Highway Improvement Bonds shall be payable semi-annually on the 1st days of March and September in each year, and both the principal of and the interest on said bonds shall be payable at The Chase Manhattan Bank (National Association) in the Borough of Manhattan, City and State of New York, or at The First ::ational Bank of Chicago, in the City of Chicago, Illinois, or at Th: First National bank of Miami, in the City of Miami, Florida, at t?:.: option of the holder or regis- tered owner. • -4- • • Section 4. 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, and in The Daily Bond Buyer, a financial journal published in New York City an devoted primarily to municipal bonds, 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 $7,000,000 BONDS OF THE CITY OF MIAMI, FLORIDA $5,000,000 Sanitary Sewer Bonds $2,000,000 Highway Improvement Bonds Sealed bids will he received by the Commission of the City of Miami, Florida, at its regular place of meeting at 3500 Pan American Drive, Dinner Key, Miami, Florida, until 11 o'clock A.M., Eastern Standard Time, February 17, 1972 at which time and place all bids will be publicly onenedand read, for the following bonds of The City of Miami, Florida, all dated September 1, 1971: $5,000,000 SANITARY SEWER BONDS, maturing annually, September 1, without option of prior redemp- tion, as follows: Year of Principal. Year of. Principal Maturity Amount Maturity Amount 1973 $395,000) 1983 $120,000 '197a 395,nn0 1984 120,000 1975 395,000 1985 120,000 1976 395,000 1986 120,000 1977 395,000 1987 120,000 1978 395,000 1988 120,000 1979 395,000 114R9 110,000 1980 395,000 1990 1]0,000 1981 395,000 1991 110,000 1982 395,000 $2, 000, 000 tilt;irWAY IMPPOV 1 Mfi,NT flrNns , maturing annually, September, 1, with- out option of prior redemnti.dn, as fblldwg: Year of Principal Maturity Amount 1973 $110,000 1974 110,000 1975 110,000 1976 110,000 1977 110,000 1978 110,000 1979 110,000 1980 110,000 1981 110,000 '1982 110,000 Year of Principal Maturity Amount 1983 $100,0nn 1984 moon 1985 1n0,0n0 198E 100,000 1987 100,nnn 1988 inn,00n 1989 in0,n0n 199n 100;,n40 1991 in(,000 . Denomination $5,000; coupon bonds registrable as to prin- cipal alone and also as to both principal and interest; principal and semi-annual interest (March 1 and September 1) payable at The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York, or at The First National Bank of Chicago,in the City of Chicago, Illinois, or at The First National Bank of Miami, in the City of Miami, Florida, at the option of the holder or registered owner; general obligations; unlimited tax upon all taxable property within the City of Miami (excluding homesteads). The bonds were validated by decree of the Circuit Court of Dade County, Florida, on February 26, 1965, and the time for taking an appeal therefrom has expired. A separate bid for each issue is required, but no hid for less than all of the honds offered or at a price of less than par plus accrued interest will be entertained. Any premium hid will be allocated to each issue in the proportion which the amount of such issue hears to the total of both said issues. Bidders are requested to name the interest rate- or rates, not exceeding 5% per annum, in multiples of 1/8 or 1/1n of 1%, and each bidder must specify in his bid the amount and the maturities of the bonds of each rate. The bonds of hoth issues maturing on the same date must bear interest at the same rate. No bond shall hear more than one rate of interest which shall he uniform for the life of the bond, -6- • • and the interest payable on any hand on anv interest payment date shall be represented by a single coupon. No interest rate hid may 'he more than two times the lowest rate named in the bid. A11 of the bonds offered will be awarded to the bidder offerine to pur- chase the bonds at the lowest interest cost to the City►, such cost to be determined by deducting the tota?. amount of anv premium hid from the aggregate amount of interest upon all of the bonds from March 1, 1972 until their respective maturities. Each bid must be submitted on a form to he furnished hy the undersigned, enclosed in a sealed envelope marked "Bid for Bonds", and must be accompanied by a certified or hank cashier's or treasurer's check upon an incorporated hank or trust company for $140,000, payable unconditionally to the order. of The City of Miami, on which no interest will he allowed. Award or rejection of bids will he made on the date above stated for the receipt of bids, and the checks of unsuccessful bidders will he returned immediately. The check of the successful kidder will he held uncashed as security for the performance of his bid, hut in the event the successful bidder shall fail to comply with the terms of his bid the check may then he cashed and the proceeds thtreof retained as and for full lieuidated damages. The unqualified approving opinion of Mitchell, Petty & Shetterly, New York City, will he furnished to the purchasers with- out cost. A.copy of such opinion, certified hy the Cite Clerk by his facsimile signature, will he printed on the reverse of each bond. There will also be furnished the usual closing pavers. The bonds will be delivered on or about ►"ar•h 22. 1972 in New York City against payment therefor by a certified or bank cashier's or treasur- er's check drawn on a New York City bank or trust company. The right to reject any or a].1 bids is reserved. TIIE CITY or MIAMI Rv W. R. BAILEY director ,of Finance • Section 5i The form referred to in the Notice of Sale set forth in Section 4 above and on which all bids are required to be made shall be substantially as follows: BID FOP BONDS Commission of the City of Miami, Florida Sirs: , 1972 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 than all: For $5,000,000 Sanitary Sewer Bonds and S2,000,000 High- way Improvement Bonds, maturing and bearing interest as follows: Sanitary Highway Year of Sewer Improvement Maturity Bonds Bonds Interest hate 1973 $395,000 $110,000 t 1974 395,000 110,000 t 1975 395,000 110,000 t 1976 395,000 110,000 % 1977 395,000 11n,Onn t 1978 395,000 110,000 R 1979 395,000 lin,n00 t 1980 395,000 110,000 % 1981 395,000 110,000 % 1982 395,000 110,000 t 1983 120,000 100,000 % 1984 120,000 100,000 % 1985 120,000 100,000 t 1986 120,000 100,000 % 1987 120,000 100,000 8 1988 120,000 l0n,onn % 1989 110,000 l.nn,onn t 1990 110,000 100,000 t 1991 110,000 lnn,nno t we will pay Dollars (S ) , being par for said Sanitary Sewer "onds and par for said Highway Improvement Bonds plus a premium of $ for all of said bonds, which premium is to he allocated tr► each issue as provided in said Notice of Sale. We will also nay accrued interest on the hcmcls from March 1, 1072 to the date of their delivery. -8- We enclose herewith a certified or hank cashier's or treasurer's check for $140,000 payable to the order of The City of Miami, Florida, which check is to he annlied or returned in accordance with the Notice of. Sale. The closing rapers 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 vending or, to the knowledge of the signer of such certificate, threatened af- fecting the validity of the bonds. • (No addition or alteration, except as pro- vided above, is to be made to this hid.) * * * The following is our computation, not to he considered as part of our bid, of the interest cost to the City under the terms of our bid: Aggregate interest on bonds computed from March 1, 1,172 Less premium Net interest cost Average interest cost rate (to four decimal places) Section 6. 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 informa- tion concerning the City, and to furnish copies of such Official Statement to all interested bidders. Section 7. There shall be printed on the reverse of each of said bonds the legal opinion of Mitchell, Petty & Shetterly respecting the validity of said bonds and, immediately following such legal opinion, a certificate signed with the facsimile signa- ture of the City Clerk substantially as follows: "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, Florida." Section 8. This resolution shall be in full force and effect immediately upon its passage. PASSED AND ADOPTED this 3rd day of February, 1972. -10-