HomeMy WebLinkAboutR-43240FLORIDA:
RESOLUTION NO. 43240
A RESOLUTION AWARDING $5,000,000
SANITARY SEWER BONDS AND $2,000,000
HIGHWAY IMPROVEMENT BONDS OF THE
CITY OF MIAMI, FLORIDA
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
Section 1. That the Cormiission has ascertained and
determined and does hereby declare that:
(a) In accordance with the provisions of Resolution
No. 43217 duly passed and adopted by the Commission on February
3, 1972, a Notice of Sale was published on February 7, 1972, by
the Director of Finance calling for sealed bids to be received
until 11 o'clock A.M., Eastern Standard Time, February 17, 1972,
for $5,000,000 Sanitary Sewer Bonds and $2,000,000 Highway Improve-
ment Bonds of The City of Miami, dated September 1, 1971, the pub-
lication of which Notice of Sale on said day is hereby ratified
and approved.
(b) 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 March 1, 1972,
and enclosing a certified or bank cashier's or treasurer's check
for $140,000:
(1) Bid of The First National Bank of Miami, Manager
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, and accrued interest
on the bonds from March 1, 1972 to the date of their de-
livery, said bonds bearing interest at the rates set forth
below in column (1).
(2) Bid of The First Boston Corporation, First National Bank
of Memphis, Banc Northwest, Joint Managers and Associates
offering to pay:
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RESOLUTION NO,4,
14FMARKS:
$7,000,000, being par for said Sanitary Sewer Bonds and
par for said Highway Improvement Bonds, and accrued inter-
est on the bonds from March 1, 1972 to the date of their
delivery, said bonds bearing interest at the rates set
forth below in column (2).
(3) Bid of Bankers Trust Company & Associates
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $535.62
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (3).
(4) Bid of Dillon Read Municillas, Div. of Dillon, Read & Co.
Inc.
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $191.86
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (4).
(5) Bid of Goldman, Sachs & Co.
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and
par for said Highway Improvement Bonds, plus a premium of
$12,119.80 for all of said bonds, which premium is to be
allocated to each issue as provided in the Notice of Sale,
and accrued interest on the bonds from March 1, 1972 to
the date of their delivery, said bonds bearing interest at
the rates set forth below in column (5).
(6) Bid of The Chase Manhattan Bank, N.A., Manager and
Associates
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $64.55
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (6).
(7) Bid of Merrill Lynch, Pierce, Fenner & Smith Incorporated
and Associates
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $593.60
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (7).
(8) Bid of Eastman Dillon Union Securities & Co. Inc.,
Stephen's, Inc.
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $739.15
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (8).
(9) Bid of Lehman Brothers Incorporated, Kuhn, Loeb & Co.
Account Managers and Associates
offering to pay:
-3-
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $5,013.20
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (9).
(10) Bid of Halsey, Stuart & Co. Inc., Kidder, Peabody & Co.,
Incorporated and Associates
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and
par for said Highway Improvement Bonds, plus a premium of
$700.00 for all of said bonds, which premium is to be al-
located to each issue as provided in the Notice of Sale,
and accrued interest on the bonds from March 1, 1972 to
the date of their delivery, said bonds bearing interest at
the rates set forth below in column (10).
(11) Bid of First National City Bank, The Northern Trust Company,
Continental Illinois National Bank & Trust Company of
Chicago, Weeden & Co., Incorporated, W. H. Morton & Co.
(Div. of Amer. Express), F. S. Smithers & Co., Inc.,
First Wisconsin National Bank of Milw., Wachovia Bank &
Trust Co., Altgelt & Co., Inc., Provident National Bank,
Phila., Loewi & Co.
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $560.00
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (11).
(12) Bid of Morgan Guaranty Trust Company of New York, Salomon
Brothers
offering to pay:
-4-
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $77.00
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (12).
(13) Bid of Smith, Barney & Co. Incorporated (Manager) and
Associates
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, plus a premium of $790.95
for all of said bonds, which premium is to be allocated to
each issue as provided in the Notice of Sale, and accrued
interest on the bonds from March 1, 1972 to the date of
their delivery, said bonds bearing interest at the rates set
forth below in column (13).
(14) Bid of Matthews & Wright, Inc.
offering to pay:
$7,000,000, being par for said Sanitary Sewer Bonds and par
for said Highway Improvement Bonds, and accrued interest on
the bonds from March 1, 1972 to the date of their delivery,
said bonds bearing interest at the rates set forth below in
column (14).
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Section 2. That 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 March 1, 1972 until
their respective maturities, was the bid of The first National Bank
of Miami, Manager, offering to pay $7,000,000, being par for said
Sanitary Sewer Bonds and par for said Highway Improvement Bonds,
and accrued interest on the bonds from March 1, 1972 to the date of
their delivery, at the rates set forth in column (1) of the tabula-
tion in Section 1 above.
Section 3. That said bid
Miami, Manager,
is hereby accepted
Sewer Bonds and $2,000,000 Highway
awarded to said
price set forth
interest at the
The First National
in Section 2 above
rates set
Section 1 above, and said
Section 4. That
be returned immediately.
Section 5. That this resolution shall be in full force
and effect immediately upon its passage.
PASSED AND ADOPTED this 17th day of February, 1972.
of The First National Bank of
and said $5,000,000 Sanitary
Improvement Bonds are hereby
Bank of Miami, Manager, at the
offered for said bonds bearing
forth in column (1) of the tabulation in
bonds shall bear interest at said rates.
the checks of unsuccessful bidders shall
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