Resolution 3363 RESOLUTION NO. 3363
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI
BEACH , FLORIDA:
SECTION 1: That the proposal of John Nuveen & Co. , Natco Corp. ,
Miami Beach First National Bank, Childress & Co. ,
and Wells-Dickey Co, for the bonds mentioned in said proposal,
which bonds were authorized by the City Council in Resolution
No. 3310, adopted on August 28, 1935, said proposal being in
the words and figures following:
"PROPOSAL FOR BONDS
11-13--35.
Mr. C. W. Tomlinson,
City Clerk,
Miami Beach, Florida.
Dear Sir:
For $1,789,000 City of Miami Beach, Florida , Twenty Year
Refunding Bonds , Issue of 1936, as described in the attached
notice of sale, which is hereby made a part of this bid, we
will pay for 4 Bonds _
#1,7 100 00 100 Doll.a.rs
($ ) and accrued interest to date of delivery.
or (In case you wish to make an alternate bid on a different
rate of interest)
For $1,789,000 City of Miami Beach, Florida, Twenty Year
Refunding Bonds, Issue of 1936, as described in the attached
notice of sale, which is hereby made a part of this bid, we
will pay for % Bonds
Dollars
lrfl and accrued interest to date of delivery.
We enclose herewith certified check for $35,780.00, being
two percent of the par value of bonds bid for, payable to the
City of Miami Beach, which enclosure is to be returned to us
if this bid. is not accepted, but otherwise to be deposited by
said City, and when the bonds are delivered and paid for under
the terms of this bid, to be considered as an advance part pay-
ment therefor, or it is to be retained by said City as and for
liquidated damages in case the undersigned fails to take up and
pay for said bonds in accord herewith.
We will accept delivery of the bonds at The Chemical Bank
and. Trust Company in New York City on January 2nd, 1936.
John Nuveen & Co. Natco Corp. ,
(Signed) John C. Nuveen, Jr. (Signed) W. R. Edwards
Miami Beach First National Bank
(Signed) F. L. Wall, Pres.
Childress & Co, Wells-Dickey Co.
( Signed) F. B. Childress, Pres. (Signed) F. B. Childress, Agent
No addition or alteration is to be made to this proposal
and it must not be detached from the annexed advertisement.
.
$1,789,000
CITY OF MIAMI BEACH , FLORIDA
TWENTY YEAR REFUNDING BONDS, ISSUE OF 1936
Sealed bids will be received by the City Council, addressed
to the undersigned, at the City Hall in Miami Beach. Florida,
until 3:30 o'clock p. m. , on Wednesday, November 13th, 1935,
marked "Proposal for Bonds" , for the following bonds of the City
of Miami Beach:
$1,789,000 Twenty Year Refunding Bonds, maturing annually
January 1 , as follows:
$110,000 1947
$120,000 . . 1948
130,000 1949
135,000 1950
215,000 1951
$215,000 1952
$215,000 1953
215,000 1954
$215,000 1955
19 ,000 1956
No option of prior payment reserved, The bonds to be dated
January 1st, 1936. Interest payable on January lst and July lst.
Bidder ro name the interest rate note exceeding four and one—half
(4 ) percent., in a multiple of one—quarter of one percent.
Principal And semi-annual interest payable in lawful money of
the United States at the Chemical Bank and Trust Company, New
York City. Denomination $1,000; registerable as to principal
only; general city obligations; unlimited tax levy.
The bonds have been validated by decree of Citcuit Court
and purchaser will be furnished the approving legal opinion of
Messrs. Caldwell and Raymond of New York City.
The bonds will be prepared under the supervision of The
Continental Bank and Trust Company of New York City, which will
certify as to the genuineness of the signatures of the officials
and the seal impressed thereon.
Bids must be upon printed forms to be furnished by the
undersigned or by the said The Continental Bank and Trust Company.
Bids must be enclosed in a sealed envelope marked "Proposal for
Bonds" and be accompanied by a certified check in the amount of
$35,780.00 drawn in favor of the City of Miami Beach. Bidders
may submit alternate bids at different rates of interest, but all
of the bonds of this issue must bear the same rate.
Comparison of bids will be made by taking the cost of interest
to the city at the rate named in the respective bids and deducting
therefrom the premium bid. No bid will be accepted for less than
the par value of the bonds and accrued interest trereon, and any
bid not complying with the terms of this notice will be rejected,
and all bids must be unconditional.
The bonds will be delivered to the successful bidder at
the Chemical Bank and Trust Company in New York City on January
2nd, 1936.
The City of Miami Beach reserves the right to and. will
purchase from the successful bidder, as an investment of surplus
funds, $350,000 of this issue at the bid price plug accrued
interest, with maturities as follows:
$35,000 each year from 1947 to 1956, inclusive; delivery
of said 350 bonds to be made in New York City at the time and
place of delivery heretofore specified or as may be mutually
agreed upon between the successful bidder and the City.
' The right to reject any and all bids is reserved.
C. W. TOMLINSON
City Clerk."
be and the same is hereby accepted.
The City Council, by unanimous vote of the members present,
does hereby resolve to sell said bonds at private sale , and
that the above mentioned bid is the best price deemed obtainable
for said bonds, and that such price is not less than 95 cents
on the dollar and accrued interest, and that said bonds are
hereby sold at private sale to the said John Nuveen & Co. ,
Natco Corp. , Miami Beach First National Bank, Childress & Co. ,
and Wells-Dickey Co. , and
SECTION 2: That the said $1,789,000 Twenty Year Refunding Bonds,
Issue of 1936, shall bear interest at the rate of
four and one-half (4 ) percent per annum,
PASSED AND ADOPTED this 13th day of November, A. D. , 1935.
6;& /14 if '0'
President Pro-tem of city uouncil
ATTEST: ... . .
._. ...e--_-_------- ---___,,
City Clerk
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