73-13893 RESOLUTION NO. 73-13893
A RESOLUTION AWARDING $13,465,000
PUBLIC IMPROVEMENT BONDS OF THE
CITY OF MIAMI BEACH, FLORIDA
WHEREAS, pursuant to notice heretofore duly published for the sale
of $13,465,000 Public Improvement Bonds, consisting of four issues of
Bonds, dated August 1 , 1972, and September 1 , 1972 (hereinafter referred
to as "Bonds") , the following sealed proposals have been received:
The proposal of SMITH, BARNEY & CO, INCORPORATED, WHITE, WELD & CO,
INCORPORATED, BARNETT NATIONAL BANK OF JACKSONVILLE AND ASSOCIATES offering
to pay the sum of THIRTEEN MILLION, FOUR HUNDRED AND SIXTY FIVE THOUSAND
AND 00/100 DOLLARS, together with accrued interest from February 1 , 1973
on the Bonds dated August 1 , and from March 1 , 1973 on the Bonds dated
September 1 to the date of delivery thereof, for said Bonds bearing interest
at the rate of FIVE per centum (5%) per annum on the Bonds maturing in the
years 1973 to 1976, inclusive; at the rate of FOUR AND ONE HALF per centum
(I4%) per annum on the Bonds maturing in the years 1977 to 1983, inclusive;
at the rate of FOUR AND THREE QUARTERS per centum (4 3/4%) per
annum on the Bonds maturing in the years 1984 to 1986, inclusive; at the
rate of FIVE per centum (5%) per annum on the Bonds maturing in the years
1987 to 1992, inclusive; being a net interest cost of $9,023,006.25,
The proposal of MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC. & ASSOC.
offering to pay the sum of THIRTEEN MILLION, FOUR HUNDRED SIXTY SEVEN THOUSAND,
NINETEEN and 75/100 DOLLARS ($13,467,019.75) together with accrued interest
from February 1 , 1973 on the Bonds dated August 1 , and from March 1 , 1973 on
the Bonds dated September 1 , to the date of delivery thereof, for said Bonds
bearing interest at the rate of FIVE per centum (5%) per annum on the Bonds
maturing in the years 1973 to 1979, inclusive; at the rate of FOUR AND NINETY
ONE-HUNDREDTHS per centum (4.90%) per annum on the Bonds maturing in the
years 1980 to 1981 , inclusive; at the rate of FOUR AND SEVENTY ONE-HUNDREDTHS
per centum (4.70%) per annum on the Bonds maturing in the years 1982 to
1985, inclusive; at the rate of FOUR AND NINETY ONE-HUNDREDTHS per centum
(4.90%) per annum on the Bonds maturing in the years 1986 to 1987, inclusive,
-1-
and at the rate of FIVE per centum (5%) per annum on the Bonds maturing in
the years 1988 to 1992, inclusive; being a net interest cost of $9, 102,737.75.
The proposal of 1st NATIONAL BANK OF MIAMI offering to pay the sum
of THIRTEEN MILLION, FOUR HUNDRED AND SIXTY FIVE THOUSAND AND 00/100 DOLLARS,
together with accrued interest from February 1 , 1973 on the Bonds dated
August 1 , and from March 1 , 1973 on the Bonds dated September 1 , to the date
of delivery thereof, for said Bonds bearing interest at the rate of FIVE
per centum (5%) per annum on the Bonds maturing in the years 1973 to 1979,
inclusive; at the rate of FOUR AND FIFTY ONE-HUNDREDTHS per centum (4.50%)
per annum on the Bonds maturing in the years 1980 to 1981 , inclusive; at
the rate of FOUR AND SEVENTY FIVE ONE-HUNDREDTHS per centum (4.75%) per
annum on the Bonds maturing in the years 1982 to 1986 inclusive; at the
rate of FIVE per centum (5%) per annum on the Bonds maturing in the years
1987 to 1992, inclusive; being a net interest cost of $9,086, 125.00.
The proposal of BANKERS TRUST CO. & ASSOCIATES offering to pay the
sum of THIRTEEN MILLION, FOUR HUNDRED SIXTY-FIVE THOUSAND, ONE HUNDRED
TWENTY EIGHT and 12/100 DOLLARS ($13,465, 128. 12) together with accrued
interest from February 1 , 1973 on the Bonds dated August 1 , and from
March 1 , 1973 on the Bonds dated September 1 , to the date of delivery
thereof, for said Bonds bearing interest at the rate of FOUR AND ONE-HALF
per centum (42%) per annum on the Bonds maturing in the years 1973 to 1983
inclusive; at the rate of FOUR AND EIGHTY ONE-HUNDREDTHS per centum (4.80%)
on the Bonds maturing in the year 1984; at the rate of FIVE per centum (5%)
per annum on the Bonds maturing in the years 1985 to 1992, inclusive; being
a net interest cost of $9,084,351 .88.
The proposal of DONALDSON, LUFKIN & JENRETTE, INC. , W. H. MORTON & CO,
INC. AND WEEDEN & CO. , INC. offering to pay the sum of THIRTEEN MILLION,
FOUR HUNDRED AND SEVENTY NINE THOUSAND, NINE HUNDRED EIGHTY EIGHT AND FORTY
ONE HUNDREDTHS, together with accrued interest from February 1 , 1973 on the
Bonds dated August 1 , and from March 1 , 1973 on the Bonds dated September 1 to
the date of delivery thereof, for said Bonds bearing interest at the rate of
SIX AND ONE HALF per centum (6'—z%) per annum on the Bonds
maturing in the years 1973 to 1976, inclusive; at the rate of FIVE per centum
(5%) per annum on the Bonds maturing in the years 1977 to 1988, inclusive;
-2-
at the rate of FIVE AND TWENTY ONE-HUNDREDTHS (5.20%) per annum on the Bonds
maturing in the years 1989 to 1991 , inclusive; at the rate of FIVE per centum
(5%) per annum on the Bonds maturing in the year 1992; being a net interest cost
of $9,375,881 .60.
The proposal of FIRST PENNCO SECURITIES INC. offering to pay the sum
of THIRTEEN MILLION FOUR HUNDRED AND SIXTY SIX THOUSAND SEVEN HUNDRED AND
THIRTY SEVEN AND FIFTY-FIVE ONE-HUNDREDTHS DOLLARS ($13,466,737.55) together
with accrued interest from February 1 , 1973 on the Bonds dated August 1 , and
from March 1 , 1973, on the Bonds dated September 1 , to the date of delivery
thereof, for said Bonds bearing interest at the rate of FIVE per centum (5%)
per annum on the Bonds maturing in the years 1973 to 1979, inclusive; at the
rate of FIVE AND ONE HALF per centum (52%) per annum on the Bonds
maturing in the years 1980 to 1984, inclusive; at the rate of FIVE per
centum (5%) per annum on the Bonds maturing in the years 1985 to 1991 , in-
clusive; at the rate of FOUR per centum (4%) per annum on the Bonds maturing
in the year 1992; being a net interest cost of $9, 142,287.45.
The proposal of BLYTH EASTMAN DILLON & CO. , INC. , WILLIAM R. HOUGH & CO. ,
BEAR, STEARNS & CO. , WILSON WHITE, BELF, LAKE, ROCHLIN & CO. offering to pay
the sum of THIRTEEN MILLION, FOUR HUNDRED SIXTY FIVE THOUSAND AND 00/100
DOLLARS ($13,465,000.00, together with accrued interest from February 1 , 1973
on the Bonds dated August 1 , and from March 1 , 1973 on the bonds dated
SEPTEMBER 1 , to the date of delivery thereof, for said Bonds bearing interest
at the rate of SIX per centum (6%) per annum on the Bonds maturing in the
years 1973 to 1982 inclusive; at the rate of FOUR AND FIFTY ONE-HUNDREDTHS (4.50%)
per annum on the Bonds maturing in the years 1983 to 1984, inclusive; at the
rate of FIVE per centum (5%) per annum on the Bonds maturing in the years
1985 to 1990, inclusive; at the rate of FOUR AND FIFTY-ONE-HUNDREDTHS (4.50%)
per annum on the Bonds maturing in the years 1991 to 1992, inclusive;being a
net interest cost of $9, 112,587,50.
The proposal of HALSEY, STUART & CO. , INC. , KIDDER PEABODY & CO. , INC.
AND ASSOCIATES, FIRST NATIONAL BANK OF MIAMI , FLA. offering to pay the sum
of THIRTEEN MILLION, FOUR HUNDRED NINETY THOUSAND AND 00/100 DOLLARS
($13,490,000.00) together with accrued interest from February 1 , 1973 on
-3-
•
the Bonds dated August 1 , and from March 1 , 1973 on the Bonds dated
September 1 , to the date of delivery thereof, for said Bonds bearing interest
at the rate of FIVE per centum (5%) per annum on the Bonds maturing in the
years 1973 to 1983, inclusive; at the rate of FOUR AND SEVENTY FIVE ONE-
HUNDREDTHS per centum (4.75%) per annum on the Bonds maturing in the years
1984 to 1986; inclusive; at the rate of FOUR AND NINETY ONE-HUNDREDTHS (4.90%)
per centum per annum on the Bonds maturing in the years 1987 to 1988, inclusive;
at the rate of FIVE per centum (5%) per annum on the Bonds maturing in the
years 1989 to 1992, inclusive; being a net interest cost of $9, 115,588.75.
The proposal of MORGAN GUARANTY TRUST COMPANY OF NEW YORK offering
to pay the sum of THIRTEEN MILLION, FOUR HUNDRED SIXTY FIVE THOUSAND, SIX
HUNDRED FIFTY THREE AND 00/100 DOLLARS ($13,465,653.00) , together with accrued
Interest from February 1 , 1973 on the Bonds dated August 1 , and from March 1 , 1973
on the Bonds dated September 1 to the date of delivery thereof, for said Bonds
bearing interest at the rate of FOUR AND EIGHTY ONE-HUNDREDTHS per centum
(4.80%) per annum on the Bonds maturing in the year 1973; at the rate of
FIVE AND NINETY ONE-HUNDREDTHS ( 5.90%) per centum per annum on the Bonds
maturing in the years 1974 to 1982, inclusive; at the rate of FOUR AND EIGHTY
ONE-HUNDREDTHS per centum (4.80%) per annum on the Bonds maturing in the
years 1983 to 1985, inclusive; at the rate of FIVE per centum (5%) per annum
on the Bonds maturing in the years 1986 to 1992, inclusive; being a net
interest cost of $9,374,252.00.
and
WHEREAS, the proposal of SMITH, BARNEY & CO, , INCORPORATED, WHITE WELD
& CO. INCORPORATED, BARNETT NATIONAL BANK OF JACKSONVILLE AND ASSOCIATES
referred to in the preambles hereof is the highest and most advantageous bid
for said Bonds and in all other respects complies with said Notice of Sale;
now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA:
Section 1 . That the proposal of SMITH, BARNEY & CO, , INC. , WHITE,
WELD & CO, INC. ; BARNETT NATIONAL BANK OF JACKSONVILLE & ASSOC. referred to in
the preambles hereof, be and the same is hereby accepted and the following
described Bonds of the City of Miami Beach, be and they are hereby awarded
and sold to said purchaser referred to in the preambles hereof at the price
and in accordance with the proposal of said purchaser:
-4-
•
•
$13,465,000 - Public Improvement Bonds, consisting of
$4,000,000 1970 Theatre of Performing
Arts Bonds, 1970, dated August 1 , 1970,
and maturing on August 1 of each year;
$5,500,000 Municipal Administration
and Police Court Building Bonds, 1970,
Series 9, dated August 1 , 1970, and
maturing on August 1 of each year;
$230,000 1972 Relocation of Public
Works Bonds, dated September 1 , 1972,
Series 3A, maturing on September 1 of
each year; and $3,735,000 1972 Park
Improvement Bonds, dated September 1 , 1972,
Series 4B and maturing on September 1 of
each year, $5,000 each, numbered for each
issue from 1 upwards, and bearing the
interest rates per annum, and maturing in
years and aggregate amounts as follows:
Year . Amount Interest Rate
1973 $ 20,000 5%
1974 20,000 5%
1975 110,00o 5%
1976 140,000 5%
1977 145,000 41%
1978 335,000 42%
1979 430,000 42%
1980 485,000 42%
1981 490,000 42%
1982 715,000 42%
1983 750,000 42%
1984 840,000 4 3/4%
1985 910,000 4 3/4%
1986 955,000 4 3/4%
1987 970,00o 5%
1988 1 ,030,000 5%
1989 1 ,205,000 5%
1990 1 ,250,000 5%
1991 1 ,315,000 5%
1992 1 ,350,000 5%
Section 2. That the proper officers of the City be and they are
hereby authorized and directed to execute said Bonds when prepared and to
deliver the same to said purchaser upon payment of the purchase price in
accordance with the conditions stated in said Notice of Sale, without further
authority from this City Council .
Section 3. That the City Clerk and Finance Director be and she is
hereby authorized and directed to return forthwith the good faith checks of
all unsuccessful bidders.
Section 4. This resolution shall take effect immediately.
PASSED AND ADOPTED this 7th day of February, 1973.
q4(UZK_
V v
ATTEST: Mayor
Ridt; Pe,afoseGt,
City Clerk and Finance Director