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RESOLUTION NO. 1313
BE IT RESOLVED BY THE CITY COUNCIL OF ''HE CITY 02 MIAMI BEACH,
FLORIDA:
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Section 1. That advertisement was duly made calling for
bids to be received until five o ' clock P. M. March 31st, 1926,
for : 1,055 , 000. of Public Improvement Bonds authorized br
Resolution No. 1298 of this City Council, adopted i'ebruary
24th, 1926, and 4469,000. of Improvement Bonds , series J, autho-
rized by this City Council by its resolution No. 1299, passed
and adopted 2ebruary 24, 1926.
Section 2. • That at said time the following bids were
found to have been filed, were opened and considered: Miami
Beach First National Bank and Qiami Beach Bank & Trust Company
bid
4129,980. for 4134,000. Sanitary Sewer bonds bearing 6h.
64,020. for 66,000. Storm sewer Bonds, bearing 60.
145,500. for 150,000. dater Bonds, bearing 60.
15,520. for 16,000. Paving Bonds , bearing 60. :a
19,400. for 20,000. Park Bonds, bearing 6 ;;
14,550. for 15,000. Wharf Bonds, bearing 60
and bid on no other bonds offered.
C. odgar Honnold, Oklahoma City, Oklahoma, and
Brandon, xordon & Waddell, New York City, bid:
X1,486, 966. for all of said bonds at 6h.
which said last mentioned bids are hereby rejected because not
the lowest and best bids received and because the rate of inter-
est is not acceptable. Eldridge & Company, Halsey, Stuart
Company, of :vew York and Wright, Warlow & Company, of Orlando , �<
.'lorida, whose bid is hereby considered the highest and best bid
received, and which is in the words and figures following, in-
cluding a letter of condition submitted therewith:
"PROPOSAL FOR BONDS
March 31, 1926
h" MR. C. d. TOMLINSON, Citi .t,1erk,
diami Beach, Florida. �'
s
Dear Sir: -
We make the following offer for bonds of the Oity of
Miami Beach described in the annexed notice, which is hereby
made a part of this bid, the offer being for all of said issues
and not for one or more less than all:
.e'or 4188, 000. Sewage Disposal Bonds, we will pay for 52%
Bonds Dollars ($182,400.00)
2or . 134,000. Sanitary Sewer Bonds (City' s share ) we
will pay for 5,o Bonds .collars ($130,006.00)
'or 466,000. Storm Sewer Bonds ( City' s share ) we will pay
for 52o Bonds Dollars (4 64,033.00)
icor 4150,000. ;rater Bonds, we will pay for Bonds
.collars (4145,530.00)
. 'or 476,00J. Bridge Bonds, we will pay for 5 ‘;a Bonds
Dollars (4 73,735.00)
.'or 416 ,000. Paving Bonds, we will pay for 52,2 Bonds
Dollars ($ 15 ,525.00)
For 420,000. Park Bonds, we will pay for 5-% Bonds
Dollars ($ 19,405.00)
For 415,000.000. Wharf Bonds we will pay for 5.2% Bonds
Dollars (4 14,553.00)
Dor 4390,000. Public Building Bonds, we will pay for 5,-i%
Bonds Dollars 43'78,400.00)
r'or 4469,000. Improvement Bonds , Series J, we will pay for
6o Bonds Dollars ( p455,000.00)
In addition thereto we will pay accrued interest to date
of delivery and will accept delivery at a bank indew York City
at the time stated in said notice of sale.
We enclose herewith certified check for 430,480, pgyable
to the order of the Jity (Jlerk of Miami Beach, which enclosure
is to be returned to us if this bid be not accepted, but other-
wise to be deposited by said officer and when the bonds are de-
livered and paid for under the terms of this bid, is to be con-
R
sidered as an advance part payment therefor, or is to be retained
as and for liquidated damages in case we fail so to take up and
pay for the bonds.
Eldredge and Company, New York City
Halsey Stuart & Company rr
Wright drarlow Co. Orlando, Fla.
,No addition or alteration is to be made to this proposal and
it must not be detached from the annexed advertisement.
By H. S. Wheeler
Orlando , Florida,
March 31, 1926.
Iiir. C. W. Tomlinson, City Clerk,
City of ,liami beach, Florida.
Dear Sir :
In connection with our Proposal hereto attached for
the purchase of 41,524,000 City of Miami Beach Bonds which the
City Council offer for sale on this date , of which Proposal this
is hereby made a part, it is agreed by the City Council of said
City that no additional bonds of the City of Miami Beach will he
offered for sale by the City for a period of six (6 ) months from
the date of delivery of the above 41,524,000 bonds to us , except
that it is mutually agreed that Waterworks Bonds in an amount not
to exceed 4150,000 may be offered by you after the expiration of
four (4) months from the said date of delivery.
This Proposal is for all and not for any part of the
41,524,000 Bonds as advertised for sale on this date.
lespectfully submitted,
Eldredge and Company, New York City,
Halsey, Stuart & Company
Wright, Warlow & Co. , Orlando, Pla.
By H. S. Wheeler
Accepted and agreed to this 31st day of March, 1926, by the
City Council of the City of Miami Beach, Florida.
John H. Levi
President of City Council
ATTEST:
C. W. Tomlinson
City Clerk"
be and the same is hereby accepted and said bonds sold to said
bidders and the President of the City Council and the City Clerk
be and they are hereby authorized to execute in behalf of this
Council the acceptance and agreement to the proposal contained in
said letter of March 31, 1926.
Section 3. That the checks of the lrnsuccessful bidders
be returned instanter to those bidders.
g.ection 4. That the aforesaid Resolutions Nos. 1298 and
1299 each provided for a rate of interest which the bonds therein
authorized should bear, to be thereafter determined and that
this Council does hereby determine that said bonds authorized
by said Resolution No. 1298 in the sum of 1,055,000. shall
bear interest at the rate of five and one-half per cent. per
annum, payable semi-annually as in said Resolution No. 1298
is provided and that said bonds in the sum of : 469 ,000. autho-
rized by said Resolution No . 1299, shall bear interest at the
rate of six per cent. per annum, payable semi-annually, as in
said Resolution No. 1299 is provided.
Section 5. hat the highest price offered for all of
said bonds and accrued interest was in excess of ninety-seven
per cent.
Section 6. That all steps necessary to carry into effect
this resolution and to effectuate a delivery of said bonds be
taken by the proper officers of the City and that the Mayor
and City Clerk shall sign said bonds and affix the seal of said.
City thereto.
PASSED AND ADOPTED this March 31st, 1926.
president
ATTEST:
City Clerk
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