Resolution 74-14262 RESOLUTION NO. 74-14262
A RESOLUTION AWARDING $11 ,590,000 VARIOUS
PURPOSES GENERAL OBLIGATION BONDS OF THE
CITY OF MIAMI BEACH, FLORIDA.
WHEREAS, pursuant to notice heretofore duly published for the sale
of $11 ,590,000 aggregate principal amount of Public Improvement Bonds ,
consisting of ten issues of Bonds being sold as a combined issue
(hereinafter referred to as 'Bonds") , the following sealed proposals
have been received:
The proposal of THE CHASE MANHATTAN BANK, N.A. , GOLDMAN SACHS
& COMPANY AND ASSOCIATES (Joint Managers) offering to pay the sum of
ELEVEN MILLION, FIVE HUNDRED NINETY-SEVEN THOUSAND AND 85/100 DOLLARS
($11 ,597,000.85) , together with accrued interest from March 1 , 1974 to
the date of delivery thereof , for said Bonds bearing interest at the
rate of FOUR AND SIX-TENTHS per centum (4,6%) per annum on the Bonds
maturing in the years 1974 to 1987, inclusive, at the rate of FOUR AND
NINE-TENTHS per centum (4.9%) per annum on the Bonds maturing in the
years 1988 to 1991 , inclusive, at the rate of FIVE per centum (5,0%)
per annum on the Bonds maturing in the years 1992 to 1993, inclusive,
being a net interest cost of $7,038,256.65.
The proposal of BANKERS TRUST AND ASSOCIATES offering to pay the
sum of ELEVEN MILLION, FIVE HUNDRED NINETY-ONE THOUSAND, FOUR HUNDRED
NINETY-NINE AND 63/100 DOLLARS ($11 ,591 ,499.63) , together with accrued
interest from March 1 , 1974 to the date of delivery thereof, for said
Bonds bearing interest at the rate of FIVE per centum (5.0%) per annum
on the Bonds maturing in the years 1974 to 1975, inclusive, at the rate
of FOUR AND ONE-HALF per centum (4.5%) per annum on the Bonds maturing
in the years 1976 to 1986, inclusive, at the rate of FOUR AND NINE-TENTHS
per centum (4.9%) per annum on the Bonds maturing in the years 1987 to
1990, inclusive, at the rate of FIVE per centum (5.0%) per annum on the
Bonds maturing in the years 1991 to 1993, inclusive, being a net
interest cost of $7,051 ,480.37.
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
The proposal of SMITH, BARNEY & CO. , INCORPORATED, WHITE WELD &
CO. , INCORPORATED, BARNETT BANK OF JACKSONVILLE N,A. , AND ASSOCIATES
offering to pay the sum of ELEVEN MILLION, FIVE HUNDRED NINETY-THREE
THOUSAND, TWENTY-THREE AND 80/100 DOLLARS ($11 ,593,023.80) , together
with accrued interest from March 1 , 1974 to the date of delivery thereof,
for said Bonds bearing interest at the rate of FIVE AND ONE-HALF per
centum (5.5%) per annum on the Bonds maturing in the years 1974 to 1979,
inclusive, at the rate of FIVE per centum (5.0%) per annum on the Bonds
maturing in the years 1980 to 1992, inclusive, at the rate of FOUR per
centum (4.0%) per annum on the Bonds maturing in the year 1993, being
a net interest cost of $7,107,963.70.
The proposal of THE FIRST NATIONAL BANK OF MIAMI offering to pay
the sum of ELEVEN MILLION, FIVE HUNDRED NINETY THOUSAND AND NO/100
DOLLARS ($11 ,590,000.00) , together with accrued interest from March 1 ,
1974 to the date of delivery thereof, for said Bonds bearing interest
at the rate of SIX per centum (6.0%) per annum on the Bonds maturing
in the years 1974 to 1978, inclusive, at the rate of FIVE per centum
(5.0%) per annum on the Bonds maturing in the years 1979 to 1981 , in-
clusive, at the rate of FOUR AND ONE-HALF per centum (4.5%) per annum
on the Bonds maturing in the years 1982 to 1986, inclusive, at the rate
of FIVE per centum (5.0%) per annum on the Bonds maturing in the years
1987 to 1992, inclusive, and at the rate of FOUR AND ONE-HALF per centum
(4.5%) per annum on the Bonds maturing in 1993, being a net interest
cost of $7,082,387.50.
The proposal of W. H. MORTON & CO. , DIVISION OF AMERICAN EXPRESS
COMPANY offering to pay the sum of ELEVEN MILLION, FIVE HUNDRED NINETY
THOUSAND AND NO/100 DOLLARS ($11 ,590,000.00) , together with accrued
interest from March 1 , 1974 to the date of delivery thereof, for said
Bonds bearing interest at the rate of SIX per centum (6.0%) per annum
on the Bonds maturing in the years 1974 to 1977, inclusive, at the rate
of FIVE per centum (5.0%) per annum on the Bonds maturing in the years
1978 to 1991 , inclusive, at the rate of FOUR AND ONE-HALF per centum
(4.5%) per annum on the Bonds maturing in the years 1992 to 1993, in-
clusive, being a net interest cost of $7,111 ,975.00.
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
The proposal of MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED ,
AND ASSOCIATES offering to pay the sum of ELEVEN MILLION, FIVE HUNDRED
NINETY THOUSAND, NINE HUNDRED TWENTY-SIX AND 60/100 DOLLARS ($11 ,590,926.60) ,
together with accrued interest from March 1 , 1974 to the date of delivery
thereof, for said Bonds bearing interest at the rate of FIVE per centum
(5.0%) per annum on the Bonds maturing in the year 1974, at the rate of
FIVE AND FOUR-TENTHS per centum (5.4%) per annum on the Bonds maturing
in the years 1975 to 1981 , inclusive, at the rate of FIVE per centum
(5.0%) per annum on the Bonds maturing in the years 1982 to 1992 inclusive,
at the rate of FOUR per centum (4.0%) per annum on the Bonds maturing
in the year 1993, being a net interest cost of $7,126,873.40.
The proposal of HALSEY, STUART & CO, , INCORPORATED, AND ASSOCIATES
offering to pay the sum of ELEVEN MILLION, FIVE HUNDRED NINETY-ONE
THOUSAND, FIVE HUNDRED SIX AND 70/100 DOLLARS ($11 ,591 ,506.70) , together
with accrued interest from March 1 , 1974 to the date of delivery thereof,
for said Bonds bearing interest at the rate of SIX per centum (6.0%)
per annum on the Bonds maturing in the years 1974 to 1976, inclusive,
at the rate of FIVE per centum (5.0%) per annum on the Bonds maturing
in the year 1977, at the rate of FOUR AND SEVEN-TENTHS per
centum (4.7%) per annum on the Bonds maturing in the years 1978 to 1986,
inclusive, at the rate of FIVE per centum (5.0%) per annum on the Bonds
maturing in the years 1987 to 1993, inclusive, being a net interest
cost of $7,194,153.30.
The proposal of WILLIAM R. HOUGH & CO. , ST. PETERSBURG, FLORIDA,
AND ASSOCIATES offering to pay the sum of ELEVEN MILLION, FIVE HUNDRED
NINETY THOUSAND AND NO/100 DOLLARS ($11 ,590,000.00) , together with
accrued interest from March 1 , 1974 to the date of delivery thereof,
for said Bonds bearing interest at the rate of SIX per centum (6.0%)
per annum on the Bonds maturing in the years 1974 to 1975, inclusive,
at the rate of FIVE per centum (5.0%) per annum on the Bonds maturing
in the year 1976, at the rate of SIX per centum (6.0%) per annum on
the Bonds maturing in the years 1977 to 1980, inclusive, and at the rate
of FIVE per centum (5.0%) per annum on the Bonds maturing in the year
1981 , at the rate of FOUR AND ONE-HALF per centum (4.5%) per annum on
the Bonds maturing in the years 1982 to 1986, inclusive, at the rate of
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
FIVE per centum (5.0%) per annum on the Bonds maturing in the years
1987 to 1992, inclusive, at the rate of FOUR AND ONE-HALF per centum
(4.5%) per annum on the Bonds maturing in the year 1993, being a net
interest cost of $7,120,912.50.
and
WHEREAS , the proposal of THE CHASE MANHATTAN BANK, N.A. ,
GOLDMAN SACHS & COMPANY AND ASSOCIATES (Joint Managers) 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 THE CHASE MANHATTAN BANK, N.A. ,
GOLDMAN SACHS & COMPANY AND ASSOCIATES (Joint Managers) referred to in
the preambles hereof, be and the same is hereby accepted and the fol -
lowing 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:
$11 ,590,000 - PUBLIC IMPROVEMENT BONDS, consisting of
ten separate issues of Bonds as described
in the Official Notice of Sale, in the
denomination of $5,000 each, bearing
interest, payable semi-annually on
March 1 and September 1 of each year, and
maturing on September 1 of each year in
years and amounts as follows:
Year Amount Interest Rate Per Annum
1974 $ 275,000 4,6%
1975 320,000 4.6%
1976 230,000 4.6%
1977 270,000 4.6%
1978 330,000 4.6%
1979 350,000 4.6%
1980 385,000 4.6%
1981 430,000 4.6%
1982 465,000 4.6%
1983 515,000 4.6%
1984 535,000 4.6%
1985 595,000 4.6%
1986 605,000 4.6%
1987 680,000 4.6%
1988 740,000 4.9%
1989 815,000 4.9%
1990 885,000 4.9%
1991 985,000 4.9%
1992 1 ,080,000 5.0%
1993 1 ,100,000 5.0%
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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 Finance Director be and he 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 6th day of February ,1974,
AL .. I 14
Mayor
ATTEST:
/(14q? ;,1
City Clerk
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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