Resolution 5145 RESOLUTION NO. 5145
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI
BEACH, FLORIDA:
Section 1: That the proposal of City of Miami Beach Em-
ployees Retirement System Fund for the bonds
as specified in said proposal, which bonds were
authorized by the City Council in Resolution
No. 4944, adopted on August 8th, 1940, said
proposal being in the words and figures follow-
ing:
be and the same is hereby accepted, the City Council here—
by resolving that the above mentioned bid is the most advan—
tageous bid received for said bonds, and that said bonds are
hereby sold to City of Miami Beach Employees Retirement System
Fund, and
Section 2: That the said $231,000.00 City of Miami Beach,
Florida, Refunding Bonds, Issue of 1941, shall
bear interest at the rate of two and one—quarter
percent (2i%) per annum.
PASSED AND ADOPTED this 12th day of February, A. D.,
1941. ,
Mayor
ATTE-ST:
/
y Clerk
PROPOSAL FOR BONDS
February 12, 1941 Advertisement and Blank
Proposal
Mr. C. W. Tomlinson,
City Clerk,
Miami Beach, Florida.
Dear Sir:
For$231,000 City of Miami Beach, Florida, Refund-
ing Bonds, Issue of 1941, as described in the attached
notice of sale, which is hereby made a part of this bid,
we will pay for 2-1/4 % Bonds
$231,000
__ Two__hundred thirty-one thousand
dollars Dollars CITY OF
„„2310000.00 MIAMI BEACH, FLORIDA
($ ) and accrued interest to date of delivery.
or (In case you wish to make an alternate bid on a REFUNDING BONDS
different rate of interest)
For$231,000 City of Miami Beach, Florida, Refund-
ing Bonds, Issue of 1941, as described in the attached
notice of sale, which is hereby made a part of this bid,
we will pay for 910 Bonds
Dollars
(S — )and accrued interest to date of delivery.
We enclose herewith certified check for $4,620.00,
being two percent of the par value of bonds bid for,pay-
able 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 de-
livered and paid for under the terms of this bid, to be
considered as an advance part payment 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,in installments,as specified
in the attached notice of sale, at The Continental Bank
and Trust Company of New York, in New York City, or
at Miami Beach, Florida
City of Miami Beach
Employees Retirement System Fund
(Signed) D. J. Cleary Sealed bids will be received until 12 noon,
on Wednesday,February 12, 1941
Vice-Chair; ai
No addition or alteration is to be ma a s pro-
. posal and it must not be detached from the annexed
advertisement.
$
$231,000.00
CITY OF MIAMI BEACH, FLORIDA •
REFUNDING BONDS, ISSUE OF 1941
Sealed bids will be received by the City Council, addressed to the undersigned, at the City Hall in Miami Beach, Florida,
until 12:00 o'clock Noon, on Wednesday, February 12th, 1941, marked "Proposal for Bonds", for the following bonds of the
City of Miami Beach:
$231,000.00 Refunding Bonds, maturing annually March 1st, as follows:
$15,000.00 1945 $5,000.00 1951 $15,000.00 1956
5,000.00 1946 5,000.00 1952 16,000.00 1957
10,000.00 1947 5,000.00 1953 25,000.00 1958
20,000.00 1948 5,000.00 1954 25,000.00 1959
25,000.00 1949 5,000.00 1955 25,000.00 1960
5,000.00 1950 20,000.00 1961
No option of prior payment reserved. The bonds to be dated March 1st, 1941. Interest payable on March 1st and Septem-
ber 1st. Bidder to name the interest rate not exceeding three (3%) 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 in
New York City. Denomination$1,000.00, registerable as to principal only; general obligations; unlimited tax levy.
The bonds have been validated by decree of Circuit 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 Com-
pany. Bids must be enclosed in a sealed envelope marked "Proposal for Bonds" and be accompanied by a certified check in
the amount of$4,620.00 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
thereof, 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 and must be paid for in three installments, as follows
$61,000.00 on March 1, 1941 $116,000.00 on April 1, 1941 $54,000.00 on May 1, 1941
This is being done to enable the City to meet the payment of present bond obligations falling due on the dates and in the
amounts as above indicated and these Refunding Bonds will become valid obligations of the City of Miami Beach only as and
when they are delivered and paid for, although all of said issue are to be dated March 1st, 1941.
Said deliveries will be made at The Continental Bank and Trust Company in New York City or elsewhere as may be
mutually arranged between the City of Miami Beach and the purchaser.
The right to reject any and all bids is reserved.
Financial statement or other required data concerning the City of Miami Beach will be furnished by the undersigned upon
request.
C. W. TOMLINSON, City Clerk
CITY OF MIAMI BRACH, FLORIDA.
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