Resolution 5624 RESOLUTION NO. 5624
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI
BEACH, FLORIDA:
SECTION 1: That the proposal of Mercantile National Bank of
Miami Beach for the bonds as specified in their
alternate bid, which bonds were authorized by the City Council
in Resolution No. 5567, adopted on July 9th, 1942, said alternate
bid being in the words and figures following:
•
PROPOSAL FOR BONDS
i e 0r T,4, 4, — 1943 .. Advertisement and Blank
Mr. C. W. Tomlinson, Proposal
City Clerk,
Miami Beach, Florida.
Dear Sir:
For$233,000 City of Miami Beach, Florida, Refund-
ing Bonds, Issue of 1943, as described in the attached
notice of sale, which is hereby made a part of this bid,
we will pay for 3 .Jo Bonds
Two Hundred Thirty-four Thousand $233,000
ThreeDollars CITY OF
($234,00Z) and accrued interest to date of delivery. MIAMI BEACH, FLORIDA
or (In case you wish to make an alternate bid on a
different rate of interest) REFUNDING BONDS
For$233,000 City of Miami Beach, Florida, Refund-
ing Bonds, Issue of 1943, as described in the attached
notice of sale, which is hereby made a part of this bid, ISSUE OF 1943
we will pay for2 3/4 % Bonds
Par Dollars
6233,00q and accrued interest to date of delivery.
We enclose herewith certified check for $4,660.00,
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
& Trust Company of New York, in New York City, or
at Chemical Bank & Trust Company
165 Broadway
New York, N. Y_
MERCANTILE NATIONAL BANK
OF MIAMI BEACH
By: (Signed) Edw. Mercer Sealed bids will be received until 12 noon,
Vice President on Wednesday, February 3, 1943
No addition or alteration is to be made to this pro-
posal and it must not be detached from the annexed
advertisement.
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$23 ,, .,a !.
y'.16 CITY OF MIAMI BEACH, FLORIDA
REFUNDING BONDS, ISSUE OF 1943
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 3rd, 1943, marked "Proposal for Bonds", for the following bonds of the
City of Miami Beach:
$233,000.00 Refunding Bonds, maturing annually March 1st, as follows:
$10,000.00 1946 $10,000.00 1952 $10,000.00 1958
10,000.00 1947 10,000.00 1953 20,000.00 1959
10,000.00 1948 10,000.00 1954 20,000.00 1960
1 10,000.00 1949 10,000.00 1955 21,0010.00 1961
10,000.00 1950 10,000.00 1956 21,000.00 1962
10,000.00 1951 10,000.00 1957 21,000.00 1963
No option of prior payment is reserved.
The bonds to be dated March 1st, 1943. Interest payable on March 1st and September 1st. Bidder to name the interest
rate, not exceeding four (4%) percent, in a multiple of not less than 1/10 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
A $1,000.00, registerable as to principal only; general obligations; unlimited tax levy.
The bonds will be validated by decree of Circuit Court and purchaser will be furnished the approving legal opinion of
1 Messrs. Caldwell, Marshall, Trimble and Mitchell, of New York City.
The bonds will be prepared under the supervision of The Continental Bank &Trust Company of New York City, which
wcerItify 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 & Trust Com-
pang. Bids must be enclosed in a sealed envelope marked "Proposal for Bonds" and be accompanied by a certified check in
theill
amount of$4,660.00 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:
$79,000.00 on March 1, 1943 • $81,000.00 on April 1, 1943 $73,000.00 on May 1, 1943
liThis 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, 1943.
Said deliveries will be made at The Continental Bank & 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.
Ii
be and the same is hereby accepted, the City Council hereby
resolving that the above mentioned alternate bid is the most
advantageous bid received for said bonds, and that said bonds
are hereby sold for par value and accrued interest to date of
delivery to Mercantile National Bank of Miami Beach, and
SECTION 2: That the said *233,000.00 City of Miami Beach,
Florida, Refunding Bonds, Issue of 1943, shall
bear interest at the rate of two and three—quarters percent
(2 3/4°0) per annum.
PASSED AND ADOPTED this 4th day of February, A. D. , 1943.
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