Resolution 11371 RESOLUTION No. 11371
Whereas, a written proposal has heretofore been made to
the City Council of Miami Beach, Florida, by B. J. Van Ingen &
Co. , Inc. , and Goodbody & Co. , which proposal was received by
the City Manager on January 19, 1965, by the terms of which
said proposal the parties offered to perform certain services
in connection with the sale of parking revenue certificates or
bonds, and,
Whereas, the City Council deems it to be to the best
interest of the City of Miami Beach to accept said proposal, a
copy of which is hereto attached, the City Council being
familiar with the contents thereof.
Now, Therefore, Be It Resolved by the City Council of the
City of Miami Beach, Florida, that the said proposal of
B. J. Van Ingen & Co. , Inc. , and Goodbody & Co. , be and the
same is hereby accepted.
Be It Further Resolved that the Mayor and the City Clerk
be and they are hereby authorized and directed to accept said
proposal in writing in the name of and on behalf of said City.
PASSED and ADOPTED this 20th day of January, 1965.
`1,/ li , ._/
ATTEST:
City 7 erk
B. J. VAN I NG EN & CO. INC.
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
ROBERT H. COOK ELEVENTH FLOOR NEW YORK,N.Y.
VICE PRESIDENT MIAMI 32, FLORIDA
Honorable City Council
City of Miami Beach Re: Parking Revenue Certificates
Florida
Gentlemen:
We understand that the City wishes to make certain improvements and additions
to the parking system requiring additional financing to the extent of approxi-
mately $3,000,000. Because of our extensive experience with this project and
in the financing of municipally-owned self-liquidating projects through the
issuance of revenue bonds throughout the country, we wish to submit the fol-
lowing proposal for your consideration:
lie will retain and pay the fees of Chapman and Cutler, nationally re-
cognized municipal bond attorneys to work with and advise your City Attorney
in the preliminary legal steps leading up to the authorization of these Parking
Revenue Bonds and to prepare the necessary resolutions or ordinances and other
legal papers incident to the issuance of these bonds in order that their legal
opinion may accompany the bonds when sold and delivered. We will pay the cost
of the approving legal opinion.
We have made a careful study of your parking revenues back to the in-
ception of parking meters in Miami Beach and from this information we will
prepare and recommend to the City Council a bond amortization schedule designed
to attract best market acceptance and retain for the City the desired flexibility
of operation.
We will prepare a prospectus setting forth all the information usually
required by investment dealers in submitting bids for revenue bonds in order
that the City will receive the best possible bid for these bonds when offered
at public sale, and we will make sure that this prospectus receives the widest
possible distribution.
We will have prepared the necessary Notices of Sale of the bonds and pay
the expenses of publication of such notices.
We will recommend to the City such call provisions for the bonds and
safeguards to the City and the bondholders, which in our opinion, should be
included in the bond ordinance in order to secure for the City the most ad-
vantageous callprivileges and still obtain the best possible net interest cost
to the City.
Upon the receipt of a satisfactory bid by the City for the bonds, we
will have coupon bonds prepared at our expense and will assist the City in the
execution and delivery of these bonds.
7
Page 2.
In consideration for the services listed in this agreement, and to reimburse
us for expenses to be paid by us, we are to receive the fee of 1 1/2% of the
first $500,000 certificates issued and sold and 3/1; of 1% of the par value
of certificates issued and sold in excess of the said $500,000. It is
understood and agreed that the City will be under no liability for these
services unless and until the bonds are issued and sold. The City further
agrees to co-operate fully with us in all matters leading to the issuance of
these bonds. The acceptance of this proposal by the City shall in no way
obligate the City to authorize these bonds.
We reserve the right to bid for these bonds when they are offered for public
sale.
If this agreement meets with your approval, kindly accept it by action of
your City Council, execute it and return a copy to us.
Respectfully submitted,
B. J. VAN INGEN & CO. Inc.
GOfJBODY & CO.
fj11-11C1--€1
By
ACCEPTED BY THE CITY OF MIAMI BEACH, FLORIDA, THIS 20th day of January
1965 .
, 1
q ayor
ATTEST:
City c1e '~
iia
xt� x
t=i• 1-3 �1
tlj
tri to• to
td 0
. .
H• H H
aaH 0
bri tIJ• O H
Co
1-3 z z
H c; a
I-1 CO 0
H r •
Qt=JH
v z �
'-3 0 0 t--'
tri '=J t4 W
C7
H O
•
0
H
n