Resolution 11888 RESOLUTION NO. 11888
WHEREAS, by Resolution No. 11846, passed and adopted
on May 18, 1966, the City Council of the City of Miami Beach,
Florida, authorized and directed the Mayor and the City Clerk
to execute and deliver, for and on behalf of the City of
Miami Beach, that certain agreement whereby B. J. VAN INGEN &
CO. INC. agreed to serve as financial advisor for the City
in connection with the issuance and sale by the City of $4, 880, 000. 00
general obligation bonds; and
WHEREAS, B. J. VAN INGEN & CO. INC. has duly assigned and
transferred said agreement to R. W. PRESSPRICH & CO. ; and
WHEREAS, by reason of the foregoing, the City of Miami
Beach will receive the services of the persons contemplated
under the provisions of said agreement with B. J. Van Ingen &
Co. Inc. ; and
WHEREAS, the City Council of the City of Miami Beach,
Florida, deems it to be in the best interest of the City, and
its citizens and taxpayers, that the said assignment of said
agreement be and the same is hereby approved;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA, that the City of Miami
Beach will accept the performance of said agreement by R. W.
PRESSPRICH & CO. under the same agreement and upon the same
terms and conditions as though said agreement were originally
entered into by and between the City of Miami Beach, Florida
and the said R. W. PRESSPRICH & CO.
PASSED and ADOPTED this 6th day of July , 1966.
/// 1T.
ATTEST:
City Clerk
OFFICE OF CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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R.W. ressp rich
Co. INCORPORATED
ISO ('INE STREW(' • Nlsw YORK,NEW YORK 10005 • 1LI.EI'IIONIS 212 422-1700
June 20, 1966.
Honorable Mayor and City Council
of the City of Miami Beach,
Florida.
Gentlemen:
We understand that the issuance of General Obligation Bonds for various
capital improvement projects of the City aggregating $4,880,000 was
approved at a special election held May 3, 1966.
We, the undersigned, propose to be employed in the capacity of Financial
Consultants in connection with the aforementioned contemplated financing.
As your Financial Consultants, our duties would include, but would not
necessarily be limited to, the following:
We shall confer with City Officials and attorneys in developing
the provisions of the bond resolutions, including maturity schedules
and call premiums designed to obtain favorable market acceptance; we
shall assist the City in the preparation of an official statement for
the bond offering at public sale; we shall advise the City regarding
market conditions and recommend a sale date; we shall prepare the
official notice of sale and arrange for the publication thereof; we
shall arrange the details for the signing and delivery of the bonds;
and we shall arrange to be available to the City at all reasonable
times for consultation with respect to the contemplated financing.
It is mutually agreed that the Financial Consultants, in the performance
of the services provided in this agreement, shall not be deemed to be an
officer, agent or employee of the City, and it is further mutually agreed
that the Financial Consultants or their affiliates may bid at the public
sale of such bonds to be held in the manner provided by law.
In consideration of the services to be performed, the City will assume all
of the expenses in connection with the issuance and sale of the bonds, and
will pay the Financial Consultants a fee of One Dollar ($ 1 .00) for each
$1 ,000 par value of bonds sold for services rendered. Such fee shall be
payable only when, as and if the bonds are actually sold and delivered
whether to the Financial Consultants, their affiliates or others.
The acceptance of this proposal by the City of Miami Beach, Florida, shall
Honorable Mayor and City Council
of the City of Miami Beach. June 20, 1966.
Page 2
constitute the sole agreement between the City and the Financial Consultants,
and this agreement shall continue in full force and effect until the
completion of the financing contemplated herein.
Respectfully submitted,
R. W. PRESSPRICH & CO., INCORPORATED
By t,1, C�.LLLi Ll "'LC'/
Vice Presiders
GOODBODY & CO.
By
Accepted on behalf of the City of Miami Beach, Florida, on the 6th
day of , 1966,
By / �� '♦�
ATTEST:
City lerk
•
TO WHOM IT MAY CONCERN:
This is to advise that R. W. Pressprich & Co. has acquired
the Florida Department (Division) of B. J. Van Ingen & Co. ,
Inc. This acquisition includes all of the undersigned 's
rights under the Fiscal Agency and Advisory Contracts now
in the name of B. J. Van Ingen & Co. , Inc. in Florida.
B. J. VAN INGEN & CO., INC.
By: ( j 7-Nt
President
Dated: May 19, 1966
STATE OF FLORIDA ) ss
COUNT OF DADE )
I hereby certify that the above is a true
and correct copy of the original.
-44--)7e. XJ4441_444
Miami, Florida June 17, 1966
NOTARY PUBLIC,STATE of FLORIDA nt LAR,,^,
MY COMMISSION E:;FIRES F[!3. 27, 1^;,9
BONDED THROUGH FRED W. DILSI'CLHORyT
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•
PRjtPRESSPRICH CO.
-' EMBERS NEW YORK STOCK EXCHANGE
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NATIONAL BANS lirtt.nhN(: • MIAMI,FLA.nal:31 • 'I'EI.EPnUNI. .I :, :s7:1 :1:111
June 21 , 1966
Mr. R. Wm. L. Johnson
City Clerk
City Hall
City of Miami Beach, Florida
Dear Bill :
I am enclosing herewith contract in connection with the
marketing of your $4,880,000 General Obligation Bonds.
You will note that the only change is the substitution
of the name R. W. Pressprich & Co. Incorporated, in place
of B. J . Van Ingen & Co. Inc. Also enclosed is an
Assignment by Van Ingen to Pressprich of the Advisory
Contracts in the name of Van Ingen. It will be appreci-
ated if you have the revised contract executed and
returned to me.
I have previously advised you that Pressprich acquired
all of the Florida personnel and operations, so you will
have the same service that was contemplated under the Van
Ingen contract.
With best regards.
Very truly yours,
R. W. PRESSPRICH & CO.
By
Robert H. Cook
RHC:avn
Enclosures
July 11, 1966
Mr. Robert H. Cook
R. W. Pressprich & Co.
First National Bank Building
Miami, Florida 33131
Dear Mr. Cook:
We are enclosing three copies of the agreement between
the City of Miami Beach and your concern in connection with
the marketing of the $4, 880, 000 General Obligation bonds,
said agreement having been approved by the City Council
on July 6, 1966.
Yours very truly
R. WM. L. JOHNSON
City Clerk
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