RESOLUTION 84-17811 RESOLUT ION NO. 84-17811
RESOLUTION OF THE CITY OF MIAMI BEACH, FLORIDA AWARDING
ITS PARKING REVENUE BONDS, SERIES 1984, IN AN AGGREGATE
PRINCIPAL AMOUNT OF $6,000,000 TO THE SUCCESSFUL BIDDER
THEREFOR; APPROVING THE EXECUTION AND DELIVERY OF SAID
BONDS; FIXING THE INTEREST RATE; AUTHORIZING OFFICIALS
OF THE CITY TO TAKE ALL ACTION NECESSARY IN CONNECTION
WITH THE SALE OF THE BONDS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, on October 19, 1978, the City Commission (the
"Commission" ) of the City of Miami Beach, Florida ( the "City" )
passed and adopted Resolution No. 78-15748 ( the "1978
Resolution" ) authorizing the issuance of Parking Revenue Bonds
the "Bonds" ) in an aggregate principal amount of Six Million
Dollars ($6,000,000) for the purpose of acquiring, equipping and
improving automobile parking facilities in the City ( the
"Project" ) ; and
WHEREAS, on March 14, 1984, the Commission passed and
adopted Resolution No. 84-17654 (the "1984 Resolution" ) amending
the 1978 Resolution in its entirety and providing that the 1978
Resolution, as amended, had been in full force and effect since
October 19 , 1978 and continued to be in full force and effect ;
and
WHEREAS, on July 11, 1984, the Commission passed and
adopted Resolution No. 84-17791 approving the Notice of Sale,
Official Bid Form and form of Preliminary Official Statement,
setting the bond maturities and redemption provisions and
authorizing advertisement of the sale of Bonds; and
WHEREAS, the Commission has determined that it is in the
best interests of the City and its citizens to proceed at this
time with the sale of the Bonds in an aggregate principal amount
of $6, 000 ,000; and
WHEREAS, the City has received bids to purchase the
Bonds; and
WHEREAS, it is necessary for the Commission to award the
Bonds and approve the sale thereof to the party submitting the
lowest bid and to authorize the execution and delivery of the
Bonds on behalf of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA:
Section 1. The Commission hereby Y ratifies, approves and
confirms the Official Notice of Sale and Bid Form.
Section 2 . The bid offering to pay the lowest net
interest cost is the bid of Wm. R. Hough & Co. and Associates,
which bid is for a net interest cost of $5,797 , 207 .60 plus
accrued interest on the Bonds from August 1, 1984 to the date of
their delivery, at the rates set forth in said bid attached to
this Resolution.
Section 3. The bid of Wm. R. Hough & Co. and Associates
is hereby accepted and the $6,000,000 principal amount of the
Bonds are hereby awarded to Wm. R. Hough & Co. and Associates
(the "Purchaser" ) at the price offered for the Bonds, bearing
interest at the rates set forth in the bid attached hereto.
Section 4 . The Bonds shall be executed as provided in
the 1984 Resolution and the City Manager or any Assistant City
Manager of the City is hereby directed to deliver the Bonds to
the Purchaser upon receipt of payment of the purchase price
therefor .
Section 5 . The term "Quarterly Period, " as used in the
1984 Resolution, shall mean any of the three-month periods
commencing October 1, January 1 , April 1, and July 1 . The term
"Fiscal Year" for purposes of the 1984 Resolution shall mean the
twelve month period commencing October 1 of each year .
Section 6 . The City covenants not to take or cause or
permit to be taken, or fail to take or cause or permit to fail to
be taken, any action which would result in the interest payable
on the Bonds being taxable as income to the holders thereof under
either the laws of the United States or the State of Florida,
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s
except as to taxes imposed by Chapter 220, Florida Statutes, on
interest, income or profits on debt obligations owned by
corporations, as defined in said Chapter 220 . The principal
proceeds of the sale of the Bonds shall be devoted to and used
with due diligence for the completion of the Project, in
accordance with the 1984 Resolution and this Resolution and any
other resolutions adopted by the Commission. The City also
certifies and further covenants with the purchasers and
registered owners of the Bonds from time to time outstanding
that, so long as any of the Bonds remain outstanding, moneys on
deposit in any fund or account in connection with the Bonds,
whether or not such moneys were derived from the proceeds of the
sale of the Bonds or from any other sources, will not be used in
a manner which will cause such Bonds to be "arbitrage bonds"
within the meaning of Section 103(c) of the Internal Revenue Code
of 1954 , as amended ( the "Code" ) and any lawful regulations
promulgated or proposed thereunder .
Section 7 . The Mayor , Vice Mayor , City Manager , City
Attorney, City Clerk and Finance Director of the City and other
appropriate employees and officials of the City are hereby
authorized and directed to take all action necessary or desirable
in connection with the sale of the Bonds to the Purchaser and the
consummation of all transactions in connection therewith.
Section 8. Use of the final Official Statement by the
Purchaser in connection with the sale of the Bonds is hereby
authorized and the Mayor and the City Manager of the City are
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hereby authorized to sign said Official Statement on behalf of
the City.
Section 9 . The checks of all unsuccessful bidders shall
be returned immediately.
Section 10 . This resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED THIS 25th day of July, 1984 .
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MAYOR .--------
ATTEST:
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City Clerk
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CITY COMMISSION
1tCEIVE0 AT OFFICIAL BID FORM
- $6,000,000 •
NEETINGOF -- City of Miami Beach, Florida
Mittikt..
Parking Revenue Bonds
`
Series 1984
July 2b, 1984
Finance Director
City Commission Chambers
3rd Floor, City Hall '
1700 Convention Center Drive
Miami Beach, Florida 33139
Dear Sir
Dollars $6 000,000) principal amount, Parking Revenue Bonds, Series 1984, of the City
For Six Million (
• Florida, ated August 1, 1984, described in the attached•Official Notice•of Sale, which is
of Miami Beach, Flo 8'u
made apart of this proposal, and for all but not less than all of said Bonds, with interest rates per
hereby
annum on said Bonds maturing on September 1 in the years and amounts as follows:
Principal Principal
Due Amount Rate Due Amount Rate
�•IL� 1993 $400,000 � O�
1985 $175,000 —°� 450,000 �'�'�
1986 225,000 .cis/D% 1994
�— �°�
1987 225,000 1995 475,000 ci•
1988 250,000 1996 550,000 4•7 Sek
1989 275,000 9,2100 1997 575,000
Q.yCk 1998 650,000 q 1-•.
1990 325,000 -—
1991 325,000 �0 1999 725,000 9•T .'•.
1992 • 375,000 9.LIN,
(
S'K' �• ' v CvC vt L�.r,")arc o'..., --�w�,t•� Dollars
We offe a the sum of1r"` I ��
($(7/000
e.)4,00), together with accrued interest, if any, to the date of delivery.
At the time of delivery
of the Bonds, the City shall furnish to us, free of charge, the unqualified opinion
Miami, Florida, approving the legality of said Bonds, together with the usual
of Morgan, Lewis & Bockius, _
closing papers, as specified in the Official Notice of Sale.
In accordance with the Official Notice of Sale, we enclose herewith a certified or bank cashier's check in
the amount of One Hundred TwentyThousand Dollars($120,000)drawn upon an incorporated bank or trust
company, payable unconditionally to the order of the City of Miami Beach, Florida, to be applied in
accordance with the Official Notice of Sale.
Thisnot____ check one]made for bonds carrying municipal bond insurance with the
proposal is is
P Po
insuranceto be paid for by the City of Miami Beach, Florida, from the Bond proceeds.
premium
This proposal is not subject to anyconditions not expressly stated herein or in the annexed Notice of
Sale. The names of the underwriters or members of the account who are associated for the purpose of this
proposal are listed on a separate sheet attached hereto.
Respectfully submitted,
WILLIAM R. H ' CO. ora la :ge --
ssoci at
a n d A \MI A
B - Clark D_ Bennett, Vice Presizient
interestcomputed from Au st 1, 1984, to the maturity dates of said $ 000,000 of
The aggregate cost, � S 3 ),(�O v‘Bonds at the rate or rates specified in the above proposal,is $ �� �
The Premium offered is (cross out if not applicable) S (.�S -Ala . 00 �� c
The insurancepremium to be paid by the City is(cross out if not applicable)
_ ' • 1 . 0
The net interest cost is •.;(0 5
The average net interest cost rate of these Bonds is
submitted for purposes of information only and is not a part of this proposal.
The above computation is
(No addition or alteration is to
be made to this Official Bid Form, and it must not be detached from the
annexed Official Notice of Sale.)
I do hereby acknowledge the return of the good faith check in the amount of$120,000 enclosed with this
bid_
By:
4 .
ORIGINAL
RESOLUTION NO. 84-17811
(Awarding its Parking Revenuw Bonds,
Series 1984, in an aggregate principal
amount of $6,000,000 to the sucessful
bidder therefor; approving the execution
and delivery of said bonds; fixing the
interest rate; authorizing officials of
the City to take all action necessary in
connection with the sale of the bonds;
and approving an effective date)