RESOLUTION 85-18064 RESOLUTION NO. t5-18064
RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, AWARDING ITS GENERAL
OBLIGATION BONDS ( SOUTH POINTE REDEVELOPMENT
PROJECT) , SERIES 1984 , IN AN AGGREGATE PRINCI-
PAL AMOUNT OF $9 , 800 , 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, the City Commission ( the "Commission" ) of the
City of Miami Beach, Florida ( the "City" ) , on the 24th day of
January, 1984 , adopted Resolution No. 84-17609 , deeming it
advisable and in the best interest of the City and its citizens
to issue general obligation bonds in an aggregate principal
amount not to exceed Nine Million Eight Hundred Thousand Dollars
( $9 ,800 , 000 ) for the municipal purpose of financing the con-
struction, reconstruction, replacement and improvement of water
and sewer facilities , streets and lighting, landscaping and
property acquisition, in furtherance of the redevelopment plan,
adopted by the Commission, on February 15 , 1984 ( the "Redevelop-
ment Plan" ) , for the area south of Sixth Street in said City ( the
"Project" ) , subject to the authorization of the duly registered
and qualified voters of said City therein participating in the
election held on March 13 , 1984 ; and
WHEREAS, the Commission on April 4 , 1984 , provided for
the canvassing of the returns of the aforesaid election and found
that the issuance of said bonds in an aggregate principal amount
not to exceed Nine Million Eight Hundred Thousand Dollars
( $9 ,800 , 000 ) approved been a roved by a majority of the votes cast in
said election, in which the qualified electors residing in said
City participated, and declared and recorded, in the manner
prescribed by law, the result of said election and canvass; and
WHEREAS, on April 4 , 1984 , the Commission passed and
adopted Resolution No. 84-17693 ( the "1984 Resolution" ) autho-
rizing the issuance of General Obligation Bonds (South Pointe
Redevelopment Project) , Series 1984 , ( the "Bonds" ) in an
aggregate principal amount not to exceed Nine Million Eight
Hundred Thousand Dollars ( $9 , 800 ,000 ) for the purpose of
financing the cost of the Project; and
WHEREAS, on April 3 , 1985 , the Commission passed and
adopted Resolution No. 85-18058 -( the "1985 Resolution" ) approving
the Official Notice of Sale 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 with the
sale of the Bonds in an aggregate principal amount of $9 , 800 , 000 ;
and
WHEREAS, in the event that proceeds of the Bonds and
investment earnings thereon are insufficient to complete the
Project , the City will appropriate sufficient monies from the
general funds of the City to complete the Project ; 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 Commisssion hereby ratifies , approves
and confirms the Official Notice of Sale and Bid Form.
SECTION 2 . The bid offering to pay the lowest net
Merrill Lynch Capital Markets, Merrill Lynch, Pierce,
interest cost is the bid of Fenner & Smith, Inc_ & Assnriafes
which bid is for a net interest cost of $ 11,929,474.79 plus
accrued interest on the bonds from April 1 , 1985 to the date of
their delivery, at the rates set forth in said bid attached to
this Resolution.
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Merrill Lynch Capital Markets, Merrill
SECTION 3 . The bid of Lynch, Pierce, Fenner & Smith, Inc. & Associates
is hereby accepted and the $9,800,000 principal amount of the
Merrill Lynch Capital Markets, Merrill Lynch, Pierce,
Bonds is awarded t0 Fenner & Smith, Inc. & 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
Resolution No. 84-17693 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 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,
except as to taxes imposed by Chapter 220 , Florida Statutes, on
interest , income or profits on debt obligations owned by corpora-
tions , as defined in said Chapter 220 . The principal proceeds of
the sale of the Bonds shall be devoted to and used with due dili-
gence 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 .
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Section 6. 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 autho-
rized 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 7 . 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
hereby authorized to sign said Official Statement on behalf of
the City.
SECTION 8. The checks of all unsuccessful bidders shall
be returned immediately.
SECTION 9 . This resolution shall take effect
immediately upon its adoption.
PASSED and ADOPTED this 17th day of April , 1985.
Mayor
Attest:
4Y -IL2d)
City Clerk
FORM APPROVED
LEGAL DEPT.
By
goal
Date �^�—�
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STATE OF FLORIDA )
SS:
COUNTY OF DADE )
I , Elaine M. Baker , City Clerk of the City of Miami
Beach, Florida, do hereby certify that the above and foregoing is
a true and correct copy of Resolution No. 85- 18064 , duly
passed and adopted by the City Commission of the City of Miami
Beach at a regular meeting duly held and convened on the 17th day
of April, 1985 and that said resolution is in full force and
effect, without amendment, on the date hereof .
IN WITNESS WHEREOF, I have hereunto set my hand and the
official seal of the City of Miami Beach, Florida this 17th day
of April, 1985 .
ac?)
City Clerk
ORIGINAL
RESOLUTION NO. 85-18064
(Awarding its General Obligation Bonds
(South Pointe Redevelopment Project) , SerieE
1984. in an aggregate principal amount of
$9,800,000 to the successful bidder therefor
approving the execution and delivery of
said bonds; fixinf the interest rate; autho-
rizing officials of the City to take all
action necessary in connection with the sal€
of the bonds)