13016 RESOLUTION NO. 13016
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MM MI BEACH, FLORIDA,
AWARDING $12, 000, 000 EXCISE TAX BONDS ,
SERIES 1969.
WHEREAS , pursuant to notice heretofore duly
published for the sale of $12, 000, 000 Excise Tax Bonds,
Series 1969, dated April 1, 1969, the following sealed
proposals have been received:
The proposal of MERRILL LYNCH, PIERCE, FENNER &
SMITH, Incorporated and Associates, offering to pay the
sum of Twelve Million Thirty Seven and 50/100 ($12, 000, 037 .50)
Dollars, together with accrued interest from the date of said
Bonds to the date of delivery thereof, for said Bonds bearing
interest at the rate of eight per centum (8%) per annum on
the Bonds maturing in the year 1971; at the rate of six and
one-half per centum (6-1/2%) per annum on the Bonds maturing
in the year 1972; at the rate of eight per centum (8%) per
annum on the Bonds maturing in the years 1973 to 1980,
inclusive; and at the rate of seven and seven tenths per
centum (7-7/10%) per annum on the Bonds maturing in the
years 1981 to 1994, inclusive; and at the rate of six and
one-half percentum (6-1/2%) per annum on the Bonds maturing
in the year 1995, being a net interest cost of $14, 105, 757 . 50.
The proposal of LEHMAN BROTHERS , SMITH, BARNEY & CO. ,
INCORPORATED and Associates, offering to pay the sum of
Twelve Million One Thousand Forty-Five and 75/100 ($12, 001, 045.75)
Dollars, together with accrued interest from the date of said
Bonds to the date of delivery thereof, for said Bonds bearing
interest at the rate of eight per centum (8%) per annum on
the Bonds maturing in the years 1971 to 1979, inclusive, and
at the rate of seven and nine tenths per centum (7-9/10%) per
annum on the Bonds maturing in the years 1980 to 1994, inclusive,
and at the rate of six and one-half per centum (6-1/2%) per
annum on the Bonds maturing in the year 1995, being a net
interest cost of $14,402,469. 25.
WHEREAS , the proposal of MERRILL LYNCH, PIERCE,
FENNER & SMITH, Incorporated and Associates, referred to in
the preambles hereof, is the highest and most advantageous
of said bids, and in all other respects complies with said
Notice of Sale;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA:
Section 1. That the proposal of MERRILL LYNCH, PIERCE,
FENNER & SMITH, Incorporated and Associates,
referred to in the preambles hereof, be and the same is
hereby accepted and the following described Bonds of
the City of Miami Beach, Florida, be and they are
hereby awarded and sold to the said purchaser referred
to in the preambles hereof:
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OFFICE OF CITY ATTORNEY-1130 WASHINGTON AVENUE-MIAMI BEACH, FLORIDA 33139
• 1 .
$12, 000, 000 - EXCISE TAX BONDS, SERIES 1969,
dated April 1, 1969, numbered
1 to 2,400, inclusive, in the
denomination of $5,000 each,
bearing interest (payable semi-
annually on April 1 and October 1)
and maturing on April 1 in the
years and amounts as follows :
INTEREST
YEAR AMOUNT RATE
1971 $250, 000 8.00%
1972 265, 000 6.50%
1973 280, 000 8.00%
1974 290, 000 8.00%
1975 305, 000 8.00%
1976 320, 000 8.00%
1977 335, 000 8.00%
1978 355, 000 8.00%
1979 370, 000 8.00%
1980 390, 000 8.00%
1981 410, 000 7 .70%
1982 430, 000 7 .70%
1983 450,000 7 .70%
1984 475, 000 7 .70%
1985 500, 000 7 .70%
1986 525, 000 7 .70%
1987 550,000 7 .70%
1988 575,000 7 .70%
1989 605,000 7.70%
1990 635, 000 7 .70%
1991 665, 000 7.70%
1992 700, 000 7 .70%
1993 735, 000 7 .70%
1994 775,000 7 .70%
1995 810,000 6.50%
Section 2. That the proper officers of the City
be, and they are hereby authorized and
directed to execute said Bonds when prepared, and
to deliver same to said purchaser upon payment of
the purchase price pursuant to the conditions stated
in the notice of sale, without further authority
from this City Council.
Section 3. That the City Clerk-Finance Director be
and she is hereby authorized and directed
to return forthwith the good faith checks of all
unsuccessful bidders.
Section 4. This resolution shall take effect
immediately.
•
PASSED and ADOPTED this 13th day of May, 1970.
May'
Attest:
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City Clerk-Finance Director
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P69-4 VdelL
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OFFICE OF CITY ATT RNEY- 130 WASHINGTON AVENUE-MIAMI BEACH, FLORIDA 33139
This resolution complies completely with that Resolution
submitted by John T. Trimble our bond attorney and with the
quotations submitted and is correct and proper for signature.
JOSEPH A. .WANICK, City Attorney
City of iami Beach
BY: 111074,/ / i► A//_.f 4111kN
' arry I . ' hadderton
Assis , a City Attorney