13301 RESOLUTION NO. 13301
A RESOLUTION AWARDING $4,980,000 PUBLIC
IMPROVEMENT BONDS OF THE CITY OF MIAMI
BEACH, FLORIDA.
WHEREAS, pursuant to Notice of Sale published in The Daily Bond
Buyer, New York, New York, on June 9 , 1971 , for the sale of $4,980,000
Public Improvement Bonds of the City of Miami Beach, Florida, the
following sealed proposals have been received:
The proposal of SMITH, BARNEY & CO. , INC. (Manager) AND ASSOCIATES,
by Robert Rouse, Vice-President, offering to pay the sum of FOUR MILLION,
NINE HUNDRED FIVE THOUSAND, NINE HUNDRED FORTY-SEVEN AND 55/100 DOLLARS
($4,905,947.55) , and accrued interest from August 1 , 1971 , to the date of
delivery of said bonds, at the rate of 6.0% per annum on the bonds
maturing in the years 1972 to 1983, both inclusive; at the rate of 5.80%
per annum on the bonds maturing in the years 1984 to 1988, both inclusive;
at the rate of 6.0% per annum on the bonds maturing in the year 1989;
and at the rate of 4 1/2% per annum on the bonds maturing in the year 1990,
being a net interest cost of THREE MILLION, NINE HUNDRED SEVENTY-EIGHT
THOUSAND, FOUR HUNDRED SEVENTY-SEVEN AND 45/100 DOLLARS ($3,978,477.45) .
The proposal of WILLIAM R. HOUGH & CO. AND ASSOCIATES, by D. C.
Huskey, offering to pay the sum of FOUR MILLION,NINE HUNDRED FIVE THOUSAND,
THREE HUNDRED AND 00/100 DOLLARS ($4,905,300.00) , and accrued interest from
August 1 , 1971, to the date of delivery of said bonds, at the rate of 6.0%
per annum on the bonds maturing in the years 1972 to 1982, both inclusive;
at the rate of 5.60% per annum on the bonds maturing in the years 1983 to
1985, both inclusive; at the rate of 6.0% per annum on the bonds maturing
in the years 1986 to 1989, both inclusive; and 4.5% per annum on the bonds
maturing in the year 1990, being a net interest cost of THREE MILLION, NINE
HUNDRED EIGHTY-NINE THOUSAND, TWO HUNDRED THIRTY-FIVE DOLLARS ($3,989,235.00) .
The proposal of THE FIRST NATIONAL BANK OF MIAMI , by Mark R.
Grammes, A.V.P. , offering to pay the sum of FOUR MILLION, NINE HUNDRED
FIVE THOUSAND, THREE HUNDRED AND 00/100 DOLLARS ($4,905,300.00) , and
accrued interest from August 1 , 1971 , to the date of delivery of said bonds,
at the rate of 6.0% per annum on the bonds maturing in the years 1972 to
1984, both inclusive; at the rate of 5.75% per annum on the bonds maturing
in the years 1985 to 1986, both inclusive; at the rate of 6.0% per annum
on the bonds maturing in the years 1987 to 1989, both inclusive; and at
the rate of 4.50% per annum on the bonds maturing in the year 1990, being
a net interest cost of FOUR MILLION, FOURTEEN THOUSAND, EIGHT HUNDRED
SIXTY-TWO AND 50/00 DOLLARS ($4,014,862.50) .
The proposal of MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
and ASSOCIATES, by Jos. G. Cross, Jr. , offering to pay the sum of FOUR
MILLION, NINE HUNDRED FOURTEEN THOUSAND, EIGHT HUNDRED SIX AND 50/00 DOLLARS
($4,914,806.50) , and accrued interest from August 1 , 1971 , to the date of
delivery of said bonds, at the rate of 6.0% per annum on the bonds maturing
in the years 1972 to 1986, both inclusive; at the rate of 5.85% per annum
on the bonds maturing in the year 1987; at the rate of 6.0% per annum on the
bonds maturing in the years 1988 to 1989, both inclusive; and at the rate of
4 1/2% per annum on the bonds maturing in the year 1990, being a net interest
cost of FOUR MILLION, TWENTY-TWO THOUSAND, FIVE HUNDRED SIXTY-EIGHT AND 50/00
DOLLARS ($4,022,568.50) .
The proposal of HALSEY, STUART & CO. INC. , KIDDER, PEABODY & CO. ,
INCORPORATED AND ASSOCIATES, by Halsey, Stuart & Co. Inc. , offering to pay
the sum of FOUR MILLION, NINE HUNDRED FIVE THOUSAND, FIVE HUNDRED FORTY-NINE
AND 00/100 DOLLARS ($4,905,549.00) , and accrued interest from August 1 , 1971 ,
to the date of delivery of said bonds, at the rate of 5 3/4% per annum on
the bonds maturing in the years 1972 to 1977, both inclusive; at the rate
of 6.0% per annum on the bonds maturing in the years 1978 to 1989, both
inclusive; and at the rate of 4 1/2% per annum on the bonds maturing in
• the year 1990, being a net interest cost of FOUR MILLION, FORTY THOUSAND,
TWO HUNDRED FIFTY-ONE AND 00/100 DOLLARS ($4,040,251 .00) .
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The proposal of BANKERS TRUST COMPANY & ASSOCIATES, by Bankers Trust
Company, Robert E. Wanglund, Assistant Vice President, offering to pay the
sum of FOUR MILLION, NINE HUNDRED NINE THOUSAND, EIGHT HUNDRED TWENTY-THREE
AND 70/100 DOLLARS ($4,909,823. 70) , and accrued interest from August 1 , 1971 ,
to the date of delivery of said bonds, at the rate of 5.0% per annum on the
bonds maturing in the years 1972 to 1975, both inclusive; at the rate of
6 1/2% per annum on the bonds maturing in the years 1976 to 1982, both
inclusive; at the rate of 6.0% per annum on the bonds maturing in the years
1983 to 1988, both inclusive; and at the rate of 5.0% per annum on the bonds
maturing in the years 1989 to 1990, both inclusive, being a net interest
cost of FOUR MILLION, SIXTY-FIVE THOUSAND, FOUR HUNDRED SEVENTY-SIX AND 30/100
DOLLARS ($4,065, 476.30) .
The proposal of JOHN NUVEEN & CO. INC. , by Robert M. Schubert, offering
to pay the sum of FOUR MILLION, NINE HUNDRED FIVE THOUSAND, SEVEN HUNDRED
TWENTY-NINE AND 50/100 DOLLARS ($4,905,729.50) , and accrued interest from
August 1 , 1971 , to the date of delivery of said bonds, at the rate of 6.20%
per annum on the bonds maturing in the years 1972 to 1976, both inclusive;
at the rate of 6.0% per annum on the bonds maturing in the years 1977
to 1978, both inclusive; at the rate of 5.50% per annum on the bonds maturing
in the years 1979 to 1983, both inclusive; at the rate of 6.0% per annum on
the bonds maturing in the years 1984 to 1986, both inclusive; at the rate of
6.20% per annum on the bonds maturing in the years 1987 to 1989, both
inclusive; and at the rate of 5.50% per annum on the bonds maturing in the
year 1990, being a net interest cost of FOUR MILLION, ONE HUNDRED FIFTY-TWO
THOUSAND, SEVEN HUNDRED FORTY-FIVE AND 50/100 DOLLARS ($4,152,745.50) .
WHEREAS, the proposal of SMITH, BARNEY & CO. , INC. (Manager) AND
ASSOCIATES, referred to above, is the highest and most advantageous bid
received for said bonds 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 SMITH, BARNEY & CO. , INC. (Manager)
AND ASSOCIATES, referred to in the preambles hereof, be and the same is
hereby accepted, and the following described bonds be and the same are hereby
awarded to said SMITH, BARNEY & CO. , INC. (Manager) AND ASSOCIATES, in
accordance with the aforesaid terms of their proposal , said bonds to mature
in the years and amounts and to bear interest at the rates per annum, as
follows:
SERIES 1 , 3, 4, 5
Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1972 $ 20,000 6.0% 1982 $300,000 6.0%
1973 20,000 6.0% 1983 330,000 6.0%
1974 20,000 6.0% 1984 330,000 5.80%
1975 20,000 6.0% 1985 390,000 5.80%
1976 90,000 6.0% 1986 415,000 5.80%
1977 130,000 6.0% 1987 500,000 5.80%
1978 130,000 6.0% 1988 500,000 5.80%
1979 130,000 6.0% 1989 500,000 6.0%
1980 250,000 6.0% 1990 645,000 4 1/2%
1981 260,000 6.0%
SECTION 2. That the City Clerk and Finance Director be and she is
hereby authorized and directed to return forthwith the good faith checks of
all unsuccessful bidders.
SECTION 3. That the Mayor and the City Clerk and Finance Director
be and they are hereby authorized to cause said bonds to be prepared, to
execute and seal the same when prepared, and to deliver said bonds to the
purchaser named above upon receipt of the agreed total purchase price therefor.
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SECTION 4. That this resolution shall be in force and effect
immediately upon its adoption.
PASSED and ADOPTED this 23rd day of June, 1971 .
Acting Mayor
ATTEST:
City Clerk and Finance Director
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