13685 RESOLUTION NO. 13685 _0.1 j&° '
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AUTHORIZING THE SALE OF CERTAIN GENERAL OBLIGATION BONDS AND 131.,/
APPOINTING A BOND COUNSEL AND A FISCAL AGENT IN CONJUNCTION THEREWITH. F'
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WHEREAS, the duly registered and qualified voters of the City of Miami Beach
have approved issuance of certain general obligation negotiable coupon bonds for
the amounts and purposes hereinafter described; and
WHEREAS, the City Council has through adoption of appropriate resolutions
authorized issuance of these bond issues, and said issues have been duly validated
by the Circuit Court of Dade County, Florida and by the Supreme Court of the State
of Florida where required, and
WHEREAS, the City Council now wishes to provide for the sale of these bond
issues in order to carry out the projects provided for in the respective issues;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
1 . That funds are required immediately for certain of these projects and that the
following previously authorized bonds shall be offered for sale:
1969 Series 1 - Public Park Bonds $ 350,000.00
1970 Series 2 - South Shore Community Center Bonds 250,000.00
1970 Series 7 - Civic Center Complex Roadways and Landscaping Bonds 1 ,500,000.00
1972 Series 4A - Park Improvement Bonds 1 ,200,000.00
1972 Series 6 - Street and Bridge Improvement Bonds 1 ,160,000.00
1972 Series 7 - Water Improvement Bonds 935,000.00
1972 Series 9 - Fire Department Equipment Bonds 280,000.00
1972 Series 10 - Auditorium and Convention Hall Improvement Bonds 400,000.00
2. That the City Council hereby approves the employment of the law firm of Mudge,
Rose, Guthrie and Alexander to serve as Bond Counsel to provide the approving
opinion required in the sale of these bonds.
3. That the City Council hereby designates Reynolds Securities, Inc. , to serve as
Fiscal Agent for the City for the purpose of rendering the usual and customary
services of fiscal agents in the marketing of the bonds and obligations here-
inabove described, subject to the agreement by said Fiscal Agent that it will
not bid; cause to have bids made in its name; or permit or authorize anyone to
bid for it at the public sale; and that they will not be purchasers directly
or indirectly of such bonds at the public sale thereof. Said services shall
be compensated for at a rate of $1 .00 per $1 ,000 of par value of said bonds,
said fee to be payable only when, as, and if the bonds are actually sold and
delivered.
4. That pursuant to the provisions of said Resolution No. 13282 the proceeds of
the sale of these bonds shall be deposited exclusively in banking institutions
located in the City of Miami Beach, Florida.
5. That the City Council hereby establishes the date of September 20, 1972, at
11 :00 o'clock a.m. , to receive bids for the sale of these bonds aggregating
$6,075,000.
6. That it is anticipated that contracts necessary for the construction of
facilities to be financed from the proceeds of the sale of bonds authorized
herein shall be entered into on or before January 20, 1973, and that over
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85% of the expendable proceeds of said bonds (including investment proceeds)
will be expended within three years following the date of issue of said bonds.
PASSED and ADOPTED this 2nd day of August , 1972,
Mayor 4—Lt-Q1
ATTEST:
fide/ r A --
City Clerk-Finance Director
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