13760 •
RESOLUTION NO. 13760
A RESOLUTION AWARDING $6,075,000.00
PUBLIC IMPROVEMENT BONDS OF THE CITY
OF MIAMI BEACH, FLORIDA.
WHEREAS , pursuant to notice heretofore duly published for the sale
of $6,075,000.00 Public Improvement Bonds of the City of Miami Beach,
Florida, Series 1 - $350,000 1969 Public Park Bonds, dated February 1 ,
1970; Series 2 - $250,000 Additional South Shore Community Center Bonds,
1970, dated August 1 , 1970; Series 7 - $1 ,500,000 Civic Center Complex
Roadways and Landscaping Bonds, 1970, dated August 1 , 1970; Series 4A-
$1 ,200,000 1972 Park Improvement Bonds, dated September 1 , 1972; Series 6 -
$1 , 160,000 1972 Street and Bridge Bonds , dated September 1 , 1972;
Series 7 - $935,000 1972 Water Improvement Bonds, dated September 1 ,
1972; Series 9 - $280,000 1972 Fire Department Equipment Bonds, dated
September 1 , 1972; and Series 10 - $400,000 1972 Auditorium and Con-
vention Hall Improvement Bonds, dated September 1 , 1972; with semi-annual
interest, payable from August 1 , 1972 for the Bonds dated February 1 and
August 1 , and from September 1 , 1972 for the Bonds dated September 1 ,
1972; in the principal amount of $6,075,000 (hereinafter referred to
collectively as "Bonds") , the following sealed proposals have been
received:
The proposal of FIRST NATIONAL BANK OF MIAMI offering to pay the
sum of FIVE MILLION, NINE HUNDRED EIGHTY-THREE THOUSAND, EIGHT HUNDRED
SEVENTY-FIVE AND 07/100 DOLLARS ($5,983,875.07) , together with accrued
interest from August 1 , or September 1 , 1972, as the case may be, to the
date of delivery thereof, for said Bonds bearing interest at the rate
of SIX per centum (6.00%) per annum on the Bonds maturing in the years
1973 to 1979, inclusive; at the rate of FOUR AND 1IE1 ; ONE-HUNDREDTHS
per centum (4.50%) per annum on the Bonds maturing in the years 1980 to
1983, inclusive; at the rate of FIVE per centum (5.00%) per annum on
the Bonds maturing in the years 1984 to 1989, inclusive; at the rate of
FOUR AND FIFTY ONE-HUNDREDTHS per centum (4.50%) per annum on the Bonds
maturing in the years 1990 to 1992, inclusive; being a net interest cost
of $3,914, 424.93.
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The proposal of JOHN NUVEEN & COMPANY INC. , and CONTINENTAL
ILLINOIS NATIONAL BANK & TRUST COMPANY of CHICAGO, offering to pay the
sum of FIVE MILLION, NINE HUNDRED EIGHTY-SEVEN THOUSAND, NINE HUNDRED
NINETY-FOUR AND 00/100 DOLLARS ($5,987,994.00) , together with accrued
interest from August 1 or September 1 , 1972, as the case may be, to the
date of delivery t;iereof, for said Bonds bearing interest at the rate
of FOUR per centum (4.00%) per annum on the Bonds maturing in the years
1973 to 1975, inclusive; at the rate of FIVE AND FIFTY ONE-HUNDREDTHS
per centum (5.50%) per annum on the Bonds maturing in the years 1976 to
1987, inclusive; at the rate of FIVE per centum (5.00%) per annum on the
Bonds maturing in the years 1988 to 1989, inclusive; at the rate of FOUR
per centum (4.00%) per annum on the Bonds maturing in the years 1990 to
1992, inclusive, being a net interest cost of $3,915,131 .00.
The proposal of BANKERS TRUST COMPANY AND ASSOCIATES offering to
pay the sum of FIVE MILLION, NINE HUNDRED EIGHTY-SIX THOUSAND, THREE
HUNDRED TWENTY-FIVE AND 45/100 DOLLARS ($5,986,325.45) , together with
accrue ' interest from August 1 or September 1 , 1972, as the case may be,
to the date of delivery thereof, for said Bonds bearing interest at the
rate of FOUR per centum (4.00%) per annum on the Bonds maturing in the
year 1973; at the rate of FIVE per centum (5.00%) per annum on the Bonds
maturing in the years 1974 to 1982, inclusive; at the rate of FOUR AND
EIGHTY ONE-HUNDREDTHS per centum (4.80%) per annum on the Bonds maturing
in the years 1983 to 1985, inclusive; at the rate of FIVE per centum
(5.00%) per annum on the Bonds maturing in the years 1986 to 1991 , inclu-
sive; and at the rate of FOUR per centum (4.00%) per annum on the Bonds
maturing in the year 1992, being a net interest cost of $3,923,984.55.
The proposal of MERRILL LYNCH, PIERCE, FENNER & SMITH INC. , &
ASSOCIATES offering to pay the sum of FIVE MILLION, NINE HUNDRED EIGHTY-
FIVE T' 'ANL), 1HRE' UNCREu THIR1\ - HI EE ;.'1(' Du' 333.00) ,
together with accrued interest from August 1 rr September 1 , 1972, as
the case may be, to the date of delivery thereof, for said Bonds bearing
interest at the rate of FIVE per centum (5.00%) per annum on the Bonds
maturing in the years 1973 to 1975, inclusive; at the rate of FIVE AND
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TWENTY-FIVE ONE-HUNDREDTHS per centum (5.25%) per annum on the Bonds
maturing in the years 1976 to 1980, inclusive; at the rate of FIVE per
centum (5.00%) per annum on the Bonds maturing in the years 1981 to 1991 ,
inclusive; at the rate of THREE AND SEVENTY-FIVE ONE-HUNDREDTHS per
centum (3.75%) per annum on the Bonds maturing in the year 1992, being
a net interest cost of $3,932,204.50.
The proposal of HALSEY, STUART & COMPANY, INC. ; KIDDER PEABODY &
COMPANY, INC. , & ASSOCIATES offering to pay the sum of FIVE MILLION,
NINE HUNDRED EIGHTY-FIVE THOUSAND, TWO HUNDRED SEVENTY-TWO AND 25/100
DOLLARS ($5,985,272.25) , together with accrued interest from August 1
or September 1 , 1972, as the case may be, to the date of delivery thereof,
for said Bonds bearing interest at the rate of FIVE per centum (5.00%)
per annum on the Bonds maturing in the years 1973 to 1984, inclusive;
at the rate of FOUR AND NINETY ONE-HUNDREDTHS per centum (4.90%) per
annum on the Bonds maturing in the years 1985 to 1986, inclusive; at
the rate of FIVE per centum (5.00%) per annum on the Bonds maturing in
the years 1987 to 1991 , inclusive; at the rate of FOUR per centum (4.00%)
per annum on the Bonds maturing in the year 1992, being a net interest
cost of $3,940,817.75.
The proposal of LOMBARD-WALL, INC. , offering to pay the sum of
FIVE MILLION, NINE HUNDRED EIGHTY-EIGHT THOUSAND, FIVE HUNDRED FIFTY-TWO
AND 75/100 DOLLARS ($5,988,552.75) , together with accrued interest from
August 1 or September 1 , 1972, as the case may be, to the date of delivery
thereof, for said Bonds bearing interest at the rate of FIVE AND
TWENTY-FIVE ONE-HUNDREDTHS per centum (5.25%) per annum on the Bonds
maturing in the years 1973 to 1984, inclusive; at the rate of FIVE per
centum (5.00%) per annum on the Bonds maturing in the years 1985 to 1990,
inclusive; at the rate of FOUR AND TWENTY-FIVE ONE-HUNDREDTHS per centum
(4.25%) per annum on the Bonds maturing in the years 1991 to 1992,
inclusive; being a net interest cost of $3,947,009.75.
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The proposal of WILLIAM R. HOUGH & COMPANY; BEAR STEARNS & COMPANY;
WILSON WHITE, BELF, LAKE ROCHLIN & COMPANY AND ASSOCIATES offering to
pay the sum of FIVE MILLION, NINE HUNDRED EIGHTY-THREE THOUSAND, EIGHT
HUNDRED SEVENTY-FIVE AND 00/100 DOLLARS ($5,983,875.00) , together with
accrued interest from August 1 or September 1 , 1972, as the case may be,
to the date of delivery thereof, for said Bonds bearing interest at the
rate of FIVE AND TWENTY-FIVE ONE-HUNDREDTHS per centum (5.25%) per annum
on the Bonds maturing in the years 1973 to 1978, inclusive; at the rate
of FIVE per centum (5.00%) per annum on the Bonds maturing in the year
1979; at the rate of FIVE AND TWENTY-FIVE ONE-HUNDREDTHS per centum
(5.25%) per annum on the Bonds maturing in the years 1980 to 1983,
inclusive; at the rate of FIVE per centum (5.00%) per annum on the Bonds
maturing in the years 1984 to 1991 , inclusive; and at the rate of THREE
AND SEVENTY-FIVE C - HJ:iDR:DTHs per -cntu.n (3.75%) per .annum on the Bonds
n,acur' "r. the year 199., Ling a net interest cost of $3,953,250.00.
The proposal of SMITH, BARNEY & COMPANY INCORPORATED; WHITE, WELD
& COMPANY, INCORPORATED; BARNETT FIRST NATIONAL BANK OF JACKSONVILLE
AND ASSOCIATES offering to pay the sum of FIVE MILLION, NINE HUNDRED
EIGHTY-SIX THOUSAND, THREE HUNDRED EIGHTY-FIVE AND 10/100 DOLLARS
($5,986,385.10) , together with accrued interest from August 1 or Sep-
tember 1 , 1972, as the case may be, to the date of delivery thereof,
for said Bonds bearing interest at the rate of FIVE AND FIFTY ONE-
HUNDREDTHS per centum (5.50%) per annum on the Bonds maturing in the
years 1973 to 1975, inclusive; at the rate of FIVE per centum (5.00%)
per annum on the Bonds maturing in the years 1976 to 1991 , inclusive;
at the rate of FOUR per centum (4.00%) per annum on the Bonds
maturing in the year 1992, being a net interest cost of $3,953,414.90.
The proposal of FIRST PENNCO SECURITIES by FIRST NATIONAL BANK
of MIAMI offering to pay the sum of SIX MILLION, THREE HUNDRED EIGHTY-
SIX AND 00/100 DOLLARS ($6,000,386.00) , together with accrued interest
from August 1 or September 1 , 1972, as the case may be, to the date of
delivery thereof, for said Bonds bearing interest at the rate of
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FIVE AND FIFTY ONE-HUNDREDTHS per centum (5.50%) per annum on the Bonds
maturing in the years 1973 to 1981 , inclusive; at the rate of FIVE per
centum (5,00/p) per annum on the Bonds maturing in the years 1982 to 1991 ,
inclusive; at the rate of FOUR per centum (4.00%) per annum on the Bonds
maturing in the year 1992, being a net interest cost of $3,976,389.00.
WHEREAS, the proposal of FIRST NATIONAL BANK OF MIAMI referred to
in the preambles hereof, is the highest and most advantageous bid 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 FIRST NATIONAL BANK OF
MIAMI referred to in the preambles hereof, be and the same is hereby
accepted and the following described Bonds of the City be and they are
hereby awarded and sold to said purchaser referred to in the preambles
hereof at the price and in accordance with the proposal of said purchaser:
$6,075,000 Public Improvement Bonds, $5,000 each, numbered
from 1 upwards in numerical order for each issue, consisting of Series 1 -
$350,000 1969 Public Park Bonds, dated February 1 , 1970; Series 2 -
$250,000 Additional South Shore Community Center Bonds, 1970, dated
August 1 , 1970; Series 7 - $1 ,500,000 Civic Center Complex Roadways and
Landscaping Bonds, 1970, dated August 1 , 1970; Series 4-A - $1 ,200,000
1972 Park Improvement Bonds, dated September 1 , 1972; Series 6 - $1 ,160,000
1972 Street and Bridge Bonds, dated September 1 , 1972; Series 7 - $935,000
1972 Water Improvement Bonds, dated September 1 , 1972; Series 9 - $280,000
1972 Fire Department Equipment Bonds, dated September 1 , 1972; and
Series 10 - $400,000 1972 Auditorium and Convention Hall Improvement
Bonds, dated September 1 , 1972; with semi -annual interest, payable from
August 1 , 1972, for the Bonds dated February 1 and August 1 , and from
September 1 , 1972 for the Bonds dated September 1 , 1972; and maturing
in numerical order for each issue, in aggregate principal amounts for
all said $6,075,000 Bonds, and bearing the interest rates per annum, in
the years and amounts as follows:
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•
Interest
Year Amount Rate
1973 $160,000 6.00
1974 $175,000 6.i.,u/
1975 $100,000 6.uO%
1976 $140,000 6. ^%
1977 $150,000 6.00%
1978 $170,000 6.(11%
1979 $195,000 6.C,%
1980 $215,000 4.50%
1981 $220,000 4.50%
1982 $300,000 4.50%
1983 $310,000 4.50%
1984 $330,000 5. �U%
1985 $350,000 5. ( i%
1986 $365,000 5.00%
1987 $390,000 5.11%
1988 $400,000 5.1J%
1989 $440,000 5. 0
1990 $480,000 4. 5u%
1991 $550,000 4. : .%
1992 $635,000 4. 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 the same to said purchaser upon payment of the
purchase price in accordance with the conditions stated in said 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 4th day of October , 1972.
Mayor
ATTEST:
Ruth B. Rouleau
City Clerk-Finance Director
BytAxeuxtlogyita_
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