13848 r
RESOLUTION NO. 13848
A RESOLUTION AUTHORIZING THE SALE OF $13,465,000
GENERAL OBLIGATION BONDS, APPOINTING A BOND COUNSEL
AND A FISCAL AGENT, AND FOXING OTHER PROVISIONS IN
CONJUNCTION THEREWITH.
WHEREAS the City Council of the City of Miami Beach, Florida, adopted
on February 2, 1972, Resolution No. 13519, authorizing the issuance of General
Obligation Bonds including, among others, Series 8, "Theater of Performing Arts
Bonds 1970"; and Series 9, "Municipal , Administration and Police Court Building
Bonds 1970"; and
WHEREAS the City Council adopted, on March 15, 1972, Resolution
No. 13574, authorizing the issuance of General Obligation Bonds including,
among others, Series 3, "1972 Relocation of Public Works Yards Bonds"; and
Series 4, "1972 Park Improvement Bonds"; and
WHEREAS it is the intent of the City Council to sell at this time
$230,000 of the aggregate amount of $5, 130,000 authorized for Series 3,
"1972 Relocation of Public Works Yards Bonds", which initial offering shall
hereafter be identified as Series 3A, "1972 Relocation of Public Works Yards
Bonds"; and
WHEREAS it is the intent of the City Council to sell at this time
$3,735,000 of the aggregate amount of $5,375,000 authorized for Series 4,
"1972 Park Improvement Bonds", constituting the second offering of bonds under
this series, which second offering shall hereafter be identified as Series 4B,
"!1972 Park Improvement Bonds"; and
WHEREAS Section 3 of Resolutions Nos. 13519 and 13574 contained the
provision that the bonds shall be callable for redemption as shall be hereafter
determined by Resolution to be adopted by the City Council ; and
WHEREAS the foregoing 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 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 projects and that
the following previously authorized bonds shall be offered for sale:
Series 8, "Theater of Performing Arts Bonds 1970" $4,000,000
Series 9, "Municipal , Administration and Police Court Building
Bonds 1970" 5,500,000
Series 3A, "1972 Relocation of Public Works Yards Bonds 230,000
Series 4B, "1972 Park Improvement Bonds 3,735,000
2. That the maturity schedule of the $230,000 Series 3A, "1972
Relocation of Public Works Yards Bonds", out of an aggregate of $5, 130,000,
be fixed as follows:
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MATURING NUMBERED AMOUNT
September 1 ,
1973 1 5,000
1974 2 5,000
1975 3 5,000
1976 4 '5,000
1977 5 5,000
1978 6 - 7 10,000
1979 8 - 9 10,000
1980 10 - 11 10,000
1981 12 - 13 10,000
1982 14 - 15 10,000
1983 16 - 17 10,000
1984 18 - 19 10,000
1985 20 - 22 15,000
1986 23 - 25 15,000
1987 26 - 28 15,000
1988 29 - 31 15,000
1989 32 - 34 15,000
1990 35 - 38 20,000
1991 39 - 42 20,000
1992 43 - 46 20,000
3. That the maturity schedule of the $3,735,000 Series 4B,
"1972 Park Improvement Bonds", out of an aggregate of $5,375,000, be fixed
as follows:
MATURING NUMBERED AMOUNT
September 1 ,
1973 - -
1974 - -
1975 1 - 18 90,000
1976 19 - 42 120,000
1977 43 - 67 125,000
1978 68 - 95 140,000
1979 96 - 126 155,000
1980 127 - 160 170,000
1981 161 - 195 175,000
1982 196 - 231 180,000
1983 232 - 268 185,000
1984 269 - 308 200,000
1985 309 - 352 220,000
1986 353 - 397 225,000
1987 398 - 443 230,000
1988 444 - 491 240,000
1989 492 - 543 260,000
1990 544 - 603 300,000
1991 604 - 676 365,000
1992 677 - 747 355,000
4. That the Bonds maturing in the years 1983 to 1992, both inclusive,
shall be redeemable prior to their respective stated dates of maturity, at the
option of the City, in whole or in part, but in inverse order of maturities
and by lot within maturities if less than all , on August 1 , 1982 for the bonds
dated August 1 , and on September 1 , 1982 for the bonds dated September 1 , or
on any interest payment date thereafter, at the price of par and accrued
interest, plus a premium, expressed as a percentage of the par value thereof,
of 3% if redeemed in the years 1982 to 1985, both inclusive; 2% if redeemed
in the years 1986 to 1989, both inclusive; and 1% if redeemed in the years
1990 to 1992, both inclusive.
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5. 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.
6. 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 hereinabove 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.
7. That pursuant to the provisions of 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.
8. That the City Council hereby establishes the date of February 7, 1973,
at 11 :00 o'clock a.m. , to receive bids for the sale of these bonds aggregating
$13,465,000.
PASSED AND ADOPTED this 20th day of December, 1972.
Al
_ A ►(�.�
Mayor
ATTEST:
kal, fq,.."24,4_
City Clerk-Finance
Director
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