73-14061 RESOLUTION NO. 73-14061
A RESOLUTION AUTHORIZING THE SALE
OF $15, 090,000.00, GENERAL OBLIGATION
BONDS, APPOINTING A BOND COUNSEL AND
A FISCAL AGENT, AND FIXING OTHER
PROVISIONS IN CONJUNCTION THEREWITH.
WHEREAS, the City Council of the City of Miami
Beach, Florida, duly passed and adopted on December 8,
1971, its Resolution No. 13482, as amended by Resolution
No. 73-14059, dated July 18, 1973, authorizing the issuance
of "1972 Sewage Collection and Treatment Bonds, " and
WHEREAS , the City Council of the City of Miami
Beach, Florida, duly passed and adopted on March 15, 1972 ,
its Resolution No. 13574, as amended by Resolution No.
73-14060, dated July 18, 1973, authorizing the issuance
of certain General Obligation Bonds, as therein set forth,
and all of which Resolutions are hereby incorporated here-
in by reference, and
WHEREAS, said Bonds have been duly validated by
the Courts of the State of Florida, in accordance with
applicable statutory and constitutional provisions, and
WHEREAS , the City Council of the City of Miami
Beach, Florida, has found and determined that it is nec-
essary to provide for the sale of a number of the General
Obligation Bonds so authorized and so validated in order
to perform and execute the projects authorized as herein-
above set forth,
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY
COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA, as follows :
(1) That the following Bonds, so authorized,
approved and validated, are hereby directed to be
sold:
Series lA - 1972 - $3, 500, 000 1972 Sewage Collection
and Treatment Bonds, dated March
1, 1972, and maturing on Septem-
ber 1 of each year, $100, 000 in
1974 to 1980, $200, 000 in 1981 to
1991, and $300, 000 in 1992 to 1993 .
Series 1 - 1972 - $2, 000, 000 1972 South Oceanfront
Park Addition Bonds, dated September
1, 1972, and maturing on September
1 of each year, $30, 000 in 1974,
$40, 000 in 1975 to 1976, $65, 000
in 1977 to 1978, $70, 000 in 1979,
$80, 000 in 1980 to 1981, $90, 000
in 1982, $95, 000 in 1983, $100, 000
in 1984, $105, 000 in 1985, $110, 000
in 1986, $115, 000 in 1987, $120, 000
in 1988, $125, 000 in 1989, $130, 000
in 1990, $155, 000 in 1991, $190, 000
in 1992, and $195, 000 in 1993 .
Series 3B - 1972 - $500, 000 1972 Relocation of Public
Works Yards Bonds, dated September
1, 1972, and maturing on September
1 of each year, $80, 000 in 1974,
$95, 000 in 1975, $10, 000 in 1976 to
1981, $15, 000 in 1982 to 1983,
$20, 000 in 1984 to 1986, and $25, 000
in 1987 to 1993 .
OFFICE OF CITY ATTORNEY--1130 WASHINGTON AVENUE-MIAMI BEACH, FLORIDA 33139
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Series 4C - 1972 - $440, 000 1972 Park
Improvements Bonds, dated
September 1, 1972 and
maturing on September 1 of
each year, $10, 000 in 1975,
$15, 000 in 1976 to 1979,
$20, 000 in 1980 to 1982,
$25, 000 in 1983 to 1986,
$30, 000 in 1987 to 1989,
$35, 000 in 1990, $40, 000
in 1991, and $45, 000 in
1992.
Series 8 - 1972 - $300, 000 1972 Data Processing
Equipment Bonds, dated Sept-
ember 1, 1972 and maturing
on September 1 of each year,
$5, 000 in 1974 to 1976,
$10, 000 in 1977 to 1978,
$15, 000 in 1979 to 1985, and
$20, 000 in 1986 to 1993.
Series 1 - 1973 - $1, 900, 000 1973 Open Space
Land Project Bonds, dated
March 1, 1973 and maturing
on September 1 of each year,
$30, 000 in 1974, $40, 000 in
1975 to 1976, $50, 000 in 1977,
$60, 000 in 1978, $70, 000 in
1979, $80, 000 in 1980 to 1984,
$90, 000 in 1985 to 1987, $100, 000
in 1988, $120, 000 in 1989,
$140, 000 in 1990, $170, 000 in
1991, $190, 000 in 1992, and
$220, 000 in 1993.
Series 2A - 1973 - $2, 500, 000 1973 Park and Rec-
reational Land Bonds, dated
March 1, 1973 and maturing on
September 1 of each year, $75, 000
in 1974 to 1975, $50, 000 in 1976
to 1979, $60, 000 in 1980, $75, 000
in 1981, $90, 000 in 1982, $100, 000
in 1983, $110, 000 in 1984,
$125, 000 in 1985 to 1986, $150, 000
in 1987 to 1988, $175, 000 in 1989,
$200, 000 in 1990, $240, 000 in
1991, and $275, 000 in 1992 to 1993 .
Series 3 - 1973 - $1, 250, 000 1973 Civic Convention
Center Complex Bonds, dated March
1, 1973 and maturing on September
1 of each year, $20, 000 in 1974
to 1975, $25, 000 in 1976 to 1977,
$40, 000 in 1978 to 1980, $50, 000
in 1981 to 1982, $60, 000 in 1983
to 1984, $70, 000 in 1985 to 1986,
$80, 000 in 1987, $95, 000 in 1988
to 1989, $100, 000 in 1990 to 1992,
and $110, 000 in 1993.
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OFFICE OF CITY ATTORNEY-1130 WASHINGTON AVENUE-MIAMI MACH, FLORIDA 33139
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Series 4 - 1973 - $1, 300, 000 1973 Civic-
Convention Center Complex
and City Hall Bonds, dated
March 1, 1973 and maturing
on September 1 of each year,
$20, 000 in 1974 to 1975,
$25, 000 in 1976 to 1977,
$40, 000 in 1978 to 1980,
$50, 000 in 1981 to 1982,
$60, 000 in 1983 to 1984,
$70, 000 in 1985 to 1986,
$80, 000 in 1987, $95, 000 in
1988, $105, 000 in 1989,
$110, 000 in 1990 to 1992,
and $120, 000 in 1993.
Series 5 - 1973 - $1, 100, 000 1973 Flamingo Bay
Subdivision Parks and Recrea-
tional Land Bonds, dated
March 1, 1973 and maturing on
September 1 of each year,
$10, 000 in 1974 to 1975, $15, 000
in 1976 to 1977, $30, 000 in 1978
to 1980, $40, 000 in 1981 to 1982,
$50, 000 in 1983 to 1984, $60, 000
in 1985 to 1986, $70, 000 in 1987,
$85, 000 in 1988, $95, 000 in 1989,
$100, 000 in 1990 to 1992, and
$110, 000 in 1993.
Series 6 - 1973 - $300, 000 1973 South Shore Com-
munity Center Bonds, dated
March 1, 1973 and maturing on
September 1 of each year, $5, 000
in 1974 to 1977, $10, 000 in 1978
to 1981, $15, 000 in 1982 to 1986,
$20, 000 in 1987 to 1988, and
$25, 000 in 1989 to 1993.
(2) The Bonds maturing in the years 1984 to 1993, 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 with-
in maturities if less than all, on September 1, 1983, 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 1983
to 1986, both inclusive; 2% if redeemed in the years 1987 to
1990, both inclusive; and 1% if redeemed in the years 1991 to
1993, both inclusive.
(3) The Bonds will be coupon Bonds in the denomination
of $5, 000 each, with the privilege of registration as to
principal only or as both principal and interest at the Chemical
Bank, New York, New York. Principal and semi-annual interest
will be payable at the Chemical Bank, New York, New York.
(4) The Bonds will be general obligations of the City
• of Miami Beach payable from ad valorem taxes levied and collected
annually on all taxable property in the City, without limitation
as to rate or amount, and the full faith and credit of the City
will be pledged to the payment of principal and interest.
(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 .
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OFFICE OF CITY ATTORNEY-1130 WASHINGTON AVENUE-MIAMI RRACH, FLORIDA 33139
(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 cus-
tomary 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 author-
ize 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 Res-
olution 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 September 19, 1973, at 11 :00 o' clock a.m. ,
to receive bids for the sale of these bonds aggregating
$15, 090, 000.00.
PASSED and ADOPTED this 18th day of July , 1973.
4214L(24(7
Mayor
Attest :
Acting City Clerk
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OFFICE OF CITY ATTORNEY-1130 WASHINGTON AVENUE-MIAMI BEACH, FLORIDA 33139