83-17282 •
RESOLUTION NO. 83-17282
RESOLUTION OF THE CITY OF MIAMI BEACH, FLORIDA
AWARDING ITS PUBLIC IMPROVEMENT BONDS (SERIES
1983) IN AN AGGREGATE PRINCIPAL AMOUNT OF
$24, 000, 000 TO THE SUCCESSFUL BIDDER THEREFOR;
APPROVING THE EXECUTION AND DELIVERY OF SAID
BONDS; FIXING THE INTEREST RATE; AUTHORIZING
OFFICIALS OF THE CITY TO TAKE ALL ACTION
NECESSARY IN CONNECTION WITH THE SALE OF THE
BONDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on November 17, 1982, the City Commission (the
"Commission" ) of the City of Miami Beach, Florida (the "City" )
passed and adopted Resolution No. 82-17192 (the "1982
Resolution" ) authorizing the issuance of Public Improvement Bonds
(Series 1983) (the "Bonds" ) in the aggregate principal amount of
Twenty-Four Million Six Hundred Fifty Thousand Dollars
($24, 650, 000) for the purpose of financing various municipal
improvements within the City, as more specifically described
therein; and
WHEREAS, on February 2, 1983, the Commission passed and
adopted Resolution No. 83- 17262 (the "1983 Resolution")
approving the Official Notice of Sale and form of Preliminary
Official Statement, setting the bond maturities and redemption
provisions and authorizing advertisement of the sale of Bonds;
and
WHEREAS, the Commission has determined that it is in the
best interests of the City and its citizens to proceed with the
sale of Public Improvement Bonds (Series 1983) in the aggregate
principal amount of Twenty-Four Million Dollars ($24, 000, 000)
comprised of (1) Justice Center Public Improvement Bonds in the
aggregate principal amount of $18 , 000, 000; (2) Beachfront Park
and Promenade Public Improvement Bonds in the aggregate principal
amount of $1, 500, 000; (3) Arthur Godfrey Road Public Improvement
Bonds in the aggregate principal amount of $2, 500, 000; and (4)
21st Street Community Center Public Improvement Bonds in the
aggregate principal amount of $2, 000, 000; and
WHEREAS, said Justice Center Public Improvement Bonds
shall be issued for the purpose of financing the acquisition of
land and the construction and furnishing of a Justice Center
thereon, said Justice Center to contain a police station, jail,
courtroom, and facilities related to the foregoing (the "Justice
Center Project" ) and the estimated total cost of said Justice
Center Project, including preliminary costs and costs incidental
thereto and the financing thereof, including capitalized
interest, is at least $18, 000, 000 ; and
• WHEREAS, said Beachfront Park and Promenade Public
Improvement Bonds shall be issued to provide financing for
developing and building promenade structures , dune crossovers,
dune landscaping, site furnishings , lighting, and related
facilities on the oceanfront property east of Collins Avenue
between 21st Street and 46th Street for park purposes (the
"Beachfront Project" ) and the estimated total cost of said
Beachfront Project, including preliminary costs and costs
incidental thereto and the financing thereof, is at least
$1, 500, 000; and
WHEREAS, said Arthur Godfrey Road Public Improvement
Bonds shall be issued for the purposing of financing all or a
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portion of the cost of construction of various capital
improvements, including paving sidewalks, curbs and gutters,
storm sewers , lighting, landscaping, canopy structures, and other
structures on public rights-of-way, and acquiring land required
for the plan of reconstruction of the following area: Arthur
Godfrey Road from Biscayne Bay to the Atlantic Ocean; Indian
Creek Drive from 39th Street to 44th Street; and Collins Avenue
from 44th Street to 46th Street (the "Arthur Godfrey Road
Project" ) and the estimated total cost of said Arthur Godfrey
Road Project; including preliminary costs and costs incidental
thereto and the financing thereof, is at least $2, 500, 000; and
WHEREAS, said 21st Street Community Center Public
Improvement Bonds shall be issued to provide financing for
improvements to the 21st Street Community Center , including,
among other things, renovations to the existing building,
construction of a new building and related parking facilities,
and construction of the Collins Canal/22nd Street walkway from
Meridian Avenue to 22nd Street along Collins Canal and eastward
along 22nd Street to the City' s Beachfront Park and Promenade
(the "21st Street Project" ) and the estimated total cost of said
21st Street Project , including preliminary costs and costs
incidental thereto and the financing thereof, including
capitalized interest, is at least $2, 000, 000; and
WHEREAS, in the event that proceeds of the Justice
Center Public Improvement Bonds, the Beachfront Park and
Promenade Public Improvement Bonds, the Arthur Godfrey Road
Public Improvement Bonds or the 21st Street Community Center
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Bonds, the investment thereof and earnings thereon are
insufficient to complete the projects for which such bonds were
issued, the City will appropriate sufficient monies from the
general funds of the City to complete such projects; and
WHEREAS, the City has received bids to purchase the
Bonds; and
WHEREAS, it is necessary for the Commission to award the
Bonds and approve the sale thereof to the party submitting the
lowest bid and to authorize the execution and delivery of the
Bonds on behalf of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA:
Section 1 . The Commission hereby ratifies approves and
confirms the Official Notice of Sale and Bid Form.
Section 2. The bid offering to pay the lowest net
interest cost is the bid of William R. Hough & Co. , which bid is for
a net interest cost of $28,236,919.30 plus accrued interest
on the Bonds from March 1, 1983 to the date of their delivery, at
the rates set forth in said bid attached to this Resolution.
& Cp.
Section 3. The bid of William R. Hough is hereby accepted
and the $24, 000, 000 principal amount of the Bonds are hereby
awarded to William R. Hough & Co. (the "Purchaser" ) at the price
offered for the Bonds , bearing interest at the rates set forth in
the bid attached hereto.
Section 4 . The principal amount of the Bonds is payable
at the offices of Chemical Bank, New York, New York, who is
hereby appointed Paying Agdnt for the Bonds.
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Section 5. The Bonds shall be executed as provided in
Resolutions Nos. 83-17247, 83-17248 , 83-17249 and 83-17250 and
the Finance Director of the City is hereby directed to deliver
the Bonds to the Purchaser upon receipt of payment of the
purchase price therefor.
Section 6. The Mayor , Vice Mayor , City Clerk or Finance
Director of the City and other appropriate employees and
officials of the City are hereby authorized and directed to take
all action necessary or desirable in connection with the sale of
the Bonds to the Purchaser and the consummation of all
transactions in connection therewith.
Section 7. Use of the final Official Statement by the
Purchaser in connection with the sale of the Bonds is hereby
authorized and the Finance Director of the City is hereby
authorized to sign said Official Statement on behalf of the City.
Section 8 . The checks of all unsuccessful bidders shall
be returned immediately.
Section 9. This resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED THIS 2nd day of March, 1983.
MAYOR
ATTEST:
City Clerk
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LEGAL DEPT.
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STATE OF FLORIDA
COUNTY OF DADE:
I, Elaine Matthews, City Clerk of the City of Miami
Beach, Florida, do hereby certify that the above and foregoing is
a true and correct copy of Resolution No. 83-17282 , duly passed
and adopted by the City Commission of the City of Miami Beach at
a regular meeting duly held and convened on the 2nd day of March,
1983 and that said resolution is in full force and effect,
without amendment, on the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand and the
official seal of the City of Miami Beach, Florida, this #74 day
of 27,LAA,--eil, , 1983.
At >1 (SEAL)
City Cle k
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OFFICIAL NOTICE OF SALE
$24,000,000 •
City of Miami Beach, Florida
Public Improvement Bonds (Series 1983)
Notice is hereby given that the City Commission of the City of Miami Beach, Florida, (the "City")will receive
sealed bids,in care of the undersigned Finance Director,in the City Commission Chambers,Third Floor,City Hall,
1700 Convention Center Drive, Miami Beach, Florida, until 11:00 o'clock A.M., Eastern Standard Time on
March 2, 1983
for the purchase of all, but not less than all, of its$24,000,000 City of Miami Beach, Florida, Public Improvement
Bonds (Series 1983) (the "Bonds"). The Bonds will be in coupon form in the denomination of $5,000 each,
registrable as to principal only or as to both principal and interest.The Bonds will be dated March 1, 1983,and will
be payable at Chemical Bank, New York, New York. The bonds will bear interest at the rate or rates stated in the
successful bid.The Bonds shall mature, subject to the right of prior redemption as set forth below,in the years and
amounts as follows:
SERIES 1 $1,500,000 1983 BEACHFRONT PARK AND PROMENADE PUBLIC IMPROVEMENT
BONDS, dated March 1, 1983 and maturing September 1 of each year, $30,000 in 1984 to 1986, $40,000 in
1987 to 1989, $50,000 in 1990 to 1991, $60,000 in 1992 to 1993, $70,000 in 1994, $75,000 in 1995, $85,000 in
1996,$90,000 in 1997,$95,000 in 1998,$110,000 in 1999,$120,000 in 2000,$130,000 in 2001,$140,000 in 2002,
and $155,000 in 2003.
SERIES 2 $18,000,000 1983 JUSTICE CENTER PUBLIC IMPROVEMENT BONDS,dated March 1, 1983 and
maturing September 1 of each year, $260,000 in 1984, $285,000 in 1985, $305,000 in 1986, $340,000 in 1987,
$370,000 in 1988, $405,000 in 1989, $450,000 in 1990, $485,000 in 1991, $535,000 in 1992, $585,000 in 1993,
$635,000 in 1994, $705,000 in 1995, $1,125,000 in 1996, $1,230,000 in 1997, $1,350,000 in 1998, $1,480,000 in
1999, $1,615,000 in 2000, $1,770,000 in 2001, $1,940,000 in 2002, and $2,130,000 in 2003.
SERIES 3 $2,500,000 1983 ARTHUR GODFREY ROAD PUBLIC IMPROVEMENT BONDS, dated March 1,
1983 and maturing September 1 of each year, $120,000 in 1984, $130,000 in 1985, $145,000 in 1986, $160,000
in 1987, $175,000 in 1988, $190,000 in 1989, $205,000 in 1990, $230,000 in 1991, $245,000 in 1992, $275,000 in
1993, $300,000 in 1994 and $325,000 in 1995.
SERIES 4 $2,000,000 1983 21ST STREET COMMUNITY CENTER PUBLIC IMPROVEMENT BONDS,
dated March 1, 1983 and maturing September 1 of each year, $35,000 in 1984, $40,000 in 1985, $45,000 in
1986, $50,000 in 1987, $55,000 in 1988 to 1989, $65,000 in 1990, $70,000 in 1991, $75,000 in 1992, $85,000 in
1993, $90,000 in 1994, $100,000 in 1995, $110,000 in 1996, $120,000 in 1997, $135,000 in 1998, $145,000 in
1999, $155,000 in 2000, $175,000 in 2001, $190,000 in 2002, and $205,000 in 2003.
The Bonds will be sold as a combined issue on an all or none basis just as if the four separate series constituted
one single issue. The combined maturities of the Bonds will be due each September 1 in the years and amounts as
follows:
Year Amount Year Amount Year Amount
1984 $445,000 1991 $ 835,000 1998 $1,580,000
1985 485,000 1992 915,000 1999 1,735,000
1986 525,000 1993 1,005,000 2000 1,890,000
1987 590,000 1994 1,095,000 2001 2,075,000
1988 640,000 1995 1,205,000 2002 2,270,000
1989 690,000 1996 1,320,000 2003 2,490,000
1990 770,000 1997 1,440,000
Redemption Provisions
The Bonds maturing in the years 1984 to 1993, inclusive, shall not be redeemable prior to their stated dates of
maturity. The Bonds maturing in the years 1994 to 2003, both inclusive, shall be redeemable prior to their stated
dates of maturity, at the option of the City, from any funds legally available for such purpose(i)in part,in inverse
order of maturities and by lot within maturities on September 1, 1993, or on any interest payment date thereafter,
and(ii)as a whole at any time on or after September 1, 1993, at the price of par and accrued interest to the date of
redemption, plus the following premiums, expressed in percentages of the principal amount of the Bonds to be
redeemed, if redeemed in the following periods:
Period Redemption
(both dates inclusive) Premium
September 1, 1993 to August 31, 1996 Two Percent (2%)
September 1, 1996 to August 31, 1999 One Percent (1%)
September 1, 1999 and thereafter None
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Authority and Purpose
The Bonds will be issued pursuant to the authority of and in full compliance with the Constitution and
Statutes of the State of Florida,including particularly Chapter 166,Part III,Florida Statutes,and other applicable
provisions of law, and a resolution duly adopted by the City Commission of the City on March 2, 1983.
Form and Security
The Bonds will be coupon Bonds in the denomination of$5,000 each, with the privilege of registration as to
principal only at Chemical Bank, New York, New York.
The Bonds will be general obligations of the City 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.
Validation
Each series of Bonds has been validated by judgment of the Circuit Court of the Eleventh Judicial Circuit of
Florida, in and for Dade County, Florida, rendered as follows: on January 8, 1982 with respect to said Justice
Center Public Improvement Bonds; on March 1, 1982 with respect to said Beachfront Park and Promenade Public
Improvement Bonds;on December 27, 1982 with respect to said Arthur Godfrey Road Public Improvement Bonds;
and, on January 12, 1983 with respect to said 21st Street Community Center Public Improvement Bonds, and the
time for taking an appeal has expired in each instance.
Tax Exemption
In the opinion of bond counsel for the City, the interest on the Bonds will be exempt from all present Federal
income taxes under existing laws.
The Bonds are offered for sale on the basis that the interest thereon is not subject to Federal income taxation
on the date of delivery of the Bonds to the successful bidder. If, prior to delivery of the Bonds, any event should
occur which alters that tax exempt status, the successful bidder may have the privilege of voiding the purchase
contract by giving immediate written notice to the Finance Director, whereupon the good faith check of the
purchaser will be returned and all respective obligations of the parties will be terminated.
Interest Rates and Award of Bonds
1.The Bonds will be awarded to the bidder whose bid produces the lowest net interest cost to the City.The net
interest cost of the Bonds shall be determined by computing the total amount of interest payable on the Bonds
from March 1, 1983, to their respective dates of maturity and adding to such total the amount of discount bid, if
any,or subtracting therefrom the amount of any premium offered,and adding thereto the amount of any municipal
bond insurance premium.
No bid will be accepted which provides for any discount below the par value of the Bonds greater than two per
cent (2%) of the par value of the Bonds, excluding the premium for municipal bond insurance, if specified.
2. Interest coupon rates must be multiples of 1/8, 1/10 or 1/20 of 1%. The highest interest rate named may not
exceed the lowest interest rate named by more than one and one-half per cent (1%%) and coupon rates must be
named in ascending order.All Bonds of the same maturity must bear the same single interest coupon rate from the
date thereof to maturity,and interest becoming due on any interest payment date may not be represented by more
than one coupon on any one Bond.A bid specifying a blank or zero percent rate of interest for any maturity will not
be considered.
Proposal Form and Good Faith Check
All bids must be submitted upon the "Official Bid Form" furnished by the City, must be unconditional, and
must be delivered to the City in a sealed envelope addressed to the undersigned and marked "Proposal for
$24,000,000 City of Miami Beach, Florida, Public Improvement Bonds (Series 1983)". Only one bid from each
bidder will be considered.
Each bid must be accompanied by a good faith deposit in the form of a certified or bank cashier's check for
$100,000 drawn upon a bank or trust company incorporated in the United States of America, payable
unconditionally to the order of the City of Miami Beach, Florida,on which no interest will be allowed.The amount
of the check of the successful bidder will be applied to the purchase price but in the event the successful bidder fails
or refuses to take up and pay for the Bonds in accordance with his bid, the amount of said good faith check may
then be retained by the City as and for full and complete liquidated damages. If the City shall fail to issue or
deliver the Bonds, the amount of the good faith deposit of the successful bidder will be returned.
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Delivery of Bonds
The Bonds will be delivered to the successful bidder in the Borough of Manhattan,City and State of New York,
on or about March 31, 1983, or at such other time and place as is mutually agreed upon by the City and the
successful bidder. Full payment of the balance of the purchase price, including accrued interest, must be made to
the City at delivery by the successful bidder in Federal Reserve Funds or immediate cash without cost to the City.
Delivery of the Bonds will be accompanied by not more than 500 copies of the final printed Official Statement
for the Bonds,at the expense of the City.Additional copies will be delivered upon request and at the expense of the
successful bidder.
Legality
The Bonds will be accompanied at delivery with customary closing documents, including an unqualified
opinion as to their legality by Morgan, Lewis & Bockius, Miami, Florida, Bond Counsel.
CUSIP Numbers
CUSIP identification numbers will be printed on the Bonds, but will not constitute a part of the contract
evidenced by the Bonds. Any error or omission with respect thereto will not constitute cause for refusal by the
successful bidder to accept delivery of the Bonds in accordance with the terms of the bid.
Municipal Bond Insurance
If the Bonds qualify for the issuance of any policy of municipal bond insurance or any.commitment therefor,
unconditionally and irrevocably guaranteeing payment of principal of and interest on the Bonds, any purchase of
such policy or commitment shall be at the sole option of the bidder. Should a bidder specify that the City shall
purchase municipal bond insurance, the premium will be paid by the City from the proceeds of the Bonds.Notice of
obtaining such insurance will be published on Munifacts. Each bidder must specify on the "Official Bid Form"
whether municipal bond insurance is requested and the premium to be paid therefor. If the Bonds are awarded on
an insured basis,reference to such policy shall appear on the Bonds. Failure of the Bonds to be so insured,or of any
such policy to be issued shall not in any manner relieve the successful bidder of his contractual obligation arising
from the acceptance of his proposal for the purchase of the Bonds.
Market Protection
The City reserves the right to determine who is the successful bidder for the Bonds, to reject any or all of the
bids for such Bonds, and to waive any informality in any bid for the Bonds. Nothing herein stated, however, shall
limit the right of the bidder to publicize the details of his bid after 11 o'clock A.M.,Eastern Standard Time,March
2, 1983, or to offer the Bonds subject to award by the City.
Information Statement Required of Successful Bidder
Subsection 218.38(1)(b)(2), Florida Statutes, requires that the managing underwriter of the successful bidder
file with the City, within 90 days after the delivery of the Bonds, a statement setting forth any fee, bonus or
gratuity paid, in connection with the Bonds, by any underwriter to any person not regularly employed by the
underwriter. This statement shall be filed with the City even if no such fee, bonus or gratuity has been paid IV any ,
underwriter.
Related Information
Copies of the preliminary Official Statement and Official Bid Form relating to the Bonds may be obtained from
the undersigned at City Hall, 1700 Convention Center Drive, Miami Beach, Florida 33139 (telephone: (305)
673-7466), or from Dean Witter Reynolds Inc., 325 John Knox Road, Building T, Tallahassee, Florida 32303
(telephone: (904) 386-1184).
Dated: February 16, 1983 CITY OF MIAMI BEACH, FLORIDA
By: WILLIAM E. MAC DONALD,
Finance Director
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BID FORM
City of Miami Beach, Florida
Public Improvement Bonds (Series 1983)
Finance Director March 2, 1983
City Commission Chambers
3rd Floor, City Hall
1700 Convention Center Drive
Miami Beach, Florida 33139
Dear Sir:
For Twenty-Four Million Dollars ($24,000,000)par value, Public Improvement Bonds(Series 1983),
of the City of Miami Beach, Florida, dated March 1, 1983, described in the attached Official Notice of
Sale, which is hereby made a part of this bid, and for all but not less than all of said Bonds,with interest
rates per annum on said Bonds maturing on September 1 in the years and amounts as follows:
Year Amount Rate Year Amount Rate
1984 $ 445,000 6 '9 % 1994 $1,095,000 • 4%
1985 485,000 % 1995 1,205,000 %
1986 525,000 % 1996 1,320,000 %
1987 590,000 % 1997 1,440,000 %
1988 640,000 % 1998 1,580,000 %
1989 690,000 f'..' % 1999 1,735,000 %
1990 770,000 % 2000 1,890,000 %
1991 835,000 % 2001 2,075,000 %
1992 915,000 % 2002 2,270,000 %
1993 1,005,000 % 2003 2,490,000 %
we offer to pay thesumof l �"'t- 1k(1139.3. 3t Uk.hUA4ii a �j J� f-. Mil' Dollars
($�3)52 4)g 00 ), together with accrued interest to the date of dee v i . 6 ' 6
At the time of delivery of the Bonds, the City shall furnish to us, free of charge, the unqualified
opinion of Morgan,Lewis&Bockius, Miami, Florida, approving the legality of said Bonds,together with
the usual closing papers, as specified in the Official Notice of Sale.
In accordance with the Official Notice of Sale, we enclose herewith a certified or bank cashier's check
in the amount of One Hundred Thousand Dollars ($100,000) drawn upon an incorporated bank or trust
company, payable unconditionally to the order of the City of Miami Beach, Florida, to be applied in
accordance with the Official Notice of Sale.
This proposal is Eris not ❑ [Check one]made for bonds carrying Municipal Bond Insurance with;he
Comissmium to be paid for by the City of Miami Beach, Florida, from the Bond proceeds.
MEETING Respectfully submitted,
WILLIAM R. HOUGH & CO.
MAR 2 1983 For the Managers and Account Members
CITY OF MIAMI BEACH By: Judy M. Roulis
The aggregate interest cost, computed from March 1, 1983, to the maturity dates of
said$24,000,000 of Bonds at the rate or rates specified in the above Proposal,is $�-7, it 3g,(cg4. 37
The Discount( c€imium)offered is $ 4-75;0700. 00
The insurance premium to be paid by the City is(Cross out if not applicable) $ 3.95-g52. 00
The net interest cost is $ag,./11-0,c8 , 39
The average net interest cost rate of these Bonds is (5).48'71 %
The above computation is submitted for purposes of information only and is not a part of this
Proposal. (No addition or alteration is to be made to this Official Bid Form, and it must not be detached
from the annexed Official Notice of Sale. If space for inserting names of joint bidders is insufficient,
attach a supplementary sheet.) I do hereby acknowledge the return of the good faith check in the amount
of$100,000 enclosed with this bid.
By:
4
1w if ,
J
BIDS FOR J �� 5 ���
$24,000,000 5 1/
CITY OF MIAMI BEACH, FLORIDA
PUBLIC IMPROVEMENT BONDS (SERIES 1983)
DATED: MARCH 1, 1983 DUE: SEPTEMBER 1, AS FOLLOWS
Name of Firm Heading Account
247- 1-\ C1I -V
ACCUMULATED
NO. OF BOND BOND INTEREST BOND
YEAR BONDS YEARS YEARS RATES YEARS INTEREST
1984 445 667.5 667.5 g V5
1985 485 1,212.5 1,880.0
1986 525 1,837.5 3,717.5
1987 590 2,655.0 6,372.5
1988 640 3,520.0 9,892.5 Gj S") v,,1 c3 -1 6"3
1989 690 4,485.0 14,377.5 g 14 r
1990 770 5,775.0 20,152.5
1991 835 7,097.5 27,250.0
1992 915 8,692.5 35,942.5
1993 1,005 10,552.5 46,495.0
1994 1,095 12,592.5 59,087.5
1995 1,205 15,062.5 74,150.0
1996 1,320 17,820.0 91,970.0
1997 1,440 20,880.0 112,850.0
1998 1,580 24,490.0 137,340.0
1999 1,735 28,627.5 165,967.5
2000 1,890 33,075.0 199,042.5
2001 2,075 38,387.5 237,430.0
2002 2,270 44,265.0 281,695.0
2003 2,490 51,045.0 332,740.0 3-v-,,,8 t{1 J vL 43 v 5/s, 1J�
Aggregate Interest Cost COi iSSIGN; 7/ 43s, 04,37,2_770- 7.-3S'
ME NG
Discount 1/�f___ °= il74ir
4-5 1
Insurance Premium RAR �'! 19n .2 91 ,5/�
>323c34.93
Net Interest Cost PIE(QF MIAMI BEACH 'va-r3617 i3 p
r
Average Net Interest Cost . 3 F LFP 6�-
7 4j
L_______!_____-, 6.---.- 1.--.1,31 6.---.- 1.--.1,316.---.- 1.--.1,315/ y3