Resolution 407 •
RESOLUTION NO. 407
RESOLUTION AWARDING $220 ,000 PUBLIC IMPROVEMENT
BONDS AND ' 220 ,000 IMPROVEMENT BONDS SERIES F.
WHEREAS, after advertisement duly made, bids were received for
4'220 ,000 Public Improvement Bonds and $220,000 Improvement Bonds,
Series 7, of the City of Miami Beach, and were opened and read and
canvassed; and
117BR :AS , the following is a list of all bids and bidders com-
olying with the terms of said. advertisement:
Bidder `t220 ,000 Inter- '7 ,000 z,10 ,000 "18 ,000 20,000 )65 ,000 , 100 ,®0 In
Series F est Bridge Paving Storm Light- Sani- Mater ter
Sewers ing tary :forks est
Sewer Bonds
Caldwell 214,500 6? 6,825 9 ,750 17 ,550 19 ,500 63,375 97,500 61
& Co.
Spitzer 215 , 600 5 3/4% 6,860 9,800 17 , 640 19 ,600 63, 700 98,000 53/
Rorick &;
Co.
Bank of Bay
Biscryne 220 ,550 61 7 ,01750 10,025 18 ,045 20 ,050 65 ,162P100, 50 6%
Biscayne
50
Trust Co. 213 ,950 5,1,1 6,80750 9 , 725 17 ,505 19 ,450 63,212. 97 ,250 5 `,
Miami Beach
First Nation-
a' Bank 223,542 6% 7 ,11250 10 ,161 l8 , 289. 0,322 66 ,0466°101 101,610 6%
219,010 5 340 6,96850 9,955 17 ,919U`�19 ,910 64,7070 99, 550 51,
" " 216 ,810 5-% 6 ,89850 9 ,855 17 , 739019 , 710 64,057.0 98 ,550 52`;
All of the above bids for "All or None ".
and
WHEREAS, it is the judgement of the City Council that in as much
as the charter permits the sale of such bonds under par, by a vote of
5/7ths of the members of the City Council , but at a price not lower
i
than 97 and accrued interest , it is to the advantage of the City to
accept the bid of the tiami Beach First National Bank, of Miami Beach ,
Florida , offering in the aggregate ` 438 ,020.00 and accrued interest for
all of said bonds aggregating 1440 ,000 , the $220 ,000 Public Improvement
Bonds to bear interest at 5 3/4 % and the $226,000 Improvement Bonds ,
Series F, t bear interest at 5 3/4% per annum, and that said bid is
the best bid received .
NOW, THEREFORE, BE IT RESOLVED BY TaF, CITY COUNCIL OF THE CITY OF
1,:IAMI BEACH, FLORIDA: That the bid of the Miami Beach First National
Bank aF Miami Beach , Florida, oFfering to purchase the !'3220 ,000
2
t
•
Improvement Bonds , Series F, bearing interest at 5 3/4 Jo per centum
per annum and to pay therefor $219 ,010.00 and accrued interest , and
to purchase the six issues comprising the $220 ,000 Public Improve-
ment Bonds bearing interest at 5 3/4 0 per centum per annum, at the
prices hereinabove set forth, being the aggregateprice of $219 ,010.00
and interest for all of said $220 ,000 Public Improvement Bonds, said
b,d being an "all of none bid " not allowing the Council to award a
portion thereof to the bidder without awarding the whole , is the
highest bid received for all of said bonds, and is a better biL
than any possible combination of bids received for portions of said
bonds, and that all of said bonds are accordingly awarded to the
said Miami Bench First National Bank of Miami Beach, Florida, at the
said prices.
Passed and adopted the 11th day of June, A. D. , 1923.
if 1Pres. Pro-tem City Co cil
ATT E iT:
City Clerk
APPROV 'D this 11th day of June , A. D. , 1923.
1
Mayor, �$
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