Resolution 1038 k
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RESOLUTION NO. 1038
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA, AS
TO THE SALE OP BONDS.
BE IT RESOLVED by the City Council of the City of Miami Beach,
Florida:
Section 1. That at 5 o ' clock P. M. , June 1st, 1925, at the City
Hall in the City of Miami Beach, Florida, the following bids were sub-
mitted fa? $284,000 of Public Improvement Bonds, authorized by Resolu-
tion No. 997 and for $655,000 Improvement Bonds, Series "I", authoriz-
ed by Resolution No . 1020 of the City Council of said City, the first
amount set forth following the name of the bidder being the amount
bid for $284,000 bonds and the second amount being the amount bid for
$655,000 bonds except in case of bids in which one bid Was made for
both issues:
$284,000 $655,000
Bidder Issue Issue Total
Otis & Co. , of Cleveland, Ohio
and C. W. McNear & Co. , of
Chicago, Ill. 291, 620.48 672,619.60 964,240.08
Miami Beach Bank & Trust Co. ,
of Miami Beach, 21a. 290,162.80 669, 213.50 959,376,30
Atlantic National Bank of
Jacksonville, Fla. , Marx & Co . ,
of Birmingham, Ala. , Miami
Beach First National Bank of
Miami Beach, rola. , and First
National Bank of Miami, Fla. 290,642.50 671, 261.00 961,903.50
Caldwell & Co. , of Nashville,
Tenn. , and Stranahan, Harris
& Oatis, Inc. , of Detroit,
Michigan 289,980.00 668,702.00 958,682.00
Walter, Woody & Heimerdinger
of Cincinnati, Ohio . 939,657.30
G. B. Sawyer & Co. , of Jack-
sonville, 21a. , Florida Nation-
al Bank of Jacksonville, 21a. ,
Title Guarantee & Trust Co . , of
Cincinnati, Ohio , and Vandersall
& Co. , of Toledo , Ohio, Wright,
Warlow & Co. , of Orlando, Fla. 966,479.80
Brandon, Gordon and Waddell of
New York City, N. Y. 291,867.00 675,108.00 966, 975.00
4.401/
W, P.1 Section 2. That it is hereby determined that all of sale aids
except the bid of Brandon, Gordon and 'Waddell of New York City were
not the highest and best bids received and that they be and. are here-
by rejected and the Clerk is hereby authorized to return to each
of such bidders whose bids are rejected their security deposited
with their bid.
Section 3. That the bid of Brandon, cordon and -Waddell
of New York City is hereby determined to be the highest and best
bid received and to be a bid for all of said bonds and the same
is hereby accepted, the same being in a sum greater than the pax
value of said bonds and that said bonds are hereby sold to said
bidder for the amount of their bid and is hereby deemed to be the
best price obtainable for said bonds, said bid being in the words
and figures following:
. . . . �une. lstJ 1925
Mr. C. W. Tomlinson,
City Clerk,
Miami Beach, Florida.
Dear Sir :
We make the following offer for bonds of the City of
Miami Beach described in the annexed notice which is hereby made
a part of this bid, the offer being for all of said issues and
not for one or more less than all:
For 475,000 otreet Paving Bonds we will pay 477 ,077 .60
For 420,000 Sanitary Sewer Bonds (City's share ) we will
pay 420,554.00.
For 417 ,000 Storm Sewer Bonds we will pay 417,470.90.
For 420,000 Sanitary Sewer Bonds we will pay 420, 554.00.
For 4 6,000 Public Bark Bonds we will pay 46,166.20.
For 475, 000 Municipal Building Bonds we will pay 477 ,077.60.
For 430,000 Sanitary Department Bonds we will pay 430,831.00.
For 430,000 Fire Station Bonds we will pay 430,831.00.
For 411,000 Water Way Bonds we will pay 411,304.70.
For 4655 ,000 Improvement Bonds, Series I we will pay
4675,108.00.
In addition thereto we will pay accrued interest to date
of delivery and will accept delivery at The American Exchange
National Bank in New York City at the time stated in said notice
of sale.
We enclose herewith certified check for `418,780, payable
to the order of the City Clerk of Miami Beach, which enclosure is
to be returned to us if this bid be not accepted, but otherwise
to be deposited. by said officer and when the bonds are delivered
and paid for under the terms of this bid, is to be considered as
an advance part payment therefor, or is to be retained as and for
liquidated damages in case we fail so to take up and pay for the
bonds.
BRANDON, GOEDON & WADDELL,
By Chas. A. Horne, NEW YORK CITY.
Agt.
No addition or alteration is to be made to this proposal and
it must not be detached from the annexed advertisement.
$939,000
CITY OF MIAMI BEACH, FLORIDA
GOLD BONDS
Sealed bids will be received by the City Council, in care of
the undersigned, until 5 o ' clock P. M. , June 1, 1W5, for the follow-
ing bonds of the City ofIiami Beach:
4284,000 Public Improvement Bonds, maturing annually April 1,
431,000 1926, 421,000 1927, : 19,000 1928 and 1929, $9,000 1930 and
1931, $8,000 1932 to 1934, inclusive, $20,000 1935, $18,000 1936,
$13,000 1937 to 1942, incltis ive, and 412,000 1943 to 1945 inclusive.
$655, 000 _Improvement Bonds,' Series `iI", maturing annually,
April 1, $35,000 1927 to 1929, inclusive, $15,000 1930, 434,000
1931 and 1932, $35,000 1933 to 1935, inclusive, $45,000 1936 to
1941, inclusive, and $23,000 1942 to 1945, inclusive.
No option of prior payment. All bonds dated April 1, 1925;
denomination 41,000; principal and semi-annual interest (5,&jo A and
0 1) payable in New York City in gold; coupon bonds with privilege
of registration as to principal only; general obligations ; unlimited
tax.
The Public Improvement Bonds here offered comprise nine issues
separately voted, each bond containing a recital showing the parti-
cular public improvement for which it is issued . The amounts and
maturities, with a brief statement of the purposes of issuance, are :
475,000 for paving streets, $8,000 1926, 43,000 1927,
$2,000 1928 and 1929, $1,000 1930 to 1934 and. 45,000
1935 to 1945, inclusive.
420,000 for paying the City' s share of the cost of con-
structing sanitary sewers, 41,000 1926 to 1945, inclusive.
417,000 for paying the City's share of the cost of con-
structing storm sewers, 41,000 1926 to 1942, inclusive.
420,000 for constructing sanitary sewers , 41,000 1926 to
1945, inclusive.
p6,000 for developing and improving public parks, $1,u00
1926 to 1931, inclusive.
$75,000 for purchasing real estate for erecting thereon a
machine shop and storage building for street and sewer de-
artrnents, 48,000 1926, 43,000 1927, 42, 000 1928 and 1929,
1,000 1930 to 1934 and 45, 000 1935 to 1945, inclusive.
$30,000 for equipping Sanitary Department with a barge and
motor truck, $5,000 1926 to 1929, 41,000 1930 to 1934, till
inclusive, and 45,000 1935.
$'30, 000 for equipment for fire station and for installation
of fire alarm boxes, $5,000 1926 to 1929, 4l,000 1950 to
1935, all inclusive, and 44,000 1936.
$11,000 for paying City's share of cost of constructing
a bulkhead in Indian Creek, a waterway within said City,
$1,000 1926 to 1936, inclusive.
The Improvement Bonds, Series 'tI", comprise one
issue for street, sidewalk, sanitary sewer, storm sewer
and bulkhead improvements, not voted. Bonds for local
improvements (the cost of local improvements is largely
paid from special assessments) may be issued without an
election.
These bonds will be prepared under the supervision
of the United States Mortgage & Trust Company, New York
City, which will certify as to the genuineness of the sig-
natures of the officials and the seal impressed thereon.
Purchaser will be furnished approving legal opinion of
Chester B. Masslich Esq. , New York City.
Bids are required on forms which will be furnished
by said Trust . Company or the undersigned and must be en-
closed in a sealed envelope marked "Proposal for Bonds, "
and be accompanied by a certified check for $18,780, paya-
ble to the order of the City Clerk and drawn upon an in-
corporated bank or trust company. The bonds will be de-
livered at place of purchaser' s choice on or about June
10, 1925. The right to reject any and all bids is re-
served.
C. W. TOMLINSON,
City Clerk.
Section 4. That the idayor, City Auditor and City Clerk are
hereby authorized and directed to execute, issue and deliver said
bonds to Brandon, Gordon & Waddell of New York City, at the American
Exchange National Bank in New York City, at the earliest practica-
ble date upon receipt of the price set fog^ th in the foregoing bid,
plus accrued interest on the par value of the said bonds from their
date until the date of the delivery and said officers are hereby
directed to do such other things as mazy- be required or permitted in
effecting the delivery of said bonds and the collection of the pro-
ceeds therefor.
PASSED AND ADOPTED this 1st day o Jane , A. D. , 1925.
President of ' ity Council
ATTEST:
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