Resolution 74-14247 RESOLUTION NO. 74-14247
A RESOLUTION AUTHORIZING THE SALE OF
$11 , 590, 000 . 00, GENERAL OBLIGATION BONDS ,
APPOINTING A BOND COUNSEL AND A FISCAL
AGENT , AND FIXING OTHER PROVISIONS IN
CONJUNCTION THEREWITH: AND RESCINDING
RESOLUTIONS NOS . 73-14061 AND 73-14103 .
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. 73-1406O;
dated July 18 , 1973, authorizing the issuance of certain General
Obligation Bonds , as therein set forth, and all of which
Resolutions are hereby incorporated herein 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 necessary 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 hereinabove 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 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 , 610 , 000 in 1976 to
1981 , $15, 000 in 1982 to 1983 ,
$20 , 000 in 1984 to 1986 , and $25, 000
in 1987 to 1993 .
Series 4C- 1972 - $440 , 000 1972 Park Improvements Bonas ,
dated September 1 , 1972 and maturing
on September 1 of each year, $10, 000
in 1975 , $15 , 000 in 1976 to 1979 ,
S20 , 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 .
O1110E Of CITY ATTORNEY-1110 WASHINGTON AVENUE-MIAMI MACH, FLORIDA 33131
Series 8 - 1972 - $300 , 000 1972 Data Processing
Equipment Bonds , dated September
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 Recreational
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 , $209, 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
1 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.
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.
-2-
OIMICE OP CITY ATTORNEY-1130 WASHINGTON AVENUE-MIAMI NAM, ROt10A 33131
Series 5 - 1973 - $1,100,000 1973 Flamingo Bay
Subdivision Parks and Recreational
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 Community
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 within
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 the 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 .
(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.
-3-
OIilICR OP CITY ATTORNEY-1110 WASHINGTON AVENIN-MIAMI MACH, FLORIDA 33131
(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 6 , 1974 , at 11 : 00 o'clock a.m. , to receive bids for the
sale of these bonds aggregating $11, 590 , 000. 00 .
PASSED and ADOPTED this 16th day of January , 1974.
Mayor
Attest
7te-It4-2:e., >A-ei,ti
City Clerk
•
-4-
ON ICE OP CITY ATTORNEY-1 I$0 WASHINGTON AVENIN-MIAMI MACH. ROIIDA 33139
rn
c \p
•— -c
c�-
c co—
o •- 1
o
0 •'n,
o o N
CL C
o co as •
- rn ' u
N u1 •.' co O
-p
C co U)
i/)- O U C
N. m
it)
•—
Q • O C 4- 4-
Z O 0
- (1) •- c .-
t7 a-J C O
- Z [6 (0 (0 Ut
C O Ut
O •— M
1— �) a) o
C J (4) a)
J •- C Com'
O N •—
N • O -c I
LU L to U C M
CL O
C (3.) - U
4) C C tr, 'Q
a) 0 a; C
Q C.7 m L co