Resolution 7368 RESOLUTION NO. 7368
WHEREAS, sealed bids for the purchase of $1,480,000 City of
Miami Beach, Florida, Parking Revenue Bonds, Series 1950 , have
been received, pursuant to notice of sale duly published;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Miami Beach, Florida:
SECTION 1. That the proposal of Kidder, Peabody & Co. and
Stranahan, Harris & Co. , Inc. for all of the bonds
specified in said proposal, said bonds maturing in the years 1952,
1953, 195+ and 1955 to bear 3 interest, and said bonds maturing
in the years 1956 to 1975, inclusive, to bear 3% interest, and
which bonds were authorized by the City Council in Resolution No.
7127, Passed and adopted on March 8, 1950, is hereby determined
to be the highest and best bid received for said bonds, said
proposal being in words and figures following:
PROPOSAL FOR
CITY OF MIAMI BEACH, FLORIDA
PARKING REVENUE BONDS, SERIES 1950
December 13 , 1950
City Council of the
City of Miami Beach, Florida
Gentlemen:
We make the following offer for the $1,480,000 Parking Revenue Bonds,Series 1950, of the City of Miami Beach,
Florida, described in the Official Notice of Sale,which Notice is hereby made a part of this bid, this offer being for all
of said bonds and not for less than all:
For$1,480,000 Parking Revenue Bonds, Series 1950, maturing and bearing interest as follows:
Year of Principal Interest Year of Principal Interest ,
Maturity Amount 'ate Maturity Amount Rate
1952 $20,000 _% 1964 $ 30,000 %
1953 20,000 c —%. 1965 35,000 — %
1954 20,000 _ C % 1966 35,000 %
1955 25,000 • _% 1967 35,000 _%
1956 25,000 % 1968 35,000 — _—%
1957 25,000 % 1969 40,000 __ —%
1958 25,000 % 1970 40,000 %
1960 25,000 — _% 1971 40,000 %
1959 30,000 % 1972 45,000 %
1961 30,000 _% 1973 45,000 %
1962 30,000 % 1974 45,000 %
1963 30,000 % 1975 750,000 %
We will pay the principal sum of ONE MILLION FOUR HUNDRED EIGHTY THOUSAND DOLLARS ($1,480,000)
plus a premium in the amount of Dollars ($ ),
together with accrued interest to date of delivery, and will accept delivery at Chemical Bank& Trust Company, 165
Broadway, New York City or at
The City will furnish the unqualified legal opinion of Messrs. Chapman and Cutler and a non-litigation certificate,
and will make delivery on or about January 15th, 1951.
We enclose herewith certified or bank cashier's check for $29,600, payable to the order of the City of Miami Beach,
which check is to be returned to us if this bid is not accepted but otherwise is to be held by the City, and when
the bonds are delivered and paid for under the terms of this bid, may be considered as an advance part payment
therefor or, in case we fail so to take up and pay for the bonds, is to be retained as and for full liquidated damages.
Kid&er,_P.eabo & Com _ --
_(Signed) Kidder, Peabody & Co.
tranaha>rijHarris & Co•, Inc.
The aggregate amount of interest maturing on said Bonds, computed from January 1, 1951 to the absolute maturity
dates of said Bonds, at the interest rates stated in the above Proposal, after deducting the premium, if any,specified
in the above Proposal, is$__838-,750.00 _ .
(No addition or alteration, except as provided above, is to be made to this proposal).
NOTICE OF SALE
AND
PROPOSAL
for
$1,480,000
CITY OF
MIAMI BEACH, FLORIDA
PARKING REVENUE BONDS
SERIES 1950
Dated January 1st, 1950
Sealed bids will be received until 11:00 A. M.
Eastern Standard Time, on Wednesday,
December 13th, 1950
I
-F
SECTION 2. That said bid be and it is hereby accepted and that
said bonds are hereby awarded to said bidders for the
amount of said bid, and it is hereby deemed to be the best price
obtainable for said bonds, and
SECTION 3. That the said $1,480,000 Parking Revenue Bonds shall
bear interest at the rate per annum as indicated below:
YEAR OF PRINCIPAL INTEREST YEAR OF PRINCIPAL INTEREST
MATURITY AMOUNTRATE MATURITY AMOUNT RATE
1952 $20,000 3 1964 $ 30,000 3%
1953 20,000 3 1965 35,000 3%
195+ 20,000 3i% 1966 35,000 3%
195000 3%
1956 25,000 000 3% 1968 3335,000 r3%
1957 2 5,000 3% 1969 40,000 3%
195825,000 3g 1970 40,000 3%
1959 25,000 3% 1971 40,000 3%
1960 30,000 3% 1972 45,000 3%
1961 30,000 3% 1973 45,000 3%
1962 30,000 3% 1974 45,000 3%
1963 30,000 3% 1975 750,000 3%
SECTION 4. That all resolutions and orders or parts thereof in
conflict herewith are to the extent of such conflict
repealed, and this resolution shall be in full force and effect
immediately upon its adoption.
PASSED and ADOPTED this 13th day of December, A. D. 1950.
----- 4-
r., 1
yor
ATTEST:
Vl - A° I
City Clerk
-2-
I
•
go
H Pi
c
co o �f
Cr) rcl
to
C7
H y CO O
C) g
H a) 0 c
o 9
xvc
W rto TO ti
Li, 0 b
c0