Resolution 7025 7
RESOLUTION NO. 7025
WHEREAS, under date of August 17th, 1949, a
written proposal was made to the City Council of the City
of Miami Beach, Florida, by Barcus Kindred and Company,
Atwill and Company and B. J. Van Ingen & Co. , by the terms
of which said proposal the parties offered to perform cer-
tain services in connection with the sale of parking revenue
certificates or bonds, and
WHEREAS, the City Council deems it to be to the
best interest of the City of Miami Beach to accept said pro-
posal, copy of which is hereto attached, and the City Council
being familiar with the contents thereof,
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Miami Beach, Florida, that the said proposal
of Barcus Kindred and Company, Atwill and Company and B. J.
Van Ingen & Co. , be and the same is hereby accepted.
BE IT FURTHER RESOLVED that the Mayor and the City
Clerk be and they are hereby authorized and directed to accept
said proposal in writing in the name of and on behalf of said
City.
PASSEn and ADOPTED this 5th day of October,
A. D. 1949.
jo,A_Ar
Mayor(
Attest:
ity Clerk
OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA
ATWILL and COMPANY
605 Lincoln Road
Miami Beach, Florida
August 17, 1949
Honorable City Council
City of Miami Beach
Florida
RE: PARKING REVENUE CERTIFICATES
Gentlemen:
Because of our extensive experience with thi =.:grbj.ect and in the financing
of municipally-owned self-liquidating projects through the issuance of
revenue bonds throughout the country, we- w\h to subth t. the following
proposal for your consideration:
We will retain and pay the fees sof Ch pinan and Cutler, nationally
recognized municipal bond attornepOo work with and advise your City
Attorney in the preliminary legal qe sAeading up to the authorization of
these Parking Revenue Bonds and to pteep e the necessary resolutions or
ordinances and other legal pape ,1noit to the issuance of these bonds
in order that their legal opinion -May aegompany the bonds when sold and
delivered. We will pay the cost of the a5proving legal opinion.
We have made a careful study of your parking revenues back to the
inception of parking meteie, in Miami Beach and from this information, we
will prepare and recommend - the- City Council a bond amortization schedule
that can be paid -thlri the amount available for the payment of bonds and
interest. '
We will prepare a ro$pectus setting forth all the information usually
required by investment dealers in submitting bids for revenue bonds in order
that the City wi'k1`recei`i the best possible bid for these bonds when offered
at public sale, ,ire -will make sure that this prospectus receives the
widest possible distribution.
We will have prepared the necessary Notices of Sale of the bonds and
pay the expenses of publication of such notices .
We will recommend to the City such call provisions for the bonds and
safeguards to the City and the bondholders, which in our opinion, should be
included in the bond ordinance in order to secure for the City the most
advantageous call privileges and still obtain the best possible net interest
cost to the City.
Upon the receipt of a satisfactory bid by the City for the bonds, we
will have coupon bonds preparedat our expense and will assist the City in
the execution and delivery of these bonds.
Page Two
August 17, 1949
In consideration for the services listed in this agreement , we are to
receive the fee of 1 1/2% of the par amount of bonds issued and sold,
payable from the proceeds of said bond issue. It is understood and agreed
that the City will be under no liability for these services unless and until
the bonds are issued and sold. However, the City agrees to pay costs of
validation and through their council will exert their best efforts to secure
this approval in the Circuit and Supreme Court in the State of Florida . The
City further agrees to co-operate fully with us in4ll matters lcaaing Lo
the issuance of these bonds. The annArtanop of thio propoo...l by the City
shall in no way obligate the City to authorize theSe bonds.
We.„reserve the right to bid for these bonds when they are offered for public
sale.
If this agreement meets with your appy al indly accept it by action of
your City Council, execute it and raiurn a ,..ey to us.
tr-
NSNRespe fully submitted,
BARCUS, KINDRED & COMPANY ►.MPANY B. J. Van Ingen & Co.Inc.
Chicago , Illinois / Miam \Beae. Fla. New York, N. Y.
(Signed) fit , (Signed)
By: �r;m ' Atwill, Jr. \,\` By: hM.•` Atwili, Jr.
Agent \_�$ Ie Owner
4 /
1
ACCEPTED BY THE CITY OF MIAMI BEACH, FLORIDA, THIS 5TH DAY OF OCTOBER, 1949.
Mayor
ATTEST:
City Clerk
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