Resolution 8291 RESOLUTION NO. 8291
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1: That the proposal of Mercantile National Bank of Miami Beach,
as submitted by Edw. Mercer, President, for all of the bonds
specified in said proposal, said bonds to bear 3% interest, and which
bonds were authorized by the City Council in Resolution No. 7659, passed
and adopted on June 13, 1951, is hereby determined to be the highest and
best bid received for said bonds, said proposal being in words and figures
following:
PROPOSAL FOR BONDS
March 3, Advertisement and Blank
1953 Proposal
City Council of the
City of Miami Beach, Florida
Gentlemen:
For$714,000 City of Miami Beach, Florida, Series
5. "Indian Creek—41st Street Bridge Bonds," as
described in the attached notice of sale which is
hereby made a part of this bid, we will pay for
% bonds $714,000
CITY OF
Seven Hundred Fourteen Thousandia,.s MIAMI BEACH, FLORIDA
($ 714,000. and accrued interest to date PUBLIC IMPROVEMENT
of delivery.
BONDS
We enclose herewith certified or bank cashier's ,
check in the amount of 2% of the par value of bonds
bid for, made payable to the City of Miami Beach, Dated August 1, 1951
which enclosure is to be returned to us if this bid
is not accepted, but otherwise to be deposited by
said City and when the bonds are delivered and paid
for under the terms of this bid, to be considered as
an advance part payment therefor, or it is to be
retained by said City as and for liquidated damages
in case the undersigned fails to take up and pay for
said bonds in accord herewith.
We will accept delivery of bonds at the Chemical
Bank & Trust Company, 30 Broad Street, New York
City, or at
MERCANTILE NATIONAL BANK OF MIAMI BEACH
BY: (Signed) Edw„ ercer____
PRES.
No addition or alteration is to be made to this
proposal and it must not be detached from the an- Sealed bids will be received until 11:00 A.M.,
nexed advertisement. Eastern Standard Time, on March 4, 1953
NOTE: Use additional proposal form in case you
wish to make an alternate bid.
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$714,000
CITY OF MIAMI BEACH, FLORIDA
• PUBLIC IMPROVEMENT BONDS
Sealed bids will be received by the City Council, addressed to the undersigned, at the City Hall in Miami Beach, Flor-
ida, until 11:00 A.M., Eastern Standard Time, on Wednesday, March 4th, 1953, marked 'Proposal for Bonds," for the
following bonds of the City of Miami Beach:
$714,000 PUBLIC IMPROVEMENT BONDS
DENOMINATION $1,000
Series 5. "Indian Creek—41st Street Bridge Bonds," $714,000 (of an authorized
$715,000-bond number one cancelled), maturing annually August 1st and numbered
as follows:
Amount Year Numbered Amount Year Numbered Amount Year Numbered
$ 4,000 1953 2- 5 $29,000 1960 80-108 $70,000 1967 348-417
4,000 1954 6- 9 30,000 1961 109-138 75,000 1968 418-492
5,000 1955 10- 14 31,000 1962 139-169 75,000 1969 493-567
5,G00 1956 15- 19 32,000 1963 170-201 75,000 1970 568-642
5 000 1957 20- 24 34,000 1964 202-235 73,000 1971 643-715
27,000 1958 25- 51 54 000 1965 236-289
28,Q00 1959 52- 79 58,000 1966 290-347
No option of prior payment is reserved.
All bonds to be dated August 1, 1951. Interest payable on February 1st and August 1st. Bidder to name the interest
rate, not exceeding three percent (3%), in a multiple of one-quarter of one percent or not less than one-tenth of one
percent. Principal and semi-annual interest payable in lawful money of the United States at the Chemical Bank and
Trust Company in New York City. Registrable as to principal only; general obligations; unlimited tax levy.
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The bonds are part of an authorized total of $6,632,000.00, all of which have been validated by decree of the Circuit
• Court; $5,264,000.00 of which have already been sold and $26,000.00 of which have been cancelled. The City Council here-
by gives assurance to the purchaser of this block that no other City of Miami Beach bonds will be offered for sale before
t September 1, 1953.
The bonds will be prepared under the supervision of our bond attorneys, Messrs. Caldwell, Marshall, Trimble and
Mitchell, of New York City, whose approving opinion will also accompany the bonds.
Bids must be upon printed forms to be furnished by the undersigned or by Messrs. Caldwell, Marshall, Trimble and
Mitchell and must be enclosed in a sealed envelope marked "Proposal for Bonds" and be accompanied by a certified or
bank cashier's check in the amount of two percent (2%) of the par value of the bonds being bid for, said check to be
made payable to the City of Miami Beach.
Bidders may submit alternate bids at different rates of interest, but all of the bonds in the series must bear the
same interest rate.
Comparsion of bids will be made by taking the cost of interest to the City at the rate named in the respective bids
and deducting therefrom the premium bid or adding thereto the discount under par.
As interest coupons numbers 1, 2 and 3 will have matured before we can sell these bonds, accrued interest required
upon delivery will be figured from February 1, 1953.
No bid will be accepted for less than ninety-eight cents on the dollar of par value and accrued interest thereon, and
any bid not complying,with the terms of this notice will be rejected, and all bids must be unconditional.
The bonds will be delivered to the successful bidder on or about twenty-two days after sale, at the Chemical Bank
and Trust Company in New York City, or elsewhere, as may be mutually arranged between.the City of Miami Beach
and the purchaser.
The right to accept or reject any and all bids is reserved.
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City of Miami Beach brochure, financial statement and proposal forms are available and may be obtained from
Messrs. Caldwell, Marshall, Trimble and Mitchell at 115'Broadway, New York City, or from the undersigned.
C. W. TOMLINSON, City Clerk
1 CITY OF MIAMI BEACH, FLORIDA
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SECTION 2: That said bid be and it is hereby accepted and that said
bonds are hereby sold to said bidder 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 $714,000.00 Public Improvement Bonds, to be
issued in one series, designated Series No. 5, shall all
bear interest at the rate of three per cent (3%) per annum.
PASSED AND ADOPTED this 4th day of March, A. D. 1953.
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ATTEST: Mayor
City Clerk
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