Resolution 76-14957 RESOLUTION NO. 76-14957
A RESOLUTION AUTHORIZING THE SALE OF
$8 , 800, 000 GENERAL OBLIGATION BONDS , •
FIXING• THE MATURITY DATES THEREOF; AP-
POINTING BOND COUNSEL AND FISCAL AGENT;
FIXING OTHER PROVISIONS IN. CONJUNCTION
THEREWITH; AND AMENDING AND RESCINDING ALL
RESOLUTIONS IN CONFLICT HEREWITH.
•
BE IT DULY RESOLVED BY THE CITY` -Cg33;gIL•,OF THE "CITY -OF
MIAMI BEACH, FLORIDA, as follows :
(1) That the following General Obligation Bonds ,
heretofore duly authorized and validated in
accordance with the law, and totaling $8 , 80:0, 000, are hereby
authorized and directed to be sold, _ pursuant to competitive bid-
ding, and bearing interest at a rate not exceeding seven and
one-half percent (7-1/2%) per annum, and maturing, subject to
' the right of prior redemption as set .forth below, in the years
and amounts as follows : •
SERIES 1B - 1971 - $8 , 500 , 000 1972JS;ewage Collection and Treat-
ment Bonds , ' d°ated• March 1, 1972 , and maturing
on September. Lof '•each year, $100, 000 in 1979 ,
$200, 000 in9;80 •;to 1982, $400, 000 in 1983 to
1989 , $600 ;000 in 1990, $700, 000 in 1991,
$800 , 000 in 1992 to 1993 , $1, 000, 000 in 1994
and $1,100, 000 in 1995.
SERIES 1 - 1975 - $300 , 000 1975 Bike Path System Bonds , dated •
September 1, 1975, and maturing on September 1
of each year, $10, 000 in 1977 to 1984 and
$20, 000 in 1985 to 1995 .
and '
BE IT FURTHER`.RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, that the' Bonds maturing in the years •
1985 to 1995, 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 ih inverse order of maturities and by
lot within maturities if less than all, on September 1, 1985,
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 1985
to 1988 , both inclusive; 2% if redeemed in the years 1989
-.to_.
1992 , both inclusive; and 1% if redeemed in the years 1993 to
1996, both inclusive, and
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, that the Bonds will-ba coupon Bo.nds_ in_
the denomination of $5, 000 each, with the privilege of registra-
tion 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,
and •
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, that the Bonds will be general obliga-
tions 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, and
OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
•
.
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, as follows :
(A) That the City Council hereby approves the employ-
ment 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;
(B) 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;
(C) 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; and
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, that the City Council will establish a
date of sale at a later meeting, upon the recommendation of the
Fiscal Agent, to receive bids for the sale of these bonds aggre-
gating $8 , 800, 000 , and
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, that all resolutions or parts of reso-
lutions in conflict herewith be and the same are hereby rescinded
and repealed.
PASSED and ADOPTED this 4th da c.e.— February, 1976.
Mayor
Attest:
,j
>41
City Clerk
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139 �'
UKIGINHL
RESOLUTION NO. 76-14957
(Authorizing the sale of $8,800,000
General Obligation Bonds,fixing maturity
dates, appointing bond counsel and
fiscal agent, and amending all resolu-
tions in conflict herewith)