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HomeMy WebLinkAboutResolution No.67-40RESOLUTION NO. 67 -40 RESOLUTION DIRECTING PUBLICATION OF NOTICE OF SALE OF $720,000.00 PUBLIC IMPROVEMENT REVENUE BONDS OF THE CITY OF CAPE CANAVERAL, FLORIDA, DATED MAY 1, 1966. WHEREAS, the City of Cape Canaveral, Florida, has authorized an issue of Public Improvement Revenue Bonds, in the sum of $720,000.00 for the purpose of financing the cost . of certain street improvements in the municipality; and WHEREAS, said bonds have been validated by a decree. 1. of the Circuit Court of the Ninth Judicial Circuit in and for Brevard County, Florida, on March 20, 1967; and WHEREAS, it is now proper that a public sale of this issue of bonds be advertised; NOW, THEREFORE, BE IT RESOLVED BY THE City Council of the City of Cape Canaveral, Florida, as follows: SECTION 1. $720,000.00 Public Improvement Revenue Bonds of the City of Cape Canaveral, Florida, shall be offered at public sale on the twenty -fifth day of August, 1967, pursuant to the notices hereinafter provided for. SECTION 2. The official notice of sale calling . for bids for the purchase of such $720,000.00 Public Improvement Revenue Bonds of the City of Cape Canaveral, Florida, shall be substantially as follows: OFFICIAL NOTICE OF SALE $720,000.00. I City of Cape Canaveral, Florida Public Improvement Revenue Bonds Dated May 1, 1966 The City of Cape Canaveral, Florida (hereinafter sometimes called the "City "), invites sealed bids for the pur- chase from it of all or any of the hereinafter described blocks of $720,000.00 principal amount of Public Improvement Revenue RES67 —VO.: 's 11 PAGE I OFIO Bonds, to be dated May 1, 1966 (hereinafter called the "bonds ") which bids will be publicly opened and read at the City Hall in the City at two o'clock, P.M. Eastern Daylight Time, on August 25, 1967. The bonds will consist of seven hundred twenty coupon bonds, registerable as to principal only, numbered from 1 upwards, in the denomination of $1,000 each, and will mature in their numerical order on May 1 in the following principal amounts and years. YEAR AMOUNT YEAR AMOUNT YEAR AMOUNT 1969 $45,000 1977 $51,000 1996 $ 9,000 1970 45,000 1978 51,000 1987 10,000 1971 45,000 1979 52,000 1988 10,000 1972 45,000 19BO 57,000 1989 10,000 1973 45,00 1981 7,000 1990 11,000 1974 45,000 1982 8,000 1991 11,000 1975 51,000 19B3 81000 1992 12,000 1976 51,000 1984 8,000 1993 12,000 1985 9,000 1994 12,000 Those of the bonds having stated maturities on May 1, 1977 and thereafter shall, at the option of the City, be redeemable prior to their respective stated dates of maturity, in whole or in part, in inverse numerical and maturity order, on May 1, 1976, or on any interest payment date thereafter, at par and accrued interest, plus the following premiums: 3% of the par value thereof if redeemed in the year 1976, such premium decreasing by one - fourth of one per centum (1/4 %). each year thereafter, but not less than one per centum (1 %); provided, however, that notice of such redemption shall have been given in the manner provided in the ordinance adopted by the City Council of the City authorizing issuance of the bonds (hereinafter called the "Ordinance "). Interest on the bonds at a rate or rates not exceeding the legal rates hereinafter specified will be payable on November 1, 1966, and semi - annually thereafter on May 1 and November 1 of each year. The principal of and interest on -2, PAGE 2. OFIO bonds will be payable, with par clearance guaranteed, at such bank or banks as the City shall by resolution provide prior to awarding the bonds to the successful bidders. The bonds, which will be used to finance the cost of constructing certain street improvements in the City will be payable solely from and secured by a prior lien upon and a pledge of all the proceeds to be derived by the City from the levy and collection of its cigarette tax and from special assessments to be levied on all property specially benefitted by such improvements, in the manner described in the Ordinance. The Ordinance contains pro - visions similar to those customarily included in bend ordinances of Florida municipalities relating to bonds such as those offered hereby. The bonds are issued under the authority of and in full compliance with all applicable provisions of the Constitution and Statutes of the State of Florida. Bids will be considered on the following bases: (1) Bonds numbered 1 to 36, both inclusive, maturing in the year 1969, at an interest rate not exceeding six per cent (6 %); (2) Bonds numbered 37 to 45, both inclusive, maturing in the year 1969 and all maturi- ties in the years 1970 throuah )OI_ an interest rate not exceeding four and one -half per cent (4 1/2 %); (3) All maturities in the years 1977 through 1981 at an interest rate not exceeding four and one -half per cent (4 1/2 %); (4) All maturities in the years 1982 through 1986 at an interest rate not exceeding four and one -half per cent (4 1/2 %); (5) All maturities in the years 1987 through 1994 at an interest rate not exceeding four and one -half per cent (4 1/2 %); (6) The entire issue, the respective bonds bearing interest at not exceeding the rates specified in this list. -3- PAGE 3 ONO Each bidder shall state in his bid (1) the dollar price he will pay for those of the bonds for which such bid is submitted, which must be not less than the par value thereof, plus accrued interest thereon from the interest payment date next preceding the date of delivery to the date of delivery thereof, and (2) the annual rate or rates of interest to be borne by those of the bonds for which such bid is submitted, in multiples of 1/8 or 1/20 of 1 %, subject to the following qualifications: (a) except that bonds numbered 1 through 36 maturing in 1969 (which must bear the same rate of interest) may bear a different rate of interest from bonds numbered 37 through 45 maturing in 1969 (which :oust bear the same rate of interest), all bonds having the same maturity must bear the same rate of interest throughout their life; (b) all interest on any bond payable on any interest payment date must be evidenced by a single coupon; and (c) not more than two rates may be named for any of the above described blocks for which a separate bid is submitted, except that as many as four rates may be named in any bid submitted for all the bonds. The bonds will be awarded to the bidder or bidders offering to purchase them or a portion thereof as set forth above, at the lowest net interest cost to the City, computed from May 1, 1966, to their respective maturities; provided that the City reserves the right to reject any or all bids; and provided further that if the same lowest net interest cost is reflected by more than one bid, the bonds or portion thereof for which such bids were made, will be awarded to the bidder offering to pay the highest dollar price therefor, that bids for the entire issue will be accorded preference over bids for individual or combined blocks except where the -4- PAGES ONO sum of the bids for all of the individual and /or combined blocks results in a lower net interest cost for the entire issue and that bids for combined blocks less than the entire issue will be accorded preference over bids for individual blocks, except where the sum of such individual blocks results in a lower net interest cost for the maximun number of maturities. The lowest net interest cost will be determined by aggregating the total amount of interest pay- able on the bonds for which such bid is suhmitted from May 1, 1966, until their respective maturities, computed at the rate or rates specified in such bid, and deducting therefrom the amount of any premium reflected by such bid. For the purpose of determining the lowest bidder, calcula- tions of net interest cost will exclude the bid of the Department of Housing and Urban Development (herein called the "government "). The government has entered into a loan agreement with the City, pursuant to which it proposes to buy all bonds except those numbered 1 to 36, both inclusive, at par plus accrued interest, at a 4 1/2% interest rate, providing no other bidder or bidders offer to purchase all or any block of such bonds at an equally favorable net interest cost. The City desires to sell all the bonds. In the event the City receives block bids for less than all the specified blocks of bonds and one or more bids for all the bonds, then, subject to the provisions of this paragraph with respect I to offers by bidders other than the government the bonds will be awarded to the best bidder for all of the bonds, even though his bid reflects an interest cost greater than that reflected by one or more of the block bids. Each proposal (other than that of the government) must be accompanied by a certified check or a cashier's check -5- RES&I.4D- . r PAGES OF /O "" "' in the amount of 2% of the face value of the bonds for which such bid is submitted, which check shall be payable to the order of the City and drawn on a bank having membership in the Federal Reserve System. No interest will be allowed on any such checks. The checks of the unsuccessful bidders will be returned promptly following the award of the bonds. The check or checks of the successful bidder or bidders will be retained by the City as security for the performance of the successful bid or bids and at the time the sale is consummated will either be returned or applied on the purchase price of the bonds, at the option of the City. As soon after the award as they and the supporting documents may be prepared, the bonds will be delivered as a whole against payment therefor in bankable funds, in Atlanta, Georgia, if the government is the successful bidder for any of the bonds, or, in the event the government is awarded no part of the bonds, in Jacksonville, Florida, or elsewhere, at the purchaser's expense, at the option of the successful bidder or by agreement among the successful bidders. The bonds will be accompanied by the customary closing papers reciting that there is not litigation pending affecting the validity of the bonds. The City will furnish the successful bidder, without cost, the printed bonds and the legal opinion of Messrs, Bryant, Freeman, Richardson & Watson of Jacksonville, Florida, approving the validity of the bonds. Under existing statutes and court decision, the interest on the bonds will be exempt from Federal income taxation. No conditional bid will be considered, except that all bids will be construed as having been conditioned on the RES&7- 40,:I11C PAGE 6 OF /D provisions of this official invitation for bids and except that the government's bid may be conditioned as aforesaid. CITY OF CAPE CANAVERAL, FLORIDA by: J. A. Rickards, City Clerk SECTION 3. The City Clerk of the City is hereby authorized and directed to publish in a newspaper of general circulation in the City of Cape Canaveral, once a week for two consecutive weeks, the first publication to be not less than fifteen (15) days prior to the date of sale, and in THE BOND BUYER, a financial newspaper of national circulation, published in the City and State of New York, at least once not less than fifteen days prior to the date of sale, a condensed form of notice calling for bids for the purchase of said bonds in substantially the following form. NOTICE OF SALE $720,000.00 CITY OF CAPE CANAVERAL, FLORIDA PUBLIC IMPROVEMENT REVENUE BONDS DATED MAY 1, 1966 Sealed bids will be received by the City of Cape Canaveral, Florida, at the City Hall in Cape Canaveral, Florida, up to 2:00 o'clock P.M. Eastern Daylight Time on August 25, 1967, for the purchase of all or any of the here - inafter designed blocks of the City of Cape Canaveral Public Improvement Revenue Bonds, totaling $720,000.00. The bonds will be in the denomination of $1,000 each, will be dated May 1, 1966, and will bear interest at such -7- RES6 % -LID :: PAGE 7 OF /0 rate or rates, not exceeding the legal rate hereinafter set forth, as are specified in the successful bid. Interest is payable semi - annually on May 1 and November 1 in each year. Said bonds shall mature serially on May 1 in the following principal amounts and years: YEAR AMOUNT YEAR AMOUNT 1969 $45,000 1977 $51,000 ® 1970 45,000 1978 51,000 1971 45,000 1979 52,000 1972 45,000 1980 57,000 1973 45,000 1981 7,000 1974 45,000 1982 8,000 1975 51,000 1983 81000 1985 9,000 YEAR AMOUNT 1986 $ 9,000 1987 10,000 1988 10,000 1989 10,000 1990 11,000 1991 11,000 1992 12,000 1994 12,000 Certain of these bonds are subject to redemption prior to maturity, the details of which may be secured from the undersigned. The bonds which will be issued to finance the cost of constructing certain street improvements in the City will be payable solely from and secured by a prior lien upon and a pledge of the proceeds to be derived by the City from the levy and collection of the municipal cigarette tax and from special assessments to be levied against the properties specially benefitted by the construction of said improvements. Bids will be considered on the following bases: (1) Bonds numbered 1 to 36, both inclusive, maturing in the year 1969, at an interest rate not exceeding six per cent (6 %); (2) Bonds numbered 37 to 45, both inclusive, maturing in the year 1969 and all maturi- ties in the years 1970 through 1976 at an interest rate not exceeding four and one -half per cent (4 1/2 %); (3) All maturities in the years 1977 through 1981 at an interest rate not exceeding four and one -half per cent (4 1/2 %); (4) All maturities in the years 1982 through 1986 at an interest rate not exceeding four and one -half per cent (4 1/2 %); -8- RES(p]-4o PAGES OF10 "''8, e (5) All maturities in the years 1987 through 1994 at an interest rate not exceeding four and one -half per cent (4 1/2 %); (6) The entire issue, the respective bonds bearing interest at not exceeding the rates specified in this list. The Department of Housing and Urban Development (herein called the "Government ") has entered into a loan agreement with the City, pursuant to which it proposed to buy all bonds other than bonds numbered 1 to 36, both inclusive, at par plus accrued interest at a four and one - half per centum (4 1/2 %) interest rate, providing no other bidder or bidders offer to purchase all or any block of such bonds on equally favorable terms. The City desires to sell all the bonds. For the purpose of determining the lowest bidder, calculations of net interest cost will ex- clude the bid of the government. Bidders may name the interest rate or rates for each block of bonds or the entire issue in multiples of 1/8 or 1/20 of 1 %. Bids for the entire issue will be accorded preference over bids for individual or combined blocks, except where the sum of the bonds for all of the individual and /or combined blocks results in a lower net interest cost for the entire issue, and bids for combined blocks less than the entire issued will be accorded preference over bids for individual blocks, except where the sum of such individual blocks results in a lower net interest cost for the maximum amount of maturities. Except for the bid of the government each bid must be accompanied by a Certified or Bank Cashier's or Treasurer's Check in the amount of 2% of the face value of the bonds for which such bid is suhmitted, payable to the order of the City as a guarantee of good faith. -9- IRES(o?-�{o PAGE 9 OFio The successful bidder will be furnished, without cost, the legal opinion of Messrs. Bryant, Freeman, Richardson and Watson of Jacksonville, Florida, approving the validity of the bonds. A copy of the Official Notice of Sale and a Statement of Essential Facts for this issue may be obtained from the undersigned, Cape Canaveral, Florida, and from William R. Hough and Company, St. Petersburg, Florida. The right to reject any and all bids is reserved. City of Cape Canaveral, Florida by Joseph A Rickards, City Clerk SECTION 4. A copy of this resolution shall be incorporated in and shall be a part of the minutes of the meeting of the City Council held on August 8, 1967. SECTION 5. This Resolution shall take effect immediately upon its passage. ADOPTED BY THE CITY COUNCIL of the City of Cape Canaveral, Florida, on this 8th day of August 1967. (-2-P-42L - Mayor ATTEST: CityClerk APPROVE - TO FORM: City Attorney. -10- RES(07-6 O PAGE /0 OF10 �0