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Home My WebLink AboutResolution No. 1966-38 p , ,,,t, , , Do 00 .. -MICROFILMED 4-10-80 RESOLUTION NO. 66-38 RESOLUTION DIRECTING PUBLICATION OF NOTICE OF SALE OF $1, 200,000 STORM DRAINAGE GENERAL OBLIGATION BONDS, SERIES OF 1966, OF THE CITY OF CAPE CANAVERAL, FLORIDA. WHEREAS, the City Council of the City of Cape Canaveral, Florida, has previously authorized the issuance of Storm Drainage General Obligation Bonds, Series of 1966, of said City in the aggregate principal amount of $1, 200,000 ; and WHEREAS, said bonds have been validated by a Decree of the Circuit Court of the Ninth Judicial Circuit in and for Brevard County on June 29 , 1966. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Cape Canaveral, Florida, that: SECTION 1. $1, 200,000 Storm Drainage General Obligation Bonds of the City-of Cape Canaveral, Florida, shall be sold at public sale on the 8th day of September , 1966, pursuant to the notice hereinafter provided for. SECTION 2. The City Clerk of the City of Cape Canaveral, Florida, is hereby authorized and directed to publish a notice calling for the bids for the purchase of said $1, 200,000 Storm Drainage General Obligation Bonds, Series of 1966, of said City, and said notice shall be published in the Daily Bond Buyer, a financial newspaper published in the City of New York, New York, once a week for two consecutive weeks, the first publica- tion to be not less than Fourteen (14) days prior to the day of sale. Said notice shall be in substantially the following form: /;) 00 00 MICROFILMED 4-10-80 NOTICE OF SALE $1, 200, 000 CITY 0F":CAPE:•CANAVERAL.; :.FLORIDA STORM DRAINAGE GENERAL OBLIGATION BONDS SERIES OF 1966 Sealed bids will be received by the City Council in the City Hall, City of Cape Canaveral, Florida, to and includ- ing 1:00 P.M. E.S.T. , September 8 , 1966, for . the purchase of $1, 200,000 Storm Drainage General Obligation Bonds, Series of 1966, with semi-annual..interest payable February -1 and August 1. Such bonds will be coupon bonds, registrable as to principal only or as to both principal and interest, and will mature serially in numerical order on August 1 in the years 1968. through 1996, inclusive. Such Bonds will be general obligations of the City of Cape Canaveral; Florida. The successful bidder will be furnished the unqualified approving opinion of Messrs. Bryant, Freeman, Richardson & Watson, Jacksonville, Florida. Copies of the official statement, official notice of sale, bid form and other pertinent information may be obtained from Mr. Joseph A. Rickards, City Manager, or from William R. Hough & Co. , St. Petersburg, Florida. The right to reject any and all bids is reserved. CITY OF CAPE CANAVERAL /s/ Donna J. Anderson City Clerk SECTION 3. The Official Notice of Sale shall be in substantially the following form: -2- • DO MICROFILMED 0-0 4-10-80 OFFICIAL NOTICE OF SALE CITY OF CAPE CANAVERAL, FLORIDA STORM DRAINAGE GENERAL OBLIGATION BONDS SERIES OF 1966 $1, 200,000 Sealed proposals will be received by the City Council of the City of Cape Canaveral, Florida, until 1:00 P.M. , E.S.T. , September 8 , 1966, in the City Hall, for the purchase of all, but not less than all, of $1, 200,000 Storm Drainage General Obligation Bonds, Series of 1966, of said City dated August 1, 1966 and maturing serially in numerical order, on August 1 in the years and amounts as follows: YEARS AMOUNT YEARS AMOUNT 1968 $ 2,000 1983 $45,000 1969 5,000 1984 47,000 1970 8,000 1985 49, 000 1971 11, 000 1986 51,000 1972 15,000 1987. 53,000 1973 19, 000 1988 56,000 1974 24,000 1989 58, 000 1975 28,000 1990 61,000 1976 33,000 1991 63, 000 1977 35,000 1992 66,000 1978 36,000 1993 69,000 1979 38,000 1994 72,000 1980 40,000 1995 75,000 1981 41,000 1996 57,000 1982 43,000 Such bonds will be in the denomination of $1,000 each and shall have attached the requisite number of interest coupons, maturing semi-annually on the first days of February and August of each year, both principal and interest payable at a bank or banks to be designated by the City Council within forty-eight (48) hours after the award of such bonds, and after having considered the recommendation of the successful bidder. The bonds may be re- gistered as to principal only or as to principal and interest. Said bonds maturing in 1977 and thereafter are redeem- able prior to their respective stated dates of maturity, at the option of the City, in whole or in part, in inverse numerical -3- ' r 00 00 _. ._. MICROFILMEp 4-10-80 order if less than all, on August 1, 1976, or on any interest payment date thereafter at par and accrued interest to date of redemption, plus a premium of one-fourth of one per centum (1/4%) of principal for each year or fraction thereof from the date of redemption to the maturity of the bond so called for prior redemp- tion; provided that such premium shall never exceed three per centum (3%) . Notice of such redemption shall be published at least once at least thirty (30) days prior to the redemption datein a newspaper of general circulation in the City and a copy of such notice shall also be given to the paying agent at least thirty (30) days prior to the redemption date. Bidders are requested to name the interest rate or rates, not exceeding 6% per annum, in multiples of 1/8 or 1/20 of 1%. Each bidder must specify in his bid the amount and maturities of the bonds of each rate and all bonds maturing on the same date must bear interest at the same rate. No bid of less than one hundred per cent (100%) of the par value thereof and accrued interest, or for less than all of the bonds will be entertained. No bid may name more than four interest rates, any of which may be repeated. No rate may be more than 13 higher than the lowest rate named in the bid. A rate of interest based upon the use of split or supplemental interest coupons will not be considered. A zero rate cannot be named for all or any of the time from the date of the bond to its stated maturity, and the premium, if any, must be paid in the funds specified for payment of the bonds as part of the purchase price. Unless all bids are rejected, the bonds will be awarded to the bidder whose proposal results in the lowest net interest cost to the City, and the net interest cost will be determined by deducting the amount of any premium paid from the aggregate -4- 00 O0. MICROFILMED 4-10-80 amount of interest upon all of the bonds from their date until their respective maturities. These bonds are issued to finance the cost of acquir- ing and constructing a storm drainage system in the City. Such bonds are general obligations of the City of Cape Canaveral, for the payment of the principal and interest of which the City will be obligated to assess, levy and collect upon all taxable property in said City, ad valorem taxes without limitation as to rate or amount. These bonds were validated by a decree of the Circuit Court in and for Brevard County on June 29, 1966. In order to be considered, each bid must be submitted on •a form to be furnished by the City, and must be enclosed in a sealed envelope marked "Bid for $1, 200,000 Storm Drainage General Obligation Bonds, Series of 1966" , and is to be accompanied by a certified bank cashier' s or treasury check payable to the order of the City, in an amount equal to two per centum (2%) of the par value Of the bonds hereby offered for sale, as a guarantee of good faith. The check of the successful bidder will be held uncashed as security for the performance of his bid, but in the event the successful bidder shall fail to comply with the terms of his bid the check may then be cashed and the proceeds thereof retained as full liquidated•-damages. The -interest will be paid on such good faith deposits. All bids are to be conditioned upon the unqualified approving opinion, of Bryant, Freeman, Richardson & Watson, bond attorneys, Jacksonville, Florida, which will be furnished to the successful purchaser, together with the usual closing papers. The City reserves the right to deter- mine who is the successful bidder and to reject any or all bids. Any bid not complying with the. provisions hereof will be rejected. -5- reAtKi) ; Q0 MICROFILMED d 4-10-80 The bonds will be delivered in New York, New York or at such other place as designated by and at the expense of the successful bidder, within approximately thirty days from the date of sale. The City Council will designate the depositary of the Construction Fund within forty-eight (48) hours after the award of the bonds, after having considered the recommendation of the successful bidder. Complete financial information, copies of the Official Statement, bid forms, the Official Notice of Sale, and other information may be obtained from Mr. Joseph A. Rickards, City Manager, City of Cape Canaveral, Florida, or from William R. Hough & Co. , St. Petersburg, Florida, financial advisors to the City. City, Cler', City of Cape Canaveral, Florida SECTION 4. This Resolution shall take effect immedi- ately upon,' ts passage. M?0CIM �rKtk }P'y' { f,a 4 pct °> Mayor ✓ter •tj r. w9;��sp !�:7i yI✓l�Rt� 4. )i A Ao'4 i t ; 4 > off- In p• tit 000 4..5 � • !fl/tel/L 1 r s�.ti. . Qer� Approved eto Form: ' rAPIP_ -6-