HomeMy WebLinkAboutResolution No. 1966-56 MICROFILM
4-10-80
RESOLUTION NO. 6e z
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 17th day of November 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
[1] form:
RE S 6 (o G
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NOTICE OF SALE
$1, 200, 000
'CITY OF CAPE CANAVERAL, FLORIDA
STORM DRAINAGE GENERAL OBLIGATION BONDS
SERIES OF 1966
Sealed bids will be received byCity the Council in
the City Hall, City of Cape Canaveral, Florida, to and .
including 1 : 00 P.M. E.S.T. , November 17, 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:
RES 6c,- 6' Co
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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. ,
November 17, 1966. in the City Hall, for the purchase of all,
but not less than all, of $1, 200, 000 Storm Drainage General
Obligation Bonds, Series of 1966, of said City date August 1,
1966 and maturing serially in numerical order, on August 1
in the years and amounts as follows :
YEARS AMOUNT YEARS AMOUNT
•
1968 . '$ _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 success-
ful bidder. The bonds may be registered as to principal only
or as to principal and interest .
Said bonds maturing in 1977 and thereafter are
redeemable prior to their respective stated dates of maturity
at the option of the City, in whole or in part, in inverse
RES 66 -\549
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numerical order if less than all, on August 1, 1 6 or on any
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interest payment date thereafter at par and accrued interest to
date of redemption, plus a premium of one-fourth of one
per-centum (lt%) of principal for each year or fraction thereof
from the date of redemption to the maturity of the bond so
called for prior redemption; 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 date in
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 six percentum (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 l2% 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
RES 66 -54
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the aggregate amount of interest upon all of the bonds from
their date until their respective maturities .
These bonds are issued to finance the cost of
acquiring 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 sub-
mitted 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 cent (2%) of the par value of the
bond 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 con-
ditioned upon the unqualified approving opinion of Bryant,
Freeman, Richardson & Watson, bond attorneys, Jacksonville,
Florida, which will be furnished to the successfull purchaser,
together with the usual closing papers, The City reserves
the right to determine who is the successful bidder and to
reject any or all bids . Any bid not complying with the
provisions hereof will be rejected.
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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 (30)
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
(I) 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.
).(2.604,....0,04/
City Clerk, City of Cape
Canaveral, Florida.
SECTION 4. This Resolution shall take effect
immediately upon its passage.
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Appro F-• ., s o Form:
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