87-24
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Section 6~
rl'hlG resolution shall take etteat Immediately upon its
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PASSED AND ADOPTED this 21st day of May, 1987.
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ty Clerk '
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LEGAL OPINION. The 1987 Bonds are being offered for swe subject to the unqunlifIed approving
opin!onj as to legnlity and oxclusion of interest on the 1987 Bonds from gross income for Federal income
tax purposes, of Livermore Klein & Lott, P.A., Jacksonville, Florida, Bond Counsel, which will be furnished
without charge to the purchaser at the time of delivery,
OFFICIAL S1'A TEMENT. Up to 500 copies of the Official Statemont relating to the 1987 Bonds
will be furnished by tho City to the successful bidder without charge, and additional copies may be obtained
at the expense of the successful bidder.
REGISTRATION INFORMATION. The purchaser shnll furnish to the Bond Registrar not less than
10 days prior to the 1987 Bond closing the names of the registered owners of the 1987 Bonds to appear
on tho face of the 1987 Bonds, the denominations of the 1987 Bonds and any other pertinent information
in order for the Bond Registrar to complete the 1987 Bonds for execution. If such information is not
received by that time, the 1987 Bonds will be issued and delivered to the purchaser 89 a oingle 1987
Bond for each maturity registered in the name of the purchB&3r, l'.nd any subsequent registration of
transfer to effect redelivery of the 1987 Bonds shall be the responsibility of the purchaser.
ADDITIONAL INFORMATION. Copies of the Preliminary Official Statement, Bid Proposal and
other information may be obtained fl.'om Cynthia E, Goudeau, City Clerk of the City of Clearwater, 112
South Oscoola Avenue, Clearwater, Florida 33515 (8131462.6900, or from Mr. Steven M. Poe, Willlam
R. Hough & Co.. 100 Second Avenue South, Suite 800, St, Petersburg, Florida 3S701, (813) 895-88BO.
Financial Advisor to the City.
CITY OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau.
City Clerk
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Award - No bid for less than all of the 1987 Bonds offered, or for less thnn 98%% of the pnr vnlue
thereof, will be considered. Award of the 1987 Bonds win be made to the bidder whose bid offers the
lowest true interest cost to the City, such true interest cost to be determined by doubling the semJnnnunl
interest rate (compounded semiannuallyl necessary to discount the debt scnrlce payments on the 1987
Bonds from the payment dates to June I, 1987, and to the price bid, not including interest accrued to
the date of delivery of the 1987 Bonds. For purposes of computing the lowest true interest cost to the
City as a basis for awarding the 1987 Bonda, any premium for municipal bond insurWlce, if specified,
shall be treated as a reduction in the price bid. The amount of such premium will be available from the
respective insurers named below prior to May 21, 1987,
lnsumnce - The City has applied for n commitment from the Municipal Bond Investors Assurance
Corporation ("MBIN.), Financial Guaranty Insurance Company ("FGIC"), AMBAC Indemnity
Corporation (" AMBAC"~ and Bond Investors Guaranty ("BIG"), for a poUcy of insurance on the 1987
Bonds, At the option of the bidder, bids may be conditioned upon the issuance, effective as of the date
on which the 1987 Bonds are issued, of a policy of insurance by MBIA, FGIC, AMBAC or BIG,
guaranteeing the payment of the principal of ond interest on tho 1987 Bonds. The premium for such
insurance shall be paid by the City out of the proceeds of the salo of the 1987 Bonds. Each 1987 Bond
will benr a legend referring to the insurance, if applicable, The purchaser, holder, or owner of the 1987
Bonds is not authorized to make any statement regarding insurance beyond those set out here and in
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1987
Bonds, but neither the failure to print such number on any 1987 Bond nor ony error with respect thereto
sholl constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for
the 1987 Bonds, All expenses in relation to the printing of CUSIP numbers on the 1987 Bonds shall
be paid for by the City; provided, however, that the CUSIP Service Bureau chmge for the assignment
of the numbers shall be the responsibility of and shall be paid for by the purchaser.
Bid Fonn - Each bid submitted must be unconditional, on a form furnished by the City (the "Bid
Proposal") and in a scaled envelope addressed to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water and Sewer Revenue Bonds, Series 1987."
Bid Check - Each bid must be accompanied by a certified or bunk cashier's or bank treasurer's
check for $170,000, drawn upon an incorporated bank or trust company to the order of the City us a
good faith deposit to guarantee performance of the bid, No interest will be paid on any good faith check,
The checks of the unsuccessful bidders will be returned upon award of the IS87 Honda. The check of
the successful bidder will be retained and Dpplied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as full liquidated
damages upon fallure of the successful bidder to take delivery and pay for the 1987 Bonda, If the 1987
Bonds are not delivered to the successful bidder within 45 daya from the datu of sale, without fault upon
the part of the successful bidder, such successful bidder sholl not therenfter be obligated to take delivery
of and pay for the 1987 Bonds and the amount of the good faith check will be promptly poid to tho
successful bidder.
Right of Rejection - The City reserves the right to reject any and aU bids, and any bids not complying
with the provisions hereof will be rejected, The City also reserves the right to waive any informality
in any bid, to take any action adjourning or postponing the sale of the 1987 Bonds or to take any other
action the City may deem to be in the best interest of the City.
Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish, prior
to or at the time of delivery of the 1987 BondS', a certificate stating the initiro offering prices to the public
at which a substantial amount of each maturity of the 1987 Bonds was sold, within the context of Section
1278 of the Internal Revenue Code of 19B6, DB amended. Generally, the first price at which at least 10%
of the 1987 Bonds of each matUrity were Bold to persons other than bond houses, brokers, or similar
persons or organizations acting in the capacity of underwriters or wholesalers will be acceptable.
DELIVERY OF THE 1987 BONDS. Delivery of and payment for the 1997 Bonds in definitive form
will be made on or about June 24,1987, in New York, New York, or such other place andJor date mutually
agreed upon between the purchaser and the City. Payment of the balance of the purchase price, plus
accrued interest, sholl be made to the City at the closing, in federal funds,
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LEGAL OPINION. The 1987 Bonds are being offered for sale subject to the unqualified approving
opinion, as to legality and exclusion of interest on the 1987 Bonds from gross income for Federal income
tax purposes, of Livermore Klein & Lott. P,A., Jacksonville, Florida. Bond Counsel, which will be furnished
without charge to the purchaser at the time of delivery.
OFFICIAL STATEMENT. Up to 500 copies of the Official Statement relating to the 1987 Bonds
will be fumished by the City to the sut.:eeSsful bidder without charge, and additional copies may be obtained
at the expense of the successful bidder.
REGISTRATION INFORMATION. The purchaser shall furnish to the Bond Registrar not less than
10 days prior to the 1987 Bond closing the names of the registered owners of the 1987 Bonds to appear
on the face of the 1987 Bonds, the denominations of the 1987 Bands and any ather pertinent information
in order for the Band Registrar to complete the 1987 Bonds for execution. If such information is noL
received by that time, the 1987 Bonds will be issued and delivered to the purchaser as a single 1987
Bond for each maturity registered in the name of the purchaser. and any subsequent registration of
transfer to effect redelivery of the 1987 Bonds shall be the responsibility of the purchaser.
ADDITIONAL INFORMATION. Copies of the Pre1im1nary Official Statement, Bid Proposal and
other information may be obtained from Cynthia E. Goudeau. City Clerk of the City of Clearwater. 112
South Osceola Avenue. Clearwater, Florida 33616 (813) 462-6900. or from Mr. Steven M. Poo, William
R. Hough & Co" 100 Second Avenue South. Suite 800, St, PeLersburg. Florida 33701. (813) 895.8680.
Financial Advisor to the City.
CITY OF CLEARWATER. FLORIDA
By:
CynLhia E. Goudoau,"City Clerk
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BID PROPOSAL
CITY OF CLEARW ATER, Fl.oRlDA
WATER AND SEWER REVENUE BONDS, SERIES 1987
Cit.y Commission
Cit.y of Clearwater, Florida
112 S, Osceola Avenue
Clenrwablr, Florida 33515
May 21, 19B7
he attached Official Not 0 of Snlo, wblch.I!A
<do'\ .~" 'he. w? C. \..C"t ~~
~
1992
1998
1994
1995
1996
1997
199B
$570,000
-0.
15,000
10,000
IO,OOD
IG,OOD
15,000
Intetellt
Rllte
4:.'t'. %
Yellr
Amount
In tetes t
Rate
~%
~
.-
~
g:;:.-
YelU'
Amou~
"t
"1 '-)'"
"11rT
",,\....j
~,\o.
2000
2001
2002
2003
2004
2005
2006
INo addition or alteration I be made to this Bid Proposal except thoso addItionll provided fo ovo..:
The following computstlon 15 submitted for purposes of Information only and is not part of this B d Proposal.
True Interest Collt. $ ).."i,' ~ yO'. 1.,)"\
Tme Interest Cost !taw. ~. S q>k. %
(To 4 doclmal plllCes)
.. Computed in aecotdBllce with Official Notlee of Slllo, and Including premium ror municipal bond Imurance, if this bId 8poclllea
llUeb Insurance,
I hereby ucknowledge the return of tho good faith chock ~Of 81
By:
4
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OFFICIAL NOTICE OF SALE
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS. SERIES 1987
\1
SEALED BIDS will be received by the City of ClellrWater, Florida. lheremllfter called the "Citytt).
at the office of the City Manager of the City, 112 S. Osceola Avenue, Clearwater, Florida 33515, until
2:30 P.M. Eastern Daylight Savings Time, on
May 21,1987,
for the purchase of nUt but not less than all, of $17,000,000 Water Md Sewer Revenue Bonds, Series
1987 (the "1987 Bonds"), of the City dated June 1. 1987, The 1987 Bonds will be issued by the City
in fully registered form, without coupons, will be In the denomination of $6,000 (lach or Integral multiples
thereof, will be numbered consecutively from R.1 upward, will be payable at Florida National Bank, St.
Petersburg, Florida. llS paying agent and registrar (the "Ptlying Agent" and "Bond Registrar",
respectivelyl, with interest payable from their date on December 1,1987, and semiannunUy thereafter
on June 1 and December 1 of each year, and will mature on December 1 in the years and amounts lIB follows:
Year
Amount
Year
Amount
$570,000 2000
.0. 2001
15,000 2002
10,000 2003
10,000 2004
15,000 2005
15,000 2006
430.000 2007 3,015,000
AUTHORITY AND PURPOSE. The 1987 Bonds are being issued under the authority of and in full
compliance with the Constitution and Statutes of the State of Florida, including particularly Chnpter
166, Part II, Florida Statutes, and other applicable provisions of low, for the purpose of financing the
cost of the acquisition and construction of extensions and improvements to the water and sewer system
of the City (the "System"). The 1987 Bonds are special obligations of the City payable from the net
revenues of the System (the "Pledged Revenues"), and are on a parity as to lien on and source and security
for payment from the Pledged Revenues, with the City's outstanding Water and Sewer Revenue Bonds,
Series 1984 (the "Parity Bonds"), The 1987 Bonds shall not be or constitute a general indebtedness of
the City within the meaning of any constitutional or statutory provision or limitation, but shall be payable
solely from and secured by a lien upon and pledge of the Pledged Revenues, nnd no bondholder shall
ever have the right to compel the exercise of the ad valorem taxing power of the City or taxation in
any form of any real property therein to pay the 1987 Bonds or the interest thereon, The Bonds have
been validated by Final Judgment of the Circuit Court for Pinellas County. Florida, on September 14, 1984.
REDEMPTION PROVISIONS. The 1987 Bonds maturing in the years 1992 to 1995, both inclusive,
are not subject to redemption prior to their respective stated dates of maturity. The 1987 Bonds maturing
in the year 1996 and thereafter shall, at the option of the City, be redeemable on and after December 1,
1995, (I) as a whole at any time, or (U) in part, in inverse order of maturity nnd by lot within a maturity,
on any interest payment date thereafter. at a price of par plus accrued interest, plus a premium of 2%
of the par value thereof if redeemed on December 1,1996, such premium to reduce at the rate of !4 of
1 % on each December 1 thereafter.
1992
1993
1994
1995
1996
1997
1998
1999
$1,165,000
1,260,000
1,460,000
1,575,000
1,900,000
2,675,000
2,885,000
TERMS OF SALE.
Interest Rates - Bidders may specify rates of lnt.erest in multiples of % or %0 of 1 % per annum with
the Bame single interest rate for anyone maturity. No bid ofCering a difference greater than 3% between
the highest and lowest rate of interest, or specifying 11 0% . rate of interest for any maturity. will be
considered. The interest rate apeci1ied for any maturity shall not be less than the rate specified for any
earlier maturity.
1
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Award - No bid for less than nll of the 1987 Bonds offered, or for less than 98%% of the par value
thereof, will be considered, Award of the 1987 Bonds will be mnde to the bidder whose bid offers the
lowest true interest cost to the City, such true interest cost to bo determined by doubling the semiannual
interest rate Icompoundod semiannually) necessary to discount the debt service payments on the 19~7
Bonds from the payment dates to June I, 1987. and to the price bid, not including interest accrued to
the date of delivery of the 1987 Bonds, For purposes of computing the lowest Lrue interest cost to the
City as a basis for awardIng the 1987 Bonds, any premium for municipal bond insurance, if specified,
shall be treated as a reduction in the price bid. The amount of such premium will be available from tho
respective insurers nwned below prior to May 21, 1987.
Insurance - The CIty has applied for a commitment from the Municipal Bond Investors Assurance
Corporation ("MBIA"), Financial Guaranty Insurance Company ("FGIC"I. AMBAC Indemnity
Corporation ("AMBAC") and Bond Investors Guaranty ("BIG"), for a policy of insurance on the 1987
Bonds. At the option of the bidder, bids may be conditioned upon the issuance, effective as of the date
on which the 1987 Bonds are issued, of a policy of insurance by MBIA, FGIC, AMBAC or BIG,
guaranteeing the payment of the principal of and interest on the 1987 Bonds. The premium for such
insurance shall be paid by the City out of the proceeds of the sale of the 1987 Bonds. Each 1987 Bond
will bear a legend referring to the insurance, if applicable. The purchaser. holder, or owner of the 1987
Bonds is not authorized to make any statement regarding insurance beyond those set out here and in
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1987
Bonds, but neither the failure to print such number on any 1987 Bond nor any error with respect theret.o
shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for
the 1987 Bonds, All expenses in relation to the printing of CUSJP numbers on the 1987 Bonds shnll
be paid for by the City; provided, however. that the CUSIP Service Bureau charge for the assigument
of the numbers shnll be the responsibility of and shall be paid for by tho purchaser,
Bid Form - Each bid submitted must be unconditional, on a form furnished by tho City Ithe "Bid
Proposal") and in a sealed envelope addressed to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water and Sewer Revenue Bonds, Series 1987,"
Bid Check - Each bid must be accompanied by a certified or bank cushier's or bank treasurer's
check for $170.000, drawn upon an incorporated bank or trust company to the order of the City as a
good faith deposit to guarantee performance of the bid. No interest will be paid on any good faith check,
The checks of the unsuccessful bidders will be returned upon award of the 1987 Bonds, The check of
the successful bidder will be retained and applied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as full liquidated
damages upon failure of the successful bidder to take delivery and pay for the 1987 Bonds. If the 1987
Bonds are not delivered to the successful bidder within 46 days from the date of tlale, without fault upon
the part of the successful bidder, such successful bidder shnll not thereafter be obligated to take delivery
of and pay for the 1987 Bonds and the amount of the good fnith check will be promptly paid to the
successful bidder.
Right of Rejection - The City reserves the right to reject any and on bids, and any bids not complying
with the provisions hereof will be rejected, The City also reserves the right to waive any informality
in any bid, to take any Bction adjourning or postponing the sale of the 1987 Bonds or to tuke any other
action the City may deem to be in the best interest of the City.
Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish, prior
to or at the time of delivery of the 1987 BondS'. a certificate stating the initial offering prices to the public
at which a substantial amount of each maturity of the 1987 Bonds was sold, within the context of Section
1273 of the Internal Revenue Code of 1986, as amended, Generally, the first price at which at least 10%
of the 1987 Bonds of each maturity were sold to persons other than bond houses, brokers, or similar
persons or organizations acting in tho capaciLy of underwrIters or wholesalers will be acceptable.
DELIVERY OF THE 1987 BONDS, Delivery of and payment for the 1987 Bonds in definitive form
will be made on or about Juno 24,1987, in New York. New York, or such other pluce and/or dute mutunlly
agreed upon betwoon the purchaser and the City, Pnymont of the balance of the purchase price, plus
accrued interest, shnll be m'lde to the City aL the closIng, in federal funds,
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LEGAL OPINION. The 1987 Bonds are being offered for sole subject to the unqualified approving
opinion, as to legality and exclusion of interest on the 1987 Bonds from gross income for Federal income
tax purposes, of Livermore Klein & Latt, P.A., Jacksonville, Florida, Bond Counsel, which will be furnished
without charge to the purchaser at the time of delivery.
OFFICIAL STATEMENT. Up to 500 copies of the Official Statement relating to the 1987 Bonds
will be furnished by the City to the successful bidder without charge, and additional copies moy be obtained
at the expense of the successful bidder. .
REGISTRATION INFORMATION. The purchaser shall furnish to the Bond Registrar not less than
10 days prior to the 1987 Bond closing the names of the registered owners of the 1987 Bonds to appear
on the face ofthe 1987 Bonds, the denominations ofthe 1987 Bonds and any other pertinent information
in order for the Bond Registrar to complete the 1987 Bonds for execution. If such information is not
, received by that time, the 1987 Bonds will be issued and delivered to the purchaser as a single 1987
Bond for each maturity registered in the name of the purchaser, and any subsequent registration of
transfer to effect redelivery of the 1987 Bonds shall be the responsibility of the purchaser.
ADDITIONAL INFORMATION. Copies of the Preliminary Official Statement, Bid Proposal and
other information may be obtained from Cynthia E. Goudeau, City Clerk of the City of Clearwater, 112
South Osceola Avenue, Clearwater, Florida 33516 ~8]3) 462-6900, or from Mr. Steven M. Poe, William
R. Hough & Co,. 100 Second Avenue South. Suite 800, St. Petersburg. Florida 33701, (BlS) 895-8880,
Financial Advisor to the City.
CITY OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau,
City Clerk
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BID PROPOSAL
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1987
City Commission
City oC Clearwater, Florida
112 S. Osceola Avenue
Clearwater, Florida 33516
May 21, 1987
Ladles and Gentlemen:
Subject to the provisions and in accordnoce with the terms of the a ,tached Official Not
hereby made a t of t roposal, we off t pa ")
n ,
($ , plus accrued interest on the 1987 Bonds from June I, 1987, to the date of delivery, for
$17,0 0,000 par value Water nod Sewer Revenue Bonds, Series 1987, dated June I, 1987, of the City of Clearwater,
Floridaltha "City"l. described in such Official Notice (If Sale, maturing on December 1 in the following years and
amounts, and bearing interest at the following rates per annum:
Interest Interest
Rate Ye4l' Amount Rate
$570,000 ((l/-lo % 2000 $1,166,000 1,15 %
-0. 2001 l.260,OOO , '7,90
15,000 lo."tO 2002 1,460,000 q;.10
10,000 1,(;0 2003 1,575,000 ..<0 ,dO
10,000 C "s 2004 1,900,000 ~ 50
15,000 -:7 . 30 2006 2,676,000 l,"q_b
1998 15,000 : .=, .LfS 2006 2,885,000 ~
1999 430,000 . _-:7 .1.00 2007 3,015,000 ',-:5/..::)
This proposal _ isf ...L is not (check onel subject to the condition subsequent of the Issuance by
Municipal Bond Investors Assurance Corporation ( I, Financial Guaranty Insurance Company
( I, AMBAC Indemnity Corporation ( ) or Bond Invostors Guaranty ( I
(check one as applicable), on the date of delivery of the 1987 Bonda, of a municipal bond Inaurnnce policy
guaranteeing the payment of the principal of nod Interest on the 1987 Bonds,
At tho time of delivery of the 1987 Bondo, the City shall furniah to US, freo of charge, the unquollfied opinion
of Livermore Klein & Lott, P,A" Jacksonville, Florida, approving the legality of the 1987 Bonds, together with the
usual closing certificates,
We euclose herewith a certified or bank cnabler's or bank treasurer's check payable to the order of the City in
the amount of $170,000 which check is to be held and applied in nccordance with the provis1ons of the Official Notice
of Sale,
The Bid Proposal is Dot subject to any conditions not expressly stated heroin or in the attached Official Notice
of SBlo, Recdpt of the Pre1lm1nary Official Statement relating to tho 1987 Bonds Is hereby acknowledged. The names
of the underwriters or members of the account who oro Il8socinted for the PUrpOSD of thia Bid Proposalaro listed
either 1 w or on s ara sheet att ed hereto,
;T,
Year
Amount
1992
1993
1994
1995
1996
1997
By:
(No addition or alteration is to be made to this Bid Proposal e ep
The following computation III submitted for purposes of informatfo
True Interest Cost-' @!d/.JJ./4J ~d02. 50
True Interest Cost Rate- <1. 3q 5d-. %
(To" dec1mal places)
those udditioDIl provided for above.1
only and Is not part of this Bid Proposal,
III ComputAld 1n accordance witt: Ornclal NoUco or Sale, and Including
such Insurance,
I hereby acknowledge the return of the good faith check in
By:
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Award - No bid for less than all of the 1987 Bonds offered, or for less than 98%% of the par value
thereof. will be considered, Award of the 1987 Bonds will be made to the bidder whose bid offers the
lowest true interest cost to tho City, such true interest cost to be determined by doubling the semiannual
interest rate (compounded semiannually) necessary to discount the debt service payments on the 1987
Bonds from the payment dates to Juno 1, 1987, and to the price bid. not including interest accrued to
the date of delivery of the 1987 Bonds. For purposes of computing the lowest true interest cost to the
City as a basis for awarding the 1987 Bonds, any premium for municipal bond insurance, if specified,
shall be treated as a reduction in tho price bid, The amount of such premium will be available from the
respective insurers named below prior to May 21. 1987,
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance
Corporation ("UBIA"), Financial Guaranty Insurance Company ("FGIC"). AMBAC Indemnity
Corporation ("AMBAC") and Bond Investors Guaranty ("BIG"). for a policy of insurance on the 1987
Bonds, At the option of the bidder, bids may be conditioned upon the issuance, effective as of the date
on which the 1987 BondR lire issued, of a policy of insurance by MBIA. FGIC. AMBAC or BIG,
guaranteeing the payment of the principal of and interest on the 1987 Bonds. The premium for such
insurance shall be paid by the City out of the proceeds of the sale of tho 1987 Bonds. Each 1987 Bond
will bear n legend referring to the insurance, if applicable. The purchaser, holder, or owner of the 1987
Bonds Is not authorized to make any statement regarding insurance beyond those set out hero and in
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1937
Bonds, but neither the failure to print such number on any 1987 Bond nor any errol' with re::;pect thereto
shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for
the 1987 Bonds, All expenses in relation to the printing of CUSIP numbers on thp. 1987 Bonds shall
be paid for by the City; provided, however. that the CUSIP Service Bureau charge for the assignment
of the numbers shall be the rcsponoibility of and shall be paid for by the purchaser.
Bid Form - Each bid submitted must be unconditional, on a form funushed by the City (the "Bid
Proposallt) and in a sealed envelope addresflcd to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water and Sewer Revenuc Bonds, Series 1987."
Bid Check - Each bid must be accompLtI'Jed by a certified or bank cashier's or bank treasurer's
check for $170,000, drawn upon an incorporated bank or trust company to tho order of tho City as a
good faith deposit to guarantee performance of the bid. No interest will be paid on any good faith check.
The checks of the unsuccessful bidders will be returned upon award of the 1987 Bonds, The check of
the successful bidder will be retained and applied towllCds the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as full liquidated
damages upon failure of the successful bidder to take delivery and pay for the 1987 Bonds, If the 1987
Bonds are not delivered to the successful bidder within 45 days from the date of sale, without fault upon
the part of the successful bidder, such successful bidder shall not thereafter be obligated to take delivery
of and PRY for the 1987 Bonds nnd the amount of the good faith check will be promptly paid to the
successful bidder.
Right of Rejection - 'l'he City reserves the right to reject any and all bids, and any bids not complying
with the provisions hereof will be rejected, The City also resorves the right to waive any informality
in any bid. to take any action adjourning or postponing the sale of the 1987 Bonds or to take any other
action thD City may deem to be in the best interest of the City.
Disclosure Obligations of the Purchaser - Tho successful bidder will be required to furnish, prior
to or at the time of delivery of the 1987 BondS'. a certificate stating the initial offering prices to the public
at which a substantial amount of ench maturity of the 1987 Bonds was sold, within the context of Section
1273 of the Int.ernal Revenue Code of 1986, as amended. Generally, the first price at which at least 10%
of the 1987 Bonds of each maturity were sold to persons other than bond houses, brokers. or similar
persons or organizations acting in the capacity of underwriters or wholesalers will be acceptable.
DELIVERY OF THE 1987 BONDS. Delivery of and payment for the 1987 Bonds in definitive form
will be made on or about JUIle 24.11)87, in New York, New York, or such other place andlor date mutually
agreed upon between the purchaser and tho City. Payment of the balance of the purchase price"plus
accrued interest, shall he made to the City at the closing, in Iadoral funds,
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LEGAL OPINION. The 1987 Bonds are being offered for sale subject to the unqualified approving
opinion, as to legality and exclusion of interest on the 1987 Bonds from gross income for Federal income
tax purposes, of Livennoro Klein & Lott, P.A., J acksonviIle, Florida, Bond Counsel. which will be furnished
without charge to the purchaser at the time of delivery.
OFFICIAL STATEMENT. Up to 500 copies of the Official Statement relating to the 1987 Bonds
will be furnished by the City to the successful bidder without chEU'ge, and additional copies may be obtained
at the expense of the successful bidder.
REG ISTRA TJON INFORMATION. The purchaser shall furnish to the Bond Registrar not less than
10 days prior to the 1987 Bond closing the names of the registered oWners of the 1987 Bonds to appear
on the face of the 1987 Bonds, the denominations of the 1987 Bonds and any other pertinent infonnation
in order for the Bond Registrar to complete the 1987 Bonds for execution. If such infonnation is not
received by that time, the 1987 Bonds will be issued and delivered to the purchaser as a single 1987
Bond for each maturity registered in the name of the purchaser, and any subsequent registration of
transfer to effect redelivery of the 1987 Bonds shall be the responsibility of the purchaser,
ADDITIONAL INFORMATION. Copies of the Preliminary Official Statement, Bid Proposal and
other information may be obtained from Cynthia E. Goudeau, City Clerk of the City of Clearwater, 112
South Osceola Avenue, Clearwater, Florida 88515 (8181462-6900, or from Mr. Steven M. Poe, William
R. Hough & Co,. 100 Second Avenue South, Suite 800, St. Petersburg, Florida 33701, (813) 895-8880,
Financial Advisor to the City.
CITY OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau.
City Clerk
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Award - No bid for less than oll of the 1987 Bonds offered, or for less than 981f4% of the par value
thereof, will be considered. Award of the 1987 Bonds will be made to the bidder whose bid offers the
lowest true interest cost to the City, such true interest cost to be determined by doubling the semiannual
interest rate (compounded semiannually) necessary to discount the debt service payments on the 1987
Bonds from the payment dates to June I, 1987, l\l\d to the price bid, not including interest accrued to
the date of delivery of the 1987 Bonds. For purposes of computing the lowest true interest cost to the
City as a basis for awarding the 1987 Bonds, any premium for municipal bond insurance, if specified,
shnll be treated as a reduction in the price bid. The amount of such premium will be available from the
respective insurers named below prior to May 21, 1987.
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance
Corporation ("MBIA"), Financial Guaranty Insurance Company ("FGIC"), AMBAC Indemnity
Corporation l"AMBAC") and Bond Investors Guaranty ("BIG"), for a policy of insurance on the 1987
Bonds. At the option of the bidder, bids may be conditioned upon thEl issuance, effective a9 of the date
on which the 1987 Bonds are issued, of a policy of insurance by MBIA, FOle, AMBAC or BIG,
guaranteeing the payment of the principal of and interest on the 1987 Bonds. The premium for such
insurance shall be paid by the City out of the proceeds of the sale of the 1987 Bonds. Each 1987 Bond
will bear a legend referring to the insurance, if applicable, The purchaser, holder, or owner of the 1987
Bonds is not authorized to make eny statement regarding insurance beyond those set out here and in
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1987
Bonds, but neither the fnDure to print such number on any 1987 Bond nor any error with respect thereto
shall constitute cause for a fnilure or refusal by the purchaser thereof to accept delivery of and pay for
the 1987 Bonds. All expenses in relation to the printing of CUSIP numbers on the 1987 Bonds shall
be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment
of the numbers sholl be the responsibility of end shall be paid for by the purchaser.
Bid Form - Each bid submitted must be unconditional, on a form furnished by the City (the "Bid
Proposal") and in a sealed envelope addressed to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water and Sewer Revenue Bonds, Series 1987."
Bid Check - Each bid must be accompanied by a certified or bank cashier's or bank treasurer's
check for $170,000, drawn upon an incorporated bank or trust company to the order of the City as a
good faith deposit to gunrantee performance of the bid, No interest will be paid on any good faith check,
The checks of the unsuccessful bidders will be returned upon award of the 1987 Bonds. The check of
the successful bidder will be retained and applied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as full liquidated
damages upon fallure of tho successful bidder to take delivery and pay for the 1987 Bonds, If the 1987
Bonds are not delivered to the successful bidder within 45 days irom the date of sale, without fault upon
the port of the successful bidder, such successful bidder shnll not thereafter be obligated to take delivery
of and pay for the 1987 Bonds and the amount of the good faith check will be promptly paid to the
successful bidder.
Right of Rejection - The City reserves the right to rejCi::t any and aU bids, end any bids not complying
with the provisions hereof will be rejected. The City also reserves the right to waive any informality
in any bid, to take any action adjourning or postponing the sale of the 1987 Bonds or to take any other
action the City may deem to be in the best interest of the City.
Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish, prior
to or at the time of delivery of the 1987 BondB'j a certificate stating the initial offering prices to the public
at which a substantial amount of each maturity of the 1987 Bonds was sold, within the context of SCi::tion
1273 of the Internal Revenue Code of 1986, as amended. Generally, the first price at which at least 10%
of the 1987 Bonds of each maturity were sold to persons other than bond houses, h:l"kers, or similar
persons or organizations acting in the 'capacity of underwriters or wholesalers will be acceptable,
DELIVERY OF THE 1987 BONDS. Delivery of and payment for the 1987 Bonds in definitive form
will be made on or about June 24.1987, in New York, New York, or such other place and/or date mut.ually
agreed upon between the purchaser and the City. Payment of the balance of the purchase price, plus
accrued interest, shall be made to the City at the closing, in federal funds.
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Award - No bid for less than 011 of the 1987 Bonds offered, or for less than 98%% of the pur vo1uo
thereof, will be considered, Award of the 1987 Bonds will be made to the bidder whose bid offers the
lowest true interest cost to the City, such true interest cost to be determined by doubling the semiannuo1
interest rate (compounded semiannually) necessary to discount the debt service payments on the 1987
Bonds from the payment dates to June I, 1987, and to the price bid, not including interest accrued to
the date of delivery of the 1987 Bonds, For purposes of computing the. lowest true interest cost to the
City as a basis for awarding the 1987 Bonds, any premium for municipo1 bond insurance, if specified,
sholl be treated as a reduction in the price bid, The amount of such premium will be available from the
respective insurers named below prior to May 21, 1987.
Insurance - The City has applied for a commitment from the Municipo1 Bond Investors Assurance
Corporation ("MBIA"), Financio1 Guaranty Insurance Company ("FGIC"), AMBAC Indemnity
Corporation ("AMBAC") and Bond Investors Guaranty ("BIG"), for a policy of insurance on the 1987
Bonds, At the option of the bidder, bids may be conditioned upon the issuance, effective us of the date
on which the 1987 Bonds are issued, of a policy of insurance by MBIA, FGICt AMBAC or BIG,
guaranteeing the payment of the principal of and interest on the 1987 Bonds. The premium for such
insurance shall be paid by the City out of the proceeds of the swe of the 1987 Bonds, Each 1987 Bond
will bear a legend referring to the insuronce, if applicable. The purchaser, holder, or owner of the 1987
Bonds is not authorized to make any statement regarding insurance beyond those Bet out here and in
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1987
Bonds, but neither the failure to print such number on any 1987 Bond nor any error with respect thereto
shall constitute cause for a failure or refusal by the purchaser thereof to accept dalivery of and pay for
the 1987 Bonds. All expenses in relation to the printing of CUSIP numbers on the 1987 Bonds shall
be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment
of the numbers shall be the responsibility of and shall be paid for by the purchaser.
Bid Form - Each bid submitted must be unconditional, on a form furnished hy the City (the "Bid
Proposal") and in a scaled envelope addressed to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water and Sewer Revenue Bonds, Series 1987,"
Bid Check - Each bid must be accompanied by a ccrtified or bank cnahier's or bank treasurer's
check for $170,000. drawn upon an incorporated bank or trust company to the ordor of the City as a
good faith deposit to guarantee performance of the bid, No interest will be paid on any good faith check.
The checks of the unsuccessful bidders will be returned upon award of the 1987 Bonds, The check of
the successful bidder will be retained and applied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as full liquidated
damages upon failure of the successful bidder to take delivery and pay for the 1987 Bonds, If the 1987
Bonds are not delivered to the successful bidder within 45 days from the date of sale, without fault upon
the part of the successful bidder, such successful bidder shall not thereafter be obligated to take delivery
of and pay for the 1987 Bonds and the amount of the good faith check will be promptly paid to the
successful bidder.
Right of Rejection - The City reserves the right to reject any and all bids, nnd any bids not complying
with the provisions hereof will be rejected. The City also reserves the right to waive any informality
in any bid, to take any action adjourning or postponing the sale of the 1987 Bonds or to take any other
action the City may deem to be in the best interest of the City.
Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish. prior
to or at the time of delivery of the 1987 BondS', a certificate stating the initial offering prices to the public
at which a substantial amount of each maturity of the 1987 Bonds was sold, within the context of Section
1273 of the Internal Revenue Code of 1986, as amended. Generally, the first price at which at least 10%
of the 1987 Bonds of each maturity were sold to persons other than bond hounest brokers, or similar
persons or organizations acting in the capacity of underwriters or wholesalers will be acceptable,
DELIVERY OF THE 1987 BONDS. Delivery of and payment for the 1987 Bonds in definitive form
will be made on or about June 24,1987, in New York, New York, or Buch other place and/or date mutually
agreed upon between the purchaser and the City. Payment of the bahmce of the purchase price, plus
accrued interest, shall be made to the City at the closing, in federal funds.
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LEGAL OPINION. The 1987 Bonds are being offered for sale subject to the unqualified approving
opinion, as to legellty and exclusion of interest on the 1987 Bonds from gross income for Federal income
tax purposes, of IJvennore Klein & Lott, P.A., Jacksonville, Florida, Bond Counsel, which will be fumiahed
without charge to the purchaser at the time of delivery.
OFFICIAL STATEMENT. Up to 500 copies of the Official Statement relating to the 1987 Bonds
will be furnished by the City to the successful bidder without charge, and additional copies may be obtained
at the expense of the successful bidder.
REGISTRATION INFORMATION. The purchaser shall furnish to the Bond Registrar not less than
10 days prior to the 1987 Bond closing tho names of the registered ownerlJ of the 1987 Bonds to appear
on the face of the 1987 Bonds, the denominations of the 1987 Bonds and any other pertinent information
in order for the Bond Registrar to complete the 1987 Bonds for execution. If such information is not
received by that tin1e, the 1987 Bonds will be issued and delivered to the purchaser DB a single 1987
Bond for each maturity registered in the name of the purchaser, and any subsequent registration of
transfer to effect redelivery of the 1987 Bonds shall be the responsibility of the purchaser.
ADDITIONAL INFORMATION. Copies of the Preliminary Official Statement, Bid Proposal and
other information may be obtained from Cynthia E. Goudeau, City Clerk of the City of Clearwater, 112
South Osceola Avenue, Clearwater, Florida 33515 (813) 462.6900, or from Mr. Steven M, Poe, William
R. Hough & Co., 100 Second Avenue South, Suite 800, St. Petersburg, Florida 38701, 1813) 895.8880,
Financial Advisor to the City.
CITY OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau.
City Clerk
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BID PROPOSAL
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1987
City Commission
City of Clearwater, Florida
112 S, Osceola Avenue
Clearwater, Florida 33516
May 21, 1987
Ladlell and Gentlemen:
Subject. to the proviBlons and in accordance with the ~rms of the
hereby made apt of this rap' sal, we offer to p'ay .sOf Tt:c AJ
L~ J,3,A D<J ... ~ t A"JJ ;Pf. ~ tJ JJn (CAJ7" J
($ It.. 9/~ oV,? d.DO), plus accrued interest on the 1987 Bonds from June I, 1987, to the date of delivery, for
U7,OOif.OOO ar value Water and Sawer !Wvenue Bond:!, Series 1987, dated June 1,1987, of the City of Clearwater,
Florida (tho "City"" described in such Official Notice of Salo, maturing on December IIn the following years llDd
amounts, llDd bearing interest at the following rates per annum:
Interest
Rate
----L~ %
~, 20
V.3o
r,r'O
f ,~{'
,,<<
'.65'
1999 430,000 8. 1M 2007 3,015,000 t.1D
This proposal _ is! L- is not (check one' subject to the condition subsequent of the issuance by
Municipal Bond InveBtors Assurance Corporation ( -l, Financial Guaranty Insurance Company
( ), AMBAC Indemnity Corporation ( ) or Bond Investors Guaranty ( I
(check one oa applicablel, on the date of delivery of the 1987 Bonds, of a municipal bond ulAllrance pollcy
guaranteeing the payment of the principal of and intereBt on the 1987 BondB.
At the time of dellvery of the 1987 Bonds, the City sholl furniBh to UB, free of charge, tho unqualified opinion
of Livermore Klein & Lott, P,A" Jacksonville, Florida, approving the legality of the 1987 Bonds, to8(!ther with the
usual closing certificates,
We enclose herewith a certified or bank coahier'o or bank treasurer's check payable to the order oC the City in
the amount of $170,000 which check is to be held nnd applied in accordance with the provisions of the Official Notice
of Sale.
The Bid Proposal is not subject to any conditions not expressly stated hereIn or in the attached Official Notice
of Sale. Receipt of the Pre1imInary Official Statement relating to the 1987 Bonds is hereby aclmowJcdgud. The names
of the underwriters or members of tho account who aro associated for the purpO!JO of this Bid Proposal are listed
either below or on a separate sheet attached hereto,
Smith Barney Harris Upham
Year
Amount
Interest
Rate
~. S'o %
Year
Amount
1992
1993
1994
1995
1996
1997
1998
$570,000
.0-
15,000
10,000
10,000
15,000
15,000
'J. (J C
7.2-5"
7.;'0
'], 'D
7. 'if>
2000
2001
2002
2003
2004
2006
2006
$1,166,000
1,260,000
1,460,000
1,575,000
1,900,000
2,675,000
2,885,000
A.G. Edwards
Upham
Prudential Bache Securities
By:
(No addition or lllteratioD is to be made to this Bid Proposal except those ad tions provided for above,)
The following computation IB Bubmitted for purposes of Information only and is not port of this Bid Proposal,
True Interest Cost. I
True Intereat COBt Rate-
'i, S':'7 j~
(To 4 decimal places)
%
· Computed in accordanCCl with Officilll NoUc:e of Salo, and including premium for municipal bond insurance, if this bid sP"Cinos
I'Jeb luurance,
I hereby acknowledge the return of the good faith check in t
By:
enclosed with this bid.
4
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OFFICIAL NOTICE OF SALE
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERiES 1987
SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"l,
at the office of the City Manager of the City, 112 S. Osceola Avenue, Clearwater, Florida 33515, until
2:30 P,M. Eastern Daylight Savings Time, on
May 21, 1987,
for the purchase of all, but not less than all, of $17,000,000 Water and Sewer Revenue Bonds, Series
1987 (the "1987 Bonds"), of the City dated June 1, 1987, The 1987 Bonds will be issued by the City
in fully registered form, without coupons, will be in the denomination of $5,000 each or integral multiples
thereof, will be numbered consecutively from R-l upward, will be payable at Florida National Bank, St.
Petersburg, Florida, as paying agent and registrar (the "Paying Agent" and "Bond Registrar",
respectively), with interest payable from their date on December 1, 1987, and somiannunlly thereafter
on June 1 and December 1 of each year, and will mature on December 1 in the years WId amOlmts as follows:
Year
Amount
Year
Amount
2000 $1,165,000
2001 1,260,000
2002 1,460,000
2003 1,575,000
2004 1,900,000
2005 2,675,000
2006 2,885,000
430,000 2007 3,015,000
AUTHORITY AND PURPOSE. The 1987 Banda are being is!3uod under the authority of and in full
compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter
166, Part II, Florida Statutes, and other applicable provisions of law, for the purpose of financing the
cost of the acquisition and construction of extensions and improvements to the water and sewer system
of tho City (the "System"l. The 1987 Bonds are sllecial obligations of the City payable from the net
revenues of the System (the "Pledged Revenues"), ond are on II parity as to lien on and source and oocurity
for payment from the Pledged Revenues, with th~ City's outstanding Water and Sewer Revenue Bonds.
Series 1984 (the "Parity Bonds"), The 1987 Bonds shall not be or constitute a general indebtedness of
the City within the meaning of any constitutional or statutory provision or limitation, but shall be payable
solely from and secured by a lien upon and pledge of the Pledged Revenues, and no bondholder shall
ever have the right to compel the exercise of the ad valorem taxing power of the City or taxation in
any form of any real proIX-~y therein to pay the 1987 Bonds or the interest thereon, The Bonds have
been validated by Final Judgment of the Circuit Court for Pine11an County, Florida, on September 14, 1984,
REDEMPTION PROVISIONS. The 1987 Bonds maturing in the years 1992 to 1995, both inclusive,
are not subject to redemption prior to their re!lpective stated dates of maturity, The 1987 Bonda maturing
in the year 1996 and thereafter shall, at.the option of the City, be redeemable on and after Decembor I,
1995, (it as a whole at any time, or (ii) in part, in inverse order ol maturity and by lot within a maturity,
on any interest payment date thereafter, at a price of par plus accrued interest, plus a premium of 2%
of the par value thereof if redeemed on December 1,1995, such premium to reduce at the rate of 'A of
1 % on each December 1 thereafter.
1992
1993
1994
1995
1996
1997
1998
1999
$570,000
-0-
15,000
10,000
101000
151000
15,000
TERMS OF SALE.
Interest Rates -, Bidders may specify rotes of interest in multiples of Ik or %0 of 1 % per annum with
the same single interest rate for anyone maturity. No bid offering a differen(:e greater than 3% between
the highest and lowest rate of interest, or specifying a 0% rate of interest for any maturity, will be
considered. The interest rate specified for any maturity shall not be less than the rate 5pecified for any
earlier maturity.
1
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Award - No bid for less than all oC the 1987 Bonds oreered, or Cor less thun 98'1,% of the pur value
thereof will be considered, Award of the 1987 Bonds will be made to the bidder whose bid offers the
lowest true interest cost to the City. such true interest cost to be determined by doubling the semiannual
interest rate (compounded semiannually) necessary to discount the debt service payments on the 1987
Bonds from the payment dates to June 1, 1987, and to the price bid, not including interest accrued to
the date of delivery of the 1987 Bonds, For purposes of computing the lowest true interest cost to the
City as a basis for awarding the 1987 Bonds. any premium for muuicipnl bond insurance. if specified,
shall be treated as n reduction in the price bid. The amount of such premium will be available from the
respective insurers named below prior to May 21. 1987.
Insurance - The City has applied for n commitment from the Municipal Bond Investors Assurance
Corporation ("MBIA"), Financial Guaranty Insurance Company ("FGIC"), AMBAC Indemnity
Corporation ("AMBAC") and Bond Investors Guaranty ("BIG"), for a policy of insurance on the 1987
Bonds, At the option of the bidder, bids may be conditioned upon the issuance, effective as of the date
on which the 1987 Bonds are issued, of a pollcy of insurance by MBIA, FGIC, AMBAC or BIG,
guaranteeing the payment of the principal of and interest on the 1987 Bonds, The premium for such
insurance shall be paid by the City out of the proceeds of the sale of the 1987 Bonds, Each 1987 Bond
will bear a legend referring to the insurance, if applicable. The ~urchaser, holder, or owner of the 1987
Bonds is not authorized to make any statement regarding insurunce beyond those set out here and in
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1987
Bonds, but neither the failure to print such number on any 1987 Bond nor any errOI with respect thereto
shall constitute cause for a failure or refusal by the pnrchaser thereof to accept delivery of RIld pay for
the 1987 Bonds, All expenses in relation to the printing of CUSIP numbers on the 1987 Bonds sball
be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment
of the numbers shall be the responsibility of and shall be paid for by the purchElser.
Bid Ponn - Each bid submitted must be unconditional, on a form furnished by the City (the "Bid
Proposal") and in a sealed envelope addressed to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water and Sewer Revenue Bonds, Series 1987."
Bid Check - Each bid must be accompanied by a certified or bank cashier's or bank treasurer's
check for $170,000, drawn upon an incorporated bank or trust company to the order of the City as n
good faith deposit to guarantee performance of the bid. No interest will be paid on any good faith check.
The checks of the unsuccessful bidders will be returned upon award of tbe 1987 Bonds, The check: of
the successful bidder will be retained and applied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as (ullliquidated
damages upon failure of the successful bidder to toke delivery and pay for the 1987 Bonds, If the 1987
Banda are Lot delivered to the successful bidder within 45 days from the date of sale, without fault upon
the part of the successful bidder, such successful bidder shall not thereafter be obligated to toke delivery
of and pay for the 1987 Bonds and the amount of the good faith check will be promptly paid to the
successful bidder.
Right of Rejection - The City reserves the right to rejcet any and all bids, and any bids not complying
with the provisions hereof will be rejected, The City also reserves the right to waive any informnllty
in any bid. to take any action adjourning or postponing the sale of the 1987 Bonds or to take any other
action the City may deem to be in the best interest of the City.
Disclosure Obligations of the Purchaser - Tho successful bidder will be required to furnish, prior
to or at the time of delivery of the 1987 BondS', 0 certificate staLing the initial offering prices to the public
at which a substantial amount of oach moturity of the 1987 Bonds was sold, within the context of Section
1273 of the Internal Revenue Code of 1986. as amended. Generally. the first price at which at least 10%
of the 1987 Bonds of each maturity were sold to persons other thnn bond houses, brokers, or similar
persons or organizations ncting in the capacity of underwriters or wholesalers will be acceptable,
DELIVERY OF THE 1987 BONDS. Delivery of and payment for tho 1987 Bonds in definitive form
will be made on or about June 24, 1987, in New York, New York, or such other placo and/or dote mutually
agreed upon between the purchaser and the City. Payment of the balance of tho purchnse price, plus
accrued interest, shall be made to the City at tho closing, in fodernl funds.
2
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BID PROPOSAL
CITY OF CLEARWATER. FLORIDA
WATER AND SEWER REVENUE BONDS. SERIES 1987
City Commission
CJty of Clelll'Watcr, Florida
112 S, Osceola Avenue
Clearwater. Florida 33515
May 21, 1987
Ladies and Gentlemen:
Subject to the provisions and in accordanca with the t:e
hereby ade a pOJ:t of thi~ proposnl, we offer to pay
, d ~ 70.
($ fr.., 3~tJ, 09 (. '1'iJ I, plu accrued interest on the 1987 Bonds from June I, 1987. to the date of delivery, or
$17,000,000 par value Water and Sewer Revenue Honds, Serlc1l1987, dated June 1,1987, of the City of Clearwater,
Florida (lobe "City"), described in such Official Notice of Snle, maturing on December 1 in the following yents and
amounts, and bearing interest at the fonowing rutes per annum:
Interest Interest
Rate ~ Amount Rate
$570,000 7. ClO % 2000 $1,165,000 S t(~ %
-0. 2001 1,260,000 1J.,10
15,000 7.3" 2002 1,460,000 8 r~/)r
10,000 7.5'.:) 2003 1,575,000 ;1 "'r'~
10,000 7,7t> 2004 1,900,000 3, ~o
15,000 7. X6 2005 2,676,000 : . :iL-
15,000 7. M 2006 2,865,000 . ~t:J
1999 430,000 &,00 2007 3,015,OQO :1 t ~O
ThJs proposal _ is! -A-- is not (check one) subject to the condition BubBequent of the ISBUlll1C6 by
Municipal Bond Investors Assurance Corporation ( I, Financial Guaranty Insuran;.:e Compnny
I I, AMBAC Indemnity Corporation ( ) or Bond Invelltl.lrs Guaranty I I
(check one ns applicable), on the date of delivery of the 19R7 Bonds. of a municipal bond insurance polley
guaranteeing th.e payment of the principal of and inwreat on the 1987 Bonds,
At the time of delivery of the 1987 Bonds, the City shall furnish to us, free of charge, the unqualified opinion
of Livermore Klein & Lott, P,A" Jacksonville, Florida, approving the legality of tho 1987 Bonds, together with the
usual closing certificates,
We enclose herewith a certified or bank enshler's or bank t.rensurer's r.beck payable to the order of the City in
the amount of $170.000 which check is to be held and applied in o.ccordlll100 with the provisions of tho Official Notice
of Sale,
Year
Amount
1992
1993
1994
1995
1996
1997
1998
The Bid Proposal is not subject to nny conditions not expressly stated herein or in the attached Official Notice
of Sale. Receipt of the Pre1imIn1lI)' Officiu13tatement relaUng to the 1987 Bonds is bereby acknowledged. The nW008
of tho underwriters or members of the account who ore associated {or the purpose of this Bid ProposaJ am listed
either below or on a separate sheet attached hereto,
SAIJ:M:N BROl'HERS INe B r.o
BANKlmS TRUST <X'MPANY
(No addition or alteration Is to be made to this B
The following computation ia eubmltted for pu tse5 of In~
True Interellt Cost.. ..:;v. 9CJ ~93. 30
True Interest Cost Rate- a: 5/:L ...,
(To " decimal placesl
· Coroput.ed in accordance with Omclal NoUce of Sale. ell including ptllmlum for municipal bond ineurance. If this bid llpecific,
IlUch 1nIIU.r/lnce,
I hereby acknowledge the return of the good faith chock In the amou
By:
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Award - No bid for less than all of the 1987 Bonds offered, or for less than 98~,9'0 of the par volue
thereof, will be considered, Award of the 1987 Bonds will be made to the bidder whose bid offers the
lowest true interest cost to the City, such true interest cost to be determined by doubling the semiannuol
interest rate (compounded semiannuallyl necessary to discount the debt service payments on the 1987
Bonds from the payment dates to June I, 1987, and to the price bid, not including interest accrued to
the date of delivery of the 1987 Bonds, For purposes of computing the lowest true interest cost to the
City us a basis for awarding the 1987 Bonds, any premium for municipol bond insurance, if specified,
shall be treated DS a reduction in the price bid. The wnount of such premium will be available from the
respective insurers nwned below prior to May 21, 1987,
Insurance - The City has applied for a commitment from the Municipnl Bond In'/ostors Assurance
Corporation ("MBIA"), Financiol Guaranty Insurance Company ("FGIC"I, AMBAC Indemnity
Corporation ("AMBAC"1 and Bond Investors Guaranty ("BIG"I, for a policy of insurance on the 1987
Bonds. At the option of the bidder, bids may be conditioned upon the issuance, effective as of the date
on which the 1987 Bonds are issued, of a policy of insurance by MBIA, FGIC, AMBAC or BIG,
guaranteeing the payment of the principol of and interest on the 1987 Bonds. The premium for finch
insurance shall be paid by the City out of the proceeds of the sole of the 1987 Bonds, Each 1987 Bond
will bear a legend referring to the insurance, if applicable. The purchaser, holder, 01' owner of the 1987
Bonds is not authorized to make any statement regarding insurance beyond those set out here and in
the Bond legend.
CUSIP Numbers - It is anticipated thnt CUSIP identification numbers will be printed on the 1987
Bonds, but neither the failure to print such number on any 1987 Bond nor any error with respect thereto
shall constitute cause for a failure or refusol by the purchaser thereof to accept delivery of and pay for
the 1987 Bonds, All expenses in relation to the printing of CUSIP numbers on the 1987 Bonds sholl
be paid for by the CitYi provided, however, that the CUSIP Service Bureau charge for the assigmmmt
of the numbers shall be the responsibility of and shall be paid for by the purchaser.
Bid Form - Each bid submitted must be unconditional, on a form furnished by the City (the "Bid
Proposol") and in a sealed envelope addressed to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water and Sewer Revenue Bonds, Seril's 1987."
Bid Check - Each bid must be accompanied by a certified or bank cashier's or bank treasurer's
check for $170,000, drawn upon an incorporated bank or trust company to the order of the City as a
good faith deposit to guarantee performance of the bid. No interest will be paid on any good faith check.
The checks of the unsuccessful bidders will be returned upon award of the 1987 Bonds. The check of
the successful bidder will be retained and applied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as full liquidated
damages upon failure of the successful bidder to take delivery and pay for the 1987 Bonds, If the 1987
Bonds are not delivered to the successful bidder within 45 days from the date of sole, without fault upon
the part of the successful bidder, such successful bidder shall not thereafter be obligated to take delivery
of and pay for the 1987 Bonds and the amount of the good faith check will be promptly paid to the
successful bidder.
Right of Rejection - The City reserves the right to reject any and all bids, and any bids not complying
with the provisions hereof will be rejected. The City olso reserves the right to waive any informality
in any bid, to take any action adjourning or postponing the sole of the 1987 Bonds or to take any other
action the City may deem to be in the best interest of the City.
Discwsure Obligations of the Purchaser - The successful bidder will be required to furnish, prior
to or at the time of delivery olthe 1987 BondS', a certificate stating the initiol offering prices to the public
at which a substantial amount of each maturity of the 1987 Bonds was sold, within the context of Section
1273 of the Internal Revenue Code of 1986, as amended. Generally, the fIrst price at which at least 10%
of the 1987 Bonds of each maturity were sold to persons other than bond houses, brokers, or similar
persous or organizations acting in the capacity of underwriters or wholesolers will be acceptable.
DELIVERY OF THE 1987 BONDS. Delivery of and payment for the 1987 Bonds in definitive form
will be made on or about June 24, 1987, in New York, New York, or such other place and/or date mutually
agreed upon between the purchaser and the City. Payment of the balance of the purchase price, plus
accrued interest, shall be made to the City at the closing, in federol funds.
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OFFICIAL N01'ICE OF SALE
CITY OF CLEARWATER. FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1987
SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"),
at the office of the City Manager of the City, 112 S, Osceola Avenue, Clearwater, l~loridn 33515, until
2:30 P.M. Eostern Daylight Savings Time, on
May 21, 1987,
for the purchase of aU, but not lesR than all, of $17,000,000 Water and Sewer Revenue Bonds, Series
1987 (the "IS87 Bonds"), of the City dated June 1, 1967, The 1987 Bonds will be lssuad by the City
in fully registered form, without coupons, will be in tha denomination of $5,000 each or integral multiples
thereof, will be numbered consecutively from R.l upward, will be payable at Florida National Bank, St,
Petersburg, Florida, as paying agent and registrar (the "Paying Agent" and "Bond Registrar",
respectivelYl, with interest payable from their de.~ on December I, 1987. and semitmDually thereafter
on June 1 and December 1 of each year, and will maturo on December 1 in the years and amounts 113 follows:
Year
AmDunt.
Year
Amount
1992 $570,000 2000
1993 -0. 2001
1994 15~OO 2002
1995 10,000 2003
1996 10,000 2004
1997 15,000 2005
1996 15,000 2006
1999 430,000 2007 3,015,000
AUTHORITY AND PURPOSE, The 1987 Bonds are being issued under tbe aut.hority of and in full
compliance with the Constitution and Statutes of t.he State of Florida. including particularly Chapter
166, Part II, Florida Statutes, and other applicable I>rovisiona of law, for the purpose of financing the
cost of the acquisition and construction of extensions and improvements to the water and sewer system
of the City Ithe "System"). The 1987 Bonds are special obligations of the City payable from t.he net
revenues of the Syatem (the "Pledged Revenues"l, and are on a proity as to lien on and source and security
for paytnent from the Pledged Revenues, with the City's outstanding Water and Sewer Revenue Bonds,
Series 19841the "ParJty Bonds"). The 1987 Bonds shall not be or constitute a general indebtedness of
the City within the meaning of any constitutional or statutory provinion or limitation, hut sholl be puyable
80lely from and secured by alien upon and pledge of the Pledged Revenues, and no bondholder shall
ever have the right to compel the exercise of the ad valorem tadng power of the City or taxation in
any form of any real property therein to pay the 1987 Bonds or the interest thereon. The Bonds have
been validated hy Final Judgment of the Circuit Court for Pinellas County, Florida, on September 14,1984,
REDEMPTION PROVISIONS, The 19B7 Bonds maturing in the years 1992 to 1995, both inclusive,
are Dot subject to redemption prior to their respective stat-ed dates of mnturity. 'rhe 19B7 Bonds maturing
in the year 1996 and thereafter shall, at the option of the City, be redeemable on and after December 1,
1995. (I) as a whole at any time. or Iii) in part,in inverse order of maturity and by lot within a maturity,
on any interest payment date ther~nfter, at 11 price of par plus accrued interest, plus 8 premium of 2%
of the par value thereof 1( redeemed on December 1, 1995, such premium to reduce at the rata of ~ of
1 % on each December 1 thereafter.
$1,165,000
1,260,000
1,460,000
1,575,000
1,900,000
2,675,000
2,885,000
TERMS OF SALE.
Interest Rates - Bidders may specify rates of interest in multiples of % or %D of 1 % per annum with
the some single interest rate for anyone maturity. No bid offering 11 difference grenter than 3% between
the highest and lowest rate of interest, or specifying n 0% rate of interest for any maturity. will be
consldered. The interest rate specified for any maturity shall not be less than the rate specified for any
earUer maturity.
1
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Award - No bid for less than nll of the 1987 Bonds offered, or for less than 98~t% of the par value
thereof, will be considered. Award of the 1987 Bonds will be made to the bidder whose bid oilers the
lowest true interest cost to the City, such true interest cost to be determined by doubling the semiannual
interest rate (compounded semiannually) necessary to discount the debt service payments on the 1987
Bonds from the payment dates to June I, 1987, and to the price bid, not including interest accrued to
the date of delivery of the 1987 Bonds, For purposes of computing the lowest true interest cost to the
City as a basis for awarding the 1987 Bonds, any premium for municipal bond insurnnce, if specified,
shnll be treated 8S a reduction in the price bid. The amount of such premium will be available from the
respective insurers named below prior to May 21. 1987,
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance
Corporation ("MBIA"I, Finnncial Guaranty Insurance Company I"FGIC"), AMBAC Indemnity
Corporation ("AMBAC") and Bond Investors Guaranty ("BIG"). for a policy of insurance on the 1987
Bonds. At the option of the bidder, bids may be conditioned upon the issuance, effective as of the date
on which the 1987 Bonda are issued, of n polley of insurnnce by MBIA, FGIC. AMBAC or BIG.
guaranteeing the payment of the principal of and interest on tho 1987 Bonds, The premium for such
insurance shnll be paid by the City out of the proceeds of the sale of the 1987 Bonds, Each 1987 Bond
will bear a legend referring to the insurance, if applicable, The purchaser, holder. or owner of the 1987
Bonds is not authorized to make any atatement regarding insurnnce beyond those set out hore nnd :n
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1987
Bonds. but neither the failure to print such number on any 1987 Bond nor any error with respect thereto
shnll constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for
the 1987 Bonds, All expenses in relation to the printing of CUSIP n'lmbers on the 1987 Bonds shall
be paid for by the City; provided, however. that the CUSIP Service Burenu charge for the assignmdnt
of the numbers shall be the responsibility of and shnll be paid for by the purchaser.
Bid Form - Each bid submitted must be unconditional. on a form furnished by the City (the "Bid
Proposal") and in a sealed envelope addressed to the City and marked "Bid fOl' $17,000,000 City of
Clearwater. Florida. Water and Sewer Revenue Bonds, Series 1987."
Bid Check - Each bid must be accompanied by a certified or bank cashier's or bank treasurer's
check for $170,000, drawn upon an incorporated bank or trust company to the order of the City as n
good faith deposit to guarantee performance of the bid. No interest will be paid on any good faith check.
The checks of the unsuccessful bidders will be returned upon award of the 1987 Bonds. The check of
the successful bidder will be retained and applied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder. or will be forfeited to the City and applied as full liquidated
damages upon failure of the successful bidder to take delivery and pay for the 1987 Bonds. If the 1987
Bonds are not delivered to the successful bidder within 45 days from the date of sale, without fault upon
the part of the successful bidder. such successful bidder shall not thereafter be obligated to toke delivery
of and pay for the 1987 Bonds and the amount of the good faith check will be promptly paid to the
successful bidder.
Right of Rejection - The City reserves the right to reject any and nll bids. and any bids not complying
with the provisions hereof will be rejected, The City also reserves tho right to waive any informality
in any bid, to take any action adjourning or postponing the sale of the 1987 Bond!:l or to take any other
action the City may deem to be in tho best interest of the City.
Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish, prior
to or at the time of delivery of the 1987 BondS', a certificate stating the initial offering prices to the public
at which a substantial amount of each maturity of the 1987 Bondo was sold, within the context of Section
1278 of the Internal Revenue Code of 1986. as amended. Generally, the first price at which at least 10%
of the 1987 Bonds of each maturity were sold to persons other than bond houses, brokers, or similar
persons or organizations acting in the capacity of underwriters or wholesalero will be acceptable.
DELIVERY OF 'fHE 1987 BONDS. Delivery of and pllyment for the 1987 Bonds in definitive form
will be made on or about June 24, 1987. in New York. New York, or such other place and/or date mutually
agreed upon between the purchaser and the City. Payment of the balance of the purchase price, plua
accrued interest, shall be made to the City at the closing, in federal funda.
2
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LEGAL OPINION. Tho'19B7 Bonds are being offered for sale subject to the unquoUfled approving
opinion, as to legality and exclusion of interest on the 1987 Bonds from gross income for Federal income
tax purposes, of Livermore Klein & Lott, P .A., Jacksonville, Florida, Bond Counsel, which will be fumishod
without charge to the purchaser at the time of delivery.
OFFICIAL STATEMENT. Up to 500 copies of the Official Statement relating to the 1987 Bonds
will be furnished by the City to the successful bidder without charge, and additional copies may be obtained
at the expense of the successful bidder.
REGISTRATION INFORMATION. The purchaser shall furnish to the Bond Registrar Dot Jess thW1
10 days prior to the 1987 Bond closing the names of the registered owners of the 1987 Bonds to appear
on the face of the 1987 Bonds, the denominations of the 1987 Bonds and any other pertinent information
in order for the Bond Registrar to complete the 1987 Bonds for execution. If such information is not
received by that time, the 1987 Bonds will be issued and delivered to the purchaser as 8 single 1987
Bond for each maturity registered in the name of the purchaser, and any subsequent Mgistration of
transfer to effect redelivery of the 1987 Bonds shall be the responsibility of the purchaser.
ADDITIONAL INFORMATION. Copies of the PreUminary Official Statement, Bid Proposal and
other information may be. obtained from Cynthia E. Goudeau, City Clerk of tho City of Clearwater, 112
South Osceola Avenue, Clearwater, Florida 88515 (813) 462.6900, or from Mr. Steven M. Poe, William
R. Hough & Co., 100 Second Avenue South, Suite 800, St. Petersburg, Florida 33701, (818) 896.8880,
Financial Advisor to the City.
CITY OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau,
City Clerk
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Olt'FIClAL NOTICE OF SALE
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE DONDS, SERIES 1987
SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"),
at the office of the City Managcr of the City, 112 S. Osceola Avenue, Clearwater, Florida 33616, until
2:30 P,M. Eastern Daylight Savings Time, on
May 21, 1987,
for the purchase of all, but not less than all, of $17,000,000 Water and Sewer Revenue Bonds, Serie!
1987 (the "1987 Bonds"), of the City dated June I, 1987. The 1987 Bonds will be is!lued by the City
in fully registered form, without coupons, will be in the denomination of $5,000 each or integral multiples
thereof, will be numbered consecutively from R-l upward, will be payable at Florida National Bank, St,
Petersburg, Florida, as paying agent and registrar (the "Paying Agent" and "Bond Registrar",
rcspectivelyl, with interest payable from their date on December I, 1987, anusemi:UJnually thereafter
on June 1 and December 1 of each year, and will mature on December 1 in the )'eors and Rmo\mts 8S follows:
Year
Year
Amount
Amount
$1,165,000
1,260,000
1,460,000
1,576,000
1,900,000
2,67E-,OOO
2,885,000
430,000 2007 3,015,000
AUTHORITY AND PURPOSE. The 1987 Bonds are being issued under the authority of and in full
compliance with the Constitution and Statutes of tho State of Florida, including particularly Chapter
166, Part II, Florida Statutes, and other applicable provisions of law, for the purpose of fmancing the
cost of the acquisition and construction of extensions and improvements to the water and sewer system
of the City (the "System"l. Thc 1987 Bonds are special obligations of the City payable from the net
revenues of the System (the "Pledged Revenues"), and are on a parity as to lien on and source and security
for payment from the Pledged Revenues, with the City's outstanding Water and Sewer Revenue Bonds,
Series 1984 (the "Parity Bonda"~, The 1987 Bonds sholl not be or constitute a general indebtedness of
the City within the meaning of any constitutional or statutory provision or limitation, but sholl be payable
solely from and secured by a lien upon llDd pledge of the Pledged Revenues, and no bondholder shall
ever have the right to compel the exercise of tho ad valorem taxing power of the City or taxation in
any form of any real property therein to pay the 1987 Bonds or the interest thareon, The Bonds have
been volldated by Final Judgment of the Circuit Court for Pinellas County,lt"'lorida, on September 14, 1984,
REDEMPI'ION PROVISIONS. The 1987 Bonds maturing in tbo years 1992 to 1995, both iJ1clusive,
are not subject to redemption prior to their respective stated dates of maturity. The 1987 Bonds maturing
in the year 1996 tlDd thereafter sholl, at the option of the City, be redeemable on and after December I,
1995, (I) as a whole at any time, or (il) in part, in inverse order of maturity and by lot within a maturity,
on tIDy interest payment date thereafter, at a price of par plua accrued interest, plus a premium of 2%
of the par value thereof if redeemed on December I, 1995, such premhun to reduce at the rate of V. of
1 % on each December 1 thereafter,
1992
1993
1994
1995
1996
1997
1998
1999
$570,000
.0-
15,000
10,000
10,000
15,000
15,000
2000
2001
2002
2003
2004
2005
2006
TERMS OF SALE.
Interest Rates - Bidders may specify rates of interest in multiplcs of y. or Vao of 1 % per annum with
the flame single interest rate for any onB maturity. No bid offering a difference greater than 3% between
the hJghest and lowest rate of interest, or specifying a 0% rate of interest for any maturity, will be
considered. The interest rate specified for any maturity shall not be less than the rate specified for any
earlier maturity.
1
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Award - No bid for less thlU1 all of the 1987 Bonds offercd, or for less than 98%% of the par value
thereof, will be considered. Award of tbe 1987 Bonds will be made to the bidder whose bid offers the
lowest true interest cost to the City, such true interest cost to be determined by doubling the semiannual
interest rate (compounded scminnnunlly) necessary to discount the debt service payments on the 1987
Bonds from the payment dates to June 1, 1987, and to the pricu bid, not Including Interest accrued to
the date of delivery of the 1987 Bonds. For purposes of computing the lowest true interest cost to the
City as a basis for awarding the 1987 Bonds. any premium for municipal bond insurance, if specified.
shall be treated DB a reduction in the price bid, The amount of such premium will be available from the
respective insurers named below prior to May 21, 1987.
lnsurance - The City hos applied for a commitment from the Municipal Bond Investors Assurance
Corporation ("MBIN'I, Financial GUlU"lUlt.y Insurance Company \"FGIC"h AMBAC Indemnity
Corporation l"AMBAC") and Bond Investors Guaranty ("BIG"~, for a policy of insurance on the 1987
Banda, At the option of the bidder, bids may be conditioned upon the issunnce, effective as of the date
on which the 198'1 Bonds ore issued, of a policy of insurance by MBIA, FGle, AMBAC or BIG,
guaranteeing the payment of the principal of and interest on the 1987 Bonds. The premium for such
insurance shall be paid by the City out of the proceeds of the sale of the 1987 Bonds. Each 1987 Bond
will bear a legend referring to the insurnncc, if applicable. The purchaser, holder, or owner of the 1987
Banda is not authorized to make any statement regarding insu.rance beyond thosn set out here and in
the Bond legend.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be printed on the 1987
Bonds, but neither the failure to print such number on any 1987 Bond nor any error with respect thereto
shall constitute cause for a failure or refusll1 by the purchaser thereof to accept delivery of and PllY for
the 1987 Bonds. All expenses in relation to the printing of ClISIP numbers on the 1987 Bonds shall
be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment
of the numbers shall be the responsibility of and sholl be paid for by the purchaser.
Bid Farm - Each bid submitted must be unconditional, on a form furnished by the City (the "Bid
Proposal") and in a sealed envelope addressed to the City and marked "Bid for $17,000,000 City of
Clearwater, Florida, Water nnd Sewer Revenue Bonds, Series 1987,"
Bid Check - Each bid must be accompanied by a certified or bank cashier's or bank treasurer's
check for $170,000, drawn upon an incorporated bank or trust compan,}' to the order of the City as a
good faith deposit to guarantee performance of tile bid. No interest will be paid on any good faith check.
The checlts of the unsuccessful bidders will be returned upon award of the 198'1 Bonds. The check of
the successful bidder will be retained and applied towards the purchase price of the 1987 Bonds pending
full performance of the successful bidder, or will be forfeited to the City and applied as fullllquidated
damages upon failure of the successful bidder to take delivery and pny for the 1987 Bonds. If the 1987
Bonds flJ'e not delivered to the successful bidder within 45 days from the date of Bale, without fault upon
the part of the successful bidder, such successful bidder shall noL thereafter be obligated to take delivery
of and pay for the 1987 Bonds and the amount of the good faith check will be promptly paid to the
Buccessful bidder.
Right of lltjection - The City reserves the right to reject any and all bids, and any bids not complying
with the provisions hereof will be rejected. The City also reserves the right to waive any informality
in any bid, to take any action adjoumlng or postponing the sale of the 1987 Bonds or to tnke any other
action the City may deem to be in the best interest of the City.
Disclosure Obligations a/the Purcha8er - The succeseful bidder will be required to iurulsh, prior
to or at the time of delivery of the 19B? BondS', a certificate stating the initial offering prices to the pu bUe
at which a substantial amount of each mllturit), of the 1987 Bonds was sold. within the context of Section
1278 of the Internal Revenue Code of 1986, as llDlcnded, Generally, the first price at which at tanat 10%
of the 1987 Bonds of each maturity were sold to persons other than bond houses, brokers, or similar
persons or organi2:atione. acting in the capacity of underwriters or wholesalers will be acceptable,
DELIVERY OF THE 1987 BONDS. Delivery of nnd payment for the 1987 Bonds in definitive form
will be made on or about June 24,1987, in New York, New York, or such other place andlor date mutually
agreed upon between the purchaser and the City, Payment of the balance of the purchase price, plus
accrued interest, shall be made to the City at the closing, in federal funda. .
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LEGAL OPINION. The 1987 Bonds are being offered for sale subject to the unqualified approving
opinion, as to legality and exclusion of interest on the 1987 Bonds from gross Income for Federal income
tax purposes, of Livermore main & Lott, P.A., Jacksonville, Florida, Bond Counsel, which will be furnished
without charge to the purchaser at the time of delivery.
OFFICIAL STATEMENT. Up to 500 copies of the Official Statement relating to the U!87 Bonds
will be furnished by the City to the successful bidder without charge, and additional copies may be obtained
at the expense of the successful bidder.
REGISTRATION INFORMATION. The purchaser shnll furnish to the Bond Registrar not less than
10 days pnor to the 1987 Bond closing the names of the registered owners of the 1987 Bonds to appear
on the face of the 1987 Bonds, the denominations of the 1987 Bonds and any other pertinent information
in order for the Bond Registrar to complete the 1987 Bonds for u:ecution. If such information is not
received by that time, the 1987 Bonds will be issued and delivered to the purchaser llS a single 1987
Bond for each maturity registered in the name of the purchllSer, and any subsequent registration of
transfer to effect redelivery of the 1987 Bonds shall be the responsibility of the purchll8er.
ADDITIONAL INFORMATION. Copies of the Preliminary Official Statement, Bid lTopo9al and
other information may be obtained from Cynthia E. Goudeau, City Clerk of the City of Clearwater, 112
South Osceola Avenue, Clearwater, Florida 33615 (8131 462-6900, or from Mr. Steven M. Poe, William
R. Hough & Co., 100 Second Avenue South, Suite 800, St. Petersburg. Florida 33701, (813) 895.8880,
Financial. Advisor to the City.
CITY OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau,
City Clerk
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