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RESOLUTION
No. ?0 - 46
RESOLUTION AWARDING $3, 200, 000 UTILITY REVENUE
CERTIFICATES OF THE CITY OF CLEARWATER, FLORIDA.
WHEREAS, pursuant to notice duly published for the sale o[
$3, 20D, 000 Utility Revenue Certificates, Series of 1969, of the City of
Clearwater, dated August 1, 19b9, the following sealed bids have been
received:
The proposal of William R. Hough Ec Co, and Associates offering
to purchase said Certificates and to pay therefor the sum of Three Million
One Hundred Fifty-two Thousand Dollars {$3, 152, 000}, together with accrued
interest from February 1, 1970 to the date of delivery thereof, said Certificates
to bear interest a# the rate of 7.50 per centum per annum on the Certificates
maturing in the years 1971 to 1982, at the rate of b. ?0 per centum per annum
on the certificates maturing in the yeax 1983, at the rate of 6.80 per centum
per annum an the certificates maturing in the year 19$4, at the rate of
b. 9D per centum per annum on the certificates maturing in the year 1985, at
the rate of 7. 00 per centum per annum on the certificates maturing in the
years 1986 to 1891, and at the rate of 5. 5D per centum per annum on the
certificates maturing in the year 1992; and
The proposal of Merrill, Lynch, Pierce, Fenner & Smith, Inc. and
Associates offering to purchase said Certificates and to pay therefor the
sum of Three Million, One Hundred Fifty-two Thousand Dollars ($3, 152, OOD?,
together with accrued interest from February 1, 1970 to the date of delivery
thereof, said Certificates to bear interest at the rate of 7.50 per centum per
annum on the certificates maturing in the gears 1971 to 1960, at the rate of
b. 50 per centum per annum on the certificates maturing in the years 1981
-1-
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and 1982, at the rate oi' 6. 70 per centum per annum on the certificates
maturing in the years 1983 and 1984, at the rate of 6. 90 per centum per annum
-' on the certificates maturing in the year 1985, at the rate of 7.00 per centum
per annum on the certificates maturing in the years 1986 to 1491, and at the
rate of 6. 00 per centum per annum an the certificates maturing in the year
1992; and
The proposal of Kidder, Peabody & Co. and Associates offering to
purchase said Certificates and to pay therefor the sum of Three Million One
Hundxed Fifty-two Thousand Fifty Dollars ($3, 152, 050), together with accrued
interest frarn February 1, 1970, to the date of delivery thereof, said certificates
to hear interest at the rate of 7.50 per centum per annum on the certificates
maturing in the years 1971 to 1984, at the rate of 7. 25 per centum per annum
an the certificates maturing in the years 1485 to 1941, and at the rate of
5. 00 per centum per annum on the certificates maturing in the year 1992; and
The proposal of Hibbard, O'Connor & Weeks, Ync. offexing to purchase
said Certificates and to pay therefor the sum of Three Million One Hundred
Fifty-two Thousand Dollars ($3, 152, 000), together with accrued interest from
February 1, 1970, to the date of delivery thereof, said certificates to bear
interest at the rata of 7.50 per centum per annum on the certificates maturing
in the years 1971 to 1985, at the rate of 7. 25 per centum per annum on the
certificates maturing in the years 1986 to 1988, at the rate of 7.30 per centum
per annum on the certificates maturing in the year 1989, at the rate of 7.40
per centum per annum on the certificates maturing in the year 1940, and at the
rate of 6. 00 per centum per annum on the certificates maturing in the years
1991 and 1992; and
The proposal of Halsey, Stuart & Co. , Fnc. and Associates offering to
purchase said Certificates and to pay therefor the sum of Three Million One
Hundred Fifty-two Thousand Dollars ($3, 152, 000), together with accrued
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interest from February 1, 1970, to the dato of delivery thereof, said Certificates
to bear interest at the rate of 7.50 par centum per annum on the certificates
maturing in the years 1971 to 1979, at the rate of 7.40 per centum per annum
on the certificates maturing in the year 1980, at the rate of 7. 00 per centum
per annum an the certificates maturing in the years 1981 to 1985, at then rate
of 7. 10 per centum per annum on the certificates maturing in the year 1886,
at the rate of 7. 20 per centum per annum on the certificates maturing in the year
1987, at the rate of 7. 30 per centum per annum an the certificates maturing
in the year 1988, at the rate of 7.40 per centum per annum on the certificates
maturing in the years 1989 to 1991, and at the rate of 6, 00 per centum per
annum on the certificates maturing in the year 1942; and
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The proposal of W. H. Morton & Co, and Associates offering to
,,.
purchase said Certificates and to pay therefor the sum of Threw Million One
Hundred Fifty»twv Thousand Dollara ($3, 15z, 000), together with accrued
interest from February 1, 1970, to the date of delivery thereof, said certificates
to bear interest at the rate of 6. 00 per centum per annum on the certificates
maturing in the years 1471 to 1976, at the rate of 6. 50 per centum per annum
on the certificates maturing in the years 1977 to 1979, at the rate of b. 60 per
centum per annum an the certificates maturing in the year 1980, at the rate of
6. 70 per centum per annum an the certificates maturing in the year 198I,
at the rate of 6.80 per centum per annum on thu certificates maturing in the
year 1982, at the rate of 6. 90 per centum per annum on the certificates maturing
in the year 1983, at the rate of 7. 00 per centum par annum on the certificates
maturing in the year 19$4, at the rate of 7. 10 per centum per annum on the
certificates maturing in the year 1985, at the xate of 7. 20 per centum per
annum on the certificates maturing in the year 1986, at the rate of 7. 25 per
centum per annum on the certificates maturing in the years 1987 and 1988, at
the rate of 7.30 per centum per annum on the certificates maturing in the
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'S •. ~: ~ .'ir~ ~~~ ~'~=i o '~3:s.• uY~~~i,~'`;.•Y+~+4.'P.~`~}~ ° b; :f~tiiYrgr~;"~w~'~~;'t
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i4ia.}'itn~re4ra~iis+.r"l.+..r . •~. ~« ...:1":.i.s::'!lt:,..~•.~xr.,+y~.~.,or...rrri'r,.nc¢r.ae~.=a.,xr:.V~tc'istewrrarriratv~.sa~Yi..ti,~4t~1:
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as ' is ~{~ f~,r~+F~`•:'-a~>a,~. •-;
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years 1989 and 1990, and at tho rate of 7.40 per centum per annum on tho • ;',~, ~;;`; :r,',•.,,~~_~',
• ~~ .
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"' certificates maturing in the years 1991 and 1992; and F
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The proposal o[ F. S. Smithers & Co. , Inc. and Associates o[fering a r
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to purchase said Certificates and to pay therefor the sum of Three Million ~'
' ~' ~ .
Onc Hundred Fifty-two Thousand Dollars {$3, 152, 000), together with accrued ~ ~ j:.
'•i
interest from February 1, 1970, to the date of delivery thereof, said certificates ..r.
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to bear interest at the rate of ?. 50 per centum per annum on the certificates ,'_; ::~:;~u;~,Stt;,,,+
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' maturing in the years 1971 to 1975, at the rake of 6. 00 pex centum per annum ;
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on the certificates maturin in the sax 1976, at the rate of b. 20 er centum '~ ~
per annum on the certificates maturing in the year 1977, at the rate of b. 40
per centum per annum on the certificates maturing in the year 1978, at the
rate of b. 50 per centum per annum on the certificates maturing in the yeax
1979, at the rate of 6.60 per centum per annum on the certificates maturing
In the year 1980, at the rate of b. 70 per centum per annum on the certificates
maturing in the year 1981, at the xate 6. BO per centum per annum on the
certificates maturing in the yeax 1982, at the rate of b. 90 per centum per annum
on the certificates maturing in the year 1983, at the rate of 7. 00 per centum
per annum on the certificates maturing in the year 1984, at the rate of 7. 10
per centum per annum on the certificates maturing in the year 1985, at the
rata of 7. 20 per centum per annum on the certificates maturing in the year
1986, at the rate of 7.30 par centum par annum on the certificates maturing
in the years 1987 to 1984, and at the rate of 7. 40 per centum pex annum on the
certificates maturing in the years 1990 to 1992; and
The proposal of Blyth & Co. , Inc. and Associates offering to purchase
said Certificates and to pay therefor the sum of Three Million One Hundred
Fifty-two Thousand One Hundred Thirty-seven and 30/100 Dollars
{$3, 15Z, 137.30), together with accrued interest from February 1, 1970, to
the date of delivery thereof, said certificates to bear interest at the rata of
-4-
"
_~ : Rcso~, .~'jo-146
6-1070
` 5`,~t~t~t ~;~~;~.~~m'rr;k. .. ;1• # , .{~. ~ ,• :,-:~.' '.~.=:' ~ _;~. ...,-~~''~ :I..:z`a~;r..;rf.i.;;'"~;;-?~;i;KrF
„~,~s•',t `?N+,'~.~.Y,tf;T.~~• ~•r~,.n. r.•,..,~.,.~. ka -.; M' "~S, ''~• .~ .. .w..r~, t,~~,r .1~~.~.,"ft..5^,~°,;;',-..1:t~~.7,'`~:u"`~y4~~y'°.f. '"!rF'.Y'-~ ~~i`F.~f:r"C: a~..,-e..~}p'sa _`,.
~L4'~`f~ ti~.l:i ~-.i.i_a. ,:;•~s'utr;'17.s' '? _: a,, _ •-'{~:,;.;,, ,a~.. 'r~ `° 7~ ,+' - t ~ ~x:'` '~#sjt' 3
+t'~~»fn~ ~'y r41°''_ ..Sr r, $3 ~r ,a~p'x , k r ' ' y'a -' <. ';s : ~;y :; ~ 'c>£`:?..'tr =~~.:.' i' ~• '~,,: .k~,~ &v„
~~t.I ..r .~.Z ~: _}. r5'3:"1 F:~.s`~r••~.~`i"e. „{"~ {i} : ~i I^S,_. 1~.~', ~ a ' ~r;tii'.,r ': ry, ~. ~.. ~.. ;!,~~~. (n 6 ~ ti r 3 t .rare Y
yC"~'fiy~•"•~,A?~ga~~~a~;F';,:~W.,,~r:x,;{~.i: ~S:~.i~s~'~ rt~:J:t~
fi~t., ri °:~r .Y'i; .t;°~'! .C'~i~5`Yd.:l,•{,i: l,..tS"iba`w}~.t R~r'~y'~,5.~~~
S`f rir.: i,~nr•; s'';1 .•!~:.:#'~` ~~t., -Y.'Ss..'f :`~L;'.~~;''S .'^~.'[:°
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7.50 per contum par annum on the certificates maturing in the years 19?l
to 1983, at the rate of 7. 10 per contum per annum on the certificates maturing
in the year 1984, at the rate of 7. 20 per contum per annum an the certificates
maturing in the year 1485, at the rate of 7. 3D per contum per annum on the
cert}f}cater maturing in the year 1986, at the rate of 7.40 per contum ger
annum on the certificates maturing in the year 1987, at the rate of 7.50 per
contum per annum an the certificates maturing in the years 198$ to 1991,
and at the rate of 6. DO per contum per annum an the certificates maturing in
the year 1992; and
WHEREAS, the offer of William R. Hough & Co. and Associates
of Three Million One Hundred Fifty-two Thousand Dollars ($3, 152, 000) is
the highest and best offer for said Certificates and complies in all respects
with said Notice of Sale;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
1. That the proposal of William R. Hough & Co. and Associates
of Three Million One Hundred Fifty-two Thousand Dollars ($3, 152, 000)
referred to in the preambles hereof, be and the same is hereby accepted
and the following described Certificates of the City be and they are herehy
awarded and sold to said purchaser referred to in the preambles hereof at
the price and in accordance with the proposal of said purchaser:
$3, 200, 000 -UTILITY REVENUE CERTIFICATES,
SERIES OF 1964, dated August 1, 19b9,
bearing interest at the rates per annum
and maturing an August 1 in the years and
amounts as follows:
Year
1971
197 2
1973
1974
1975
197 6
1977
1978
:1 ~ Re eo . ~fl..~6 ~,
Amount
$65, 000
$70, 000
$75, D00
$60, 000
$85, 000
$85, 000
$90, DDo
$95, 000
-5-
Into re s t
Rate
7.50%
7. 50%
7. 50%
7.50%
7. 50%
?. 50%
7.5a%
7. 50%
6-10-70
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,ayl ~' ~ l.t•.4Y.' :4' 1. Fw;.'.~~'. •:~~`, Y~?~h`"v 4'~.~~• IL. 5T•!f~
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,4i ~ • -.:p.,,; •t sit{ l'- '~ d?~ s ~~ ~ `' ~ ., ,,. ' ~ i...a^.:.- ~ 'i::r~oYi• ~i~
I' !'t"{~{~,a, ,°j4 ri~}~~..Y~'£;~~y^f'~.",~--~j-~:~~. ,s a. :.: ;Ys~.~.,~e~.::, :,.~~$.~}.~,... ~ ~:'I- °;d."~L'i~rk•. ,,:" ~ c;? ~r1{yx. .?~.~
"~:~:a.~. i::,~,~;~ v:~~'e~s?hy''~~ :. K ~3 ~_:*,.`~`: ~...' ~~;~:'': o" e ~_''+' ~:r"j ~ . !~~: ; : ~ _ . • ~~~e~~'.~'~.~xr~~'~~1~~ ~ t; Y~^~.+;~~'~~
'.~ds~r~ii rS..7
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Clerk
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aj,, Y r~ ~ 'f ..:.7. nom'. • ~.... ~ .f,. w.-. .._
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Interest
year Amount Rata -
1979 $105, 000 7.50%
Ir~BO $105, 000 7.50%a
l9s 1 $110, ono 7.50%
1982 $120, 000 7.50%
1983 $125, 000 6.70%
1984 $130, 000 6.80% -'
1 q85 $195 ,4000 6. 90%
1986 $205, 000 7. 00%
1987 $215, 000 7. 00%
1988 $230, 000 7. 00%
1989 $240, 000 7. 00%
1940 $250, 000 7.00%
1991 $2bo, aao 7. oo%
1992 $265, D00 5. 50% ,
2. That the proper officers of the City be and they are hereby authorized
and directed to e xecute said Certificates when prepared and to deliver the same
to said purchase r upon payment of the purchase price in accordance with
this Resolution, without further authority from this Commission.
3. This Resolution shall take effect immediately upon passage.
4. PASS ED AND ADOPTED this 1
r
6-10-70
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