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d
RESOLUTION
?. No. 73••5.1 s
u?
AWARDING $9, 000, 000 UTILITY REVENUE
CERTIFICATES, SERIES OF 1972, OF THE P
k CITY OF CLEARWATER, FLORIDA }
WHEREAS, pursuant to notice heretofore duly published for the sale
of $9, 000, 000 Utility Revenue Certificates, Series of 1972, dated August 1,
1972 (hereinafter referred to as "Certificates"), the following sealed
w..,<`
.?.,f,. i,,• proposals have been received:
7
i 1_;`.7:'S off,'. r•
t
Y
,
• .
?
The proposal of William R. Hough & Co. and Associates offering to
z
pay the sum of Eight Million Nine Hundred Eleven Thousand Three Hundred
Seventy-five and 20/100 Dollars ($8, 911, 375. 20), together with accrued interest '
from February 1, 1973 to the date of delivery thereof, for said Certificates
bearing interest at the rate of six and one-half per centum (6. 5016) per annum
on the Certificates maturing in the years 1974 to 1983, inclusive, at the rate
of five and three-fourths per centum (5.75%) per annum on the Certificates
maturing in the years 1984 to 1985, inclusive, at the rate of five per centum
(5.00%) per annum on the Certificates maturing in the years 1986 to 1991,
inclusive, at the rate of five and one tenth per centum (5. 10%) per annum on
the Certificates maturing in the years 1992 to 1995, inclusive, at the rate of
five and one-fourth per centum (5. 2576) per annum on the certificates maturing
in the years 1996 to 1997, inclusive, and at the rate of five and three tenths
per centum (5. 307o) per annum on the Certificates maturing in the years
1998 to 1999, inclusive, being a net interest cost of $10, 118, 836.05.
The proposal of Halsey, Stuart & Co. , Inc. and Associates offering
to pay the sum of Eight Million Nine Hundred Ten Thousand Dollars
($8, 910, 000. 00), together with accrued interest from February 1, 1973, to
the date of delivery thereof, for said Certificates bearing interest at the
rate of six and one-half per centum (6. 57o) per annum on the Certificates
maturing in the years 1SW4 to 1983, inclusive, at the rate of five and one-half
per centum (5.5%) per annum on the Certificates maturing in the year 1984,
at the rate of five per centum (5%a) per annum on the Certificates maturing in
the years 1985 to 1988, inclusive, at the rate of five and one-'tenth per centum
per annum on the Certificates maturing in the years 1989 to 1990,
Rgao.73-51 ••I- 4-25-73
7.
e?~ ,?n • w1}Sr,1f-?ls V t"['.,.'.1. Msyy, wlM? Y} y? F .i?s?4 ?. F5C "'?':'t+`tY•.h t, 3;+',,.?
r (? i 7wa'N' .s?',??,^(r ;9'?!i,"?;??•, 3? +
?.:
"fl?'?'? +'iti :+'?'r f>. `?i.'1 ?i'M M:. ?++?' ;R.x:, .`.i" .:';Ai?i?`'. ,+.?. .`.. ?,?.+4., -:_t i.. :'r': ...1„'•:. ?,:; ;?`' "'!< ,.:
? Y..f
F
inclusive, at the rate of five and two..tenths per centum (5. 2%) per annum
on the Certificates maturing in the year 1991, at the rate of five and one.
quarter per centum (5. Z57o) per annum on the Certificates maturing in the
years 1992 to 1993, inclusive, and at the rate of five and three tenths per
centum (5.3%) per annum on the Certificates maturing in the years 1994 to
1999, inclusive, being a net interest cost of $10, 289, 758.75.
The proposal of Lehman Brothers Incorporated and Associates
offering to pay the sum of Eight Million Nine Hundred Ten Thousand Three
Hundred Seventy-eight and 20/100 Dollars ($8, 910, 378.20), together with
accrued interest from February 1, 1973, to the date of delivery thereof,
for said certificates bearing interest at the rate of six and one-half per centum
(6. 5%) per annum on the Certificates maturing in the years 1974 to 1986,
inclusive, at the rate of five and one-fourth per centum (5. Z576) per annum on the
Certificates maturing in the year: 1987, at the rate of five and one tenth per
centum. (5. 1016) per annum on the Certificates maturing in the years 1988 to
1989, inclusive, at the rate of five and two tenths per centum (5. Z016) per annum
on the Certificates maturing in the years 1990 to 1991, inclusive, at the rate
of five and one-fourth per centum (5. 250/6) per annum on the Certificates
maturing in the years 1992 to 1996, inclusive, and at the rate of five and
three tenths per centum (5. 3%) per annum. on the Certificates maturing in
the years 1997 to 1999, inclusive, being a net interest cost of $10, 306, 624. 30.
The proposal of W. H. Morton & Co. offering to pay the sum of
Eight Million Nine Hundred Ten Thousand One and 95/100 Dollars ($8,910,001.95),
together with accrued interest from February 1, 1973, to the date of delivery
thereof, for said Certificates bearing interest at the rate of five and one-half
per centum (5. 5%) per annum on the Certificates maturing in the years 1974
and 1975, inclusive, at the rate of six and one-half per centum (6.5%) per
annum on the Certificates maturing in the years 1976 to 1985, inclusive,
-2.
Reso.473-51
' ,?4.. :?:i,?,3'S'e?dd_ l+.r?,. 'A'w?'F.;?. r..i .ei«,T ?•.. r,.... _ .., ,. ;S. ,
w+s•iS
4-25-73
M9"fi•r•.1-?;`k?;w?}?yv;?""?'ttp r'f `••??"''}.°tO?c`J;*?r,4.?t.?ey r.,'.?. C'ru ;S-:.. ;„ -a*. 'e. t3
'?5,?'`. ..{^; }r Y':.,;?:, '.F?=., (( ?.r??- .FL'^ 'r: r%??+'Z:'n °''e' ? ?-°'ry`• .R.,.. :'S: ? w''A;r•?`v._
,7._S_sY;:.R1:.?:s: tZ.1:r.. ., ?'?S:•.?a d':.__...:'v,':..__,t.7,.3'+FLd?d?:>:>?•z?.'ca. :,.;•L7 ."?.. ?i.'?-s"..:..,. .:;__,.,°.r....,t;;..,,z..Y;Zfi?,i'?hS1?:s`?.r..:
at the rate of five and one-half per contum (5.5%a) per annum on the Certificates
maturing in the year 1986, at the rate of five and six tenths per centurn (5. 616)
per annum on the Certificates maturing in the years 1987 to 1995, inclusive,
at the rate of five and one-half per centum (5. 576) per annum on the Certificates
maturing in the years 1996 to 1998, inclusive, and at the rate of four per
centum (40/6) per annum on the Certificates maturing in the year 1999, being
a net interest cost of $10, 452, 285. 55.
The proposal of $lyth Eastman Dillon & Co. , Incorporated and
Associates offering to pay the sum of Eight Million Nine Hundred Ten Thousand
F Eight Hundred Sixty-five and no/ 100 Dollars ($8, 910, 865.00), together with
accrued interest from February 1, 1973, to the date of delivery thereof, for
said Certificates bearing interest at the rate of five per centurn (51a) per annum
on the Certificates maturing in the years 1974 to 1987, inclusive, at the rate
of five and one tenth per centum (5. 1016) per annum on the Certificates maturing
in the years 1988 to 1989, inclusive, at the rate of five and two tenths per
centurn (5. Z%) per annum on the Certificates maturing in the year 1990,
at the rate of five and one-fourth per centurn (5. 251o) per annum on the
Certificates maturing in the year 1991, at the rate of five and three tenths per
centurn (5.3%) per annum on the Certificates maturing in the years 1992 to
1994, inclusive, and at the rate of five and four tenths per centurn (5.41/4) per
annum. on the Certificates maturing in the years 1995 to 1999, inclusive,
being a net interest cost of $10, 384, 496. 25.
The Proposal of Goldman, Sachs Be Co. & Associates offering to pay the
sum of Eight Million Nine Hundred Ten Thousand Nine Hundred Nine and 90/100
Dollars ($8, 910, 909. 901 together with accrued interest from February 1, 1973,
to the date of delivery thereof, for said Certificates bearing interest at the
rate of six and one-half per centurn (6. 57o) per annum on the Certificates
maturing in the years 1974 to 1983, inclusive, at the rate of five and one-fourth
per centum (5. 2576) per annum on the Certificates maturing in the years 1984
to 1989, inclusive, at the rate of five and one-half per centurn (5.5%) per annum
-3-
41-25--73
?' I
4 t1: 13.. ?I.a" •,, i::.• .Fj .. « tj?-H v ?la..i
,.:`lfr`Ct; ?i'?fb 4: '..:e Yr?4'' .. :CSk?:s ...'?:?a:•. .?z%i. s'r.X?i?y??S°. c'???,°-.`t??ie:i:ih)l,?ey _,1 '?`r:li='{y?d..yl h???,f i^ •?rf
01111",
"
a?:ky on the Certificates maturing in the years 1990 to 1998, inclusive, and at the '
{ it r
rate of five per centum (5%a) per annum on the Certificates maturing in the year
s.
?» ^ 1999, being a net interest cost of $10, 575, 840. 20.
The proposal of Merrill Lynch, Pierce, Fenner & Smith and Associates
" offering to pay the sum of Eight Million Nino Hundred Twelve Thousand Five
!' H
=;..! Hundred Twenty and no/100 Dollars ($8,912, 5Z0.00), together with accrued
interest from February 1, 1973, to the date of delivery thereof, for said
Certificates bearing interest at the rate of fix and one-half per centum (6.5%a)
per annum on the Certificates maturing in the years 1974 to 1983, inclusive,
at the rate of five per centum (516) per annum on the Certificates maturing in
the years 1984 to 1989, inclusive, at the rate of five and one tenth per centum
(5. 1%) per annum on the Certificates maturing in the year 1990, at the rate of
five and fifteen hundredths per centum (5. 157o) per annum on the Certificates
maturing in the year 1991, at the rate of five and two tenths per centum
(5. 2%a) per annum on the Certificates maturing in the year 1992, at the rate
of five and one-quarter per centum (5. 2576) per annum. on the Certificates
maturing in the years 1993 to 1994, inclusive, at the rate of five and three
tenths per centum (5. 376) per annum on the Certificates maturing in the years
' 1995 to 1998, inclusive, and at the rate of five and one-quarter per centum
g r
i (5. 2576) per annum. on the Certificates maturing in the year 1999, being a net
'• L interest cost of $10, 247, 527. 50.
The proposal of Allen & Company offering to pay the sum of Eight
f.
Million Nine Hundred Sixteen Thousand Thirty and no/ 100 Dollars ($8, 916, 030.00),
together with accrued interest from February 1, 1973, to the date of delivery
thereof, for said Certificates bearing interest at the rate of six and one-half .,
per centum (6.5016) per annum on the Certificates maturing in the years 1974
to 1981, inclusive, at the rate of five per centum (5%u) per annum on the Certificates
'
.Y
a'•I
maturing in the years 1982 to 1988, inclusive, at the rate of five and one tenth
per centum (5. 1%) per annum on the Certificates maturing in the year 1989,
at the rate of five and two tenths per centum (5. 276) per annum on the Certificates
maturing in the years 1990 to 1991, inclusive, at the rate of five and one-quarter
per centum (5. Z576) per annum on the Certificates maturing in the years 1992
Reso.#73-5? -4- 4-25-73
;
f !
'r
?t?i.}??3en?'l?
BU
l?l'•7 :. •y. ?
. . .. ...'1 ... ., .
`t ..
e
..?.„?? ? w•..,j3N;'+?.".•Y r ,:zw,'?,.e? ^'^r,,,.. TrP' _?1.yy?4t 'f, - f 'wsra:`.'Y:=]a•??..?'•ri ?.?^X?.=t'?'?C,?
t5`4u`? t'?ol€? .?a, ? .'i L: • .1?: <<-,y^:lSwr`??r
vM' ..?,,. '.i':; ,•,• '.7•. f.; °k`L?~'"31f1, tc'„ ',w •.t4; tls? FS'4:rt" F.
.?e, :'7-i:ri:ik. ?..,,....? _?...- >•,"f ?......r'...- _.._.:?L<.k?`?r.Fs??ik?f.;i_i.•r..?..'
?'
?'i':????5k•'?`•4?j`?4~?lir rp?js?; :eytk?a '.1?
Y
r
rya?Z??P: 1
to 1995, inclusive, and at the rate of five and four tenths per centum (5.4%)
u ?
tic
tY. ?Gt4l
par annum on the Certificates maturing in the ears 1996 to 1999, ifthinivo
being a net interest cost of $10, 340, 972. 50.
The proposal of Dillon, Read It Co. Inc, offering to pay the sum of
.
`
' Eight Million Nine Hundred Ten Thousand Four Hundred Fifty and no/ 100
L ,
S
t : ;fit r ??•1';3.
Dollars ($8,910,450. 00), together with accrued interest from February 1, 1973,
to the date of delivery thereof, for said Certificates bearing interest at the
rate of six and one-half per centum (6. 516) per annum on the Certificates
maturing in the years 1974 to 1981, inclusive, at the rate of five and one tenth
er annum an the Certificates maturing in the year 1982,
1%)
er centum (5
.
p
p
at the rate of four and eight tenths per centum (4.876) per annum on the
Certificates maturing in the years 1983 to 1964, inclusive, at the rate of
four and nine tenths per centum (4.976) per annum on the Certificates maturing
' in the years 1985 to 1986, inclusive, at the rate of five per centum (57c) per
?.. annum on the Certificates maturing in the years 1987 to 1988, inclusive,
at the rate of five and one tenth per centum (5. 1%) per annum on the Certificates
maturing in the year 19B9, at the rate of five and two tenths per centum (5.2%)
'Tr per annum on the Certificates maturing in the year 1990, at the rate of five
and one-quarter per centum (5. 25%) per annum on the Certificates maturing in
the year 1991, at the rate of five and three tenths per centum (5. 310) per annum
on the Certificates maturing in the years 1992 to 1993, inclusive, at the rate
of five and four tenths per centum (5.4%a) per annum on the Certificates.
maturing in the years 1994 to 1999, inclusive, being anet interest cost of
$10, 424, 626. 25,
The proposal of Donaldson, Lufkin & Jenrette, Inc. and Associates
offering to pay the sum of Eight Million Nine Hundred Ten Thousand Three
Hundred Fourteen and 55/100 Dollars ($8, 910, 314. 55), together with accrued
interest from February 1, 1973, to the date of delivery thereof, for said
Certificates bearing interest at the rate of six and one-half per centum
-5-
Reso.073--51
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4-25..73
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.hM ??a±:iY. .?;""i?,{a?;.:ii?? ?ru.?'' - t.•?' .f?"???'.`..L` ..?ZT!? .,?}'•1 :' E ltt: G"' .., ?l•5•'
b `5 'r : .'U?.. - `'•"i?,i:;?'.:. ??y"?r, {: rii.'."Sd' 2 `.? 1.. ^?:a ?e71! - ; f Y ?:.? ., „iw5` f r* ?. , K
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5 •.{nh?.'y;'•??' ? i?+y.'?sb ?f"r•°L'. '_i. r ''?. .;'rr:¢ r3 .'a,, 5f ., ii i•>';a,': '
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?. s??? 1 ?! R! !?•?r ,. F' I.}''N T` j `it t-'" .i'T, w, d•r a.6.?
(6. 516) per annum on the Certificates maturing in the years 1974 to 1985,
rr' ,
inclusive, at the rate of five per centum (516) per annum on the Certificates
maturing in the years 1986 to 1987, inclusive, at the rate of five and one tenth
P.
per centum (5. 1%) per annum on the Certificates maturing in the years 1988
.?; to 1989, inclusive, at the rate of five and two tenths per centum (5. 2%) per
s, annum on the Certificates maturing in•the year 1990, at the rate of five and
' one-quarter per centum (5. 2516) per annum on the Certificates maturing in
the year 1991, at the rate of five and three tenths per centum (5. 3%) per
t',sr annum on the Certificates maturing in the years 1992 to 1994, inclusive,
at the rate of five and four, tenths per centum (5.4%) per annum on the
Certificates maturing in the years 1995 to 1997, inclusive, and at the rate
of five and one-quarter per centum (5. 2516) per annum on the Certificates
maturing in the years 1998 to 1999, inclusive, being a net interest cost
of $10, 380, 846. 70.
The proposal of F. S. Smithers & Co. , Inc. and Associates offering
to pay the sum of Eight Million Nine Hundred Ten Thousand Five Hundred
Forty and no/100 Dollars ($8, 910, 540. 00), together with accrued interest
from February 1, 1973, to the date of delivery thereof, for said Certificates
bearing interest at the rate of six and one.+half per centum (6. 5%) per annum
on the Certificates maturing in the years 1974 to 1984, inclusive, at the rate
of five and three-quarters per centum (5. 75%) per annum on the Certificates
maturing in the year 1985, at the rate of four and nine tenths per centum
(4.95o) per annum on the Certificates maturing in the year 1986, at the rate of
five per centum (576) per annum on the Certificates maturing in the years 1987
to 1988, inclusive, at the rate of five and one tenth per centum (5. 196) per annum
on the Certificates maturing in the year 1989, at the rate of five and two tenths
per centum (5. 27o) per annum on the Certificates maturing in the year 1990,
at the rate of five and one-.quarter per centum (5. 25%) per annum on the
Certificates maturing in the years 1991 to 1992, inclusive, at the rate of
five and three tnnths per centum (5. 3%) per annum on the Certificates maturing
in the years 1993 to 1994, inclusive, and at the rate of five and four tenths
-6-
3 Reso.0•73-51
,.' ?,,.,?YS.e rr•?!•... 's'4T:iCo?a'1•YF ?. t. '.i ::.l' ,F41??M
w?:.(.`Yr,Sa?,?t"?':;k?n'Z?E eS'7+'iu',t'i .,?^?"T???iL?«.b????,T?? ?,s+.e?". ??'"7 ???°r•+?,e'.'r••?T?A
.... r.r.-.... :?.:.. ..?, .. ... ., ..??. ,.. ... ... r .,?,?li: ?i?T= i..:..???hl?-1?i§ir:r°1.,'r,; :..?a•.i?r•.:ti4t:%'Fr.. g: _•+.i^.<'?.4
per centum (5.4%) per annum on the Certificates maturing in the years 1995 to
1998, inclusive, and at the rate of five per centum (516) per annum on the
Certificates maturing in the year 1999, being a not interest cost of $10, 337, 808.75;
and •
WHEREAS, the proposal of William R. Hough & Co. and Associates re.
ferred to in the preambles hereof, is the highest and most advantageous bid
for said Certificates and in all other respects complies with said notice of
sale;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION R EGULARLY AND DULY ASSEMBLED, AS
FOLLOWS:
Section 1. That the proposal of William R. Hough & Co, and
Associates 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
hereby awarded and sold to said purchaser referred to in the preambles hereof
at the price and in ac cordance with the proposal of said purchaser:
$9,000,000 ^ UTILITY REVENUE CERTIFICATES,
SERIES OF 1972, dated August 1, 1972,
in the denomination of $5, 000 each, bearing
interest at the rates per annum (payable
February I and August 1 of each year) and
maturing on August 1 in the years and amounts
as follows:
Year Amount Rate
1974 $ 25,000 6.50%
1975 25,000 6.500/6
1976 30,000 6.5076
1977 35,000 6.50%
1978 40,000 6.50016
1979 45,000 6.5076
1980 50,000 6.507,
1981 55,000 6.5o7o
1982 60,000 6.5076
1983 60,000 6.5076
1984 70,000 5.7576
1985 75,000 5.7576
1986 85,000 5.0010
1987 90,000 5,0070
1988 100,000 5.0010
1989 110,000 5.0070
1990 280,000 5.0070
1991 525,000 5.0070
1992 665,000 ; 5, 1070
1993 goo, 000 ' 5.1070
1994 925, 000 5, 10010
• Reso.I?.73-5]. -
.7?
f 4-25-73
CCap 'ji?n..iifs•?..,''pFi?.?!''iii ??`?„??r .?+u??';?'"?'? ,.ii ? ? .. ?.ti•
`' '' .. .
1
W?K
Year Amount Rate
2995 $950,000 5. 1010
1996 950,000 5.2510
1997 950,000 5.25%
1998 950,000 5.30%
1999 950,000 5.30016
Section Z. That the proper officers of the City be and they are
hereby authorized and directed to execute said Certificates when prepared
and to deliver the same to said purchaser upon payment of the purchase
price in accordance with the conditions stated in said notice of sale, without
further authority from this Commission.
Section 3. That the City Clerk be and he is hereby authorized and
directed to return forthwith the good faith checks of all unsuccessful bidders.
Section 4. This Resolution shall take effect immediately.
PASSED AND ADOPTED this 25th dav of Anri/-Al. D. 1973-
A
tt e
3
Ci Clerk
-11
i
;}. T K'9