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1 R ESOLU TI ON
,v.?..--.-....-- No. 79 - 46
A RESOLUTION CALLING FOR BIDS AT PUBLIC SALE
FOR $1.650, 000 GENERAL OBLIGATION BONDS, OF THE
t? CITY OF CLEARWATER, FLORIDA; DIRECTING PUB-
LICATION OF NOTICE OF SALE; AND PROVIDING AN
EFFEC'T'IVE DATE,
WHEREAS, the City of Clearwater, Florida, hereinafter called
"City", bas previously authorized the issuance of General Obligation Bonds
` of the City in the aggregate principal amount of $1, 650, 000 (the "Bonds");
and
WHEREAS, the City deems it in the best interest of the City to sell
the Bonds at public 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. The Bonds shall be sold at public sale pursuant to the notice
hereinafter provided for.
2. The City Clerk is hereby authorized and directed to publish a
notice calling for bids for the purchase of the Bonds. The notice shall be
published once in the Daily Bond Buyer, a financial journal published in
the Borough of Manhattan, City and State of New York, and once in a paper
of general circulation in the City of Clearwater, Florida, both publications
to be not less than seven (7) days prior to the date of the sale of the Bonds,
and shall be in substantially the form attached hereto as Exhibit A.
3. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 17th day of May, A. LI,
Attest=. Mayor'- Commissioner
City Clerk
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OiTICIAL N071CE OF SALE
$1,650,000
City of Clearwater, Florida
General Obligation Bonds
SeaNd proposals will be received by the City Commissioners of the City of Clearwater, Florida Ithe
"City-") at the Commissl;n Room, City Hall, Clearwater, Florida 33516, until 12:00 Noon, Eastern Daylight
Saving nme, on May 40, 1979, for the purchase of all but not less than all of its $1,65000 City of Clear-
water, Florida. Gener.sl Obligation Bonds, dated January 1, 1978 (the "Bonds:'), The Bonds will be Issued in
coupon form, registrable as to principal only, in the denomination of $5,000 each; shall be payable as to both
principal and interest at a bank or banks to be determined prior to delivery of the Bonds, shall bear interest
payable semi-annually on July 1 and January 1 of each year (the first interest coupon, being coupon No. 3,
representing interest from January 1. 1979 shall be payable July 1, 1979), and shall mature serially in
numerical order (1.3301. lowest numbers first, on January 1 in the years and amounts as follaws:
Year of FWnclpal Year of Pdrscipal
Maturity Amount Maturity Amount
1980 $55,000 1990 $ 80,000
1981 60,000 1991 8500
1982 - 60,000 1992 85,000
1983 65,404 1993 90,000
1984 65.000 1994 90,000
1985 70,000 1995 95,000
1986 70,000 1996 95,0.10
1987 75.000 1997 100,1700
1988 75,000 1998 120.000
.1989 80,000 1999 135,000
The Bonds maturing In the years 1980-1989, both inclusive, Bond Numbers 1.135, both Inclusive, shall
not be redeemable prior to their respective stated dates of maturity, Bonds maturing in the years 1990-1999,
bath inclusive, Bond Numbers 136.330, shall be redeemable prior to their stated dates of maturity at the op-
tion of the City, as a whole, or in part In Inverse order of their stated maturities, and by lot within a maturity if
less than an entire maturity is to be redeemed, on January 1, 1989, or on any date ihereaher prior to maturt-
ty, at par and accrued Interest to date of redemption plus a premium of 112 of 1 % of the par value thereof for
each year or portion thereof from the date of redemption to the date of maturity; such premium however not
to exceed 3% of the par value thereof.
The Ordinance auihorizing the issuance of the Bonds was adopted by the City on March 17, 1978 pur-
suant to Chapter 9710, Laws of Florida, Acts of 1423, as amended and supplemented, and as amended by
Ordinance No, 1649 of the City of Clearwater (subsequently amended by Ordinance No. 1830 of the City of
Clearwater), Chapter 166. Part II. Florida Statutes. Sections 100.201, et seq., Florida Statutes, and other
applicable provisions of law.
The full faith, credit, and taxing power of the City are irrevocably pledged for the prompt payment of the
principal of and interest on the Bonds. The issuance of the Bonds was approved by qualified electors residing
in Clearwater on August 9, 1977. The Bonds were validated and confirmed by a judgment of the Circuit
Court of the Sixth Judicial Circuit In and for Pinellas County, Florida, rendered on July 18, 1978, upon
whkh judgment the time far taking an appeal has expired. A statement as to such judgment mll be printed on
the back of each of the Bonds,
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V.Aders may specify a single rate of tntmr+,st or several rates of interest to be borne by the Bonds in multi.
plus of on-vighih (1/8) or one-twentieth {1.20) of one percent (1%1 per annum but no rate shall --coed
seven per cent (7 `t,) per annum. The same rate of interest must be named for all of the Bonds of any one
maturity, and a uce of split or supplemental interest coupons or the use of a zero percent 10%) rate of interest
wllf nnr be considered.
The City has applied for a commitment from the Municipal Bond Insurance Ass.)elation (MBIA) for a
Municipal Bond Guaranty Insurance Policy unconditionally and irrevocably guaranteeing payment of interest
on and principal of the Bands. Should the successful bidder specify In his bid that the City shall purchase In.
suratrce from MBIA, the premium of $16,t;H10 will be paid by thQ City from Bond proceeds.
No bid will be considered for loss than ninety-nine and one-quarter per cent (991/4 %1 nor greater than
one hundred per cant (100%) of the par value of all Bonds offered hereby and accrued Interest. Award of the
Bonds will be made to the bidder whose proposal offers the lowest true interest cost (using "Canadian
Method" calculationsl to the City for all Bonds offered, such cost to be computed Irom January 1, 1979 to
the reipectly i stated matunty dates of the Bonds and shall include the amount of discount named (if any)
and, as though it were an additional Bond discount, the cost of the insurance premium to be paid by the City
for the purchase of the Municipal Bond Guaranty Insurance Policy, if such policy is requested by the success.
ful bidder on the bid form. No bid will be considered wherein the true interest cost rate (T.I.C•) to the City, as
calculated, exceeds seven per cent (7`b) per annum.
Each proposal must be unconditional, on a form furnished or approved by the City, and in a sealed
envelope addressed to the City Commission of the City of Clearwater, Florida and marked "Proposal for
$1,650,000 Gftneral O;fligation Bonds," and must be accompanied by a certified or bank cashier's or bank
treasurers check in the amount of $33,000.00 drawn upon a bank or trust company incorporated in the
United States of America payable to the order of the City of Clearwater. Florida as a good faith deposit to
guarantee performance of the bidder under the terms of his bid proposal. No interest will be Mowed on such
good faith deposit, and the check of the unsuccessful bidders will be returned promptly after the award of the
Bonds'
The City Commission reserves the right to reject any and all bids and to waive any irregularity or infor-
mality in any bld, to take other action it may deem to be in the best Interest of the City. Unless all bids are re-
jected, the City Commission Intends to award the Bonds to the successful bidder, as determined above, on
the date of the sale of the Bonds. The Bonds will be delivered in coupon form at the expense of the City In the
City of New York, New York, or at such other location as may be determined by the City to be in Its best Inter.
•t Delivery is expected to be within thirty days after the date of the sale of the Bonds and payment for the
Bonds must be made at the purchasers expense in full before 12:00 Noon of the day of delivery, and must be
made in cash 1'+r in Federal Funds available for deposit for the immediate credit of the City.
The cusiomary closing papers and Certificate of No Litigation together with the unquattlied legal opinion
of Freeman. Richardson, Watson, Slade, McCarthy & Kelly. PA., Jacksonville, Florida, Bond Counsel to
the City, will be furnished to the successful bidder without charge. A certified true and comp! ie copy of such
legal opinion will be printed on the back of the Bonds.
It Is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to
print such number on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal
by the purchaser thereof to accept delivery of and pay for the Bonds in accordance with the terms of the pure
chase contract. All expenses In relation to the printing of CUSIP numbers on the 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.
The City Mll prov'de, at Its expense, up to 100 copies of the Final Official Statement upon request of the
successful bidder.
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In the opinion of Rand Counsel the interest an the Bowls is, under existing laws, regulations and judicial
decisions. exempt from all Fodaral income taxation and the bonds and the income thoreon are exempt from
Irucatian under the liiws of the State of Florida, except as to estate tuxes and taxes Imposed by Chapter 2.211.
Florida Statutes, on Interest, income or profits on debt obligations owned by corporations.
In the event that prior to delivery of the Bonds, the Interest received by private hdlders of obligations of
the same type and character shall be taxable by terms of any Federal Income Tax Law. ruling, regulation, or
any Couri decision, the successful bidder may, at his election, be relieved of his obligation to pick up and pay
for said Bonds, and in such case his good faith deposit shall be returned to him. Similarly, should the City
Commisston, due to an action an its part, fail to execute the Bonds and tender the same for payment within
sixty days from the data of the sale thereof, the successful bidder may, at his election, be relieved of his
obligation under the bid proposal and the City shall then, under such circumstances, return his good faith
deposh to him.
Copiers of the Preliminary Official Siawment, Notice of Sale, Hid Form, and financial and other Informa-
tion ralating to the Cltyof Clearwater, Florida and Its $1,650,000 General Obligation Bonds may be obtained
from the Asslsteni City Manager for Finance, City Fiala, Clearwater, Florida 33516, {813/442.6131, ext.
338) or from the Financial Consultants, Fischer. Johnson, Allen & Burke, Incorporated, Suite 305•B, 3000
-34th Street South. St, Petersburg, Florida 33712, (813/864-1555).
CITY OF CLEARWATER, FLORIDA
Lucille Williams
City Clerk
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