60-98
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R E S 0 L U T 1 0 N
No, 60 -- 9$ i 5,
WHEREAS, the City Commission of the City of Clear-
... ??.?:.{?;:•?- r.:± :r':? • fs•• -
water, Florida, did on December 1 1 , 1959, pass keno l ut i an
59 113, a copy of which is attached; and
e,:trt jA e,s.. ?.
` WHEREAS
-?',ir,;.'.°'._': , the County of Pinellas did on the l 5th day
of December, 1959, pass "Resolution Pertaining to Construction
:;il l„°,'.,;, {.•' •,''• f. of Myrtle Avenue in Clearwater, Florida," a copy of which is
attached; and
WHEREAS, the State Road Board of the State of Florida
`'' did on January 12, 1960, enter into an agreement facilitating
?,•.?•..;...T?,k,
the payment to Pinellas County of eighty (80) percent of the
7th cent gas tax for the purpose of repaying advances of the
City of Clearwater, totaling $500,000.00 without interest to
Pinellas Count Florida payable over five r consecutive
years at the rate of $100,000.00 per year, a copy of the minutes
of said Road Board being attached; and
WHEREAS the City of Clearwater did on December 15,
1959, enter into an agreement with Pinellas County, Florida, re-
specting construction of Myrtle Avenue within the city limits of
the City of Clearwater, in accordance with said resolutions, a
'4,gR:?%',' :;: `s'• '` ;i' copy of said agreement being hereto attached; and
••',; ly„` :,: `:':. WHEREAS, the City of Clearwater did, at its own expense,
acquire the necessary right of way for the construction of Myrtle
Avenue within the said city limits; and
WHEREAS Myrtle Avenue construction has now been com-
pleted and said road has been opened and is now a heavily trav-
i_°':c ,iii`. S:,?ti',:rS.:::?s}4;` ;et;•;• cled thoroughfare; and
WHEREAS, the City of Clearwater did borrow from local
-i';=' ,r , = :,•'„.;:ry ,' banking institutions a total of $500,000.00, which sum was ad-
Y>`'' vented for the use and benefit of Pinellas County, Florida, to
' ""`'•_ `'?f, :'`'`: !:' "
??t?.,':•'z.,??ti?::'.. ?.`=%,r,` ?x:^(^',.;>,,::«??``
pay the costs of said construction of myrtle Avenue and said local
'
loans from banking institutions provide for interest thereon at
-tile rate of four percent (4%) and unless previously satisfied
1 7 {.1,r} ?rl : ?sr s•3 4'1'1 ?'; Y'•':':
rs: ` r sc Y ; ? , n : . # "P.:,.. • from other sources, the City of C l earwater w i l l be obliged to
??'yr'f?`Jj3?•'1t'r? :Li'„j`F;:Y?= pay said interest on an annual basis as the same accrues for a
total of five ears and
' WHEREAS, the City of Clearwater is now advised that
».' the County of Pinellas has accumulated funds from its portion of
•"'" the seventh cent gas tax which are more than sufficient to repay
the balance due the City of Clearwater by the County of Pinellas,
-?r to-wit, $400,000.00; and
L;.. WHEREAS, the City of Clearwater and the County of
Pinellas have always worked in close harmony on this as well as
all other public projects and it would appear to be in order for
the City Commission to request the County of Pinellas to retire
'f the balance of said monies advanced at the earliest opportunity
in order to effect interest savings to the City as well as to
clear the City's short term credit with local banks;
Reso. 60-9$.
e
- 1 -
12-16-60
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER -
IDA, IN SESSION DULY AND REGULARLY ASSEMBLED
AS FOLLOWS:
That in consideration of the
J'n. x; ;::•; •. premises, the
County of Pinellas is hereby requested to take such steps as are
necessary to draw the sum of $400,000.00 which has accumulated
from its portion of the seventh cent gas tax, and that such sum
??r, r;?`' ?;•._< .;:'>1w4.,,:,...: be immediately paid over to the City of Clearwater in full and
'.:.`,' final satisfaction and payment of any and all sums advanced by
the City of Clearwater to the County of Pinellas for the con-
struction of Myrtle Avenue within the city limits of the City
:,:? • :? ;_ :? 5i- ' of Clearwater.
2 That =', :Ra?y.?;?>;?:`•';u,U? .., upon receipt by the City of Clearwater of
:, ..; _, y°?.•' ;. ;. a voucher for said sum, to-wit, $400,000.00, this resolution shall
have the effect of cancaJling any and all further obligations of
the County of Pinellas and/or the State Road Board in connection
;u+V r rF''; with the costs of the Myrtle Avenue project.
3. That a certified copy of this resolution together
with attached exhibits by furnished the Pinellas County Commission
'j ' k;;??' <?,;:• :,,'k=} i mmed i'ate l y upon its passage.
'? ?f,s%;?•<;: ,?,;;r??., Q. That a certified copy of this resolution together
?,-.? with attached exhibits be furnished the State Road Board i mmed i -
t {.'
-ately, upon its passage.
DATED at Clearwater, Florida, this 16th day of
a.:,V6 December A. 0. 1960.
Attest
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,. r0 ;? R E S O L U T 1 O N
No. 60 99
=,.?{s ++w+:M`,:4,'J,t" •Ytt;,=?':1?;?4-rj;?: .'?='.f .,,.....,.•.`-__.._._. ,,
to notice heretofore duly published
:Q
` , pursuant
• ?,, ,?, ;;. ..`F
WHERElL9
'rt
for the sale of Utility Revenue Certificates, Series of 1960,
,?u ?N?e'a=` '• `"
• ?, .:
dated August 1, 1960, the following sealed proposals have been
received
?J,•Fii.1r?{; fi"•???f o^jf4,rirF;r ? °i? , i
The proposal of Merrill Lynch, Pierce, Fenner
& Smith, offering to pay the sum of $588,036.00,
together with accrued interest from the date of
?••` ?±''
to the date of
..:,` j;.said Certificates delivery there-
Of, for said Certificates bearing interest at
''
00 per annum on the Certificates
``°" .
,t r ?1*',ut+*tr! i??<?^'F}., r•.:,:% , °a p
the rate of 4
(' :a ;1 ' r ors +2 = t,
S k3'..
•,,u.
?,g
1, i.?,7??';?>:??`?? ??4'•f?f+d`;i,? '-' maturing in the years 1962 to 1967, inclusive; at
the rate of 3.501. per annum on the Cert i ficatesma-
S F?
Luring in the years 1968 to 1973, inclusive; and
at the rate of 3.751, per annum on the Certificates
maturing in the years 1974 to 1990, inclusive, be-
ing a net interest cost of $4388876.50.
The proposal of A. C. Allyn & Co., Inc., offering
to pay the sum of $589,110.00, together with ac-
crued interest from the date of said Certificates
to the date of delivery thereof, for said Certifi-
cates bearing interest at the rate of 3.751. per
annum on the Certificates maturing in the years
1962 to 1990, inclusive, being a net interest cost
of $4391327.50,
The proposal of Beil & Hough, Inc., offering to pay
the sum of $588,005.00, together with accrued inter-
est from the date of said Certificates to the date
of delivery thereof, for said Certificates bearing
interest at the rate of 3.50% per annum on the Cer-
tificates maturing in the years 1962 to 1978, inclu-
sive, at the rate of 3.75% per annum on the Certifi-
cates maturing in the years 1979 to 1984, inclusive,
and at the rate of 3.90% per annum on the Certifi-
cates maturing in the years 1985 to 1990, inclusive,
being a net interest cost of $441,325.00.
The proposal of B. J. Van Ingen & Associates, offer-
ing to pay the sum of $588,222.00, together with ac-
crued interest from the date of said Certificates to
the date of delivery thereof, for said Certificates
bearing interest at the rate of 41. per annum on the
Certificates maturing in the years 1962 to 1974, in-
clusive, at the rate of 3.901. per annum on the Certi-
ficates maturing in the years 1975 to 1988, inclusive,
and at the rate of 3.251. per annum on the Certificates
maturing in the years 1989 to 1990, inclusive, being
a net interest cost of $444,515.50.
WHEREAS, the proposal of Merrill Lynch, Pierce, Fen-
ner & Smith referred to in the preambles hereof, is the highest
and most advantageous'.of said bids, and in all other respects
E,
1 12-19-b0 .
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•{•,i????Jltit??? ??i',`^'`'.. „ y . .,. ... i'^`,-.'[Y?•+3...i:?t31i -•.'?,..4•f1 j?''S"?'"•?'!
?' ;?' ? ?s•??;: 'may ??., ???:?:::?I.k'.::?r??' :.,?'t,?l `BSI
complies with said notice of sale;
Wel TUEREXORE, BE IT RESOLVED BY THE CITY
CCiAISSION OF THE CITY OF CLEARWATER, FLOR-
IDA IN SESSION DULY AND REGULARLY ASSEMBLED,
AS POLLOWS :
1. That the proposal of Merrill Lynch, Pierce, Fenner
& Smith referred to in the preambles hereof, be and the same is
hereby accepted, and the following described Certificates of the
City of Clearwater, Floxida, be and they are hereby awarded and
sold to the said purchaser referred to in the preambles hereof.
Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1962 $10,000 4 % 1,976 $20,000 3 3/4%
1963 10,000 4 % 1977 20,000 3 3/4%
1964 10,000 4 % 1978 20,000 3 314%
1965 10,000 4
? 1979 20
1,966 4
a
1,980 '000
20 3 3141,
1967 15,000 4 1981 25,000 3 3/4%
1968 15,000 31 1982 25,000 3 3/4%
1969 15,000 3* j, 1983 25,000 3 3/47,
1970 15,000 3j % 1984 30,000 3 3/4%
1971 15,000 31% 1985 3Q,O00 3 3141,
1972 150000 3-1 1. 1986 308,000 3 3/4%
1973 15,000 31 % 1987 30,000 3 3/4%
1974 20,000 3 3/4% 1986 30,000 3 3/47,
1975 20, 000 3 3/41. 1989 36,000 3 3147.
1990 400000 3 3147.
$600,000 - UTILITY REVENUE CERTIFICATES SERIES
OF 1960, dated August 1, 1966,1 num-
bered 1 to 600 inclusive, in the de-
nomination of 1,000 each, bearing
interest and maturing on August 1, in
the years and amounts as follows:
2. That the proper officers of the City, be, and they
are hereby authorized and directed to execute said Certificates
when prepared and to deliver same to said purchaser upon payment
of the purchase price pursuant to the conditions stated in the
notice of sale, without further authority from this Commission.
3. That the City Treasurer, be and he is hereby author-
ized and directed to return foxthwrith the good faith checks of all
unsuccessful bidders.
4. This resolution shall make effect immediately.
PASSED AND ADOPTED this 19th day of December, A.D.
1980. ? .-
16
a r o s oner
ATTEST:
Clerk
f' 3 a Res .60-99..,.
-"2
-12-19-60
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