88-57
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Section 4.
Florida National Bank, St. Petersburg, Florida, Is hereby
named a8 Registrar and Paying Agent In connection with Issuance ot the 1908A Bonds.
Section 5.
This resolution shall take etfect Immediately upon Its
adoption.
PASSED AND ADOPTBD this 17th day of November, 1988.
(SEAL)
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t,~~~~j~:t{~!;~;.j~;~~;:N,?i; 11 Bid Form - Each bid submitted must be unconditional. on a form furnished by the City (the "Bid Proposal") ~':,S~::.~g~~~.i!.j,~ -.i':1;,?.' i
j!D,.\.h'!!h~.,,;~:~:~b~!,~;:"';;,rl and in a sealed envelope addressed lo the Ciry and marked "Bid for $26,635,000 City of ClealWater, Florida, Water and Sewer ';';.S:~.~'h\'~~(
~:j'~'1rl'r{t~'~~:, i'",'~,'\,,''''.)'J, 1 Revenue Bonds. Series 1988A." :t, ""'~""H~~l'
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('5\'\~,;::y\':;<;};::'~\::-.::y;: i Bid Check - Each bid must be accompanied by a certified or bapk cashier's or bank treasurer's check for ::':i(.iI,~~;~l~:~:"i:>;;~,
~., ", .' ~.u'i t) ',' . ,.,,' I $532.700. drawn upon an incorporated bank or trust company to the order of the City as a good faith de~osit. to guar~ntee .~",il,:1\r.yl<~:~"<"\'"
il~~il~~[~~1. j !~f;~J~11~~tEn~,~~:~t~g~t~~~;b~~I~~:~f~{~~}~~~'ir.iuKffit~\~!J~i~ l~I~~r~'.'
'f,\~,\-,;):;,':'''\':' '('1"'1 "~~):" 1 the successful bidder, such successful bidder shall not thereafter be obligated to take delivery of and pay for tile 1988A Bonds 1~~
t:':<j.i"'~':""~r~;';>:;;i >'C;:-":fi. ! and the amount of the good faith check will be promptly paid to the successful bidder. '.,:,.~
t,''i~~?I.!~,;.o:~~~~: '1:!k.~'tr,(!l~;:f .""".~~ ~ ..
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'g~iii,r,.~i.lM;,-0.~;c{~J';~" I Right of Rejection - The Ci~ reserves the right to reject any an a I s. an any I S not camp Ytng Wit ':';!;~'~~lt~>
'fi~f.5J;~;~}ir:~:{,:(~~;;.i';~.1': the pro'lislons hereof will be rejected. The City also reserves the right to waive an~ informality in any bid, to take any action i~~5~j'~~:~b\
.r6#!~<~W~'~n'(\:&;~ adjourning or postponing the sale of the 1988A Bonds or to take any other action the City may deem to be in the best :~(;ii~!~~~}Jl
'&~;;'<i 'r\;;ll'~ interest of the City. ''',!,,'.;(;::
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',~'~~i;il:\ ~2}l~'}:~ Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish, prior to or at \;i~\(
(hM~~~iJ;\";}r?l~ ~o/!'t~r Ihe time of delivery of the 1988A Bonds. a certificate stating the initial offering prices to the public at which a substantial ~~?0;; :',
~~f;~~,.G,M\~.~~,~.$il~~,~:..i . f h 8 d Id' h' h f S ' 1273 f h I al R C d f :6~:/;
:>..~,,.,,I'h1'i'" .".,,;"~~~~,,~ amount of each maturity 0 t e 19 8A Bon s was so ,WIt In t e context 0 ectlon 0 t e ntern evenue 0 eo,..... N,
<<~;;1fkl~ .' ~~:~~~;t~; I 1986. as amended. Generally, the first price at which at least 10% of the 1988A Bonds of each maturity was sold to persons ,," ",
iTh<;~~;8~<1~,;.;!".'{f,~~ly~~, other than bond houses. brokers, or similar persons or organizations acting in the capacity of underwriters or wholesalers will
" IJ'Jr' %~'~f.~ 1"~~';Q.~1, be acceptable,
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DELIVERY OF mE 1988A BONDS. Delivery of and payment for the 1988A Bonds in definitive form will
be made on or about December 13, 1988. 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 federal funds.
LEGAL OPINION. The 1988A Bonds are being offered for sale subject to the unqualified approving opinion,
as to legality and exclusion of interest on the 1988A Bonds from ~ross income for Federal income tax purposes, of Livermore
Klein & LoU. 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 1988A 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 1988A Bond closing the names of the registered owners of the 1988A Bonds to appear on the face of the 1988A
Bonds, the denominations of the 1988A Bonds and any other pertinent information in order for the Bond Registrar to
complete the 1988A Bonds for execution. If such information is not received by that time, the 1988A Bonds will be issued
and delivered to the purchaser as a single 1988A Bond for each maturity registered in the name of the purchaser, and any
subsequent registration of transfer to effect redelivery of the 1988A 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 34616, (813) 462-6900, or from Mr. Charles A. Tharnstrom, 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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BID PROPOSAL
$26,635,000
CITY OF CLFARWATER, FLORIDA
WATER AND SEWER REVENUE nONDS, SERIES 1988A
City Commission
City of Clearwater, Florida
112 South Osceola Avenue
Clearwater, Florida 34616
November 17, 1988
Ladies and Gentlemen:
Subject to the provisions and in accordance with the terms of the attached Official Notice of Public Sale, which is hereby
made a part of this proposal, we offer to pay
($ ).
plus accrued interest on the 1988A Bonds from December I, 1988, to the date of delivery, for $26,635.000par value Water and
Sewer Revenue Bonds, Series 1988A. dated December I, 1988, of the City of Oearwater, Florida (the "City"),described in such
Official Notice of Public Sale, mahlring on December 1 in the following years and amounts, and bearing interest at the following
rates per annum:
Interest Interest
Yw: Amount l!nR Year Amonnt Rate
1999 $2,450,000 2002 $4,935,000
2000 4,275,000 2003 5,310,000
2001 4,590,000 2004 5,075,000
This proposal_ is! _ is not (check one) subject to the condition subsequent of the issuance by MunicIpal Bond
Insurance Association <-), Financial Guaranty Insurance Corporation <->, AMBAC Indemnity Corporation <-> or
Bond Investors Guaranty (-l (check one as applicable), on the date of delivery of the 1988A Bonds, of a municipal bond
,insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 1988A Bonds. together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
.of $532,700 which check is to be held and applied in accordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stated herein or in the attached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The names of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
By:
(Signature of Bidder Representative)
(No addition or alteration is to be made to this Bid Proposal except those additions provided for above.)
1
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The following co'''' uratlon Is submitted for purposes of Information only and Is not of this Bid Propo~: I
True Interest Cost. $
'True Interest Cost Rate- %
(To 4 decimal places)
· Computed In accordance with Official Notice of Public Sale. and including premium for municipal bond insurance, if this
bid specifies such Insurance.
I hereby acknowledge the return of the good faith check in the amount of $
bid.
By:
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1~>TICE OF PUBLIC SALE _
F $20,635,000
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1981 SERIES A i7:
(,
NOTICE IS HEREBY GIVEN that. pur5uant to Section 201 Arllclo II 01 tho Fairfield ~:'
Redevelopment Agoncy Indonturu dated as of November 25, 1981 (tho "Indenture") ,
providing lor tho IBDuance oltho Fairfield Redevelopment Agency Residential Mort- ,.:
gage ReVGnue Bonds, 1981 Series A (the "Sonds"), the Fairfield Redevelopment ,t
Agency (the "Agoncy") will redeem on December 1,1988 (tho "Redemption Dalo") ~\
from the Rodemptlon Fund $1,160,000.00 principal amount 01 the Bonds. Tho Bonds I,',
will be re<leemed at the principal amounlthereol and Interestllccrued thereon to the :;, Series 1988A
dale fixed for redemption wllhout premium. Pursuanlto Section 4.02 oltha Indenture ;,.'
Security Paclfie National Bank, appointed under Secllon 6.01 of the Indenture. has I' . SEALED BIDS will be received by the Clllof Cle\lrwater. Florida (here-
selected Bonds to be redeemed In wholo or In part bearing the bond numbers below: ' Inaner called "CIty"), at the office of the CI~y Manager ofthe city of Clear-
Re;IllIred Bondi, water. 112 South Osceola Avenue, Clearwater. Florida 34616. until 11 :00
10,40% DUE DECEMBER I, 1990-CUSIP 30421eAG5. .:~.m.. Eastern Stand!lrd Time. on "
, Bondi cllled In part: l : NOVEMBER 17. 1988
~ . FSC'Moun! Nnollllr CIIII,d f '
ROOO'26 $65,000 515,000 1 for the purchase of all, but noUess than all. of &26.035,000 Water and Sew-
1060% DUE DECEMBER 1, '991-CUSIP 304218AH3 I er Revenue Bonds. Series 1988A (the "laS8A Bonds"). of the City dated
Bonds ~led In part: i December I. 1998. The 19S5A Bonds will be Issued In fully registered fonn,
~ Fllee Amounl AmOllnt CIII/IIO r, will be In the denomination of &5,000 each or Integral multiples thereof.
R000158 $85.000 510,000 ~,.Will be payable at Florida National Bank. st. Petersburg, Florida. as paying
11.50% DUE DECEMBER t, 199B-CUSIP 3042'51.03 f: agent and regtstrar (the "PayIng Agent" and"Reglstrar", respectively) With
Bonds l.:Olllad In pllrt: f'; Interest payable f'rom their date on June 1, ISSS, and semiannually there-
~ . FlIeo AmOllnt Amounl Carrlld I.' after on June I and December 1 of each year. and wlll mature on December
ROOOIB5 535,000 ' 5 5,000 }: 1 In the, years and amounts as follows:
ROOOl87 20,000 S 5,000 i',
12,oo~~ DUE DECE~BER I, 2OOB-CU5IP 304216ARl \., Year Amount Year
Bond called In lull: ROOOO67 :
Bonds called III part
.~
ROOOO99
Roool93
Rooo197
Rooo19B
Rooo200
1995................. $ 2,450.000 2002................. S 4,935.000
. ~',; 2000................. 4,275,000 2003................. 5.310.000
hi 2001................. 4,590,000 2004................. 5.075,000
h SECURITY. The 1988A Bonds are being Issued for the purpose of fl-
l.~ nanelng the cost of the acquisition and construction of extensions and Im-
I' , provements to the water and sewer system of the City (the "System"). The
,1198BA Bonds are special obligations of the City payable from Ule net reve-
r nues of the System (the "Pledged Revenues"). and are on a parity as tQ lien
:,'~ on and source and security for payment from the Pled$ted Revenu~. with
:~~, the Clty's outstanding Water and Sewer Revenue Bonda. Series 19B4 and
',ii, Water and Sewer Revenue Bonds. Series 19B5, No bondholder shall ever
.j,! ha'le,the right to compel the exercise of the ad valorem taxing power of the
Pi City or taxation In any form of any real property therein to pay the 19B5A . ,
1~ Bonds or the Interest thereon. , '
1;\ The 1985A Bonds have been validated by Final Judgment of the Circuit
in Court for Plne1las County. Florida. on August 30. 1988. . .
H The 19SBA Bonds may be alTered with a polley of Insurance Issued by
J) the municipal Bond Investors Asuran~ CorporaUon. Financial Guaranty
~~: Insurance Company. AMBAC Indemnity Corpomtlon70r Bond mvetitors"
':, Guaranty. for the tenns of which refcrence Is made to the omc1al Notice of
r:,: Public Sale and the Financial Advisor to the City named below. .
if REDEMPTION PROVISIONS. The 1985A Bonds shall. at the option of
!" the City. be redeemable on and after December 1. 1996(IJ as a whole at any '",.
~ i tltile. or (II) In part. In Inverse order of maturity and by lot withln a maturity.
" ' on any Interest payment date thereafter. at a price of par plus accnted Inter-
'; est. plus a premium of 2% of the par value thereof If redeem~ on December
,;, I. 1996. such premium to reduce at the rate oPAl on ex. on each December 1
i" thereafter.
; , TERMS OF SALE. Award of the 19BBA Bonds will be made to the bld-
,~: der whose bid offers the lowest true Interest cost to the City. such bue Inter-
43llO est cost to be determined by d.)ubllng the semlannUallntertst rate (com-
4384 pounded semiannually) necessary to c:Uscount the debt service payments on
~' the 1988A Bonds from the payment dates to December 1. 1988. and to the
,"87 price bid. not Including Interest acented to the date of del1very of the 1988A
'"91 Bonc'.!. Each bid must be; submitted on an approved form ancfbe accompa-
....522 nled by a good faith check, Certain other resbictlons as to bidding and
award apply. and are specified In the Official Notice of Public Sale.
DELIVERY OF THE BONDS. Delivery of and pRyment for the 19B8A
Bonds In definitive (onn wlll be made on or about December 13. 198B. 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 pur-
chase price, plus accrued Interest, shall be made to the City at the c1oelng.
In federal funds. .
LEGAL OPINION. The 198BA Bonds are being offered for sale subject to
the unqualified approving opinion. a to legality and exclusion of Interest on
the 19S5A Bonds from gtosslncome for Federal Income tax purpoeel!I. ofLlv-
ermore Klein & Lott, P.A:. JacksonvlUe, Florida. bond counsel. whtch Will
be furnished without charge to the purthaser at the time of deUvery. '
ADDITIONAL INFORMATION, Copies. of the Official Notice of Public .".; .:/=',' 5' '..'. <'i ,',,;:,
Sale, Preliminary Official Statement, BId Proposal and other Information' ': :."/:, ),"": ';}::~ ,/'.\>: , .
may be obtained from Cynthia E. Goudeau. City Clerk ofthe City of Clear:', ~!':': ,",:; ',..:;.y.:;~\,,;,::~',~~.
water. Florida. ~ 12 South Osceola Avenue, Clearwater. Florida 34616 (613) :; ':' ",:/, , >:! :';':"::::...-:
462-6900, or from Mr, Charles A. Thaml!ltrom, William R. ~ough & Co.. ";\'1 ';,'<~..<~::'o':;'\~
100 Second Avenue South. Suite BOO. St. Petersburg. Floridn 33701 . '..", " ":'"., <,',"'t,;,.',;:.
(813)895.SSBO. Financial Advisor to the City. .' >:.;'. ~ ,:~:":::);:(;~/;:
..
I118day. November 3.1988
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NOTICE OF REDEMPTION
TO THE HOLDERS OF
FAIRFIELD REDEVELOPMENT AGENCY
RESIDENTIAL MORTGAGE REVENUE BONDS
Amount Called
S 5,000
10.000
5.000
5,000
5,C:lO
'.
FIlClI AmOllnt
, ~15,OOO
50,000
10,000
15,000
10.000
s.r.r Bondi
10,20% DUE DECEMBER 1. 19B9-CU51P 30421BAF7
2&4 282 283 313
10,40% DUE DECEMBER 1. 1990-CU5IP 30421 SAG 5
363
1050% DUE DECEMBER 1. 1991-CUSIP 30421BAH3
415 ~
10,80% DUE DECEMBER I. 1992-CUSIP 304218AJ9
4117 496 49B 518 . 520
11,l!O%'DUE DECEMBER 1. 1993-CUSIP 304218AK8
~ 579 595 625 627
11.10% DUE DECEMBER 1, 1ll94-CUSIP 304218AL4
703 707 713 729 73ll 7(5
11.20'% DUE DECEMBER 1, 1995-CUSIP 304218A'M2
770 793 902 831 833 B68
11.3(1% DUE DECEMBER 1. 1996-CU5IP 304218ANO
lI80 882 883 888 913 988 1002
1l,(()% DUE DEC~MBER 1. 1997-CU5IP 304215AP5
1053 1Del' 1068 lDe9 1072 \1P 11:M mo
11,50% DUE DECEMBER 1. 11X18-CUBIP 30421 !A03
11(17 1180 1209 1220 1222 1235 1238
12.00% DUE DECEMBER 1. 2008-CU51fJW421!AR1
1327 17(1 1lle2 2155 2<<0 26e3 3026 3300 3&48 (Oil
1337 17(2 1ge9 2169 2(50 2702 30-48 3305 3650 4040
1374 17(5 1977 2172 2(73 2718 ,3116 3330 3705 40M
1410 1760' 1981 2191 2(89 2741 3122 3354 3720 4079
t(2" 1780 1981l 2192 2501 27411 313' 3373 3731 4097
t(77 17111' 1m 2218 2503 2750 31(1 3<l2( 3784 4109
1500 l810 1996 2237, 2532 2784 3159 :M5O 3S06 (139
1500 181B' 2014 2270 25<'9 2807 3169 :M75 3625 4140
15t7. ,1822 2038 2282 ,2558 2652 3205 3505 3840" 4157
1537 18211 2(M8 2300 2562 2902 321( 3520 30M (169
1533 1870 ~ 2319 2572 2943 3216 3553 3909 (193
1S41 . 1937 21164 2348 2607 2!l48 3228 3559 3911 4195
11542 19042 2092 2369 2520 2954 32(8 358(1 3917 4225
1$00 1;(8 2097 2383 2&37 2Il7a 3252 3631 3919 4316
1651 ,1955 2110 2(04 2660 2994 3257 3632 ,39n 4321
1734, 1958 2123 2(23 2678 3011 3280 3633 397B 4321
, Inlerast on the Bonds or portions 01 Bonds selected lor redemption shall cease to acellJe on
and from the Redemption Date. ' .
. Payment of principal on sold Bearer Bonds 8nd Registered Bonds will be made upon
pMSentallon Ihereollor redemption and payment (with Coupons due June 1. 1969 and all
, subsequent Coupons attached, In the case 01 Beator Bonds), at the office 01 the TllJstee
Security PacIfic National Bank. Corporate Services Dlvlsldn. 701 South Western Avenue:
. Glendale. California 91201 (By Mall: P.o. Box 3546 Terminal Anne~, Los Angeles, Calilornla
'90051 Attn: Bond Redemption Unlt~ or at Chemical Bank, Coupon Paying Department. Room
.,62Q. 55 Waler Stnlel. New York, NY 10041, or at !=Irsl NBlIonBI Plaza, Ste, 0227. Coupbn
Collection Unit, Chicago, IL 60670. . :
Upon surrender of a lully registered bond redeemed In part only lhe Agency shall execUle
, sod thl11tlstlte shall authenticate and deliver talha registered cwner Ihereol, at Ihe e~pense of
. 'the Agency, II new bond or bonds of authorized denomlnaUons, and olthe same maturlly, eqljal
In aoorepate prl(1c1pal amount 10 the unredeemed portion 01 the Bond surrendered, J
All holdem submitting bonds for redemption must also submit certlficallon of theIr TBllpayer
k1entlllcatlon Number. Fallunt to provide the above certifICation will result In 2or. backUp
wfthholdlng to bondhOlders ~~rIluanllO thl Interest and Dlvldend Compliance Act of 1983.
, These CUSIP numbers have been assigned to this Issue by Standard anp Poors Corpora.
., lion. and lrelnr.ludtd solety lor the convenience of thl bondholders, Nellher lhelssusr nor the
lIvstee shall ~ responsible lor the selec1lon or use of these CUSIP numbers, nor Is any
. repmen\Qtfon lTI8de as 10 III correctnels,on the bonds or 8lllndlcated In any redemption
. notice. ,
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FAIRFIELD REDI!VELOPMENT AGENCY
By: Security Pacific National Bank as Trustee
. Datecii" November 3.1988
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CITY OF CLEARWATER. FLORIDA
,
BY: CYNTHIA E. GOUDEAU,
City Clerk
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No M~re Pr~-Sa1e Drudgery
Want to eliminate all that Ume consuming detail work? Get
rid of voluminous flJes? It Is simple and easy-subscribe to
the "New Issue Worksheet & Record Service" tada /
.
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Thursday. November 3.1"68
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NOTICE OF BOND SALE
, " ERCh bId must be for all of said 83.280,000 bonds nnd olate a olngle
j rate of Interest therefor. Unless 011 bldoarc rejected, the award will be mode
: j to the bidder complying with the termo of sate nnd offering to pureha~eeald
',' bonds al the lowest mle oflntcresl, staled In a multiple of one-eighth or one.
~!i, lr.nth of one per centum per annum, computed In accordance with the net
',~ Intercst cost method of calculallon, that beIng lhe mle oflnterest which wHl
";., produce the least Interest CDst oV~r the life of the bonds. afier accounttng 101'
\illhe premium offered. If any. If lwo dr more such blduers offer to purchose
.,'~,. lhe bonds at lhe same lowest rale oflnterest. computed os descrlbed above,
. Ihe bonds will be awarded to the bidder whose bid olTers to purchase the
~', bonds III the highest premium dollar amount. The right Is reserved to reject
:,~ any or 011 bids, and any bid not complying with this Notice of Sale will be
ii' rejected. Each bId must be enclosed In a sealed envelope addressed to the
; ~ undersIgned president of the Board of Educatton. and should be marked on
.; the outside "proposal for Dands" and should be accompanied with a certl. ,
Sch 1 nt · (Se' 1) B d 1988 :~ ned or cashier's check drawn upon an Incorpomted bank or trust company
00 lstnct na on s, <~ to Ihe order of saId School District for 865.600 as 11 good fallh deposit to
Sealed proposals will be received and considered by the underslgnedl:{ secure the School District against any lOBS resulUrlg from the failure ofthe
president of the Board of Educatlon of Rockvllle Centre UnIon Free School" bIdder toccmply with the tennsofhls bid. No Interest will be allowed on the
District. NllMIlu Counly, New York, at Ihe Office of WllIkle Farr & Gal. .. amount of the good faIth deposit Sold bonda ore l8Sued pursuant to the
lagher, One CllIc:orp Center. 153 East 53rd Street. 46th Floor, ConfeI1:nce:~~ Constitution and statutes ofthe State of New York. Including among others.
Room 46A New York New York 10022 at 11 :30 o'clock A M. prevailing 1 the Education Law and the LoCal Finance Law. for the constnlctlon and
TIme on the' . . , ',' equIpment of a new addition to the existing IIbmry building In and for sald
, : , School District.
10TH DAY OF NOVEMBER, 1988, ~': If the bonds qualify for Issuance of any polley of municipal bond Insur-
at which time and place the bids will be opened, for the purchase IN FED-"'! ance or commitment U1erefor at the option of a bidder. the purchase of any
ERAL FUNDS at not less than par and accrued Interest of ;: such Insurance polley or the Issuance of nny such commitment therefor
3,260,000 &:hool Dlstrlct (Serial) Bonds, 1988, of satd School Dlstrlct,'~ shall be at the sole option and expense of such bidder and any Increased
of the d~nonllnlltlon of 85,000 each or any Integral mulUple thereof not ex. 'i costs of Issuance of the bonds resulUng by reason of the f'.ame, unless other-
ceedlng the principal amount of each respective maturity, dated October:\ wise patd, shall be paid by such bidder. Any failure of the bonds to be 90
lU. 1988, and shall mature In the amount of $175,000 on June 151n each ',; Insured or of any 8uch polley of Insurance to be ISSUf;d, shall not constitute
of,the years 1989 and 1990, Ell80,OOO on June 15. 1991. 8200.000 on ':1, cause for a failure or refusal by the purchaser of the oonds to accept dellv-
June 15 In each of the years 1992 to 1994. both Inclusive, 6225,000 on ' , ery of and pay for said bonds In accordance with the termo of the purchase ,
June 15 In each of the years 1995 to 1998, both Inclusive and 8250,000 on ' . contract. .
June 15 In each of the years 1999 to 2003. both Inclusive, with Interest. In the event that prior 10 the delivery of the bonrts. the Im'Ome reCeived
thereon payable on June 15, 1989 and Bernt-on nually thereafter on Decelli- : ' by private owners from bonds ofthe same type and character shnll become
her 15 and June 15. Prlnclpal ofaald bonds will be payable at the principal '; Includable In the grosalncome of such owners for Federal Income tax pur-
corporate trust ornce of Chemical Bank, In New York, New York, or a suc- 1 poses. the succeasful bidder may. at his election, be relieved of his obllga-
cessor Fiscal Agent.1nleresl on the'bondo will be payable by check or draft', 'lions under the contract to purchase the bonds. and In such case, the de-
mailed by the Fiscal Agent to the regIstered owners ofthe bonds, as shown '-, posit accompanying his bId will be returned.
on the reglstrnUon bOoks of the School District maintaIned by the Fiscal: ' Said bonds will be delivered at New York. New York, or at such other
Agent as of the close of business on the Record Date. being the last business;', plaee as may be agreed with the purchaser about November 29, 19B8. The
day of the calendar monUt preceding each Interest payment date. principal J; purchase price of the bonds. In accordance with the purchaser's bid, shall
and tnterest Win be payablc in lawful money or thl>Unltcd Slates of Amerl- ' : be pnld IN FEDERAL FUNDS. or other funds available for Immediate credit
ca. Bonds WIll be fully regJstered and will be valid and legnlly binding gencr~ ; on said delivery date In an amount equal 10 the par amount of such bonds.
al obligations of said School Dlstrlct, all the taxable real property within;, plus the premium, If any, plus accrued Interest from the date of such bonds
whIch will be SUbject to the levy of ad vnlorem taxes to pay said bands and :; unlll said day of delivery. less the amount of the good faUh deposit submtt.
Intereflt thereon. without limitation as to rate or amount. Bonds may be ex- ,! ted with th~ bid.
changed at any time prior to maturtty at the office of the Fl!JC8l Agent for It Is anticipated that C\)SIP IdentlficaUon numbers will be printed on
bonds of the same maturity of any authorized denomlnatJon or denomlna- ',said bonds, but neither the failure to prlnt such number on any bond nor
Uonoln the same ~te principal amount. Bonds may not be converted " any error with res~ct thereto shall consutute cause fOl' a failure or refusal
Into coupon bonds or registered to bearer. ' by the purchaser thereof to accept delivery of and pay for said bonds In ac-
The Sta~e Constltutlon requires the School DIstrict. to pledge Its faith .:, cordance wllh the terms of the purehase contract, All expenses In relaUon
and credit for the payment of the principal of the bonds and the interest to the pnnUng of CUSIP numbers on said bonds shall be paid for by the
thereon and to make annual appropriations for the amounts required for Issuer, proVided, however. that the CUSIP Service Bureau chlUJ.:c for the
the payment of such Interest and the redemption of such bonds. The State ',assIgnment of said numbers :3haU be the responslblllty of and shat! be patd
Constitution also provides that If at any Ume the appropriating authorities . ior by the purchaser. '
fail to make the requtred approprlaUons for the annual debt service on the The purchaner shall be reqUired to dellver 0 typewritten Ust of namen
honds anc1 certaln ether obllgatJons of the School District, a sufficient sum and rupectlve denominations of the 'niUal registered owners to the Fiscal
shall be set apart from the first revenues thereafter received and shnll be 'Agent (with a copy thereoflo Bond Counsel mentioned below) not later than
applied for such purposes; also that the fiscal officer of the School Dlstrlct 12:00 Noon, prevailing TJrne. on the seventh buslnesg OOy preceding the
may he required to set apart and apply such revenues as aforesnJd at Ule date set for the deltverr of the bonds. If such list Is nl>t 90 delivered, the
suit of any holder of such obUgaUons. , bonds wJll be Issued InItially In df'nomlnatlons corresponding to the princl-
In the event of a default In the payment of the principal of and/or lnter- pal amount of each ~pective maturity in the name of the purchaser as
est on the bonds. the State Comptroller Is required to withhold, under cer- registered owner. , .
taln condlUons prescribed by Section 99.b of the Slate Finance Law. stale The bando will be available for Inspecllon by the purchaser at Rt loea-
ald and ar.slstance to said School DIstrict and to apply the amount thereof tlon In New York, New York, not less than 24 hours prior to the time set for
60 withheld to the payment of such defaulted princIpal and/or Interest, the closIng thereof. It shall be the responsibility of the purchaser to verify
which requirement c:onsUtut~s a covenant by lhll State of New York with the names of the respective initial registered owners, denom\natlons and
the holders from Ume to time of the bonds. CUSIP numbers at such time.
As a condition to the purchaser's obligation to accept del1very (Jf and
pay for the bonds, thc purchaser will be furnished. without cost, the tollow-
Ing. dated as of the date or the de!lvery of and payment fOI" the bonds: (I) a
ccrUficate of the president of the Board of EducaUon certifying that tal 9B of
the date of the OffiCial Statement fumlshed by the School District In rela-
tion to sald bonds, said omclaJ Statement did nDt contain lU1y unbue state.
ments of a materlnl fact or omit to state a material' fact necessary to mnlte
the statements therein, tn the light of the circumstances under which they
Pe~t tJDprovement Bonds, Series 1982 were made, not misleading. subject to the condlUon that while informaUon
In said Official Statement obtafned from sources other than the School DIs.
NOTICE IS HEREBY GIVEN that Hopkins County, Texas has trI tIt t ed
called for redemption the outstanding bonds of the County de- c s no guaran e Il5 to accuracy, completeness or faimess, he has no
scribed as follows: reason to believe and does not believe that such Information t8 materlally
, Hopkfns County. Texas Permanent'lq1provement Bonds, Inaccumte or misleading, and (b) to his knowledge, since the date of sald
Series 1982, dated March 1, 1982. maturing July 1. 1992 Ornclal Statement, there have been no material transacUons nofin the or-
.throWlh July 1. 19R7, In the ~te principal amount of dlnarycourseofaffa1rs enteredlntaby the School Dtstrlct and nomntertaJ
$1.Ol~.OOO for the prlnclpal amount fhereof ana a'ccrued Inter- adverse changes In the general affairs of the School DIstrict or tn Its nnan-
cst to call date of the Bonds 90 called for redemption at MTrost cia! condlUon as shown In said Official Statement other than as dleclosed In
,Corp" National AssoclaUon. Dallas, Texas. or The Sulphur or contemplated by said Official Statement: (II) a Closing CerUflcate. consU.
Sprt~ Stale Bank. Sulphur Springs, Texas. Call date: July 1. tUtlng recetpt for the bond proceeds and a sIgnature certificate. which wUl
1992, . Include a statement that no lIt1gaUon Is pending (11', to the knowledge of the
, On July I, 1992, Intereot on the Bonds shall cease to ac- signers, threatened affecting the bonds: (Ill) an arbitrage certificate execut.
eme and be payable. ed on behnlf of the School District which Includes. among pther things, COl'.
In' compliance with the Interest and Dividend Tax Compliance enanls, relating to compliance with the Internal Revenue Code of 1986 (the
Act of 1983. paycrs making payments of prl.nclpal due on debt lie. "Code") with the owners of the bonds that the School D1slrtct wll1. among
curJUelI may be obligated to withhold 20% tax from remittance to other things, (A) lake all actions on Its part necessary to cause Interest on
.Indlvtduals whD failed to provide such payer with a valid taxpayer the bonds not to be Includable In the gross Income ofthe owners thereoffor
IdenUflcatlon number. To avoid the Imposition of this withholdIng Federal Income tax purposes, Including, without limitation, restricting, to
tax. such bondholders should submit a certtned taxpayer IdenUn- the extent necessary, the yield on Inveslments made wllh tfie proc<<ds of
caUon number when sU"jo~e~~~nds for redemptlDn. the bonds and 'nvestment earnIngs therron. makIng noqutred payments to
County Judge the Federal govemment, If any, and maintaining books and records In a'
, ' Hopldoa COunty. Ta.xae ,speclfled,manner, where appropriale. and (81 refrain from taking any ac-
i ' .. .. ~ , tlpn ,w~1lc.h. -:vo~lcl cll~~e. In,,~~st on .lJ~e,~nds,l.o, ~.lnc~uldll~l,e ,J!", t~~ gro,s
t- Cont nucdonnc:xtPllic
""'N~'''''"i'''''''W''I"''"''''''''~ta!'H''\'''''\'~~\''~''~l, .........::: r.....: ....:0::::: ~ ':', ....~.......:'n'::':~ ~... ~..........'::-r' i'\~~.."'N;;,J
$3,280,000
Rockville Centre Union Free
School District
(NASSAU COUNTY.)
, I
Ne'w York
. Corred.ed
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Notice of Prior Redemption
Hopkins County, Texas
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Results of Competitive Bids
on
$26,635.000
CITY OF CLEARWATER. FLORIDA
Water 1 Sewer Revenue Bonds, Series 19BBA
Senior Managec
Shearson Lehman Hutton Inc.
Smith Barney, Harris & Co. Inc.
Merrill lynch Capital Markets
Dean Witter Reynolds Inc.
The First Boston Corporation
Bear, Stearns & Co. Inc.
Manufacturers Hanover Securities Corp.
Blunt Ellis & Loewi Inc.
Dillont Read & Co. Inc.
J. P. Morgan Securities, Inc.
Prudential-Bache Securities Inc.
Drexel Burnham Lambert Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
Morgan, Stanley & Co. Incorporated
B. T. Securities Corporation
.11'~lr3
True Interest Cost
7.399
7.416
7.436
7.445
7.453
7.455
7.470
7.479
7.492
7.496
7.517
7.525
7.535
7.579
7.582
*
PaineWebber Incorporated submitted a bid after the deadline. The bid was
therefore rejected.
~i
11/17/BB:CSV
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BID PROPOSAL
$26,635,000
CIlY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 19881\
City Commission
City of Clearwater. Florida
112 South Osceola Avenue
Clearwater, Aorida 34616
November 17, 1988
Ladies and Gentlemen:
attached Official Notice of Public Sale, which is hereby
drO.
($ ),
piUS accrued interest on the 1988A Bonds from December I, 1988. to the date of delivery, for $26,635,OOOpar value Water and
Sewer Revenue Bonds, Series 1988A, dated December I, 1988, of the City of Clearwater, Aorida (the "City"),described in such
Official Notice of Public Sale, maturing on December 1 in the foHowing years and amounts, and bearing interest at the following
rates per annum:
Subject to the provisions and in accordanc~wj.lh thc..te
made a part of this proposal, we offer to pay ~ .:r
Interest Interest
Ym Amount ~ Year Amonnt Rate
1999 $2,450,000 #; 2002 $4,935,000 ;2. da
2000 4,275.000 2003 5,310,000 ~'.~~
2001 4,590,000 2004 5,015,000
This proposal ;g. is! _ is not (check one) subject to the condition subseqlJent of the issuance by Municipal Bond
Insurance Association C-...-). Financial Guaranty Insurance Corporation <----). AMBAC Indemnity Corporation L.k::J or
Bond Investors Guaranty ( ) (check one as applicable), on' the date of delivery of the 1988A Bonds, of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 1988A Bonds. together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
of $532,700which check is to be held and applied in accordance with the prOVisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stated herein or in the attached Official Notke of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknOWledged. The names of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
Shears on Lehman Hutton. Inq-Mgr
Goldman Sachs & Co., Inc-Co-Mgr
Byz ShearAon L~hm;1n HlIttnn. TIlC
2 World Trade Centerl 104th Floor
New York, NY 10048
By:
(Signature of Bidde presentative)
Frank J. Scaraggi, EVP
(No addition or alteration is to be made to this Bid Proposal except those additions provided for above.)
1
The following cclutatlon Is submitted for purposes of information only and Is not. of this Bid Proposal.
~~-' ~
True Interest Cost. $ ...,
True Interest Cost Rate. 7", 3 / c1 t %
(To 4 decimal places)
.;1{ 77J>6)~/~~c:r
:J Lv-i TII ...:;z:+-s 1/ /e 19 A-;~ e
'.
Computed in accordance with Official Notice of Public Sale, and Including premium for municjpal bond Insurance,lr"this
bid specifies such insurance.
I hereby acknowledge the return of the good faith check in the amount of $
bid. '
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<,.,....~ !.J~.)~...J,l.. .~~"....;.\..\ I, ... ~ ' .. ..... ..J,~ '~.,." '" ...r!'I.. .,.....I{~..~\.,r~~"'Kt-l\.~.'i;~.p~'j'l t,_,
!:~}!' ~;~).p:.~l:"Jt\'~:\.I~~~~~)~:I~:~..~ :'_J:i6, ~ . .. oJ' ~.' I' ,. . <"~;:L~:'~:"<t,:*(1t i~' r:~.~ '(.:.~ I,
1., f.r..+~.1 ~~i~.: l.l' i,..'. ' .'", ~ ",~.'.1~~r~.~~I'H;.i-";{.t.~ ~~,
'~,~ ~..':l '~:">,"';f'''.''P <~.' '. ;~ '/rj.~~~t~.l'1..'p"r'.t;i(.ftl. ,t, .
1 Ii ....1,p,~~,.'t ", ,".'....' e 0 ,";:;"',:::-..A J.Jl ( ; ,
~.......... \';'-~; t...1 I); ~{~~-' "\"~.' ",;+\'~l'"....~"....) ,~~~ ,.~ 1.zr.~ J
r :' ~,,")., .".., , "."'-,i't' , OFFICIAL ,;, 1...,".E:"!~:',)o~y,:,' ',I,.' 1
I '-.:t 1..:1;~,~t ,....'~ ....f."" "t,~ f, :I)<';,~t. ~"t.":-,V:4\~"""~~". './;-l'.
'~!", '. ',~ \r-:;>:.;"...,;.iJ '," NOTICE OF PUBLIC SALE \.,'c.",{"~~f',,f:':..,;(:,, ~.:"'l
~!:~ ,:r;(~d~'r'/:(;~':""-:\ """/.:t ~V',~~'-,~"'.-r:lt.t)::..:1; . .~~..J,'\ ~
""'J '~~'I"l 1.1~~~'~' ,/,~~.. .il $26635000 j.,;Ifr:.,'J1, '","'~"r'.1".,:: ~.'f:,~" f
.;~...,; J"i ..\::~1<.t!..; '/5.)~~~' ::l~'r~~ ~ · · ';i~.::~it~\T~ri?i. ,\:!j~h;\~;;'.r ' .: l..9t~'~ .
~'H~i ~~~!g;;~i;Y~~~~):~!;W;i:;~ WATER ~~~E~~LR~~1E:O~~~~~~~IES 1988A ;:~;,:~~1~jl~~;~1~;~'i" .. "~~:',
~ ~~..' ! ...j ::'i ,~'r~ 1.. "';:1 \ ;-:/'it~ ~ ~dt .. ~ ~r:-"., tI)~\
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r.> "r:.~.; ;'I)'::.",.'_l,,:, <", SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"), at the vJ~' ,~,'-"
Th~~s ;:l'~;~'J~3:~i,'I{'J::'::::{)::) office of the City Man:lger of the City, 112 South Osceola Avenue, Clearwater, Florida 34616, until 11:00 a.m., Eastern ?!i.:}y;';j'i'
. " " t.." ",.. .,." .. Standard Time~ on Thursday, November 17, 1988, for the purchase of all, but not less than all, of $26,635,000 Water and tJ u~\'c
,~.i,i'.~,:~' :,~;:,~.~.~'"1:'~".;',,.:,'{[.:~,:.~,:!.,{~,'~.:f,:,~,~,I:(.:.~,:~.~~,:"., Sewer Revenue Bonds, Series 1988A (the "1988A Bonds"), of the City dated December I, 1988. The 1988A Bonds will be :,':,:,,;,r,.";' ,~.
.' '.. . ... issued by the City in fully registered form~ without coupons, will be in the denomination of 55,000 each or integral multiples . . ,
r~' ~.,f.t~"':":d':" - thereof, will be payablc at Florida National Bank, St. Petersburg, Florida, as paying agent and registrar (the "Paying Agent" "",\,IA~
~1i ~l,~~W:i~(-~j'~~~:~S;:;,; ~n:n'~BD~~e~~~~tr;ri~ r;~~~c~~:~:)MWjt~lrt~:~r~a~~b~e~~:;;b~~ef ~a~h~~1~r~ea~i~~0~~~sse~m}~ft~~~:IY thereafter on June tt~:';':'~-
b:"'~ /c~t'ijj;;"~'i'~"i;'."';"'" (-.'l."r,..;;
i~;~ ~'if~%*i~\4~i~"f~~r Year Amount Year Amount ;?~;0~;t
t\~ .x'jL..",.};rT<.~...'.".~~~ .~. 999 $2 0 000 ~/'7'.lt.. L.tI",..
~9;!~ ''''!~:~ajf':I:d',,, f,;,..' 1.45 , 2002 $4,935,000 \,:,..(1' j;t,;,
,,;'" '(,,':,.l;\,'>-'~"q.. hI,.. ~ 2000 4275000 2003 5,310,000 ..; VI '>"1
~:~~~ ,f~;:~~.;:~l~jj~~t~~~J,.~r~~~ 2001 I O' 0 2004 :~t~~}if~t}~
...,'/. h~.!,~"r,'r'~'rj'... ".,!;,,"", 4,59 ,00 5,075,000 ~,.>,
.~..~. t....~~.~If~~ 'i\~.~I;.. "J':' I.
1;]i! ;;;i';1i!:~.'i2>f{-N~V: AUTHORITY AND PURPOSE. The 1988A Bonds are being issued under the authorl'ty of and I'n full '
':\,p.' ;);".I"d^'~i"...~t ;Spf,Si;,;
~;i!, \"}/.-~t',\~(;r~4lt:'~;,:;~. compli:lnce with the Constitution and Statutes of the State of Florida, including particularly Chapter 166, Part II, Florida
'.'if ;';g;/ff,tii~~~;rf;?,'r';':', St:ltutes, and other applicable provisions of law, for the purpose of financing the cost of the acquisition and construction of
}.10:.1 ~~~~~t~}\'~8;t~~~1;!J.;: extensions and improvements to the water and sewer system of the City (the "System"). The 1988A Bonds are speci:ll
#~~ t(,~.;:,1:i:'J~~;:(>;;\.~~~t obligations of the City payable from the net revenues of the System (the "Pledged Revenues"), and are on a parity as to lien
'~;n o;f.:o!tt'.;A".';:;'(';': i.':i, orl and source and security for payment from the Pledged Revenues, with the City's outstanding Water and Sewer Revenue
~~~ ~;1\~~~r;~~r&:(~'~~; Bonds, Series 1984 and Water and Sewer Revenue Bonds, Series 1988 (the "P:lrity Bonds"). The 1988A Bonds shall not be
?t~? ~W;(tt' jjM bar cohnsltlitubte a general indebtedness of the City within the meaning of any constitutional or statutory provision or Iimit:ltion,
. , ! ~. (: '; ut s a e payable solely from and secured by a lien upon and pledge of the Pledged Revenues, and no bondholder shall
~F ever have the right to compel the exercise of the ad valorem taKIng power of the City or taxation in any form of :lny real
;~-4 property therein to pay the 1988A Bonds or thc interest thereon. The Bonds have been validated by Fin:ll Judgment of the
~t.:~~, Circuit Court for Pmellas County, Florida. on August 30, 1988.
I .~:~;r~\~;1-
.~r:;i-'t ~ ...:.r~t'~\.~-:!,'>
'1-: ~~t ;,\{~""':
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REDEMPI'ION PROVISIONS. The 1988A Bonds shall~ at the option of the City. be redeemable on and
:lfter December 1, 1996, (I) as a whole at any time. or (ii) in part, in inverse order of maturity and by lot within a maturity,
on :lny interest payment datc thereafter, in each case, 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 1/2 of 1% on e:lch December
1 thereafter.
1
TERMS OF SALE. Interest Rates. Bidders may specify r:ltes of interest in multiples of 118 or 1/20 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award. No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof,
will be considered. Award of the 1988A 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 1988A Bonds from the payment dates to December I, 1988~ and to
the price bid, not including interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 aV:lilable from the
respective insurers named below on November 17, 1988.
Insurance. The City has applied for a commitment from the Municip:l1 Bond Investors Assurance Corporation
("MBIAH).Financial Guaranty Insurance Company ("FGIC"),AMBAC Indemnity Corpor:ltion ("AMBAC")and Bond Investors
(Juamnty ("BIG"),for a policy of insurance on the 1988A Bonds. At the option of the bidders, bids may be conditioned upon
the issuance, effective as of the date on which the 1988A 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 1988A Bonds. The premium for such insurance
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds. Each 1988A Bond will bear a legend referring
to the insurance, if applic:lble. The purchaser, holder. or owner of the 1988A Bonds is not authorized to make any statement
reg:lrding 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 1988A Bonds,
but neither the failure to print such number on any 1988A 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 1988A Bonds. All expenses in rel:ltion to
.......
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The f01l0~lng cclutatton is submitted for purposes of information only and is nat . of this Bid Proposal.
True Interest Cost. $
True Interest Cost Rate. ~%
(To 4 decimal places)
CJ?iI &, ~
Computed in accordance with Official Notice of Public Sale, and including premium for municipal bond insurance, if this:
bid specifies such insurance. " "
I hereby acknowledge the return of the good faith check in the amount of $
bid.
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e OFFICIAL 0
NOTICE OF PUBLIC SALE
$26,635,000
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REYENUE BONDS, SERIES 1988A
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 South Osceola Avenue, Clearwater, Florida 34616, until 11:00 a.m., Eastern
Standard Time, on Thursday, November 17, 1988, for the purchase of all, but not less than all, of $26,635,000 Water and
Sewer Revenue Bonds. Series 1988A (the "1988A Bonds"), of the City dated December I, 1988. The 1988A 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 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 June I, 1989 and semiannually thereafter on June
1 and December 1 of each year, and will mature on December 1 in the years and amounts as follows:
Year
Amount
Yenr
Amount
1999 $2,450,000 2002 $4,935.000
2000 4,275.000 2003 S.31O.0CO
2001 4,590.000 2004 5.075.000
AUmORI1Y AND PURPOSE. The 1988A Bonds are being issued 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 the City (the "System"). The 1988A Bonds are special
obligations of the City payable from the net revenues of the System (the "Pledged Revenues"), and are on a ~arity 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 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"). The 1988A Bonds shall not be
or constitute a general indebtedness of the City within the meaning of any constitutional or statU[ory 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 taxmg power of the City or taxation in any form of any real
property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
Circuit Court for Pmellas County, Florida, on August 30, 1988.
REDEMPTION PROVISIONS. The 1988A Bonds shall, at the option of the City, be redeemable on and
after December I, 1996, (i) as a whole at any time, or (Ii) in part, in inverse order of maturity and by lot within a maturity,
on any interest pay-ment date thereafter, in each case, at a pnce 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 1/2 of 1% on each December
1 thereafter.
TERMS OF SALE. Interest Rates ~ Bidders may specify rates of interest in multiples of IJ8 or 1120 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% between
the highest and lowest rate of interest. or specifying a 0% rate ot 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.
Award. No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof,
will be considered. Award of the 1988A 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 (compou,lded semiannually)
neceSS3ry to discount the debt service payments on the 1988A Bonds from the payment dates to December I, 1988. and to
the price bid, not inclUding interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on November 17, 1988. ,
Insurance. The City has applied for a commitment from the Municipal Bond lnvestorsAssurance Corporation
(nMBlA"),Financial Guaranty Insurance Company ("FGIC'),AMBAC Indemnity Corporation ("AMBAC")and Bond Investors
Gu~ranty ("BIO"),for a policy of insuranc~ on the 1988A Bonds. A.t the option of ,the bi~ders, bids may be conditioned upon
the Issuance. effective as of the date on which the 1988A Bonds are Issued, of a polICY of Insurance by MBIA, FOIC. AMBAC
or BIG, guaranteeing the payment of the principal of and interest on the 1988A Bonus. The premium for such insurance
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds. Each 19H8A Bond wiJI bear a legend referring
to the insurance, if applicable. The purchaser, holder. or owner of the 1988A 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 rhat CUSIP identificarion numbers will be printed on the 1988A Bonds,
but neither the failure to print such number on any 1988.4: Bond nor any error with respect thereto shall consrir:ute cau~e for
a failure or refusal by the purchaser thereof to accept dehvery of and pay for the 1988A Bonds. All expenses m relation to
1
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n......... ",\c:.o;~""'"2r~;.,.;.:-,\:...)~"'[. ......, ~.:,.. '!,: ::.
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~"i".'" i'.~~J;'~'~'~r.'''''r~ ,......... ~:..~
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, .... i~i/. . '~~:"-:{'~~?"I'I.~" H1It,. . .~"';'":"~~~-Y' "''''1-'''~~~.~;.:: '~i9r~T -, L;~ .~'~r;~~'1,...""~...-~.~~~~ l:c;;~~:.:t"'-;"~~.'IT";'C~;:~ ., ~ - .;,''-' ~ "'.l -> ~ .
~\, :' .~'1. \':'-~j;~~"':i: '. :(".,. ':'."'~~/;" .' .....r:;.~ c~... \ 't' <~.;~.:.~::,z,~.~. .:':.::..~~.?r.~'. };'l~ ';:,'" ,,";~<7t.<.~,.~:':~.ci:~~,.". ....., : J."',', ~.'~'~ '~";" ~" . r . .
The following clutation is submitted for purposes of information only and Is notlt of this Bid Proposal.
True Interest Cost. $
+.4-3 -=!-() % rZ 1./ 3~ 1
(To 4 decimal place,) \....: ~ .-/
True Interest Cost Rate.
.
Computed in accordance with Official Notice of Public Sale, and including premium for municjpal bond insurance, if this
bid specifies such insurance. ,
I hereby acknowledge the return of the good faith check in the amount of $
bid. '
enclosed with this
By: ~u,,~
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OFFICIAL
NOTICE OF PUBLIC SALE
$26,635,000
CIlY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1988A
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 South Osceola Avenue, Clearwater, Florida 34616, until 11:00 a.m.. Eastern
Standard Time, on Thursday, November 17, 1988, for the purchase of all, but not less than all, of $26,635,000 Water and
Sewer Revenue Bonds, Series 1988A (the "1988A Bonds"), of the City dated December I, 1988. The 1988A 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 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 June I, 1989 and semiannually thereafter on June
1 and December 1 of each year, and will mature on December 1 in the years and amounts as follows:
Year
Amount
Amonnt
Year
1999 $2.450,000 2002 $4,935,000
2000 4,275,000 2003 5,310,000
2001 4,590,000 2004 5,075,000
AUTHORIlY AND PURPOSE. The 1988A Bonds are being issued 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 the City (the "System"). The 1988A Bond:; 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 Se\'!er Revenue
Bonds, Series 1984 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"). The 1988A Bonds shall not be
or constitute a general indebtedness of the City within the meaning of any constitutional or statutoJY 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 taxlllg power of the City or taxation in any form of any real
property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
Circuit Court for PlIlellas County, Florida, on August 30, 1988.
REDEMPTION PROVISIONS. The 1988A Bonds shall, at the option of the City, be redeemable on and
after December I, 1996, (i) as a whole at any time, or (ii) in part, in inverse order of maturity and by lot within a maturity,
on any interest payment date thereafter, in each case, at a pnce of par plus accrued interest. plus a premium of 2% of the
par value thereof if redeemed on December I, 1996, such premium to reduce at the rate of 1/2 of 1% on each December
1 thereafter.
TERMS OF SALE. Interest Rates - Bidders may speciry rates of interest in multiples of 1/8 or 1120 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award. No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof,
will be considered. Award of the 1988A 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 1988A Bonds from the payment dates to December I, 1988, and to
the price bid, not including interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on November 17. 1988.
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIA").Financial Guaranty Insurance Company ("FGlC'),AMBAC Indemnity Corporarion ("AMBAC")and Bond Investors
Guaranty ("BIG"),for a policy of insurance on the 1988A Bonds. At the option of the bidders, bids may be conditioned upon
the issuance. effective as of the date on which the 1988A 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 1988A Bonds. The premium for such insurance
shall be paid by the City out of the proceeds of the salt: of the 1988A Bonds. Each 1988A Bond will bear a legend referring
to the insurance, if applicable. The purchaser. holder, or owner of the 1988A 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 1988A Bonds,
but neither the failure to print sucll number on any 1988A 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 1988A Bonds. All expenses in ,relation to
1
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hr,~i;.;~';!':q!t.,hl:~.\;;,[,. the printing of CUSIP numbers on the 1988A Bonds shalt be paid for by the City; provided, however, that the CUSIP Service ';:',;~~;~;jY; ,', I
t\>~~{i3,:M~:U~{;:fiA,;~ Bureau charge for the assignment of the numbers shall be the responsibility of and shall be paid for by the purchaser. ~ii.~?, .:~
< 'p' ." ...' +. ':J."r~~,:lr,r~~
~~ ;:;'1:tJ!j'A~l;;, Bid Form. Each bid submitted must be unconditional, on a form furnished by the City (the "Bid Proposal") ?>:~~~~[~ '
flV ,~lj\,i~;Vf~~/' and in a sealed envelope addressed to the City and marked "Bid for $26,635,000 City of ClealWater. Florida, Water and Sewer ;;:~h''J.''
,1'),;'::: .~~~~~l~~~'<~S~ Revenue Bonds, Series 1988A:' ;~1t0"'"
I' .'" \,'~':;~"'I. .J" nAi
~{~.: J4'::fi;;;0"*1~~i Bid Check. Each bid must be accompanied by a certified or bank cashier's or bank treasurer's check for '1?!}:~t
., ~;'~...~d~~t'i~(j.t. $532,700, drawn upon an incorporated bank or trust company to the order of the City as a good faith deposit to guarantee .1 " .., "
''d-y.~{l';~~?j performance of the bid. No interest will be paid on any good faith check. The checks of the unsuccessful bidders will be
'!~?~!jJ,~RW; returned upon award of the 1988A Bonds. The check of the successful bidder will be retained and applied towards the
>\;-!{~t~~ purchase price of the 1988A Bonds pending full performance of the successful bidder, or will be forfeited to the City and
':~'1:f" applied as full liquidated damages upon failure of the successful bidder to take delivery and pay for the 1988A Bonds. If the
~',ri\ 1988A Bonds are not delivered to the successful bidder within 45 days from the date of sale, without fault upon the part of
~:/j;X the successful bidder, such successful bidder shall not thereafter be obligated to take delivery of and pay for the 1988A Bonds
~f:1'r'I(.' and the amount of the good faith check will be promptly paid to the successful bidder.
~~i~~~:
~~~ Right of Rejection - The Ci~ reserves the right to reject any and all bids, and any bids not complying with
t\F"-'<:;."~ ,;'i'~' .:_ (:, the provisions hereof will be rejected. The City also reserves the right to waive anr informality in any bid, to take any action
?l;j~r;;~,~~'...;:~i'\:\'J)I..i~{ adjourning or postponing the sale of the 1988A Bonds or to take any other action the City may deem to be in the best
, ';~; .':': l +~t~~,,;;,::, interest of the City.
,.o,l-"l.1.,..-,',... ~~.,
-'~~"'?- ,.. ~.'.... .~~
~j. Disclosure Obligations of the Purchaser. The successful bidder will be required to furnish, prior to or at
the time of delivery of the 1988A Bonds, a certificate statin~ the initial offering prices to the public at which a substantial
amount of each maturity of the 1988A Bonds was sold, withm 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 1988A Bonds of each maturity was sold to persons
other than bond houses, brokers, or similar persons or organizations acting in the capacity of undelWriters or wholesalers will
be acceptable.
DELIVERY OF THE 1988A BONDS. Delivery of and payment for the 1988A Bonds in definitive form will
be made on or about December 13, 1988, 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 federal funds.
LEGAL OPINION. The 1988A Bonds are being offered fer sale subject to the unqualified approving opinion,
as to legality and exclusion of interest on the 1988A Bonds from $ross 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 1988A 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 INFOkMATlON. The purchaser shall furnish to the Bond Registrar not less than 10 days
prior to the 1988A Bond closing the names of the registered owners of the 1988A Bonds to appear on the face of the 1988A
Bonds, the denominations of the 198BA Bonds and any other pertinent information in order for the Bond Registrar to
complete the 1988A Bonds for execution. If such information is not received by that time, the 1988A Bonds will be issued
and delivered to the purchaser as a single 1988A Bond for each maturity registered in the name of the purchaser, and any
subsequent registration of transfer to effect redelivery of the 1988A Bonds shall be the responsibility of the purchaser.
ADDITIONAL INfo'ORMATlON. Copies of the Preliminary Official Statement. Bid Proposal and other
information may be obtained from Cynthia E. Goudeau. City Clerk of the City of ClealWater. 112 South Osceola Avenue,
ClealWater. Florida 34616, (813) 462-6900, or from Mr. Charles A. Tharnstrom, William R. Hough & Co" 100 Second Avenue
South, Suite 800, St. Petersburg, Florida 33701, (813) 895-8880, Financial Advisor to the City.
CI1Y OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau.
City Clerk
2
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'~"~~W.~~1!(lt~'~-'~~""'"
, ;')?.r.~~, ::'}' , ~.:: '"::;: ~,;,:, ;:, ~":. . .:,: ;-:;:': :"~'(.d}~~:" ,,':"">"~ ;f: 'r'"" :-t.' /)" '.'
o
.
$26,635~OOO
CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS
MERRilL LYNCH CAPITAL MARKETS
THOMSON MCKINNON SECURITIES GROUP, INC.
JT. MANAGERS
IT. MANAGERS
MEMBERS
ADVEST & CO.
FIRST EQUITY CORP. OF FLORIDA
J.B.HANAUER & COMPANY
PRESCOIT. BALL & TURBEN
PRINTON KANE
ROOSEVELT & CROSS, INC.
TUCKER, ANTHONY & R.L. DAY
UNDERWOOD, NEUHAUS & CO., INC.
W.R. BAIRD
KIRCHNER, MOORE & CO.
GRIFFIN KUBIK
MASTERSON
, NEWMAN & ASSOCIATES, INC.
H.G. NIX INCORPORATED
STRAHSMEIER SECURITIES CO.
SUBJECl'TO CHANGE
The following c!lutatlon Is submitted for purposes of Information only and is not. of this Bid J;'roposal.
True Interest Cost. $
True Interest Cost Rate.
0'1'15' ~
Computed in accordance with Official Notice of Public Sale, and including premium for municipal bond Insurance, if this
bid specifies such insurance. ~ " .
I hereby acknowledge the return of the g~od faith check in the amount of $ ..s3:2..1 1~ enclosed with this
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i (;}i.:~:#,~~:i;l;~;~~"bj;ff,; It OFFICIAL 0 '::~,~)A~(~:Vili;;~i.,:.;1
I ~~; {./, r!(,:; ?J;~1.{! ....>~\.-.;..;II~{ 5~"(+.... NOTICE OF PUBLIC SALE ',c',\'~~~. ~k.\..,:.\-r...,.. I I
! <'.;!.'~:'~-;::;:''i..,:..,~<J,'~:/\ :."S;,:;:~:~(~~;:>.::;(J; .
: ~ A.<)~}r..<{},~~~~.;\.,; ,r. ':,' 526,635,000 "\"';';''>,';l~".::; , ,
: '0~~~~;~:~:~~;:t:~,~;<i'., CIlY OF CLEARWATER, FLORIDA ~~~t~~;'f;;
.",',', 'J',' 1'"\,'" " WATER AND SEWER REVENUE BONDS, SERIES 1988A 'i"~".'~'~Jj
,; ~/~<:\~~~~~ "~~:r\;'S(~~:~;:,.~,/.:: :,,?~~~;~~t!,.~~~,y,
, ,>::";;f?i:':.:-:~/tu;ii.'! ;,\,r;~. SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"). at the : l.'Yi~;t~
, n~"'!,j':li,:-}.,q~..,11. .~l' office of the City Manager of the City, 112 South Osceola Avenue, Clearwater, Florida 34616, until 11:00 a.m.. Eastern ";,.";:"""
~ :,~t'~~~;"~''''I',tr\'t~~.'!fS1~~'::\ Standard Time, on Thursday, November 17, 1988. for the purchase of all, but not less than all, of $26,635,000 Water and (~-;,u/l"
: !'1:)i?J{fi::Ef~'''~i,:~}::: Sewer Revenue Bonds. Series 1988A (the "1988ABonds"), of the City dated December I, 1988. The 1988A Bonds will be t~i~fi.
,.~.';~;,~~:~gj~7~~'f(d~,ti~~'I;~;' issued by the City in fully registered form, without coupons, will be in the denomination of $5,000 each or Integral multiples ;\;;~Yif "
'....w,.,~..." ',.0', '\.....p., thereof, will be payable at Florida National Bank, St. Petersburg, Florida, as paying agent and registrar (the "Paying Agent" ,;....!t.'i:'dr'
: !!i'~f~~,1:;{~~~:~~;:fl$.:<;~ and "Bond Registrar," respectively), with interest payable from their date on June I, 1989 and semiannually thereafter on June :;<~(;:;R~~\(:
l.j~r.\~.,.}~~,)..~~~i\~I(:i.~:~,~ 1 d D b 1 f h d 'II tu D b l' th d t ~ II t'.jc\.~'~~""~
:!r.rJ.,:"i':.:f;',Z,;"~'k~""'):I":' an ecem er 0 eac year, an WI ma re on ecem er an e years an amoun s as lO ows: ~~':IG':'q;j.
'flU '.Fit:~,.~lr"-l"q(,.. ...':..':\., "Ie;"
~,~Y~{~\..F~~T,~'\'::~;i.),"\~~~~~',~~. );~~~
, :', ~'i'~~o;;?E'}9' 'i'Y,\,~}"0,' ~ Amonnt Yenr Amount .';n'. .
.'}:/' ..."!.....:!.-l...~t: (./~~;}.!'~~:vh. ~,Itt~
".$~JW~1f1j~,:f'J!,.;j:,:if, $2450 000 ~.~~l!'~'
, :'~;,~l,ij.;,f:,!(~,~,i\G:f"l:,;,( 1999, , 2002 $4,935,000 f~t":."
i~~:r' '~,~'lil'":'i~..\~,t.'".-.~\,,;:, 2000 4,275,000 2003 5,310.000 -'\'~'"
. .,:J.{'/.j">'f':'!..t-";~~(,.;,~f,{:J;'tI,!~ 4,590 000 5 075 000 p~r;;l'
"'1fjl,>."'I,~F<t."'{"rj'ilit,:Y' 2001, 2004, . .,,1j-t'
r'~..,.J"!~'J..'~\~'~'''\':'t.? L,::..~:.... ... ~ '.....
. >..~ :;:;;:.:.,~t~~f..:tt.~.. Jrl/~~:.'{.~{;~.
'I;Pl)f~1:;:jlir1;;..;&!~~if:f(.:rr:;i AUmORllY AND PURPOSE. The 1988A Bonds are being issued under the authority of and in full
~~!/~~(:[s;f,;;184~~1i.V0,1~ compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 166, Part II, Florida
t'I' :'\~t"i,':'~:\,r'" j. ""~' Statutes, and other applicable provisions of law, for the purpose of financing the cost of the acquisition and construction of
~ ~ ' J?2:t#.f)Z/ii' , ~~, extensions and improvements to the water and sewer system of the City (the "System"). The 1988A Bonds are special
.' !~- ~J!j;~,(; .~;i" obligations of the City payable from the net revenues of the System (the "Pledged Revcnues"), and are on a parity as to lien
. r;, G'ri'.H{:.v~ ,...'It.;,{, on and source and security for payment from the Pledged Revenues, with the City's outstanding Water and Sewer Revenue
.~; ~f:l~~~~W~~ Bonds, Series 1984 and Water and Sewer Revenue Bonds. Series 1988 (the "Parity Bonds"). The 1988A Bonds shall not be
'1 7hffy; or constitute a general indebtedness of the City within the meaning of any constitutional or statutory provision or limitation,
. !~\~~N but shall be payable solely from and secured by a lien upon and pledge of the Pledged Revenues, and no bondholder shall
, 1,~"~,1~' ever have the right to compel the exercise of the ad valorem t3X1ng power of the City or taxation in any form of any real
.;;;f1f". property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
:-~:'1 Circuit Court for Panellas County, Florida, on August 30, 1988.
'''::'i,t(i;0~' REDEMPTION PROVISIONS. The 1988A Bonds shall. at the option of the City, be redeemable on and
;;W; after December I, 1996, (i) as a whole at any time, or (il) in part, in inverse order of maturity and by lot within a maturity,
..; ~ on any interest par.ment date thereafter. in each case. at a price of par plus accrued interest. plus a premium of 2% of the
par value thereof If redeemed on December I, 1996, such premium to reduce at the rate of 1/2 of 1% on each December
1 thereafter.
TERMS OF SALE. Interest Rates w Bidders may specify rates of interest in multiples of 1/8 or 1/20 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award w No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par v:\lue thereof,
will be considered. Award of the 1988A 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 1988A Bonds from the payment dates to December 1, 1988, and to
the price bid, not including interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on November 17, 1988.
Insurance - The City has applied for a 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 1988A Bonds. At the option of the bidders, bids may be conditioned upon
the issuance, effective as of the date on which the 1988A 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 1988A Bonds. The premium for such insurance
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds. Each 1988A Bond will bear a legend referring
to the insurance, if applicable, The purchaser, holder. or owner of the 1988A Bonds is not authorized to make any statement
regarding insurance beyond those set out here and in the Bond legtmd.
CUSIP Numbers - It is anticipated that CUSIP identification numbers will be prinled on the 1988A Bonds,
but neither the failure to print such number on any 1988A 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 1988A Bonds, All expenses in relation to
1
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The following co$tatlon Is submitted for purposes of Information only and Is not II of this Bid Proposal.
True Interest Cost. $
True Interest Cost Rate. % CJ; t.( 5" ~
(To 4 decimal places)
.
Computed In accordance with Official Notice of Public Salc, nnd Including premium for municipal bond Insurancc, If this
bid specifies such insurance.
I hereby acknowledge the return of the good faith check In the amount of $ 6' 3:1J 1 at) .o~ enclosed with tltis
bid.
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OFFICIAL
NOTICE OF PUBLIC SALE
$26,635,000
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE DONDS. SERIES 1988A
c
SEALED BIDS will be received by the City of Clearwaler, Florida (hereinafter called the "City"), at the
office of the City Manager of the City, 112 South Osceola Avenue, Clearwater. Florida 34616, until 11:00 a.m., Eastern
Standard Time. on Thursday. November 17, 1988. for the purchase of all. but not less than all, of $26,635,000 Water and
Sewer Revenue Bonds, Series 1988A (the "1988ABonds"), of the City dated December 1. 1988, The 1988A 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 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 June 1, 1989 and semiannually thereafter on June
1 and December 1 of each year. and will mature on December 1 in the years and amounts as follows:
Ym:
Amonnt
~
Amount
$2,450,000
4,275,000
4,590,000
AUTHORITY AND PURPOSE. The 1988A Bonds are being issued 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 the City (the "System"). The 1988A Bonds are special
obligations of the City payable from the net revenues of the System (the "Pledged Revenues"), and arc on a' parity as to lien
on nnd source and security for payment from the Pledged Revenues, with the City's outstanding Water and Sewer Re'/enue
Bonds, Series 1984 and Water and Sewer Revenue Bonds. Series 1988 (the "Parity Bonds"). The 1988A 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 twung power of the City or taxation in any form of any real
property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
Circuit Court for Pmellas County, Florida, on August 30, 1988.
1999
2000
2001
2002
2003
2004
$4,935,000
5.310,000
5,075,000
REDEMPTION PROVISIONS. The 1988A Bonds shall, at the option of the City, be redeemable on and
after December I, 1996, (I) as a whole at any time, or (Ii) in part. in inverse order of maturity and by lot within a maturity,
on any interest pay,ment date thereafter, in each case, at a price of par plus accrued interest, plus a premium of 2% of the
par value thereof If redeemed on December I, 1996, such premium to reduce at the rate of 1/2 of 1% on each December
1 thereafter.
, TERMS OF SALE. Interest Rates. Bidders may specify rates of interest in multiples of 118 or 1120 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award. No bid for less than all of lhe 1988A Bonds offered. or for less than 99% of the par value th~reof,
will be considered. Award of the 1988A Bonds will be made to the bidder whose: bid offers tht. 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 1988A Bonds from the payment dates to December 1. 1988, and to
the pric.: bid, not including interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on Nov-=mbei 17. 1988.
Insurance. The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIA"),Financlal Guaranty Insurance Company ("FOIC"),AMBAC Indemnity Corporation (" AMBAC")and Bond Investors
Guaranty ("BIO"),for a policy of insurance on the 1988A Bonds. At (he option of the bidders, bids may be conditioned upon
the issuance. effective as of the date on whIch lhe 198BA 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 1988A Bonds. The premium for such insurance
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds. Each 1988A Bond will bear a legend referring
to the insurance, if applicable. The purchaser, holder, or owner of the 1988A Bonds is not authorized to make any statement
regarding insurance beyond those set out here and in the Bond legend.
CUSIP Numbers. It 15 anticipated that CUSIP identification numbers will be printed on the 1988A Bonds,
but neither the failure to print such number on any 1988A Bond nor any error with respect thereto shall constiture cause for
a failure or refusal by the purchaser thereof 10 accepl delivery of and pay for the 1988A Bonds. All expenses in relation to
1
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The following co~tation is submitted for purposes of Information only and is not P_Of this Bid Proposal.
True Interest Cost'" $ ~c" 'iJS;l, "1 I 0 .00
, True Interest Cost Rate'" C. 'fsr 71./- %
(To 4 decimal places)
(7:'1 ~ 5 -:J
.
Computed in accordance with Official Notice of Public Sale. and IncJudlngpremium for municipal bond insurance, jf thIs
bid specifies such insurance.
I hereby acknowledge the return of the good faith check in the amount of $ 5]~:t 700.DlJ enclosed with t~s
bid. ' ,
By:
i~ ?It. &i[
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__ OFFICIAL 0
NOnCE OF PUBLIC SALE "
526,635,000
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE DONDS, SERIES 1988A
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 South Osceola Avenue, Clearwater, Florida 34616, until 11:00 a.m., Eastern
Standard Time, on Thursday. November 17. 1988, for the purchase of all, but not less than all, of $26,635,000 Water and
Sewer Revenue Bonds. Series 1988A (the "1988A Bonds"), of the City dated December 1, 1988. The 1988A 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 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 June 1, 1989 and semiannually thereafter on June
1 and December 1 of each year, and will mature on December 1 in the years and amounts as follows:
Vear Amount Year Amonnt
1999 $2,450,000 2002 $4,935,000
2000 4,275,000 2003 5,310,000
2001 4,590.000 2004 5,075,000
AUTIlORllY AND PURPOSE. The 1988A Bonds are being issued under the authority of and in full
compliance with the Constitution and Statutes of the State of Aorida, 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 the City (the "System"). The 1988A Bonds are special
obligations of the City payable from the net revenues of the System (the "Pledged Revenues"),and are on a parity l1S 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 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"). The 1988A 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
property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
Circuit Court for Pmellas County, Florida, on August 30. 1988.
REDEMPTION PROVISIONS. The 1988A Bonds shall. at the option of the City, be redeemable on and
after December 1. 1996, (I) as a whole at any time, or (ii) in part, In inverse order of maturity and by lot within a maturity,
on any interest payment date thereafter, in each case, at a pnce of par plus accrued interest. plus a premium of 2% of the
par value thereof if redeemed on December I, 1996, such premium to reduce at the rate of 112 of 1 % on each December
1 thereafter.
TERMS OF SALE. Interest Rates. Bidders may specify rates of interest in multiples of 1/8 or 1120 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award. No bid for less than all of the 1988A Bonds offered. or for less than 99% of the par value thereof,
will be considered. Award of the 1988A Bonds will be made to the bidder whose bid offers the lowest true interest cost to
the City, such troe interest cost to be determined by doubling the semiannual interest rate (compounded semiannually)
necessary to discount the debt service payments on the 1988A Bonds from the payment dates to December I, 1988, and to
the price bid, not including interest accrued to the date of delivel)' of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on November 17, 1988.
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIA"),Financial Guaranty Insurance Company ("FGIC').AMBAC Indemnity Corporation ("AMBAC")and Bond Investors
GU~ranty ("BIG"),for a policy of insurance; on the 1988A Bonus. A,t the option of ,the bi~ders, bids may be conditioned upon
the ISSUance, effective as of the date on whIch the 1988A 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 1981lA Bonds. The premium for such insurance
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds, Each 19BBA Bond will bear a legend referring
to the insurance, if applicable. The purchaser, holder. or owner of the 1988A 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 CUSlP identification numbers will be printed on the 1988A Bonds.
but neither the failure to print such number on any 1988A 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 1988A Bonds. All expenses in relation to
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C\
V
BID PROPOSAL
$26,635,000
em OF CLEARWATER, FLORIDA
WATER AND SE\\!ER REVENUE BONDS, SERIES 1988A
'\ !
o
City Commission
Citl' of Oearwater, Rorida
112 South Osceola Avenue
Clearwater, F.1~.rida ~6.16
,~
November 17, 1988
Ladies and Gentlemen:
otice of Public Sale, wblch is
. - II' ~ t!-/UJr-.:.
t r' r.., ($),
plus accrued interest on the 19 8A Bonds from December I, 1988, to the date of delivery, for $26,635,OOOpar value Water and
Sewer Revenue Bonds, Series 1988A. dated December I, 198B, of the City of Qearwater, Florida (the "CityU),described in such
Official Notice of Public Sale, maturing on December 1 in the following years and amounts, and bearing interest at the following
rates per annum:
Ym
Amount
Interest
Rate
~
Amount
Interest
~
?)/}
?)O
7.'31}
This proposal L isl_ is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association <->, Financial Guaranty Insurance Corporation <-). AMBAC Indemnity Corporation (...L) or
Bond Investors Guaranty ( ) (check one as applicable). on the date of delive[)l of the 1988A Bonds, of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
1999
2000
2001
$2,450,000
4,275,000
4.590,000
2002
2003
2004
$4,935,000
5.310,000
5.075,000
1.!J ()
7.~~
?,i/b
At the time of delivery of the 1988A Bonds, the City shall furnish to us, free of charge, the unqualified opinion of
Livermore Klein & Lott, PA., Jacksonville, Florida. approving the legality of the 1988A Bonds, together with the usual closing
cerlificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
of $532,700 which check is to be held and applied in accordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stated herein or in the attached Official Notice of PUblic
'Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The names of the
underwriters or members of the account who arc associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
MANUFAClURERS HANOVER SECURITIES CORP.
,~?~ .:-~~-a.....c,;.~
f
(No addition or alteration is to be made to this Bid Proposal except those additions provided for above.)
l\~~Y\'1
By: W~I ~
(Signature of Bidder Represent:itIvC)
lera , '/
The following c~tation is submitted (or purpo~s of information only and is not~ of this Bid Proposal.
True Interest Cost- $
?,1?tJ778 % f7.Q7tJ )
(To 4 decimal places) \..:'
True Interest Cosl Ratct
.
Computed in accordance with Offic.:ial Notice of Public Sale. and including premium for municipal bond Insurance. if this
bid specifies such Insurance.
I hereby acknowledge the return of the good faith check in the amount of $
bid.
-SSJ?, 7~tJ."aenclosed~th thi~
.
By:
~.1JJ. fLt
"
" ,>
"
2
'I ,
, r
.,
, .
~ ..>~~:":t.'~~'''''~,'~{l~~.,~.t'~ t;.. '~r1'i~~..<~t'fIL\~~;
. '. ..;....:'1)\:" . 0:". ':!:.: :~, "\~ ~ :c."-." ~.....
G
BID PROPOSAL
$26,63SJOOO
CllY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE nONDSJ SERIES 1988A
Ij)
W
Clly Commis3ion
City of ClearwaterJ Florida
112 South Osceola Avenue
Clearwater, Florida ,34616
November 17. 1988
Ladies and Gentlemen:
Subject to the provisions and in accordance wi
made ~ part of this proposalJ VfS: offe~ ay
~"'A u.uA ,7U7c !~ ~Lf7.IO),
plus accrued interest on the 1988A Bonds fro December I, 1988, to the date of delivery, for $Z6,635,OOOpar value Water and
Sewer Revenue Donds, Series 1988A, dated December I, 1988, of the City of Clearwater, Florida (the "City"),dcscribed in such
Official Notice of Public Sale, maturing on December 1 in the following years and amounts, and bearing interest at the following
rates per annum:
Interest Interest
YMr Amount Rote Yenr Amollnt Rnte
1999 $2,450,000 \,;0 2002 $4,935,000 ...10
2000 4,275,000 "},IO 2003 5,310,000 1.41'
2001 4,590.000 i , '1.!" . 2004 5.075.000 I.~O
This proposal ~is/ _ is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association <-), Financial Guaranty Insurance Corporation (~, AMBAC Indemnity Corporation LJ:::::J or
Bond Investors Guaranty (-l (check one as applicable), on the date of delivery of the 1988A Bonds, of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 1988A Bonds, together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
. of $532,700 which check is to be held and applied in accordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not SUbject to any conditions not expressly stated herein or in the auached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The names of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
r'~y~nn Rrnwn ~ AR~OC]a~es, Inc.
Manufacturers Hanov~r Bank Inc.
Marine Bank, N.A.
By:
(Signature of Bidder Represen an e)
JOINT MANAGERS Michael F. Gagnon, Vic President
(No addition or alteration is to be made to this Bid Proposal except those additions provided for above.)
1
The following co~tation is submitted for purposes of information only and is not ItOf this Bid Proposal.
True Interest Cost- $ ~1, IS~ 07[J. 9(;)
True Interest Cost Rate- 1. 4-0 q (,.. % Q.U70)
(To 4 decimal places) , t
.
Computed in accordance with Official Notice of Public Sate, and including premium for municipal bond Insurance, if this
bid specifics such insurance.
I hereby acknowledge the return of the good faith check in the amount of $
bid.
5" 3~ 7l1tJ.Menclosed with this
By:
~1JI~
'\
. . ..." .
'<' . .,,,
,...'........,.
7. II-
",
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2
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t;r\;..~.f;~:.~:;r~~.,~::.~l ~}~~,."f;h .I::~ NOTICE OF PUBLIC SALE ':'\~~.~rj~~':
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:':,' :/~.:t,:};i}",\ ;'. "D;-f;':~"'. $26,635tOOO "1;>' )::J~ "'I.:
r.i!...;.~.~~::~~.i~;:~.~,{p.;!t~::;' CITY OF CLEARWATER. FLORIDA 1'~.::~~ ;e,.. j
)'.!,":rt~.;;.i\~,:W~;;".:}~~.(,::'T.: WATER AND SEWER REVENUE nONDS. SERIES 1988A ~;t':;~,(, ,::.,",'
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~r1{~,>)t~~~1:~} -"~t4 SEALED BIDS will be received by the City of Clearwater, Aorida (hereinafter called the "City"), at the .~:l,~f~<~[;'i~I.~;
.,\,~_'~~?.t",~{;\~" ':d1- office of the City Manager of the City, 112 South Osceola Avenue, Clearwater, Florida 34616, until 11:00 am., Eastern ;('''1;,l,.l;.''- ~(d:\'r.!
;r+.~{~\h~~\i:<8;.;.:-~.:~'~< Standard Time, on Thursday, November 17, 1988, for the purchase of all, but not less than all, of $26,635,000 Water and ~~.'
1l'.f~A~i\;#v~~A:{l.~~r Sewer Revenue Bonds, Series 1988A (the "1988A Bonds"), of the City dated December I, 1988. The I988A Bonds will be!:l,.
:p~~~;~f.~M':~i~:if~~~-}t;i~: issued by the City in fully registered form, without coupons, will be in the denl)mination of $5,000 each or integral multiples
~;it;1~~\1\'\{!.i,\f);.L:;,~:ii:'11~;f thereof, will be payable at Florida National Bank. St. Petersburg, Florida. as paying agent and registrar (the "Paying Agent"
'f',;;-it,;,,~~!;Y:t'~~~~';;:JiF,;' and "Bond Registrar," respectively), with interest payable from their date on June I, 1989 and semiannually thereafter on June
:'i:,;;-7':Jts.:;.j.'.~~,1,~~,~<;-ti,.>~' 1 and December 1 of each year, and will mature on December 1 in the years and amounts as follows:
f,./!;p'rj!~I.J;.;';:.":t;~':~t~.}~~,;
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. ..... i.......-i. ~ol..~":~"'~' ~5'.>~lf1,'.\Y $"'~'
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Amount
Yenr
Amount
1999 $2,450,000 2002 $4,935,000
2000 4,275,000 2003 5,310,000
2001 4,590,000 2004 5,075,000
AUTHORITY AND PURPOSE, The 1988A Bonds 'are being issued 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
Statutest 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 the City (the "System"), The 1988A 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 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"), The 1988A 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
property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
Circuit Court for Panellas County, Florida, on August 30. 1988,
REDEMPTION PROVISIONS, The 1988A Bonds shall, at the option of the City, be redeemable on and
after December I, 1996, (i) as a whole at any time, or (ii) in part, in inverse order of maturity and by lot within a maturity,
on any interest pay,ment date thereafter, in each case, at a pnce 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 1/2 of 1% on each December
1 thereafter.
TERMS OF SALE. Interest Rates - Bidders may specify rates of interest in multiples of 118 or 1120 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity,
Award - No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof,
will be considered. Award of the 1988A 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 1988A Bonds from the payment dates to December I, 1988. and to
the price bid, not including interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurc:rs named below on November 17, 1988.
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIA").Financial Guaranty Insurance Company ("FGICn),AMBAC Indemnity Corporation ("AMBACn)and Bond Investors
Guaranty ("BIGn),for a policy of insurance on the 1988A Bonds. At the option of the bidders, bids may be conditioned upon
the issuance, effective as of the date on which the 1988A Bonds are issued, of a policy of insurance by MBlA, FGIC, AMBAC
or BIG, guaranteeing the payment of the principal of and interest on the 1988A Bonds. The premium for such insurance
shall be paid by the City out of the proceeds of the sale of the I988A Bonds, Each 1988A Bond will bear a legend referring
to the insurance, if applicable, The purchaser, holder. or owner of the 1988A 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 1988A Bonds,
but neither the failure to print such number on any I988A 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 1988A Bonds. All expenses in relation to
1
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..
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BID PROPOSAL
526,635,000
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1988A
, .
City Commission
City of Clearwater, Florida
112 South Osceola Avenue
Clearwater, Florida 3~16
November 17, 1988
Ladies and Gentlemen:
Interest Interest
Yill: Amount Rate Year Amount Rate
1999 $2,450,000 7,20 2002 $4,935.000 7. tfO
2000 4,275,000 7.30 2003 5,310,000 7,1/0
2001 4,590,000 7.30 2004 5,075.000 '7. "'0 -
1ltis proposal...){ is/ _ is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association <-L), Financial Guaranty Insurance Corporation <->. AMBAC Indemnity Corporation (-> or
Bond Investors Guaranty (-> (check one as applicable), on the date of delivery of the 1988A Bonds. of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 1988A Bonds. together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
of $532,700 which check is to be held and applied in ac.:ordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stated herein or in the attached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The names of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal arc listed below or on a separate
sheet attached hereto.
Dillon, Read & Co. Inc.
535 Madison Avenue, New York, NY 10022
By:
1
~
~
@
The following computation is submitted for purposes of information only and is not part of this Bid Proposal.
True I~terest Cost. $ ~ 7, 371.., "311.{. 3.5
True Interest Cost Rate. 7. t/913 S C> %
, (To 4 decimal places)
C;;v
.
Computed in accordance with Official Notice of Public Sale, and Including premium for municipal bond insurance, If this
bid specifies such Insurance.
I hereby acknowledge the return of the good faith check in the amount of $ -:r:3 ~J ? /) t'./JO enclosed with this.
bid. .
By:
~1JI.t.t
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"
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BID PROPOSAL
$26.635,000
CIn' OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1988A
City Commission
City of Clearwater. Florida
112 South Osceola Avenue
Clearwater. Florida 34616
November 17. 1988
Ladles and Gentlemen:
($ 2 -),
plus accrued interest on the 1988A Bonds fro Dee ber 1. 1988, to the date of delivery, for $26.635,000par value Water and
Sewer Revenue Bonds, Series 1988A, dated December 1. 1988. of the City of Qearwater, Aorida (the "City"},described in such
Official Notice of Public Sale. maturing on December 1 in the following years and amounts. and bearing interest at the following
rates per annum:
Interest Interest
Y!mr Amo1!D! ~ ~ Amount Rate
1999 $2,450.000 '"1.,Z ~ 2002 $4,935.000 7,3D
2000 4.275,000 7. f2.S 2003 5.310,000 7.4fD
2001 4.590,000 '7.30 2004 5.075,000 7. L./ {J
This proposal .x. is! _ is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association LL), Financial Guaranty Insurance Corporation <->, AMBAC Indemnity Corporation <~ or
Bond Investors Guaranty <-> (check one as applicable), on the date of delivery of the 1988A Bonds. of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A Bonds, the City shall furnish to us. free of charge. the unqualified opinion of
Livermore Klein & Lott. P.A., Jacksonville, Aorida, approving the legality of the 1988A Bonds, together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amollnt
of S532,700which check is to be held 2nd applied in accordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stared herein or in the auached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The name~ of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
1.
J.P. Morgan Securities Inc.
)JT.
J.P. Morgan S~curities Inc.,
and Associates
2.
DT Securities Corp.
)
SECURITIES INC.
3.
Citicorp Securities Markets, Inc.)MGR- Rollert Whit Vi P id t
-13y: ~ . e - ce res en
(Signature of Bidder Representative)
(No addition or alteration is to be made to this Bid Proposal except those additions provided for above.)
1
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The following coml;~tation is submitted for purposes of information only and is not pa f this Bid Proposal.
True Interest Cost Rate.
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(To 4 decimal places)
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True Interest Cost. $
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Computed in accordance with Official Notice of Public Sale, and including premium for municjpal bond insurance, if this',
bid specifies such insurance. '
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I hereby acknowledge the return of the good faith check in the amount of $ "";:J ~ _ v
bid.
enclosed with this
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tk ';'~""":)l!~i\':'~':::~~:';\ OFFICIAL ~,;;'...
t~} ~:>~::~,;J;;o,~J~f;l~Y NOTICE OF PUBLIC SALE ;i~
~~". " ....'4..~~i~ '~~\<'i\1'~~l '~~t.........(
~J ~:~ "'1,".:~;~ii ;.1\q~~~~t..~t~ 526 6JS 000 t~~::r;t\t.
t'i'c .I"':,;:t,;." -k';~~';~~;.~;,~:'.; CITY .. ~i'~;'i:.,~1~1
::" :;;f:lmf{i::;<"\',:1,;~;"i":' OF CLEARWATER; FLORIDA ',-:f':.':r)<f.;;t ~
;1 ;.d.l..'v1'''':'i:'~il',~?",~:;,,! WATER AND SEWER REVENUE BONDS, SERIES 1988A ~~,:V:&)l<l<~{.
-: \.! ':~$.~~~i'.:.i.:'j:'!..::;..r~g:tl.~~!: ;~J~(!~,~I'!'~}:;;f?~~' ,
b:.. ;"..,. :.:t)~o;~t:}JiJ"'rl.'!.~i''' ~~~;t;(:(~~~t~)~~~ ~
:,~!,' 1~~;;1:.t~~'1f'~:t~";~: SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"). at the ~,'i;.:r' '\~~\j~k.(
too' ,.,. I'S~,","J,;,. office of the City Manager of the City. 112 South Osceola Avenue. Clearwater. Florl'da 34616. untl'l 11'.00 a.m.. Eastern ~,j... ~;l.'i) '1
WD ~q:,::{)r~:~r.'1';~ Standard Time, on Thursday, November 17, 1988, for the purchase of all. but not less than all. of $26,635,000 Water and i: '~{tt .t,
,,<1: ~:,:~~i.~~,tf{:tf.~ Sewer Revenue Bonds, Series 1988A (the "1988A Bonds"), of the City dated December I, 1988. The 1988A Bonds will bei~;t.'J:;
~~~ ,::.",.~:~lrif~\~~:' issued by the City in fully registered form, without coupons, will be In the denomination of $5,000 each or Integral multiples Of. l~'
7P',,:C:'d.~:i~il.~.i:i)!hr,...;' thereof, will be payable at Florida National Bank, St. Petersburg, Florida. as paying agent and registrar (the "Paying Agent"
....:r ;~;r~:!.*"...'(;;:,\\;;";~;"': and "Bond Registrar," respectively), with Intcrest payable from their date on June 1, 1989 and semiannually thereafter on June
i*, :ftri " ' ":'*1k'~ 1 and December 1 of each year, and will mature on December 1 in the years and amounts as follows:
II ~ r r~1.~., 1}.. \'P\'~~)
'1"'''..04 ...~. ...~ { ,'\I
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,~;:z; '<l1r.1f . 'I
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~\\!~ l~:i,}!,{~/.f
otl-\.';"p.)4I<i">"h.
~t~. !;Xt~~.'P.)~'??r\"""
.,> ~,,.~~~~'.~."I. ""';:V'l'
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m'\. ~'n.!0~;
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Amonnt
Yellr
Amonnt
$2,450.000
4,275,000
4.590,000
AUmORI1Y AND PURPOSE. The 1988A Bonds are being issued 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
extcnsions and Improvements to the water and sewer system of the City (the "System"). The 1988A 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 Pledgcd Revenues, with the City's outstanding Water and Sewer Rcvenue
Bonds, Series 1984 and Water and Sewer Revenue Bonds. Series 1988 (the "Parity Bonds"). The 1988A 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 securcd 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
property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
Circuit Court for Pmellas County, Florida, on August 30. 1988.
REDEMPTION PROVISIONS. The 1988A Bonds shall. at the option of the City, be redeemable on and
after December 1. 1996. (i) as a whole at any time, or (ii) in part, in inverse order of maturity and by lot within a maturity,
on any Interest payment date .thercafter. in each case. at a pnce of par plus accrued interest. plus a premium of 2% of the
par value thereof if redeemed on December I, 1996. such premium to reduce at the rate of 1/2 of 1% on each December
1 thereafter.
1999
2000
2001
2002
2003
2004
$4.935,000
5,310.000
5.075.000
TERMS OF SALE. Interest Rates. Bidders may specify rates of interest In multiples of 1/8 or 1120 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award - No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof.
will bc considered. Award of the 1988A Bonds will be made to the bidder whose bid offers the lowest true interest cost to
the City, such truc Interest cost to be determined by douBling the semiannual interest rate (compounded semiannually)
necessary to discount thc debt service payments on the 1988A Bonds from the payment dates to December 1. 1988, and to
the price bid, not including interest accrucd to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest truc interest cost to the City as a basis for awarding the 1988A Bonds, any premium for municipal bond insurance,
if specified, shall be trcatcd as a reduction in the price bid. The amount of such premium will be available from the
rcspective insurers named below on November 17, 1988.
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIAIO),Flnancial Guaranty Insurance Company ("FGIC"),AMBAC Indemnity Corporation (" AMBAC")and Bond Investors
Guaranty (IOBIG"),for a policy of insuranc~ on the 1988A Bonds. A.t the option of ,the bi~ders. bids may be conditioned upon
thc issuance effcctive as of the date on which the 1988A 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 198MA Bonds. The premium for such insurance
shall be' paid by the City out of the proceeds of the sale of the 1988A Bonds. Each ~988A Bond ':ViiI bear a legend referring
to the insurance. if applicable. The purchaser, holder. or owner of the 1988A Bonds IS not authOrized to make any statemenr
regarding insurance beyond those set out here and In the Bond legend.
CUSIP Numbcrs . It is anticipated that CUSIP identification numbers will be printed on the 1988A Bonds.
but neither the failure to print such number on any 19881\ Bond nor any error with respect thereto shall constir:ute cau~e for
a failure or refusal by the purchaser thereof to accept delivery of and pay for the 1988A Bonds. All expenses In ,relation to
1
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H:~\\g~;;~iW~~1~f,~~:E'~ the printing of CUSIP numbers on the 1988A Bonds shall be paid for by the City: provided, however, that the CUSIP Service '.,j'i;~'!r~~!~?~~5:~!;,~~;~t~4~#~!:: r
H"""'\l,;~,~\",;:;,\,l;!~?.:.;!..' Bureau charge for the assignment of the numbers shall be the responsibility of and shall be paid for by the purchaser. ~.~":",,,,'I_,N'!:J:4::,,':~'o4'k'~'~1~.0w\
:........" .~ ~~,,:1~1:.tt....,,1"'~0~~t..t'" '--:.;.'f,,~~ -lt~~~"b!':';.'"-.,".",{ <'~:-.;fc,~~;'\~,~""~~~~,,.I-'~"r"
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~. !fi,~.'!s::,;J:'f~'~~~:(;~i:,S~ Bid Form. Each bid submitted must be unconditional, on a form furnished by the City (the "Bid Proposal "'(\".;,K';:,j;J/r^;~'~'! i;!r~',
~"( >.';')~~l""~ '...'..'/'1 '. \i and in a sealed envelope addressed to the City and marked "Bid for $26.635,000 City of Clearwater, Florida, Water and Sewer ~,', " ' J., ",'I.,~,;(. . r~r '
(?~~~r;~~~t~~.:~~;ltl:i!;!."ti~~~~. Revenue Bonds. Series 1988A." ~:~:~1~~~~\?';~~/ ' t~~::.::;1 ~~'~'~~:',
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r;'~!,;d:;~~,,'l\. \i:;r,~!.:,~::: Bid Check. Each bid must be accompanied by a certified or bank cashier's or bank treasurer's check for ,'C*{~(~~'~
fr:?,m~~i'?\Vhlr1~~~'~f $532.700, drawn upon an incorporated bank or trust company to the order of the City as a good faith deposit to guarantee rf'~\iV;:;~'
1:fi/;~;~t~~~~f;~~}~~;J:X{ performance of the bid. No interest will be paid on any good faith check. The checks of the unsuccessful bidders will be :;I;'t.t0~~~B
@(~w:l..;.~~:,'JJ"'~r!i:\.':j<, returned upon award of the 1988A Bonds. The check of the successful bidder will be retained and applied towards the ""l;,;',rf.':.:[;~'
f~;)lXfJ,;~~~~.\#,l,~~~r purchase price of the 1988A Bonds pending full performance of the successful bidder, or will be forfeited to the Ci~ and ~~k:;\::'~Ji!::
/tt1:\;~f{~:,:\jo~tt;:tdN applied as full liquidated damages upon failure of the successful bidder to take delivery and pay for the 1988A Bonds. the l~:j~V ,->, ,
":>l",rl''';:;;~'''I,,(": iJ~:l;;r 1988A Bonds are not delivered to the successful bidder within 4S days from the date of sale, without fault upon the part of ~t'\'~'
~;'f~~:~' ;;' ~~i~:~:qA>T;; the successful bidder, such successful bidder shall not thereafter be obligated to take delivery of and pay for the 1988A Bonds l~?kA'
;::':'. ; 1 ~~t-{\l;(~'i'~(' and the amount of the good faith check will be promptly paid to the successful bidder.~}'~:,::1,;;\.~'
+ .Jif:;"'~L~.'''''t;)f l~. d t~.,l- li;'T~t"~..
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~ ,;t~fi~~~>It+j;i~;;t, Right of Rejection. The Ci~ reserves the right to reject any and all bids, and any bids not complying with ;~1~~~:
. ,w.'r r.~~l ~.\'/~y....":.\,. the provisions hereof will be rejected. The City also reserves the right to waive an~ informality in any bid, to take any action, ~\:'..'\~
~ii1~t~~>,'y.\(:~~;i*,q1~~!: adjoUrnin~ or postponing the sale of the 1988A Bonds or to take any other actIon ~he City may deem to be in the be;:st i;>'
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, ;,J ;i~':1,I~'h~~fl:~'''::I,<,~};~ Disclosure Obligations of the Purchaser . The success I er WI e requIre to rms. pnor to or at
1<'~>$t~'l4:'WiWi~;;')!Ji;': the time of delivery of the 1988A Bonds, a certificate statin~ the initial offering prices to the public at which a substantial
1IJjtfr~~~~?fft~:t~~I~~~il/t: amount of each maturity of the 1988A Bonds was sold, within the context of Section 1273 of the Internal Revenue Code of
)"""~I~'\o""'~':'t"y'~:l",.r,, 1986, as amended. Generally, the first price at which at least 10% of the 1988A Bonds of each maturity was sold to Pcersons
-....1~~L...r./..I,.}-~'"t't-"+:...l~...~~f~. f d' h I 'II
'1;':-: 1'" "','.};:;~'~;;;.,,~{~., other than bond houses, brokers, or similar persons or organizations acting in the capacity 0 un erwnters or w 0 esa ers WI
. . ' l,$!tW?~,~_:, be acceptable.
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DELlVERY OF THE 1988A BONDS. Delivery of and payment for the 1988A Bonds in definitive form will
be made on or about December 13, 1988, 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 federal funds. .
LEGAL OPINION. The 1988A Bonds are being offered for sale subject to the unqualified approving opinion,
as to legality and exclusion of interest on the 1988A Bonds from ~ross 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 1988A Bonds will be
furnished by the City to the successful bidder without charge, and additional copie:s may be obtained at the expense of the
successful bidder.
REGISTRATION INFOkMATION. The purchaser shall furnish to the Bond Registrar not less than 10 days
prior to the 1988A Bond closing the names of the registered owners IJf the 1988A Bonds to appear on the face of the 1988A
Bonds, the denominations of the 1988A Bonds and any other pertinent information in order for the Bond Registrar to
complete the 1988A Bonds for execution. If such information is not received by that time. the 1988A Bonds will be issued
and delivered to the purchaser as a single 1988A Bond for each marurity registered in the name of the purchaser, and any
subsequent registration of transfer to effect redelivery of the 1988A 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 C!~rk of the City of Clearwater, 112 South Osceola Avenue,
Clearwater, Florida 34616, (813) 462.6900, or from Mr. Charles A. Tharnstrom, William R. Hough & Co.. 100 Second Avenue
South, Suite 800, St. Petersburg, Florida 33701, (813) 895.8880, Financial Advisor to the City.
CllY OF CLEARWATER, FLORIDA
By:
Cynthia E. Goudeau.
City Clerk
2
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The following computation is submitted for purposes of Information only and is not p f this Bid Proposal.
Tru. Int.,.st Cost' S ;2 7 '2-1 <j ? 2.. 'l' . yo 6: 7)
Tru. Int.r.st Cost Rot.' /, Y <;t 0 6 . % 7. :S I 7
(To 4 decimal places)
,
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. Computed in accordance with Official Notice of Public Sate, and inclUding premium for municipal bond insurance, if t'his'
bid specifics such insurance.
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I hereby acknowledge the return of the good faith check in the amount of $ !.
bid.
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,'...>I"':"",';'1f,",tr:,;,,' OFFICIAL ',1'1:~ .
fw~e~f~i:H~~(i/':';~\}> NOTICE OF PUBLIC SALE;t~'~\,;,"
1;.;'. ....':..i."c"'~~..J.()~'.'f.--., $26,635,000 ',,~ .':1", ~ ;,
i{;.;'~,; '!~;"T<t;':~:':,<,,\,' CITY OF CLEARWATER, FLORIDA '::':)~:;':::i..wr.i...." ;, 'ri~Ii" ,
t)},;k~~~:~~~:;},:~t~:'~ WATER AND SEWER REVENUE DONDS, SERIES 1988A :::fl~~~?~'ti:~1:t~~~1Sl~~".,
i r cJ'.';t':'""[:~~":J~,,~.rt'...c ,,'c....~1~~.' :1. 1";.: ~1)-8 ~...~,1 ' ,
r:;~f"'}\~~h::':~1;(5:'f:;,~I~ . SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"). at the ;:\\,W ' . ,
&1t~~t):::'V;:j;::~:{,~~,~,:[~!~~: office of the City Manager of the City, 112 South Osceola Avenue. Clearwater, Florida 34616. until 11:00 a.m.. Eastern :i.t'(;~f'
W~~,.,;~ :~AWi~l,~~~::>i Standard Time, on Thursday, November 17, 19B8, for the purchase of all. but not less than all, of $26.635,000 Water and :;~8N~~
',~:":,,\(.,,.~.,~~,A\t,'W~,{:~~f~ f~~;~ :ye~~~uCi~~~d~l~ye~~:iS~~~:J\~~~, '~~~~t~~~~~~;.o~i~r~eC:~ t~~t~~n~~~~~~~ ~f 1~~3oo ~;h 1~~~~e~~~d~~Wp~~ 6~.~~~~~~~
,FhT,j1;" .,"~l!:..',,~"" thereof, will be payable at Florida National Bank, St. Petersburg, Florida, as paying agent and registrar (the "Paying Agent" '" l"'1!i=;"<:,
L'f1'{'i;:-~,N~,~>~~,,',},"'1. and "Bond Registrar," respectively). with interest payable from their date on June 1. 1989 and semiannually thereafter on June :' ',Al,;"';';
l~~kttl~!~~'[i~;;;;;~'l~~}~~~:' 1 and December 1 of each year, and will mature on December 1 in the years and amounts as follows: /J~::~~~'
/1:""'':-:"' .'\'B";,,"....1:'~d!.,', '""'("\~;"
.r;;,f1~r~:j:l~:JS.{..l(.(:'.f~:l~\~~.~) ;Jif:'~ ......:(,
~~1t~'>~\~!..liV-tt.t...-\N~..:k..." Vea" Amount VeB" Amonnt .t/.,rl,
...) !,~,~':;'~1 ;',r."'~~l,~.j\..':,' ~ ~ 'z"
,"";;>:'el..,.1l'i1f;;,.,<',;,..'.-.'t ,'>\' ,~
j1.;o:. ~ ~~1i'-~ ~A"';~:~''''':''''~oj.t':.~ , /~~'..
t:~~~[jff:i~i~::;:-B;f:~:;~T!r: 1999 $2,450.000 2002 $4,935,000 ;i:J~,
.~~~\y. ....(~ {""[.:'- .t,)] w.~. 2000 4275000 2003 5310000 f'Or.
iJ~;>:"..;;;r.~~,~r",:.J.,'.-:.;,~,r.. . , . · <:1l~~'
\~:}'l"""[,'.,',.....)~(,.~Cf.~.l~: 2001 4,590,000 2004 5,075,000 '1' .~
:\ti~~i:~\~"'t~,~c:J.~1.~~?,g"~~.'i,3.. 1~ 'I'
}4'; ~~?;~;t~1.'.~\\t ~:fll~~rt~~~
;-..~:{~''i.l~.y.~,~,!~':...~~~~:I~!,i;',~, AUTHORITY AND PURPOSE. The 1988A Bonds are being Issued under the authority or and in full
~.r.'\'<;.( ,{1 ",,'.-K ilr,"'\.,1 compliance with the Constitution and Statutes of the State of Rorida, including particularly Chapter 166. Part II, Florida
r!I~,~}8ti~l:.:.{-rtr~ Statutes, and other applicable provisions of law, for the purpose of financing the cost of the acquisition and construction of
: tl~l; Wt~~'(;Mi~I;;"~:( extensions and improvements to the water and sewer system of the City (the "System"). The 1988A Bonds are special
:\t* itf:1,i~~W~,,';'\\:t~ 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
',' 'tV:, Bonds. Series 1984 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"). The 1988A Bonds shall not be
':1}11 or constitute a general indebtedness of the City within the meaning of any constitutional or statutory provision or limitation.
,..rt ii% but shall be payable solely from and secured by a lien upon and pledge of the Pledged Revenues. and no bondholder shall
";:;1" ever have the right to compel the exercise of the ad valorem taxmg power of the City or taxation in any form of any real
property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
Circuit Court for Pmellas County, Florida, on August 30, 1988.
REDEMPTION PROVISIONS. The 1988A Bonds shall, at the option of the City, be redeemable on and
after December 1, 1996, (i) as a whole at any time, or (ii) in part, in inverse order of maturity and by lot within a maturity,
on any interest parment date thereafter, in each case, at a pnce 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 1/2 of 1% on each December
1 thereafter.
TERMS OF SALE. Interest Rates - Bidders may specify rates of interest in multiples of 118 or 1120 of 1%
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award - No bid for less than all of the 1988A Bonds offered. or for less than 99% of the par valu~ th~reof,
will be considered. Award of the 1988A 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 198BA Bonds from the payment dates to December 1, 1988, and to
the price bid, not Including interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on November 17, 1988,
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIA"),Flnancial Guaranty Insurance Company ("FGIC"),AMBAC Indemnity Corporation ("AMBAC")and Bond Investors
Guaranty ("BIG"),for a policy of insurance on the 1988A Bonds. At the option of the bidders. bids may be conditioned upon
the issuance, effective 3S of the date on which the 1988A Bonds are issued, of a policy of insurance by MBIA, FGlC, AMBAC
or BIG, guaranteeing the payment of the principal of and interest on the 1988A Bonds. The premium for such insurance
shall b~ paid by the City out of the proceedS of the sale of the 1988A Bonds. Each ~988A Bond ':Viii bear a legend referring
to the insurance. if applicable. The purchaser, holder, or owner of the 19H8A l30nds IS not authorlzed to make any statement
regarding insurance beyond those set out here and in the Bond legend.
CUSIP Numbers. It is anticipated that CUSW identification numbers will be printed on the 1988A Bonds,
but neither the failure to print such number on any 1988A 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 198BA Bonds. All expenses in ,relation to
1
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.}:.i~lil~~"'"l'-c10~'\~";:~J..~:.c)\.{"(-';'i." :P":.t....ll',l p' . ~ ". . , ,. , .:';:~~I./~"..>:;I~I~;\~~i..r.~i(:~~:~;:;}~>.'..;
. ):.;'(.~d.,~~Wi'l:';~~~~~;I'{jif . ':J'!-1,~:;,';;:';::':'~AVA\~t.?~~\'}\-
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m:':;;;",~~.:\~yN:tt::~I:i,/:~,~~ the printing of CUSIP numbers on the 1988A Bonds shall be paid for by the Ci~: provided+ however, that the CUSIP Service ~;~~~:;"i.:~::::~~:!~l}.t:~~;~I-"" .l, ~
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M.~.~t:~~,~.;~~jB;~'i~:~W;\*:f;.~ Bid Form. Each bid submitted must be unconditional, on a form furnished by the City (the "Bid Proposal") ;~:,:;~:~,i\~, ,~!iI >,
:;~~1~~~r~:~"\1',\1::~i~:~'~:"\\'~ and in a sealed envelope addressed to the City and marked "Bid for $26,635,000 City of Clearwater, Florida, Water and Sewer ~:::i.,~,,:.~;o \
{"" ~~ ""',.~d"',,''J', '~'''"'': Revenue Bonds, Series 1988A." :"'~f.,:t "
~l~#t4<<~'~t\;Jkf::' Bid Check. Each bid must be accompanied by a certified 0, bank cashier's or bank t..asurer's check for~~#i. . "
:,:~:'~";~g;~~9;,'rJ:'I~::;~'(" $532,700, drawn upon an incorporated bank or trust company to the order of the City as a good faith deposit to guarantee ,~ ~~?...
," ~,!$,'r:\r{';':ij;'jD performance of the bid. No Interest will be paid on any good faith check. The checks of the unsuccessful bidders will be t' ..
'~\&{f;~~~h:.~J. returned upon award of the 1988A Bonds. The check of the successful bidder will be retained and applied towards the
ltv~~:.t:rl purchase price of the 1988A Bonds pending full performance of the successful bidder, or will be forfeited to the Ci~ aud
"~;'%~')}?.l;:?~,;;)0:~~lJ?~~~~ applied as full liquidated damages upon failure of the successful bidder to take delivery and pay for the 1988A Bonds. the
.;:f,.n';.\~l.itf,!J~{:;\~0~7.~~:~; 1988A Bonds are not delivered to the successful bidder within 4S days from the date of sale, without fault upon the part of
, :{;l00;;;..H!t\~;l;.~njtr!t?i the successful bidder, such successful bidder shall not thereafter be obligated to take delivery of and pay for ttie 1988A Bonds
t;{JW{~1~~~~\i~~~M~~ and the amount of the good faith check will be promptly paid to the successful bidder.
~~f*~}t.[h~~'~;:y..~;?~l!\~' Right of Rejection - The Ci~ reserves the right to reject any and all bids, and any bids not complying with
~~~~t4~?}~.~W~\~)2t ~~jo':Jr~~t~: ~~~~:k ~~:e~:f~e~r ~e 1~8~,:I~~~d~~e~~ht~~~~~~0 ~~~~e a~ro~n~~~m~ll~ ~a~n~~~~ ~~ tb~ei:nlh:c~i~s~
rtf~r{~fi,1i.~ff.~~t~f1j~{ interest 0 the City.
~~i!~~ f:;: ,rt~~ki(!i.,\:f,fi::. Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish. prior to or at
'. , 'r;I{~\~*'~ "-'1h: the time of delivery of the 1988A Bonds, :1 certificate statin~ the initial offering prices to the public ~t which a substantial
; ~ ;~~it ~ amount of each maturity of the 1988A Bonds was sold, within the context of Section 1273 of the Internal Revenue Code of
~f ~~l.;~' " 1986, as amended. Generally+ the first pricc at which at least 10% of the 1988A Bonds of each maturity was sold to persons
1.; t;;; :~i! other than bond houses, brokers+ or similar persons or organizations acting in the capacity of underwriters or wholesalers will
, ;}I",' J:,: '" ~ be acceptable.
DELIVERY OF TIlE 1988A BONDS. Delivery of and payment for the 1988A Bonds in definitive form will
be made on or about lXcembcr 13. 1988, in New York. New York, or such other place and/or date mutu31ly agrced upon
between the purcnaser 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.
LEGAL OPINION. The 1988A Bonds are being offered for sale subject to the unqualified approving opinion,
as to legality and elCclusion of interest on the 1988A Bonds from ~ross income for Federal income tax purposes, of Liverman:
Klein & Lott, PA., Jacksonville, Florida. Bond Counsel, which Wlll 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 1988A 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 1988A Bond closing the names of the registered owners of the 1988A Bonds to appear on the face of the 1988A
Bonds, the denominations of the 1988A Bonds and any other pertinent information in order for the Bond Registrar to
complete the 1988A Bonds for execution. If such information is not received by that timc. the 1988A Bonds will be issued
and delivered to the purchaser as a single 1988A Bond for each maturity registered in the name of the purchaser, and any
subsequent registration of transfer to effect redelivery of the 1988A 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 34616, (813) 462-6900, or from Mr. Charles A. Tharnstrom, 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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BID PROPOSAL
526,635,000
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE nONDS, SERIES 1988A
~
~
City Commission
City of Clearwater, Florida
112 South Osceola Avenue
Cletllwater, Florida 34616
November 17, 1988
Ladies and Gentlemen:
Interest Interest
Yw Amount Rate fim: Amonnt Rate,
1999 $2,450.000 1. ::;0 2002 54,935,000 -:i:i!
2GOO 4,275,000 7. ,3f) 2003 5,310,000 ...:L
2001 4,590,000 1. tlO 2004 5.075.000 :2 (pO
TItis proposal _ is! -X. is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association <-), Financial Guaranty Insurance Corporation '-.>, AMBAC Indemnity Corporation (--> or
Bond Investors Guaranty (-> (check one as applicable), on the date of delivery of the 1988A Bonds, of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 1988A Bonds. together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
of $532,700which check is to be held and applied in accordance with the provisions of the Official Notice of Public Sale.
TItis Bid Proposal is not subject to any conditions not expressly statet! herein or in the attached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The names of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
Incor orated and Associates
The following c@utation is sutlmltted for purposes of information only and Is not I of tlus Bid Proposal.
True Interest Cost. $ /:l0 /n //3. eCJ?.. 5 ()
True Inler,,'Ccs' Rate' 1. 5:J5'7 % /7.:{ i 5 j
(To 4 decimal places) <----~ :..: ~
.
Computed in accordance with Official Notice of Public Sale. and including premium for municipal bond insurance. if this'
bid specifics such Insurance.
I hereby acknowledge the return of the good faith check in the amount of $ ,3~ 700
bid.
enclosed with this
By:
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t;,?(r'Ay~)):j:[:~~';'>:,'(',:: NOTICE OF IpulALnLIC SALE d~~~i:;t:;;l~.;~~r,;~\~$<< 't1:"'1
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;:;~~g;:it~~~:N~:'<~/:':~: CITY OF CL~~~~R, FLORIDA ~~~~~k~~"v. "~.d'/.
~~t~~1~S~~~:~~!~~?}~~;::,;i;;. WATER AND SEWER REVENUE nONDSt SERIES 1988A ~,~~f'
.'/, ....,.........\".J..~....~d~\ l.~.(.. h !~..~>~n
;::'.~\:~{,,;1.)~~W~;/:~";';y:t...:: SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"), at the ~"p/r.; ,;! ,
t ',..."}t'~r;,,'~";,\,',j' ,'';'', , office of the City Manager of the City, 112 South Osceola Avenue, Clearwater, Florida 34616, until 11:00 am., Eastern :" I.'.f.~'.l'~'
~ ~ l:'
;g~~~il~it~t~ !n~~~~~~~~;~triri;r~::.~:~)oo~t~ilr::::::~b~e~~b~~'r ~'\1~~!::'.~i~~0~~~s::::::~~!Y thereaft,r on Junet'~
~,~~I~~\t\:;:"'''.~f.h,~L:1:-:'",, 1999 $2.450,000 2002 $4,935.000
~{.1r.~~;t"'::..~J~~:;;.;h1~::t;;/.,~~, 2000 4,275,000 2003 5,310,000
r.t't~\r:f,7;>::.~.,:.ti:i~:( ,,",-,:,'/:':1: 2001 4.590,000 2004 5,075,000
'~i1~~v1~-..~~ :~l".~ ~'\" ~ :lh'~~:' I;
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1ln,!Ni~":'~~1~~;~;P.tJJ;\" AUTHORIlY AND PURPOSE. The 1988A Bonds are being issued under the authority of and in full
*~t''''i;i';';t;.,;,:.~.~'~f~~,.'..." compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 166, Part II, Florida
~?}*~;;'~~~~'U}!,~.;t~;i.:~::-",1 Statutes, and other applicable provisions of law, for the purpose of financing the cost of the acquisition and construction of
:~~~5~:J~M:i#t~f(,:f~~;;;~'j extensions and improvements to the water and sewer system of the City (the "System"). The 1988A Bonds are special
:p",l~~ ~!,y.h';;:'~'~2!,~;~r;.::.~> obligations of the City payable from the net revenues of the System (the "Pledged Revenues"). and are on a parity as to lien
~:t:l ".ih~r!-~~~:lf!,*tJ; on and source and security for payment from the Pledged Revenues. with the City's outstanding Water and Sewer Revenue
\i;l'I,,~,j)':,I.,. ",'"\V'''''~~''''.'''i''' Bonds, Series 1984 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"). The 1988A Bonds shall not be
~f.;l'7J~{f?",~c:~,'~'J:lJ;:~!'<iN~U? or constitute a general indebtedness of the City within the meaning of any constitutional or statutory provision or limitation,
1~f.';~"'!Ji.<<~;;~tl:;i;'i~f;t;.' but shall be payable solely from and secured by a lien upon and pledge of the Pledged Revenues, and no bondholder shall
,~:'~{I1)fM;::;;~~ ever have the right to compel the exercise of the ad valorem tmung power of the City or ta'(ation in any form of any real
'~f*~~~}~i~" property therein to pay the 1988A Bonds or the interest thereon, The Bonds have been validated by Final Judgment of the
t~~J.~nr(.~[:.. Circuit Court for PineIlas County, Florida, on August 30, 1988,
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REDEMPTION PROVISIONS. The 1988A Bonds shall. at the option of the City, be redeemable on and
after December I, 1996, (i) as a whole at any time, or (ii) in part, in inverse order of maturity and by lot within a maturity,
on any interest payment date thereafter, in each case, at a price of par plus accrued interest, plus a premium of 2% of the
par value thereof if redeemed on December I, 1996. such premium to reduce at the rate of 112 of 1% on each Cecember
1 thereafter.
TERMS OF SALE. Interest Rates - Bidders may specify rates of interest in multiples of 1/8 or 1120 of 1%
per annum with the same single interest rate for anyone maturity, No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award - No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof,
will be considered. Award of the 1988A 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 1988A Bonds from the payment dates to December I, 1938, and to
the price bid, not including interest accrued to the date of delivery of the 1988A Bonds. For purposes of computing the
lowest true interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on November 17, 1988.
Insurance - The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIA").Financial Guaranty Insurance Company ("FOIC').AMBAC Indemnity Corporation ("AMBAC")and Bond Investors
Guaranty ("BIG"),for a policy of insurance on the 1988A Bonds. At the option of the bidders. bids may be conditioned upon
the issuance, effective as of the date on which the 1988A Bonds are issued. of a policy of insurance by MBIA. FGIC, AMBACoor BIG, guaranteeing the payment of the principal of and interest on the 1988A Bonds. The premium for such insurance
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds, Each 1988A Bond will bear a legend referring
to the insurance. if applicable. The purchaser, holder, or owner of the 1988A 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 1988A Bonds,
but neither the failure to print such number on any 1988A 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 1988A Bonds. All expenses in relation to
1
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BID PROPOSAL
$26,635,000
CIlY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1988A
City Commission
City of Clearwater, Florida
112 South Osceola Avenue
Clearwater. Florida 34616
November 17, 1988
Ladies and Gentlemen:
e, which .s hereby
S. bW
($~.!lb"7 '~.o I.~ ),
plus accrued interest on the 19 A Bonds from December 1, 1988, to the date of delivery, for $26,635,OOOpar value Water and
Sewer Revenue Bonds, Series 1988A, dated December I, 1988, of the City of Clearwater, Aorida (the "City"),described in such
Official Notice of Public Sale, maturing on December lin the following years and amounts, and bearing interest at the following
rates per annum:
Interest Interest
~ Amount Rate Vear Amount Rlli
1999 $2,450.000 j, , 2002 $4,935,000 7.Y
2000 4,275,000 '1:"2- 2003 5,310,000 7,.(
2001 4,590,000 ..,.~ 2004 5,075,000 '"li.
This proposal..k::. is/ _ is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association <-), Financial Guaranty Insurance Corporation <-), AMBAC Indemnity Corporation ~ or
Bond Investors Guaranty ( ) (check one as applicable), on the date of delivery of the 1988A Bonds, of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 1988A Bonds, together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
of $532,700 which check is to be held and applied in accordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stated herein or in the attached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. TIle names of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
~~~,~~~
B(<~~ F\lf
(Signarure of Bidder Representative)
(No addition or alteration is to be made to this Bid Proposal except those additions provided for above.)
The following c~utatlon Is submitted for purposes of Information only and is not. of this Bid Proposal.
True Interest Cost. $ 21. J Y."./9B. c/o
.
True Interest Cost Rate. 7.403tfr9J % 1.53 $'
(To 4 decimal places)
.
Computed In accordance with Official Notice of Public Sale, and Including premium for municipal bond insurance,lf this
bid specifies such Insurance.
I hereby acknowledge the return of the good faith check in the amount of $
bid.
{(3:J t 71J0t4 enclosed with this
By:
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'i OFFICIAL
NOTICE OF PU8LIC SALE
$26,635,000
CllY OF CLEARWATER, FLORIDA
f."\" I} /':'", ....". ,.'. , ,1 WATER AND SEWER REVENUE BONDS, SERIES 1988A
t~fi;j%\':r~;~i~0{ s~~~~ ~1~;,i~:4t~~~~y~~:~!~&; tt.i~~~~~~o?~:~:ic~~~~~ft~w::.!~~~E~i~~lt~ ~~~~:~~~~g~~~:~~~~~\f.~~lMr0:
?:<'~'~;.. p' ;. \ j~~^Y'~~'" Sewer Revenue Bonds, Series 1988A (the "1988A Bonds"), of the City dated December 1. 1988. The 1988A Bonds will be 'N) im~.l:
r~t:~i.~i~J~~Ii~i . ~~~~:.wj~~:~~~~;:J:~~~1~t~I~%~~~~~Ib~!~~~~~~~h~~~~ ~u1~~~i;ii~r~~~:~!~~,~;~~;!~~~~~~~~' \~I~(\:;' .
"I ~':t:,>i;tiip,:;:i1";i.~I~..i,l;' 1 and December 1 of each year, and will mature on December ~ in the years and amounts as follows: "';;;,'
, ,.' cl, I., .. . :ifl;~",
{U)!;~r~t:~~::~~'~~~J~~;}, Year Amollnt Year Amonnt ~~'1;;,
.' ,.~i.,./"..t\ "'1" .",,',' ",;;;''liI<,.'"
,,' I . "<,,.Jo~ ,';c'-.';'".' t... 3'7":--" .{( :1'
t~t.ftt~t',~lY~i#l,Wi: 1999 $2,450,000 2002 $4,935,000 (.A.~~:
t,;hlll~'c'6FL...f;:',\~'l/ 2000 4,275,000 2003 5.310,000 ,~"',','.,l.1J'
~ ,.,",:.!,;~, .'~; ",t,~',!,,"': 2001 4590000 2004 5075000 ' .
, .~'h.~,,"... '1-;( .~... 10',''-) '1.,. \.i1.. t . . . ).:t~,t;.1,
iJ':;~~";~,i'" /:~:i:t'.l::' :\.;j'~.).T~';" ...
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~JS;l(~}J~~'/:~,~!#~;~~\r.1y~ AUTHORITY AND PURPOSE. The 1988A Bonds are being issued under the authority of and in full tf:1'((
~1:,r't-fJ~,s.:;.,"_...r.',~,~~;,r\"~ compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 166. Part II, Florida '~.)'
~l~N ',l.~. .:;?;:;~b~'0:'~',R~: Statutes, and other applicable provisions of law, for the purpose of financing the cost of the acquisition and construction of ~;Mt~
~ \~}::.~.:~~{e~~i~~~;~ extensions and improvements to the water and sewer system of the City (the "System"). The 1988A Bonds are special
l~ ..c,;!.nl[;~;,b?,,) obligations of the City payable from the net revenues of the System (the "Pledged Revenues"), and are on a parity as to lien
f~< .;i!'~\~f:!~!r~~:<;\~'. on and source and security for payment from the Pledged Revenues. with the City's outstanding Water and Sewer Revenue
~~ ':;"":'~';'F"'<"''''' Bonds, Series 1984 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"). The 1988A Bonds shall not be
{.1~'.,. ,] .)~(i,:,:,~../~,l.',':-..:~,',?;;.",~ or constitute a general indebtedness of the City within the meaning of any constitutional or statutory provision or limitation,
, . 1% .;.."':,, but shall be payable solely from and secured by a lien upon and pledge of the Pledged Revenues, and no bondholder shall
. i{t H;,'" ever have the right to compel the exercise of the ad valorem tmung power of the City or taxation in any form of any real
,1'/: property therein to pay the 1988A Bonds or the interest thereon. The Bonds have been validated by Final Judgment of the
'f..\~r' Circuit Court for Pmellas County, Florida, on August 30, 1988.
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REDEMPTION PROVISIONS. The 1988A Bonds shall, at the option of the City, be redeemable: on and
after December 1, 1996. (i) as a whole at any time, or (ii) in part, in inverse order of maturity and by lot withi:1 a maturity.
on any interest payment date thereafter, in each case, 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 1/2 of 1% on each December
1 thereafter.
TERMS OF SALE. Interest Rates. Bidders may specify rates of interest in multiples of 1/8 or 1/20 of 1 %
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award. No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof.
will be considered. Award of the 1988A 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 1988A Bonds from the payment dates to December I, 1988, and to
the price bid, not Including interest accrued to the date of delivery of the 1988A Bonds, For purposes of computing the
lowest true Interest cost to the City as a basis for awarding the 1988A 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 the
respective insurers named below on November 17, 1988.
Insurance. The City has applied for a commitment from the Municipal Bond Investors Assurance Corporation
("MBIA").Flnancial Guaranty Insurance Company ("FGIC"),AMBAC Indemnity Corporation (" AMBAC")and Bond Investors
Ciuaranty ("BIG"),for a policy of insurance on the 1988A Bonds. At the option of the bidders, bids may be conditioned upon
the issuance, effective as of the date on which the 1988A Bonds are issued, of a policy of insurance by MBlA, FGIC, AMBAC
or BIG, guaranteeing the payment of the principal of and interest on the 1988A Bonds. The premium for such insunmce
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds. Each 19H8A Bond will bear a legend referring
to the insurance, if applicable. The purchaser, holder. or owner of the 1988A Bonds is not authorized to make ilny 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 1988A Bonds,
but neither the failure to print such number on any 1988A 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 1988A Bonds. All expenses in relation to
1
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BID PROPOSAL
$26,635,000
CITY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE BONDS, SERIES 1988A
Q
City Commission
City of Clearwater. Florida
112 South Osceola Avenue
Clearwater. Florida 34616
November 17. 1988
Ladles and Gentlemen:
Subject t~ the provisions and in accordant with the terms of tb.e ~ttached Officia Nqtice of Pub!'c SaJe..which ij hercb,
made a part 0 t s propo~ I. we offer to pay - , )It l' ",,,ti,l' , J, /1,/1r! I: f<ll.-~~
. lJ/lU r 1 '1 r' $:J1c ?~ rwt?21.1fj,
plus accrued interest on the 1988A Bonds from December 1. 1988. to the date of delivery, for $26,635.000par ~alue ater and
Sewer Revenue Bonds, Series 1988A. dated December I, 1988, of the City of Oearwater, Florida (the "City"),described in such
Official NotIce of Public Sale. maturing on December 1 in the following years and amounts. and bearing interest at the follOWing
rates per annum:
Interest Interest
fi!!I Amount Ratc ~ Amollnt Rate
1999 $2,450.000 ? 3tJ 2002 $4,935,000 ? 4/J
2000 4.275,000 ?JIJ 2003 5,310,000 ?#S-
2001 4,590,000 7..~ 2004 5,075,0(}() ? 6-6
This proposal -t.... isl_ is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association <-l, Financial Guaranty Insurance Corporation (-l. AMBAC Indemnity Corporation (~ or
Bond Investors Guaranty (-..:.-) (check one as applicable), on the date of delivery of the 1988A Bonds, of a municipal bond
insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 1988A Bonds. together with the usual closing
certificates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
of SS32.700which check is to be held and applied in accordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stateu herein or in the attached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The names of the
underwriters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
Morgan Stanley & Co. Incorporated
1251 Avenue of the Americas
New York, New York 10020
By:
(Signature of Bidder Repre ative)
Andrew F. Rowley, Pn cipal
(No addition or alteration is to be made to Ihis Bid Proposal except those additions provided for above.)
1
t:;;jp ~
The following ~utatlon Is submitted for purposes of information only and Is not~ of this Bid Proposal.
True Interest Cost- $
True Interest Cost Rate- 7. Sa 9/J %
(To 4 decimal places)
cf7~ ~
.
Computed in accordance with Official Notice of Public Sale, and Including premium for municipal bond Insurance,if this
bid specifies such insurance.
I hereby acknowledge the return of the good faith check in the amount of $
bid.
5 3 2 . 7 00. o o enclosed with this
~: ~ 11/. 4&
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17::'\
V
DID PROPOSAL
$26,635,000
CItY OF CLEARWATER, FLORIDA
WATER AND SEWER REVENUE nONDS, SERIES 1988A
~
~
City Commission
City of ClealWater. Florida
112 South Osceola Avenue
ClealWater, Florida 34616
November 17, 1988
Ladies and GenUemen:
Interest Interest
Yw Amount ~ Year Amollnt Rate
1999 $2,450,000 1.1- 2002 $4,935.000 ,."
2000 4,275,000 1.3 2003 5,310,000 (.S'
2001 4,590,000 1,~ 2004 5,075,000 .,...5
This proposal--!:::::, isl_ is not (check one) subject to the condition subsequent of the issuance by Municipal Bond
Insurance Association~, Financial Guaranty Insurance Corporation (->, AMBAC Indemnity Corporation (-> or
Bond Investors Guaranty (~ (check one as applicable), on the date of delivery of the 1988A Bonds. of a municipal bond
Insurance policy guaranteeing the payment of the principal of and interest on the 1988A Bonds.
At the time of delivery of the 1988A 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 the 19R8A Bonds, together with the usual closing
ce rtincates.
We enclose herewith a certified or bank cashier's or bank treasurer's check payable to the order of the City in the amount
of $532,700 which check is to be held and applied in accordance with the provisions of the Official Notice of Public Sale.
This Bid Proposal is not subject to any conditions not expressly stated herein or in the attached Official Notice of Public
Sale. Receipt of the Preliminary Official Statement relating to the 1988A Bonds is hereby acknowledged. The names of the
undelWrlters or members of the account who are associated for the purpose of this Bid Proposal are listed below or on a separate
sheet attached hereto.
BT securities
Corporation
nt"i t"ii'hPcr!'l
,
By:
(Signature of Bidder Representa e
Diana DeFilippis, Associate
(No addition or alteration is to be made to this Bid Proposal except those additions provided for above,)
1
The following co~t3tlon Is submitted for purposes of Information only and is not p.f this Bid Proposal.
True Interest Cost. $
True Interest Cost Rate. ; , 5CiSa % '1 . ~5 '2-
(To 4 decimal places)
. , ~ ;,
, ;:'.\ .:.., ;'
.t' .
Computed in accordance with Official Notice of Public Sale, and Including premium for municjpal bond Insurance, it this,
bid specifies such Insurance. ' ' '. . , ", ','
53~? 10&
.
I hereby acknowledge the return of the good faith check in the amount of $
bid.
By:
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OFFICIAL .< .:~N;!;t~~'..:14~IV"W;'. ;:"
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NOTICE OF PUBLIC SALE ..!M~fr;:~\I.{i.~~~;~fS..~.t;;,t :r:c.;~.. r
,.!..~.~..H~,....~ 'hr"'1...\tl~",,,,~,\... !_'fJf'\i'~
$26,635,000 'J r\\:\l}i;.:,~A~'!:,~,~~'.~I~1i~!t.i!, 1
t;:~.:.",) ;!(,~:..g:;~i~~~t?{~f WATER ~~~E~~LR~~~E:b~~~~~~~IES 1988A It~ ~;$,1~~dE . '.. :'<<' (~l}~;~S::
l' ';'c.j ~~ '..,'~<,j~/.;:A1f~Jn~,:~..c;~,\ t rb~ ':'}i' , r' "~I.il': ~+~:l'I((-J"
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;(~'{I:j.)~(~r~fQ;i~jl;;~:}: . SEALED BIDS will be received by the City of Clearwater, Florida (hereinafter called the "City"), at the :Ii,l/~'.'t~';,~.! t1~
." ,r,' I' 1',4',.<.'1" office of the City Manager of the City, 112 South Osceola Avenue, Clearwater, Aorida 34616, until 11:00 a.m., Eastern J'A).~:~l.\/-:. :i"~
~:\{~rJ~li~~;' r;~1~~~:~~~~~~~~i~1&~~~~r~1~1I~!~~~~~h~~?~~~~~Jii~~1t~l~~~~i~~i~~~~. illll~,;".<,.
l"" ""I"p,~ }....,.. ~ -,.J, 1 and December 1 of each year, and will mature on December 1 in the years and amounts as follows: ''''i';'~-};'~' "
t:~~~;~W!?,!:.::~ ~~t.~~y:~;:.:: :}~~;,~;~.t~f1:'
tt'.......,',..<"d.' ",' ,',. ..J'.,..:, Year Amollnt Year Amount ,"0" i';Hi~...-To'
.h~};~1~~f;A~&':}~i:i~ 1999 2002 :tIW:iI~~{~q/
T'/:J~';'i:'~:\,\,<~! p.;.'~;-~~;:: 2000 $~:~~g:8g8 2003 $~~15:8gg ,t;ki':::1~' 1)"
~~~~~t;Z&~~;~~ AUTHO:: AND PUR;~:~~~e 1988A Bonds are ::g Issued un~:~~:~uthori~ of and In MI W~~""}i?"i
It\:- ,:..".'".N';j~i""";"11";'" compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 166, Part II, Florida .1.,t:;\:.\':Y
j\f.JJ.f~~;.~~~;~~fg~~i,~\ Statutes, and other applicable provisions of law, for the purpose of financing the cost of the acqUisition and construction of '~~o/J.~~)5.,,~.
"K,1."{.P,".:.,!.~~>,)\I"f.'t:i:';,,,,,I.' extensions and improvements to the water and sewer system of the City (the liSt/stem"). The 1988A Bonds are special . :1"'
\..,. ~. Ql' Y' ~ f ..No -.., J '~J~tf. '-l
';J.wmit:.~'~~l:~~~.'t.:~:~~hl obligations of the City payable from the net revenues of the System (the "Pledged Revenlles"), and are on a parity as to lien ,}{".!: i,"
'~ll~~'~:l.;.i"'':I,'^~'.'\'>/'~w' on and source and security for payment from the Pledged Revenues, with the City's outstanding Water and Sewer Revenue 1'~U;-' , )>1',
~;~~]/~~~l!,yt;'~~i?{~:;:;;:' Bonds, Series 1984 and Water and Sewer Revenue Bonds, Series 1988 (the "Parity Bonds"). The 1988A Bonds shalt not be ~~t.
;,;;,J;S?~!~!~~f;~:}fKt~~;i~ or constitute a general indebtedness of the City within the meaning of any constitutional or statutory provision or limitation, ~:/i>1't~
:*-'1",.1";'''\ .~"hh,")'\/l~". but shalt be payable solely from and secured by a lien upon and pledge of the Pledged Revenues, and no bondholder shall ..'i-;~
cij:t'lii\'1 ~~~I.i;(~'<;:.':~f(. 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 ;'jM
~l!t~(+;;i~?li{~~~~~ property therein to pay the 1988A Bonds or the interest thereon. The Bonds have bee:t validated by Final Judgment of the fiN
\~ !l'~lF~;~"ie:(~;'w,.':::t~"';~ Circuit Court for Pmeltas County, Florida, on August 3D, 1988. :;1,,,'
. l?J'):';:'di{,)Af:Y}! r: .
,.i.{~l\~~;.~1'01~",):;':b:, REDEMPTION PROVISIONS. The 1988A Bonds shall, at the option of the City, be redeemable on and :j~;~'~""" ..
.~,'t.",-:~.,:~l!.~~\.',Ht'; after December I, 1996, (i) as a whole at any time, or (ii) in part, in inverse order of maturity and by lot within a maturity, ~~v~~: t$~
-';\;'~'~~~1,:>- on any interest payment date thereafter, in each case, at a pnce of par plus accrued interest, plus a premium of 2% of the v(\.'
't~jf: par value thereof If redeemed on December I, 1996. such premium to reduce at the rate of 1/2 of 1% on each December J~~.
\i\-'" 1 thereafter. m~
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TERMS OF SALE, Interest Rates - Bidders may specify rates of interest in mulliples of 1/8 or 1/20 of 1 %
per annum with the same single interest rate for anyone maturity. No bid offering a difference greater than 1.0% 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 specified for any earlier maturity.
Award - No bid for less than all of the 1988A Bonds offered, or for less than 99% of the par value thereof,
will be considered. Award of the' 1988A 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 1988A Bonds from the payment dates to December I, 1988, and to
tne price bi~, nJt including interest accrued ,to the date .of delivery of the 1988A Bond~. For purp~s~s of comp,uting the
lowest true Interest cost to the City as a basiS for awardmg the 1988A Bonds, any premium for mUniCipal bond msurance,
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 on November 17, 1988_
" Insurance - The City has applied for a commitment from the t\1unicipal Borad I';I,vestors A~.surance Corporation
("MBIA"),Financial Guaranty lnsurance Company ("FGIC'),AMBAC Indemnity Corporation ( AMBAC )and Bond Investors
Gu~ranty ("BIG"),for a policy of insurance on the 1988A Bonds. A.t the option of .the bi~ders, bids may be conditioned upon
the Issuance effective as of the date on which the 1988A Bonds are Issued, of a policy of II1surance by MBIA, FGIC, AMBAC
or BIG, gu~ranteeing the payment of the principal of and interest on the 1988A Bonds. The pr~mium for such insural)ce
shall be paid by the City out of the proceeds of the sale of the 1988A Bonds. Each ~988A Bond ~11I bear a legend refernllg
to the insurance, if applicable. The purchaser, holder, or owner of the 1988A 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 nU!llbers will be printed on the .1988A Bonds,
but neither the failure to print such number on any 1988A Bond nor any error with respect thereto shall constitute cause for
a failLlre or refusal by the purchaser thereof to accept delivery of and pay for the 1988A Bonds. All expenses in .relation to
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. ,., ~ ,L' . , " j~'~ 'j ..t',:M:::":l';;~~}-.c, .hl!b<\j'~. ,. .
~)",-" >.\......{t., .~>ht....'..'\ .~ 'J q....tlJ;f;~tn-~\i5~,..~ '?~;\tJJ;~~.~.
r,'~~;,:"c.','.',!.\c.' .(i.i.:.......';~..~~"~..,'l'...'.<...~,~.,~... :~"\.~~~.'. ';Jt}if~:\!jl!.'.. -{- ~:w~~:.;t)J1~:; <.,~ 'Ii ":r~ .
l~ r - ...... 0 0 ..~~,)..~:-:~'iH:i.;~~r~,l.'A~) . . i,,:. (
J"':':;';'~:'~;"/'~;"i,::.);"1::" . ~;\~';'\.~,'i~(,!t~~'-;l.~ ". '
.f.,lj.:,1.':..I.;:,;~:..!.;.>.~.~:'?,:.;~..'.:,~:,:.;~"'~"':"'~'~'}'~':';'~""'~':'~::;"(I';;,::.i,,:,;.'.:;~./_~.':.:,~'.:i the prlnllng of CUSIP numbers on the 1988A Bonds shall be paid for by the Clly; provided. however, that the CUSIP SelViee t)!;:~i?i!~i:1i';;~;, .<< "'." it...l
- ~ n ~ .,'", _ _ ~ Bureau charge for the assignment of the numbers shall be the responsibility of and shall be paid for by the purchaser. .~\\~:;;'\~;';,;; :~n.:.:>i;,;':!.~,W:i:i{f,i!.~fi~' .
. . ,':: ,-".,.,..,' ~""'.' ':~'''';''')\'\'ii,'{;;S;I'''':l ;
, ""p; I, ~'~.' 'j' '.~.~'~'~0..~1f.. (.\.<,p~,'l.'\~Y"':l ' ,
1,:,fli.~.i..i~.!"l,I.~.i.~. ~~~~:e ~~~3t!~\~::::~~:b:~~::t~::n~e~:~:~:~~~~:o~:~~~t:~~:~:::~~:'::~~:::::s :~:~:: 11:~{~r' 6Y~f'Jt
H I, ....r,n;>..>".;~.L ':', ,'.' $532,700, drawn upon an incorporated bank or trust company to the order of the City as a good faith deposit to guarantee ~.'Ii.'1'1"lji~, ' ,
3 ' ,\ ,ry:'L>"t~.~~ </- ',' performance of the bid. No interest will be paid on any good faith check. The checks of the unsuccessful bidders wilt be {;:i}/&'Z/t::~'
.i.;,:.~;",~;:~t,'.;;I,:~,i,~';".~.~J,~~.f.:.,'.~.:,7.f.;~.~~.f:~:,;",.,.:,(.:~L.'"::~.'.~;".,'.,~' rcturned upon award of the 1988A Bonds. The check of the successful bidder will be retained and applied towards the 41'~::':1l;,~jl
~'~ j ,.-.',' . . ". '. . . .. purchase price of the 1988A Bonds pending full performance of the successful bidder. or wilt be forfeited to the City and :;f{;@\%~:[fi;:~
'5:,:.,,' ?,~";"" .'f....1 ',,,',, . applied as full liquidated dam~es t.:~on failure of the successful bidder to take delivery and pay for the 1988A Bonds. 1f the (. ~ j.:~""'IJ.~.
t~;i~~ll~~~{ !~~~~~::,~~?g;:~~~~J:~f~~~~~~rd~lf~1 ;:!i:;~~J ~ :j~;~~~Jlatf~~~y:~~eo~~o~~:af~~ MfeoM~),P~n~: ~j),tk ,.'^'
~~:.'\tH.'~:r~~+.\ 1~~v..',f~~~5fi~~:r'~.,~ ~~~
:ri~~;~M~~j{J.k:~;f~~~;'.ft\~': Right of Rejection. The Ci~ reserves the right to reject any and all bids, and any bids not complying with ~lt.~;
~~1',M:f~~~~!;:fr:~i\:({ the provisions hereof will be rejected. The City also reseIVes the right to waive any informality in any bid, to take any action 1M',.. '
v.lN.!~}fq,'Y4i{',~;\;;.~r:(\; adjourninf or postponing the sale of the 1988A Bonds or to take allY other action the City may deem to be in the bcst x..;~,o;,..'/{,
~ . ,'"'f~'-'tl"i~'?'./.\.~,l:rh\Ij..1,\ l'nterest 0 the CI'ty. S'!S~I'~~\.
b 1""....\ -\h,j1I~;.t~.+'''''~f ~:.',,}~.;~n.... .. _'"Jo 11"".....'1.
1..~ft.:'5~tl:~..>~ ~...I....i..:'\E~K~~!J~. ,. ~~~ ..~."."\-
,fi.,.J ;"{,'JTf~"":'f~"L'~~J~~~';\rl1",: ,; ~~~tiR{:.t...;'f
~~\,\'f~':i;~\~~).:'Jf;~;..:t.,f~.:; Disclosure Obligations of the Purchaser - The successful bidder will be required to furnish, prior to or at i~~~. i.1f
'~:::'!d".'i,~~'~?;:~;~\'~~i.)~dF the time of delivery of the 1988A Bonds, a certificate statin~ the initial offering prices to the public at which a substantial {{ ;~,~fi'''~
~;'t';~;4~.:i~'~:"'~;:':~~~!?~~~'; amount of each matllfity of the 1988A Bonds was sold, within the context of Section 1273 of the Internal Revenue Code of ,. . 1,
n.),~'Yi;::),:!;lj;};}.~~;ih\i)l: 1986. as amended. Generally, the first prl'ce at whi'ch at least 10% of the 1988A Bonds of each maturity was sold to persons ~:!f~}(
'M s~W?~i;~~~:t!,t:f(P iY;:,Vl other than bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters or wholesalers will f.~'f,;
a\~~'~.i'l;<.'i:&'{'\l!~..c;.?,~q\'t:; be acceptable. ,';:;
,.'-,~~',' .n_, !.:t,...., .,r,..,., ',':"\ .~
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.. "(;'\';.:t.;~; DELIVERY OF THE 1988A DONDS. Delivery of and payment for the 1988A Bonds in definitive form will
'il;~f.~( be made on or about December 13, 1988, in New York. New York, or such other place and/or date mutually agreed upon
.!f.t-Y'''"'" between the purchaser and the City. Payment of the balance of the purchase price, plus accrued interest, shall be made to
:~!',. :t7l": the City at the closing, in federal funds.
ll;~'f
~:!.~ LEGAL OPINION. The 1988A Bonds are being offered for sale subject to the unqualified approving opinion,
W as to legality and exclusion of interest on the 1988A Bonds from a;ross income for Federal income tax purposes, of Livermore
~",."~~1~" Klein & Lott, P.A., Jacksonville, Florida. Bond Counsel. which WIll be furnished without charge to the pu[chaser at the time
~ " of delivery.
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,
OFFICIAL STATEMENT. Up to 500 copies of the Official Statement relating to the 1988A 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 1988A Bond closing the names of the registered owners of the 1988A Bonds to appear on the face of the 1988A
Bonds, the denominations of the 1988A Bonds and any other pertinent information in order for the Bond Registrar to
complete the 1988A Bonds for execution. If such information is not received by that time, the 1988A Bonds will be issued
and delivered to the purchaser as a single 1988A Bond for each m::\turity registered in the name of the purchaser, and any
subsequent registration of transfer to effect redelivery of the 1988A Bonds shall be the responsibilily 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 34616, (813) 462-6900, or from Mr. Charles A. Tharnstrom, William R, Hough & Co., 100 Second Avenue
South, Suite 800, St. Petersburg, Florida 33701, (813) 895-8880, Financial Advisor to the City.
CITY OF CLEARWATERt FLORIDA
By:
Cynthia E. Goudeau.
City Clerk
2