76-89?11w!3;'nb'.#, .ir:M?Nr;• ecxhi.ar4.(?t;!J,rn.,?.w>e+?",;'::'^aoi^,•.';
.H?m'..?`'-'wn1??`w.}»?i'};"'.?'?yr.Y??+?,w:.v,?'j';S?t?.?.y: ?+'..T? ? '»w 'LrtR 'i•??/*.n
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RESOLUTION
No. 76 - 89
A
RESOLUTION AWARDING $8, 000, 000 UTILITY
REVENUE CER'T'IFICATES, SERIES OF 1975, DATED
AUGUST 1, 1975, OF 714E CITY OF CLEARWATER,
FLORIDA.
l:
WHEREAS, pursuant to notice heretofore duly published for the
sale of $8, 000, 000 Utility Revenue Certificates, Series of 1975, dated
August 1, 1975 (hereinafter referred to as "Certificates"), the following
sealed proposals have been received;
The proposal of Bache Halsey Stuart Inc. and Associates offering
to pay the sum of Seven Million Seven Hundred Seventy-three Thousand Six
Hundred Dollars ($7,773,600), together with accrued interest from August 1,
1976 to the date of delivery thereof, for said Certificates bearing interest at
the rate of six and one-half per centum (01%) per annum on the Certificates
maturing in the years 1977 to 1984, inclusive, at the rate of six per centum.
(6176) per annum on the Certificates maturing in the years 1985 to 1998,
inclusive, at the rate of six and one-fourth per cer?tum (60) per annum on
the Certificates maturing in the years 1999 to 2002, inclusive, and at the
rate of five and five tenths per centum (5, 51/6) per annum on the Certificates
maturing in the years 2003 to 2004, inclusive, being a net interest cost of
$9,633,375.
The proposal of William R. Hough & Co. , Paine Webber Jackson &
Curtis, New York, as Managers, offering to pay the sum of Seven Million
Seven Hundred Seventy-two Thousand Dollars ($7, 772, 000), together with
accrued interest from August 1, 1976 to the date of delivery thereof, for
said Certificates bearing aterest at the rate of six per centum (67a) per
annum on the Certificates 'maturing in the years 1977 to 1985, inclusive,
at the rate of five and four tenths per centum (5.4%) per annum on the
Certificates maturing in the years 1986 to 1988, inclusive, at the rate of
five and five tenths per centum (5. %) per annum on the Certificates maturing
-1..
Reso. #76-89
8-18-76
±?x
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•..rY„"?•3r'err'a.,?p,..??j?::,,erw;? "!-'r,,,.?^t+?t• ??'F,P;{?d::.
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:=?.f';?,6f^Y''??Lrr?, ?j?- •?ai'It}?r?' ;,+".:?', y? ,?r.,?°'k•?''?Y:? `??iY??-}h?jy'?,?{`'
?? ?`t t?; '1.'????? .?1" ? -'-;q•ttt'?y;. rr rt.-•: Y-;,??,:1?•}!?'??? ?,•r.?d 7
3' tz??;: t.jf v `,f?,?tf' •????:.;',`,a,.t4:''''ii" '?"??{t?? ? ?^
Q??E 1 .tir..y? `I it`=` ,? •??? ..ttr ,;}? r ? i?'. •b. "?3 Y?' .rqrr.? ??r .:f
.ithy
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7, ? r ,3F , c a.k,
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lit the year 1989, at the rate of five and six tenths per conturn (5, 676) per annum
on the Certificates maturing in the year 1990, at the rate of five and seventy-
ifi
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i
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,ng
e Cert
ca
es ni.
fivo hundredths per conturn (5.75%0) per annum on t
in the year 1991, at the rate of five and nine tenths per centum (5.9%) per
4 t{•
',? `'", . annum on the Certificates maturing in the year 1992, at the rate of six per
(
.
'
Lr z?r;
L centum (616) per annum on the Certificates maturing in the year 1993, at
the rate of six and one tenth per centum (6. 1%) per annum on the Certificates
maturing in the year 1994, at the rate of six and fifteen hundredths per centum
(6. 15%) per annum on the Certificates maturing in the year 1995, at the rate
rt
of six and two tenths per centum (6, 276) per annum on the Certificates maturing
± ??(U4i'' in the year 1996, at the rate of six and twenty-five hundredths per centum
X ?; ;'•t ?
`' (6. 25%) per annum on the Certificates maturing in the years 1997 to 1998, -
? F?`•Va Vii..:; ? ..
inclusive, at the rate of six and three tenths per centum (6. 316) per annum an
the Certificates maturing in the years 1999 to 2000, inclusive, at the rate of
six and thirty-five hundredths per centum (6. 35%) per annum on the Certificates
maturing in the year 2001, and at the rate of five and four tenths per centum
(5.4%) per annum on the Certificates maturing in the years 2002 to 2004,
inclusive, being a net interest cost of $9,499, 530.
The proposal of Donaldson, Lufkin & Jenrette Securities Corporation;
Weeden & Go., Incorporated; W. H. Morton & Co. ; Salomon Brothers; Bear,
Stearns & Go., Joint Managers and Associate, offering to pay the sum of
Seven Million, Seven Hundred Seventy-two Thousand Eleven and 04/ 100
Dollars ($7, 772, 011. 04), together with accrued interest from August 1, 1976,
to the date of delivery thereof, for said Certificates bearing interest at the
rate of six and five tenths per centum (6. 576) per annum on the Certificates
maturing in the years 1977 to 1958, inclusive, at the rate of six and four
tenths per centum (6.4%) per annum on the Certificates maturing in the years
1989 to 1991, inclusive, at the rate of six and twenty-five hundredths per
centum (6.25%u) per annum on the Certificates maturing in the year 3992,
at the rate of six per centum (6%) per annum on the Certificates maturing
in the years 1993 to 2001, inclusive, and at the rate of five and five tenths
per centum (5. 5 6) per annum on the Certificates maturing in the years 2002
Reno:,76-89 ..z. 8-1876
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f r C' vFr+rr ???e ?,. 3r pus, t?' 1. lllr .? , i:rr `. ?•".1,;.? .i,,r'••tf• .(.., '`'J `k?i`•? =•E. 70., t?';
_. ,?.?a?.?') .} ??F £i..? :-,?bs',?11..'..>-): _. :k.1s:,??t•? ... ,.f:..- .. '{? ?:: t S' . , , .. ••'l.•'i. .. ... :,.. f/'?..,.'fti'.'...;:•.:"';t• _.'?.: y ? tf, ..Yf:Fy?i?e1•. eFy.
0
. 0.1111.
to 2004, inclusive, being a not interest coat of $9,'477,66B.96.
3Y
?r The proposal of Lehman Brothers Incorporated; E. F. Hutton & Company,
r,
k
Inc. ; Loeb, Rhoades & Co. , Account Managers, offering to pay the sum of
F:
1
Seven Million Seven Hundred Seventy-three Thousand four Hundred Fifty-one
and 60/100 Dollars ($7, 773,451, 60), together with accrued interest from
August 1, 1976 to the date of delivery thereof, for said Certificates bearing
interest at the rate of six and five tenths per centum (6. 576) per annum on
the Certificates maturing in the years 1977 to 1989, inclusive, at the rate
of six and one tenth per centum (6. 10/6) per annum on the Certificates maturing
in the year 1990, at the rate of five and nine tenths per centum (5.9%) per
annum on the Certificates maturing in the year 1991, at the rate of six per
centum (616) per annum on the Certificates maturing in the years 1992 to
1994, inclusive, at the rate of six and twenty-five hundredths per centum
(6. Z51/a) per annum on the Certificates maturing in the years 1995 to 1997,
inclusive, at the rate of six and four tenths per centum (6.416) per annum. on
the Certificates maturing in the years 1998 to 1999, inclusive, at the rate
of six and five tenths per centum (6.5%) per annum on the Certificates maturing
in the years 2000 to 2001, inclusive, at the rate of five and five tenths per
centum (5. 5%) per annum on the Certificates maturing in the years 2002 to
2004, inclusive, being a net interest cost of $9, 755, 760. 90.
The proposal of Merrill Lynch, Pierce, Fenner & Smith, Inc.
and John Nuveen & Go., Inc. and A. G. Becker & Co. and Associates
offering to pay the sum of Seven Million Seven Hundred Seventy-two Thousand
Dollars ($7, 772, 000), together with accrued interest from August 1, 1976 to
the date of delivery thereof, for said Certificates bearing interest at the rate
of six and one-half per centum (6-11%) per annum on the Certificates maturing
in the years 1977 to 1986, inclusive, at the rate of five and five tenths per
centum. (5. 5%a) per annum on the Certificates maturing in the years 1987 to
1988, inclusive, at the rate of five and six tenths per centum (5.6%) per
annum on the Certificates maturing in the year 1989, at the rate of
-3-
Reso.' 176-89
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'°?'e'Y.,r;..uh•'C?`:.r? •.?A'?;4 ...:. .. ?-t.r•r rp ...F :. ."''...•: .: ?'?? ?;,.e„`Y,°`,r{ '1. ejS. 1'.i. ??-Yt,? t:1 .i?r{a•^wl
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?..- `k 7 ....,? ?,j.:.c,, .,..ti::...'.l?S:re.r.?:t.,...L'.:..$.,ka.:..:..r....,«...r.:...w.:,..3.::.ri:.,?;G.t......?.,:.:+:;+;:..::w«...,...la•.l t../,..i...
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five and seven tenths per centum (5. 776) per annum on the Certificates
maturing in the year 1990, at the rate of five and eight tenths per centum
(5. B%) per annum on the Certificates maturing in the year 1991, at the rate
of five and nine tenths per centum (5.9%) per annum on the Certificates
maturing in the year 1992, at the rate of six per centum (676) per annum on
the Certificates maturing in the year 1993, at the rate of six and one tenth per
centum (6. 116) per annum on the Certificates maturing in the year 1994, at
the rate of six and two tenths per centum (6. Z%) per annum on the Certificates
maturing in the year 1995, at the rate of six and three tenths per centum
(6. 3%) per annum on the Certificates maturing in the year 1996, at the rate
of six and thirty-five hundredths per centum (6. 3576) per annum on the
Certificates maturing in the year 1997, at the rate of six and four tenths
per centum (6, 416) per annum on the Certificates maturing in the year 1998
to 2001, inclusive, and at the rate of five and five tenths per centum (5. 5%)
per annum on the Certificates maturing in the years 2002 to 2004, inclusive,
being a net interest coat of $9, 673, 035; and
WHEREAS, the proposal of Donaldson, Lufkin & Jenrette Securities
Corporation; Weeden & Co., Incorporated; W. H. Morton & Co.; Salomon
Brothers; Bear, Stearns & Co. , Joint Managers and Associate, referred to
in the preambles hereof, is the highest and most advantageous bid for said
Certificates and in all other respects complies with said notice of sale;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
Section 1. That the proposal of Donaldson, Lufkin & Jenrette
Securities Corporation; Weeden & Go., Incorporated; W. H. Morton & Co.;
Salomon Brothers; Bear, Stearns & Co. , Joint Managers and Associate,
referred to in the preambles hereof, be and the same is hereby accepted and
the following described Certificates of the City be and they are hereby awarded
and sold to said purchaser referred to in the preambles hereof at the price
and in accordance with the proposal of said purchaser:
Reso._#76-89
.4..
8-18-76
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$8,000,000 - Utility Revenue Certificates, Series of 1975,
dated August 1, 1975, in the denomination of
$5,000 each, bearing interest at the rates per
annum (payable February 1 and August 1 of
each year) and maturing on August I in the
years and amounts as follows:
Year Amount Interest Rate
1977 $100,000 6. 5%
1978 100,000 6.51o
1979 100,000 6. 5%
1980 105, 000 6.5%a
1981 110,000 6.5%
198Z 115,000 6.57o
1983 125, 000 6.5%
1984 130,000 6.5%a
1985 135,000 6, 516
1986 140,000 6, 5%
1987 150,000 6. 5%
1988 155,000 6. 5016
1989 165,000 6.4016
1990 175; 000 6.476
1991 185,000 6.4%a
1992 190,000 6. 25°Ja
1993 260,000 6. o%
1994 285, 000 6. 0%
1995 3Z5, 000 6. 0%
1996 375,000 6, o%
1997 450,000 6.0%a
1998 525, 000 6.o%
1999 600,000 6.0%
Z000 600,000 6.o%
2001 600,000 6, o%
2002 600,000 5.5%
2003 600,000 5.5010
2004 600,000 5.576
Section Z. That the proper officers of the City be and they are
hereby authorized and directed to execute said Certificates when prepared
and to deliver the same to said purchaser upon payment of the purchase price
in accordance with the conditions stated in said notice of sale, without further
authority from this Commission.
Section 3. That the City Clerk be and he is hereby authorized and
directed to return forthwith the good faith checks of all unsuccessful bidders.
Section 4. That this resolution shall take effect immediately.
PASSED AND ADOPTED this 18th day of August, A. D. 1976.
Att Mayor-Commis s er?
es ,
Clerk
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