R-291-48 RESOLUTION NO. 291
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF SALE OF
$100,000 VILLAGE HALL BONDS OF MIAMI SHORES VILLAGE,
FLORIDA.
WHEREAS, the Village Council of Miami Shores Village, Florida, has
determined to provide at this time for the sale of $100,000 principal amount of
Village Hall Bonds, being part of an issue of $125,000 of bonds authorized by
Resolution No. 289, adopted on June 1, 1945, the bonds to be offered for sale consist-
ing of the bonds maturing $6,000 in each of the years 1949 to 1963 inclusive, $7,000
in the year 1964, and $3,000 in the year 1965; now therefore,
BE IT RESOLVED BY the Village Council of Miami Shores Village, Florida:
Section 1. That the Village Manager is hereby authorized and directed
to publish a notice calling for bids for $100,000 Village Hall Bonds (being part of
an authorized issue of $125,000 bonds, authorized by Resolution No. 289, adopted
on June 1, 1948), in The Miami Herald, a daily newspaper of general circulation
in Miami Shores Village, and in The Daily Bond Buyer, a financial journal published
in New York City and devoted primarily to municipal bonds, each of such publications
to be made at least ten days before the date for the receipt of bids, which notice
shall be in substantially the following form:
NOTICE OF SALE
$100,000
MIAMI SHORES VILLAGE, FLORIDA
VILLAGE HALL BONDS
Sealed bids will be received by the Village Council of Miami Shores
Village, Florida, at its regular place of meeting, in the Municipal Office in said
Village, until 7:30 otclock, P.M., Eastern Standard Time
September 7, 1945,
at which time and place all bids will be publicly opened and read, for $100,000
Village Hall Bonds of Miami Shores Village, dated May, 1, 1948, and maturing
annually, May 1, $6,000 in each of the years 1949 to 1963, inclusive, $7,000 in
the year 1964, and $3,000 in the year 1965, without option of prior payment. Part
of a total authorized issue of $125,000 bonds.
Denomination $1,000; principal and semi-annual- interest (M and N 1)
payable in New York City in legal tender; general obligations; unlimited tax upon
all taxable real property (excluding homesteads) and tangible personal property
within the Village.
A
Bidders are requested to name the interest rate or rates, not exceeding 5%
per annum in multiples of 1/4 of 1%, and each bidder must specify in his bid the
amount and maturities of the bonds of each rate. No bid may name more than three
interest rates, and all bonds maturing on the same date must bear interest at the
same rate. No bid of less than par and accrued interest or for less than all of the
bonds offered will be entertained. The bonds will be awarded to the bidder offering
to purchase the bonds at the lowest interest cost to the Village, such cost to be
determined by deducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities.
The bonds were validated by decree of the Circuit Court of Dade County,
Florida, rendered. on July 19, 1948. The approving opinion of Mitchell and,Per hin
New York City, will be furnished without cost to the purchasers of the bonds.
Each bid must be enclosed in a sealed envelope marked "Proposal for Village
Hall Bonds", and must be accompanied by a certified or bank cashier's check for
$2000, payable unconditionally to the order of Miami Shores Village, on which no
interest will be allowed. Award or rejection of bids will be made on the date above
stated for the receipt of bids.., and the checks of unsuccessful bidders will be re-
turned immediately. The check of the successful bidder will be held uncashed as
security for the performance of his bid, but in the event the successful bidder shall
fail to comply with the terms of his bid, his check may then be cabbed and-the pro-
ceeds thereof retained as and for full liquidated damages. Whenever such terms
shall have been complied with, or if it should be found impossible to issue and
deliver the bonds, the check will be returned.
Delivery of the bonds will be made on or about DG s9 1948 at the Florida
National Bank and Trust Company in the City of Miami, Florida
The right to reject all bids-lis reserved.
MIAMI SHORES VILTAGE
By
Village Manager
Section 2. That this moolution shall be in full force and effect immediately
upon its passage.
i
PASSED and ADOPTED thisL7—' day of _._,�., 194$+
W/— Mayor
At t:
Village gr. o6d Clerk