Res 1365-61 DelrayBeach, Florida
December 11, 1961
The City Council of the City of Delray Beach, Palm
Beach County, Florida, met in regular session at the regular
meeting place of the City Council in the City Hall in the
City of Delray Beach at $:00 o'clock P. M. on December ll,
1961, with Mayor George V. Warren and the following members
present:
Councilman A1 C. Avery
" Glenn B. Sundy
" John A. Thayer
There were absent:
Councilman Dugal G. Campbell
There were also present Robert D. Worthing, City
Clerk, Louis J. Smitzes, City Manager, and John Ross Adams,
City Attorney.
The Mayor stated that the meeting was called pur-
suant to notice for the purpose, among other things, of open-
lng sealed bids received for the purchase of $450,000 Water and
Sewer Revenue Bonds of the City of Delray Beach, Florida.
The City Clerk then presented the sealed bids for
the purchase of said bonds, which had been received, which bids
were opened and found to be as follows:
Name of Bidder Interest Years
R~te From Thru
1. Leedy, Wheeler & Alleman, Inc. 3.50 1968 1973
3.75 1974 1982
3.90 1953 1992
Offer to Pay $441,000
Gross Interest Cost 359,203.75
Discount 9,000
Net Interest 368,203.75
Average Interest Cost Rate 3.9317%
Interest Years
Name of Bidder Rate ~
2. B. J. Van Ingen & Co., Inc. 3.60 1968 1977
3.80 1978 1980
3.90 1981 1992
Offer to Pay $441,582.75
Gross Interest Cost 360,135
Discount 8,417.25
Net Interest Cost 368,552.25
Average Interest Cost Rate 3.93 54%
3. Merrill Lynch, Pierce, Fenner & Smith, 3.50 1968 1972
Inc. 3.75 197S 1979
3.90 1980 1992
Offer to Pay $441,000
Gross Interest Cost 361,251.25
Discount 9,000
Net Interest Cost 370,251.25
Average Interest Cost Rate 3.95356%
4. Stubbs, Watkins & Lombardo, Inc. 3.50 1968 1973
3.75 197~+ 1980
4.00 1981 1992
Offer to Pay ~441,000
Gross Interest Cost 367,543.75
Discount 9,000
Net Interest Cost 376,543.75
Average Interest Cost Rate 4.02075%
5. Goodbody & Company 3.75 1968 1977
3.90 1978 1983
4.00 198~+ 1992
Offer to Pay $441,695.50
Gross Interest Cost 368,988.75
Discount 8,304.50
Net Interest Cost 377,293.25
Average Interest Cost Rate 4.02875%
6. Bell & Hough, Inc. ~.00 1968 197~
3.90 1975 1978
4.00 1979 1988
Offer to Pay $441,000 3.85 1989 1992
Gross Interest Cost 368,900
Dis count 9,000
Net Interest Cost 374,900
Average Interest Cost Rate 4.03523%
7. R. S. Dickson & Co., Inc. 3.75 1968 1977
4.00 1978 1992
Offer to Pay $~41,300
Gross Interest Cost 371,006.25
Discount 8,700
Net Interest Cost 379,706.25
Average Interest Cost Rate 4.05452~82%
8. Mulle~ey, Wells & Company 4.00 1968 1971
Ira Haupt & Co. 3.75 1972 1976
3.90 1977 1980
Offer to Pay $441,585 4.00 1981 1992
Gross Interest Cost 371,367.50
Discount 8,415
Net Interest Cost 379,782.50
Average Interest Cost Rate 4.0553%
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Interest Years
Name of Bidder Rate From Thru
9. Fox, Reusch & Co., Inc. %.00 1968 1980
~+.10 1981 1992
Offer to Pay $~+~3,03~
~ Gross Interest Cost 390,880
Discount 6' 966
Net Interest Cost 397,8~6
Average Interest Cost Rate ~.1~85%
After due deliberation, it was determined that the bid of
Leedy, Wheeler & Alleman, Inc. of Orlando, Florida, and asso-
ciates, was the highest and best bid submitted for the purchase
of said bonds.
Thereupon, the following resolution was introduced in
written form by the City Manager, was read in full, and pursuant
to motion made by John A. Thayer and seconded by Glenn B. Sundy,
was adopted by the following vote:
AYE: Councilman John A. Thayer
Councilman Glenn B. Sundy
Mayor George V. Warren
NAY: Councilman A1 C. Avery
The resolution is as follows:
RESOLUTION NO. 1365
A ~ confirming the sale of
$450,000 Water and Sewer Revenue Bonds
of the City of Delray Beach, Florida, and
fixing the interest rate to be borne by
said bonds.
~~ on December ll, 1961, pursuant to notice of
sale duly published in the manner provided by the City Council
of the City of Delray Beach, said council received sealed bids
for the purchase of $450,000 Water and Sewer Revenue Bonds of
said city, being part of a total issue of $500,000 bonds
authorized byreso'lutionadopted by the City Council of said
city on November 6, 1961; and
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~Z~EAS the bid of Leedy, !~heeler & Alleman, Inc.
of Orlando, Florida, and associates, has been determined to be
the highest and best bid for the purchase of said bonds, said
bid being in full as follows:
Year ~ Interest.Rate Year Amount Inte.I~est Rate
1968 $1o,000 1980 $15,000
1969 10,000 3~ ~ 1981 20,000 3-3/.~%.
1970 10,000 3] 1982 20,000 ~ ~
1971 10,000 3 1983 ,000 ;
1972 10,000 3! 198 ,000 3.90
1973 15,000 3~ 1985 ~,000 3.90
1974 15,000 3-3~4~ 1986 ~,000 3.90'
1975 15,000 3-3Z~ 1987 25,000 3.90
1976 15,000 3-3~4~ 1988 25,000 3.90
1977 15,000 3-3Z~ 1989 25,000 3.90'~
1978 15,000 3-3~4~ 1990 25,000 3.90'
1979 15,000 3-3/~% 1991 30,000 3.90~
1992 30,000 3.9~
We offer to pay four hundred forty-one thousand dollars ($~j+l,000.00)
and accrued interest, computed from December l, 1961.
In accordance with the terms of the above mentioned Notice of Sale
we enclose check for $9,000, payable to the order of the City of
Delray Beach, Florida. Said check is to be applied on the purchase
price of the Bonds if this proposal is accepted, or if such pro-
posal is accepted but not performed is to be retained by the City
as liquidated damages. If this bid is accepted but if the City
fails to perform in accordance with the provisions of said Notice
or if this bid is rejected, said check is to be returned to us
forthwith.
Very truly yours,
Leeds. Wheeler & Alleman. Inc,
bv J. P. Hi~ley ..
(Signed)
Gross Interest Cost SB59.20B.75
Discount $9.000.00
Net Interest Cost $368.203.75
Average Interest Cost Rate 3.9317%
and
'~ in the opinion of the City Council, it is to
the best interests of the city that such bid be accepted and
the sale of said bonds to said Leedy, Wheeler &Alleman, Inc.
of Orlando, Florida and associates, be ratified and confirmed;
NOW, TtT~0RE, Be It Resolved by the City Council
of the City of Delray Beach, Palm Beach County, Florida, as
follows:
Section ~. That the bid of Leedy, Wheeler & Alleman,
Inc., of Orlando, Florida, and associates, for the purchase of
$450,000 Water and Sewer Revenue Bonds of the City of Delray
Beach, being part of a total issue of $500,000 bonds authorized
by resotutionadopted by the City Council of said city on
November 6, 1961, which bid is set out in full in the preamble
hereto, be and the same is hereby accepted.
Section ~. That said bonds shall bear interest at
the following rates:
Bond Numbers Amount Yeer Interest. Rate
1 to 10 $10,000 1968
11 to 20 10,000 1969
21 to 30 10,000 1970
31 to AO 10,000 1971
41 to 50 10,000 1972
51 to 65 15,000 1973
66 to 80 15,000 1974
81 to 95 15,000 1975 3-3/4%
96 to 110 15,000 1976
111 to 125 15,000 1977 3-3/4%
126 to 140 15,000 1978
141 to 155 15,000 1979
156 to 170 15,000 1980
171 to 19o 20,00o 1981
191 tO 210 20,000 1982 3-3/4%
211 tO 230 20,000 1983 3.90%
231 to 250 20,000 1984 ~.90~
251 to 270 20,000 1985 3.90~
271 to 290 20,000 1986 ~.90~
291 to 315 25,000 1987 3.90%
316 to 340 25,000 1988 3.90~
341 to 365 25,000 1989 3.9_C~
366 to 390 25,000 1990
391 to 420 30,000 1991 3.9~.
421 to 450 30,000 1992 3.90~
~~. That said bonds shall be delivered to
the purchasers thereof as soon as may be after the adoption of
this resolution pursuant to due payment therefor in accordance
with the terms of the sale.
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Section ~. That this resolution shall be in full
force and effect immediately upon its adoption.
Adooted this llth day of December, 1961.
Attest:
C~ity Clerk ~ /
~e foregoing resolution and the contract of sale
therein ente~d into are he,by approved by me as to form,
l~age Ed execution t~s day of December, 1961.
i City Atto~ey
(Other business not pertinent to the above appears
in the minutes of the meeting.)
Pursuant to motion duly made and carried, the
City Council adjourned.
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STATE OF FLORIDA
COUNTY OF PALM BEACH
I, Robert D. Worthing, hereby certify that I am the
duly qualified and acting City Clerk of the City of Delray Beach,
Palm Beach County, Florida.
I further certify that the above and foregoing consti-
tutes a true and correct copy of the minutes of a meeting of
the City Council held en December ll, 1961, and of a resolution
adopted at said meeting, as said minutes and resolution are
officially of record in my possession.
IN ~tTNE$$, ~HEREOF, I have hereunto subscribed my
official signature and affixed the seal of said city this
day of December, 1961.
City C~l~rk ......
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Affidavit of Publication
THE DELRAY BEACH NEWS-JOURNAL
P~blished Weekly
Delray Beach, Palm Beach Counfy~ Florida
STATE OF FLORIDA
COUNTY OF PALM BEACH
Before ~1~ ;l~i,g?~d ~~M~. r~onally
awPpeared~~
y ,.. ' :...
~~ of the Delray ~eaen
News-Journal, a weekly newspaper published at
Delray Beach in Palm Beach County, Florida; that
the~~~ched copy f a e~iseme tI being a ....
*h mat'r f ~
o
in the ............................................................... Court,
wa~ ~blished in said newspaper in the issue (s)
~fiant further says that the said Delray Beach
News-Journal is a newspaper ~ublished at Delray
Beach, in said Palm Beach County, Florida, and
that the said newspaper has heretofore been con-
tinuously published in said Palm Beach County,
Florida, each Thumday and has been entered as
second class mail matter at the post office in
Delray Beach, in said Palm Beach County, Flor-
ida, for a period of one year next preceding the
first publication of the attached copy ~r-
tisement; and affiant further says that ....................~
has neither paid nor promised any person, firm
or co~oration any diseo~,'-rebate, commission
or refund for the purple ~ securing thi~dv~r-
tisement for publiea~n~ the s~ neW, pcS.
Sworn to and subscribed before me this
(SE~) ( - ~Cary Publrc
~0tary Public, State of Florida at
My Commission Expires Nov. 6, 1964