Res 1070-57 RI~0LUTION NO. 1070.
A RF~0LUTION CONFIRMING THE SALE AND
FIXING THE I17~EREST RATES FOR ~1~378,000
WATER REVENUE CERTIFICA?ES, SERIE-~ X957~
OF THE CITY OF DELRAY BEAClI, FLORIDA.
~HEREAS, sealed bids for the purchase of $1,378,000 Water
Revenue Ce~-tificates, Series 1957, of the City of Delray Beach,
have. been received, and it has. been determined that the bid of
Ira l~aupt & Co.. of New York, New York, and associates, is the
highest and best bid received, which bid is as. follows:
PROPOSAL FOR CERTIFICATES.~
September' 24, 1957
· he City Council of the City of Del ray Beach
Delray Beach, Florida
We make the following offer for the l?ater Revenue Certi-
ficates, Series 1957, of the City of Delray Beach, Florida, men-
tioned below and described in the notice of sale of said certifi-
cates, which notice is hereby made a part of this bid, this offer
being for all of said certificates and not for less than all:
For $1,378,000 Water Revenue Certificates, Series 1957,
maturing and bearing interest as follows:
Year o.f Interest Year of Interest
Maturit]rA.~oun. t__ Rate ..MaturityAmount ... Rate ...
1958 $I7,000 5-1/2~ 1976 $37,000 4-1/2~
i959 lS, 000 5-1/~ .19~ ~9, ~0 ~-.1/~
1960 19,000 5-1/2% 1978 41,,000 4-1/2~
1961 19,000 ~-.1/2~ 29?9 ~2~,000 ~-1/~
~962 ~0,000 ~-~/2~ ~950 ~,000 ~.-~/2~
1963 21,000 5-1/2~ .19~.1 ~6,000 ~-1/2~
196~ 22,000 5-1/2~ .1952 ~9,000 ~-1/2~
1965 23,000 5-1/2~ 1953 51,000 ~-1/2~
1966 24,000 $ -1/'2.~ '1984 53,000 4-1/2~
(.1)
1967 25,000 5-1/2~ 1985 56,000
1968 26,000 5-1/2~ 1986 58,000
1969 28,000 4-1/2~ 1987 61~000
1970 29,000 4-1/2~ 1988 ~13,000 4-1/3%
1971 30,000 4-1/2~ 1989 66,000 4.60~
1972 31,000 4-1/2~ 1990 69,000 4.60%
1973 33,O00 4-1/2~ 1991 72,000 4.60~
1974 34,000 4-1/2% 1992 76,000 4.60~
z975 36,000
we will pay Gna ~.l!lon three h_undred fort~-three thousand seven
~umlred fifteen.and thirt¥~six.....cents Dollars (~1.343~715.,36)~
plus interest accrued to the date of delivery.
We enclose herewith a certified or bank cashierts or
treasurerts check for ~27~560 payable to the order of the City of
Delray Beach~ Florida, which check is to be applied in accordance
with said notice of sale.
lira. Haupt & Co. .......
Re-~nolds & Co.
Francis I. DuPont & Co.
Mullaney~ Wells & Company
J.M. Dain. & Company. Incorporate,
by Ira C. Ayers of FRA~ Bo BATEd[Ne LTl).
(Signed) Ira C. Ayers
The aggregate interest cost,, computed from
June 1~ 1957~. to the respective maturity
dates of ~1~378~000 Certificates at the
rates specified in the above bid~ is ......... $~.408~267.00
Plus the discount offered~ or minus the
premium offered of .......................... . $ 34~284.64
Makes the net interest cost .................. $i'~442.551.64
The average interest cost rate of these Certificates is 4.69122~o
(No addftio,n or alteration~ except as provided above, is to
be made to this pro~posal.)
NOW, THEREFORE, Be It Resolved by the City Council
the City of Delray Beach, Florida, as follows~
Section 1. That $1,378,000 rfater Revenue Certificates,
Series 1957, of the City of Delray Beach authorized by ordinance
duly adopted on July 5, 1957, are hereby awarded to Ilia HAUPT &
CO. of New York, New York, and associates, pursuant to the bid
which is set out in full in the preamble hereto.
S.ection 2. That said certificates shall bear interest
the following rates:
Certificate Numbers A~ount Year Interest Rat,®
1 to 17 $17,000 1958 5-I/,2~.
18 to 35 18,000 1959 5-1/2~
36 to 54 19,000 1960 5-1/12~
55 to 73 19,000 1961 5-1/2~
74 to 93 20,000 1962 5-1f2~
94 to 114 21,000 1963 5-1/2~
115 to 136 22,000 1964 5-1/2~
137 to 159 23,000 1965 5-1/2~
160 to 183 24,000 1966 5-1/2~
184 to 208 25,000 1967 5-1/2~
209 to 234 26,000 1968 5-1/2~
235 to 262 28,000 1969 4-1/2~
263 to 291 29,000 1970 4-1/2~
292 to 321 30,000 1971 4-1/.2~
322 to 3'52 31,000 1972 4-1/2~
353 to 385 33,000 1973 4-1/.2~
386 to 419 34,000 1974 4-1/2~
420 to, 455 36,000 1975 4-1/2~
456 to 492 37,000 1976 4-1/2~
493 to 531 39,000 I977 4-1/.2~
532 to 572 41,000 1978 4-1/2~
573 to 614 42,000 1979 4-1/2~
615 to 658 44,000 1980 4-1/2~
659 to 704 46,000 1981 4-1/~
705 to 753 49,000 1982 4-1/2~
754 to 804 51,000 1983 4-1/~
805 to 857 53,000 1984 4-1/2%
858 to 913 56,000 1985 4-1/2~
914 to 971 58,000 1986 4-1/2~
972 to 1032 61,000 198.7 4-1/
1033 to 1095 63,000 1988 4-1 2~
1096 to 1161 66,000 1989 4,60~
1162 to 1230 69,000 1990 4,60~
1231 to 1302 72,000 1991 4o60~
1303 to 1378 76,000 1992 4.60~
Section,,, 3_~, That all resolutions or parts ther'eef
in conflict herewith are to the extent of such conflict hereby
(3)
repealed and that, this resolution shall be in full force and
effect immediately upon its adoption°
Adopted and approved September 24, 1957o
Mayor
The above resolution and contract of sale therein
entered into are hereby approved as to form, language and
execution this 24th day of September', 1957o
(4)