09-24-57SpMtg SEPTEMBE~ 24th, 1957.
A Special Meeting of the City Council of Delray Beach, Florida, was
held in the Council Chambers in the City Hall, at 10:30 o'clock A.M.
with Mayor George V. Warren in the chair, City Manager W. E. Lawson
City Attorney Harry T. Newett and the following Commissioners being
present, Col. Dugal G. Campbell, R. J. Holland, Martha ~. Holland and
Catherine E. Strong.
This meeting had been called for the purpose of receiving and con-
sidering offers for the Water Revenue Certificates, Series 1957, of
the City of Delray Beach, Florida, in the amount of $1,378,000.
City Manager Lawson proceeded to open and inform the Council of the
following offers of purchase for the entire issue of said water revenue
certificates, Series 1957, of the City of Delray Beach, Florida, re-
ferred to above:
AVER. INTEREST COST RATE
Ira Haupt & Co. and Associates 4.69122
Merrill Lynch, Pierce, Fenner & Beane
& Associates 4. 997015
John Nuveen & Co. & Associates 5.0375
Phelps, Fenn & Associates 4.8629
B. J. Van Ingen & Co., Inc. & Associates 4.82908
White, Weld & Co. 4.9586
Mr. C. T. McCreedy, one of the fiscal agents for this proposed sale
of water revenue certificates, together with the city's Director of
Finance, Mr. Carl Gessler, checked all bids for accuracy and recommended
acceptance of the most favorable bid, that of Ira Haupt & Co. Associates
as follows:
Reynolds & Co.
Francis I. duPont & Co.
Mullaney, Wells & Co.
J. M. Dain & Co. Inc.
as submitted by Ira C. Ayers of Frank B. Bateman, Ltd., and based on
an average interest cost rate of 4.69122.
Mr. McCreedy further stated that he considered the bids submitted
an excellent indication of the respect and rating of the Water De-
partment of the City of Delray Beach, Florida, and the city management,
and that there appeared no evidence in sight to indicate lower rates of
interest in the near future.
Following a thirty minute recess, Commissioner R. J. Holland moved
for acceptance of the offer to purchase the water revenue certificates,
Series 1957, of the City of Delray Beach, Florida, in the amount of
$1,378,000, submitted by Ira Haupt & Co., and Associates identified
above. Notion seconded by Commissioner Strong and upon call of roll -
Commissioners R. 3. Holland, C. E. Strong and M. K. Holland together
with Mayor Warren voted in favor thereof, Commissioner Col. Dugal G.
Campbell being opposed.
City Attorney Harry T. Newett then read Resolution No. 1070:
A RESOLUTION CONFIRMING ~HE SALE AND FIXING THE
INTEREST RATES FOR $1,378,000 WATER REVENUE
CERTIFICATES, SERIES 1957, OF %~HE CITY OF DELRAY
BEACH, FLORIDA.
(See Photo copy herein) (see pages 264 A thru 264 D)
Commissioner R. J. Holland moved that Resolution No. 1070 be passed
and adopted on this first and final reading. Motion seconded by
Commissioner Strong and upon call of roll - Commissioners R. J. Holland,
C. E. Strong, M. K. Holland and Mayor George V. Warren voted in favor
thereof, Commissioner Col. Dugal G. Campbell being opposed.
Mr. C. T. McCreedy advised the Council that the water revenue certi-
ficates would be ready for delivery to Chase Manhattan Bank, New York
City, during the week of October 7th, and Commissioner Strong moved
SEPTEMBER 24th, 19~?
that Mayor Warren and the City Clerk arrange to effect their official
signatures on said certificates at the Chase Manhattan ~ank when
advised date of delivery thereat. Motion was seconded by Commissioner
R. J. Holland and unanimously carried.
City Manager Lawson then read Resolution No. 1067:
A RESOLUTION OF THE CITY COUNCIL OF IHE CITY
OF DEI/~AY BEACH, FLORIDA, AUTHORIZING MAYOR
AND CITY CLERK TO EXECUTE CONTRACT FOR ENGI-
NEERING FOR MUNICIPAL WATER WORKS IMPROVEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DELRAY BEACH,
FLORIDA:
That the Mayor and the City Clerk of the City of Delray Beach
are hereby authorized and empowered to make and execute that certain
engineering contract dated the 24th day of September, 1957, executed
by Smith & Gil.lespie, Engineers, for Municipal Water Works Improve-
ment Program, in the sum of $795,000.00.
PASSED AND ADOPTED IN Special Session on the 24th day of September,
1957.
/S! George V. Warren
Mayor
Attest:
!S! R. D. Worthing City Clerk
Commissioner Strong moved that Resolution No. 1067 be passed and
adopted on this first and final reading. Motion was seconded by
Commissioner R. J. Holland and unanimously carried.
MEETING ADJOURNED.
/s/ D. Worth±ha
City clerk
APPROVED:
MAYOR
A ImO#~TlOI ~eouplBIf33m ~H~ SAr. R AID
~, m~ bide for the ~o~ of ~1,378e~ Water
bvene ~flirtea~,, brtea loll, of tho Ot~y of ~lray Beach,
have boa ~tved, ~d it M ~ d~em~ ~ the bid or
XFa ~ & b. of b Yo~, ~v York, ~d ~ia{es, t8 the
~~ F~ C~TIFX~
September ~l.,
City ~eueil of the City of Delr~ Bea~
blray Blaoh, ~ortda
~ Mo b following offer for tho Water bvenuo Certi-
ftoateo, Sorioo 195~, of the City of hlray Beaoh, Florida, men-
~ton~ below ~d doserib~ in the notice of sale of said oe~ifi-
~too, ~ioh ~too is ~r~y ~ a ~t of this bids thio offer
~ fff all of Mid ee~lftoat~ ~ M{ f~ loss t~ alll
~r J1~3~8,~ ~ter bvono Co~ifioatos, brtos
lO~ 310 ~ 8-1/~ 1081 48, ~ 4-1~
1~1 30,~ 4-1/~ lO~ 66, ~0 ~.~
Elam luterest aoo~ed to the date of delivery.
~ enclose here~th ~ oertifi~ or b~
tre~er~a check for $27~560 ~yable to the order of the City of
~lr~y Beach~ Florida, which c~ck Is to be applied In aooord~oe
~th eatd notice of sale.
~a ~upt & C~,
a. ..
J.M, ~ia & Comply. lncerporate
by ~a C. ~ers of ~ 9. BAT~ L~.
(Slued) Ira C.
~ ~re[mte ~terest cost, o~t~ frm
~ l~ 1~ tm the re~et~ ~ta~ty
rates s~oif~od ia t~ able bid, is . .... ****
~U ~o d~oeom ~fe~d, or mm tho
~o avorqo tntoro~ soot ~to of these Ce~l'ft~too
NOW, ~LBFORI, Be It Resolved by the City Council
of the City of Delray Beach, Florida, as followo~
Sectioa 1, That Jl,378o000 Water Revenue Certificates,
Series 10570 of the City of Delray Beach authorized by ordinance
duly adopted on July 5) 19570 are hereby ammrded $o lit· HAUPT &
00. of Mew York0 Now Yorko and assoclatem, pursuant to tho
which is set out in full in the preamble hereto.
Section. 3_~ That enid certificates shall bear, interest
at the followin~ rates,
Oort:t. fi.q.,m$e ~er0 ,·recant Year ..X.,n, ter.eot .RMS,0
1 to 17 $17o000 1958
18 to 38 18,000 lOS8 5-1/.2~1G
30 to 64 19,000 1080 5-1/.3J
ss to 73 19, 03o 1981 5-1/~
74 to OS 20o00~ 1963 5-1~3~
94 to 114 21,000 1963
115 to 138 32,~O0 1964 5-1/.3~
137 to 159 23,000 1965 5-1/.2~
160 to 183 24,000 1966
184 to 2o8 ~,ooo 10s? 5
2O0 to 234 26,000 1088 5-1/.3~
335 to 263 28,000 1960
:~a to :~l 2o,ooo 1~o
2~3 to 321 300000 19'/'1
322 to ~'52 310000 I973 4-1/3j
3as to 3ss 33,ooo 1973
388 tm 419 34,000 1074
&~9 tm 455 36,000 1975 4-1/.3~
456 to. 492 3?,000 1976
d93 to 531 ~9, ooo lo77 ·-l/.~
533 to 573 41,000 1978
573 tm 614 420000 1979 4-1
615 to 658 44,0~Q 1980 4-1
859 to 704 46,000 1081 4-1
TO5 to 753 49,000 1983 4-1
754 tm 804 51,000 1983
N5 to 85? 53,000 1984
888 to 813 56,000 1986
014 $m ~ 580 OOO 1986
1008 tm 1181 88,000 1080 ·
1183 to 1330 H,000 1OO0
1131 to 1303. 7~,00~ 1M1 4060~
1303 tm IFrB 7600M~ 1993
Sootio~ 3. bt all resolutions or paris theroaf
iu comfltet herewith arm to tho extamt of mush conflict hormby
(3)
r~poalsd an~ that thin resolution shall be in full force and
effect immediately upon its adoption.
Adopted and approved Septeuber 24, 1957.
,? Mayer
The above resolution and contract of sale therein
~ntered into are hereby approved as to forms lan~ua,® and
exeeutiom th~o 34th day of September, 1957.