10-12-50SpMtglO/l /50
OCTOBER 12TH, 1950.
A Special Meeting of the City Council of the City
of Delray Beach was held in the Council Chambers at 7:30
p.m. with Mayor John N. Kabler in the Chair, and City
Attorney John Moore, City Manager Charles E. Black, and
the following Councilman Present: RoJ.Holland, W.A.Jacobs,
Walter A. Roth and J.L.Saunders. a quorum being present.
Mr. Charles A. Crane, Mr.B.C.Butler, and Mr. H.A.Hubbard,
members of the Bond Committee were also present.
The meeting was called for the purpose of receiving
bids for a fiscal agent on the refunding of $1,119,000.O0
General Refunding Bonds of the City of Delray Beach, dated
July 1st, 1938 and July 1st, 19~0~ which would guarantee
the City a maximum bid on the sale of the bonds.
Three bids received in response to the letter author-
ized by the City Council on October 8th, 1950, calling for
bids for a fiscal agent to handle the refunding of the above
bonds, were opened and read as follows:
MC CREEDY & COMPANY INC.
Municipal Bonds
Ingraham Building
Miami, 32, Florida
October 12, 19%0
Honorable Mayor & Members of City Council
City of Delray Beach, Florida.
Gentlemen:
In accordance with the terms outlined in your letter of
October 9, 1950, copy of which is attached, we propose
as follows:
1. To refund the SI,119,000 bonded indebtedness of your
City, either through exchange or purchase at public sale,
through the issuance of new refunding bonds dated January
l, 1951, and maturing serially with interest rates as
follows:
For bonds maturing 1952 to 1950+, inclusive 2%
For bonds maturing 19%% to 1959, inclusive 2.50~
For bonds maturing 1960 to 1965, inclusive 2.6~
For bonds maturing 1966 to 1971, inclusive 2.7%%
with maturities and call features as indicated in the attached
schedule.
2. Guarantee of minimum bid of par and interest.
3,. Guarantee to complete the program by January 2, 1951,
subject to the unqualified approving legal opinion of
mutually acceptable bond counsel.
~. A fee of 2.~% of the par value of bonds sold or exchanged.
lo/12/5o
5'. When unexchanged bonds a~e advertised for public sale,
we will deposit with the City a certified or cashier's check
in an amount equal to 2~ of the par value of bonds offered
for public sale as evidence of our good faith.
All other features are as outlined in your letter of October
9, 1950. This proposal is for prompt acceptance, and, if acc-
eptable, a formal contract will be entered into covering this
f inanc lng.
Respectfully submitted,
B.J.Van Ingen & Co. ~ Inc.
McCreedy & Company, Inc.
By C.T.McCreedy
CITY OF DELRAY BEACH, FLORIDA
Refundin~ Bonds; Dated 1/1/517 Due !/1 as below:
Interest
Year Principal Rate Total Interest Total
1952 . o,ooo.oo 27, o.oo 67, o.oo
1953 42,000.00 2% ~ 27, OkO~ O0 69,040.00
1951+ t~3,000. O0 _2~/~ 26,200 O0 69,2.00.00
1955. 45,000.00 2~. 25,340.00 70,3k0.00
19601956 g6,000. O0 51,000.00 2~22~~~ 19 2g, 215. O0 70,215.00
1957 47,000.00 23,065.00 70,065.00
1958 49,000.00 21 890.00 70 890.00
1959 50,000.00 20 665.00 70 665.00
415. O0 70 415. O0
is 063.5o 7i 063.50
1961 53, O00. O0
1962 54,000.00 2.6 f~ 16 659.00 70 659.00
1963 56,000.00 2.6 ~ 15 228.00 71 228.00
1964 57,000.00 2.6 f~ 13 7kJ+.O0 70 7b~+.O0
1965 59,000.00 2.6 ~ 12 233.50 71 233 ~0
1966 61,000 O0 2.75fo l0 670.00 71 670~00
1967 63,000~00 2.75f~ 8 992.50 71 992.50
1968 64,000~00 2.75~ 7 260.00 71 260.00
1969 66,000 O0 2.75% 5 500.00 71 500.00
1970 66,000.00 2.7~% 3 685.00 69 685.00
1971 __ 68.,000,.00 . 2.75% _ 1,870.00 ,,_ 6~ 8~0.QO ,.
Totals $1,O80,OO0.00 2.674% $329,575.50 $1,409,575.50
Average
Note: Average annual debt service---S70,4?8.72
Callable in inverse order on any Interest
Date as follows:
1-1-60 to l-l-61 @ 102~-
l-l-61 to 1-1-62 @ 102
1-1-62 to 1-1-63 @ lO1½
1-1-63 to 1-1-64 @ lO1
1-1-64 to 1-1-65 @ lOO~
1-1-65 and thereafter @ Par
The other two bids are filed with data concerning
this meeting. They are as follows:
Thomas M. Cook & Co. of West Palm Beach
Sullivan~ Nelson & Goss~ Inc. of West Palm Beach
The bids were discussed by the Council, the Bond Comm-
ittee, and the representatives of the Companies who submitted
the bids, and a motion was made b~ Councilman Saunders, sec-
onded by Co~_ucilman Holland, that they be referred to the
Bond Committee for study and recommendation to the Council
at a Special Meeting to be held on Friday, October 13th, 1950
at ~ o'clock p.m. Upon call of roll the motion carried
unanimously, Councilman Holland, Jacobs, Kabler, Roth and
Saunders voting in favor of the motion.
The meeting then adjourned.
Ruth R. Smith