10-13-50SpMtg10/13/50
OCTOBER 13TH, 1950.
A Special meeting of the City Council of the City of
Delray Beach was held in the Council Chambers at $:30 p.m. to
receive the report of the Bond Committee on the tabulation of
bids received on October 12th for a fiscal agent to handle the
refunding of General Refunding Bonds of the City of Delray Beach
with Mayor John N.Kabler in the Chair, and City Attorney John
Moore, City Manager Charles E. Black, and the following Council-
men present: R.J.Holland, W.A.Jacobs, Walter A. Roth and Ji.L.
Saunders, a quorum being present.
The report and recommendation of the Bond Committee was
read as follows:
CITY OF DELRAY BEACH
Delray Beach,Florida
October 13, 19%0.
Mayor John N. Kabler and
Members of the City Council
Delray Beach, Florida.
Gentlemen:
On March 18th, 1959 the City Council of Delray Beach,
Florida, appointed the undersigned to serve on a Committee
to study the possibility of refunding the bonded indebtedness
of this City.
As a result of our invitation for sealed proposals for
refunding the present outstanding bonded indebtedness of Delray
Beach, Florida, the City Council received three distinct and
separate proposals on October 12th, 1950.
This Connnittee has given full and accurate consideration
of these proposals, and are of the unanimous opinion that the
guaranteed bid (with a deposit of 2%) for the refunding program
in prospect, submitted by McCreedy & Co., Inc. of Miami, Florida,
Jointly associated with B.J.Van Ingen & Co., Inc. of Miami,
Florida and New York City, BE ACCEPTED.
The basis of our findings are set forth in the detailed
analysis of this entire situation attached to this letter.
Very truly yours
(Signed) .B,C,Butler
B.C.Butler
(Signed) Chas. E. Black
City Manager Charles E.Black
(Signed) John Moore
City Attorney John Moore
(Signed)..Charles A, Crane
Charles A.Crane, Chairman
The Council then discussed the funds in the Debt
Service Interest and Sinking Fund at the present time,
amounting to approximately $55,000.00, and it was agreed
that bonds in the amount of $39~000.00 be retired prior
to the new bond issue, which would leave a balance in
this account sufficient for the next interest payment, and
also reduce the Fiscal Agent's fee on the new bond issue.
Mr. McCreedy agreed to revise the schedule submitted
with their original bid to reduce the amount of the bond
issue to $1~080,000.00, which will be filed with the data
concerning this meeting.
A motion was then made by Councilman Saunders that
the City of Delray Beach enter into a contract with
McCreedy & Co., Inc., of Miami, Florida~ Jointly associated
with B.J.Van Ingen & Co. ~ Inc. ~ of Miami~ Florida and
New York City, as outlined and stipulated in the letter from
the City of Delray Beach to McCreedy & Co. ~ Inc. ~ and B.J.
Van Ingen & Co. ~ Inc. ,_ signed by John Moore~ City Attorney,
dated October 9th, 1950~ and the letter of proposal by
McCreedy & Co.~ ~nc. and B.J. Van Ingen & Co.~ Inc., dated
October 12th, 1950, which letter was received by the City
Council at 7:30 p.m. on October 12th~ 19~0~ with the further
provision that a deposit of 2% on the guaranteed bid will
be delivered by the fiscal agent to the City of Delr~jf Beach
by Cashier's or certified check, at the time the sale of
the refunding bonds is set. The motion was seconded by Council-
man Holland, and upon call of roll carried unanimously~
Councilmen Holland~ Jacobs~ Kabler~ Roth and Saunders
voting in favor of the motion.
The meeting then adjourned.
Ruth R, S.mith
City Clerk