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02-14-47SpMtg FEBRUARy l~th, 19~7. A Special Meeting of the City Council of the City of Delray Beach was held in the City Manager's Office at 3:00 P.M., with Mayor M.M. DeWitt, City Manager H.P. Edmond, and the following Councilmen present: B.C. Butler, F.B. McNeece, J.B. Smith and C.J. White, a quorum being present. A contract between the City of Delray Beach, and Stranahan, Harris & Company and Equitable Securities Corporation for the purchase of $200,000.00 Water Revenue Certificates, which had been signed by Geo. N. ~,llard, as repre- sentative of the above Companies, was presented for the consideration of the Council, and read in full as follows: CONTRACT THIS CONTRACT Made this the l$th day of February, 19&7, by and between the City of Delray Beach, a municipal corporation of Palm Beach County, Florida, hereinafter referred to as the party of the first part, and Stranahan Harris Company and Equitable Securities Corporation, hereinafter referred to as the parties of the second part, WITNESSETH That whereas the parties of the second part did heretofore on June 8, 19~6, contract to purchase from the party of the first part Three Hundred Fifty Thousand ($350,000.00) Dollars in Delray Beach Water Revenue Certi- ficates to be dated June 1, 19~6, in the amount of One Thousand ($1,OO0.OO) Dollars each, bearing interest at the rate of 2% per annum from date, interest payable on the first days of December and June of each year at and for the sum of Three Hundred Thirty Six Thousand Four Hundred Fifty-five ($336,~55.) AND WHEREAS, after several conferences between the party of the first part and the parties of the second part, it has been agreed to reduce the amount of the certificates to be purchased by the parties of the second part from $350,000.00 to $200,000.00. NOW, THEREFORE_ in consideration of the mutual covenants herein contained and the sum of One Doilar paid by each of the parties to this agreement to the other party, the receipt whereof is hereby acknowledged, the parties of the second part hereby agree to purchase from the party of the first part Two Hundred Thousand ($200,000.00) Dollars in Delray Beach Water Revenue Certificates which have been validated by a decree of the Circuit Court of Palm Beach County, Florida, in Chancery Case No. 22,319, which decree was entered on December 17, 19~6. The parties of the second part agree to pay for said Water Revenue Certi- ficates the sum of One Hundred Ninety Two Thousand Two Hundred Sixty ($192,260.O0) Dollars, plus interest thereon from December 1, 19~6, and agree that the first interest coupon on each of said Water Revenue Certificates shall be cancelled. The Two Hundred Thousand ($200,000.00) Dollars in Revenue Certificates shall be in the denomination of One Thousand ($1,0OO.00) Dollars each, shall be numbered 1 to 200, inclusive, shall bear interest at the rate of 2% per annum, payable semi- annually on the first days of December and June of each year and shall mature serially in numerical order on June 1st of each year as follows: Year Amount Y. ear .Amount Year Amount $ 2,000 1954 $ll, ooo 196o o0o 19~9 5,000 1955 ll,OO0 1961 ' 15,O00 1950 8,000 1956 12,OOO 1962 16,0OO 1951 lO, OOO 1957 12,000 1963 17, 0OO 1952 lO,OO0 1958 13,OOO 196~ 17,000 1953 10, 0OO 1959 13, OOO 1965 4, O00 FEBRUARY ]4th, 19~7. IT IS FURTHER MUTUALLY AGREED by both parties hereto that all provisions of Ordinance G-7 which is the ordinance of the City of Delray Beach authoriz- ing the issuance of Three Hundred Fifty Thousand ($350,000.00) Dollars in Water Revenue Certificates, Series 19A6 shall be complied with by the parties hereto except that the amount of the Water Revenue Certificates to be delivered to and purchased by the parties of the second part shall be Two Hundred Thousand ($200,000) Dollars of the first maturing certificates instead of Three Hundred Fifth Thousand ($350,000.00) Dollars. IT IS FURTHER AGREED that the remaining. One Hundred Fifty Thousand ($150,000.00) Dollars of originally authorized Delray Beach Water Revenue Certificates shall be cancelled and that the parties of the second part will not in any way object to the subsequent validation by the City of Delray Beach of additional Water Revenue Certificates on a parity with the outstanding $200,000.00 in certificates as long as the provisions set out in said ordinance G-7 for the issuance of such certifi- cates are complied with. IT IS FURTHER MUTUALLY AGREED by the parties hereto that this contract will replace the original agreement between the parties hereto for the sale, delivery and purchase of the original $350,000.00 in Water Revenue Certificates, and neither party hereto will hereafter make any claim or any damage or loss in connection with said original contract and that the Ten Thousand Five Hundred ($10,500.00) Dollars good-faith check deposited by the parties of the second part with the party of the first part shall become a good faith check for the perform- ance of this contract, and if this contract is not performed by the parties of the second Part said sum of Ten Thousand Five Hundred ($10,500.00) Dollars shall be forfeited to the party of the first part as and for liquidated damages. IT IS FURTHER AGREED by the parties hereto that the parties of the second part are to cause to have printed the above described Revenue Certificates at the expense of the parties of the second part and also to pay for the validating opinion of the attorneys who pass upon the validity of the validation of said WaterRevenue Certificates and that the parties of the second part will consummate this transaction within 30 days after the party of the first part has furnished to them or their attorneys all of the necessary information for the attorneys to pass upon the validity of such validation proceedings. IN WITNESS WHEREOF, the parties hereto have executed this agreement on the date first above written. CITY OF DELRAY BEACH WITNESSES. By: (Signed) M.M. DeWITT (Signed) H.P. EDMOND Mayor (Signed). 'AIL. GRw.~WOOD ATTEST: (si ned) RUTH R. S ITH City Clerk. Party of the First Part. Approved as to Form: (Signed) J.W. NOWLIN (Signed) H.P. EDMOND City Attorney (Signed) A.L. GRw32~WOOD STRANAHAN HARRIS COMPANY BY ~QUITABLE SECURITIES CORP. By: (Si~ned). GEO. N. BULLARD Parties of the Second Pa~d. FEBRUARY lath, 19~7. Mr. Edmond explained that this would give the City funds enough to finance all of the proposed improvements to the water system with the exception of the Filtration Plant. $150,000.00 had been set up for the Filtration Plant, and it might be advantageous to wait and see what the quality of the water would be from the additional wells before building the Filtration Plant. After a discussion of the percentage to be paid to Smith & Gillespie, Engineers, under contract signed 8/12/~6, Mx. Edmond contacted Mr. Gillespie by telephone, and was assured that they expected to be paid a percentage only on the actual construction and not on the entire $350,000.00 project. A letter confirming this agreement will be filed with the data concerning this meeting. The following Resolution was then presented, and same was read in full: RESOLUTION NO. 606 FEBRUARY /4th, 19~7. A motion was made by Councilman Butler, seconded by Councilman White, that the foregoing Resolution No. 606 be passed and adopted, and upon call of roll the motion carried, all of the Councilmen voting in favor of same. A letter from the Delray Beach Planning Board with reference to a plat of a proposed Subdivision in Hofman Village, to be known as Avacado Grove, was read as follows: "DELRAY BEACH PLANNING BOARD Drawer D Delray Beach, Florida February 13, 19~7 City Council of Delray Beach Delray Beach, Florida Gentlemen: The Planning Board has considered the plat of Avacado Grove located in the Hofman subdivi sion. The Board passed on this plat as being acceptable with certain reccommendations made by your City manager, Mr. Edmunds, correction discrepancies in the first plat which was tendered for approval. Provided the development is carried on as per the second plat submitted, the Planning Board feels that this would comply with the general thought of having developments fit into the present structure of City Planning. Considerable discussion was entered into relative to this particular plat regarding the North and South ends of this property not being built up by homes, but facing abutting property which might be built up with substantial homes. It was brought to the attention of the Planning Board that it was the intent and purpose of this particular development to have beautification and groves on the back end of each lot which would make desirable fronting for the house facing the property. Very truly yours, (Signed) H.A. HUBBARD H.A. Hubbard, Chairman Delray Beach Planning Board HAH:kmh" After consideration, it was the consensus of opinion of the Council that sufficient land must be deeded to the City for the continuation of N.E. 7th Street and the developers must bring in written statements from the abutting property owners stating that they have no objections to this type of project, and it will then be considered by the Council. Mr. King S. Cone was appointed by Mayor DeWitt to fill the vacancy existing on the Zoning Board, for a term of three years, which appointment was confirmed by the Counc il. A letter from Jack A. and Laura M. Rhodes stating that they had purchased Lots 5, 6, 7 and 8, Block 5, Southridge Subdivision, which property was at one FEBRUARY 14th, 19~+7. time within the City Limits but which had been outside of the City since 1931, was read. They asked for an adjustment of the delinquent City taxes for the years 1928, 1929 and 1930. A motion was made by Councilman White that the delinquent taxes be settled for $10.OO. The motion was seconded by Councilman Butler, and upon call of roll carried unanimously. Council then adjourned.  City Clerk