07-17-85SpMtg JULY 17~ 1985
A Special Meeting of the City Council of the City of Delray
Beach, Florida, was called to order by Deputy Vice-Mayor Jimmy Weather-
spoon in the Council Ch~nbers at City Hall at 11:00 A.M., Wednesday,
July 17, 1985.
Roll call showed:
Present - Council Member Malcolm T. Bird Council Member Arthur Jackel
Deputy Vice-Mayor Jimmy Weatherspoon
Absent - Council Member Marie Horenburger
Mayor Doak S. Campbell
Also present were - Acting City Manager Robert A. Barcinski
and City Attorney Herbert W.A. Thiele.
Deputy Vice-Mayor Weatherspoon called the meeting to order
and announced that this meeting has been called for the purpose of (1)
considering opening and awarding of bid(s) for purchase of $5,000,000
General Obligation Bonds of the City of Delray Beach, Florida.
1. Mr. David Huddleston, Finance Director, advised that seven
bids have been received. The bids were opened and Mr. Huddleston and
Mr. Stan Ross, the City's Financial Consultant, read the bids as
follows:
Barnett Bank
AMOUNT - $4,901,545.30
NET Interest Cost - 8.523%
No Insurance
Prudential Bache
AMOUNT - $4,900,000
NET Interest Cost - 8.509%
No Insurance
Merrill Lynch
AMOUNT - $4,925,062
NET Interest Cost - 8.407%
With Insurance
Trust Company Bank
AMOUNT - $4,000,900
NET Interest Cost - 8.470%
No Insurance
Sun Bank Palm Beach County AMOUNT - $4,900,000
NET Interest Cost - 8.779%
No Insurance
Northern Trust Company AMOUNT - $4,905,127
NET Interest Cost - 8.433%
No Insurance
Dean Witter Reynolds AMOUNT - $4,900,247
NET Interest Cost - 8.363%
No Insurance
Mr. Ross advised it will take approximately half an hour to
evaluate the bids.
Mr. Bird moved to recess the meeting, the time being 11:10
A.M., and to have it reconvene at 11:40 A.M., seconded by Mr. Jackel.
Upon roll call Council voted as follows: Mr. Bird - Yes; Mr. Jackel -
Yes; Deputy Vice-Mayor Weatherspoon - Yes. Said motion passed with a 3
to 0 vote.
Mr. Huddleston stated they have reviewed the bids and as a
result of the verification have found that the best bid for the City is
Dean Witter Reynolds at a net interest cost of 8.363361% and a net
interest cost total of $5,690,849.10.
Mr. Bird moved to accept the low bid from Dean Witter
Reynolds, seconded by Mr. Jackel.
The City Attorney advised the motion should also include
that a resolution formalizing the selection will be presented at the
next Regular Council Meeting..
Mr. Bird amended his motion as advised by the City Attorney,
Mr. Jackel amended his second. Upon roll call Council voted as follows:
Mr. Bird - Yes; Mr. Jackel - Yes; Deputy Vice-Mayor Weatherspoon - Yes.
Said motion passed with a 3 to 0 vote.
Deputy Vice-Mayor Weatherspoon declared the meeting ad-
journed at 11:43 A.M.
ATTEST:
MAYOR
The undersigned is the City Clerk of the City of Delray
Beach and that the information provided herein is the minutes of the
meeting of said City Council of July 17, 1985, which minutes were for-
mally approved and adopted by the City Council on .z~_~. f~. /~/~' .
City'Clerk
NOTE TO READER:
If the minutes that you have received are not completed as indicated
above, then this means that these are not the official minutes of City
Council. They will become the official minutes only after they have
been reviewed and approved which may involve some amendments, additions,
or deletions to the minutes as set forth above.
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