04-20-83SpMtg APRIL 20, 1983
A special meeting of the City Council of the City of Delray
Beach, Florida, was called to order by Mayor Willard V. Young in the
Council Chambers at City Hall at 11:00 A.M., Wednesday, April 20, 1983.
Roll call showed:
Present - Council Member Malcolm T. Bird
Council Member Doak S. Campbell
Council Member Arthur Jackel
Council Member Edward L. Perry
Mayor Willard V. Young
Absent - City Manager Gordon D. Tiffany.
Also present were - Acting City Manager Elizabeth Arnau, and
City Attorney Herbert W.A. Thiele.
Mayor Young announced that the meeting has been called for
the purpose of (1) opening bids received by the City for the
$4,000,000.00 %~at'er and Sewer Revenue Bonds, Series 1983; (2) consid-
ering passage of Resolution No. 29-83 awarding the bonds and (3) consid-
ering passage, of Resolution No. 33-83 authorizing execution and delivery
of Official Statement.
1. Mr. Bird moved to declare bids to be closed except any that
might be in transit from the City Manager's office that were marked in
prior to 11:00 A.M., seconded by Mr. Perry. Said motion passed unani-
mously.
Mr. Craig Dunlap with the firm of Dean Witter Reynolds,
Inc., the City's financial consultants, reported that they have four
bids.
Bids were opened for the $4,000,000.00 Water & Sewer Revenue
Bonds, Series 1983, and sale of same. Mr. Dunlap read the bids as
follows:
William R. Hough & Co. and Associates
AMOUNT - $3,920,000.00
NET Interest Cost - 8.5595%
Their bid deposit in the amount of $80,000 was enclosed.
Smith Barney, Harris Upham & Co.
AMOUNT - $3,921,193.70
NET Interest Cost - 8.5823%
Their bid deposit in the amount of $80,000 was enclosed.
John Nuveen & Co., Incorporated
AMOUNT - $3,921,234.75
NET Interest Cost - 8.82725%
Their bid deposit in the amount of $80,000 was enclosed.
Prudential-Bache Securities, Inc.
AMOUNT - $3,920,311.05
NET Interest Cost - 8.5096%
Their bid deposit in the amount of $80,000 was enclosed.
Mayor Young recessed the meeting at 11:10 A.M., for the
Finance Director and the financial consultant to evaluate the bids.
Mayor Young reconvened the meeting at 11:55 A.M.
1. Mr. Dunlap stated that they have evaluated the four bids and
have found them all to be in order. They find that the bid of Pruden-
tial-Bache Securities, Inc., at 8.5096% is the lowest and most favorable
to the City and this bid is definately in line with conditions at this
time. He recommends the award.
2. The City Attorney presented Resolution No. 29-83:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, AWARDING $4,000,000 CITY OF DELRAY BEACH,
FLORIDA WATER AND SE~ER REVENUE BONDS, (SERIES 1983).
(Copy of Resolution No. 29-83 is on file in the official
Resolution Book)
Mr. Bird moved for the adoption of Resolution No. 29-83 as
read by the City Attorney, seconded by Mr. Jackel. Upon roll call
Council voted as follows: Mr. Bird - Yes; Mr. Campbell - Yes; Mr.
Jackel - Yes; Mr. Perry - Yes; Mayor Young - Yes. Said motion passed
with a 5 to 0 vote.
3. The City Attorney presented Resolution No. 33-83:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, AUTHORIZING THE EXECUTION AND DELIVERY OF
AN OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF
$4,000,000 WATER AND SE%~ER REVENUE BONDS (SERIES 1983),
AND AUTHORIZING PROPER OFFICERS TO DO ALL OTHER THINGS
DEEMED NECESSARY OR ADVISABLE IN CONNECTION WITH THE
DELIVERY OF THE BONDS.
(Copy of Resolution No. 33-83 is on file in the official
Resolution Book)
Mr. Bird moved for the adoption of Resolution No. 33-83,
seconded by Mr. Perry. Upon roll call Council voted as follows: Mr.
Bird - Yes; Mr. Campbell - Yes; Mr. Jackel - Yes; Mr. Perry - Yes; Mayor
Young - Yes. Said motion passed with a 5 to 0 vote.
Mayor Young declared the meeting adjourned at 11:59 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 which minutes were formally approved
and adopted by the City Council on ~.~_~ /6, ~,~.~ .
- 2 - 4/20/83
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.
- 3 - 4/20/83