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06-04-75SpMtg 1 JUNE 4~. 1975 A special meeting cf the City'~COuncil of the City of Delray Beach, Florida, was held in the Council Chambers at 12:00 noon, Wednesday, June 4, 1975, with Mayor-James H. Scheifley presiding, and City Attorney Roger Saberson, Council members Andrew M. Gent, Grace S. Krivos, David E. Randolph and Ron I. Sanson, IV, present. The.Lord's Prayer was repeated in unison. The Pledge of Allegiance to 'the Flag of the United States of America was given. Mayor Scheifley announced the meeting had been called for the purpose of receiving bids on a $600,000 Streets and Sidewalks General Obligation Bond Issue which was approved by the Voters of Delray Beach in December, 1974. The bids were submitted to the City Clerk. Mr. Stanley Ross, of Reynolds Securities, Inc., Financial Advisors for tile City of Delray Beach, read the bids as follows: Barnett Bank Of Delray Beach as agents for John Nuveen and Company, Inc., New York Amount - $588,000.00 Net Interest Cost - 7.0724 Merrill Lynch, Pier=e, Fenner and Smith, Inc. Amount - $591,000.00 Net Interest Cost - 7.0966 William R. Hough, Company Amount - $588,000.00 Net Interest Cost - 6.8289 Hornblower & Weeks Hemphill~ Noyes, Inc. Amount - $588,000.00 Net Interest Cost - 6.773 Mayor Scheifley declared the meeting recessed at 12:05 P.M. to allow time for the Finance Committee to prepare computations on the bids. Mayor Scheifley reconvened the meeting at 12:40 P.M. Mr. Stanley Ross was asked for his recommendation. Mr. Ross reported the Financial Committee had reviewed the four bids and found each of them to be-in order, confirmed by the City Attorney. Mr. Ross stated the best bid with the lowest interest cost is Hornblower & Weeks Hemphill, Noyes, Inc. at an average rate of 6.773 percent, and he recommended acceptance of said bid. He reported the average of bonds sold in the market last week was 7.02 percent. The City Attorney reported Resolu- tion No. 32-75 has been prepared accepting the lowest bid as outlined by Mr. Ross and Council should move for the passage of said resolution Mr. Gent moved for the adoption of Resolution No. 32-75 awarding the contract to the lowest bidder of Hornblower & Weeks Hemphill, Noyes, Inc. with a low interest rate of 6.773, seconded by Mrs. Krivos. The motion passed unanimously. Mayor Scheifley thanked the bidders on behalf of Council for their interest and participation. There being no further business, the meeting was adjourned. at 12:44 P.M. ~~~/~~~ ~/ Ci'ty Clerk APPROVED: . MA'YO R RESOLUTION NO. 32-75. A RESOLUTION AWARDING $600,000 STREETS AND SIDEWALKS GENERAL OBLIGATION BONDS OF THE CITY OF DELRAY BEACH, FLORIDA. WHEREAS, pursuant to notice heretofore duly published, for the sale of $600,000 Streets and Sidewalks General Obligation Bonds, dated February 1, 1975 (hereinafter referred to as "Bonds"), the following sealed proposals have been received: The proposal of Hornblower & Weeks Hemphill, Noyes, Inc. offering to pay the sum of Five Hundred and Eighty-eight Thousand Dollars ($588,000.00), together w~th accrued interest from February 1, 1975 to the date of delivery thereof, for said Bonds bearing interest at the rate of six and nine-tenths per centum (6.9%) per annum on the Bonds maturing in the years 1979 to 1984, inclusive, at the rate of six and one-half per centum (6.5%) per annum on the Bonds~maturing in the years 1985 to 1989, inclusive, at the rate of six and nine-tenths per centum (6.9%) per annum on the Bonds maturing in the years 1990 to 1997, in- clusive, at the rate of five and four-tenths per centum (5.4%) per annum on the Bonds maturing in the year 1998, being a net interest cost of $602,850.00. The proposal of William R. Hough, Company offering to pay the sum of Five Hundred and Eighty-eight Thousand Dollars ($588,000.00), together with accrued interest from February 1, 1975 to the date of delivery thereof, for ~aid Bonds bearing interest at the rate of six ighty · o~ ~ ann.~m on .h~ ~d~ and e -fiv~ i~undredths per centum maturing in the years 1979 to 1986, inclusive, at the rate of six and three-quarters per centum (6.75%) per annum on the Bonds maturing in the years 1987 to 1995, inclusive, at the rate of six and eighty-five hundredths per centum (6.85%) per annum on the Bonds maturing in the years 1996 to 1997, inclusive, and at the rate of six per centum (6.00%) per annum on the Bonds maturing in the year 1998, being a net interest.cost of $607,775.00. The proposal of John Nuveen and Co., Inc. offering to pay the sum of Five Hundred and Eighty-eight Thousand Dollars ($588,000.00), together with acCrued interest from February 1, 1975 to the date of delivery thereof, for said Bonds bearing interest, at the rate of seven per centum (7.00%) per annum on the Bonds maturing in the years 1979 to 1986, inclusive, at the rate of six and six-tenths per centum (6.6%) per annum on the Bonds maturing in the years 1987 to 1989, inclusive, at the rate of six and nine-tenths per centum (6.9%) per annum on the Bonds maturing in the years 1990 to 1993, inclusive, at the rate of seven per. centum (7.00%) per annum on the Bonds maturing in the years 1994 to 1998, inclusive, being a net interest cost of $629,450.00. The proposal of Merrill Lynch, Pierce, Fenner and Smith, Inc. offering to pay the sum of Five Hundred and Ninety-one Thousand Dollars ($591,000.00), together with accrued interest from February 1, 1975 to the date of delivery thereof, for said Bon~s bearing interest at the rate of six and one-half per centum (6.5%) per annum on the Bonds matur~n~ in the years 1979 to 1987, inclusive, at the rate of seven pe~ centum (7.~00~ per annum on the B~n~s maturing in the years~ l~-? to 1994, inclusive, at tile rate of seven and two-tenths per centum (7.2%) per annum on the Bonds maturing'in the years 1995 to.1998, in- clesive, being a net inter~s2 cost of $631,600.00; and, WHEREAS, in the proposal of Hornblower & Weeks Hemphill, Noyes, Inc. referred to in the prea ~mbles hereof, is the highest and most advanta- geous bid for said Bonds and in all other respects complies with said notice of sale, ' 7 · ? '"' 102A THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEACH, FLORIDA: Section 1. That the proposal of Hornblower & Weeks Hamphill, Noyes, referred to in the preambles hereof, be and the same is hereby the following described Bonds of the City of Delray Beach be hereby awarded and sold to said purchaser referred to in the hereof at the price and in accordance with the proposal, of said $600,000 - STREETS AND SIDEWALKS GENERAL OBLIGATION BONDS dated February 1, 1975, in the denomination of $5,000 each, bearing interest at the rates per annum (payable February 1 and August 1 of each year) and maturing on February 1 in the years and amounts as follows: Year Amount Rate. 1979 $25,000 6.90% 1980 25,000 6.90% 1981 25,000 6.90% 1982 25,000 6~90% 1983 25,000 6.90% 1984 25,000 6.90% 1985 25,000 6.50% 1986 25,000 6.50% 1987 25,000 6.50% 1988 25,000 6.50% 1989 25,000 6.50% 1990 · 25,000 6.90% ~0~ 1992 25,000 6.~ ~' 1993 25,000 6.90% 1994 25,000 6.90% 1995 50,000 6.90% 1996 50,000 6.90% 1997 50,000 6.90% 1998 50,000 5.40% Section 2. That the proper officers of the City be and they are authorized and directed to execute said Bonds when prepared and to same to said purchaser upon payment of the purchase price in with the conditions stated in said notice of sale, without authority from this City Council. Section 3. That the City Clerk be and she is hereby authorized and return forthwith the good faith checks of all unsuccessful Section 4. That the publication of said notice of sale of said Bond Buyer, New York, New York, and in the Delray Beach News Delray Beach, Florida, be and the same are hereby ratified, confirmed. Section 5. That the principal of and interest on said Bonds shall be the principal office of The Chase Manhattan Bank, N.A., New York. Section 6. This resolution shall take effect immediately. AND ADOPTED in special session on this 4th ~ay of June, 1975. City Clerk -2- Res. No. 32-75.