06-18-63SpMtg JUNE 18, 1963.
a special meeting was held in the Council Chambers at 2~00 P.M.,
Tuesday, June 18th, 1963, with Vice Mayor A1 C. Avery in the Chair,
City Manager Robert J. Holland, City Attorney John Ross Adams, and
Councilmen ~mory' J. Barrow, George Talbot, Jr., and Oliver W.
wood&rd, Jr., being present.
Vice Mayor Avery called the meeting to order and announced that
same had been called for the purpose of opening and considering Bids
received for purchase of $1,500,000 Water and Sewer Revenue Bonds
Series 1962, and $1,100,000 Utilities Tax Revenue Certificates Series
1962, and for any other business which may come before the meeting.
Mr. Barrow moved that the bids be closed, the motion being second-
ed by Mr. Wood&rd and unanimously carried.
City Clerk Worthing, observed by City Attorney Adams, opened and
read the following bids on the proposal for $1,500,000 ~ater and
Sewer Revenue Bonds Series 1962.
Average
Net Interest
Bidder Purchase Offer Interest Cost Cost Rate
Kuhn I~eb & Company, and
B. J. Van Ingen & Company,
and AssoCiates. $1,470,081.00 $1,374,166.50 3.6811%
~ite, Weld & Company, and
Salomon Bros. a Hutzler. 1,478,804.00 1,384,135.00 3.7078 %
Merrill Lynch, Pierce, Fenner
& Smith Inc. & Associates. 1,470,172.00 1,396,283.00 3.740 %
John Nuveen & Com_Dany, INC.;
Leedy, ~eeler & Alleman, Inc.~
~aine, Weber, Jackson & Curtis~
9arcus, Kindred & Company, and
Stranahan, Harris & Company. 1,475,062.05 10391,982.95 3.72886 %
Phelps, Fenn & Company, and
T. Nelson O'Rourke, Inc.
And Associates. 1,476,?12.50 1,391,637.50 3,7279 %
Goodbody & Company and
Associates. 1,470,510.00 1,398,677.50 3.7467 %
Ira Haupt & Company and
Associates. 1,482,117.00 1,396,013.00 3.739654 %
The City Clerk then opened and read the following bids on the
proposal for' Si,100,000 Utilities Tax Revenue Certificates Series 1962.
Average
~et Interest
Bidder pu~chas9 offer InteF~t Co~t Cost Rate
~ite, ~eld & Company, and.
Salomon Bros. & Hutzler $1,090,682.50 $668,277.50 3.5689 %
Ira Haupt & Company and
Associates 1,084,798.50 674.,190.25 3.600481%
6-18-63
Goodbody & Company.end
Associates . ~ $1,078,481.80 $673,248.20 3.59545 %
John Nuveen & Company, Inc.;
Leedy, Wheeler & Alleman, Inc.;
Paine, Weber, Jackson & Curtis;
Barcus, Kindred & Co.; and
Stranahan, Harris & Co. 1,078,471.02 673,248.98 3.59545 %
Kuhn Loeb & Company, and
B. J. Van Ingen & Company.
and AsSociates. 1,078,855.9! 674,874,09 3.6041%
Phelps, Fenn & Company, and
T. NelSon O'Rourke, Inc.
and Associates. 1,082,801.$0 671,236.00 3.5847 %
Merrill Lynch, Pierce, Fenner
& Smith Inc. & Associates. 1,083,870.00 672,650.00 3.5922 %
Vice Mayor Avery announced that the meeting would be recessed for
whatever time necessary for Finance Director Weber, with the assist-
ance of the Fiscal Agents Mr. C. T. McCreedy and Mr. Robert Cook, to
make~ananalysis and recommendation concerning the bids that had just
been opened and read.
Following the recess, Mr. McCreedy informed the Council that the
bid of Kuhn Loeb & Company and B. J, Van Ingen & company and Associ-
ates was the best bid on the $1,500,000 Water and Sewer Revenue Bonds
Series 1962, with an average interest cost rate of 3.6811 per cent and
recommended the acceptance of same, the second bid being from White,
Weld & Company, and Salomon Brothers & Hutzler with an average inter.-
est cost rate of 3.7078 per cent.
Mr. McCreedy further informed the Council that the bid of White,
weld & Company, and Salomon Brothers & Hutzler, on the $1,100,000
Utilities Tax Revenue Certificates Series 1962, was the winning bid
with an average interest cost of 3.5689 per cent, and recommended the
acceptance of same, the second bid beingfrom Phelps, Fenn & Company,
and T. Nelson O'Rourke, Inc., and Associates with an average interest
cost of 3.5847 per cent.
There being no question as to the recommendation of the City's
Fiscal Agent concerning said bids, City Clerk ~orthing read
RESOLUTION NO. 1456.
A RESOLUTION CONFIRMING THE SALE OF
$1,500,000 WATER AND SEWER REVENUE
BONDS, SERIES 1962, OF THE CITY OF
DELRAY BEACH, FLORIDA, AND FIXING
THE INTEREST RATE TO BE BORNE BY
SAID BONDS.
(Copy of Resolution No. 1456 is attached to and made a part of
the officiai copy of these minutes.) (See PeEes 19~-A %b_~u 19~-L)
Resolution No. 1456 was unanimously passed and adopted on motion
by Mr. Woodard.and seconded by Mr. Barrow.
City Clerk ~orthing asked if .there was a representative present
of the White., ,^~eld & Company, in view of the~fact that the Resolution
authorizing issuance of the water and Sewer Revenue Bonds provided
for such bonds to become payable in the Chase ~61~Bank of .New
York, however, that the Resolution Passed and adopted on the 26th of
November, 1962 authorizing.the issuance of the Utilities Tax Revenue
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· 191
Certificates did not provide for the paying agent but left it open
in order that the purchaser of these certificates might submit their
recommendation, and that Resolution No. 1457 is submitted subject to
an ultimate recommendation by the purchaser, White, weld & Company,
and Salomon Brothers & Hutzler, as to their rdesire ~Oncerning a pay-
ing agent, if any.
City Clerk Worthing then read RESOLUTION NO. 1457.
A RESOLUTION CONFIRMING THE SALE OF
$1, .100,000 UTILITIES TAX REVENUE
CERTIFICATES, SERIES 1962, OF THE
CITY OF DELRAY BEACH, FLORIDA, AND
FIXING THE PLACE OF PAYMENT AND THE
INTEREST RATE TO BE BORNE BY SAID
CERTIFICATES.
(Cppy of Resolution No. 1457 is attached to and made a part
of the official copy of these, minutes.) (~ee Pages' 192-A ~b_~u
192-L)
Resolution No. 1457 was unanimously passed and adopted on motion
by Mr. Woodard and seconded by Mr. Talbot.
Vice Mayor Avery asked City Clerk Worthing and Fiscal Agent
McCreedy to make themselves available to the press immediately
following the meeting in order that a proper news item ma~ be
obtained.
The meeting was adjourned at 3:00 .P.M. by order 'of Vice Mayor
Avery.
R. D. WORTHING ~
City Clerk
APPROVED:
MAYOR
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