Res 52-90 RESOLUTION NO. 52-90
A RESOLUTION OF THE CITY ~O~ilSSIO~ OF TH~ ~ OF
BEACH, FLORIDA, AWARDING THE $11,280,000 CITY OF DELRAY
BEACH, FLORIDA, GRNERAL OBLIGATION BOND~, SE~IE~ 1990
(DECADE OF EXCE~CE PRfK~%%M), D~r~(~iNGu~a~I-AIN DET~.II~
OF T~ BONDS AEFIw~ORIZINGTHE EXECIF~ION AND ~ OF THE
BONDS; APPROVING THE FOR~ OF AND AUTHORIZING THE
OF AN OFFICIAL STATEMENT RELATING TO THE BONDS; REVOKING
THE APPOINTMENT OF NCNB NATIONAL BANK OF FLORIDA AS
REGISTRAR AND PAYING AGENT FOR THE BONDS AND APPOINTING
CITIZENS AND SOUTHERN TRUST COMPANY (FLORIDA), NATIONAL
ASSOCIATION AS ~ISTP~/~ANDPAYING~ FORT HE BO~D~ AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on the 21st day of November, 1989, a majority of
the qualified electors of the City of Del;ay Beach, Florida {the
"City"), approved the issuance of not exceeding $21,492,000 General
Obligation Bonds (Decade of Excellence Program) to pay the cost of
the acquisition, design, engineering, construction, reconstruction,
equipping and improvement of certain fire, recreational and cultural
facilities of the City and neighborhood improvements, streets, side-
walks, alleys, lands and roadways as more fully described in
Resolution No. 77-89, adopted by the City Commission of the city (the
"Commission") on october 16, 1989; and
WHEREAS, on the 12th day of December, 1989, the Commission
adopted a resolution authorizing the issuance, in one or more series,
of not exceeding $21,492,000 City of Delray Beach, Florida, General
Obligation Bonds (Decade of Excellence Program) (the "Bonds") and
fixed certain details of said Bonds (the "Bond Resolution"); and
WHEREAS, the Bond Resolution referred to above, provided
that certain other details of the Bonds would be determined by subse-
quent proceedings of the Commission; and
WHEREAS, on the 15th day of May, 1990, the Commission
adopted a resolution (the "Details Resolution") determining certain
details of the Bonds including but not limited to designating the
first series to be issued in the principal amount of $11,280,000 (the
"Series 1990 Bonds"), and approving the form and use of the Official
Notice of Sale and Summary of the Notice of Sale (collectively, the
"Notice of Sale") relating to such Series 1990 Bonds; and
WHEREAS, the Summary of the Notice of Sale was published in
THE BOND BUYER at least ten (10) days prior to the award of the
Series 1990 Bonds on this date; and
WHEREAS, in response to the dissemination of the Notice of
Sale, the City received the sealed proposals attached hereto as
Exhibit A; and
WHEREAS, the City financial advisor has on this date deter-
mined that the proposal of Smith Barnev. Harris Upham & Co. lncorpnra£Pd
produces the lowest net interest cost and in all other respects com-
plies with the Notice of Sale;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSIO~ OF
THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
SECTION 1. That the proposal of Smith Barney, Harris Upham &
Co. Incorporated (the "Purchaser") referred to in the preambles
hereof, be and the same is hereby accepted and the following
described Series 1990 Bonds be and the same are hereby awarded and
sold to the Purchaser at the price and in accordance with.the
proposal of the Purchaser:.
-1- Res. No. 52-90
$11,280,000 - city of Delray Beach, Florida, General
Obligation Bonds, Series 1990 (Decade of
Excellence Program), dated May 1, 1990,
bearing interest at the rates per annum and
maturing on December 1 of each year, in the
years and amounts as follows:
Year Amount Interest Rate Year Amount Interest Rate
1991 $280 000 6.00% 2001 $ 535,000 6.80 %
1992 295 000 6.10 2002 575,000 6.80
1993 315 000 6.20 2003 615,000 6.90
1994 335 000 6.30 2004 660,000 6.90
1995 360 000 6.40 2005 710,000 6.90
1996 380 000 6.50 2006 760,000 7.00
1997 405 000 6.60 2007 815,000 7.0Q
1998 435 000 6.60 2008 880,000 7.00
1999 465 000 6.70 2009 945,000 7.00
2000 500 000 6.70 2010 1,015,000 7.00
SECTION 2. That the City Clerk be and is hereby autho-
rized and directed to return forthwith the good faith checks of all
unsuccessful bidders.
SECTION 3. That the proper officers of the City, be and
they are hereby authorized and directed to execute the Series 1990
Bonds when prepared and to deliver the same to the Purchaser upon
payment of the purchase price in accordance with the conditions
stated in the Notice of Sale, and to execute any and all certificates
or other documentation required in connection therewith and to do and
cause to be done any and all acts and things necessary or proper for
carrying out the transactions contemplated by the issuance and deliv-
ery of the Bonds, all without further authority from this
Commission.
SECTION 4. That the Official Statement in substantially
the form presented to this meeting, and attached hereto as Exhibit B,
be and the same is hereby approved, and the Commission hereby further
approves the use of any supplement or amendment to the Official
Statement which is , in the opinion of the City's Bond Counsel, nec-
essary so that the Official Statement does not include any untrue
statement of a material fact and does not omit to state a material
fact necessary to make the statements therein not misleading. The
Mayor is hereby authorized and directed to execute the Official
Statement and any amendment or supplement thereto, in the name and on
behalf of the City, and thereupon to be delivered with such approval
to be exclusively evidenced by the Mayor's execution and delivery
thereof.
SECTION 5. That Section 4 of the above-referenced Details
Resolution is hereby amended to revoke the appointment of NCNB
National Bank of Florida as Registrar and Paying Agent for the
Series 1990 Bonds and the City hereby appoints Citizens and Southern
Trust Company (Florida), National Association az Registrar and Paying
Agent for the Series 1990 Bonds.
-2- Res. No. 52-96
SECTION 6. That this resolution shall take effect upon
the passage in the~manner provided by law.
PASSED AND ADOPTED in special session on this the 30th day
of May, 1990.
Attest:
city ~e'rk - /
-3- Res. No. 52-90