Res 65-85 RESOLUTION NO. 65-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, CONFIRMING AND RATIFYING THE AWARD OF THE
$5,000,000 GENERAL OBLIGATION BONDS OF 1985 OF THE CITY
OF DELRAY BEACH, FLORIDA, DATED AUGUST 1, 1985; DETER-
MINING CERTAIN DETAILS OF THE BONDS; AUTHORIZING THE
EXECUTION AND DELIVERY OF THE BONDS; AUTHORIZING THE
EXECUTION OF AN OFFICIAL STATEMENT RELATING TO THE BONDS;
APPROVING, RATIFYING AND CONFIRMING THE PUBLICATION OF
THE NOTICE OF SALE AND THE USE OF THE PRELIMINARY OF-
FICIAL STATEMENT IN CONNECTION WITH THE SALE OF THE BONDS
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, pursuant to notice (the "Notice of Sale") heretofore
duly published for the sale of $5,000,000 in aggregate principal amount of
City of Delray Beach, Florida, General Obligation Bonds of 1985, dated
August 1, 1985 (the "Bonds"), the following sealed proposals have been
received:
The proposal of Citizens & Southern National Bank and Barnett
Bank of Jacksonville N.A., attached hereto offering to pay the sum of four
million, nine hundred one thousand, five hundred forty five and 30/100
($4,901,545.30) together with accrued interest, if any, from August 1,
1985, to the date of delivery thereof, for the Bonds bearing a net in-
terest cost of $5,799,934.70.
The proposal of Dean Witter Reynolds, Inc., attached hereto
offering to pay the sum of four million, nine hundred thousand, two
hundred forty seven and 15/100 ($4,900,247.15) together with accrued
interest, if any, from August 1, 1985, to the date of delivery thereof,
for the Bonds bearing a net interest cost of $5,690,849.10.
The proposal of The Leedy Corporation attached hereto offering to
pay the sum of four million, nine hundred thousand dollars ($4,900,000)
together' with accrued interest, if any, from August 1, 1985, to the date
of delivery thereof, for the Bonds bearing a net interest cost of
$5,974,178.75.
The proposal of Merrill Lynch, Pierce, Fenner & Smith Inc.,
attached hereto offering to pay the sum of four million, nine hundred
twenty five thousand, sixty two dollars ($4,925,062.00) together with
accrued interest, if any, from August 1, 1985, to the date of delivery
thereof, for the Bonds bearing a net interest cost of $5,720,747.38.
The proposal of The Northern Trust Company attached hereto offer-
ing to pay the sum of four million, nine hundred five thousand, one
hundred twenty seven dollars ($4,905,127.00) together with accrued in-
terest, if any, from August 1, 1985, to the date of delivery thereof, for
the Bonds bearing a net interest cost of $5,738,791.75.
The proposal of Prudential-Bache Securities, Inc., attached
hereto offering to pay the sum of four million, nine hundred thousand
dollars ($4,900,000.00) together with accrued interest, if any, from
August 1, 1985, to the date of delivery thereof, for the Bonds bearing a
net interest cost of $5,790,400.00.
The proposal of Trust Company Bank & Associates attached hereto
offering to pay the sum of four million, nine hundred thousand dollars
($4,900,000.00) together with accrued interest, if any, from August 1,
1985, to the date of delivery thereof, for the Bonds bearing a net in-
terest cost of $5,763,918.75; and
WHEREAS, the proposal of Dean Witter Reynolds, Inc., produces the
lowest net interest cost and in all other respects complies with the
Notice of Sale; and,
WHEREAS, on the 25th day of June, 1985, the City Council of the
City of Delray Beach, Florida (the "City Council") adopted a resolution
determining certain details of the Bonds (the "Details Resolution"); and,
WHEREAS, the NOtice of Sale in connection with the Bonds was
published in the Bond Buyer at least 10 days prior to sale on July 17,
1985,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That the proposal of Dean Witter Reynolds, Inc. (the
"Purchaser") referred to in the preambles hereof, be and the same is
hereby accepted and the following described Bonds be and the same are
awarded and sold to the Purchaser at the price and in accordance with the
proposal of the Purchaser:
$5,000,000 - City of Delray Beach, Florida, General
Obligation Bonds of 1985, dated August 1,
1985, 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
1987 $100,000 8.00% 1997 $235,000 8.10%
1988 115,000 8.00 1998 255,000 8.25
1989 120,000 8.00 1999 275,000 8.25
1990 130,000 8.00 2000 295,000 8.25
1991 145,000 8.00 2001 325,000 8.25
1992 155,000 8.00 2002 350,000 8.25
1993 170,000 8.10 2003 385,000 8.25
1994 180,000 8.10 2004 410,000 8.25
1995 200,000 8.10 2005 450,000 8.25
1996 215,000 8.10 2006 490,000 8.25
This resolution ratifies and confirms the action of the City
Council taken by motion in Special Meeting on July 17, 1985 awarding the
bonds to Dean Witter Reynolds, Inc (the "Purchaser") as described above.
Section 2. That the proper officers of the City, be and they are
hereby authorized and directed to execute the Bonds when prepared and to
deliver the same to the Purchaser upon payment of the purchase price in
accordance with the conditons 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 delivery of the Bonds, all without further authority from
this City Council.
Section 3. That the City Clerk be and is hereby authorized and
directed to return forthwith the good faith checks of all unsuccessful
bidders.
-2- Res. No. 65-85
Section 4. That the Official Statement in substantially the form
presented to this meeting, be and the same is hereby approved, and the
City Council hereby approves the use of the Preliminary Official Statement
in connection with the offering and sale of the Bonds, and hereby further
approves the use of any supplement or amendment to the Official Statement
which is necessary 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
and the City Manager are 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
proval to be exclusively evidenced by their execution and delivery there-
of.
Section 5. That the publication of the Notice of Sale in the
Bond Buyer is hereby approved, ratified and confirmed and such publication
shall be deemed complete satisfaction of the requirements of Section 5 of
the Details Resolution.
Section 6. That this resolution shall take effect upon the
passage in the manner provided by law.
PASSED AND ADOPTED in regular session on this the 23rd day of
July, 1985.
ATTEST:
-3- Res. No. 65-85
OFFICIAL BID FORM
~5.000,000
City of D~lray Beach, Florida
OenerM Obligation Bonds of 1985
David M. Huddleston, Finance Director July 17. 1985
100 N.W. 1st Avenue
Delray Beach, Florida 33444-2698
Dear Sir:
For Five Million Dollars (S5,000,000} principal amount, General Obligation Bonds of 1985, of the City
of Delray Beach, Florida. dated August 1, 1985. described in the attached Official Notice of Sale. which is
hereby made a part of this proposal, and for all but not less than all of said Bonds. with interest races per
annum on said Bonds maturing February 1 in the years and amounts as follows:
Due Principal Amount Rate Due Principal Amount Rate
1987 $I00,000 ~{~.v.~_ % ,~k~_~_ % 1997 $235,000 .~,%
1988 115,000 .~,~L~_% 1998 255,000
1989 120,000 1999 275,000 .%
1990 130,000 ~.o~ % 2000 295,000
1991 145,000 ,~% 2001 325,000
1992 155.000 -~]~_% 2002 350,000 )?.~ %
1993 170,000 ~r.]~ % 2003 385,000 ~. rS %
1994 180,000 .~_~_% 2004 410,000 _~, z: %
1995 200,000 .~. % 2005 450,000 ~. ~ ~ %
1996 215,000 % 2006 490,000 ~.m-~ %
·
($~, together with accrued interest, if any, to the date of delivery./
At the time of delivery of the Bonds, the City shall furnish to us, free of charge, the unqualified opinion
of Mudge Rose Guthrie Alexander & Ferdon, New York. New York, Bond Counsel, approving the legality
of said Bonds, together with the usual closing papers, as specified in the Official Notice of Sale.
In accordance with the Official Notice of Sale, we enclose herewith a certified or bank cashier's check in
the amount of One Hundred Thousand Dollars {$100,000) drawn upon an incorporated bank ov trust
company, payable unconditionally to the order of the City of Delray Beach, Florida, to be applied in
accordance with the Official Notice of Sale.
This proposal is is not t~' [check one] made for bonds carrying municipal bond insurance with
the insurance premium to be paid for by the City of Delray Beach. Florida, from the Bond proceeds.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of
Sale. The names of the underwriters or members of the account who are associated for the purpose of this
proposal are listed on a separate sheet attached hereto.
The aggregate interest cost, computed from Autgus 1985, to the ty dates of said S5,000,000 of
Bonds at the rat,~ta_~,tt~s spocified in the above proposal, is ...........................
The
premium o~ffered is ................................................
The insurance prem,um~to be paid by the City is (cross out if not applicable) ..............
The net interest cost is .... · ......................................................
The average net interest cost rate of these Bonds is ...................................
The above computation is submitted for purposes of information only and is not a part of this proposal. (No
addition or alteration is to be made to this Official Bid Form, and it must not be detached from the
ann~ted Official Notice of Sale.)
I do hereby acknowledge the return of the good faith check in the amount of $100,000 enclosed with
this bid.
By:
4
OFFICIAL BID FORM
~5,000,000
City of Deir~y [kaek Flor/da
Geme~ Ob~ga~ ~ of
Dasd M. Hud~n. F~an~ D~tor July 17, 1985
100 N.W. 1st Avenue
De~ay B~c~ Flo~da 33444-2698
Dear S~:
For Five Mi~on Dollars (,5,~0,000} principal amount, General Obligation Bonds of 1985, of ~he City
of De~ay B~ch. Flo~da, da~ Au~s~ 1, 1985, describ~ in the attach~ Official Notice of Sale, which is
hereby made a p~ of this pro~sal, and for aH but not less than a~ of said Bonds, wi~h in.rest ra~s ~r
annum on Mid Bonds matu~ng Feb~a~ 1 in the years and amounts as follows:
Due ~n~pM Am~nt ~te Due P~ncipai Amount ~te
198~ $100,0~ ~.d~ % 1997 $235,000
1988 115,000 ~. ~ % 1998 255.0~
1989 120,000 ~.~ % 1999 275,000
l~ 130,~ ~% 2000 295000
1991 145,~ 325,000
1992 155.000 ~% 2002 350,~
1993 1~0.000 ~% 2003 3S50~
1994 180,000 ~.~c% 2004 410,000
1996 215,0~ ~_ ~0% 2006 490,000
iS ~O6~,~, ~o~Che~with accrued in'rest, i~ any, ~o c~e dalai deUve~. '
A~ the ~e of deUve~ of ~he Bonds, the City s~U furnish Co us, fr~ of c~rge, the unquaUfi~ op~on
of Mud~ Rose Gut~e Alexander & Ferdon, New York. New York. Bond Counsel, approving the lepUty
of s~d Bonds, together with the usual closing papers, as s~ifi~ in ~he Official No~ce of Sale.
In a~or~ce with the Official Notice of S~e, we enclo~ herewith a certifi~ or b~ ~s~er's ch~k in
the ~nt of One Hun~ Thousand DolOrs (SI00,000) ~awn upon an inco~ra~ ba~ od
company, payable unconditionaUy to the order of the City of De~ay B~ch, Flo~da.
accord~ce with the Offici~ Notice of Sale.
T~s pro~s~ is ~ ~ [ch~k one) made for ~nds c~ing municipal ~nd ~surance with
the ~s~an~ pre.urn ~ ~ p~d for by the City of De~ay Beach, Florida, from the Bond pr~.
T~s pro~sal is not subj~ to any conditions not expressly s~ herein or in the annex~ Notice of
Sale. The ~mes of the unde~riters or memos of the accoun~ who are ass~iaced for the pu~ose of t~s
pro~sal are Us~ on a separa~ sh~t at~ch~ hereto.
~hn D. Collins~ Financial Consultant
~errill L~nch, Pierce, Fenner & Sairh, Inc.
The ag~g~ ~mst ~st, compu~ from Au~st 1, 1985. to the matu~ty da~es of said $5.000,~q of~
Bonds at the ra~ or ra~ s~ifi~ in the a~ve pro~sal, is ...........................
The pre~um or ~ount offer~ is ....
TheThe ~s~an~ premium ~ ~ p~d bY '~h~'citY'ia'(~r;;; 0U~ ~i ~;~ '~PPUca'ble)* ~ ~
net ~st cost is .... · .......................................................
The av~ap net ~rest cost ra~ of these Bonds is ...................................
The a~ve ~mpu~tion is submit~ for pu~s of info~ation o~y and is not a
ad~on ~ ~ration is ~ ~ made ~ t~s Offic~l Bid Fo~, and it must n~ ~ de~ch~ horn the
a~ O~ No~e of ~e.)
I do ~by a~now~ the retu~ of the ~ faith ch~k in the amoun~ of Sl00,0~ enclo~ with
t~s bid.
By:
4
., OFFICIAL BID FORM
$5,000,000
City of Delrey Beaeh, Florida
General Obligation Bonds of 1985
David M. Huddleston, Finance Director July 17, 1985
100 N.W. 1st Avenue
Delray Beach, Florida 33444-2698
Dear Sir:
For Five Million Dollars ($5,000,000} principal amount, General Obligation Bonds of 1985, of the City
of Delray Beach, Florida, dat~i August 1, 1985, described in the attached Official No~ice of Sale, which is
hereby made a part of this proposal, and for all but not less than all of said Bonds, with interest rates per
annum on said Bonds maturing February 1 in the years and amounts as follows:
Due Principal Amount l~te Due Princiiml Amount l~te
1987 $100,000 ~ 1997 $235,000
1988 115,000 -~'~ ~5'% 1998 255,000
1989 120,000 ~_~. % 1999 275,000
1990 130,000 t~, 7fff~o 2000 295,000~
1991 145,000 ~ dO % 2001 325,000 /.~0 % *-
1992 lSS.OOO 2002 350.000
1993 170,000 ~.._~ 2003 385,000 ~%
1994 180,000 2004 410,000
1995 200,000 ,) ~-o/~ 2005 450,000
1996 215.000 ./~_.~_~ % 2006 490,000
we offer to Day the sam of ~/- ~,/,~"~- ~ ~4.41~.~- ~ ~ ,~:~,~,~_~..~ ~ DoUars
($~ Qt~l,.~ ~. tt9), together with accrued interest, if any, to th~ dat~ of delivery.
At the time of delivery of the Bonds. the City shall furnish to us, free of charge, the unqualified opinion
of Mudge Rosc Guthrie Alexander & Ferdon, New York, New York, Bond Counsel, approving the legality
of said Bonds, together with the usual closing papers, as specified in the Official Notice of Sale.
In accordance with the Official Notice of Sale, we enclose herewith a certified or bank cashier's check in
the amount of One Hundred Thousand Dollars ($100.000) drawn 'upon an incorporated bank or trust
company, payable unconditionally to the order of the City of Delray Beach, Florida, to be applied in
accordance with the Official Notice of Sale.
This proposal is is not ~/ [check one] made for bonds carrying municipal bond insurance with
the insurance premium to be paid for by the City of Delray Beach, Florida, from the Bond proceeds.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of
Sale. The names of the underwriters or members of the account who are associated for the purpose of this
proposal are list~t on a separate sheet attached hereto.
Respectfully submitted.
THE NORTHERN TRUST COMPANY - Manager
STEVEN C. BROWN
· S cond Vice President
The aggregate mterost cost, computed from August 1, 1985, to i~e maturity dates of said $5,000,000 of
Bonds at the rate or rates specified in the above proposal, is ................ $ -~(~~
The~or discount offered is ..................................... iiiiiiiiiii
....................... ~ ,, ~ ....... ~ ........ ~ - ............... ~
The net interest cost is...: .......................................................
The average net interest cost rate of these Bonds is ...................................
The above computation is submitted for purposes of information only and is not a part of this proposaL {No
addition or alteration is to be made to this Official Bid Form, and it must not be detached from the
annexed Official Notice of Sale.)
I do hereby acknowledge the return of the 8x~xl faith check in the amount of $100,000 enclosed with
this bicL
BF.
4
OFFICIAL BID FORM ~"~ff
City of Deiray B~eh, Florida
General Obligation Bonds of 1985
David M. Huddleston, Finance Director July 17. 1985
100 N.W. Ist Avenue
Delray Beach, Florida 33444-2698
Dear Sir:
For Five Million Dollars (S5,000,000) principal amount, General Obligation Bonds of 1985, of the City
of Delray Beach, Florida. dated August 1, 1985, described in the attached Official Notice of Sale. which is
hereby made a part of this proposal, and for all but not less than all of said Bonds, with interest rates per
annum on said Bonds maturing February 1 in the years and amounts as follows:
Due Principal Amount Rate Due Principal Amount Rate
1987 S 100,000 ~ .--0'~ 1997 $235,000 8.20 %
1988 115,000 6.0 % 1998 255000 l~.~ %
1989 120,000 _6...%_% 1999 275000 8.50 %
1990 130,000 6 · 75 % 2000 295 000 ~_ 50 %
1991 145,000 7.0 % 2001 325,000
1992 155,000 7.20% 2002 350000 ~_ 50 % -'
1993 170,000 _7_._I~% 2003 385,000 ~_ ~n %
1994 180,000 7.60 % 2004 410000 8..50%
1995 200,000 _L_80.% 2005 450 000
1996 215,000 8.00% 2006 490 000 8.50 %
we offer to pay the sum of Four l~illion Nine Hundred Dollars
{$ 4.000.900.00 }, together with accrued interest, if any, to the date of delivery.
At the time of delivery of the Bonds, the City shall furnish to us, free of charge, the unqualified opinion
of Mudge Rose Guthrie Alexander & Ferdon, New York, New York, Bond Counsel, approving the legality
of said Bonds, together with the usual closing papers, as specified in the Official No,ice of Sale.
In accordance with the Official Notice of Sale, we enclose herewith a certified or bank cashier's check in
the amount of One Hundred Thousand Dollars ($100,000} drawn upon an incorporated bank or ~trust
company, payable unconditionally to the order of the City of Delray Beach, Florida, to be applied in
accordance with the Official Notice of Sale.
This proposal 1~ is not [check one] made for bonds carrying municipal bond insurance with
the insurance premium to be paid for by the City of Delray Beach, Florida, from the Bond proceeds.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of
Sale. The names of the underwriters or members of the account who are associated for the purpose of this
proposal are listed on a separate sheet attached hereto. /
S~hen W. Vaughn~in~~ Officer
Trust Company flank & Associates
The agKre~ate interest cost, computed from AuKust 1, 1985, to the maturity dates of said S5,000,000 of
Bonds at the rate or rates specified in the above proposal, is ........................... $
The premium or discount offered is [ ............................................... $ 100,000, 00
The insurance premium to be paid by the City is (cross out if not applicable) .............. $. -0-
The net interest cost is .... , ...................................................... S._~.~_~. 75
The average net interest cost rate of these Bonds is ................................... 8.47 07 45 %
The above computa~on is submitted for purposes of information only and is not a part of this proposal. INo
addition or alteration is to be made to this Official Bid Form, and it must not be detached from the
annexed Official Notice of Sale.)
I do hereby acknowledfe the return of the good faith check in tbe amount of S100,000 enclosed with
this bid.
By:
4
OFFICIAL BID FORM
City of Dalray l~eh, Florida
General Obligation Bonds of 1985
David M. Huddleston, Finance Director July 17, 1985
100 N.W. 1st Avenue
De[ray Beach, Florida 33444-2698
Dear Sir:
For Five Million Dollars ($5,000,000) principal amount, General Obligation Bonds of 1985, of the City
of De[ray Beach, Florida. dated August 1, 1985, described in the attached Official Notice of Sale, which is
hereby made a part of this proposal, and for all but not less than all of said Bonds, with interest rates per
annum on said Bonds maturing February 1 in the years and amounts as follows:
Due Principal Amount R~te Due Principal Amount Pdte
1987 $1oo ooo q ._~% 1997 $235,000
1988 115 000 ~. -~)% 1998 255,000
1989 120 000 ,.~ 199~ 275,000~
oooo
ooooo oo, .,o.ooo
1998 215.0008, r> % 200 90.000
($weL~~C0-'°ffer toOOOPa~a:t, together with accrued interest, if any, to the date of deUvery.
At the time of deUvery of the Bonds, the City shaU furnish to us, free of charge, the unqualified opinion
of Mudge l~oee Guthrie Alexander & Ferdon, New York, New York, Bond Counsel, approving the lepUty
of said Bonds, together with the usual closing papers, as specified in the Official Notice of Sale.
In accordance with the Official Notice of Sale, we enclose herewith a certified or bank cashier's check in
the amount of One Hundred Thousand DoUars ($100,000) drawn upon an incorporated bank or trust
company, payable unconditionally to the order of the City of De[ray Beach, Florida, to be appUed in
accordance with the Official Notice of Sale.
This proposal is is not v/ [check one] made for bonds carrying municipal bond insurance with
the insurance premium to be paid for by the City of Delray Beach, Florida, from the Bond proceeds.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of
Sale. The names of the underwriters or members of the account who are associated for the purpose of this
proposal are listed on a separate sheet attached here~.
RespectfuUy submitted,
The ag~repte interest cost, computed from August 1, 1985. to the maturity dates of said $5,00~,00p of
o K~oqo.~, oO
Bonds at the rate or rates specified in the above proposal, is ...........................
The ~ or discount offered is ..........................................
~- .. ....... ~. ~ ..... ._- ~._ ~.. _.:~ L...~_ ~:,.. ~:~cross out if not applicable) S
The net interest cost is...~ ....................... : .............................. $,~L._~L~.~.c~O, CO
The average net interest cost rate of these Bonds is ................................... ~%
The above computation is submitted for purposes of information only and is not a part of this proposal. {No
addition or alteration is to be made to this Official Bid Form, and it must not be detached from the
annexed Official Notice of Sale.)
I do hereby acknowledp the return of the good faith check in the amount of $100,000 enclosed with
this bid.
By:
4
OFFICIAL BID FORM --
$5,000,000 :
City of D~lray B~eh, Florida
General Obligation Bonda of 1~5
David M. Huddieston, Finance Director July 17, 1985
100 N.W. 1st Avenue
Delray Beach, Florida 33444-2898
Dear Si~.
For Five Million Dollars {$5,000,000} principal amount, General Obligation Bonds of 1985, of the City
of Deiray Beach, Florida, dated August 1, 1985, described in the attached Official Notice of Sale, which is
hereby made a part of this proposal and for all but not less than all of said Bonds, with interest rates per
annum on said Bonds maturing February 1 in the years and amounts as follows:
Due Principal Amount Rate Due Principal Amount Rate
1987 $100,000 _%"' "/~" % 1997 $235,000 K- ~o %
1988 115,000 ~ .__~_~% 1998 255,000 .~.~_~_%
1989 120,000 ~,_~F_.~_% 1999 275,000 ~'- t4o %
1990 130,000 & ._._~% 2000 295,000 ~'. _~D %
1991 145,000 7 · O~ % 2001 325,000
1992 155,000 .-].~_% 2002 350,000 ~" ~ %
1993 170,000 '!. '4 · % 2003 385,000
1994 180,000 '~, ~o % 2004 410,000 ~- 4;° %
1995 200,000 '7 .~'o % 2005 450,000 ~- & ~ %
1996 215,000 ~ 00% 2006 490,000 ~"_~n~_ %
we offer to pay the sum of~- ' ' - of de-very.l( · 3 ollars
together accrued interest, if any, to the date
(S~a~_3_~), with
At the time of delivery of the Bonds, the City shall furnish to us, free of charge, the unqualified opinion
of Mudge Rose Guthrie Alexander & Ferdon, New York, New York, Bond Counsel, approving the legality
of said Bonds, together with the usual closing papers, as specified in the Official Notice of Sale.
In accordance with the Official Notice of Sale, we enclose herewith a certified or bank cashier's check in
the amount of One Hundred Thousand Dollars {$100,000) drawn upon an incorporated bank oF trust
company, payable unconditionally to the order of the City of Delray Beach, Florida, to be applied in
accordance with the Official Notice of Sale.
This proposal is is not [check one] made for bonds carrying municipal bond insurance with
the insurance premium to be paid for by the City of Delray Beach, Florida, from the Bond proceeds.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of
Sale. The names of the underwriters or members of the account who are associated for the purpose of this
proposal are listed on a separate sheet attached hereto.
Respectfully submitted,
The aggregate interest cost, computed from August 1, 1985, to the ~
Bonds at the rate or rates specified in the above proposal, is ........................... $~.
:. The psemim~e discount offered is ........................................... '1~,..
The insurance premium to be paid by the City is (cross out if not applicable) .............. $
The net interest cost is...: ....................................................... $-~--~~.
The average net interest cost rate of these Bonds is ................................
The above computation is submitted for purposes of information only and is not a part of this proposal. {No
addition or alteration is to be made to this Official Bid Form, and it must not be detached from the
annexed Official Notice of Sale.)
I do hereby acJmowledge the return of the good faith check in the amount of $100,000 enclosed with
this bid.
By:.
- 4
OFFICIAL BID FORM
City of I~lmy B~r.h. Flo~id~
General Obligution Bonds of 1985
David lyf. Huddleotou. Finance Director July 17. 1985
100 N.W. let Avenue
Delray Beach. Florida 33444-2698
Dear Sir:.
For Five Million Dollars ($5.000.000) principal ·mount. General Obligation Bonds of 1985. of the City
of Delray Beach. Florida. dat~i Aug, usC 1, 1985. described in the attached Official Notice of Sale. which is
hereby made · part of this proposal, and for ell but not less than all of said Bonds. with interest rates per
annum on said Bonds maturing February 1 in the years and amounts as follows:
Due Principal Amount Rate Due Principal Amount Rate
1987 SI00,000 ~ 1997 S235.000
1988 115.000 d~._~ % 1998 255,000
1989 120.000 ~,~% 1999 275.000 ~!%
1990 130.000 ~- ~P % 2000 295.000 %
1991 145.000 '~. l,O % 2001 325.000 ~
1992 155.000 '~_~'~'~'% 2002 350.000
1993 170.000 2003 385.000
1994 180.000 · 2004 410,000
1995 200,000 Y, O~ % 2005 450.000
1996 215.000 ~. ZO % 2006 490.000
we.o,(~r to pay the sum o/~'/~. ~/ ~ ~) fi~'~/~'t/¢~,~, ~'~[ ~a,,~ I' ~
tS ~fi'o~ ~'~0 }, toS~the~.~il~h accrued int~est, if ~ny, to the ~·te of delivery.
At the time of d~ive~ of the Bonds, the City shall hamish to us, fr~ of chara~, the unqualified
of Muds~ Ro~ Guthrie Alex·rider & F~rdon, New York, New York, Bond Counsel, approvin~ the le~alit~
of ~id Bonds, ~8,,~ther with the usual closi~ p·pors, as sl~eified in the Official Notice o! Sale.
In ·ccordan~ ~ith the Official Notice of Sale, we enelo~ herewith · c~rtified or b~nk e~shier's ch~:k in
the ·mount of One Hundred Thou~nd Doll·rs 15100.000} dr·wu upon an incorporated hank or.~trust
company, pay·hie uncondition·lly to the order of the City of Delr·y Beach, Florida,, to be ·pplied in
· ccordane~ with the Official Notice o~$al~.
This proposal is is not I~ [chsck one] re·de for bonds e~,rryin$ municipal bond in~n'anc~ with
the insurane~ premium to be paid for by the City of Delr·¥ Be~ch. Florida, from the Bond proc~i~.
This proposal is not subj~:t to ·ny conditions not expressly stated herein or in the annexed Notice of
$,,le. The mmaes of the underwriters or meml~re of the ·ccount ~ho ·re ·s~o~iat~! for the purpose of this
propos,~l sre listed on · s~p,~rat.~ sht~t ·ttached hereto.
R~tfully submitted, / ·
The aggregate interest cost, computed from August ~SS,000~_ .0~t of
Bonds at the ratm or rates spscified in the above proposal, is ...........................
he iF. .......... ~ ....... .. ~t.. .~..; ......... · --~ -~
The net intm~st cost is... · ...............
The average nat interest cost rat~ of these Bonds is ....... i i.. i i... i.. i i i i i i i i i i i i i i i i ~.~_.`
The above computation is submitted for purposes of information only ·nd is not a pert of this proposal. (No
addition or alteration is to be made to this Official Bid Form, and it must not be detached from the
ann·zed Official Notice of Sale.)
[ do ber~by ae. imowl~:l~ the return of the good faith check in the amount of $100,000 euck~ with
thb bid.
By:
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