Res 29-83 RESOLUTION NO. 29-83
A HESOnUTION OF THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH, FLORIDA, AWARDING $4,000,000
CITY OF DELRA~ BEACH, FLORIDA WATER ~ SE~ER
REVENUE BONDS, (SERIES 1983).
WHEREAS, pursuant to notice heretofore duly published for
the sale of $4,000,000 Water and Sewer Revenue Bonds (Series 1983),
dated May 1, 1983, of the City of Delray Beach, Florida (hereinafter
referred to as the "Bonds"), the following sealed proposals have been
received.:
The proposal of William R. Hough & Co. and Associates,
offering Go pay the sum of Three Million Nine Hundred and Twenty
Thousand Dollars ($3,920,000) together with accrued interest from
May 1, 1983 to the date of delivery thereof, for said Bonds bearing a
net interest cost of $4,822,285.
The proposal of Smith Barney, Harris Upham & Co.,
Incorporated, offering to pay the sum of Three Million Nine Hundred.
Twenty-One Thousand One Hundred Ninety-Three Dollars and Seventy
Cents ($3,921,193.70) together with accrued interest from May 1,
1983, to the date of delivery thereof, for said Bonds bearing a net
interest cost of $4,835,139.63.
The proposal of John Nuveen & Co. Incorporated, offering to
pay the sum of Three Million Nine Hundred Twenty-One Thousand Two
Hundred Thirty-Four Dollars and Seventy-Five Cents ($3,9-21,234.75),
together with accrued interest from May 1, 1983, to the date of
delivery thereof, for said Bonds bearing a net interest cost of
$4,915,125.46.
The proposal of Prudential-Bache Securities Inc., offering
to pay the sum of Three Million Nine Hundred Twenty Thousand Three
Hundred Eleven Dollars and Five Cents ($3,920,311.05), together with
accrued interest from May 1, 1983 to the date of delivery thereof,
for sai~ Bonds bearing a net interest cost of $4,794,171.55.
WHEREAS, the proposal of Prudential-Bache Securities Inc.
is the most advantageous bid for said Bonds and in all other respects
complies with the Notice of Sale;
NOW, THEREFORE, BE IT' RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
~ That the proposal of Prudential-Bache Securities
'Inc. referred to in the preambles hereof, be and the same is hereby
accepted and the following described Bonds of the-City of Delray
Beach, Florida be and they are hereby awarded and sold to said pur-
chaser at the price and in accordance with the proposal of said
purchaser:
$4,000,000 - Water and Sewer Revenue Bonds (Series 1983), of the
City of Delray Beach, Florida, dated May 1, 1983, in
the denomination of $5,000 each, numbered 1 to 800,
inclusive, bearing the interest rates per annum from
May 1, 1983, payable semi-annually on June 1 an~
December 1 of each year commencing December 1, 1983,
and maturing on June 1 of each year, in the years and
amounts as follows:
Principal Interest Principal Interest
1984 $ 70,000 7.20 1995 $185,000 8.15
1985 75,000 7.20 1996 195,000 8.25
1986 85,000 7.20 1997 220,000 8.25
1987 90,000 7.20 1998 235,000 8.25
1988 100,000 7.20 1999 255,000 8.25
1989 110,000 7.20 2000 280,000 8.25
1990 120,000 7.20 200i 305,000 8.25
1991 125,000 7.20 2002 335,000 8.50
1992 145,000 7.40 2003 360,000 8.625
1993 150,000 7.80 2004 395,.000 8.625
1994 165,000 8.00
~ That the proper officers of the City of Delray
Beach, Florida, be and they are hereby authorized and directed to
execute said Bonds when prepared and to deliver the same to said pur-
chaser upon payment of the purchase price in accordance with the con-
ditions stated in the Notice of Sale, and to execute any and all cer-
tificates or other documentation required in connection therewith,
all without further authority from this City Council.
Section 3. That the City Clerk is hereby authorized to
return the good faith deposits to each of the unsuccessful bidders.
~ That this resolution shall take effect upon its
adoption in the manner provided by law.
PASSED AND ADOPTED in special session on this the 20th day
of April, 1983.
ATTEST:
-2- Res. No. 29-83