Res 59-80 RESOLUTION NO. 59-80
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, AWARDING $1,390,000 GENERAL OBLIGATION
BONDS, DATED FEBRUARY 1, 1980.
WHEREAS, pursuant to notice heretofore duly published for the
sale of $1,390,000 General Obligation Bonds; dated February 1, 1980, of
the City of Delray Beach, Florida, (hereinafter referred to as the "Bonds")
the following sealed proposals have been received:
The proposal of Trust Company Bank attached hereto offering to
pay the sum of One million three hundred ninety thousand Dollars
($1,390,000.00) together with accrued interest from August 1, 1980, to the
date of delivery thereof, for said Bonds bearing a net interest cost of
$1,136,737.50J
The proposal of Citizens and Southern National Bank and Barnett
Bank of Jacksonville attached hereto offering to pay the sum of One
million three hundred seventy-six thousand five hundred sixteen and 70/106
Dollars ($1,376,516.70) together with accrued interest from August 1,
1980, to the date of delivery thereof, for said Bonds bearing a net
interest cost of $1,159,170.80.
The proposal of William R. Hough & Company attached hereto
offering to pay the sum of One million three hundred seventy-seven
thousand nine hundred seven Dollars ($1,377,907.00) together with accrued
interest from August 1, 1980, to the date of delivery thereof, for said
Bonds bearing a net interest cost of $1,145,893.00.
WHEREAS the proposal of Trust Company Bank is the most advanta-
geous bid for said Bonds and in all other respects complies with said
Notice of Sale;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That the proposal of Trust Company Bank referred to
in the preambles hereof, be and the same is hereby accepted and the
following described Bonds of the City of Delray Beach be and the same are
hereby awarded and sold to said purchaser referred to in the preambles
hereof at the price and in accordance with the proposal of said purchaser:
$1,390,000 - General Obligation Bonds, dated February 1, 1980, in
the denomination of $5,000 each, bearing interest from
August 1, 1980 (payable semi-annually on February 1 and
August 1 of each year), at the rate per annum and
maturing on February 1 of each year, in the years and
amounts as follows:
Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1982 $40,000 7.50% 1990 $70,000 7.25%
1983 40,000 7.50% 1991 70,000 7.00%
1984 40,000 7.50% 1992 80,000 7.00%
1985 50,000 7.50% 1993 90,000 7.00%
~986 50,000 7.50% 1994 90,000 7.00%
1987 50,000 7.50% 1995 300,000 7.25%
1988 60,000 7.50% 1996 300,000 7.25%
1989 60,000 7.50%
Section 2. 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 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 document-
ation required in connection therewith, all without further authority from
this City Council.
Section 3. That the City Clerk be and she is hereby authorized
and directed to return forthwith the good faith checks of all unsuccessful
bidders.
Section 4. That the publication of said notice of sale of said
Bonds in The Bond Buyer, New York, New York, be and the same is hereby
ratified, approved and confirmed.
Section 5. That the p~incipal of and semi-annual interest on
said Bonds shall be payable at the principal office of The Chase Manhattan
Bank, N.A., New York, New York.
Section 6. That this resolution shall take effect upon its
adoption in the manner provided by law.
PASSED AND ADOPTED in regular session on this the 8th
day of July , 1980.
MAYOR
LEON M. WEEKES
ATTEST:
City Clerk
-2- Res. No. 59-80
OFFICIAL NOTICE OF SALE
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
Notice is hereby given that the City Council of the City of Delray Beach, Florida, will
receive sealed bids, in care of the undersigned City Clerk in the City Council Chambers, City
Hall, 100 N.W. 1st Avenue, Delray Beach, Florida, until 12:00 Noon, Eastern Daylight Time
on
July 8, 1980
at which time and place all bids Will be publicly opened and read for the purchase of $1,390,000
aggregate principal amount of General Obligation Bonds of the City of Delray Beach, Florida,
dated February 1, 1980 (hereinafter called the "Bonds"), bearing interest from August 1, 1980,
at the rate or rates stated in the successful bid not exceeding seven and one-half percent
(7¼%) per annum, and maturing, subject to the right of prior redemption as set forth below,
on February 1 in the years and amounts as follows:
Year Amount Year Amount
1982 $40,000 1990 $ 70,000
1983 40,000 1991 70,000
1984 40,000 1992 80,000
1985 50,000 1993 90,000
1986 50,000 1994 90,000
1987 50,000 1995 300,000
1988 60,000 1996 300,000
1989 60,000
The Bonds maturing on February 1, 1982, to February 1, 1990, both inclusive, shall not be
redeemable prior to their stated date of maturity. The Bonds maturing on February 1, 1991,
and thereafter shall be redeemable prior to their stated dates of maturity, at the option of the
City, from any funds available for such purpose (i) in part, in inverse order of maturities and
by lot within a maturity, if less than a full maturity, on February 1, 1990, or on any interest
payra~nt date thereafter and (ii) as a whole at any time on or after February 1, 1990, at the
price of par and accrued interest to the date of redemption, plus the following premiums,
expressed in percentages of the principal amount of the Bonds, if redeemed prior to maturity
in the following periods:
Periods Ending
(all years inclusive) Redemption Premiums
February 1, 1990 -- January 31, 1992 Two per centum (2%)
February 1, 1992 -- January 31, 1994 One per centum (1%)
February 1, 1994 -- and thereafter None (0%)
The Bonds will be issued in coupon form in the denomination of $5,000 each, with the
privilege of registration as to principal only or as to both principal and interest. Principal and
semi-annual interest (February 1 and August 1) shall be payable at the Chase Manhattan
Bank, N.A.,.-New York, New York.
The $1,390,000 General Obligation Bonds are issued by the City to finance the cost of
construction of various capital improvements in the City, under the authority of and in full
compliance with Chapter 166, Florida Statutes, as amended and supplemented.
The principal of and interest on the Bonds are payable solely from and secured by a lien on
and pledge of the ad valorem taxes levied and collected on all the taxable property within the
City sufficient in amount to pay the principal of and interest on the Bonds as the same become
due and payable.
1
Each bidder may specify not more than three (3) different interest rates expressed
in multiples of one-eighth (1/8) or one twentieth (1/20) of one per centum (1%) and all
Bonds of the same maturity shall bear a single rate of interest, but not in excess of a
maximum rate of seven and one-half pe~' centum {7~/2%) per annum. No bid stipulating a
difference greater than one and one-half (1~/~%) per centum between the highest and lowest
rate of interest named will be considered. A repeated rate of interest shall not be considered a
different rate of interest. Only one coupon will be attached to each Bond for each installment
of interest thereon. A bid containing a rate of interest based upon the use of split or
supplemental interest coupons will not be considered. The Bonds will be awarded on the basis
of the lowest net interest cost to the City, and the comparison of bids to determine such lowest
net interest cost will be made by taking the aggregate amount of interest at the rate or rates
specified in the bids computed from August 1, 1980, to the various stated maturities of the
Bonds and subtracting therefrom the amount of any premium bid or adding thereto the
amount of any discount bid. No bid for less than ninety-nine per centum (99%) of the par value
of the Bonds offered for sale plus accrued interest will be considered.
In order to be considered, each bid must be unconditional and must be submitted on the
form furnished by the City, must be for all of the Bonds hereby offered for sale and must be
accompanied by a certified or cashier's check drawn on an incorporated bank or trust
company, payable to the order of the City of Delray Beach, Florida, in the amount of $27,800.
The check of the successful bidder will be applied to the purchase price, or will be retained by
the City of Delray Beach, Florida, as liquidated damages in the event of the failure of the
successful bidder to comply with the terms of his bid. All other checks will be returned
immediately upon the award of the Bonds. No interest will be allowed upon the good faith
deposit of the successful bidder.
Payment of the Bonds shah be made in cash or Federal Reserve Bank funds or other
immediately available funds, at the time of delivery of said Bonds. The legality of the Bonds
will be approved by Messrs. Mudge Rose Guthrie & Alexander, New York, New York, whose
opinion as to legality of the Bonds will be delivered to the purchaser together with the usual
closing documents including a no-litigation certificate in the customary form dated as of the
date of the delivery.
The Bonds will be delivered to the successful bidder, at the expense of the City, in New
York, New York. It is expected that delivery will be made on or about August 5, 1980, or
within thirty days of the date of sale. However, if the Bonds are not delivered within sixty
days of the date of sale without fault upon the part of the successful bidder, the successful
bidder may withdraw his bid and receive the return of his good faith deposit.
The City reserves the right to reject any and all bids and any bid not complying with the
provisions hereof will be rejected. Additional information may be obtained from the
undersigned, Mr. Stanley E. Ross, Dean Witter Reynolds Inc., 700 Brickell Avenue, 6th Floor,
Miami, FL 33131, Tel.: (305) 373-3311, or Dean Witter Reynolds Inc., Room 780 Barnett Bank
Building, Tallahassee, FL 32301, Tel.: [904) 222-6183.
CITY OF DELRAY BEACH, FLORIDA'
Elizabeth Arnau
City Clerk
2
OFFICIAL BID FORM
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
July 8, 1980
The City Council
of the City of De[ray Beach,
Florida
Sirs:
For the $1,390,000 aggregate principal amount of General Obligation Bonds of the City of
De[ray Beach, Florida, dated February 1, 1980, and for all but not less than all of said Bonds,
bearing interest at the rates per annum as follows:
Interest Interest
Year Amount Rate Year Amount Rate
1982 $40 000 -7.¥ % 1990 $ 70,000 -7. o %
1983 40 000 '7.'/ % 1991 70,000 7- o %
1984 40 000 -7. V % 1992 80,000 '7. o %
1985 50 000 .-~,V % 1993 90,000 7. ~ %
1986 50 000 -7. "/ % 1994 90,000 '7' 2.~ %
1987 50 000 ._.~"/ % 1995 300,000 7.-/ %
1988 60 000 -7, o % 1996 300,000 '~, ? %
1989 60.000 -/, o %
we.offer to phy thq aggTeg~ate sum of ~;~-/Y~ 7'~4~YJ: L~ ~/,~'~.
plu~ accrue~)'i~te~r~e~ f~om Augus-t' 1, i~80, t8 the date of delivery thereof.
In aCcordance with the terms of the Notice of Sale attached hereto and made a part hereof,
we enclose a certified or cashier's check for $27,800 payable to the order of the City of De[ray
Beach, Florida. The amount of said check is to be applied on the purchase price of the Bonds
or if this bid is accepted but not performed, is to be retained by the City as full and liquidated
damages. If this bid is accepted but if the City fails to perform in accordance with the
provisions of the Notice of Sale, the amount of said check is to be returned to us forthwith. If
this bid is not accepted, the amount of said check is to be returned to us immediately upon the
award of the Bonds.
Very truly yours,
Gross Interest Cost $ ~'Y
Premium or Discount $
Net Interest Cost $
Average Net Interest Cost Rate %
The above computation is submitted for information only and is not a part of this bid
form. No addition or alteration is to be made to this bid form and it shall be attached to the
Notice of Sale.
The above good faith check in the amount of $27,800 has been returned, and receipt
thereof is duly acknowleged.
BIDS FOR
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
Name of Firm Heading Account
Accumulated
No. of Bond Interest Bond
Year Bonds Years Years Rates Years Interest
1982 40 60 60 '~,
1983 40 100 160
1984 40 140 300
1985 50 225 525
1986 50 275 800
1987 50 ' 325 1,125
1988 60 450 1,575
1989 60 510 2,085
1990 70 665 2,750
1991 70 735 3,485
1992 80 920 4,405L --
1993 90 1,125 5,530 '
1994 90 1,215 6,745
1995 300 4,350 11,095
1996 300 4,650 15,745
Aggregate Interest Cost
Premium ~ ~ ~
Net Interest Cost
Average Net Interest Cost
OFFICIAL NOTICE OF SALE
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
Notice is hereby given that the City Council of the City of Delray Beach, Florida, will
receive sealed bids, in care of the undersigned City Clerk in the City Council Chambers, City
Hall, 100 N.W. 1st Avenue, Delray Beach, Florida, until 12:00 Noon, Eastern Daylight Time
on
July 8, 1980
at which time and place all bids will be publicly opened and read for the purchase of $1,390,000
aggregate principal amount of General Obligation Bonds of the City of Delray Beach, Florida,
dated February 1, 1980 (hereinafter called the "Bonds"), bearing interest from August 1, 1980,
at the rate or rates stated in the successful bid not exceeding seven and one-haft percent
(7Vz%) per annum, and maturing, subject to the right of prior redemption as set forth below,
on February i in the years and amounts as follows:
Year Amount Year Amount
1982 $40 000 1990 $ 70,000
1983 40 000 1991 70,000
1984 40 000 1992 80,000
1985 50 000 1993 90,000
1986 50 000 1994 90,000
1987 50 000 1995 300,000
1988 60 000 1996 300,000
1989 6O 000
The Bonds maturing on February 1, 1982, to February 1, 1990, both inclusive, shall not be
redeemable prior to their stated date of maturity. The Bonds maturing on February 1, 1991,
and thereafter shall be redeemable prior to their stated dates of maturity, at the option of the
City, from any funds available for such purpose 5) in part, in inverse order of maturities and
by lot within a maturity, if less than a full maturity, on February 1, 1990, or on any interest
payment date thereafter and (ii) as a whole at any time on or after February 1, 1990, at the
price of par and accrued interest to the date of redemption, plus the following premiums,
expressed in percentages of the principal amount of the Bonds, if redeemed prior to maturity
in the following periods:
Periods Ending
(all years inclusive) Redemption Premiums
February 1, 1990 -- January 31, 1992 Two per centum (2%)
February 1, 1992 -- January 31, 1994 One per centum (1%)
February 1, 1994 -- and thereafter None (0%)
The Bonds will be issued in coupon form in the denomination of $5,000 each, with the
privilege of registration as to principal only or as to both principal and interest. Principal and
semi-annual interest (February I and August 1) shall be payable at the Chase Manhattan
Bank, N.A.,"New York, New York.
The $1,390,000 General Obligation Bonds are issued by the City to finance the cost of
construction of various capital improvements in the City, under the authority of and in full
compliance with Chapter 166, Florida Statutes, as amended and supplemented.
The principal of and interest on the Bonds are payable solely from and secured by a lien on
and pledge of the ad valorem taxes levied and collected on all the taxable property within the
City sufficient in amount to pay the principal of and interest on the Bonds as the same become
due and payable.
1
Each bidder may specify not more than three (3) different interest rates expressed
in multiples of one-eighth (1/8) or one twentieth (1/20) of one per centum (1%) and all
Bonds of the same maturity shall bear a single rate of interest, but not in excess of a
maximum rate of seven and one.half per centum (7¼%) per annum. No bid stipulating a
difference greater than one and one-half (1¥2%) per centum between the highest and lowest
rate of interest named will be considered. A repeated rate of interest shah not be considered a
different rate 'of interest. Only one coupon will be attached to each Bond for each installment
of interest thereon. A bid containing a rate of interest based upOn the use of split or
supplemental interest coupons will not be considered. The Bonds will be awarded on the basis
of the lowest net interest cost to the City, and the comparison of bids to determine such lowest .~
net interest cost will be made by taking the aggregate amount of interest at the rate or rates
specified in the bids computed from August 1, 1980, to the various stated maturities of the
Bonds and subtracting therefrom the amount of any premium bid or adding thereto the
amount of any discount bid. No bid for less than ninety-nine per centum (99%) of the par value
of the Bonds offered for sale plus accrued interest will be considered.
In order to be considered, each bid must be unconditional and must be submitted on the
form furnished by the City, must be for all of the Bonds hereby offered for sale and must be
accompanied by a certified or cashier's check drawn on an incorporated bank or trust
company, payable to the order of the City of Delray Beach, Florida, in the amount of $27,800.
The check of the successful bidder will be applied to the purchase price, or will be retained by
the City of Delray Beach, Florida, as liquidated damages in the event of the failure of the
successful bidder to comply with the terms of his bid. All other checks will be returned
immediately upon the award of the Bonds. No interest will be allowed upon the good faith
deposit of the successful bidder. "
Payment of the Bonds shall be made in cash or Federal Reserve Bank funds or other ..
immediately available funds, at the time of delivery of said Bonds. The legality of the Bonds
will be approved by Messrs. Mudge Rose Guthrie & Alexander, New York, New York, whose
opinion as to legality of the Bonds will be delivered to the purchaser together with the usual
closing documents including a no-litigation certificate in the customary form dated as of the
date of the delivery.
The Bonds will be delivered to the successful bidder, at the expense of the City, in New
York, New York. It is expected that delivery will be made on or about August 5, 1980, or
within t~hirty days of the date of sale. However, if the Bonds are not delivered within sixty
days of the date of sale without fault upon the part of the successful bidder, the successful
bidder may withdraw his bid and receive the return of his good faith deposit.
The City reserves the right to reject any and all bids and any bid not complying with the
provisions hereof will be rejected. Additional information may be obtained from the
undersigned, Mr. Stanley E. Ross, Dean Witter Reynolds Inc., 700 Brickell Avenue, 6th Floor,
Miami, FL 33131, Tel.: (305) 373-3311, or Dean Witter Reynolds Inc., Room 780 Barnett Bank
Building, Tallahassee, FL 32301, Tel.: (904) 222-6183.
CITY OF DELRAY BEACH, FLORIDA
Elizabeth Arnau
City Clerk
2
OFFICIAL BID FORM
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
., July 8, 1980
The City Council
of the City of Delray Beach,
Florida ..
Sirs:
For the $1,390,000 aggregate principal amount of General Obligation Bonds of 'the City of
Delray Beach, Florida, dated February 1, 1980, and for all but not less than all of said Bonds,
bearing interest at the rates per annum as follows:
Interest Interest
Year Amount Rate Year Amount Rate
1982 $40000 ~.j' % 1990 $ 70.000
1983 40000 7-~- % 1991 70,000 '7.,~ %
1984 40 000 '-/. o"' % 1992 80 ~000 "7. o %
1985 50 000 "'), ,~' % 1993 90,000 '-7, o
1986 50 000 -v. f % 1994 90~000 "7, o %
1987 50 000 7, .ff % 1995 300.000 7. 25'%
1988 60 000 -/. a'~ % 1996 300 000 '7. zg'%
1989 60 000 -/,( %
plus acc~-~ed inter~st fro/m August 1, 1980, to the date of delivery thereof. '
In accordance with the terms of the Notice of Sale attached hereto and made a part hereof,
we enclose a certified or cashier's check for $27,800 payable to the order of the City of Delray
Beach, Florida. The amount of said check is to be applied on the purchase price of the Bonds
or if this bid is accepted but not performed, is to be retained by the City as full and liquidated
damages. If this bid is accepted but if the City fails to perform in accordance with the
provisions of the Notice of Sale, the amount of said check is to be returned to us forthwith. If
this bid is not accepted, the amount of said check is to be returned to us immediately upon the
award of the Bonds.
Very truly yours,
Maureen B. Naylor, Banking Officer
Trust Company Bank
Gross Interest Cost $ / f~ ?~7,~o Atlanta, Ga.
Premium or Discount $ O
Net Interest Cost $ / j !B~ 7~-7
Average Net Interest Cost Rate -Z 2-I.q~'?~ %
The above computation is submitted for information only and is not a part of this bid
form. No addition or alteration is to be made to this bid form and it shall be attached to the
Notice of Sale.
The above good faith check in the amount of $27,800 has been returned, and receipt
thereof is duly acknowleged.
3
b1~DS FOR
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
Name of Firm Heading Account
Accumulated
No. of Bond Interest Bond
Year Bonds Years Years Rates Years Interest
1982 40 60 60 -
1983 40 100 160
1984 40 140 300
1985 50 225 525
1986 50 275 800
1987 50 325 1,125
1988 60 450 1,575
1989 60 510 2,085 -7
1990 70 665 2,750
1991 70 735 3,485
1992 80 920 4,405
1993 90 1,125 5,530
1994 90 1,215 6,745 ,-~
1995 300 4,350 11,095
1996 300 4,650 15,745 ~-J~ q. ~ ~ (.~'~ ¥o o
Aggregate Interest Cost ! ! ~1.'] 'z~-I,~
~ ,
Premium ,
Net Interest Cost I
Average Net Interest Cost 'i-z.~ ~(.%
OFFICIAL NOTICE OF SALE
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENER.~L OBLIGATION BONDS
Notice.is hereby given that the City Council of the City of Delray Beach, Florida, will
receive sealed bids, in care of the undersigned City Clerk in the City Council Chambers, City
Hall, 100 N.W. 1st Avenue, Delray Beach, Florida, until 12:00 Noon, Eastern Daylight Time
on
July 8, 1980
at which time and place all bids will be publicly opened and read for the purchase of $1,390,000
aggregate principal amount of General Obligation Bonds of the City of Delray Beach, Florida,
dated February 1, 1980 (hereinafter called the "Bonds"), bearing interest from August 1, 1980,
at the rate or rates stated in the successful bid not exceeding seven and one-half percent
(7'/2%) per annum, and maturing, subject to the right of prior redemption as set forth below,
on February 1 in the years and amounts as follows:
Year Amount Year Amount
1982 $40,000 1990 $ 70,000
1983 40,000 1991 70,000
1984 40,000 1992 80,000
1985 50,000 1993 90,000
1986 50,000 1994 90,000
1987 50,000 1995 300,000
1988 60,000 1996 300,000
1989 60,000
The Bonds maturing on February 1, 1982, to February 1, 1990, both inclusive, shall not be
redeemable prior to their stated date of maturity. The Bonds maturing on February 1, 1991,
and thereafter shall be redeemable prior to their stated dates of maturity, at the option of the
City, from any funds available for such purpose (i) in part, in inverse order of maturities and
by lot within a maturity, if less than a full maturity, on February 1, 1990, or on any interest
paym~ent date thereafter and (ii) as a whole at any time on or after February 1, 1990, at the
price of par and accrued interest to the date of redemption, plus the following premiums,
expressed in percentages of the principal amount of the Bonds, if redeemed prior to maturity
in the following periods:
Periods Ending
(all years inclusive) Redemption Premiums
February 1, 1990 -- January 31, 1992 Two per centum (2%)
February 1, 1992 -- January 31, 1994 One per centum (1%)
February 1, 1994 -- and thereafter None (0%)
The Bonds will be issued in coupon form in the denomination of $5,000 each, with the
privilege of registration as to principal only or as to both principal and interest. Principal and
semi-annual interest (February 1 and August 1) shall be payable at the Chase Manhattan
Bank, N.A., New York, New York.
The $1,'390,000 General Obligation Bonds are issued by the City to finance the cost of
construction of various capital improvements in the City, under the authority of and in full
compliance with Chapter 166, Florida Statutes, as amended and supplemented.
The principal of and interest on the Bonds are payable solely from and secured by a lien on
and pledge of the ad valorem taxes levied and collected on all the taxable property within the
City sufficient in amount to pay the principal of and interest on the Bonds as the same become
due and payable.
1
Each bidder may specify not more than three (3) different interest rates expressed
in multiples of one-eighth (1/8) or one twentieth (1/20) of one per centum (1%) and all
Bonds of the same maturity shall bear a single rate of interest, but not in excess of a
maximum rate of seven and one-half per centum (7V2%) per annum. No bid stipulating a
difference greater than one and one-half (1V2%) per centum between the highest and lowest
rate of interest named will be considered. A repeated rate of interest shall not be considered a
different rate'hr interest. Only one coupon will be attached to each Bond for each installment
of interest thereon. A bid containing a rate of interest based upon the use of split or
supplemental interest coupons will not be considered. The Bonds will be awarded on the basis
of the lowest net interest cost to the City, and the comparison of bids to determine such lowest
net interest cost will be made by taking the aggregate amount of interest at the rate or rates
specified in the bids computed from August 1, 1980, to the various stated maturities of the
Bonds and subtracting therefrom the amount of any premium bid or adding thereto the
amount of any discount bid. No bid for less than ninety-nine per centum (99%) of the par value
of the Bonds offered for sale plus accrued interest will be considered.
In order to be considered, each bid must be unconditional and must be submitted on the
form furnished by the City, must be for all of the Bonds hereby offered for sale and must be
accompanied by a certified or cashier's check drawn on an incorporated bank or trust
company, payable to the order of the City of Delray Beach, Florida, in the amount of $27,800.
The check of the successful bidder will be applied to the purchase price, or will be retained by
the City of Delray Beach, Florida, as liquidated damages in the event of the failure of the
successful bidder to comply with the terms of his bid. All other checks will be returned
immediately upon the award of the Bonds. No interest will be allowed upon the good faith
deposit of the successful bidder.
Payment of the Bonds shall be made in cash or Federal Reserve Bank funds or other
immediately available funds, at the time of delivery of said Bonds. The legality of the Bonds
will be approved by Messrs. Mudge Rose Guthrie & Alexander, New York, New York, whose
opinion as to legality of the Bonds will be delivered to the purchaser together with the usual
closing documents including a no-litigation certificate in the customary form dated as of the
date of the delivery.
The Bonds will be delivered to the successful bidder, at the expense of the City, in New
York, New York. It is expected that delivery will be made on or about August 5, 1980, or
within thirty days of the date of sale. However, if the Bonds are not delivered within sixty
days of the date of sale without fault upon the part of the successful bidder, the successful
bidder may withdraw his bid and receive the return of his good faith deposit.
The City reserves the right to reject any and all bids and any bid not complying with the
provisions hereof will be rejected. Additional information may be obtained from the
undersigned, Mr. Stanley E. Ross, Dean Witter Reynolds Inc., 700 Brickell Avenue, 6th Floor,
Miami, FL 33131, Tel.: (305) 373-3311, or Dean Witter Reynolds Inc., Room 780 Barnett Bank
Building, Tallahassee, FL 32301, Tel.: (904) 222-6183.
CITY OF DELRAY BEACH, FLORIDA
Elizabeth Arnau
City Clerk
2
OFFICIAL BID FORM
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
,. July 8, 1980
The City Council
of the City of De[ray Beach,
Florida ,
Sirs:
For the $1,390,000 aggregate principal amount of General Obligation Bonds of the City of
Delray Beach, Florida, dated February 1, 1980, and for ali but not less than all of said Bonds,
bearing interest at the rates per annum as follows:
Interest Interest
Year Amount Rate Year Amount Rate
1982 $40 000 '__~% 1990 $ 70,000
1983 40.000 /.O~'~ % 1991 70,000 '7'6~1%
1984 40 000 ~°/o 1992 80,000
1985 50,000 -;.Ur % 1993 90,000 '--'~%
'1986 50.000 .~_~~~ 1994 90,000
1987 50 000 1995 300,000
1988 60,000 1996 300,000 '1o .~%
1989 60,000 '~[.LI~ %
we offer to p~a~. the aggregate sum of ~7C~/~,~ff,_/..f~? ~.I./~../.L~. ~.L-~j~.~ ~-~~ -
plus accrued interest from August 1, 1980, to the date of delivery thereof.
In accordance with the terms of the Notice of Sale attached hereto and made a part hereof,
we enclose a certified or cashier's check for $27,800 payable to the order of the City of De[ray
Beach, Florida. The amount of said check is to be applied on the purchase price of the Bonds
or if this bid is accepted but not performed, is to be retained by the City as full and liquidated
damages. If this bid is accepted but if the City fails to perform in accordance with the
provisions of the Notice of Sale, the amount of said check is to be returned to us forthwith. I£
this bid is not accepted, the amount of said check is to be returned to us immediately upon the
award of the Bonds.
Very truly yours,
WILLIAM R. HOUGH & CO.
For the Managers
~, ...t . ~ ~ ~l-, /~.- · 1
Gross Interest Cost $ _3D~ Judy Iq. Stubeck
}'remium or Discount $
Net Interest Cost $ /, / //'~' y~ ~
^vera e N et' nterest Cost ate .7.?¢ 7Z¢ %
The above computation is submitted for information only and is not a part of this bid
form. No addition or alteration is to be made to this bid form and it shall be attached to the
Notice of Sale.
The above good faith check in the amount of $27,800 has been returned, and receipt
thereof is duly acknowleged.
By f
3
BIDS FOR
$1,390,000
CITY OF DELRAY BEACH, FLORIDA
GENERAL OBLIGATION BONDS
Name of Firm Heading Account
Accumulated
No. of Bond Interest Bond
Year Bonds Years Years Rates Years Interest
1982 40 60
1983 40 100 160
1984 40 140 300
1985 50 225 525
1986 50 275 800
1987 50 325 1,125
1988 60 450 1,575
1989 60 510 2,085
1990 70 665 2,750
1991 70 735 3,485
1992 80 920 4,405
1993 90 1,125 5,530
Aggregate Interest Cost
Net Interest Cost )'~
Average Net Interest Cost .~,.~-)~%'1~