Res 03-79 RESOLUTION NO. 3-79
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA AWARDING $4,000,000 CITY OF
DELRAY BEACH, FLORIDA, UTILITIES TAX REVENUE CER-
TIFICATES, SERIES 1978.
WHEREAS, pursuant a Notice of Sale heretofore duly published
by the City of Delray Beach for the sale of $4,000,000 aggregate principal
amount of Utilities Tax Revenue Certificates, Series 1978, dated June 1,
1978 (hereinafter referred to as the "Certificates"), the following sealed
proposals have been received:
The proposa! of William R. Hough & Co. offerring to pay the sum
i!of $3,960,000, together with accrued interest from December 1, 1978, to the
date of delivery thereof, for said Certificates bearing interest at the
following rates in the following years:
Interest Interest
Year Amount Rate Year Amount Rate
1980 $ 60,000 7.40% 1992 $110,000 6.30%
1981 60,000. 7.40% 1993 225,000 6.30%
1982 65,000 7.40% 1994 240,000 6.30%
1983 .65,000 7.4~ 1995 255,000 6.3~
1984 7'0,000 7.40% 1996 270,000 6.30%
1985 70,000 7.4~ 1997 285,000 6o3~
1986 75,000 7.4~ 1998 300,000 6.3~
1987 80,~00 7.4~ 1999 320,000 6.35%
1988 85,000 7.40% 2000 340,000 6.35%
1989 90,000 7.40% 2001 360,000 6.35%
1990 ,100,000 7.40% 2002 375,000 6.35%
1991 100,000 6.30%
and bearing a net interest cost of $4,295,486.25.
The proposal of John Nuveen & Co. offering to pay the sum of
$3,960,645.15, together with accrued interest from December 1, 1978, to
the date of delivery thereof, for said Certificates bearing interest at
the following rates in the following hears:
Interest Interest
Year Amount Rate Year Amount Rate
1980 $ 60,000 7.50% 1992 $110,000 6.30%
~!1981 60,000 7.50% 1993 225,000 6.30%
1982 65,000 7.50% 1994 240,000 6.30%
.~1983 ~ 65,000 7.50% 1995 255,000 6.30%
1984 70,000 7.50% 1996 270,000 6.3~
1985 70,000 7.50% 1997 285,000 6.30%
1986 75,000 7.50% 1998 300,000 6.30%
1987 80,000 7.50% 1999 320,000 6.40%
1988 85,000 7.50% 2000 340,000 6.40%
1989 90,000 7.50% 2001 360,000 6.40%
1990 ~Q0,000 6.3~ 2002 375,000 6.40%
!1991 100,000 6.30%
~iand bearing a n~t interest cost of $4,302,177.35.
The proposal of Merrill Lynch, White Weld offering to pay the sum
of $3,960,000, together with accrued interest from December 1, 1978, to
the date of delivery thereof, for said Certificates bearing interest at
the following rates in the following years:
Interest Interest
Year Amount Rate Year Amount Rate
1980 $ 60,000 7.0~ 1992 $110,000 6.50%
1981 60,000 7.00% 1993 225~000 6.50%
1982 65,000 7.00% 1994 240,000 6.50%
1983 65,000 7.00% 1995 255,000 6.50%
1984 70,000 7.00% 1996 270,000 6.50%
1985 70,000 7.00% 1997 285,000 6.50%
1986 75,000 7.00% 1998 300,000 6.50%
1987 80,000 7.00% 1999 320,000 6.50%
1988 85,000 7.00% 2000 340,000 6.50%
1989 90,000 6.50% 2001 360,000 6.50%
1990 100,000 6.50% 2002 375,000 6.50%
1991 100,000 6.50%
and bearing a net interest cost of $4,367,750.00.
The proposal of Arch Roberts & Co. offering to pay the sum of
$3,960,944.60, together with accrued interest from December 1, 1978, to
the date of delivery thereof, for said Certificates bearing interest at
the following rates in the following years:
Interest Interest
Year Amount Rate Year Amount Rate
{1980 $ 60,000 7.5~ 1992 110,000 6.50%
~1981 60,000 7.50% 1993 225,000 6.50%
1982 65,000 7.50% 1994 240,000 6.5~
1983 65,000 7.50% 1995 255,000 6.50%
1984 70,000 7.50% 1996 270,000 6.50%
1985 70,000 6.50% 1997 285,000 6.50%
1986 75,000 7.5~ 1998 300,000 6.50%
1987 80,000 7.50% 1999 320,000 6.50%
1988 85,000 7.50% 2000 340,000 6.50%
1989 90,000 7.5~ 2001 360,000 6.50%
1990 100,000 7.5~ 2002 375,000 5.90%
1991 100,000 6.5~
and bearing a net interest cost of $4,348,580.40.
The proposal of Fisher, Johnson, Allen, Burke Inc. & Asso. offering
ito pay the sum of $3,961,200.00, together with accrued interest from Decem-
!!her 1, 1978, to the date of delivery thereof, for said Certificates bearing
interest at the following rates in the following years:
- 2 - Res. No. 3-79
Interest Interest
Year Amount Rate Year Amount Rate
1980 $ 60,000 7.50% 1992 $110,000 6.25%
1981 60,000 7.50% 1993 225,000 6.25%
1982 65,000 7.5~ 1994 240,000 6.25%
1983 65,000 7.50% 1995 255,000 6.25%
1984 70,000 7.50% 1996 270,000 6.25%
1985 70,000 7.50% 1997 285,000 6.25%
1986 75,000 7.50% 1998 300i000 6.25%
1987 80,000 7.5~ 1999 320,000 6.25%
1988 85,000 7.50% 2000 340,000 6.25%
1989 90,000 6.25% 2001 360,000 6.30%
1990 100,000 6.25% 2002 375,000 6.30%
1991 100,000 6.25%
and bearing a net interest cost of $4,236,631.25.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH, FLORIDA:
Section 1. That the proposal of Fisher, Johnson, Allen, Burke
Inc. & Asso. referred to in the preambles hereof, be and the same is hereby
accepted and the following described Certificates of the City of Delray Beach,
Florida, be and they are hereby awarded and sold to said purchaser at the
price and in accordance with the proposal of said purchaser as follows:
$4,000,000 - Utilities Tax Revenue Certificates, Series 1978,
dated June 1, 1978, $5,000 each, numbered,
bearing interest at the rates per annum, payable
semi-annually on June 1 and December 1 of each
year, and maturing on June 1 of each year, in
the years and amounts as follows:
Interest Interest
Year Amount Number Rate Year Amount Number Rate
1980 $ 60,000 1- 12 7.50% 1992 $110,000 258-279 6.25%
1981 60,000 16- 27 7.50% 1993 225,000 300-344 6.25%
1982 65,000 31- 43 7.50% 1994 240,000 345-392 6.25%
1983 65,000 47- 59 7.50% 1995 255,000 393-443 6.25%
1984 70,000 63- 76 7.50% 1996 270,000 444-497 6.25%
1985 70,000 80- 93 7.50% 1997 285,000 498-554 6.25%
1986 75,000 99-113 7.50% 1998 300,000 555-614 6.25%
1987 80,000 118-133 7.50% 1999 320,000 615-678 6.25%
1988 85,000 138-154 7o5~ 2000 340,000 679-746 6.25%
1989 90,000 159-176 6.25% 2001 360,000 747-818 6.3~
1990 100,000 181-200 6.25% 2002 375,000 819-893 6.30%
1991 100,000 219-238 6.25%
Section 2. Tha~ the form of Preliminary Official Statement dated
December 19, 1978, in the form presented at this meeting, be and the same
hereby is approved, and the city hereby ratifies, confirms and approves the
use of such Preliminary Official Statement in connection with the offering
and sale of the Certificates.
- 3 - Res. No. 3-79
Section 3. That the Mayor, Finanance Director, City Clerk and
any other proper officer of the City, be and each of them is hereby author-
ized and directed to execute and deliver any and all documents and
inStruments 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
sale, issuance and delivery of the Certificates.
Section 4. That this resolution shall take effect upon its
adoption in the manner provided by law.
PASSED AND ADOPTED in special session on this the 9th day of
January, 1979.
~ ~ M AY OK
ATTEST:
City Clerk
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