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Res 85-79 RESOLUTION NO. 85-79 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA, AWARDING $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979. WHEREAS, pursuant to notice heretofore duly published for the sale of $4,000,000 Water and Sewer Revenue Bonds, Series 1979, dated June 1, 1979, of the City of Delray Beach, Florida, (hereinafter referred to as the "Bonds"), the following sealed proposals have been received: The proposal of John Nuveen & Co., Incorporated, attached hereto as Exhibit A, offering to pay the sum of Three Million Nine Hundred Twenty Thousand Dollars ($3,920,000.00) together with accrued interest from December 1, 1979, to the date of delivery thereof, for said Bonds bearing a net interest cost of $4,659,570.00. The proposal of Fisher Johnson Alen Burke & Associates, attached hereto as Exhibit B, offering to pay the sum of Three Million Nine Hundred Twenty Thousand Dollars ($3,920,000.00) together with accrued interest from December 1, 1979, to the date of delivery thereof, for said Bonds bearing a net interest cost of $4,671,518.75 The proposal of William R. Hough & Co. for the Managers and Associates attached hereto as Exhibit C, offering to pay the sum of Three Million Nine Hundred Twenty Thousand Dollars ($3,920,000.00), together with accrued interest from December 1, 1979, to the date of delivery thereof, for said Bonds bearing a net interest cost of $4,685,610.00. The proposal of Smith Barney, Harris Upham & Co., Incorporated, attached hereto as Exhibit D, offering to pay the sum of Three Million Nine Hundred Twenty-Two Thousand Forty-Two and 90/100 Dollars ($3,922,042.90), together with accrued interest from December 1, 1979, to the date of delivery thereof, for said Bonds bearing a net interest cost of $4,725,812.10. ~EREAS, the proposal of John Nuveen & Co., Incorporated is the most advantageous bids 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 John Nuveen & Co., Incorporated 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 purchased at the price and in accordance with the proposal of said purchaser: $4,000,000 - Water and Sewer Revenue Bonds, Series 1979, of the City of Delray Beach, Florida, dated June 1, 1979, $5,000 each, numbered 1 to 800, inclusive, bearing the interest rates per annum from December 1, 1979, payable semi-annually on June 1 and December 1 of each year commencing June 1, 1980, and maturing on June 1 of each year, in years and amounts as follows: Year Amount Interest Rate Year Amount Interest Rate 1981 $ 80,000 7.75 1993 $145,000 6.90 1982 85,000 7.75 1994 155,000 6.90 1983 90,000 7.75 1995 165,000 7.00 1984 100,000 7.75 1996 175,000 7.00 1985 100,000 7.75 1997 185,000 7.00 1986 105,000 7.75 1998 195,000 7.15 1987 110,000 7.75 1999 205,000 7.15 1988 115,000 7.75 2000 215,000 7.15 1989 120,000 7.00 2001 225,000 7.20 1990 125,000 7.00 2002 235,000 7.20 1991 135,000 6.90 2003 395,000 7.20 1992 140,000 6.90 2004 400,000 7.20 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 said Notice of Sale, and to execute any and all certificates or assurances required in connection therewith, all without further author- ity from this City Council. Section 3. That this resolution shall take effect upon its adoption in the manner provided by law. PASSED AND ADOPTED in special session on this the 4th day of December , 1979. MA Y ORh LEON M. WEEKES ATTEST: Clerk -2- Res. No. 85-79 OFFICIAL BID FORM $4,0OO,OOO CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 December 4, 1979 The City Council of the City of Delray Beach Florida Sirs: For the $4,000,000 aggregate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of Delray Beach, Florida, dated June 1, 1979, and for all but not less than all of said Bonds, bearing interest at the rates per annum as follows: Year Amount Rate Year Amount Rate 1981 $so,ooo 199a $145,000 1982 85,000 g 7J' % 1994 155,000 g 4e % 1983 90,000 7~J~ % 1995 165,000 ~'//0 % 1984 100,000 7,74_ % 1996 175,000 1985 100,000 7, ?~ % 1997 185,000 1986 105,000 .~ 74.'-~% 1998 195,000 7,/,f" % 1987 110,000 '7__~__,7f % 1999 205,000 1988 115,000 77,/' % 2000 215,000 ~ ~/d~% 1989 120,000 ~,,'~d % 2001 225,000 7,-~d % 1990 125,000 ~ot) % 2002 235,000 'TrOd % 1991 135,000 ;_~_% 2003 395,000 7, T'~ % 1992 140,000 ~,~/ % 2004 400,000 ~7, Tr2 % we offer to pay the sum of..~?~. ~/~'/f/f~4~ ~z./z./]~.[:~/.~l'~//!~f/.f/~!.,/~:~/~ff/~.~ollars ($.~_~)g'. ~; ~/b ) plus acc~*ued interest from December 1, 197~: to the'datg/(~f deli~,er~; t~ereof. _~o~ intend to obtain MBIA insurance for the Bonds. In accordance with the terms of the Notice of Sale attached hereto and made a part hereof, we enclose herewith a certified, bank cashier's check or bank treasurer's check for $80,000 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, J~OHN NUVEEN a CO., INCO~?ORATED Michael F. Gagnon~ Gross Interest C_o.,st $ /7~] ~/5¢ '~(-? ¢x Net Interest C~6~c $ ~ f"f'4] f"~[" ~ Average 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. I do hereby acknowledge the return of the good faith check in the amount of $80,000 enclosed with this bid. OFFICIAL NOTICE OF SALE $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 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 H~fil, 100 N.W. ls~ Avenue, Delray Beach, Florida, until 12:00 Noon, Eastern Standard Tinge on December 4, 1979 at which time and place all bids will be publicly opened and read for the purchase of $4,()00.000 aggregate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of Delrav Beach, Florida, dated June 1, 1979 (hereinafter called the "Bonds"), bearing interest from December 1, 1979, at the rate or rates stated in the successful bid not exceeding eight percent (8%) per annura, and maturing, subject to the right of prior redemption as set forth helow, on June ~ in the years and amounts as follows: Year Amount Year Amount 1981 $ 80,000 1993 $145,000 1982 85,000 1994 155,000 1983 90,000 1995 ]65,000 1984 100,000 1996 175 000 1985 100,000 1997 185 000 1986 105,000 1998 195000 1987 110,000 1999 205 000 1985 115,000 2000 215 000 1989 120,000 2001 225 000 1990 125,000 2002 235 000 1991 135,000 2003 395 000 1992 140,000 2004 400 000 Tim t~onds maturing on June 1, 1981 to June 1, 1989, both inclusive, shall not be red~en~ble pri~r to their stated dates of maturity. The Bonds ma~uring on June 1, 1990, and th~r~a£[cr, shall be redeemable prior to their stated dates of m~Rurity, at the option of the City, from a~.v funds available f(~r such purpose (i) in part, in inverse order of maturities and by lot ~vithi~ a n~:~turity, i~ less th~m a full maturity, on June 1, 1989, or on any interest payment date chere~ff~e~', and (ii) as a whole at any time on or after June l, 1989, at the price of par and arch]ed interes~ to the date ~ redemption, plus the following premiums expressed in percentages of the p~incipal am()unt of the Bonds, if redeemed prior to ,namrity in the following periods: Period Ending (all years inclusive) Redemption Premiums June 1, 1989 -- M~y 31, 1993 Three per centum (3*?) June 1, 1993 -- May 31, 1996 Two per centum (2%1 June 1, 1996 -- May 31, 2000 One per centum June 1, 2000 and thereafter None The Bonds will be issued in coupon form in ~he denomination of $5,000 each, registr,~b~.~ a~ to princip~d only or as to both principal and interest. Principal and semi-annual interes~ l~;~y~t:!e June I and December I commencing June 1, 1980) shall be payable at The Chase Manhattan Ba~t~. N.A., New York, New York. The principal of and interest on the Bonds are payable solely from and secured by ~ iier~ uI~on and pledge of the Net Revenues derived from the operation of the Combined t'ub]ic Uuility tconsi~ting of the City's Water and Sewer System), on a parity with the City's Water ~nd Sewer Revenue Bonds, dated December ~, 1961, the Water and Sewer Revenue Series ~962, dated December 1, 1962, thc Water and Sewer Revenue Refunding []onds, dated 1 December 1, 1963, the Water and Sewer Revenue Bonds, Series 1965, dated June I, 1965 and the Water and Sewer Revenue Bonds, Series 1972, dated June 1, 1972. The Bonds have qualified for the issuance of any policy of municipal bond insurance or commitment therefor, unconditionally and irrevocably guaranteeing payment of principal of and interest on the Bonds, any purchase of such policy or commitment shall be at the sole option and expense of the bidder. Each bidder shall indicate on his bid form whether or not he intends to seek such policy or commitment. If the Bonds are awarded on an insured basis, reference to such policy shall appear on the Bonds and the successful bidder shall pay the premium therefor prfor to the deliver)' of the Bonds. Failure of the Bonds to be so insured or of any such policy to be issued shall not in any manner relieve the successful bidder of his contractual obligations arising from the acceptance of his proposal for the purchase of the Bonds. Each bidder may specify not more than five rates of interest expressed in multiples of one- eighth (1/8} or one-twentieth Il/g0) of one per centum (1%) and all Bonds of the same maturity shall bear the same single rate of interest. No bid offering a difference greater than one and one- half (1Vz%) per centum between the highest and lowest rates of interest 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 not to exceed eight percent (8%) per annum, 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 December 1, 1979, to the various stated maturities of the Bonds and subtracting therefrom ~he amount of any premium bid or adding thereto the amount of any discount bid. No bid for less than nineny-eight percent (98%) of the par value of the Bonds hereby 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, bank cashier's check or bank treasurer's check upon an incorporated bank or trust company, payable to the order of the City of Delray Beach, Florida, in the amount of $80.000. 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. The Bonds were validated and confirmed by judgment of the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Pahn Beach County rendered October 18, 1979. The legality of the Bonds will be approved by Messrs. Mudge Rose Guthrie & Alexander, New York, New York, whose opi~zion as to legality of the Bonds will be delivered to the purchaser without charge together with the customary closing documents. The Bonds will be delivered to the successful bidder, at the expense of the Cit.y, in New York, New York. It is expected that delivery will be made on or about January 8, 1980. Fnll payment of the balance of the purchase price must be made, at the time of delivery, by the successful bidder in federal funds, without cost to the City. 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 con:plying with the provisions.hereof will be rejected. Additional information may be obtained from the undersigned. CITY OF I)ELIIAY BEACI[, FLORIDA El:izabeth Arnau City Clerk BIDS FOR $4,00O,OOO cITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 Name of ~,~^Heading Acc.ount Accumulated No. of Bond Interest Bond Year Bonds Years -Yea~ Rates Years Interest 1982 85 212.5. 332.5 | 1983 90 315.0 647.5 1984 100 450.0 1,097.5 . 1985 100 550.0 1,647.5 1986 105 682.5 2,330.0 1987 110 825.0 3 155.0 | 1988 115 977.5 4,132.5 /~~-~.~ 1989 120 1,140.0 5,272.5 .-7 1990 125 1,312.5, 6,585.0 ! 1991 135 1,552.5~ 8,137.5 1992 '140 1,750.0/~ 9,887.5 ~I~ ~ 1993 145 1,957.5! 11,845.0 1994 155 2,247.5-~ 14,092.5 . 1995 165 2,557.5. · 16,650.0 1996 175 2,887.5! 19,537.5 - 5~ 1997 185 3,237. 22,775.0 1998 195 3,607.5~ 26,382.5 ~ /]" ' 1999 205 3,997.~_J 30,380.0 2000 215 4,407. 34,787.5 2001 225 4,837.5~ 39,625.0 ~,.~~ 2002 235 5,287.5 44,912.5 2003 395 9,282.5 54,125.0 20'04 400 9,800.0" 63,995.0 ~ ' ~~ ~ /~2, ~f~2, o Aggregate Interest Cost Premium ~ ~e o~ Net Interest Cost Average Net Interest Cost ~.%~//~/% OFFICIAL BID FORM $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 December 4, 1979 The City Council of the City of Delray Beach Florida Sirs: For the $4,000,000 aggregate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of Delray Beach, Florida, dated June 1, 1979, and for all but not less than all of said Bonds, bearing interest at the rates per annum as follows: Year Amount Rate Year Amount Rate 1981 $ 80,000 ~O_o% 1993 $145,000 ~,=~ % 1982 85,000 ~.Vo .% 1994 155,000 .-.$~:' % 1983 90,000 ~.,o~ % 1995 165,000 .~'."; ' % 1984 100,000 ~-",b~ % 1996 175,000 '7, Oc % 1985 100,000 ~,, o~ .% 1997 185,000 7,,',7~ % 1986 105,000 ~,~ ~ .% 1998 195,000 ~,,'-~ % 1987 110,000 ~,.~o .% 1999 205,000 '2,,? % 1988 115,000 ~, ~5 .% 2000 215,000 ~/5~ % 1989 120,000 ~% 2001 225,000 '7,~5~' % 1990 125,000 '7. ov % 2002 235,000 '7~ ~-~' % 1991 135,000 -7.-o .% 2003 395,000 '7. ~f' % 1992 140,000 -7.0 · .% 2004 400,000 ~. P7~% /''i~''~'?c Dollars we offer to pay the sum off~d_~o/~ '~Z/t~ ($.2~ ~]2~ t~o'o. ) plus accrued interest from December 1, 1979, to the d'~ate of delivery thereof. We do/~ intend to obtain MBIA insurance for the Bonds. In accordance with the terms of the Notice of Sale attached hereto and made a part hereof, we enclose herewith a certified, bank cashier's check or bank treasurer's check for $80,000 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. V~:ly yours, Gross Interest Cost $ q Prem.~m or Discount $ Net/'Interest Cost $ ~ ~ 7/.~ ~2 Average Interest Co. st Rate '7. 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. I do hereby acknowledge the return of the good faith check in the amount of $80,000 enclosed with this bid. " OFFICIAL NOTICE OF SALE $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 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 Standard Time on December 4, 1979 at which time and place all bids will be publicly opened and read for the purchase of $4,000,000 aggregate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of Delray Beach, Florida, dated June 1, 1979 (hereinafter called the "Bonds"), bearing interest from December 1, 1979, at the rate or rates stated in the successful bid not exceeding eight percent (8%) per annum, and maturing, subject to the right of prior redemption as set forth below, on June i in the years and amounts as follows: Year Amount Year Amount 1981 $ 80,000 1993 $145,000 1982 85,000 1994 155,000 1983 90,000 1995 165,000 1984 100,000 1996 175,000 1985 100,000 1997 185,000 1986 105,000 1998 195,000 1987 110,000 1999 205,000 1988 115,000 2000 215,000 1989 120,000 2001 225,000 1990 125,000 2002 235,000 1991 135,000 2003 395,000 1992 140,000 2004 400,000 The Bonds maturing on June 1, 1981 to June 1, 1989, both inclusive, shall not be redeemable prior to their stated dates of maturity. The Bonds maturing on June 1, 1990, 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 June 1, 1989, or on any interest payment date thereafter, and (ii) as a whole at any time on or after June 1, 1989, 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: Period Ending (all years inclusive) Redemption Premiums June 1, 1989 -- May 31, 1993 Three per centum {3%) June 1, 1993 -- May 31, 1996 Two per centum (2%) June 1, 1996 -- May 31, 2000 One per centum (1%) June 1, 2000 and thereafter None The Bonds will be issued in coupon form in the denomination of $5,000 each, registrable as to principal only or as to both principal and interest. Principal and semi-annual interest (payable June 1 and December 1 commencing June 1, 1980) shall be payable at The Chase Manhattan Bank, N.A., New York, New York. The principal of and interest on the Bonds are payable solely from and secured by a lien upon and pledge of the Net Revenues derived from the operation of the Combined Public Utility (consisting of the City's Water and Sewer System), on a parity with the City's outstanding Water and Sewer Revenue Bonds, dated December 1, 1961, the Water and Sewer Revenue Bonds, Series 1962, dated December 1, 1962, the Water and Sewer Revenue Refunding Bonds, dated ! December 1, 1963, the Water and Sewer Revenue Bonds, Series 1965, dated June 1, 1965 and the Water and Sewer Revenue Bonds, Series 1972, dated June 1, 1972. The Bonds have qualified for the issuance of any policy of municipal bond insurance or commitment therefor, unconditionally and irrevocably guaranteeing payment of principal of and interest on the Bonds, any purchase of such policy or commitment shall be at the sole option and expense of the bidder. Each bidder shall indicate on his bid form whether or not he intends to seek such policy or commitment. If the Bonds are awarded on an insured basis, reference to such policy shall appear on the Bonds and the successful bidder shall pay the premium therefor prior to the delivery of the Bonds. Failure of the Bonds to be so insured or of any such policy to be issued shall not in any manner relieve the successful bidder of his contractual obligations arising from the acceptance of his proposal for the purchase of the Bonds. Each bidder may specify not more than five rates of interest 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 the same single rate of interest. No bid offering a difference greater than one and one- half (1'/2%) per centum between the highest and lowest rates of interest 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 not to exceed eight percent (8%) per annum, 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 December 1, 1979, 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-eight percent (98%) of the par value of the Bonds hereby 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, bank cashier's check or bank treasurer's check upon an incorporated bank or trust company, payable to the order of the City of Delray Beach, Florida, in the amount of $80,000. 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. The Bonds were validated and confirmed by judgment of the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County rendered October 18, 1979. 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 without charge together with the customary closing documents. 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 January 8, 1980. Full payment of the balance of the purchase price must be made, at the time of delivery, by the successful bidder in federal funds, without cost to the City. 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. CITY OF DELRAY BEACH, FLORIDA Elizabeth Arnau City Clerk BIDS FOR $4,0oo,0oo CITY OF DELRAY BEACH, FLORIDA wATER AND SEWER REVENUE BONDS, SERIES 1979 Name of Firm Heading Account Accumulated No. of Bond Interest Bond Year Bonds Years Years Rates Years Interest 1981 80 120.0 120.0 1982 85 212.5 . 332.5 1983 90 315.0 647.5 1984 100 450.0 1,097.5 1985 100 550.0 1,647.5 1986 105 682.5 2,330.0 1987 110 825.0 3,155.0 1988 115 977.5 4,132.5 1989 120 1,140.0__ 5,272.5 1990 125 1,312.5 6,585.0 1991 135 1,552.5 8,137.5 1992 140 1,750.0 9,887.5 1993 145 1,957.5 11,845.0 1994 155 2,247.5 14,092.5 1995 165 2,557.5 16,650.0 1996 175 2,887.5__ ]_9.,5~7.5 1997 185 3,237.5 22,775.0 1998 195 3,607.5 26,382.5 [ 1999 205 3,997.5 30,380.0 2000 215 4,407.5 34,787.5 :7.~ 2001 225 4,837.5 39,625.0 2002 235 5,287.5 44,912.5 2003 395 .9,282.5 54,125.0 · "' , oo.o / A99regate Interest Cost Net Interest Cost Average Net Interest Cost OFFICIAL BID FORM $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 December 4, 1979 The City Council of the City of De[ray Beach Florida Sirs: For the $4,000,000 aggregate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of Delray Beach, Florida, dated June 1, 1979, and for all but not less than all of said Bonds, bearing interest at the rates per annum as follows: Year Amount Rate Year Amount Rate 1981 $80.000 ~-~o 1993 $145,000 ,_~_~_% 1982 85 000 % 1994 155,000 1983 90. 000 . % 1995 165,000 ____~____% 1984 100 000 . % 1996 175,000 ~% 1985 100 000 . % 1997 185,000 ~.J~ % 1986 105 000 % 1998 195,000 --! % 1987 110 000 . % 1999 205,000 ] % 1988 115 000 % 2000 215,000 r~,2D % 1989 120 000 _ % 2001 225,000 __~% 1990 125 000 __% 2002 235,000 _~~% 1991 135 000 ~, ~% 2003 395,000 1992 140 000 _ % 2004 400,000 we~offer to pay the sum of ~ ~A~r~ ~ ~~ ~-~R~Dollars ($-~.~q~.O.~O~)_ ,~ plus accrued interest from December 1, 1979, to the date of delivery thereof. We do/~ to obtain MBIA insurance for the Bonds. In accordance with the terms of the Notice of Sale attached hereto and made a part hereof, we enclose herewith a certified, bank cashier's check or bank treasurer's check for $80,000 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, WILLIAM R. HOUGH & CO., for the Managers and Associates Gross Interest Cost $ ~BY: J M.~ Stub . P~ Discount $ Net Interest Cost $ 4,~. ~ I~"~ Average 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. I do hereby acknowledge the return of the good faith check in the amount of $80,000 enclosed with this bid. ':' OFFICIAL NOTICE OF SALE $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 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 Standard Time on December 4. 1979 at which time and place all bids will be publicly opened and read for the purchase of $4,000,000 aggregate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of Delray Beach, Florida, dated June 1. 1979 (hereinafter called the "Bonds"), bearing interest from December 1, 1979, at the rate or rates stated in the successful bid not exceeding eight percent (8%) per annum, and maturing, subject to the right of prior redemption as set forth below, on June 1 in the years and amounts as follows: Year Amount Year Amount 1981 $ 80 000 1993 $145,000 1982 85 000 1994 155.000 1983 90 000 1995 165.000 1984 100 000 1996 175000 1985 100 000 1997 ~ 185 000 1986 105 000 1998 195 000 1987 110 000 1999 205000 1988 115 000 2000 215000 1989 120 000 2001 225 000 1990 125,000 2002 235 000 1991 135,000 2003 395 000 1992 140,000 2004 400 000 The Bonds maturing on June 1, 1981 to June 1, 1989, both inclusive, shall not be redeemable prior to their stated dates of maturity. The Bonds maturing on Sune 1, 1990, 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 June 1, 1989, or on any interest payment date thereafter, and (ii) as a whole at any time on or after June 1, 1989, 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: Period Ending (all years inclusive) Redemption Premiums June 1, 1989 -- May 31, 1993 Three per centum (3%) June 1, 1993 -- May 31, 1996 Two per centum (2%) June 1, 1996 -- May 31, 2000 One per centum (1%) June 1, 2000 and thereafter None The Bonds will be issued in coupon form in the denomination of $5,000 each, registrable as to principal only or as to both principal and interest. Principal and semi-annual interest (payable June 1 and December i commencing June 1, 1980) shall be payable at The Chase Manhattan Bank, N.A., New York, New York. The principal of and interest on the Bonds are payable solely from and secured by a lien upon and pledge of the Net Revenues derived from the operation of the Combined Public Utility (consisting of the City's Water and Sewer System), on a parity with the City's outstanding Water and Sewer Revenue Bonds, dated December 1, 1961, the Water and Sewer Revenue Bonds, Series 1962, dated December 1, 1962, the Water and Sewer Revenue Refunding Bonds, dated 1 Dece{nber 1, 1963, the Water and Sewer Revenue Bonds, Series 1965, dated June 1, 1965 and the Water and Sewer Revenue Bonds, Series 1972, dated June 1, 1972. The Bonds have qualified for the issuance of any policy of municipal bond insurance or commitment therefor, unconditionally and irrevocably guaranteeing payment of principal of and interest on the Bonds, any purchase of such policy or commitment shall be at the sole option and expense of the bidder. Each bidder shall indicate on his bid form whether or not he intends to seek such policy or commitment. If the Bonds are awarded on an insured basis, reference to such policy shall appear on the Bonds and the successful bidder shall pay the premium therefor prior to the delivery of the Bonds. Failure of the Bonds to be so insured or of any such policy to be issued shall not in any manner relieve the successful bidder of his contractual obligations arising from the acceptance of his proposal for the purchase of the Bonds. Each bidder may specify not more than five rates of interest 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 the same single rate of interest. No bid offering a difference greater than one and one- half (1½%) per centum between the highest and lowest rates of interest 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 not to exceed eight percent (8%) per annum, 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 December 1, 1979, 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-eight percent (98%) of the par value of the Bonds hereby 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, bank cashier's check or bank treasurer's check upon an incorporated bank or trust company, payable to the order of the City of Delray Beach, Florida, in the amount of $80,000. 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. The Bonds were validated and confirmed by judgment of the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County rendered October 18, 1979. 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 without charge together with the customary closing documents. 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 January 8, 1980. Full payment of the balance of the purchase price must be made, at the time of delivery, by the successful bidder in federal funds, without cost to the City. 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. CITY OF DELRAY BEACH, FLORIDA Elizabeth Arnau City Clerk BIDS FOR $4,ooo,ooo CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 Name of Firm Heading Account Accumulated No. of Bond 'Interest Bond Year Bonds Years Years Rates 'Years Interest 1981 80 12o.o 2o.o 7. f" 1982 85 212.5 332.5 1983 90 315.0 647.5 1984 100 · 450.0 1,097.5 I 1985 100 550.0 1,647.5 .... 1986 105 682.5 2,330.0 1987 110 825.0 3,155.0 1988 115 977.5 4,132.5 1989 120 1,140.0 5,272.5 1990 .125 1,312.5 6,585.0 ~x~-~. o ~ ¢7'~ 1991 135 '"~,552.5 8,137.'-~- 1992 140 1,750.0 9,887.5 1993 145 1,957.5 11,845.0 1994 155 2,247.5 14,092.5 1995 165 2,557.5 16,650.0 199~6 175 2,887.5 19,537.5 /~> ?~'~.~ -~/"f.,~;~.~ 1997 185 ~,237.5~ 22,775.~ 1998 195 3,607.5 26,382~5 1999 205 3,997.5 30,380.0 2000 215 4,407. 34,787.5 ?, 2001 225 4,837. 39,625.0 2002 235 5,287. 44,912.5 ~ ~,.~'~- ~, ~, ~;;3~o 2003 395 9,282.5 54,125.0 ?.~s 2004 400 9,800.0 63,995.0 Aggregate Interest Cost Net Interest Cost Average Net Interest Cost g >~/~z % OFFICIAL BID FORM $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 December 4, 1979 The City Council of the City of Delray Beach Florida Sirs: For the $4,000,000 aggregate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of Delray Beach, Florida, dated June 1, 1979, and for all but not less than all of said Bonds, bearing interest at the rates per annum as follows: Year Amount Rate Year Amount Rate 1981 $ 80,000 ~% 1993 $145,000 ~.?d;?) % 1982 85,000 __~,'DW~/o 1994 155,000 .~' % 1983 90,000 ~(~'~? % 1995 165,000 v(-~ % 1984 100,000 ~!'-~ % 1996 175,000 ?/-'~) % 1985 100,000 ,~ CC"") % 1997 185,000 "~/'~? % 1986 105,000 .?./)0% 1998 195,000 1987 110,000 ~% 1999 205,000 1988 115,000 ~'-~'% 2000 215,000 ~._.~% 1989 120,000 ~"% 2001 225,000 ~.~ % 1990 125,000 ' '~ ~)~'b/o 2002 235,000 7~ % 1991 135,000 '?(') ~' % 2003 395,000 1992 140,000 . "~4P % 2004 400,000 · . . / . we offer ~o pay the sum of ff~'~J~, !$_? ,~,2,~: &2~2:~/?,) plus accrued interest {rom December 1, 19~9, to the date of delivery thereof. Vie do/~ to obtain MBIA insurance for the Bonds. In accordance with the terms of the Notice of Sale attached hereto and made a part hereof, we enclose herewith a certified, bank cashier's check or bank treasurer's check for $80,000 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, Sm±th Barn.e¥, Harrfis Upham & Co. Incorporated · Gross Interest Cost $ /--fz ~'~/Z Premium or Discount $ Net Interest Cost $ if, '~ ~ ~--.~/,~ ,~) Average Interest Co_st 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. ' I do hereby acknowledge the return of the good faith check in the amount of $80,000 enclosed with this bid. ~ ..--~, . ,f / .' ~ ! ,, ."/.. ~ ,,,>- .4__~! 3~ December 1, 1963, the Water and Sewer Revenue Bonds, Series 1965, dated June 1, 1965 and the Water and Sewer Revenue Bonds, Series 1972, dated June 1, 1972. The Bonds have qualified for the issuance of any policy of municipal bond insurance or commitment therefor, unconditionally and irrevocably guaranteeing payment of principal of and interest on the Bonds, any purchase of such policy or commitment shall be at the sole option and expense of the bidder. Each bidder shall indicate on his bid form whether or not he intends to seek such policy or commitment. If the Bonds are awarded on an insured basis, reference to such policy shall appear on the Bonds and the successful bidder shall pay the premium therefor prior to the delivery of the Bonds. Failure of the Bonds to be so insured or of any such policy to be issued shall not in any manner relieve the successful bidder of his contractual obligations arising from the acceptance of his proposal for the purchase of the Bonds. Each bidder may specify not more than five rates of interest 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 the same single rate of interest. No bid offering a difference greater than one and one- half (11/2%) per centum between the highest and lowest rates of interest 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 not to exceed eight percent 18%) per annum, 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 December 1, 1979, 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 ]ess than ninety-eight percent (98%) of the par value of the Bonds hereby 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, bank cashier's check or bank treasurer's check upon an incorporated bank or trust company, payable to the order of the City of Delray Beach, Florida, in the amount of S80,000. 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. The Bonds were validated and confirmed by judgment of the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County rendered October 18, 1979. 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 without charge together with the customary closing documents. 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 January 8, 1980. Full payment of the balance of the purchase price must be made, at the time of delivery, by the successful bidder in federal funds, without cost to the City. 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. CITY OF DELRAY BEACH, FLORIDA Elizabeth Arnau City Clerk OFFICIAL NOTICE OF SALE $4,000,000 CITY OF DELRAY BEACH, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1979 Not~ce 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 Standard Time on Deceml~er 4, 1979 at which time and place all bids will be publicly opened and read for the purchase of $4,000,000 ag~egate principal amount of Water and Sewer Revenue Bonds, Series 1979, of the City of I)elray Beach, Florida, dated June 1, 1979 (hereinafter called the "Bonds"), bearirig interest from December 1, 1979, at the rate or rates stated in the successful bid not exceeding eight percent (8%) per annum, and maturing, subject to the right of prior redemption as set forth below, on June I in the years and amounts as follows: Year Amount Year Amount 1981 $ 80,000 1993 $145,000 1982 85,000 1994 155,000 1983 90,000 1995 165,000 1984 100,000 1996 175,000 1985 100,000 1997 185,000 1986 105,000 1998 195,000 1987 110,000 1999 205,000 1988 115,000 2000 215,000 1989 120,000 2001 225,000 1990 125,000 2002 235,000 1991 135,000 2003 395,000 1992 140,000 2004 400,000 The Bonds maturing on June 1, 1981 to June 1, 1989, both inclusive, shall not be redeemable prior to their stated dates of maturity. The Bonds maturing on June 1, 1990, 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 June 1, 1989, or on any interest payment date thereafter, and (ii) as a whole at any time on or after June 1, 1989, 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: Period Ending (all years inclusive) Redemption Premiums June 1, 1989 -- May 31, 1993 Three per centum (3%) June 1, 1993 -- May 31, 1996 Two per centum (2%) June 1, 1996 -- May 31, 2000 One per centum (1%) June 1, 2000 and thereafter None The Bonds will be issued in coupon form in the denomination of $5,000 each, registrable as to principal only or as to both principal and interest. Principal and semi-annual interest (payable June 1 and December i commencing June 1, 1980) shall be payable at The Chase Manhattan Bank, N.A., New York, New York. The principal of and interest on the Bonds are payable solely from and secured by a lien upon and pledge of the Net Revenues derived from the operation of the Combined Public Utility (consisting of the City's Water and Sewer System), on a parity with the City's outstanding Water and Sewer Revenue Bonds, dated December 1, 1961, the Water and Sewer Revenue l~onds, Series 1962, dated December 1, 1962, the Water and Sewer Revenue Refunding Bonds, dated 1