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Res 29-75 RESOLUTION NO. 29-75. A RESOLUTION FIXING THE PROVISIONS OF THE ISSUANCE OF $600,000 CITY OF DELRAY BEACH, FLORIDA, STREETS AND SIDEWALKS GENERAL OBLIGATION BONDS; NAMING PAYING AGENTS; AND AUTHORIZING THE SALE OF SUCH BONDS. WHEREAS, by resolution adopted by the City Council of the City of Delray Beach, Florida. (hereinafter called "City"), on December 23, 1974, by Resolution No. 86-74, the City authorized the issuance of $600,000 Streets and Sidewalks General Obligation Bonds (hereinafter called "obliga- tions''), to finance the cost of the construction and acquisition of streets and sidewalks in said City; and, WHEREAS, the obligations have been validated by judgment of the Circuit Court for Palm Beach County, Florida, on March 20, 1975; and, WHEREAS, the City deems it in the best interests of the City to sell such obligations at public sale, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA, THAT: Section 1. The $600,000 Streets and Sidewalks General Obligation Bonds of the City shall be subject to prior redemption, as hereinafter provided in the Notice of Sale. Section 2. Such obligations shall be offered at public sale on June 4, 1975. Section 3. The publication in the Delray Beach News-Journal, a newspaper of general circulation within Palm Beach County, one time, dated May 22, 1975, which notice directed calling for bids for the purchase of said Bonds is hereby authorized, ratified and confirmed. Such publication, which in accordance with State law, was published more than ten (10) days prior to said sale, and shall be published one time in the Bond Buyer, a financial publication in the City of New York, New York. The notice shall be in substantially the following form: OFFICIAL NOTICE OF SALE $600,000 CITY OF DELRAY BEACH, FLORIDA STREETS AND SIDEWALKS BONDS (General Obligations) 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 o'clock noon, Eastern Daylight Saving Time, on June 4, 1975 at which time and place all bids will be publicly opened and read for $600,000 City of Delray Beach, Florida, Streets and Sidewalks General Obligat~_3n Bonds dated February 1, 1975, (hereinafter called the "Bonds"), bearing interest at the' rate or rates stated in the successful bid not exceeding seven and one-half percent (7%%) 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 YEAR AMOUNT 1979 $25,000 1986 $25,000 1992 $25,000 1980 25,000 1987' 25,000 1993 25,000 1981 25,000 1988 25,000 1994 25,000 1982 25,000 1989 25,000 1995 50,000 1983 25,000 1990 25,000 1996 50,000 1984 25,000 1991 25,000 1997 50,000 1985 25,000 1998 50,000 The Bonds maturing in the years 1986 to 1998, inclusive, shall be callable for redemption prior to maturity, at the option of the City, on February 1, 1985, or on any interest payment date there- after, in inverse numerical order, at the price of par and accrued interest to the date of redemption plus a premium, expreSsed as a percentage of the par value thereof, of 3% if redeemed on or prior to February 1, 1989; 2% if redeemed thereafter on or prior to February 1, 1994; and 1% if redeemed thereafter prior to maturity. The Bonds will be coupon Bonds 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) will be payable at The Chase Manhattan Bank, N.A., New York, New York. The Bonds will be general obligations of the City of Delray Beach, Florida, payable from ad valorem taxes levied against all property taxable for such purposes in the City, without limitation as to rate or amount, and the full faith and credit of the City will be pledged to the payment of principal and interest. Each bidder may specify not more than three 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. No bid stipulating a difference greater than one and one-half per centum (1½%) between the highest and lowest rates 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 Cqntaining 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 February 1, 1975, to the various stated maturities thereof and subtracting therefrom the amount of any premium bid or adding thereto the amount of any dis- count bid. No bid for less than ninety-eight per centum (98%) of the par value of the Bonds offered for sale plus accrued in- terest will be considered; net interest cost, however, shall not exceed (7%%) seven and one-half per cent. In order to be considered, each bid must be unconditional and must be submitted on the form furnished by the City and must be accompanied by a certified, bank cashier's or bank treasurer's check for $12,000 drawn upon an incorporated bank or trust company, payable to the order of the City of Delray Beach, Florida. The amount of said check of the successful bidder will be applied on the purchase price. 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 have been validated by judgment of the Circuit Court of the Fifteenth Judicial Circuit of the State of Florida, in and for Palm Beach County. The legality of the Bonds will be approved by Messrs. Mudge Rose Guthrie & Alexander, New York, New York, whose opinion as to the legality of the Bonds will be delivered to the purchasers without charge together with a no-litigation certi- ficate in the customary form dated as of the date of the delivery of the Bonds. -2- Res. No. 29-75. The Bonds will be delivered to the successful bidder, at the expense of the City, in the City of New York, New York. It is expected that delivery will'be made on or about June 28, 1975, or within thirty days from 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 suc- cessful bidder may withdraw his bid and receive the return of his good faith deposit, or may accept delivery for an additional thirty days thereafter at his option. 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 Section 4. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED in regular session on the 27th day of May, 1975. MAYOR ATTEST: CityClerk -3- Res. No. 29-75.