Res 32-75 RESOLUTION NO. 32-75.
A RESOLUTION AWARDING $600,000 STREETS AND
SIDEWALKS GENERAL OBLIGATION BONDS OF THE
CITY OF DELRAY BEACH, FLORIDA.
WHEREAS, pursuant to notice heretofore duly published for the sale of
$600,000 Streets and Sidewalks General Obligation Bonds, dated February 1,
1975 (hereinafter referred to as "Bonds"), the following sealed proposals
have been received:
The proposal of Hornblower & Weeks' Hemphill, Noyes, Inc. offering
to pay the sum of Five Hundred and Eighty-eight Thousand Dollars
($588,0'00.00), together with accrued interest from February 1, 1975 to
the date of delivery thereof, for Said Bonds bearing interest at the
rate of six and nine-tenths per cent~m (6.9%) pe~ ann,~ on the Bonds
maturing in the years 1979 to 1984, inclusive, at the rate of six and
one-half per centum (6.5%) per annum on the Bonds maturing in the years
1985 to 1989, inclusive, at the rate of six and nine-tenths per centum
(6.9%) per annum on the Bonds maturing in the years 1990 to 1997, in-
clusive, at the rate of five and four-tenths per centum (5.4%) per
annum on the Bonds maturing in the year 1998, being a net interest
cost of $602,850.00.
The proposal of William R. Hough, Company offering to pay the
sum of Five Hundred and Eighty-eight Thousand Dollars ($588,000.00),
together with accrued interest from February 1, 1975 to the date of
delivery thereof, for said Bonds bearing interest a% the rate of six
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maturing in the years 1979 to 1986, inclusive, at the rate of six and
three-quarters per centum (6.75%) per annum on the Bonds maturing in
'the years 1987 to 1995, inclusive, at the rate of six and eighty-five
hundredths per centum (6.85%) per annum on the Bonds maturing in the
years 1996 to 1997, inclusive, and at the rate of six per centum
(6.00%) per annum on the Bonds maturing in the year 1998, being a net
interest.cost of $607,775.00.
The proposal of John Nuveen and Co., Inc. offering to pay the
sum of Five Hundred and Eighty-eight Thousand Dollars ($588,000.00),
together with accrued interest from February 1, 1975 to the date of
delivery thereof, for said Bonds bearing interest at the rate of seven
per centum (7.00%) per annum on the Bonds maturing in the years 1979
to 1986, inclusive, at the rate of six and six-tenths per centum (6.6%)
p~r annum on the Bonds maturing in the years 1987 to 1989, inclusive,
at the rate of six and nine-tenths per centum (6.9%) per annum on the
Bonds maturing in the years i990 to 1993, inclusive, at the rate of
seven per centum (7.00%) per annum on the Bonds maturing in the years
1994 to 1998, inclusive, being a net interest cost of $629,450.00.
The proposal of Merrill Lynch, Pierce, Fenner and Smith, Inc.
offering to pay the sum of Five Hundred and Ninety-one Thousand
Dollars ($591,000.00), together with accrued interest from February 1,
1975 to the date of delivery thereof, for said Bonds bearing interest
at the rate of six and one-half per centum (6.5%) per annum on the
Bonds maturing in the years 1979 to 1987, inclusive, at the rate of
seven per centum (7.00%) per annum on the Bonds maturing in the years
1988 to 1994, inclusive, at the rate of seven and two-tenths per centum
(7.2%) per annum on the Bonds maturing in the years 1995 to 1998, in-
clusive, being a net intere:t cost of $631,600.00; and,
WHEREAS, in the proposal of Hornblower & Weeks Hemphill, Noyes,
Inc. referred to in the preambles hereof, is the highest and most advanta-
geous bid for said Bonds and in all other respects complies with said notice
of sale,
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BEACH, FLORIDA:
Section 1. That the proposal of IIornblower & Weeks Hemphill, Noyes,
referred to in the preambles hereof, be and the same is hereby
the following described Bonds of the City of Delray Beach be
hereby awarded and sold to sai~ purchaser referred to in the
hereof at the price and in accordance with the proposal of said
$600,000 - STREETS AND SIDEWALKS GENERAL OBLIGATION BONDS
· dated February 1, 1975, in the denomination of $5,00~
each, bearing interest at the rates per annum (payable
February 1 and August 1 of each year) and maturing on
February 1 in the years and amounts as follows:
Year Amount Rate
1979 $25,000 6.90%
1980 25,000 6.90%
1981 25,000 6.90%
1982 25,000 6.90%
1983 .25,000 6.90%
1984 25,000 6.90%
1985 25,000 6.50%
1986 25,000 6.50%
1987 25,000 6.50%
1988 25,000 6.50%
1989 25,000 6.50%
1990 · 25,000 6.90%
1991 2b,U~U 6.90~
1992 25,000 6.90%
1993 25,000 6.90%
1994 25,000 6.90%
1995 50,000 6.90%
1996 50,000 6.90%
1997 50,000 6.90%
1998 50,000 5.40%
Section 2. That the proper officers of the City be and they are
authorized and directed to execute said Bonds when prepared and to
same to said purchaser upon payment of the purchase price in
with the conditions stated in said notice of sale, withOut
authority from this City Council.
Section 3. That the City Clerk be and she is hereby authorized and
return forthwith the good faith checks of all unsuccessful
Section 4. That the publication of said notice of sale of said
Bond Buyer, New York, New York, and in the Delray Beach News
Delray Beach, Florida, be and the same are hereby ratified,
confirmed.
Section 5. That the principal of and interest on said Bonds shall be
the principal office of The Chase Manhattan Bank, N.A.,. New
York.
Section 6. This resolution shall take effect immediately.
AND ADOPTED in special session on this 4th day of June, 1975.
City Clerk
-2- Res. No. 32-75.