Res 07-73 RESOLUTION NO. 7-73.
RESOLUTION AWARDING $5,000,000 WATER
AND SEWER REVENUE BONDS, SERIES 1972,
OF THE CITY OF DELRAY BEACH, FLORIDA.
WHEREAS, pursuant to notice heretofore duly published
for the sale of $5,000,000 Water and Sewer Revenue Bonds,
Series 1972, dated June 1, 1972 (hereinafter referred to as
"Bonds"), the following sealed proposals have been received:
The proposal of William R. Hough & Co.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; A. G. Becker & Co.; Wilson, White
& Co. and Associates offering to pay the sum of Four million
n~ne hundred fifty thousand and no/100 Dollars ($4,950,000.00),
together with accrued interest from December 1, 1972 to the
date of delivery thereof, for said Bonds bearing interest at
the rate of six and one-half per centum (6~k~/o) per annum on
the Bonds maturing in the years 1974 to 1982, inclusive, at
the rate of five and one-quarter per centum (5~%) per annum
on the Bonds maturing in the years 1983 to 1984, inclusive,
at the rate of five per centum (5.00%) per annum on the Bonds
maturing in the years 1985 to 1989, inclusive, at the rate of
five and one-quarter per centum (5~/o) per annum on the Bonds
maturing in the years 1990 to 2000, inclusive, and at the
rate of five per centum (5.00%) per annum on the Bonds maturing
in the years 2001 to 2002, inclusive, being a net interest
cost of $5,677,581.25.
The proposal of Kidder, Peabody & Co., Incorporated &
Associates offering to pay the sum of Four million nine
hundred fifty-one thousand five hundred and one and no/100
Dollars ($4,951,501.00), together with accrued interest from
December 1, 1972 to the date of delivery thereof, for said
Bonds bearing interest at the rate of six and one-half per
centum (6~/o) per annum on the Bonds maturing in the years
1974 to 1979, inclusive, at the rate of five per centum (5.00%)
per annum on the Bonds maturing in the years 1980 to 1993,
inclusive, at the rate of five and one-quarter per centum (5~%)
per annum on the Bonds maturing in the years 1994 to 2002,
inclusive, being a net interest cost of $5,699,886.50.
The proposal of Lehman Brothers Incorporated offering to
pay the sum of Four million nine hundred fifty thousand three
hundred seventy-two and 15/100 Dollars ($4,950,372.15),
together with accrued interest from December 1, 1972 to the
date of delivery thereof, for said Bonds bearing interest at
the rate of five per centum (5.00%) per annum on the Bonds
maturing in the years 1974 to 1975, inclusive, at the rate of
six and one-half per centum (6~/o) per annum on the Bonds maturing
in the years 1976 to 1986, inclusive, at the rate of five and
one-quarter per centum (5~/o) per annum on the Bonds maturing in
the years 1987 to 1999, inclusive, at the rate of five per centum
(5.00%) per annum on the Bonds maturing in the years 2000 to
2002, inclusive, being a net interest cost of $5,711,334.10.
Page"'2. b~ESOLUTION NO. 7-73.
The proposal of Donaldson, Lufkin & Jenrette, Inc. and
Loewi & Co., Incorporated offering to pay the sum of Four
million nine hundred fifty thousand seven hundred ninty-five
and 20/100 Dollars ($4,950,795.20), together with accrued
interest from December 1, 1972 to the date of delivery
thereof, for said Bonds bearing interest at the rate of
five and three-tenths per centum (5.30%) per annum on the
Bonds maturing in the years 1974 to 1977, inclusive, at the
rate of six per centum (6.00%) per annum on the Bonds maturing
in the years 1978 to 1987, inclusive, at the rate of five
and three-tenths per centum (5.30%) per annum on the Bonds
maturing in the years 1988 to 2001, inclusive, at the rate
of four and one-half per centum (4~k%) per annum on the
Bonds maturing in the year 2002, being a net
interest cost of $5,712,684.80.
The proposal of Smith, Barney & Co. Incorporated; Blyth
Eastman Dillon & Co. Incorporated; White, Weld & Co. Incorporated
and Associates offering to pay the sum of Four million nine
hundred fifty-three thousand nine hundred fifty-eight and 30/100
Dollars ($4,953,958.30), together with accrued interest from
December 1, 1972, to the date of delivery thereof, for said
Bonds bearing interest at the rate of six and one-half per
centum (6~/o) per annum on the Bonds maturing in the years 1974
to 1984, inclusive, at the rate of five per centum (5.00%) per
annum on the Bonds maturing in the years 1985 to 1989, inclusive,
at the rate of five and one-quarter per centum (5~/~) per annum
on the Bonds maturing in the years 1990 to 2001, inclusive,
at the rate of five per centum (5.00%) per annum on the Bonds
maturing in year 2002, being a net interest cost
of $5,736,954.20.
The proposal of W.H. Morton & Co. Division of American
Express Co. offering to pay the sum of Four million nine
hundred fifty-six thousand seven hundred eleven and 05/100
Dollars ($4,956,711.05), together with accrued interest from
December 1, 1972 to the date of delivery thereof, for said
Bonds bearing interest at the rate of five per centum (5.00%)
per annum on the Bonds maturing in the years 1974 to 1975,
inclusive, at the rate of six and one-half per centum (6~/o)
per annum on the Bonds maturing in the years 1976 to 1982,
inclusive, at the rate of five per centum (5.00%) per annum
on the Bonds maturing in the years 1983 to 1990, inclusive,
at the rate of five and one-quarter per centum (5~/o) per
annum on the Bonds maturing in the years 1991 to 2002,
inclusive, being a net interest cost of $5,742,501.45.
The proposal of Halsey, Stuart & Co. Inc. offering to
pay the sum of Four million nine hundred fifty-two thousand
seven hundred sixty-one and 30/100 Dollars ($4,952,761.30)
together with accrued interest from December 1, 1972 to
the date of delivery thereof, for said Bonds bearing interest
at the rate of six and three-quarters per centum (6 3/4%)
per annum on the Bonds maturing in the years 1974 to 1982,
inclusive, at the rate of five per centum (5.00%) per annum
on the Bonds maturing in the years 1983 to 1992, inclusive, at
the rate of five and one-quarter per centum (5~/o) per annum on
the Bonds maturing in the years 1993 to 2002, inclusive, being
a net interest cost of $5,744,007.45.
Page 3. RESOLUTION NO. 7-73.
The proposal of Dillon Read Municipals, Division of
Dillon Read, & Co. Inc. and Harris, Upham & Co. Inc. offering
to pay the sum of Four million nine hundred fifty thousand
nine hundred thirty-five and no/100 Dollars ($4,950,935.00),
together with accrued interest from December 1, 1972 to the
date of delivery thereof, for said Bonds bearing interest at
the rate of six per centum (6.00%) per annum on the Bonds
maturing in the years 1974 to 1978, inclusive, at the rate of
five and four-tenths per centum (5.40%) per annum on the Bonds
maturing in the years 1979 to 2001, inclusive, at the rate of
four and one-half per centum (4~/o) per annum on the Bonds
maturing in the year 2002, being a neti~interest_
cost of $5,748,780.00.
The proposal of Goldman, Sachs & Co. offering to pay the
sum of Four million nine hundred fifty thousand two hundred
seventeen and no/100 Dollars ($4,950,217.00), together with
accrued interest from December 1, 1972 to the date of delivery
thereof, for said Bonds bearing interest at the rate of six
and one-half per centum (6~/o) per annum on the Bonds maturing
in the years 1974 to 1981, inclusive, at the rate of five
per centum (5.00%) per annum on the Bonds maturing in the years
1982 to 1988, inclusive, at the rate of five and four-tenths
per centum (5.40%) per annum on the Bonds maturing in the
years 1989 to 2000, inclusive, at the rate of five per
centum (5.00%) per annum on the Bonds maturing in the years
2001 to 2002, inclusive, being a net interest cost of
$5,761,425.50.
The proposal of John Nuveen & Co., Incorporated; duPont
Glore Forgan, Incorporated; Reynolds Securities, Incorporated
offering to pay the sum of Four million nine hundred fifty-
three thousand four hundred seventy-eight and no/100 Dollars
($4,953,478.00) , together with accrued interest from December
1, 1972, to the date of delivery thereof, for said Bonds
bearing interest at the rate of five per centum (5.00%) per
annum on the Bonds maturing in the years 1974 to 1986,
inclusive, at the rate of five and four-tenths per centum
(5.40%) per annum on the Bonds maturing in the years 1987 to
2001, inclusive, at the rate of five per centum (5.00%) per
annum on the Bonds maturing in the year 2002,
being a net interest cost of $5,797,992.00.
The proposal of Allen Co. offering to pay the sum of
Four million nine hundred seventy-two thousand five hundred and
no/100 Dollars ($4,972,500.00), together with accrued interest
from December 1, 1972 to the date of delivery thereof, for
said Bonds bearing interest at the rate of five per centum
(5.00%) per annum on the Bonds maturing in the years 1974
to 1989, inclusive, at the rate of five and one-quarter per
centum (5~/o) per annum on the Bonds maturing in the years
1990 to 1994, inclusive, at the rate of five and four-tenths
per centum (5.40%) per annum on the Bonds maturing in the
years 1995 to 2002, inclusive, being a net interest cost of
$5,806,413.75.
Page 4. RESOLUTION NO. 7-73.
The proposal of Bear, Stearns & Co. offering to pay the
sum of Four million nine hundred fifty thousand three hundred
seventy-one and 15/100 Dollars ($4,950,371.15) together with
accrued interest from December 1, 1972 to the date of delivery
thereof, for said Bonds bearing interest at the rate of six
per centum (6.00%) per annum on the Bonds maturing in the
years 1974 to 1981, inclusive, at the rate of five and one-
quarter per centum (5~/o) per annum on the Bonds maturing
in the years 1982 to 1991, inclusive, at the rate of five
and three-eighths per centum (5.375%) per annum on the Bonds
maturing in the years 1992 to 2000, inclusive, at the rate of
five and one-quarter per centum (5~/o) per annum on the Bonds
maturing in the years 2001 to 2002, inclusive, being a net
interest cost of $5,830,091.35; and
WHEREAS, the proposal of William R. Hough & Co.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; A. G. Becker & Co.; Wilson
White & Co. and Associates referred to in the preambles hereof
is the highest and most advantageous bid for said Bonds and in
all other respects complies with said notice of sale; now,
therefore,
BE IT RESOLVED BY THE CITY OF DELRAY BEACH, FLORIDA:
Section 1. That the proposal of William R. Hough & Co.;
Merrill Lynch, Pierce, Fenner & Smith Inc.; A. G. Becker & Co.;
Wilson W~ite & Co. and Associates 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 they 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:
$5,000,000 -Water and Sewer Revenue Bonds, Series
1972, dated June 1, 1972, in the
denomination of $5,000 each, bearing
interest at the rates per annum (Payable
June 1 and December 1 of each year) and
maturing on June 1 in the years and
amounts as follows:
Interest
Rate Per
Ye ar Amount Annum
1974 $50,000 6~
1975 50,000 6~
1976 55,000 6~
1977 60,000 6~
1978 60,000 6~
1979 65,000 6~
1980 70,000 6~
1981 75,000 6~
1982 80,000 6~
1983 80,000 5~
1984 85,000 5~
5. RESOLUTION NO. 7-73.
Interest
Rate Per
Year Amount Annum
1985 $90,000 5%
1986 105,000 5%
1987 110,000 5%
1988 115,000 5%
1989 120,000 5%
1990 130,000 5~
1991 140,000 5~
1992 150,000 5~
1993 160,000 5~
1994 165,000 5~
1995 175,000 5~
1996 190,000 5~
1997 195,000 5~
1998 205,000 5~
1999 510,000 5~
2000 540,000 5~
2001 570,000 5%
2002 600,000 5%
Section 2. That the proper officers of the City be
they are hereby authorized and directed to execute said
when prepared and to deliver the same to said purchaser
payment of the purchase price in accordance with the
conditions stated in said notice of sale, 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
of all unsuccessful bidders.
Section 4. This resolution shall take effect immediately.
PASSED AND ADOPTED on this 14th day of February, 1973.
ATTEST:
Clerk
' ~o. ~7°~
$5,000,~
CITY OF DELRAY B~ACH. FLORIDA
WATER AND SEWER ~VENUE BONDS, S~RIES 1972
Notice is hereby given ~ha~ ~he City Councii ot the City o~ Delray Beach,
Florida. w~li receive sealed b~ds. ~n care o~ the undersigned City Cler~ in the
City ~uncil C~ambers, City Hail. 1~ N.W. 1:~ Avenue, Delray Beach,
Florida, until 12:~ o'clock noon, Eastern Standard Time, on
February 14, 1973
at which ~ime and place ail bids will b~ publicly opened and read ~or
~0 City o~ Delray Beach, Florida, Wa~er and Sewer ~evenue ~nds, Series
~72. ~ated ~une L 197~, ~ here~nat~e~ ca!led the "Bonds"~. bearing interest at
the rate or rates stated in the successlul bid not exceeding seven and one-hal~
per cent (7% Pct.) per annum, and maturing, subject to the right o~ prior
redemption as set ~orth below, on ~une 1 m the years and amounts as tollow~:
Year Amount. Year 'Amo~ut Year Amount'
1974 $50.0~ 19S4 $ 85.000 1993
1975 ~.0~ 1985 90.~0 1~4 165.~
1976 55.0~ 1986 105.000 1995 175.~0
1977 60.0~ 1987 110.0~ 1~ 190.~0
1978 60.0~ 1988 115.000 19~ 195.~0
1979 65.000 1989 120.~0 1998 205.~0
1980 70.0~ 1990 130.~0 : 1999 510.~0
1981 75.0~ 1991 140.000 2~ 540.~0
1982 80.0~ 1992 150.~0 2~1 570.~0
1983 80.0~ ~ ~x 2002
The Bonds maturing in the years 1981 to 2002. inclusive, will be callable
~edemption prior to maturity, at the option of the City. on June 1. 1982. or on
any interest payment date thereafter, in ~nverse 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 per cent if redeemed
xon or prior to June 1. 1989; 2 per cent if redeemed thereafter on or prior to
x June 1. 1995; and 1 per cent if redeemed thereafter prior to maturRy.
The ~nds will be coupon Bonds in the denomination of $5.~0 each. with the
privilege of registration as to principal onl or as to both rinci al and
i~terest. Principal and semi-annual interest (~une 1 and Decet~er l~wil[ be
payable at the Chase Manhattan Bank N.A.. Ne~ York. New York.
The Bondswl beissued for the purpose of financing the cost of construction
and acquisition of additions, extensions, and improvements to the Water and
Sewer System of the City. The Bonds. on a parity w~th $4.780.000 outstanding
Water and Sewer Revenue Bonds. will be payable solely from the net reve.
hUeS derived from the operation of the ~aterworks plant and system and
sewer system of t~e City of Delrav Beach.
Each bidder may specify not ~ore than three different interest rates
pressed in multiPles of one-eighth (1.8) or one-twentieth (1/20 of one per
centum (1~) andatl Bonds of the same maturity shall bear a single rate o~
interest. No bid stipulating a difference greater than one and one-half per
centum (1~%) 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 wlll 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 wih be awarded on the basis of the lowest net interest cost to the City
an~ 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 s perilled
In the b~ds computed from December 1. 197_. to the various stated maturities
thereof and subtracting therefrom the amount of any premium bid or adding
thereto the amount of any discount bld. No bid for less than ninety-nme per
centum (99%) of the par value of ~he 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 and mu~t be accompanied by a
certified, b.{nk cashier's or bank treasurer's check for ~100.0~ drawn upon
a~ i~corporated Dank or trust company, payable to the order of the City o~
Delray Beach. Florida. The amount of sm~ check of t~e successful b~dder
~ll be applied on the purchase price. All other checks w be returned
immediately upon the ~ward of the Bonds. No interest w~ll be atlowed upon
the good faith deposit of the successful bidder.
The Bonds have been vahdated b~' judgment of the Circm~ Court of the
Fifleenth Judiciat Circuit of the State of ~'lor~da.in and tot Palm Beach
County. The legality of the Bonds will be approved by Messrs. Mud~e ~ose
Guthr~e
Alexander. New Yt~rk. New York. whose o~m~on as to the'~egaDty
of the Bonds will be delivered to the purchasers without charge together w~t~
a no-litigation certificate m the Customary Jotul dated as of the date of the
delivery of t~ e Bonds.
The Bond.'. wiH be dehvered to the succes~iul bidder, at the exp,'nse of the
City. In the City of New York. New York ~t ~.~ expect~.d th.t~ dehv~.ry '~lll be
The CI~y reserves the rIg~lt to reject any tnd a b ts md any b d not
complying with the provls ons here~ ~ w~D be [e]~cted. '
Halite E. Yate~
Publish: January 25.1~3. Ctty Clerk
Official N t ¢c of Sale
$5,000,000
CITY OF DELI{AY BEACH
FLORIDA
Water and Sewer Revenue Bonds, Series 1972
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 Standard Time, on
FEBRUARY 14, 1973
at which time and place all bids will be publicly opened and read for $5,000,000
City of Delray Beach, Florida, Water and Sewer Revenue Bonds, Series 1972,
dated June 1, 1972, (hereinafter called the "Bonds"), bearing inkerest at the
~'ate or rates sta~ed in the successful bid not exceeding seven and one-hal~
per cent (7% ~i) per annum, and maturing, subject to the right of prior redemp-
tion as ,set forth below, on June 1 in the years and amounts as follows:
Year Amount Year Amount Year Amoun,t
1974 .... $50,000 1984 .... $ 85,000 1993 .... $160,000
1975 .... 50,000 1985 .... 90,000 1994 .... 165,000
1976 .... 55,000 1986 .... 105,000 1995 .... 175,000
1977 .... 60,000 1987 .... 110,000 1996 .... ~90,000
1978 .... 60,000 1988 .... 115,000 1997 .... 195,000
1979 .... 65,000 1989 .... 120,000 1998 .... 205,000
1980 .... 70,000 1990 .... 130,00'0 1999 .... '510,000
1981 .... 75,000 1991 .... 140,000 2000 .... 540,000
1982 .... 80,000 1992 .... 150,000 2001 .... 570,000
1983 .... 80,000 2002 .... 600,000
The Bonds maturing in the years 1983 to 2002, inclusive, will be callable
for redemption prior to maturity, at the option of the City, on June 1, 1982,
or on any interest payment date ,thereafter, 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.g if redeemed on or
prior ,to June 1, 1989; 2~; if redeemed thereafter on or .prior to June 1, 1995;
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 (June I and December 1) will
be payable at The Chase Manhattan Bank, N.A., New York, New York.
The Bonds will be issued for the purpose of financing the .cos~t of con-
* struction and acquisition of additions, extensions and improvements to the
Water and Sewer System of the City. The Bonds, on a parity with $4,780,000
· outstanding Wa.ter and Sewer Revenue Bonds, will be payable .solely from the
net revenues derived from the operation of the water~vorks .plant and system
and sewer system of the City of Delray Beach.
Each bidder may specify not more than three different interest ra:~es
expressed in multiples of one-eighth (%) or one-twentieth (1/20) of one
per centum (1~g) 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
eentum (I~A ~) between the highest and lowest rates of interest named will
bo considered. A repeated rate of interest shall not be considered a different
rate of interes.t. Only one coupon will be attached to each Bond for each
installment of interest thereon. A bid .containing a rate of interest based
t~pon 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 cos~ to
the City and the comparison o~ bids to determine such lowest net interest
cost; will be made by taking the aggregate amount of interest at &he rate
or rates specified in the bids compu~ted from December 1, 1972, to the varioqs
stated maturities thereof and subtracting therefr(~m the amount of any pre-
mium bid or adding thereto the amount of any discount bid. No bid for less
than ninety-nine per centum (99y~) of the par value of the Bonds offered for
aale 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 and ~nust be accompanied by
a certified, bank cashier's or bank treasurer's check for $100,000 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 :filowed upon
the good faith deposit of the successful bidder.
The Bonds have been validated by judgment of the Circuit Cour[; o[' the
Fifteenth Judicial Circuit of the State of Florida, in and for Palm Beach
Count.'},. The le~'ality of tho B~nds will be apprr)w,d hy Messrs. Mudge Rose
Guthrie Alexander & Mitchell, New York, New york, whose opinion as to the
legality of the Bonds will be delivered to the purchasers without charge
together wi,th a n,-litigation certificate in the customary form dated as of
the date of the delivery of the Bonds.
The Bonds will De ¢el~vered to the successtul t~laOer, at ttte expense of
the City, in the City of New York, New York. It is expected that delivery
will be made on or about March 14, 1973, or within thirty days from the date
of sale. However, if the Bonds are not delivered within sixty days of t, he
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
HALLIE E. YATES,
City and County of New York, S.S.:'
HENRIETTA RIVERS, being duly sworn, says that
she is the Advertising Clerk of THE BOND BUYER, a
daffy and weekly newspaper printed and published at
~' 77 Water Street in the City of New York, County
of New York, State of New York; and the notice, of
~op~ which the annexed is a printed copy, was regularly
published in said THE DArLY BOND BUYF_2 on
of
Advertisement : ~...~ ~ r ... .~ : ~.-~,: :'?"
Ag~e('~ising C~erk
Subscribed and sworn to before me this
......... '3./. ..... ~, of (;. ~.~.~..-.. ,~ ~
ANN T. PERRONE
Notary Public, State cf New York
No. 24--8331675
Qualified in Kings County
Commission expires March 30, 1974