Res 26-72 RESOLUTION NO. 26-72.
A RESOLUTION AWARDING $2,000,000 BEACH
IMPROVEMENT BONDS OF THE CITY OF DELRAY
BEACH, FLORIDA.
WHEREAS, pursuant to notice heretofore duly published for the
sale of $2,000,000 Beach Improvement Bonds, dated February 1, 1972
(hereinafter referred to as "Bonds"), the following sealed proposals
have been received:
The proposal of Merrill Lynch, Pierce, Fenner & Smith Inc. and
Wm. R. Hough, Associate offering to pay the sum of One million nine
hundred sixty one thousand six hundred and no/100 Dollars
($1,961,600.00), together with accrued interest from February 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 one-quarter per
centum (5~%) per annum on the Bonds maturing in the years 1987 to 1996,
inclusive, at the rate of five and one-half per centum (5%%) per annum
on the Bonds maturing in the years 1997 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 $2,151,412.50.
The proposal of Eastman Dillon, Union Secs. & Co. Inc. and
Shearson, Hammill & Co., Inc. and White, Weld & Co. Inc. offering to
pay the sum of One million nine hundred sixty thousand and no/100
Dollars ($1,960,000.00), together with accrued interest from February
1, 1972 to the date of delivery thereof, for said Bonds bearing inter-
est at the rate of five and six-tenths per centum (5.60%) per annum on
the Bonds maturing in the years 1974 to 1980, inclusive, at the rate
of five per centum (5.00%) per annum on the Bonds maturing in the years
1981 to 1986, inclusive, at the rate of five and four-tenths per centum
(5.40%) per annam on the Bonds maturing in the years 1987 to 1993, in-
clusive, at the rate of five and six-tenths per centum (5.60%) per an-
num on the Bonds maturing in the years 1994 to 2001, inclusive, and
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 $2,211,970.00.
The proposal of First National Bank of Miami offering to pay the
sum of One million nine hundred sixty thousand and no/100 Dollars
($1,960,000.00), together with accrued interest from February 1, 1972,
to the date of delivery thereof, for said Bonds bearing interest at
the rate of five and three-quarters per centum (5 3/4%) per annum on
the Bonds maturing in the years 1974 to 1982, inclusive, at the rate
of five and one-half per centum (5½%) per annum on the Bonds maturing
in the years 1983 to 1994, inclusive, at the rate of five and three-
quarters per centum (5 3/4%) per annum on the Bonds maturing in the
years 1995 to 2000, inclusive, at the rate of four and one-half per
centum (4½%) per annum on the Bonds maturing in the years 2001 and
2002, being a net interest cost of $2,201,625.00.
The proposal of The Northern Trust Company and Paine, Webber,
Jackson & Curtis and Walston & Company, Inc. and The Robinson-
Humphrey Company, Inc. offering to pay the sum of One million nine
hundred sixty thousand one hundred eighteen and 25/100 Dollars
($1,960,118.25), together with accrued interest from February 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 1984, inclusive, at the rate of five and one-half
per centum (5½%) per annum on the Bonds maturing in the years 1985 to
2000, inclusive, at the rate of four and one-half per centum (4½%)
per annum on the Bonds maturing in the years 2001 and 2002, being a
net interest cost of $2,170,156.75.
Page 2. RESOLUTION NO. 26-72.
The proposal of John Nuveen & Co., Incorporated and duPont,
Glore Forgan Municipals, Inc. offering to pay the sum of One million
nine hundred sixty thousand and no/100 Dollars ($1,960,000.00), to-
gether with accrued interest from February 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 1983, inclusive, at the rate of five per centum (5.00%) per annum
on the Bonds maturing in the years 1984 to 1988, inclusive, at the
rate of five and one-half per centum (5%%) per annum on the Bonds
maturing in the years 1989 and 1999, 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 $2,170,225.00.
The proposal of Kuhn, Loeb & Co. offering to pay the sum of One
million nine hundred seventy one thousand one hundred twenty four and
20/100 Dollars ($1,971,124.20), together with accrued interest from
February 1, 1972 to the date of delivery thereof, for said Bonds bear-
ing interest at the rate of five per centum (5.00%) per annum on the
Bonds maturing in the years 1974 to 1987, inclusive, at the rate of
five and one-half per centum (5%%) per annum on the Bonds maturing in
the years 1988 to 1994, inclusive, at the rate of five and seven-
tenths per centum (5.70%) per annum on the Bonds maturing in the years
1995 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 $2,216,740.80.
The proposal of CBWL - Hayden, Stone Inc. offering to pay the
sum of One million nine hundred sixty two thousand forty eight and
50/100 Dollars ($1,962,048.50), together with accrued interest from
February 1, 1972 to the date of delivery thereof, for said Bonds bear-
ing interest at the rate of five and six-tenths per centum (5.60%) per
annum on the Bonds maturing in the years 1974 to 1984, inclusive, at
the rate of five and one-quarter per centum (5~%) per annum on the
Bonds maturing in the years 1985 to 1987, inclusive, at the rate of
five and four-tenths per centum (5.40%) per annum on the Bonds matur-
ing in the years 1988 to 1994, inclusive, at the rate of five and six-
tenths per centum (5.60%) per annum on the Bonds maturing in the years
1995 to 2001, inclusive, and at the rate of five and one-quarter per
centum (5¼%) per annum on the Bonds maturing in the year 2002, being
a net interest cost of $2,230,011.50.
The proposal of W. H. Morton & Co. (Division of American Express)
offering to pay the sum of Two million six hundred ninety and 25/100
Dollars ($2,000,690.25), together with accrued interest from February 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 1977, inclusive, at the rate of six and one-half
per centum (6%%) per annum on the Bonds maturing in the years 1978 to
1980, inclusive, at the rate of five and one-half per centum (5%%) per
annum on the Bonds maturing in the years 1981 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 $2,178,784.75.
The proposal of Tecott, Jackson, Wilson White & Co. offering to
pay the sum of One million nine hundred sixty thousand Dollars
($1,960,000.00), together with accrued interest from February 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 1985, inclusive, at the rate of five and four-tenths per
centum (5.40%) per annum on the Bonds maturing in the years 1986 to
1993, inclusive, at the rate of five and six-tenths per centum (5.60%)
per annum on the Bonds maturing in the years 1994 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 $2,207,940.00; and
WHEREAS, the proposal of Merrill Lynch, Pierce, Fenner & Smith Inc.
and W. R. Hough, Associate referred to in the preambles hereof, is the
highest and most advantageous bid for said Bonds and in all other re-
spects complies with said notice of sale;
RESOLUTION NO. 26-72.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
BEACH, FLORIDA:
Section 1. That the proposal of Merrill Lynch, Pierce, Fenner
Inc. and W. R. Hough, Associate referred to in the preambles
and the same is hereby accepted and the following described
the City be and they are hereby awarded and sold to said pur-
referred to in the preambles hereof at the price and in accord-
the proposal of said purchaser:
$2,000,000 - BEACH IMPROVEMENT BONDS,
dated February 1, 1972, in
the denomination of $5,000
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
1974 $ 25,000 5.00%
1975 30,000 5.00%
1976 30,000 5.00%
1977 30,000 5.00%
1978 35,000 5.00%
1979 35,000 5.00%
1980 40,000 5.00%
1981 40,000 5.00%
1982 40,000 5.00%
1983 45,000 5.00%
1984 50,000 5.00%
1985 50,000 5.00%
1986 55,000 5.00%
1987 60,000 5.25%
1988 60,000 5.25%
1989 65,000 5.25%
1990 70,000 5.25%
1991 75,000 5.25%
1992 80,000 5.25%
1993 80,000 5.25%
1994 85,000 5.25%
1995 95,000 5.25%
1996 100,000 5.25%
1997 105,000 5.50%
1998 110,000 5.50%
1999 115,000 5.50%
2000 125,000 5.50%
2001 130,000 5.50%
2002 140,000 5.00%
Section 2. That the proper officers of the City be and they are
authorized and directed to execute said Bonds when prepared and
the same to said purchaser upon payment of the purchase price
accordance with the conditions stated in said notice of sale, without
authority from this Council.
Section 3. That the City Clerk be and she is hereby authorized
directed to return forthwith the good faith checks of all unsuc-
bidders.
Section 4. This resolution shall take effect immediately.
Passed and adopted on this 24th day of May, 1972.
~e~erve~ the
DELR.AY BEACH NEWS-JOURNAL
Published Weekly
Delray Beach, Palm Beach County, Florida
PROOF OF PUBLICATION
STATE OF FLORIDA ~
COUNTY OF PALM BEACH
Before the undersigned authority personally appeared ...~....~...r...~.....L...'.......~...°..0...c~...~..~ .................
who on oath says that he/s]~ is ..h~.l.i.~heX .................................... of The Delray Boach
News-Journal, a weekly newspaper published at Delray Beach in Pahn Beach County, Flor-
ida; that the attached copy of advertisement, being a .~IO.~..C.~....O~.....~..~.~.~. .......................
in the matter of B.eack...Zmpra.v. emeni...i/ands.....-.....~-n..Dbli~.a.t±.oxt~. .......
in the ...................................................................... Court, was published in said newspaper in the
of .............. .....................................................................................................
Affiant further says that the said Delray Beach News-Journal is a newspaper published
at Delray Beach, in said Palm Beach County, Florida, and that the said newspaper has
heretofore been continuously published in said Palm Beach County, Florida, each week and
has been entered as second class mail matter at the post office in Delray Beach, in said
Palm Beach County, Florida, for a period of one year next preceding the first publication
of the attached copy of advertisement; and affiant further says that he has neither paid
nor promised any person, firm or corporation any discount, rebate, commission or refund
for the purpose of securing this advertisement for publica~pn in the.,~id newspaper.
............... ?/. ....... z:~.:~:..~.'..: ......... .x ..................
Sworn to and subscribed before me this ..... day of~ ..... ................ A.;~. 19~-~
~':.;.,[t'l P-~.,~ I'~~ ~j,~'~ o~ ,".~ ..~
Official Notice of Sale
$2,000,000
CITY OF DELRAY REACH
FLORIDI
lleach Improvement Bonds (General 0bligation )
N~OrrlCE I~S HEREBY GI,VEN that the City Council Of Delray Beaeh,
Florida, will receive sealed bids, ~n care of the undersigned City Clerk in the
City Council Chambers, City Hall, 100 N.W. 1st Avenue, Delray Beach, Florida,
until 1'2::,00 o'clock noon, Eastern Dayli~ght Time, .on
MAY 24,~ 1972
at which time and place all bids will be .publicly opened and read for
$2,000,000 City of Delray Beach, Florida, Beach I,mprovement Bonds dated
February 1, 1972. (hereinafter called the "Bonds"), bearing interest at the
rate or rates stated in the succe'ssf~l bid not exceeding seven and one-half
per cent (7% ~) per annum, and matutinal, subject to the right o~f prior redemp-
tion as ,set forth belo;v, on February 1 in the years and amounts as follows:
Year Amount Year Amount Year Amount
1974 ....... $25,000 1984 ........ $50,00,0 1~993 ........ $ 80,000
1975 ...... 30,000 1985 ...... 59,000 1994 ....... 85,000
1976 ........ 30,0,00 1986 ........ 55,000 1995 ....... 95,000
1977 ........ 30,000 1927 ........ 60,00~ 1996. ...... 10,0,000
1978.. ....... 35,000 1988 ....... 60,000 1997 ...... 105,000
1979 ........ 35,'0~00 19S9 ........ 65,000 1998 ........ 110,000
1980 ........ 40~000 1990 ........ 70,000 1999 ........ 115,000
1981 ........ 40,000 1991 ........ 75,0~0 2900 ........ 125,000
1982 ........ 40,000' 1992 ........ 80,000 2001 ........ 130,000~
1983 ........ 45,000 2902 ....... 140,000
T.he Bonds maturing in the years 1983 to 2.00.2, inclusive, shall be call-
able for redemption prior to maturity, at the option of the City, on February
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, ex4pressed as a percentage of the par value thereof, of 3Y[, if re-
deemed on or prior to February 1, 19~8~9; 2~ :if redeemed thereafter .on or
prior to Febr,uary 1, 1995; and ly~/ 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,
Fl.orida, ~payable from ad valorem taxes levied against all property taxable
/or such purposes in the City, without limitation a's to rate or amount, and
the f~fll faith ,and credit of the City will be pledged to the payment of prin-
cipal and interest.
Each bidder may specify not more than three different interest rates ex,
pressed in multi,pies .of one-ei,ghth (%) or one-twentieth (1/20)of one per
eentum (1J) 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 (1%%) between the highest and lowest rates 04' 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 in-
stallment 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 and the comparison of bids to determine .such lowest ne.t 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, 1972, to .the various s .tared:
maturities thereof 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 per centum (98~) of the par value of the Bonds offered for sale
plus accrued interest will be considered.
In .order to be considered, each bid must be unconditional and 'mu;st be
submitted on the form ~.urnished by the City and must be accompanied by a
certified, bank cashier's o,r bank treasurer's check for $40,000 drawn upon an
incorporated bank or trust company, payable to the .order of the City Of Del-
ray Beach, Florida. T,he amo~unt of said check of the successful bidder will be
applied on the purchase ,price..All other checks will be returned ira,mediately
upon the ,award of the Bonds. No interest will be allowed upon the good
faith de.posit of the success£ul bidder.
The Bonds have been validated by judgment of the Circuit Court of the
FifteenVh 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 o,pinion as to the legality
of the Bonds will be delivered to the purchasers without charge together with
a no-litigation certificate in the customary form dated as of the date of t~he
delivery .of the Bonds.
The Bonds .will be delivered to the s,uccessful bidder, a,t the expense of
the City, in the City of New York, Ne;v York. It is expected that delivery ;till
be made on or about June 20, 1972, or within thirty days from the date of
sale. However, if the Bonds are not delivered within sixty days .o~ the date of
.~ale without fault upop the part of the successful bidder, the successful bid-
der ,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.
Cify end County of New York, s.s.:-
SHEILA MCG~LL, being duly sworn, says that
she is the Advertising Clerk of THE BOND BU~2~, a
daily and weekly newspaper printed and published at
, ~i??~-~ 77 Water ,Street in the City of New York, County
of New York, State of New York; and the notice, of
which the annexed is a printed copy, was regularly
published in said THE DAILY BOND BUYER on
MAY 3 0 1972
T~he City reserves the right ~o reject any and al/bids and any bid not com-
plying with the provisions hereof will be rejected.
Additional information may be obtained .from ~he undersigned.
CITY OF DELRAY BEACH, FLORIDA ~ .-.¥.~.~...~. C~, ,~'~_~. ,..hg..~...~. -~-~f~.'PP
HALLIE E. YATES, Advertising Clerk
City Clerk.
Dated: May 10, 1972
ed and sworn to be/ore me this
........ ].. e ....... day o/ .... ~./~ .~.~ ...... 197 3~
ANN T. PERRONE
Notary Public, State of New York
No. 24---8331675
Qualified in Kings County
Commission expires March 30, 19'74