Res 30-72 RESOLUTION NO. 30-72.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH AWARDING $280,000.00 CIGARETTE
TAX BONDS, SERIES 1972, OF THE CITY OF DELRAY
BEACH, FLORIDA.
WHEREAS, the City Council did on June 8, 1972, at a
Special Meeting called by the Mayor pursuant to Section 20 of the
City Charter, pass Resolution No. 28-72 authorizing the acquisition
of water and sewer facilities from Ecological Utilities, Inc., as
an addition to the water and sewer system of the City of Delray
Beach, Florida; authorizing the issuance of $280,000.00 Cigarette
Tax Bonds, Series 1972, to finance the cost thereof; and providing
for the rights of the holders of said bonds; and,
WHEREAS, offers of purchase have been received from the
First National Bank of Delray Beach and the Delray Beach National
Bank wherein each bank desires to purchase One Hundred Forty
Thousand Dollars ($140,000.00) of the Two Hundred Eighty Thousand
Dollars ($280,000.00) Bond issue offering to pay the sum of One
Hundred Forty Thousand Dollars ($140,000.00), together with
accrued interest from June 15, 1972, to the date of delivery
thereof for said bonds, bearing interest at the rate of four per
centum (4%) per annum on the bonds maturing in the years 1973
through 1976; and,
WHEREAS, the City Council of the City of Delray Beach
deems it to be in the best interests of the City to accept the
banks' proposals;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Delray Beach, Florida, as follows:
Section 1. That the proposals of the First National
Bank of Delray Beach and the Delray Beach National Bank referred
to in the preambles hereof be, and the same are, hereby accepted
and the following described bonds of the City be and they are
hereby awarded and sold to said purchasers at the price and in
accordance with the proposal of said purchasers.
(a) To the First National Bank of Delray Beach:
$140,000.00 - Cigarette Tax Bonds, Series 1972,
dated June 15, 1972, in the denominations of
$35,000.00 each, bearing interest at the rates
per annum (payable June 15th of each year) and
maturing on June 15th in the years and amounts
as follows:
Year Amount Rate
1973 $35,000.00 4%
1974 $35,000.00 4%
1975 $35,000.00 4%
1976 $35,000.00 4%
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Resolution No. 30-72. Page 2.
(b) To the Delray Beach National Bank:
$140,000.00 - Cigarette Tax Bonds, Series 1972,
dated June 15, 1972, in the denominations of
$35,000.00 each, bearing interest at the rates
per annum (payable June 15th of each year) and
maturing on June 15th in the years and amounts
as follows:
Year Amount Rate
1973 $35,000.00 4%
1974 $35,000.00 4%
1975 $35,000.00 4%
1976 $35,000.00 4%
Section 2. That the proper officers of the City be
and they are hereby authorized and directed to execute said Bonds
when prepared and to deliver the same to said purchasers upon
payment of the purchase price in accordance with the conditions
stated in said Resolution No. 28-72, without further authority
from this Council.
Section 3. This Resolution shall take effect
immediate ly.
PASSED AND ADOPTED by the City Council of Delray Beach
on this the 26th day of June, 1972.
MAYO R U ~
ATTEST:
])E LRAY B EACH I O 'AL
DELRAY E~EACH, F'LORIDA
June 8, 1972
City of Delray Beach
P. O. Box 2469
Delray Beach, Florida 33444
Gentlemen:
Please be advised that Delray Beach National Bank
will purchase Cigarette Tax Bonds, Series 1972, dated
June 15, 1972, in denominati6ns of $35,000.00, bearing
interest at 4% per annum.
It is Understood that the maturities of these bonds
will be as follows:
June 15, 1973
June 15, 1974
June 15, 1975
June 15, 1976
The Delray Beach National Bank will be able to
disburse $140,000.00 for payment of these bonds as soon
as the necessary papers are executed by the City and have
approval from our legal firm of MacMillan, Newett, Adams
and Strawn.
Yours very t'r ~uly,. '
jmd:c John M. Duane,
COi4PLETE TRUST SERVICES
J~e 9, 1972
J. MORGAN MIKCLL
City of Delray Beach
Delray Beach, Florida 33444
ATTENTION: Tom Weber
Gen~emen:
Our bank proposes to purchase from the City of Delray Beach $140,000 p.v.
Cigarette Tax Bonds, Series 1972, dated June 15, 1972, when issued, bear-
ing 4% interest from June 15, 1972. The bonds are to mature as follows:
YEAR AMOUNT RATE
1973 $35,000 4%
1974 35,000 4%
1975 35,000. 4%
1976 35,000 4%
The purchase is subject to the approving opinion from Attorney John Trimble
and that the bonds are a valid obligation of the City of Delray Beach, and
that the Cigarette Tax is pledged for payment thereof.
/J. Morgan'~kell
Executive Vice President