Res 52-70 RESOLUTION NO. 52-70.
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA, AWARDING
$4,150,000 GENERAL OBLIGATION BONDS.
WHEREAS, pursuant to notice heretofore duly published for
the sale of $4,150,000 General Obligation Bonds, dated February 1,
1970, being $1,450,000 Storm Drainage Bonds, $2,260,000 Water
Treatment Plant Bonds and $440,000 Firehouses and Equipment Bonds,
as a combined issue, the following sealed proposals have been
received:
The proposal of A. G. Bed{er & Co. Inc., offering to pay the
sum of Four million sixty seven thousand three hundred eight and
65/100 Dollars ($4,067,308.65) together with accrued interest from
the date of said Bonds to the date of delivery thereof, for said
Bonds bearing interest at the rate of seven per centum (7.00%) per
annum on the Bonds maturing in the years 1973 to 1977, inclusive,
at the rate of six per centum ($.00%) per annum on the Bonds ma-
turing in the year 1978, at the rate of seven per centum (7.0~)
per annum on the Bonds maturing in the year 1979, at the rate of
six and three-fourths per centum (6.75%) per annum on the Bonds
maturing in the years 1980 to 1988, inclusive, at the rate of
seven per centum (7°00%) per annum on the Bonds maturing in the
years 1989 to 1992, inclusive, and at the rate of six per centum
(6.0~) per annum on the Bonds maturing in the years 1993 and 1994,
inclusive, being a net interest cost of $4,758,066.35.
The proposal of Merrill Lynch, Pierce, Fenner & Smith, Inc.,
offering to pay the sum of Four million sixty seven thousand Dol-
lars ($4,067,000.00), together with accrued interest from the date
of said Bonds to the date of delivery thereof, for said Bonds bear-
ing interest at the rate of six and three-fourths per centum (6.75%)
per annum on the Bonds maturing in the years 1973 to 1980, inclu-
sive, at the rate of six and one-half per centum (6.50%) per annum
Page 2. RESOLUTION NO. 52-70.
on the Bonds maturing in the year 1981, at the rate of six and
three-fourths per centum (6.75%) per annum on the Bonds maturing
in the years 1982 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 1988, inclusive, at the rate of six and three-fourths
per centum (~.75%) per annum on the Bonds maturin~ in the years
1989 to 1993, inclusive, and at the rate of five and one-half per
centum (5.50%) per annum on the Bonds maturing in the year 1994,
being a net interest cost of $4,~69,293.75.
The proposal of Kuhn, Loeb & Co., offering to pay the sum of
Four million one hundred twenty thousand three hundred sixty nine
Dollars ($4,120,369.00), together with accrued interest from the
date of said Bonds 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 1Q73 to 1987, inclu-
sive, at the rate of six and nine-tenths per centum (6.9~) per
annum on the Bonds maturing in the years 1988 to 1990, inclusive,
and at the rate of seven per centum (7.00%) per annum on the Bonds
maturing in the years 1991 to 1994, inclusive, being a net interest
cost of $4,824,113.50.
WHEREAS, the proposal of Merrill Lynch, Pierce, Fenner & Smith,
Inc., referred to in the preambles hereof, is the highest and most
advantageous of said bids, and in all other respects complies with
said Notice of Sale;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA:
Section 1. That the proposal of ~rrill Lynch, Pierce, Fenner
& Smith, Inc. referred to in the preambles hereof, be and the same
is hereby accepted and the following described Bonds of the City of
Delray Beach, Plorida, be and they are hereby awarded and sold as a
3. RESOLUTION NO. 52-70.
combined issue to the said purchaser referred to in the preambles
hereof,
$4,150,000 General Obligation Bonds, consisting
of $1,450,000 Storm Drainage Bonds,
$2,260,000 Water Treatment Plant Bonds
and $440,000 Firehouses and Equipment
Bonds, dated February 1, 1970, in the
denomination of $5,000 each, bearing
interest (payable semi-annually on
February 1 and August 1), and maturing
in the aggregate on April 1 in the years
and amounts as follows:
Interest
Year Amount Rate
1973 $ 25,000 6.7'5 %
1974 25,000 6.75 %
1975 25,000 6.75 %
1976 25,000 6.75 %
1977 50,000 6.75 %
1978 75,000 6.75 %
1979 100,000 6.75 %
1980 145,000 6.75 %
1981 160,000 6.50 %
1982 170,000 6.75 %
1983 180,000 6.75 %
1984 195,000 6.75 %
1985 210,000 6.50 %
1986 225,000 6.50 %
1987 245,000 6.50 %
1988 260,000 6.50 %
1989 280,000 6.75 %
1990 300,000 6.75 %
1991 325,000 6.75 %
1992 350,000 6.75 %
1993 375,000 6.75 %
1994 405,000 5.50 %
Section 2. That the proper officers of the City, be, and they
hereby authorized and directed to execute said Bonds when pre-
and to deliver same to said purchaser upon payment of the
purchase price pursuant to the conditions stated in the notice of
without further authority from this Council.
Section 3. That the City Clerk, be and she is hereby author-
and directed to return forthwith the good faith checks of all
unsuccessful bidders.
Page 4. RESOLUTION NO. 52-70.
Section 4. This resolution shall take effect immediately.
Passed and adopted on this first day of September, 1970.
ATTEST:
City Clerk
. Cify ond Counfy of New York, s.s.:.
HENRIETTA RIVERS, being duly sworn, says that
she is the Advertising Clerk of TH~. BOND BUY~, s
daily 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
CoDy which the annexed is a printed copy, was regularly
published in said TH~ DA~L¥ BOND Bb'Y~ on
of Au~ ~8 ~970
Advertisement . ~ i .... -?.~.~. >. ~.~ /~{.~.~{ ~ "~'
Ad~)ertising Clerk
Subsvribed and sworn to before me tkiz
............. I.~ .... ~ 0~ ...... .. ,,o
HELEN C. DAVIS
Notary P~btlc? State of New York
No. 24--5937140
Qualified i~ Kings County
Commission expires March 30, 1972