Res 53-70 Delray Beach, Florida
September 1, 1970
The city Council of the City of Delray Beach, Palm
Beach County, Florida, met in special session at the regular
meeting place of the City Council in the City Council Chambers
in the City Hall in the City of Delray Beach at 12:00 o'clock
noon on September 1, 1970, with Jack L. Saunders, Mayor,
presiding, and the following members present:
Grace S. Martin
James H. Scheifley
O. F. Youngblood
Absent: John L. Pitts, III
There were also present Hallie E. Yates, City Clerk,
G. Robert Fellows, City Attorney, and J. Eldon Mariott, City
Manager.
The Mayor stated that one of the purposes of the
meeting was to open sealed bids received for the purchase of
$570,000 Utilities Tax Revenue Certificates, Series 1967, of the
city of Delray Beach.
The City Clerk presented a publisher's affidavit
evidencing proper publication of the notice of sale of said
certificates, said affidavit indicating that the notice of sale
had been published in the Daily Bond Buyer, a financial news-
paper published in the City of New York, New York, on August 18,
1970. The affidavit was ordered filed with the minutes of said
meeting.
The City Clerk then presented the sealed bids for the
purchase of said certificates which had been received, which
bids were opened and found to be as follows:
Name of Bidder Interest Rate Price
Merrill Lynch, Pierce,
Fenner & Smith, Inc. 6.7801% $558,600.00
Hensberry & Co. 7.219~/o $558,822.30
After due deliberation, it was determined that the bid
of Merrill Lynch, Pierce, Fenner & Smith, Inc., of Delray Beach,
Florida, and associates, was the highest and best bid submitted
for the purchase of said certificates, whereupon, a resolution
entitled "A Resolution confirming the sale of $570,000 Utilities
Tax Revenue Certificates, Series 1967, of the City of Delray
Beach, and fixing the rates of interest to be borne by said
certificates" was introduced in written form by the City Attorney,
and was read and discussed. After due deliberation, pursuant to
motion made by Mr. Youngblood and seconded by Mrs. Martin, the
resolution was adopted by the following vote:
AYE: Mrs. Martin
Mr. Scheifley
Mr. Younqblood
Mayor Saunders
NAY: None.
The resolution was thereupon signed by the Mayor, was
attested by the City Clerk, and was approved as to form, language
and execution by the city Attorney. The resolution is as follows:
RESOLUTION NO. 53-70.
A RESOLUTION CONFIRMING THE SALE OF
$570,000 UTILITIES TAX REVENUE CERTIFI-
CATES, SERIES 1967, OF THE CITY OF DELRAY
BEAC~t AND FIXING THE RATES OF INTEREST TO
BE BORNE BY SAID CERTIFICATES.
-2-
OFFICIAL BID FORM
$57O,OOO
CITY OF DELRAY BEACH, FLORIDA
UTILITIES TAX REVENUE CERTIFICATES, SERIES 1967
September 1, 1970
The City Council
of the City of Delray Beach
Florida
For the $570,000 City of Delray Beach, Florida, Utilities Tax Revenue Certificates, Series 1967, dated December
1, 1967, and for all but not less than all of said certificates, to bear interest at the_rates per annum as follows:
i N?gn EgT INTER E~T ! N'r £Pr EaT
1971 $10,000 ~._~.q_55 1979 $15,000 '("~/--~?~/~(---55 1985 $20,000 /~]~/ 55
1972 10,000 g'~/~. % 1980 15,000 b__~__% 1986 20,000 b3/~ 9'0
1973 10,000 b'~/,t % 1981 15,00o ~,'/~ 55 1987 2o,0oo 6 3/q 55
1974 10,000 ia :5/q % 1982 15,000 ~, '/'/ 55 1988 20,000 /c, t/q. 55
1975 10,000 G*/Y 55 1983 15,000 b'...~.~. 95 1989 20,000 b:~/'-/ %
1976 10,000 (o ~/~ 55 1984 15,000 j{o ~/,~ % 1990 95,000 b,c~o.. %
1977 15,000 b3/Y % 1991 95,000 {:,cio 55
1978 15,000 {' ~,]q 95 1992 100,000 ~' ~]~ 55
($ ~ g~ ! b Lwo ~ ) and accrued interest from June 1, 1970, to the date of delivery thereof.
In accordance with the terms of the Notice of Sale attached hereto and made a part hereof, we enclose certified,
bank cashier's or bank treasurer's check for $11,400 payable to the order of the City of Delray Beach, Florida.
The amount of said che~k is to be applied on the purchase price of said certificates or if this bid is accepted but
not performed, is to be retained by the City as full and liquidated damages. If this bid is accepted but ff the
City fails to perform in accordance with the provisions of the Notice of Sale, the amount of said check is to be
returned to ua forthwith. If this bid is not accepted, the amount of said check is to be returned to us immedi-
ately upon the award of said certificates.
Very truly yours,
k.'t ....
Net Interea Cost $ ~
Average Interest Cost Rate...
~e above computation is submitted for information only and is not a pa~ of this bid form.)
No addition or alteration is to be made to t~s bid and it shall ~ a~ch~ to ~e Noti~ of Sale.
WHEREAS in the opinion of the City Council, it is
the best interests of said city that such bid be accepted
sale of such certificates to said Merrill Lynch, Pierce,
Fenner & Smith, Inc. of Delray Beach ~ Florida
associates, be ratified and confirmed.
NOW, ~EREFORE: Be It Resolved by the City
Council of the City of Delray Beach, Palm Beach County, Florida,
follows:
Section 1. That the bid of Merrill Lynch,. pierce,~
Fenner & Smith, Inc. of Delray Beach , Florida
associates, for the purchase of $570,000 Utilities Tax
Revenue Certificates, Series 1967, of the City of Delray Beach,
Florida, set out in full in the preamble hereto, be and the
same is hereby accepted.
Section 2. That said certificates shall be
those bearing the following numbers and shall bear interest at
following rates, none of which exceeds seven and one-half
cent per annum:
CERTIFICATE NUMBERS AMOUNT YEAR INTEREST RATE
7 and 8 $10,000 1971 6.75 %
9 and 10 10,000 1972 6.75 %
11 and 12 10,000 1973 6.75 %
13 and 14 10,000 1974 6.75 %
15 and 16 lO,O00 1975 6.75 %
17 and 18 10,O00 1976 6.75 %
19 to 21 15,000 1977 6.75 %
22 to 24 15,000 1978 6.75 %
25 to 27 15,000 1979 6.75 %
28 to 30 15,000 1980 6.25 %
31 to 33 15,000 1981 6.25 %
34 to 36 15,000 1982 6.25 %
37 to 39 15,000 1983 6.25 %
40 to 42 15,000 1984 6.75 %
43 to 46 20,000 19~5 6.75 %
47 to 50 20,000 1986 6.75 %
51 to 54 20,000 1987 6.75 %
55 to 2o,ooo 1988 6.75 %
59 to62 20,000 1989 6.75 %
63 to 81 95,000 1990 6.90 %
82 to 100 95,000 1991 6.90 %
101 to 120 100,000 1992 6.25 %
--5-- ·
Section 3. That said $570,000 certificates shall
be delivered to said purchasers as soon as may be after the adoption
of this resolution, pursuant to due payment therefor in accordance
with the terms of sale. The City Treasurer shall receive and
receipt for the proceeds of the sale of said certificates and
shall immediately apply a sufficient portion of said proceeds
to the retirement of the notes mentioned in the preamble hereto.
Adopted and approved September 1, 1970.
~/Mayor
Attest:
City clerk ,
Approved as to form, language and execution this
first day of September, 1970.
City AttordeY
After the transaction of other business, pursuant
to motion duly made and carried, the City Council adjourned.
Attest:
city Cle
--.6--
(uontinued from preceding page)
Amoun* ~Unsold Bala:
Moody's Original Aug. 13, Week
Date of ~Rating Offering p.m. Ago
triginal Offering Scale (~)--Selected Years Offering 'N ~ (,000 omitteS)
1 5 10 15 20 25 30 1969-70 Issuer ~'~'~ ;:"~ ~ $' , $ $
4.f~O 5.40 5.625 ... 7124 Richmoxut Sanitary Dist., Ind. (La Salle Nat~i~k).~.~. :~?: ' 1,075 170 265
[J46 5.0(, 5.60 6.00 6:1'5' 625g 7/23 Ohio (Goldman, Sachs) ................. ..'..~;.~.:... ~?~':25,000 8,300 10,510
4.90 5.40 5.80 6.25 ..... 7/23 Lehigh Co., Pa. (Nuveen) . ,~. ..~':.~.,~;~-~ .... A~'~' 6,000 480 1,550
5.60 6.10 6.~0 ........ i 7123 North Suburban Hospital Di~~~ &
Moody) .................. -:~:~'~4.~:~: ...... Baa 2,500 2i65 565
5.50 6.00 6.50 6.80 7.00 .. 7/23 Danville. Ill. (Sewerage Re¥;)'g[~) ............. A 1,175 155 210
5.19 5.60 ..... ~ 7~22 Mihvaukee Union High Sch, Di~'.l~[qb'f~Ore. (Blyth) A 1,882 ~ '23g:.'~. ~97
...... (;.55 6'.~b "' .. 7/22 Okaloosa Co. Sch. Board, Fla,'(lif~le License ):~:
.... Tax Rev.) (Goodbody & Co.)'.~.~[~:.~.~ .......... . A 1,135 195 ~'290
5.00 5.55 6.10 6.20 g 7/21 Oklahoma C~ty, Okla, ,(Salomon ~.) . .............. A 1.9,189 All Sold
5.20 5.70 6~20 6.60 6.80 '~' 7/21 North Miami, Fla, (Goad~ & Co.) ................ A 12,060
~.66 5.15 5.70 5.89 ......... 7/21 Centre Co.. Pa. (Drexel lt~riman Ripley) ......... ;. A 2,770
5.00 ......... 7/21 Santa Fe Municipal Sell, Dist., N. Mex. (First Nat 1, ~ '.
...... Dallas) ............ i.. ~ ..................... A 1,800 ~~10
5.00 5.60 6.10 6.80 . .. 7/21 San Buenaventura, Calif. (Water Rev,~(M~/rrill Lynch) Baa 1,330
... 6.70 ~.~ 7.40 ... "i 7/20 Redondo Beach Parking Auth,~C~alif.?(Rev.) (Nuveen) .. 11,880
5.00 5.80 6.30 6.70 7.00 ... " 7~20 Simpson Co., Miss. (First l~,,a~!~MemPhis) ........... 2,150 ~{~' 490
5.60 6.20 "' 7/20 Anoka, Minn. (American Nat l,'~}~Paul) ............. Baa 1,1)50 '~ff' 430
5.8O 6.50 ~.0O ~.30 7'.4~ 7'.~b 7/17 Chelan Co. Public Hospital Dist. No. 2, Wash, (Nat'l
Bank of Commerce) ............................. Baa · 1,000 All Sold 55
6.00 6.50 7.40 ... 7/14 Hawaii (Airports System Rev.) (Smith, Barney) ... NR 2~,000 Ail Sold 3,665
~.8~ 5.~0 6.10 6..50 6.~0' . ..... 7/14 Hillsborough Tp. S~h. Dist., N. J. (Phelps, Fenn) ... Baa 3,664 110 355
~.'59 5.10 5.65 5.7,5 7/14, Upper Merion Tp., Pa. (Philadelphia Nat'l Bank) .. A-1 1,200 All Sold 5
i.20 5.75 6.2'5 7.~)':? ~.~0 '{.'4~ ~.~) 7/13 Willoughby, Ohio (McDonald & Co.) .............. Baa 1,775 50 50
5.60 6.10 6.70 7.00 ...... 7/13 Plainview Ind. Sch. Dist. No. 810, Minn. (Piper,
Jaffray) ........................................ 1,375 All Sold
[.7~5 5.49 6.09 6.60 6.70 ..... 7110 Warren Tp., N. Jo (First Nat'l State Bank, N. J.) .... Baa 1,6.2'5 40 65
.. 6.50 . . '. 6/ 2 Idaho (Chester Harris) ............................ 1,500 600 600
.50 6.1~ 6.~5 7.20 7.30 ... '..; 5/13 Mount Laurel Tp. Sch. Dist., N. J. (J. B. Hanauer) .... 't}a 1,673 All,Sold 15
98.00 98.00 98.00 ......... 12/31 Minot Public Sch. Dist. No. 1, N. D. (l~k. of North
Dakota) ........................................... 3,761 1,570 1,570
ff../r.. Last Week82 Prior70Week Month7.5 Ago
Number
of
Open
Accounts
Balance of Unsold Accounts ....................... .................. $,184,355 $125,757 $127,732
Total Sales fro,m A!l Accounts ....... t .... ~_' ......... $227,730 $35.7_,.334 $186,661
Deh'ay Beach, Florida. The .amotmt of said check of .the st~ccessful
will be applied on the purchase price. All other checks will be return
['TY 0F DELR REACHmediately upml ~h.e award of ,the .Certifi~cates. No interest wi,ll be a
upon the go~d faiVh deposit of ~le ,s:uccess.ful bidder. Fuel payment
batance of ~he pureh~se price must be made by .the successful bid
e~a, · Federal funds at the time of delivery.
The Certificates have been v, alidated by decree of ,the Circuit Co
Utilities Revenue Certificates, 1%7 ¢:~ Fifteenth Judicia'l Circui't .of the State of Florida, in and for Palm
Cmmty. The legality of th.e C~tificates wi41 be approved by ~essrs.
~ICE"~S HEREBY GIVEN ~that 'the City ,Coune~ of ~he City ,of Delray and Gu.tier, Chi.cago, I.l,linois, whose .~p~n~on as W the leg'ali'ty of the
~, Flori~, will receive seal.ed bi&s, in ;c,are ;of t~ ~nd.e~i~ed Gl, fy Olerk c~tes will be delivered &o .t~he purchasers ,without .charg'e to~e,t.her v
~ City ~cil Chambers, C~,t~y Ha~14, 100 N.W. 1st Avemm~, ~lray B~ch, ao-liti~atie~n certifica*e in the ~c,us(omary form da~ed as of .the date
~, unt~i 1~00 o'clock noon, Eastern DayligBt Saving Time, on delivery of Vhe Certificates.
.~ ;~,]~'E P T E M B E R 1, 1 9 7 0 . The Certificates will be delivered to t~e su~essful bktder, ,at ,the .e>
..~ '. of the C~ty, i.n ~t~h'e C~ty ,of New York, New York. It is expe.~ed ,that de
~[ch time-.~l.ace .~1.1 bids will be publicly otp~ed .~ ~ for $570,000 will be made on ,ar about October ~, 1970, ,or wi, thin thi~y days rrm
:~? ~D,elray ~h, Plorfda, U~tilities 'Tax Revenue ~i~ates, Series 1967, da~e of s,~le. However, if the Certificates are not delivered wi~hiu sixt>
December 1, 1967, (h:ereinaf[~ ca,lled ;the "Cerfi. fi~tes"), bearing inter- of the date of ,sale wit:hoof ga~l~ upon ,the pm~t of the .successful bidde
~ .the ra~e or rates ~s~ated in ~e .su.e.eessf~l b[~ not e~eeeding' seven and suece.ss6ul bidder may wit~dra.w hfs bfd and receive the regurn of his
~alf per c,e~ (7~J) per annum, and maturing, ,s.ubjeeg tt.o ~the ri.g'ht of gai.~h deposit, or .may ,accept delivery for an additional .thirsty days Zh.er
re,em.pti,on as seg fort,h below, on June 1 5n ~he years and amounts at his option.
tl'ows:
The City reserves .~he right ;to rej.ee~ any and all bids a, nd any b
%:ir Amoun~ Yea? Amount Year Amount
complying ,with the provisions hereof w~ll be reject.ed.
[>'7:t ..... 810,000 1~7~ ....... ~15,000 1985. ~ ~... $ 20,000
07>2 ..... 10,000 1980 ...... 15,000 1986 ...... 20,000 Addftio;nal i~forma~io,n may be ,obtained from the undersigned.
:~Ts ...... ~0,000 ~ss~ ...... ~5,000 ~087. ..... 20,000 CITY OF DELRAY BEACH, FLORIDA,
[>74 ...... ~0,0o0 ~os~ ...... ~,000 ~088 ...... ao,ooo
:~75 ...... ~o,o0o ~,s83 ...... ~5,000 1~89. ..... 28,,qoo HALLIE E. YATES,
'~7(; ......10,000 1984 ...... 15,000 lSS0 ...... SS,0~ City Clerk
)77 ..... 15,000 1~1 ...... 95,00.0 Dated: August 18, 1970
~73 .... 15,000 19~2 ...... 100,000
-. City ond COunty of New York, s.s.:.
HENRIETTA RIVERS, being duly sworn, says that
she is the Advertising Clerk of THE BOND BUYI~, a
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
- which the annexed is a printed copy, was regularly
.... published in said TH~ DAVY BOND Bb'Y~ on
of ,~v~ ~ 3 1970
HELEN C. DAVIS
Notary Public, State of New York
No. 24--5937140
Qualified in Kings County
Commission expires March 30, 1972