Res 52-65 RESOLUTION NO. 52-65
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH, FLORIDA, AWARDING $2,000,000
WATER AND SEWER REVENUE BONDS, SERIES 1965 OF
THE CITY OF DELRAY BEACH, FLORIDA
WHEREAS, pursuant to notice heretofore duly published for
the sale of $2,000,000 Water and Sewer Revenue Bonds, Series 1965
of the City of Delray Beach, Florida, dated June 1, 1965, the fol-
lowing sealed proposals have been received:
The proposal of JOHN NUVEEN & COMPANY (INC.) AND ASSOCI-
ATES, offering to pay the sum of One million nine hundred eighty-
one thousand seven hundred seventy and no/100 Dollars ($1,981,770.00),
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 three and 75/100 per centum (3.75 %) per annum on the Bonds ma-
turing in the years 1967 to 1984, inclusive, at the rate of three
and 90/100 per centum (3.90 %) per annum on the Bonds maturing in
the years 1985 to 1990, inclusive and at the rate of four and no/
100 per centum (4.00 %) per annum on the Bonds maturing in the
years 1991 to 1998, inclusive, being a net interest cost of
$1,921,482.50.
The proposal of KUHN, LOEB & COMPANY AND B. J. VAN INGEN
& COMPANY, INC., offering to pay the sum of One million nine hundred
eighty-one thousand three hundred twenty-six and no/100 Dollars
($1,981,326.00), 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 three and 90/100 per centum (3.90 %) per
annum on the Bonds maturing in the years 1967 to 1992, inclusive,
at the rate of four and no/100 per centum (4.00 %) per annum on
the Bonds maturing in the years 1993 to 1998, inclusive, being a
net interest cost of $1,925,024.00.
The proposal of WHITE, WELD & COMPANY AND SOLOMON BROTHERS
& HUTZLER, offering to pay the sum of One million nine hundred
eighty thousand five hundred thirty-two and no/100 Dollars
($1,980,532.00), 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 four and 75/100 per centum (4.75 %) per
annum on the Bonds maturing in the years 1967 to 1971, inclusive,
at the rate of three and 90/100 per centum (3.90 %) per annum on
the Bonds maturing in the years 1972 to 1989, inclusive and at the
rate of four and no/100 per centum (4.00 %) per annum on the Bonds
maturing in the years 1990 to 1998, inclusive, being a net interest
cost of $1,937,328.00.
The proposal of PHELPS~ FENN & COMPANY AND ASSOCIATES,
offering to pay the sum of One million nine hundred eighty thousand
and no/100 Dollars ($1,980,000.00), 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 five and no/100 per cen-
tum (5.00 %) per annum on the Bonds maturing in the years 1967 to
1973, inclusive, at the rate of three and 90/100 per centum (3.90 %)
per annum on the Bonds maturing in the years 1974 to 1986, inclusive,
and at the rate of four and no/100 per centum (4.00 %) per annum on
the Bonds maturing in the years 1987 to 1998, inclusive, being a net
interest cost of $1,947,295.00.
The proposal of GOODBODY & COMPANY AND ASSOCIATES, offer-
ing to pay the sum of One million nine hundred eighty thousand sixty-
six and 40/100 Dollars ($1,980,066.40), 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 four and no/100 per centum
(4.00 %) per annum on the Bonds maturing in the years 1967 to 1994,
inclusive, at the rate of four and 10/100 per centum (4.10 %) per
annum on the Bonds maturing in the years 1995 to 1998, inclusive,
being a net interest cost of $1,969,974.60.
The proposal of KIDDER, PEABODY & COMPANY, INC. AND AS-
SOCIATES, offering to pay the sum of One million nine hundred
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eighty-one thousand eight hundred and no/100 Dollars ($1,981,800.00),
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 three and 90/100 per centum (3.90 %) per annum on the Bonds
maturing in the years 1967 to 1984, inclusive, at the rate of four
and no/100 per centum (4.00 %) per annum on the Bonds maturing in
the years 1985 to 1990, inclusive and at the rate of four and 10/100
per centum (4.10 %) per annum on the Bonds maturing in the years
1991 to 1998, inclusive, being a net interest cost of $1,973,110.00.
WHEREAS, the proposal of JOHN NUVEEN & COMPANY (INC.) AND
ASSOCIATES, 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 JOHN NUVEEN & COMPANY
(INC.) AND ASSOCIATES, referred to in the preambles hereof, be
and the same is hereby accepted, and the following described Water
and Sewer Revenue Bonds, Series 1965 of the City of Delray Beach,
Florida, be and they are hereby awarded and sold to the said pur-
chaser, referred to in the pre~m%bles hereof:
$2,000,000 - WATER AND SEWER REVENUE BONDS, SERIES
1965, dated June 1, 1965, numbered 1
to 400, inclusive, in the denomination
of $5,000 each, bearing interest and
maturing on June 1 in the years and
amounts as follows:
Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1967 $10,000 3.75 % 1976 $35,000 3.75 %
1968 10,000 3.75 % 1977 35,000 3.75 %
1969 10,000 3.75 % 1978 35,000 3.75 %
1970 10,000 3.75 % 1979 40,000 3.75 %
1971 30,000 3.75 % 1980 40,000 3.75 %
1972 30,000 3.75 % 1981 40,000 3.75 %
1973 30,000 3.75 % 1982 45,000 3.75 %
1974 30,000 3.75 % 1983 45,000 3.75 %
1975 30,000 3.75 % 1984 50,000 3.75 %
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Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1985 $50,000 3.90 % 1992 $140,000 4.00 %
1986 50,000 3.90 % 1993 70,000 4.00 %
1987 50,000 3.90 % 1994 75,000 4.00 %
1988 55,000 3.90 % 1995 75,000 4.00 %
1989 55,000 3.90 % 1996 80,000 4.00 %
1990 60,000 3.90 % 1997 270,000 4.00 %
1991 135,000 4.00 % 1998 280,000 4.00 %
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 same to said purchaser upon payment of the
purchase price pursuant to the conditions stated in the notice of
sale, without further authority from this Council.
Section 3. That the Clerk of the City of Delray Beach,
Florida, be and he is hereby authorized and directed to return
forthwith the good faith checks of all unsuccessful bidders.
Section 4. This resolution shall take effect immediately.
ADOPTED this 30th day of November, 1965.
Vice Mayor
ATTEST:
City
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