Res 53-65 RESOLUTION NO. 53-65.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, AWARDING $1,200,000
CIGARETTE TAX BONDS OF THE CITY OF DELRAY BEACH,
FLORIDA.
WHEREAS, pursuant to notice heretofore duly published for
the sale of $1,200,000 Cigarette Tax Bonds of the City of Delray
Beach, Florida, dated September 1, 1965, the following sealed pro-
posals have been received:
The proposal of KUHN, LOEB & COMPANY AND B. J. VAN INGEN
& COMPANY, INC., offering to pay the sum of One million one hundred
eighty-eight thousand one hundred sixteen and 40/100 Dollars
($1,188,116.40), 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 10/100 per centum (4.10 %) per
annum on the Bonds maturing in the years 1969 to 1982, inclusive,
at the rate of four and no/100 per centum (4.00 %) per annum on
the Bonds maturing in the years 1983 to 1988, inclusive, and at
the rate of four and 10/100 per centum (4.10 %) per annum on the
Bonds maturing in the years 1989 to 1995, inclusive, being a net
interest cost of $963,153.60.
The proposal of JOHN NUVEEN & COMPANY (INC.) AND AS-
SOCIATES, offering to pay the sum of One million one hundred
eighty-eight thousand one hundred fifteen and no/100 Dollars
($1,188,115.00), together with accrued interest from the date of
said Bonds to the date to delivery thereof for said Bonds bearing
interest at the rate of four and 25/100 per centum (4.25 %) per
annum on the Bonds maturing in the years 1969 to 1971, inclusive,
at the rate of four and 10/100 per centum (4.10 %) per annum on
the Bonds maturing in the years 1972 to 1987, inclusive and at the
rate of four and 20/100 per centum (4.20 %) per annum on the Bonds
maturing in the years 1988 to 1995, inclusive, being a net interest
cost of $983,147.50.
The proposal of GOODBODY & COMPANY AND ASSOCIATES, offer-
ing to pay the sum of One million one hundred eighty-eight thousand
and no/100 Dollars ($1,188,000.00), 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 centum
(5.00 %) per annum on the Bonds maturing in the years 1969 to 1974,
inclusive, at the rate of four and 50/100 per centum (4.50 %) per
annum on the Bonds maturing in the year 1975, and at the rate of
four and 25/100 per centum (4.25 %) per annum on the Bonds maturing
in the years 1976 to 1995, inclusive, being a net interest cost of
$1,013,075.00.
'WHEREAS, the proposal of KUHN, LOEB & COMPANY AND B. J.
VAN INGEN & COMPANY, 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 KUH~, LOEB & COMPANY
AND B. J. VAN INGEN & COMPANY, INCo, referred to in the preambles
hereof, be and the same is hereby accepted, and the following de-
scribed Cigarette Tax Bonds of the City of Delray Beach, Florida,
be and they are hereby awarded and sold to the said purchaser, re-
ferred to in the preambles hereof:
$1,200,000 - CIGARETTE TAX BONDS, dated September
1, 1965, numbered 1 to 240, inclusive,
in the denomination of $5,000 each,
bearing interest and maturing September
1 in the years and amounts as follows:
Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1969 $25,000 4.10 % 1974 $30,000 4.10 %
1970 25,000 4.10 % 1975 30,000 4.10 %
1971 25,000 4.10 % 1976 35,000 4.10 %
1972 25,000 4.10 % 1977 35,000 4.10 %
1973 30,000 4.10 % 1978 35,000 4.10 %
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Interest Rate Interest Rate
Year Amount Per Annum Year Amount Per Annum
1979 $40,000 4.10 % 1988 $55,000 4.00 %
1980 40,000 4.10 % 1989 55,000 4.10 %
1981 40,000 4.10 % 1990 60,000 4.10 %
1982 45,000 4.10 % 1991 60,000 4.10 %
1983 45,000 4.00 % 1992 65,000 4.10 %
1984 45,000 4.00 % 1993 65,000 4.10 %
1985 50,000 4.00 % 1994 70,000 4.10 %
1986 50,000 4.00 % 1995 70,000 4.10 %
1987 50,000 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 C!erk ,/
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