Res 1456-63 Delray Beach, Florida
June 18, 1963
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 Hall
in the City of Delray Beach at 2:00 otclock P.M. (E.S.T.) on
June 18, 1963, with Vice Mayor A1 C. Avery and the following
members present:
Councilman Emor~ J. ,Barr..o.,,w
Councilman George Talbot, Jr.
Councilman Oliver W. Woodard, Jr.
There were absent:
Mayor Walter Dietz
There were also present Robert D. Worthing,
City Clerk, R. J. Holland, City Manager, and John Ross Adams,
City Attorney.
The Vice Mayor stated that the meeting was called
pursuant to notice for the purpose, among other things, of
opening sealed bids received for the purchase of $1,500,000
Water and Sewer Revenue Bonds, Series 1962, and $1,100,O00
Utilities Tax Revenue Certificates, Series 1962, of the City
of Delray Beach, Florida.
The City Clerk then presented the sealed bids
for the purchase of said $1,%00,000 Water and Sewer Revenue
Bonds, Beries 1962, which had been received, which bids were
opened and found to be as follows:
Name of Bidder Interest Rate Price
1. Kuhn Loeb & Company, and 1969-1973 4.00 % $1,470,081.00
B. J. Van Ingen & Company 1974-1981 3.50 %
and Associates. 1982-1996 3.60 %
2. White, Weld & Company, and 1969-1983 3.50 % $1,478,804.00
Salomon Brothers & Hutzler 1984-1988 3.60 %
1989-1996 3.70 %
3. Merrill Lynch, Pierce 1969-1972 4.00 % $1,470,172.00
Fenner & Smith Inc., and 1973-1986 3.50 %
Associates. 1987-1996 3.70 %
4. John Nuveen & Co., Inc.; 1969-1979 3.50 % $1,475,062.05
Leedy, Wheeler & Alleman, 1980-1987 3.60 %
Inc.; Paine, Weber, 1988-1996 3.70 %
Jackson & Curtis; Barcus,
Kindred & Company; and
Stranahan, Harris & Company.
5. Phelps, Fenn & Company, 1969-1977 3.25 % $1,476,712.50
and T. Nelson O'Rourke, 1978-1987 3.50 %
Inc. & Associates. 1988-1996 3.75 %
6. Goodbody & Company & 1969-1973 5.00 % $1,470,510.00
Associates. 1974-1995 3.75 %
1996 3.00 %
7. Ira Haupt & Company and 1969-1981 3.50 % $1,482,117.00
Associates. 1982-1990 3.65 %
1991-1996 3.75 %
-2-
After due deliberation, it was determined that the
bid of KUHN LOEB & COMPANY~ AND B. J. VAN INGEN & COMPANY of
New York New York
, , and associates,
was the highest and best bid submitted for the purchase of said
bonds.
Thereupon~ the following resolution was introduced
in written form by CITY MANAGER R. J. HOLLAND , was read
in full· and pursuant to motion made by OLIVER W. WOODARD, JR.
and seconded by EMORY J. BARROW · was adopted by the
following vote:
AYE:VICE MAYOR AL C. AVERY
COUNCILMAN EMORY J. BARROW
COUNCILMAN GEORGE TALBOT, JR.
COUNCILMAN OLIVER W. WOODARD, JR.
NAY: None.
The resolution is as follows:
RESOLUTION NO. 1456.
A RESOLUTION confirming the sale of
~l,-B~'~,--O~ater and Sewer Revenue
Bonds, Series 1962, of the City of
Delray Beach, Florida, and fixing the
interest rate to be borne by said bonds.
WHEEEAS on June 18, 1963, pursuant to notice
of sale duly published in the manner provided by the City Council
of the City of Delray Beach, said council received sealed bids
for the purchase of $1,500,000 Water and Sewer Revenue Bonds,
Series 1962, of said city; and
KUHN LOEB & COMPANY, AND
WHEREAS the bid of B. J. VAN INGEN & COMPANY
of New York New York
.... , . . , and associates, has
been determined to be the highest and best bid for the purchase
of said bonds· said bid being in full as follows:
Year Amount Interest Rate Year Amount Interest Rate
1969 $25,000 4.00 % 1983 $40,000 3.60 %
1970 25,000 4.00 % 1984 40,000 3.60 %
1971 25,000 4.00 % 1985 45,000 3.50 %
1972 25,000 4.00 % 1986 45,000 3.60 %
1973 25,000 4.00 % 1987 45,000 3.60 %
1974 25,000 3.50 % 1988 45,000 3.60 %
1975 30,000 3.50 % 1989 50,000 3.60 %
1976 30,000 3.50 % 1990 50,000 3.60 %
1977 30,000 3.50 % 1991 50,000 3.60 %
1978 35,000 3.50 % 1992 50,000 3.60 %
1979 35,000 3.50 % 1993 110,000 3.60 %
1980 35,000 3.50 % 1994 165,000 3.60 %
1981 35,000 3.50 % 1995 175,000 3.60 %
1982 35,000 3.60 % 1996 175,000 3.60 %
We offer to pay one million four hundred seventy thousand eighty
one dollars ($1,470,081.00) and accrued interest.
In accordance with the terms of the above mentioned Notice of
Sale, we enclose cashier check for $30,000 payable to the order
of the City of Delray Beach, Florida. Said check is to be ap-
plied on the purchase price of the Bonds or if such proposal is
accepted but not performed, is to be retained by the City as
full liquidated damages. If this proposal is accepted but if
the City fails to perform in accordance with the provisions of
said Notice, said check is to be returned to us forthwith. If
this proposal is not accepted, said check is to be returned to
us immediately upon the award of said Bonds.
Very truly yours,
Kuhn Loeb & Company,
B. J. Van Ingen & Company
and Associates.
Robert H. Cook
(signed)
Gross Interest Cost $1, 344, 247 . 50
Premium or Discount ~ 29,919.00
Net Interest Cost ~1,374,166.50
Average Interest Cost Rate 3.6811%
and
WHEREAS in the opinion of the City Council, it is
to the best interests of the city that such bid be accepted and
the sale of said bonds to said KUHN LOEB & COMPANY,& B.J. VAN INGEN
& COMPANY
of New ~.~k. , New York , and associates,
be ratified and confirmed;
NDw, THERE~.0RE, Be It Resolved by the City Council
of the City of Delray Beach, Palm Beach County, Florida, as
follows:
Section 1. That the bid of KUHN LOEB & COMPANY, &
B. J. VAN INGEN & CO. , of New York , New York
and associates, for the purchase of $1,500,000 Water and Sewer
Revenue Bonds, Series 1962, of the City of Delray Beach, authorized
by resolution adopted by the City Council of said city on
November 26, 1962, which bid is set out in full in the Dreamble
hereto, be and the same is hereby accepted.
Section 2. That said bonds shall bear interest
at the following rates:
Bond Numbers Amount Year Interest Ra~e
I to 25 $ 25,000 1969 4.00 %
26 to 50 25,000 1970 4.00 %
51 to 75 25,000 1971 4.00 %
76 to 100 25,000 1952 4.00 %
101 to 125 25,000 1973 4.00 %
126 to 150 25,000 1974 3.50 %
151 to 180 30,000 1975 3.50 %
181 to 210 30,000 1976 3.50 %
211 to 240 30,000 1977 3.50 %
241 to 275 35,000 1978 3.50 %
2?6 to 310 35,000 1979 3.50 %
311 to 345 35,000 1980 3.50 %
346 to 38O 35,000 1981 3.50 %
381 to 415 35,000 1982 3.60 %
416 to 455 40,000 1983 3.60 %
456 to 495 40,000 1984 3.60 %
496 to 540 45,000 1985 3.60 %
541 to 585 45,000 1986 3.60 %
586 to 630 45,000 1987 3.60 %
631 to 675 45,000 1988 3.60 %
676 to 725 50,000 1989 3.60 %
726 to 775 50,000 1990 3.60 %
776 to 825 50,000 1991 3.60 %
826 to 875 50,000 1992 3.60 %
876 to 985 110,000 1993 3.60 %
986 to 1150 165,000 1994 3.60 %
ll51 to 1325 175,000 1992 3.60 %
1326 t. 1500 175,000 199b 3.60 %
-5--
Sectio_______~n~. That said bonds shall be delivered to
the purchasers thereof as soon as may be after the adoption of
this resolution pursuant to due payment therefor in accordance
with the terms of the sale.
Section 4. That this resolution shall be in full force
and effect immediately upon its adoption.
Adopted this 18th day of June, 1963.
¥fce Mayor
The foregoing resolution and the contract of sale
therein entered into are hereby approved by me as to form,
language and execution this 18th day of June, 1963.
. ~ Ii ~ ~ ,"
-~/! City AttoEiey
The City Clerk then presented the sealed bids for
the purchase of Si,100,000 Utilities Tax Revenue Certificates,
Series 196R, which had been received, which bids were opened
and found to be as follows:
Name of Bidder Interest Rate Price
1. ~aite, Weld & Company, 1965-1979 3.40 % $1,090,682.50
and Salomon Brothers & 1980-1983 3.50 %
Hutzler. 1984-1989 3.60 %
2. Ira Haupt & Company, 1965-1977 3.25 % $1,084,798.50
and Associates. 1978-1983 3.50 %
1984-1989 3.65 %
3. Goodbody & Company 1965-1973 4.00 % $1,078,481.80
and Associates. 1974-1988 3.60 %
1989- 2.00 %
4. John Nuveen & Company, 1965-1983 3.60 % $1,078,471.02
Inc.; Leedy, Wheeler & 1984-1988 3.70 %
Alleman, Inc.; Paine, 1989 2.00 %
Weber, Jackson & Curtis;
Barcus, Kindred & Company;
and Stranahan, Harris & Co.
-6-
Name of Bidder Interest Rate Price
5. Kuhn Loeb & Company, 1965-1972 3.00 % $1,078,855.91
and B. J. Van Ingen 1973-1981 3.40 %
& Company, Inc. and 1982-1989 3.60 %
Associates.
6. Phelps, Fenn & Company, 1965-1977 3.25 % $1,082,801.50
and T. Nelson O'Rourke, 1978-1987 3.50 %
Inc., and Associates. 1988-1989 3.75 %
7. Merrill Lynch, Pierce, 1965-1973 3.00 % $1,083,870.00
Fenner & Smith, Inc., 1974-1982 3.50 %
and Associates. 1983-1989 3.60 %
After due deliberation· it was determined that the
bid of WHITE, WE.LD .& COMPANY, .A. ND...S~..LOMON BROS. & HUTZLER of
New York , New York · and associates, was
the highes$ and best bid submitted for the purchase of said
certiflcates.
Thereupon· the following resolution was introduced
in written form by CITY MANAGER R. J. HOLLAND
....... · was read ~n
full, and pursuant to motion made by OLIVER W. WOODARD, JR.
and seconded by GEORGE TALBOT,.. JR.~ .... · was adopted by the
following vote:
VICE MAYOR AL C. AVERY
AYE:
COUNCILMAN EMORY J. BARROW
COUNCILMAN GEORGE TALBOT, JR.
COUNCILMAN OLIVER W. WOODARD, JR.
NAY: None.
The resolution is as follows:
RESOLUTION NO 1457.
'"--A--~ESOL~ION confirm~ the sale of
~1·100,000 Utilities Tax Revenue
Certificates· Series 1962, of the City of
Delray Beach· Florida· and fixing the place
of payment and the interest rate to be
borne by said certificates.
WHEREAS on June 18, 1963, pursuant to notice of sale
duly published in the manner provided by the City Council of the
City of Delray Beach, said council received sealed bids for the
purchase of ti,100,000 Utilities Tax Revenue Certificates, Series
1962, of said city; and
WHITE, WELD & COMPANY, and
WHEREAS the bid of SALOMON BROS. &HUTZLER
of New York , New York , and aseociates,
has been determined to be the highest and best bid for the
purchase of said certificates, said bid being in full as follows:
Year Amount Interest Rate Year Amount Interest Rate
1965 $15,000 3.40 % 1978 $45,000 3.40 %
1966 15,000 3.40 % 1979 50,000 3.40 %
1967 15,000 3.40 % 1980 50,000 3.50 %
1968 15,000 3.40 % 1981 50,000 3.50 %
1969 35,000 3.40 % 1982 55,000 3.50 %
1970 35,000 3.40 % 1983 55,000 3.50 %
1971 35,000 3.40 % 1984 60,000 3.60 %
1972 40,000 3.40 % 1985 60,000 3.60 %
1973 40,000 3.40 % 1986 60,000 3.60 %
1974 40,000 3.40 % 1987 65,000 3.60 %
1975 40,000 3.40 % 1988 65,000 3.60 %
1976 45,000 3.40 % 1989 70,000 3.60 %
1977 45,000 3.40 %
We offer to pay One million ninety thousand six hundred eighty-
two and 50/100 Dollars ($1,090,682.50) and accrued interest.
In accordance with the terms of the above mentioned Notice of Sale,
we enclose cashier's check for $22,000 payable to the order of the
City of Delray Beach, Florida. Said check is to be applied on the
purchase price of the Certificates or if the proposal is accepted
but not performed, is to be retained by the City as full liquidatedi
damages. If this proposal is accepted but if the City fails to
perform in accordance with the provisions of said Notice, said
check is to be returned to us forthwith. If this proposal is not
accepted, said check is to be returned to us immediately upon the
award of said Certificates.
Very truly yours,
WHITE, WELD & CO. ) JOINT
SALOMON BROS. & HUTZLER) MANAGERS,
WHITE WELD & CO. (signed)
Gross Interest Cost $ 658,960.00
Discount ~ 9,317.50
Net Interest Cost $ 668,277.50
Average Interest Cost Rate 3.5689 %
and
WHEREAS in the opinion of the City Council, it is
to the best interests of the city that such bid be accepted and
the sale of said certificates to said WHITE, WELD & COMPANY, and
SALOMON BROS. & HUTZLE~Rof New York New York
, · , ,L,,, i·
and associates· be ratified and confirmed;
N0.W~ THEREFORE, Be It Resolved by the City Council
of the City of Delray Beach· Palm Beach County· Florida, as
follows:
Section 1. That the bid of WHITE, WELD & COMPANY, and!
SALOMON BR.0.S. & HUTZLER · of New York .. , New Yo.rk i,
and associates· for the purchase of $1,100,000 Utilities Tax
Revenue Certificates· Series 1962, of the City of Delray Beach·
authorized by resolution adopted by the City Council of said city
on November 26, 1962· which bid is set out in full in the preamble
hereto, be and the same is hereby accepted.
-9-
Section 2. That said certificates shall bear
interest at the following rates:
Certificate Nu~?.b~.rS.' Amount Year Interest Rate
i to 15 $15,000 1965 3.40 %
16 to 30 15,000 1966 3.4O %
31 to 45 15,000 1967 3.40 %
46 to 60 15,000 1968 3.4O %
61 to 95 35,000 1969 3.40 %
96 to 130 35,000 1970 3.40 %
131 to 165 35,000 1971 3.40 %
166 to 205 40,000 1972 3.40 %
206 to 245 40,000 1973 3.40 %
246 to 285 40,000 1974 3.40 %
286 to 325 40,000 1975 B.40 %
326 to 370 45,000 1976 3.40 %
371 to 415 45,000 1977 3.40 %
416 to 460 45,000 1978 3.40 %
461 tO 510 50,000 1979 3.40 %
511 to 560 50,000 1980 3.50 %
561 to 610 50,000 1981 3.50 %
611 to 665 55,000 1982 3.50 %
666 to 720 55,000 1983 3.50 %
721 to 780 60,000 1984 3.60 %
781 to 840 60,000 1985 3.60 %
841 to 900 60,000 1986 3.60 %
901 to 965 65,000 1987 3.60 %
966 to 1030 65,000 1988 3.60 %
1031 to ll00 70,000 1989 3.60 %
Section 3. That said certificates shall be payable
as to principal and interest at THE CHASE MANHATTAN BANK
_ . , in the City of ...New York . .,
New York
Section 4. That said certificates shall be
delivered to the purchasers thereof as soon as may be after the
adoption of this resolution pursuant to due payment therefor in
accordance with the terms of the sale·
S~ction ~. That this resolution shall be in full
force and effect immediately upon its adoption·
Adopted this 18th day of June, 1963.
ViCe ~ayor
Att es~P · / ~
City Clerk' ~
-10-
The foregoing resolution and the contract of
sale therein entered into are hereby approved by me as to form,
~a~guage and execution this 18thday of June, 1963.
./ CitY Att o~ney
(Other business not pertinent to the above appears
in the minutes of the meeting.)
Pursuant to motion duly made and carried, the
City Council adjourned.
Vf~ce Mayor ~.
City Clerk ~
STATE OF FLORIDA
COUNTY OF PALM BEACH
I, Robert D. Worthing, hereby certify that I am the
duly qualified and acting City Clerk of the City of Delray Beach,
Palm Beach County, Florida.
I further certify that the above and foregoing
constitutes a true and correct copy of the minutes of a meeting
of the City Council held on June 18, 1963, and of two resolutions
adopted at said meeting~ as said minutes and resolutions are
officially of record in my possession.
IN WITNESS WHEREOF, I have hereunto subscribed
my official signature and affixed the seal of said city this
SEAL RE)
~M:bls
6/11/6~ -12-
TELEPHOI~E - WHI~TEHALL 4-4900 CABLE ADDR£$$ -"WHIT~/ELD"
WHITE, WELD & Co.
~0 BRO~D STi~EET, ~W YOi~I~ 5, N. Y.
NEW YORE LOS 2~I~IOELE$
BOSTON S ~2~1 FR~!~IC I $ C 0
C H I C _a~ OO I~Ol~D ON
PHILADELPHIA ZURICH
June 21, 1963
Mr. R. D. Wirthing
City Clerk
City Hall
Delray Beach, Florida
Dear Mr. Wirthing:
This letter is a confirmation of our conversation
of Friday, June 21, 1963 in which I indicated our desire to have
the Chase Manhattan Bank of New York named as paying agent for the
$I,100,000 issue of Utility Tax Revenue Certificates, Series of
3.962, for which we were Joint Managers with Salomon Bros. & Hutzler.
Sincerely,
Frank Scanlan
F. $./rt