85-WWRESOLUTION NO. 85-WW
A RESOLUTION ESTABLISHING THE MATLIRITY
SCHEDULE AND REDEMPTION TIMES AND PRICES
FOR THE $6,350,000 GENERAL OBLIGATION
BONDS, SERIES 1985 OF ~ CITY OF
BOYNTO.. N BEACH, FLORIDA PROVIDED TO BE
IsS~ 'PURSUANT TO RESOLUTION NO. 85-00,
ADO~ ~ON JL~E 18, 1985,~' DESIGNATING
THE PAYING ASENT AND BOND REGISTRAR FOR
SAID BONDS; AWARDING SUCH BONDS;
SPECIFYING THE INTEREST RATE OF EACH
SUCH BOND AND DIRECTING THE DELIVERY OF
SUCH BONDS TO OR UPON THE ORDER OF THE
PURCHASER HEREIN NAMED UPON PAYMENT OF
THE PURCHASE PRICE HEREIN SET FORTH;
RATIFYING THE PUBLICATION OF THE NOTICE
OF SALE IN THE DAILY BOND BUYER;
APPROVING THE PRELIMINARY OFFICIAL
STATEMENT AND OFFICIAL NOTICE OF SALE
AND BID FORM AND RATIFYING AND APPROVING
THE DISTRIBUTION OF SUCH PRELIMINARY
OFFICIAL STATEMENT AND OFFICIAL NOTICE
OF SALE AND BID FORM AND AUTHORIZING
EMPLOYEES AND OFFICIALS TO TAKE ACTION
AS REQUIRED IN CONNECTION WITH THE
ISSUANCE OF SUCH BONDS.
WHEREAS, the City Council (the "City Council") of the City of
Boynton Beach, Florida (the "City") on June 18, 1985 adopted
Resolution No. 85-00 providing for the issuance of $6,350,000 General
Obligation Bonds, Series 1985 of the City (the "Bonds") but such
Resolution omitted the maturity schedule and redemption times and
prices for the Bonds and the designation of the Paying Agent and Bond
Registrar which details were set forth in the Preliminary Official
Statement and Official Notice of Sale relating to the Bonds; and
WHEREAS, THE City of Boynton Beach, Florida (the "City")
through its City Council (the "City Council") has received the bids
for the purchase of the Bonds listed in Section 1 of this Resolution
and the City Council has determined that the acceptance of the bid of
Merrill, Lynch, Pierce, Fenner and Smith, Inc.
offering to purchase the Bonds at the price and bearing interest at
the rates set forth in said Section 1 and the award of the BOnds to
Merrill, Lynch, Pierce, Fenner and Smith, Inc.
is in the best interests of the City; and
WHEREAS, in conjunction with the sale and issuance of the
Bonds, it is necessary to ratify the publication of the Notice of Sale
in The Daily Bond Buyer, to approve the Preliminary Official Statement
and the Official Notice of Sale and Bid Form in connection with the
issuance of such Bonds, to ratify and to approve the distribution of
such Preliminary Official Statement and Official Notice of Sale and
Bid Form and to approve certain actions to be taken by or on behalf of
the City relating to the securing of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The Bonds shall mature on November 1 in the years
and amounts as follows:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
Section 2.
150,000
160,000
170,000
180,000
190,000
210,000
220,000
240,000
250,000
270~000
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
290,000
320,000
340,000
370,000
400,000
440,000
470,000
510,000
560,000
610,000
The Bonds or portions thereof maturing in the
years 1986 through 1995, both inclusive, shall not be redeemable prior
to their stated dates of maturity. The bonds or portions thereof
maturing on and after November 1, 1996 shall be redeemable prior to
their stated dates of maturity, at the option of the City, in whole or
any interest payment date on or after November 1, 1995, and in part,
in inverse order of their maturities and by lot within a maturity if
less than a full maturity, on November 1~ 1995 or on any interest
payment date thereafter, at the following redemption prices (expressed
as a percentage of principal amount), plus accrued interest to the
redemption date:
Redemption Dates
November 1, 1995 and May 1, 1996
November 1, 1996 and May 1, 1997
November 1, 1997 and May 1, 1998
November 1, 1998 and May 1, 1999
November 1, 1999 and thereafter
on any interest payment date
Redemption
Prices
102 %
101 1/2
101
100 1/2
100
Section 3. Barnett Banks Trust Company, N.A., Jacksonville,
Florida is hereby designated the Paying Agent and Bond Registrar for
the Bonds.
Section 4. Pursuant to the Notice of Sale published in The
Daily Bond Buyer on July 12, 1985 and on July 18, 1985, sealed bids
were received by the City Council at the Boynton Beach City Hall, City
Council Chambers, in the City of Boynton Beach~ Florida until 11:00
A.M., Boynton Beach Time, on Tuesday, July 23, 1985, at which time and
place all bids were opened and read for the Bonds. The bids received,
all of which were in compliance with the Official Notice of Sale and
Official Bid Form distributed for the purposes~ were as follows:
(1) Bid of Merrill, Lynch, Pierce, Fenner & Smith, Inc.
offering to pay $6,233,276.50 , plus accrued interest on the
Bonds frc~ August 1, 1985 to the date of their delivery for Bonds
bearing interest at the rates set forth in Col~n (1).
(2) Bid of The Northern Trust Company
offering to pay $ 6,223,123.10 , plus accl~ed interest on the
Bonds from August 1, 1985 to the date of their delivery for Bonds
bearing interest at the rates set forth in Col~n (2).
(3) Bid of Paine Webber Inc.
offering to pay $ 6,223,624.70 , plus accrued interest on the
Bonds from August 1, 1985 to the date of their delivery for Bonds
bearing interest at the rates set forth in COl~n (3).
(4) Bid of Southeast Bank, N. A.
offering to pay $ 6,262,370.00 , plus accrued interest on the
Bonds from August 1, 1985 to the date of their delivery for Bonds
bearing interest at the rates set forth in Col~n (4).
(5) Bid of Morgan Stanley & Co., Inc.
offering to pay $ 6,236,930.30 , plus accrued interest on the
Bonds from August 1, 1985 to the date of their delivery for Bonds
bearing interest at the rates set forth in Col~n (5)o
(6) Bid of Prddential-Bache Securities, Inc.
offering to pay $ 6,223,000.00 , plus accrued interest on the
Bonds from August 1, 1985 to the date of their delivery for Bonds
bearing interest at the rates set forth in Column (6).
(7) Bid of William R. Hough & Company
offering to pay $ 6,229,985.00 , plus accrued interest on the
Bonds from August 1, 1985 to the date of their delivery for Bonds
bearing interest at the rates set forth in Column (7).
The Bid of Merrill, Lynch, Pierce, Fenner & Smith, Inc.
offering to pay $6,233,276.50, plus accrued interest on the Bonds
from August 1, 1985 to the date of their delivery for Bonds bearing
interest at the rate set forth in Col~n #1 has been determined to
be and is hereby determined to be the bid resulting in the lowest
interest cost to the City determined as provided in the Official
Notice of Sale and accordingly, such bid is accepted and the Bonds are
hereby awarded to Merrill, Lynch, Pierce, Fenner & Smith, Inc.
at the price of $6,233,276.50 ,~ plus accrued interest on the Bonds
from Aug~ast 1, 1985 to the date of their delivery for Bonds bearing
interest at the rates set forth in Col%rain 91 and the Bonds shall
bear interest at such rates.
Section 5. The Finance Director is hereby directed to
deliver the Bonds to or upon the order of Merrill, Lynch, Pierce,
Fenner & Smith, Inc. upon payment of the purchase price therefor,
together with accrued interest from August 1, 1985 to the date of
delivery of the Bonds°
Section 6. The publication of the Notice of Sale in The
Daily Bond Buyer on July 12, 1985 and on July 18, 1985 is hereby
ratified, approved and confirmed.
Section 7. The Preliminary Official Statement and the
Official Notice of Sale and Bid Form in connection with the issuance
of the Bonds are hereby approved in the form attached hereto as
Appendices A and B, with such changes, omissions and insertions as may
be necessary to realize the purposes of such Official Statement, and
the distribution and publication of such Preliminary Official
Statement and Official Notice of Sale and Bid Form by City officials
are hereby ratified, approved and confirmed. The Mayor and City
~V~nager are authorized to co~plete the Preliminary Official Statement
as to the insertion of details and final numbers and to sign the same
as the final Official Statement on behalf of the City, their signing
of such final Official Statement to be conclusive as to the City's
approval of same in connection with the issuance and sale of the
Bonds.
Section 8. The Mayor, the Vice Mayor, the City Clerk, the
City Attorney and the Finance Director and all other employees and
officials of the City are hereby authorized and directed to take all
action necessary or desirable in connection with the issuance of the
Bonds and the cons~a~ation of all transactions in connection
therewith.
Section 9. This Resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED ~t the City Council of the City of Boynton
Beach, Florida, this 23rd day of July, 1985.
ATTEST:
City ~}~ '
(Corporate Seal )
CITY OF BOYNTON BEACH, FLORIDA
lv~or
~ic~ Mayor
~uncil M~