75-PPRESOLUTION N0. 75-.~
A RESOLUTION FIXING THE ~ATURITIES, REDEMPTION
PROVISIONS AND PAYING AGENTS FOR $2,600,000
PRINCIPAL AMOUNT WATER AND SEWER REVENUE BONDS,
SERIES 1975A AND AWARDING SAID BONDS.
WHEREASf the City has heretofore, by resolution duly
adopted on January 6, 1975, as amended, authorized the issuance
of not exceeding $6,000,000 Water and Sewer Revenue Bonds, Series
1975, dated February t, 1975, to finance the cost of constructing
and acquiring additions, extensions and improvements to the
combined water ~nd sewer system of the City; and
WHEREAS, said $6,000,000 Bonds have been validated by'
the Circuit Court of Palm Beach County; and -
WHEREAS, it is desirable at this time to sell $2,600,000
principal amount of said Bonds (said $2~600,000 principal amount
being herein called "Series 1975A Bonds") and it is necessary to
fix the maturities and redemption provisions and to name the
paying agent for Said Series 1975A Bonds~ and
WHEREAS, William R. Hough & Co., of S%. Petersburg,
Florida, has, by written proposal, offered to purchase said Series
1975A Bonds at the pri_ce of $2,551,745.30, plus .accrued interest
to the date of delivery, at the interest rates hereinafter set
forth, being a net interest cost rate of 7.02893 %;~now, therefore~
BE IT RESOLVED BY THE C~TY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA:
SECTION 1. That $2,600,000 principal amount of Water
and Sewer Revenue Bonds, Series 1975 of the City, dated February
1, 1975, shall be designated Series 1975A, shall bear interest at
the rates per annum and shall mature serially, in numerical
order, on February 1 of each year in the years and amounts as
follows:
INTEREST INTEREST
YEAR AMOUNT RATE YEAR AMOUNT RATE
1979 $ 10,000 7.50% 1988 $110,000 7.00%
1980 15,000 7.50% 1989 120,000 6.80%
1981 20,000 7.50% 1990 135,000 6.80%
1982 45,000 7.50% 1991 150,000 6.80%
1983 60,000 7.50% 1992 -165,000 6.85%
1984 65,000 7.50% 1993 315,000 6.85%
1985 75,000 7.50% 1994 345,000 6.90%
1986 85,000 7.00% 1995 375f000 6.90%
1987 100,000 7.00% 1996 410,000 6.90%
ATTEST:
SECTION 2. The redemption provisions for said Series
1975A Bonds shall be as follows:
The Series 1975A Bonds maturing in the years 197-9 to
1986, inclusive, shall not be redeemable prior to maturity. The
Series 1975A Bonds maturing in the years 1987 to 1996, inclusive,
shall be redeemable on or after February 1, 1986, at the option
of the City, in whole on any date, and in part on an~ interest
payment date, in the inverse order of their maturities, and if
less than ali o~ .the Bonds of any one maturity shall be called
for redemption, then the particular Bonds to be redeemed shall be
selected by lot, at the principal amount of the Bonds to be
redeemed plus accrued interest to the date .fixed for redemption,
plus a premium of one-fourth of one per centum (1/4.of 1%) of the
par value thereof for each one year period, or fraction thereof,
from the date fixed for redemption to the stated date of maturity
of the Bonds so called for redemption; such premium, however, not
to exceed three per centum (3%) of the par value thereof.
SECTION 3. The Series 1975A Bonds shall be payable at
ST. PETERSBURG BANK & T-RUST COMPANY, , or at-the option of
the holder at St. petersburg, Florida .
SECTION 4. Said Series 1975A Bonds be and they-are
hereby awarded and sold to William R. Hough & Co. of St. Petersburg,
Florida, at the price of $2,551,745.30 and accrued interest to
the date of delivery thereof, said Series 1975A Bonds to bear
interest as set forth in Section 1 above.
SECTION 5. This resolution shall take effect immediately.
PASSED ANDADOPTED this /7~ day of
_/~~~<~~, - ~ Co~rhci 1__. ~Me~er//
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