74-DDRESOLUTION NO. 74-DD
A RESOLUTION AWARDING $2,.050,000.00 WATER
AND SEWER REVENUE BONDS, SERIES 1974, OF
THE CITY OF BOYNTON BEACH, FLORIDA.
WHEREAS, the City of Boynton Beach, Florida, has hereto-
fore authorized the issuance of $2,050,000.00 Water and Sewer
Revenue Bonds, Series 1974 (hereinafter called "Bonds"), to
finance the cost of constructing and acquiring additions,
extensions and improvements to the combined water and sewer
system of the City; and
WHEREAS, said Bonds have been validated by judgment of
the Circuit Court in and for Palm Beach County, Florida; and
WHEREAS, it is deemed necessary and desirable and in the
best interest of the City that said $2,050,000.00 Bonds be sold
at this time; and
WHEREAS, William R. Hough & Co.~ Inc. of Orlando, Florida,
has offered to purchase said Bonds at the price of $2,029,500.00
plus &cc~ued interest to the date of delivery, said Bonds to
bear interest at the following rate or rates of interest per
annum: for years of 1976 through 1980 inclusive: 7.25%;
for years ~f>1981 through 1985 inclusive: 7.00%; for years of
1986 through 1990 inclusive: 7.10%; for year of 1991: 7.25%;
and'for years 1992 through 1996 inclusive: 7.35%; and
-WHEREAS, it is deemed in the best financial interest of
the City to accept the proposal of said William R. Hough & Co.,
Inc., Orlando, Florida;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1: That the $2,050,000.00 Water and Sewer
Revenue Bonds, Series 1974, of the City, dated February 1, 1974,
maturing serially on February 1 in the years 1976 to 1996,
sive, bearing interest, payable semi-annually on February 1
and August 1 of each year, at the following rates of interest
per annum:
Bonds Maturin__g
1976 - 1980 inclusive
1981 - 1985 inclusive
1986 - 1990 inclusive
Interest' Rate
7.2 o
7.00%
7.10%
1991 7.25%
1992 - 1996 inclusive 7.35%
be and the same are hereby awarded and sold to William R. HoUgh
& Co., Inc., of Orlando, Florida, at the price of $2,029,500.00
plus accrued interest to the date of delivery thereof.
Section 2: That said Bonds and the coupons attached
thereto shall be payable at a bank or banks to be named prior
to delivery of the Bonds.
Section 3.: That the Mayor, City Clerk and City Attorney
be and they are hereby authorized to execute said obligations and
to do and perform any and all things for the purpose of effec~ ~;~
uating delivery of said obligations.
Section 4: This Resolution shall take effect immediately
PASSED AND ADOPTED this _6t~__ day of August, 1974.
CITY OF BOYNTON BEACH, FLORIDA
Bye' ( ~ ~':
Vice Mayor
u.ounc i lman
ATTEST:
Councilman
-2-