64-GGRESOLUTION NO. 64-GG
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, ACCEPTING BID FOR PURCHASE OF
$6,000, 000. 00 CITY OF BOYNTON BEACH WATER
AND SEWER REFUNDING AND IMPROVEMENT
REVENUE BONDS, ISSUE OF 1964.
WHEREAS, BACHE & CO. have heretofore submitted a certain
bid to the CITY OF BOYNTON BEACH, FLORIDA, offering to purchase
$6, 000, 000. 00 City of Boynton Beach Water and Sewer Refunding and Improve
ment Bonds, Issue of 1964, which bonds have heretofore been validated by
order of the Circuit Court of the Fifteenth Judicial in and for Palm Beach
County, by decree dated August 28, 1964; that a true copy of the telegram
containing said bid is attached hereto and hereby made a part hereof; and
WHEREAS, after thorough investigation the City Council has
determined and deems that the proposal of the said BACHE & CO. to purchas~
subject bonds to be the most advantageous offer obtainable and that in all
other respects the acceptance of said offer would be to the best interest of
the City,
NOW, THEREFORE, be it resolved by the City Council of the
City of Boynton Beach, Florida:
SECTION l: That the CITY OF BOYNTON BEACH hereby
formally accepts the bid of BACHE & CO. to purchase $6,000, 000. 00 City of
Boynton Beach Water and Sewer Refunding and Improvement Revenue Bonds,
Issue of 1964, said bid being ~i'¢ r e '~ particularly described as follows:
$6, 000, 000. 00 - CITY OF BOYNTON BEACH WATER AND SEWER REFUND-
IN6 AND IMPROVEMENT REVENUE BONDS, ISSUE OF
dated June 1, 1964, numbered 1 to 1200 inclusive, in the
denomination of $5, 000. 00 each;
Gross bid - $6,000, 000. 00 (at par) plus accured interest
from date of.bonds, to wit: June i,.- 1964 to date of delivery
of bonds, bearing interest as follows:
Bonds maturing June I, 1965 through June 1, 1974 inc. at 4%
Bonds maturing June I, 1975 through June 1, 1978 inc. at 3. §%
Bonds maturing June 1, 1979 through June 1, 1985 inc. at 3.75~
Bonds maturing June 1, 1986 through June 1, 1990 inc. at 3.7[8
Bonds maturing June 1, 1991 through June 1,2004 thc.at 4%
Average interest rate to maturity - 3. 9417316%
Thai the offer and acceptance of said bid is specifically subject
to the twenty day appeal period expiring without appeal being filed from the
above validation order and issuance of a non-litigation certificate establishing
said fact and to issuance of the unqualified approving opinion of the law firm
of FREEMAN, RICHARDSON & WATSON of Jacksonville, Florida, as to the
validity of said bonds.
SECTION 2: That the proper officers of the City, as designated
in the Resolution authorizing the issuance of subject bonds 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 terms of the above proposal, without further authority from this Counci
SECTION 3: This resolution shall take effect immediately.
PASSED AND ADOPTED t his ~--~ day of September, A.D.
(CORPORATE SEAL)
ATTEST !~ ;~..~e~
City Clerk
C~~NTON BEACH, FLORI~
/ / ~ ' ' 'Councilman-I
· _ ,, .Co~incilman
Councilman
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