Minutes 03-30-70MI/~dTES OF SP~EiCIAL ~ET~I. NG 0F THE CITY COUNCIL HELD AT 9:00 A.
MARCH 50, 19~70 AT CITY HALL~ BOYNTON BEACH, FLORIDA
PRESENT:
Mayor, Thomas A. Summers
Vice Mayor, Porrest L. Wallace
Councilman, Michael V. Michael
Councilwoman, Mrs. Emily M. Jackson
Councilman~ Leonard E. Nylund
City Attorney, Gene Moore
Acting City Mgr., H. Hopkins
Deputy City Clerk, Mrs. Callie
Clanton
Mayor Summers opened the meeting at 9:00 A. M.
Awarding Bid - San.itary Sewer, Golfview Harbour
O '
Mr. H pk~ns revlewed the bid and read a letter f~om Mr. Klinek recommend-
lng the bid be awarded to Derrieo Construction Corp.~ P. O. Box 1177,
Eau Gallic.
Mrs. Jackson made motion to award bid to Der~ico Construction Corp, as
recon~aended. Mr. Michael seconded the motion.
Mrs. Jackson stated she opposed assessment against the people in Golfview
for sewer.
Discussion followed.
Motion passed 5-0.
Mr. Amities, Vice President of Civic Association of Golfview, spoke from
the audience about sewer in Golfview and how they were going to be
assessed.
Discussion with Mr. Hopkins followed. Mr. Wallace also made comments.
Request of A1 Shepard - Water ~ Sewer Revenue Bonds - Series 1969
Mr. Michael made motion to reject the proposal contained in Mr. Shepard's
letter, William R. Hough & Co., dated March 25~ 1970 (copy attached) and
further thc= the funds be invested by the Atlantic National Bank as T~us-
tee. Mr. Wallace seconded the motion. Carried 5-0.
Consider revised contract - Force Main t2A
,Murray Co~nstruct. ion ComDany
Mr. Hopkins explained the revised contract of FOrce Fmin 12A which would
be a net increase of $2,839.50 and s~ated there was money available.
Mr. Michael moved that the payment be made by the City. Seconded by
Mr. Wallace. Carried 5-0.
Q,THER
Mrs. Jackson questioned Ordinance 63-23, dated 8-5-63, authorizing Condi-
tional ~se a~ a Yachtel and Marina. Mrs. Jac/~son read parts of the
MINUTES
SPECIAL MEETING OF THE CITY COLU~CIL
MARCH 30~ 1970
Ordinance in question, also a memorandum from Mr. Moore dated 9-10-68 on
the interpretation of the Ordinance.
Discussion followed between Mr. Moore and Mrs. Jackson.
Mayor Summers questioned as to whether this could be brought up at a
Special Meeting.
Mrs. Jackson moved thc ,~.the ordinance in q~estion be brought up in the
Special Meeting. Mr. kzchael seconded. Carried 5-0.
Mr. Gene Wright, Fire Chief, came forward and commented on same~ as re-
quested by ~s, Jackson.
~'{r. Charles Button~ spoke from the audienee~ stating he had a boat stored
at Gulfstream Marina on North Federal Highway, location of the Boat MarLna
being questioned.
Mayor Summers stated tha~ no action could be taken at this time.
A_Pjproval~of Bill - Pertaining to 50th Anniversar Festival
Mr. Hopkins asked i~ action could be taken to approve a bill from the
Chamber of Commerce Pertaining to the Festival. Mayor Su~lmers made motion
to move to VOte on bill. ~nanimously carried. Mr. George Nale, Treas-
urer of the Chamber of Commerce, came forward and presented the bitl~
amount $2~771.~t. Mr. Wallace made motion to pay the bill pertaining to
the Festival, dated March 27: 1970. Mr. Nylund seconded. Carried 5-0.
There being no £urther b~siness to come before the meeting it was adjouTned
at 10:O0 A. M.
City Clerk ~/
CIT~Y OF BOYNTONfACH~ FLORIDA /
Th.o~mas A. Sfim~ers ~ Mayor
Forrest L~ Wallace~ Vice Mayor
'~_~. ~ Y Jar~ , C unci!~,mn
y nd, ~cilman
-2-
March 23, 1970
City of Boynton Beach
mn
Boyaton Beach, Florida
Re: $800,000 City of Boyaton Beach
Water and Sewer Revenue Bends
Series 1969
Dear Mayor Summers, Mrs. Jackson and
other Members of the City Council.
WorI4ng wi~ Mr. Gene Moore III., your Attorney and Mrs. Padgett, your City
Clerk,'we have arrived at a delivery date of April i, 1970 for the above bonds
and have plmmed a closing at the Atlantic National Bank of West Palm Beach.
The bonds are being printed and should be del2wered to Mrs. Padgett by the end
of the week. I plan to arrive in Boynton Beach before noon on the f~st of April
md drive to flue closhg in the early a~ernoon at the bank in West Palm Beach.
Mayor Summers, Mrs. Padgett and Mr. Moore need to be present at flae closing also,
$90,000 o£ the bond proceeds must be set aside in a Reserve Accotmt and, pursuant
to our purchase agreement, we were to designate the Reserve Account bank. In an
effort to develop the best possible investment of the Reserve Account, for the benefit
of the City we have been investigating just what the maximum investment on a
Certificate of Deposit could be in today'~ market. Based on this investigation,
we believe that we could obtain a CergLficate of Deposit for the City fully collateral-
ized in the manner provided by law which Certificate ef Deposit would mature on
April 1, 1981 or eleven years from the date of its purchase. We believe that such
a Cerri~cate of Deposit can be obtained at an interest rate payable to the City of 7%.
We feel that a Certificate at this rate for eleven years i.s the most efficient investment
£or the Reserve Fraud, pax-~icalarily w-hen you consider that such ~ Cer~cate is ~,l!y
collater~t!~ed and the bank which issues it must pay it on demand at 100 cent? On the
dollar without reference to any market fluctuatioms.
RECEIVED
CENTRAL FILE
CITY OF BO¥~_'TON BEbCH
City of Boynton Beach
March 23, 1970
Page two
In order to obtain a 7% Certificate o£ Deposit, we would, however, have to have the
$90,000 of the Reserve Fund augmented by $10,'000, because banks c. mmot give a
rare as high as 7% except for deposits of $100, 000 or more. Therefore, to attempt
tO accomplish this investment at the. 7%level, $10,000 of the con, traction fund moneys
or water and sewer surplus revellues already, on ha/Id would have to be put with the
$90,000 of th~ bond proceeds. I would like to point ont that at 7~, the l{eserve Ftmd
x~0uld "ear~ back" the $ t0, 000 itl about eighteen months.
If the Mayor or the Ac~ag City Manager*will advise tha$ we may pr6ceed ~h setting
up the investment of the Reserve Fund and an additicaat $10,000 on this basis, I
shall endeavor to have tile transactions ready to execut~ on April t~ 1970 at ~he closing.
Sincerely,
WILLIAM 1{. HOUGH & CO.
Resident Partaer
ACS/am
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