83-ZRESOL. TIO
A RESOLUTION AWARDING $1,750~000
RECREATIONAL AND MUNICIPAL BEACH
FACILITIES BONDS OF THE CITY OF BOYNTON
BEACH, FLORIDA; 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 PURCSASE PRICE HEREIN SET
FORTH~ APPROVING THE OFFICIAL STATEMENT
AND NOTICE OF SALE AND RATIFYING AND
APPROVING THE DISTRIBUTION OF SUCH
OFFICIAL STATEMENT AND NOTICE O~ SALE AND
AUTHORIZING EMPLOYEES AND OFFICIALS TO
TAKE ACTION AS REQUIRED IN CONNECTION
WITH THE ISSUANCE OF THE BONDS~
WHEREAS, the City of Boynton Beach~ Florida (the
~City'~) through its City Council (the '~City Council~) has
received the bids for the purchase of $1,750,000
Recreational and Municipal Beach Facilities Bonds of the
City (the "Bonds'') listed in Section 1 of this Resolution
and the City Council has determined that the acceptance of
the bid of Merrill~ Lv~ch, Pierce, Fenner & Smith offering
to purchase the Bonds at the price and bearing interest at
the rates set forth in said Section ! and the award of the
Bonds to .Merrill~~ Pierce~ Fenner & Smith is in the
best interests of the City; and
WHEREAS~ in conjunction with the sale and issuance
of the Bonds, it is necessary to approve the Official
Statement and the Notice of Sale in connection with the
issuance of such Bonds~ to ratify and to approve the distri-
bution of such Official Statement and Notice of Sale and to
approve certain actions to be taken b}· or on behalf of the
City relating to the securinq of the Bonds; now~ therefore~
B'E IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOYNTON BEACH, FLORIDA:
Section 1~ Pursuant to the Notice of Sale
published in The Daily Bond Buyer on April 22, 1983, and in
the Weekly Bond Buyer on April 25~ 1983~ 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 12:00 Noon~ Boynton Beach Time, on Wednesday, May 4~
1983, 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 Notice of Sale and Official Bid Form
distributed for the purposes, were as follows:
& Associates
(1) Bid of R~avmond, James & Associates~ Inco offering t
pay $ 1~715,000.00 ~ plus accrued interest on the
Bonds from February t, 1983 to the date of their delivery
for Bonds bearing interest at the rates set forth in Column
(1) o
(2) Bid of Paine~ Webber~ Jackson~ & Curtis offering t¢
pay $ 1~722~029~50 ~ plus accrued interest on the Bonds
from February 1, 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (2).
!nc. & Associates
(3) Bid of Prudential-Bache Securities offering to
pay $ i~715,000.00 ~ plus accrued interest on the Bonds
from February 1, 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (3).
(4) Bid of Southeast Bank, NoA. offering to
pay $ !~715,436~60 ~ plus accrued interest on the Bonds
from February 1~ 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (4).
(5) Bid of William R. Houqh & Co. offering to
pay $ I~718~780~00 , plus accrued interest on the Bonds
from February 1~ 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (5).
(6) Bid of The Leed~ offering to
pay $ 1~715~711~00 ~ plus accrued interest on the Bonds
from February 1~ 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (6).
(7) Bid.of Bear Stearns & Co. offering to
pay $ 1~715~410.35 , plus accrued interest on the Bonds
from February 1~ 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (7).
(8) Bid of Richardson Greenshields Securities Inc~ on
behalf of Fischer~ Johnson~ Allen~ Burke offering to
pay $1~722~000o00 w Plus accrued interest on the Bonds
from February 1~ 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column {8). & Smith
(9) Bid of Merrill~ L~nch, Pierced Fenner offering to
pay $ !,728~615.00 ~ plus accrued interest on the Bonds
from February it 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (9).
(!0) Bid of The Northern Trust Co~ offering to
pay $1~721~714.25 ~ plus accrued interest on the Bonds
from February 1~ 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column (10).
lO ~'
The bid of Merrillr~ Pierce~ Fenner & Smith offering to
pay $1r7____~28~615~00~ plus accrued interest on the Bonds
from February 1~ 1983 to the date of their delivery for
Bonds bearing interest at the rate set forth in Column ~
has been determined to be and is hereby determined to be the
bid resulting in the lowest interest cost to the City deteru
mined as provided in the Notice of Sale and accordingly~
such bid is accepted and the Bonds are hereby awarded to
Merrill~ ~ Pierce, Fenner & Smith at the price
of $ 1~728~615.00 , plus accrued interest on the Bonds
from February I~ 1983 to the date of their delivery for
Bonds bearing interest at the rates set forth in Column 9
and the Bonds shall bear interest at such rates.
Section 2~ The Finance Director is hereby directed
to delivery the Bonds to or upon the order of Merrill, L ny_n_qh
& Smith
Pierce~ Fenner upon payment of the purchase price therefore
together with accrued interest from February 1~ 1983 to the
date of delivery of the Bonds~
Section 3. The Official Statement and the Notice
of Sale 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
Official Statement and Notice of Sale by City officials are
hereby ratified~ approved and confirmed~ The Mayor and City
Manager are authorized to sign such Official Statement on
behalf of the City.
Section 4. The Mayor, the Vice Mayor~ the City
Clerk 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 consummation of all tran-
sactions in connection therewith.
Section 5. This resolution shall take effect imme-
diately upon its adoption.
PASSED AND ADOPTED by the City Council of the City
of Boynton Beach~ Florida, thiS 4th day of Mayr 1983.
CITY OF BOYNTON BEACH
vice ~.r
'coun~ ., ·
(SEAL)