78-IIIRESOLUTION
RESOLUTION FIXING THE MATURITIES, REDEMPTION
PROVISIONS AND PAYING AGENT FOR $2,500,000
WATER AND SEWER REVENUE BONDS, SERIES 1978
AND AWARDING SAID BONDS.
WHEREAS, the City has heretofore, by resolution duly
adopted on September 19, 1978, authorized the issuance of not
exceeding $2,500,000 Water and Sewer Revenue Bonds· Series 1978,
dated February 1, 1978 (the "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 $2,500,000 Bonds have been validated by
the Circuit Court of Palm Beach County; and
WHEREAS, it is desirable at this time to sell said Bonds
and it is necessary to fix the maturities and redemption provi-
sions and to name the paying agent for said Bonds; and
WHEREAS, William R. Hough & Co., of St. Petersburg,
Florida, has, by written proposal, offered to purchase said Bonds
at the price of $2~S2/5 oo
· plus accrued interest from
August 1, 1978 to the date of delivery, at the interest rates
hereinafter set forth, being a net interest cost rate of
~Sf %; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOYNTON BEACH· FLORIDA:
SECTION 1. That $2,500,000 Water and
Bonds, Series 1978 of the City, dated February
bear interest
Sewer Revenue
1, 1978, shall
at the rates per annum and shall mature serially,
in numerical order, on February 1
amounts as follows:
of each year in the years and
YEAR AMOUNT INTEREST RATE
1997 $300,000 7 %
1998 300,000 ~7 %
1999 300,000 ~ %
2000 300,000 ~ %
2001 300,000 ~/ %
2002 300,000 ~ %
2003 300,000 .. ~ %
2004 400,000 7 %
SECTION 2. The redemption provisions for said Bonds
shall be as follows:
The bonds shall be redeemable on or after February 1,
1989, at the option of the City, in whole on any date, and in
part on any interest payment date, in the inverse order of their
maturities, and if less than all of 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 (~4 of
1%) of the par value thereof for each one year period, or frac-
tion thereof, from the date fixed for redemption to ths Stated
date of maturity of the bonds so called for redemption; such pre-
mium, however, not to exceed three per centum (3%) of the par
value thereof.
SECTION 3.
SECTION 4.
The Bonds shall be payable at ~i-/~
Said Bonds be and they are hereby awarded
and sold to William R. Hough & Co. of St. Petersburg, Florida,
the price of o~--
and accrued interest
1978 to the date of delivery thereof, said
as set forth in Section 1 above.
SECTION 5. This resolution shall take effect
Bonds to
immediately.
at
from August 1,
bear interest
PASSED AND ADOPTED this ~ day of December, 1978.
ATTEST:
~ity ~lerk '
CITY OF BOYNTON BEACH, FLORIDA