71-HHRESOLUTION NO. 71 - HH
WHEREAS, the City Council of the City of Boynton Beach,
Florida, has heretofore authorized issuance of $300, 000. 00 in Police Building
Revenue Bonds of the City; and
WHEREAS, through its duly designated fiscal agent, THOMAS R.
ALCOCK, a bid to purchase subject bonds submitted by the FIRST BANK AND
TRUST COMPANY OF BOCA RATON has been received; and
WHEREAS, it is deemed in the best interest of the City that the
above bid be accepted;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF BOYNTON BEACH, FLORIDA,
That the bid of the First Bank and Trust Company of Boca Raton
for the purchase of $300, 000.00 Police Building Revenue Bonds of the City,
more particularly set forth in the attached correspondence, is hereby accepte~
and the Mayor and City Clerk of the City are hereby authorized and directed t¢
proceed with the closing of the sale of said bonds and they are hereby
authorized to execute any and all instruments necessary or required in
conjunction with the closing of said sale and the establishment of the accounts
provided for in subject offering.
PASSED AND ADOPTED this 19th day of October, 1971.
ATTEST:
City Clerk .~ '
CORP. SEAL
CITY OF BOYNTON BEACH, FLORIDA
Mayor
· ~~e.,~~~
A// Councilman
, ' '
W / CT rman
P. fi. BOX 1'71
HINGHAM. I~IA.S SA~ H U S ~-TT-~
02043
September 30, 1971
The Honorable Mayor and City Council
City Hall
Boynton Beach, Florida 33~35
Attention: Clarence Q. Jones, City Manager
Re: ~300~000 Police Building Revenue Bonds
~s. Jackson and ~entlemen.
Regarding my Fiscal Agent contract with you dated March 16,
1971 it is required that I submit a bid to you for the
purchase of the above bonds. I hereby enclose a bid from
The First Bank and Trust Company of Boca Raton, Florida,
agreeing to purchase these bonds subject to their being
named Paying Agent and Depository Bank.
In order to obtain the depository account and Paying
Agency on these bonds The First Bank and Trust Company
of Boca Raton has submitted a bid of 5 1/2% interest
which I consider to be an excellent price for you to
accept.
I am enclosing an Amortization Schedule attached hereto
showing principal and interest payments at ~ 1/2% replac,
lng the previous Amortization Schedule at 6% that you
approved July 6, 1971.
It would be appreciated if this matter could be expedited
as it is delaying the printing of the' bonds, and furthermore,
as the bid is dated September 20th it would seem that the
bank is entitled to an answer to their proposition.
Respectfully submitted,
.TRA/jg
specialize in the tinancing ot Utility District, ~/ater and Sewer Revenue Bonds.
Fi'~st Ba'nk and Trust Company of Boca Eaton, N.A.
September 20, 1971
Mr. Thomas R. Alcock
Atcock & Company
1~.O. Box 171
Hingham, Mass 02043
Dear TOm:
This will confirm our conversation this morning whereby we have
corrurnitted to purchase from you $300, 000 Boynton Beach Florida
Police Building Revenue Bonds with maturities as scheduled in
your brochure.
We are to purchase bonds at par and accrued interest, subject to
validation. We are to receive the paying agency for which we now
charge $100 per annum, with some deposit to remain with us, this
to be determined at a later date. I am looking forward to seeing you
at lunch this Thursday.
Very truly yours,
E. Budd Laughlin
Vice President and
Investment Officer
EBL/lw
FC.ST OFF;CF_ BOX B. BOCA RATON. FLORIDA 33432
P:-IONE 335/395-4420
$300,000
CiTY OF BOY~TON BEACH, FLORIDA
Police Buildin5 5 1/2% Revenue Bonds
Dated: Ju~uo 1, 1971
Maturit~ ~r'incipa~
1972 035,000
i973 " 35~000
1974 40~0C0
1975 45,000
197~ 45~ooo
1977 50,000
1978 50 000
Totals $300,000
Due Serially June 1st, as below:
Interest Debt Service
018,5oo $51,5oo
14,575 49,575
~2,650 52,650
lo,~5o 55,45o
', ,975 52,975
5,5o0 55,5o0'
2t 75o 52t 750
~70,400 $370,400
C~-~Average Annual Debt Service ..... $ 52,914
CIGARETTE TAX RECEIPTS
.Bo~vnton Beacht Florida
Calend~r Year ending December 31, 1970 ............ $225,918
Less Annual Payment on ~14o~000 outstendin$ loan---. 2~00~
Balance of Revenues for Payment of this issue ...... $202,918
Average.. Annual Debt Service - this issue ........... ,
Times Debt Service Covered .................. 3.83X
Bonds to be printed in denominations o£ $5,000 - Callable
June l, 1975 at 102 1/4 with declining premiums thereafter
of 3/4 of 1% to a~d lncludir4~ June 1i 1978. ~