62-AARESOLUTION No. 62-AA
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, RATIFYING SALE OF $1, 750, 000.00 CITY OF
BOYNTON BEACH WATER AND SEWER REVENUE BONDS,
ISSUE OF 1961, SERIES "A" and $1, 650~ 000.00 CITY OF
BOYNTON BEACH WATER AND SEWER REVENUE BONDS,
ISSUE OF 1961, SERIES "B",
WHEREAS, pursuant to a certain contractural agreement between
the CITY OF BOYNTON BEACH, FLORIDA, and F. S. SMITHERS & CO.
OF NEW YORK CITY, NEW YORK, dated November 17, 1960, the said F. S.
SMITHERS & CO. did on April 30, 1962, submit a certain bid to the City
offering to purchase $1, 750, 000.00 CITY OF BOYNTON BEACH Water and
Sewer Revenue Bonds, Issue of 1961, Series '"A", and $1, 650, 000.00 CITY OF
BOYNTON BEACH Water and Sewer Revenue Bonds, Issue of 1961, Series "B"
heretofore validated by order of the Circuit Court of the Fifteenth Judicial
Circuit in and for Palm Beach County, by decree dated March 20, 1962; and
WHEREAS, after thorough investigation, the City Council deemed
the proposal of F. S. SMITHERS & CO. to purchase subject bonds to be the
most advantageous offer obtainable, and that in all other respects the accept-
ance of said offer would be to the best interest of the City; and
WHEREAS, at the aforesaid meeting of the City Council of the City
of Boynton Beach, Florida, held on April 30, 1962, said offer was, by appro-
priate motion, accepted and the said F. S. SMITHERS & CO. awarded the
sale of subject bonds;
NOW~ THEREFORE, be it resolved by the City Council of the City
of Boynton Beach, Florida:
SECTION l: That the accpetance of the bid of F. S. SMITHERS &
CO.. and award of the sale of $1, 750, 000.00 CITY OF BOYNTON BEACH
Water and Sewer Revenue Bonds, Issue of 1961, Series "A" and $1, 650, 000.00
CITY OF BOYNTON BEACH Water and Sewer Revenue Bonds, Issue of 1961,
Series "B" to s~id Company, at the said Council meeting held on April 30,
1962, is hereby ratified and confirmed, said bid being more particularly
described as follows:
$1, 750, 000.00 - CITY OF BOYNTON BEACH Water and Sewer
Revenue Bonds, Issue of 1961, Series "A",
dated December 1, 1961, numbered 1 to 1, 750
inclusive in the denomination of $1, 000. 00 each:
Gross bid - $1, 721,125.00, plus accrued
interest from date of issuance to date of
delivery of bonds, bearing interest as follows:
Bonds maturing June 1, 1964
through June
Bonds maturing June 1, 2000
4%
@ 3.85%
Gross interest cost : $ 2,377, 487.50
Add Discount : 28,875.00
Net interest cost : 2,406,362.50
Average interest rate to maturity: 3. 9016%
$1, 650, 000.00-
CITY OF BOYNTON BEACH Water and Sewer
Revenue Bonds, Issue of 1961, Series "B",
dated December 1, 1961, numbered i to 1, 650
inclusive, in denomination.: of $1, 000.00 each:
Gross bid - $1, 617,000. 00, plus accrued interest
from date of-issuance to date of delivery of bonds,
bearing interest as follows:
Bonds maturing June l,
June l, 1973 @
Bonds maturing June l,
1964 through
4 1/4%
2000 @ 4%
SECTION 2:
Gross interest cost : $2,292. 500.00
Add Discount : 33,000.00
Net interest cost : 2,325, 500.00
Average interest rate to maturity: 4. 0638%
That the proper officers of the City, as designated
in the Resolutions authorizing lhe issuance of subject bonds be, and they
hereby are authorized and directed to execute said bonds when prepared and
to deliver same to said purchaser upon payment of the purchase price put-
suant to the terms of the above proposal, without further authority from this
Council.
SE CTION 3:
This resolution shall take effect immediately.
PASSED AND ADOPTED this 7th day of May, A. D. 1962.
(CORPORATE SEAL)
ATTEST: _J~ ~z ~&" /:~ ~
City Cle r.~.~
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CITY OF t~OY~NTO~I-t~EACH, FLORIDA
~_.:~:~. '~ Mayor
~7 /: \ y( v~e lVlayor
// . ,'[/ /t ~ Coun~an
..... ' "k Councilman