Minutes 07-23-85MINUTES OF SPECIAL MEETING OF CITY COUNCIL HELD IN COUNCIL
CHAMBERS, CITY HALL, BOYNTON BEACH, FLORIDA, ON TUESDAY,
JULY 23, 1985 AT 11:00 A. M.
PRESENT
Nick Cassandra, Mayor
Robert Ferrell, Vice Mayor
Ezell Hester, Jr., Councilman
James R. Warnke, Councilman
Carl Zimmerman, Councilman
Peter L. Cheney, City Manager
Betty S. Boroni, City Clerk
James W. Vance, City Attorney
Grady Swann, Finance Director
Mayor Cassandra welcomed everyone and called the meeting to
order at 11:00 A. M. He announced that the meeting was in
reference to accepting bids.
AGENDA APPROVAL
Councilman Warnke moved, seconded by Councilman Zimmerman,
to accept the agenda as presented. Motion carried 4-0, as
Vice Mayor Ferrell had not yet arrived at the meeting.
RECEIVING BIDS FOR BOND SALR FOR CAPITAL IMPROVEMENTS
City Attorney Vance asked if anyone in the audience wished
to submit a bid. There was no response, and Mayor Cassandra
announced that THE BIDS WERE CLOSED at 11:01:50 A. M.
Vice Mayor Ferrell entered the meeting at 11:03 A. M.
City Manager Cheney announced that City Attorney Vance had
seven bids which he would open. They would be written on
the board, and Mr. Swann would also be writing them down.
After the completion of the opening, the bids will be taken
downstairs, and the Council will recess. City Manager
Cheney informed everyone that the financial advisors brought
in a card program for the IBM personal computer, and they
will verify the lowest interest costs on the computer.
The Members had a Resolution before them. City Manager
Cheney said the blanks on the Resolution would be filled in
after they verify the bids, and the Council will adopt the
Resolution before they leave.
In the past, City Manager Cheney said the City obtained the
insurance. This time, the bidders are making their own
choice as to whether they want to provide insurance, and
they will be paying the insurance premium instead of the
City paying the premium.
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MINUTES - SPECIAL CITY COUNCIL MEETING
BOYNTON BEACH, FLORIDA
JULY 23, 1985
AWARDING $6,350,000 GENERAL OBLIGATION BONDS
City Attorney Vance opened the bids, and Rob Middlemas, of
Prudential-Bache Securities, read the bids as follows:
Bidder
Cashier's True
Check Interest
Attached Insurance Cost
Merrill, Lynch, Pierce,
Fenner & Smith, Inc. Yes
William R. Hough & Co. and
Dean Witter Reynolds, Inc. Yes
Morgan Stanley & Co., Inc. Yes
Southeast Bank, N.A. Yes
Northern Trust Company Yes
Paine Webber Incorporated
and John Nuveen & Co., Inc. Yes
Prudential-Bache Securities Yes
MBIA 8.4387%
MBIA 8.615%
MBIA 8.510358%
.None 8.497306%
MBIA ~ 8.490181%
MBIA 6.5192%
City Manager Cheney called attention to the fact that it
appeared Merrill, Lynch, Pierce, Fenner & Smith, Inc. was
the low bidder, depending on the calculations to be done in
a few minutes.
City Attorney Vance announced that the City would hold all
checks and would return them after the confirmation of the
bids. He suggested that the Council recess.
Mayor Cassandra asked that the record show seven bids were
received; seven bids were opened and posted on the board.
Councilman Warnke moved, seconded by Mr. Hester, to recess.
Motion carried 5-0, and the Council recessed at 11:10 A. M.
The meeting resumed at 11:55 A. M.
ADOPTING RESOLUTIONS RELATING TO BOND SALE
City Attorney Vance announced that Resolution No. 85-WW
awarded the bid of the bonds to Merrill, Lynch, Pierce,
Fenner & Smith, Inc., and all of the blanks were filled in.
The Council had a preliminary statement, which City Attorney
Vance believed Mr. Middlemas had corrected. He said it was
complete with the exception of the alternate prices, which
the winning bidder may not have established yet. Section 7
of the Resolution permits the Mayor and City Manager to
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MINUTES - SPECIAL CITY COUNCIL MEETING
BOYNTON BEACH, FLORIDA
JULY 23, 1985
complete these details. City Attorney Vance said the
Resolution approved the preliminary statement, as he indi-
cated, and he read Resolution No. 85-WW by title only:
"A RESOLUTION ESTABLISHING THE MATURITY SCHEDULE
AND REDEMPTION TIMES AND PRICES FOR THE $6,350,000
GENERAL OBLIGATION BONDS, SERIES 1985 OF THE CITY
OF BOYNTON BEACH, FLORIDA PROVIDED TO BE ISSUED
PURSUANT TO RESOLUTION NO. 85-00, ADOPTED ON
JUNE 18, 1985; DESIGNATING THE PAYING AGENT AND
BOND REGISTRAR FOR SAID BONDS; AWARDING SUCH BONDS;
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 PURCHASE PRICE HEREIN SET FORTH; RATIFYING
THE PUBLICATION OF THE NOTICE OF SALE IN THE DAILY
BOND BUYER; APPROVING THE PRELIMINARY OFFICIAL
STATEMENT AND OFFICIAL NOTICE OF SALE AND BID FORM
AND RATIFYING AND APPROVING THE DISTRIBUTION OF
SUCH PRELIMINARY OFFICIAL STATEMENT AND OFFICIAL
NOTICE OF SALE AND BID FORM AND AUTHORIZING
EMPLOYEES AND OFFICIALS TO TAKE ACTION AS REQUIRED
IN CONNECTION WITH THE ISSUANCE OF SAID BONDS."
As copies of the Resolution had been passed out to the
City Council with the blanks filled in, City Attorney Vance
advised Mayor Cassandra that it was not necessary to read
the sections where the blanks were filled in.
Councilman Warnke moved to approve Resolution 85-WW,
seconded by Vice Mayor Ferrell. Motion carried 5-0.
APPROVE FINAL DRAFT OF A JOINT RESOLUTION OF THE SOUTH
COUNTY COUNCIL OF GOVERNMENTS ALONG WITH PROPOSED BY-LAW~;
Mayor Cassandra advised that this is necessary because of
the meeting on July 31, 1985.
Vice Mayor Ferrell moved to approve the Joint Resolution of
the South County Council of Governments, seconded by Council-
man Hester. Motion carried 5-0.
MINUTES - SPECIAL CITY COUNCIL MEETING
BOYNTON BEACH, FLORIDA
JULY 23, 1985
ADJOURNMENT
Councilman Warnke moved, seconded by Vice Mayor Ferrell, to
adjourn. Motion carried 5-0, and the meeting was properly
adjourned at 12:05 P. M.
CITY OF BOYNTON BEACH, FLORIDA
Mayor
ATTEST-.
~ '--~City Clerk
Recording Secretary
(One Tap~
Vice Mayor