Loading...
76-JJRESOLUTION NO. 76-JJ RESOLUTION AWARDING $3,900,000 WATER AND SEWER REVENUE BONDS, SERIES 1975B OF THE CITY OF BOYNTON BEACH, FLORIDA AND NAMING THE PAYING AGENT FOR SAID BONDS. WHEREAS, the City of Boynton Beach, Florida, has hereto- fore authorized the issuance of $6,50.0,000 Water and Sewer Revenue Bonds, Series 1975, to finance the cost of constructing and acquir- ing additions, extensions and improvements to the wa~er and sewer system of the City; and WHEREAS, said Bonds have been validated by judgment of the Circuit Court in and for Palm Beach County, Florida; and WHEREAS, $2,600,000 principal amount of said Bonds have been sold and issued; and WHEREAS, it is deemed necessary and desirable and in the best interest of the City that the remaining $3,900,00'0 principal amount of said Bonds be sold at this time; and WHEREAS, it is necessary that the place of payment of said Bonds and the coupons attached thereto be designated at this time; and WHEREAS, William R. Hough & Co. of St. Petersburg, Florida, has offered to purchase said Bonds at the price of $3,861,000 plus accrued interest to the date Of delivery, said Bonds to bear ingeres~- as hereinafter set forth, being a net interest cost rate of 6.404 %; and WHEREAS, it is~deemed in the best financial interest of the City to accept the proposal of said William R. Hough & Co. of St. Petersburg, Florida; now, therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA: SECTION 1. That the $3,900,000 principal amount of Water and~Sewer Revenue Bonds, Series 1975B of the City, dated February 1, 1975, maturing serially on February ~ in such years and bearing interest at such rates as follows: YEAR INTEREST AMOUNT RATE YEAR INTEREST ~OUNT RATE 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 $ 40,000 6.50% 1992 $120,000 6.25% 45,000 6.50% 1993 130,000 6.25% 50,000 6.50% 1994 140,000 6.25% 55,000 6.50% 1995 150,000 6.~25% 60,000 6.50% 19~6 160,000 6.25% 65,000 6.50% 1997 175,000 6.30% 65,000 6.50% 1998 185i000 6.30% 70,000 6.50% 1999 200,000 6.35% 80,000 6,50% .2000 215,000 6.35% 85,'000 6.50% 2001 230,000 6.35% 90,000 6..50% 20.02 250,000 6.40% 95,0'00 6.25% 2003 270,00'0 6.40% 105,000 6.25% 2004 290,000 6.40% 110,000 6.25% 2005 370,000. 6.40% be and the same are hereby awarded and sold to William R. Hough & Co. of St. Petersubrg, Florida, at the purchase price of $3,861,000 plus accrued interest to the date of delivery thereof, being a net interest cost rate of 6.404 %. SECTION 2. That said Bonds and the coupons attached there- ~t'o shall be payable at the St. Petersburg Bank and Trust Company, St. Petersburg, Florida. SECTION 3. That the Mayor and City Clerk be and they are hereby authorized to execute said obligations and to do and perform any and all things for the purpose of effectuating 'delivery of said obligations. SECTION 4. This resolution shall take effect immediately. PASSED and ADOPTED this ~5~ day of z~ ,_A.D., 1976. CITY~F BOYNTON BEACH Vice Mayor Counci 1 Membe~ ATTEST: City Clerk -2-