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
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