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1972.08.29_TC_Minutes_Special MINUTES: SPECIAL MEETING OF THE TOWN COMMISSION - AUGUST 29 1972 The Special Meeting of the Town Commission was called to order by Mayor Horton on Tuesday, August 29, 1972 at 7 :30 P.M. This Special Meeting was called by Mayor Horton, Vice Mayor Dent and Commissioner Joy for the purpose of passing a Resolution fixing the redemption provisions for $965,000 G. 0. Bonds and directing publication of notice of sale of said Bonds and preparation of official statement. All Commissioners were present except Mrs. Mumford. Also present was Mr. Curt Goss, the financial consultant for the Bond Issue. Resolution ## 200 , fixing the redemption provisions for $965,000. General Obligation Bonds, authorized by Resolution adopted May 3, 1972, and directing publication of notice of sale of said Bonds and preparation of official statement thereas, was read. Commissioner Jurisch moved for adoption and Commissioner seconded. The vote was unanimous. The meeting adjourned at 8:00 APPROVED � d� 1 ATTEST: Toxin ✓ DATED: U I EXTRACTS FROM THE MINUTES OF A 1 All I MEETING OF THEQ4 n OF s 4' HELD ON THE _ y DAY OF • The - --� 4b, of i v �' met in 2 P) MeLL at To 4C in the Miji of at .�O o clock m. on the _,,2 !Z day of , 19_2,:2�, place, hour, and date duly established for the hold- ing of such meeting. The called the meeting to order and on roll call the fol owing answered present: l 3 and the f lowing were-absent: AV 4E 4 MA The declared a quorum present. A Resolution en itled: • A RESOLUTION OF THE TOWN OF HIGHLAND BEACH FIXING THE REDEMPTION PROVISIONS FOR $965,000 GENERAL OBLIGATION BONDS, AUTHORIZED BY RESOLUTION AD4Ap MAY 3, 1972, AND DIRECTING PUBLICATION OF NOTICH-© ALE. OF SAID BONDS AND PREPARATION OF OFFICIAL STATEMENT THEREON. was introduced by Mr. , Said Resolution w s then read in full and discussed and considered. RESOLUTION NO. A RESOLUTION OF THE TOWN OF HIGHLAND BEACH FIXING THE REDEMPTION PROVISIO14S FOR $965,000 GENERAL OBLIGATION BONDS, AUTHOR- IZED BY RESOLUTION ADOPTED MAY 3, 1972, AND DIRECTING PUBLICATION OF NOTICE OF SALE OF SAID BONDS AND PREPARATION OF OF- FICIAL STATEMENT THEREON. WHEREAS, by Resolution No. 194 adopted by the Town Commission of the Town of Highland Beach, Florida on May 3, 1972, the Town authorized the issuance of $965,000 General Obli- gation Bonds (herein called "Bonds "), to provide for financing the cost of various municipal purposes; and WHEREAS, said Bonds have been validated by a judgment of the Circuit Court for Palm Beach County; and WHEREAS, is deemed in the best.interest of the Town , to sell said $965,000 Bonds; and WHEREAS, it is necessary to fix the redemption provi- sions for said Bonds; - NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF HIGHLAND BEACH, FLORIDA: SECTION 1. The $965,000 General Obligation Bonds of the Town of Highland Beach, Florida, shall be redeemable, at the option of the Town, as set forth in the Notice of Sale. SECTION 2. The said.Bonds shall be offered at public, Town sale and the OMW Clerk be and she is hereby authorized and Town's directed to, with the aid of the 20*3E*. Financial Consultant, determine an appropriate date for the sale of the Bonds and to publish 'notice of such sale in Ralt� PW /I h J � a newspaper published in West Palm Beach, once a week for two (2) consecutive weeks, the first publication to be at least fourteen (14) days prior to the sale date and to post said notice on the front door of the Town Hall for fourteen (14) days prior to said sale. Said Notice of Sale shall be in substantially the follow - 4.ni g form Mr. l then moved the adoption i of the Resolut on as introduced and read. Mr. r seconded the motion, and, on roll call, the f o Zowi voted "Aye ": and the following voted "Nay ": The thereupon declared the motion .carried and the Resolu ion adopted as introduced and read. There being no further business to come before the meeting, upon motion duly made and seconded, the meeting was adjourned. NOTICE OF SALE $965,000 TOWN OF HIGHLAND BEACH, FLORIDA GENERAL OBLIGATION BONDS Notice is hereby given that the Town of Highland Beach, Florida, will receive sealed bids in the Commission Chamber in • 'T�v�nc the• Hall, Highland Beach, Florida, until `t -Do o'clock 4.M. Eastern Daylight Time, 1972 for the purchase of $965,000 General Obligation Bonds to be .issued by the Town, at which time and place all bids received will be opened and read. The Bonds are to be dated August 1, 1972 and will mature August 1 in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 1975 $20,000 1986 $40,000 1976 25,000 1987 40,000 1977 25,000 1988 45,000 1978 25,000 1989 45,000 1979 25,000 '1990 50,000 1980 30,000 1991 50,000 1981 30,000 1992 55,000 1982 30,000 1993 55,000 1983 35,000 1994 60,000 1984 35.000 1995 65,000 1985 40,000 1996 70,000 1997 70,000 The Bonds will be coupon bonds in the denomination of $5,000 each, and will be payable at such bank or banks as shall Town be designated by the elt* at the sale thereof. The Bonds may be registered as to principal only, and may thereafter be restored to bearer bonds. Certain of the Bonds will be redeemable at the Town .option of the 3MJ upon the terms, conditions and in the follow- ing manner: The Bonds maturing in the years 1975 to 1982, inclusive, shall not be redeemable prior to their stated dates of maturity. The Bonds maturing in the years.1983 to 1997, both inclusive, shall be redeemable prior to .their stated dates of maturity at the option of the Town, as a whole or in part, but in inverse numerical order if less than all, on February 1, 1983, or on any interest payment date thereafter, at the price of the principal amount thereof and accrued interest to the date of prior redemp tion, plus the following if redeemed in the following .3% if redeemed in the years 1983 to 1985 inclusive; 2�% if redeemed in the years 1986 to 1988 inclusive; 2% if redeemed in the years 1989 to 1991 inclusive; A% if redeemed in the years 1992 to 1994 inclusive; 1% if redeemed thereafter, but prior to maturity. The issuance of said Bonds was'duly approved by a major - ity of votes cast at an election duly called and held , Cc 2, 1972 in said Town and said Bonds will be issued in accordance with the Charter of the Town constituting Chapter 25875, Laws of Florida, Special Acts of 1949, and other applicable statutes, and pursuant to a resolution adopted by the Town Commission of said Town. The Bonds have been validated by a judgment of the Cir- cuit Court in and for Palm Beach County, Florida, on July 17, 1972. The Bonds will be valid and binding general obligations of the Town for which the full faith and credit of the Town are irrevocably pledged. The authorizing resolution provides that so long as any of the Bonds shall be outstanding, there shall be levied, assessed and collected an ad valorem tax without limit as to rate or amount upon all taxable property within the Town suffi- cient in amount to pay the principal of and the interest on said Bonds as the same become due. All bids must be for all of the $965,000 Bonds offered herein and the price bid for all such Bonds must not be less than par and accrued interest. Each bidder may specify not more than four different interest rates expressed in multiples of 1 /10 or 1/4 of 1% with not more than one rate to maturity for Bonds becom- ing due +on any one maturity date, but not exceeding seven and one - half per centum (7- per annum. A repeated rate will not be con - considered a different rate. A rate of interest based upon the use of split or supplemental interest coupons or a zero rate, will not be considered. The Bonds offered herein will be awarded to the bidder whose.bid produces the lowest net interest cost to the Town, The net interest cost shall be detmined by taking the aggregate amount of interest at the rate or rates specified in the bids, computed from August 1, 1972 to the date of the various stated maturities thereof, and deducting therefrom the amount of any cash premium offered in excess of the par value of the Bonds_ Each bid must be accompanied by a Certified or Bank Cashier's or Treasurer's check in the amount of $19,300 drawn 4 upon an incorporated bank or trust company payable uncondition- ally to the Town of Highland Beach, Florida,.as evidence of good faith, and if the successful bidder shall fail to comply promptly with the terms of his bid, the check will be forfeited to the .Town as full liquidated damages., The good faith checks of the un- successful bidders will be returned to such unsuccessful bidders immediately upon the award of the Bonds. The proceeds of the good faith check of the successful bidder will be applied to the pay- ment of the purchase price of the Bonds. Full payment of the balance of the purchase price must be made at the time of delivery of the Bonds by the successful bidder by a Bank Cashier's or Treasurer's check. No interest will be allowed on said good faith deposit. Bids are desired on forms which will be furnished by the • undersigned and sealed envelops containing bids, addressed to the undersigned, should have written thereon "Bid for $965,000 General �- Obligation Bonds ", or words of equivalent import. The unqualified approving opinion of Messrs. Freeman, Richardson, Watson, Slade & McCarthy of Jacksonville, Florida, will be furnished without cost to the purchasers of the Bonds. There will also be furnished the usual closing papers and non- litigation certificate. Delivery of and payment for the Bonds will be made at such bank or trust company in Palm Beach County, Florida, mutually agreeable to the Town and the successful bidder. The Town reserves the right to determine who is the successful bidder for the Bonds and to reject any or all of the bids for such Bonds. For further information and copies of the Official State- ment relative to said Bonds,-address Sullivan, Nelson & Goss, Inc., P. 0. Box 950, West Palm Beach, Florida, 33402, or the undersigned. TOWN OF HIGHLAND BEACH, FLORIDA ELAINE W. ROBERTS Toter. Clerk SECTION 3. An abbreviated form of Notice of Sale . ,shall be published once, at'least ten (10) days prior to the date of sale in The Daily Band Buyer,.a financial journal pub- lished in the City of New York, New York. Such abbreviated form shall be substantially as follows: $965,000.00 TOWN OF HIGHLAND BEACH, FLORIDA GENERAL OBLIGATION BONDS SEALED BIDS will be received by the Town Commission of the Town of Highland Beach, Florida, at the Commission Chambers, Town Hall, Highland Beach, Florida, to and including 8 o'clock .M., E.D.T. �M �C'.�' 0`7 , 1972, for the purchase of $965,000.00 General Obligation Bonds, of said Town,.dated August 1, 1972, with semi- annual interest payable February 1 and August 1. Such Bonds will be coupon bonds, registrable as to principal, in the de- nomination of $5,000.00 each, and mature serially in numerical order on August l in the years 1975 to 1997, inclusive. The Bonds have been approved at an election held in said Town on 2, 1972. The Bonds will be general obligations of said I Town and provision has been made for the levy and collection of a direct annual tax without limitation as to rate or amount upon all taxable property within the Town sufficient to pay the principal of and interest on said Bonds. The Town will furnish usual closing certificates and the legal opinion of Messrs. Freeman, Richardson, Watson, Slade & McCarthy, Jacksonville, Florida. Copies of the Official Notice of Sale, Official Statement and Bid Forms may be obtained from the undersigned or from Sullivan, Nelson & Goss, Inc., Financial Consultant to the Town, Post Office Box 950, West Palm Beach, Florida, 33402. The right to reject any and all bids is reserved. TOWN OF HIGHLAND BEACH, FLORIDA Elaine W. Roberts Town Clerk SECTION 4. Sullivan, Nelson & Gass, Inc., is hereby authorized and directed to proceed with the preparation of an Official Statement for said Bonds. SECTION 5. This Resolution shall take effect immedi- ately upon its adoption. Mayor ATTEST: ­City C e:e CERTIFICATE OF RECORDING OFFICER The undersigned HEREBY CERTIFIES that: She 1. Ne is the duly appointed qualifi , and a g A of the (herein called the ) j / a rA eeper of the records thereof, includ ng the minutes of its proceedings; 2 The annexed copy of extracts from t e minu es o the meeting of the held on t day of 19,Z,;2 , is a true, correct, and compared copy of the whole of the original minutes of said meeting on file a d of record'insofar as the same relate to the resolution referred to in said extracts and to the other matters referred to therein; 3. Said meeting was duly convened in conformity with all applicable requirements; a proper quorum was present through- out said meeting and the resolution hereinafter mentioned was duly proposed, considered, and adopted in conformity with appli- cable requirements; and all other requirements and proceedings .incident to the proper adoption of said resolution have been duly fulfilled, carried out, and otherwise.observed; She 4. ara is duly authorized to execute this Certificate; and 5. The copy of the resolution annexed hereto entitled: A RESOLUTION OF THE TOWN OF HIGHLAND BEACH FIXING THE REDEMPTION PROVISIONS FOR $965,000 GENERAL OBLIGATION BONDS, AUTHORIZED BY RESOLUTION ADOPTED MAY 3, 1972, AND DIRECTING PUBLICATION OF NOTICE OF SALE OF SAID BONDS AND PREPARATION OF OFFICIAL STATEMENT THEREON. is a true, correct, and compared copy of the original resolution referred to in said extracts and as finally adopted at said meet- ing and, to the extent required by law, as thereafter duly signed o approved by the proper officer or officers of the _ �' which resolution is on file and of record. WITNESS my hand and tr a seal of the y , this • — 'day of 19 V (SEAL)