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1966.06.01_TC_Minutes MINUTES: HIGHLAND BEACH TOWN COMMISSION SPECIAL MEETING JUNE 1, 1966 10:00 A. M. �../ A meeting called for the purpose of opening bids for the $300,000.00 general obligation bond issue as approved by the referendum of November 2, 1965. Commissioners Hackman, Bunn, Noble, and Johnson were present. Commissioner Jones was absent. The only bid, submitted by Mr. C. T. McCreedy, representing Goodbody and Company, was opened and read. Their bid showed net proceeds to the Town would be $291,810.00 or 97.27% of par value with the bonds bearing interest of 4 -1/2% and all expense, other than Town and fiscal agent attorney fees, would be paid by Goodbody and Company. After questions and discussion, Commissioner Bunn moved that the proposal or bid of Goodbody and Company be approved and accepted. Commissioner Johnson seconded and all Commissioners present (Hackman, Bunn, Noble and Johnson) voted in the affirmative. Mc9`, ri S cl� ,vw A, /os h .5 . E .S4ew y <75 16Y9 After studying a plan for a suitable building to house the new pump at the water plant and the alternatives, the meeting adjourned at 11 :30 A. M. APPROVED: CLEM HACKMAN, MAYOR FRED BUNN, VICE MAYOR l HAROLD E. f0HNyN TOWN CLERK MILDRED NOBLE, COMMISSIONER 1 G. ARTHUR JONES, COMMISSIONER ATTEST: `i TOWN CLERK I NOTICE OF SALE $300,000 TOWN OF HIGHLAND BEACH, FLORIDA GENERAL OBLIGATION BONDS consisting of $31,000 TOWN HALL BONDS $269,000 WATER SYSTEMS BONDS The Town Commission of the Town of Highland Beach, Florida, will receive sealed bids at its regular place of meeting at the Town Hall in said Town, until 10 o AM, EST on June 1, 1966, for the purchase of $300,000 General obligation Bonds, immediately after which time all of said bids will be publicly opened and read at a meeting of said Commission. The Bonds shall be in coupon form with the privilege of registration as to prin- cipal only. Principal and semi - annual interest (May 1 and November 1) payable at The First National Bank of Delray Beach. The Bonds will be in the denomination of $1,000 each, will be dated November 1, 1965, and will mature serially in numerical order on May 1 of each year as follows: YEAR AMOUNT YEAR AMOUNT 1967 $10,000 1977 $14,000 1968 10,000 1978 14,000 1969 11,000 1979 14,000 1970 11,000 1980 16,000 1971 12,000 1981 17,000 1972 12,000 1982 18,000 1973 13,000 1983 19,000 _ 1974 13,000 1984 21,000 1975 14,000 1985 23,000 1976 14,000 1986 24,000 The bonds maturing in the years 1977 to 1986, inclusive,-shall be redeemable, at the option of the Town, in whole or in part but in inverse numerical order if less than all, on May 1, 1976, or on any interest payment date thereafter, at the price of par and accrued interest to the date of redemption, plus the following premiums, expressed in percentages of the par value thereof, if redeemed at the following times: Two per centum (2/) if redeemed on May 1, 1976, or thereafter but prior to May 1, 1977; One and three - quarters per centum (1 3/4/) if redeemed on May 1, 1977, or thereafter but prior to May 1, 1978; One and one -half per centum (1 1/2/) if redeemed on May 1, 1978 or thereafter but prior to May 1, 1979; One and one - quarter per centum (1 1/4/) if redeemed on May 1, 1979 or thereafter but prior to May 1, 1980; One per centum (1 %) if redeemed on May 1, 1980 or thereafter but prior to May 1, 1981; Three - quarters of one per centum (3/4%) if redeemed on May 1, 1981 or thereafter but prior to May 1, 1982; One -half of one per centum (1/2/) if re- deemed on May 1, 1982 or thereafter but prior to May 1, 1983; One - quarter of one per centum (1/4 %) if redeemed on May 1, 1983 or thereafter but prior to May 1, 1984 ; Without premium if redeemed thereafter prior to maturity. Each bidder may specify not more than three interest rates expressed in multiples of one -eight (1/8) or one - twentieth (1/20) of one per centum (1/), with not more than one rate for any one maturity but not exceeding five per cent (5%) per annum. • repeated rate of interest shall not be considered a different rate of interest. • rate of interest based upon the use of split or supplemental interest coupons will not be considered. The Bonds will be awarded on the basis of the lowest net interest cost to the Town and the comparison of bids to determine such lowest net i nterest cost will be made by taking the aggregate amount of interest at the rate or rates named from May 1, 1966, to the respective maturity dates and deducting therefrom the amount of any premium bid or adding thereto any discount bid. No bid for less than ninety -seven per centum (97 %) of the par value of the Bonds offered for sale plus accrued interest will be considered. In order to be considered, each bid must be unconditional and must be submitted on the form furnished by the Town and must be accompanied by a certified, cashier's or treasurer's check drawn upon an incorporated bank or trust company, payable to - - the -T_. o f High! an Ro, - F - inrida„ ---in an am a Ac�„a1 + + per -- cent (2%) of the par value of the Bonds hereby offered for sale. The check of the successful bidder will be applied on the purchase price. All other checks will be returned immediately upon the award of the Bonds. No interest will be allowed upon the good faith deposit of the successful bidder. -"he Bonds have been validated by decree of the Circuit Court of the Fifteenth ,,Aicial Circuit of Florida, in and for Palm Beach County. The legality of said Bonds will be approved by Messrs. Caldwell, Trimble & Mitchell, New York, N. Y., whose opinion as to the legality of said Bonds will be delivered to the purchasers without charge together with an executed non - litigation certificate in the custom- ary form dated as of the date of the delivery of an payment for said Bonds. The Bonds will be delivered to the purchaser in the City of Delray Beach, Florida, without cost to the purchaser on or about June 16, 1966. The Town of Highland Beach, Florida, reserves the right to reject any and all bids and any bid not complying with the provisions hereof will be rejected. Additional information may be obtained upon application to the undersigned. HAROLD Ti. DAILEY Town Manager PROPOSAL FOR $300,000 TOWN OF HIGHLAND BEACH, FLORIDA GENERAL OBLIGATION BONDS dune 1 31 1966 The Town Commission of the Town of Highland Beach Florida Sirs: For the $300,00 General. Obligation Bonds of the Town of Highland Beach, Florida dated November 1, 1965 described in the Notice of Sale, and for all but not less than all of said Bonds, bearing interest at the rates per annum as follows: INTEREST INTEREST YEAR AMOUNT RATE YEAR AMOUNT RATE 1967 $10,000 4.50 % 1977 $14,000 4.50 % 1968 10,000 4.50 7. 1978 14,000 4.50 % 1969 11,000 4.50 % 1979 14,000 4.50 1970 11,000 4.50 % 1980 16,000 4.50 % 1971 12,000 4.50 7. 1981 17,000 4.50 % 1972 12,000 4.50 % 1982 18,000 4.50 % 1973 13,000 4.50 % 1983 19,000 4.50 % 1974 13,000 4.50 % 1984 21,000 4.50 % 1975 14,000 4.50 7. 1985 23 4.50 % `./ 1976 14,000 4.50 % 1986 24,000 4.50 % j 4 We offer to pay TWO HUNDRED NINETY ONE THOUSAND, EIGHT HUNDRED TEN Dollars ($ 291,810.00 ) and accrued interest. In accordance with the terms of the above mentioned Notice of Sale, we enclose certified, cashier's or treasurer's check for $6,000 payable to the order of the Town of Highland Beach, Florida. Said check is to be applied an the purchase price of the Bonds or if such proposal is accepted but not performed, is to be retained by the Town as full liquidated damages. If this proposal is aceepted but if the Town fails to perform in accordance with the provisions of said Notice, said check is to be returned to us forthwith. If this proposal is not accepted, said check is to be returned to us immediately upon the award of said Bonds. Very truly yours, GO ODBODY & CO. (Gross Interest Cost 0 t&c 161,505.00 3dN@11%ncSDiscount $ 8,190.00 Net Interest Cost $ 169,695.00 Average Interest Cost Rate 4.7281 % The above computation is submitted for information only and is not part of this proposal.) No addition or alteration is to be made to this proposal and it shall:be attached to the Notice of Sale.