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Home My WebLink AboutR1981-18 Fixing the Dates, Maturities, Interest Rates, Redemption Provisions & Paying Agent for Revenue BondRESOLUTION NO. 18-81 RESOLUTION FIXING THE DATE, MATURITIES, INTEREST RATES, REDEMPTION PROVISIONS AND PAYING AGENT FOR $1,170,000.PRINCIPAL AMOUNT OF IMPROVEMENT REVENUE BONDS, SERIES 1981, AND. AWARDING SAID BONDS AT NEGOTIATED SALE. WHEREAS, The Village has heretofore, by resolution duly adopted on November 24, 1980,.authorized the issuance of not exceeding $1,250,000 Improvement Revenue Bonds, Series 1981, to finance the cost of constructing and acquiring various municipal capital improvements; and WHEREAS, said $1,250,000 Bonds have been validated by the Circuit Court of Palm Beach County; and WHEREAS, it is desirable at this time to sell $1,170,000 principal amount of said Bonds (hereinafter called "Bonds") and it is necessary to fix the date, maturities, interest rates and redemption provisions and to name thepaying agent for said Bonds; and WHEREAS, the Village deems it is in the best financial interest of the Village that said $1,170,000 Bonds be sold at negotiated sale; and WHEREAS, William R. Hough & Co,, of St. Petersburg, Florida, has, by written proposal, offered to purchase said $1,170,000 Bonds at the price of $1,140,750.00, plus accrued interest from the date of said Bonds to the date of delivery, at the interest rates hereinafter set forth, being a net interest cost rate of 9.999947; now, therefore, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILTAGE OF NORTH PALM BEACH, FLORIDA: Section 1. That $1,170,000 Improvement Revenue Bonds, Series 1981, of the Village, shall be dated March 1, 1981, shall bear interest, payable on November 1, 1981, and semiannually thereafter on May 1 and November 1, at the rates per annum and shallmature serially, in numerical order on November 1 of each year in the years and amounts as follows: INTEREST INTEREST YEAR AMOUNT RATE YEAR AMOUNT RATE 1982 $30,000 7.707 1989 $100,000 9.50% 1983 35,000 8.00% 1990 115,000 9.70 1984 40,000 8.25% 1991 125,000 9,857 1985 40,000 8.50% 1992 135,000 10.00% 1986 50,000 8.75% 1993 150,000 10..10% 1987 90,000 9.00% 1994 160,000 10.10% 1988 100,000 9.25% ' Section 2. The redemption provisions for said Bonds shall be as follows: The Bonds maturing prior to November 1, 1988 are not redeemable prior to their stated dates of maturity. The Bondsmaturing on November 1, 1988 and thereafter are redeemable prior to their stated dates of maturity, at the option of the Village, in whole or in part, but in inverse numerical order if less than all, on November 1, 1987, or on any interest payment date thereafter, at theprice of parand accrued interest to the date fixed for redemption, plus the following premiums, expressed in percentages of the principal amount of the Bondsto be redeemed; if redeemed in the following periods: Redemption Period Redemption Premium November 1, 1987 to May 1, 1989, inclusive; 3% Thereafter, but on or prior to May 1, 1992; 2% and Thereafter, but prior to maturity 1% Section 3. The Bonds shall be payable as to principal and interest at Jacksonville National Bank, P. O. Box 90F, Jacksonville, FL, 32231. Section 4. The Village Council, in compliance with Section 218.385(2)(a) Florida Statutes, hereby finds, determines and declares that a negotiated sale of the Bonds is in the best interest of the Village for the following reasons: SEE EXHIBIT "B" ATTACHED Section 5. Said Bonds be and they are hereby awarded and sold to William R. Hough & Co. of St. Petersburg, Florida, at the price of $1,140,750.00 and accrued interest from March 1, 1981, to the date of delivery thereof, said Bonds to bear interest as set forth in Section 1 above. Section 6. There has been filed with the Village Council, prior to the award of the Bonds herein made, the disclosure statement required by Subsection (6) of Section 218.385, Florida Statutes, which statement is attached hereto as Exhibit "A" and made a part of this resolution. Section 7. This Resolution shall take effect immediately. PASSED AND ADOPTED THIS 12TH DAY OF MARCH, 1981. AITEST: t-e4-0‘ti,•Wt-u-te; e T MAYOR NORTH PALM BEACH SUPPLEMENTARY RESOLUTION EXHIBIT "A" (responding to Florida Statutes, Section 218.385, (6)) (a) Estimated Issuance Expenses Bond Counsel Fee (Freeman, Richardson, Watson, Slade, Kelly & Livermore, P.A.) $ 2,500 Bond Counsel Expenses 1,500 Local Counsel (Mason, Gildan & Yeager, P.A.) 2,500 Rating Fee (Moody's Investors Service) 1,100 Bond Printing & Shipping (Northern Banknote Co.) 1,700 Preparation, Printing and Distribution of Official Statement (William R. Hough & Co.) 3,500 Closing Costs 500 Contingency 500 TOTAL ESTIMATED ISSUANCE EXPENSES $13,800 (b) No person or persons have any understanding regarding promised compensation or consideration, directly or indirectly, expressly or implied, to act as intermediary between the issuer and the managing underwriters in this transaction. The underwriting spread expected to be realized is 2.5% of $1,170,000 ($29,250.00). There is no management fee. No fee bonus or other compensation will be paid by the Under- writers in connection with this issue, to any person not regularly employed or retained by the Underwriters. William R. Hough & Co.,,11 - Fourth Street North, St. Petersburg, Florida 33701, is the sole Underwriter. The Village has required no other disclosure. Submitted by William R. Hough & Co., as sole underwriter. 41-%;60. Ae B. Wise ce President EXHIBIT "B" A. Current market conditions, as well as the limited size and purpose of the issue, preclude wide interest from prospective bidders. B. Contractual obligations have been made for a portion of bond proceeds to be paid by March 31, 1981. Competitive bidding process would not accommodate a closing by this date. C. Fiscal agent fees of approximately $10,000.00 (a) are saved by the Village by negotiating directly with the Underwriters. D. Interest rate fluctuations make it prudent for the Village to issue bonds at present rates, rather than speculate on future rates. (a) Standard Fee Schedule Recommended by the Chartered Municipal Financial Consultants, Florida Security Dealers Association.