HomeMy WebLinkAbout1981-18 Fixing the Dates, Maturities, Interest Rates, Redemption Provisions & Paying Agent for Revenue Bond1
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RESOLUTION NO. 18-81
RESOLUTION FIXING THE IWLE, 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 NEGOTIAi'E7) SALE.
WHEREAS, The Village has heretofore, by resolution duly adopted on
Novanber 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
�aount of said Bonds (hereinafter called "Bonds") and it is necessary to
fix the date, maturities, interest rates and redemption provisions and to
name the paying agent for said Bonds; and
WHEREAS, the Village deans 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 9.99994%; now, therefore,
BE IT RESOLVED BY THE VTTTAGE COUNCIL OF THE VILLAGE 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 annun and shall mature serially, in numerical order on
November 1 of each year in the years and amounts as follows:
YEAR AMOUNT
1982 $30,000
1983 35,000
1984 40,000
1985 40,000
1986 50,000
1987 90,000
1988 100,000
follows:
INTEREST
RATE YEAR
7.70%
8.00%
8.25%
8.50%
8.75%
9.00%
9.25%
1989
1990
1991
1992
1993
1994
Section 2. The redemption provisions for
AMOUNT
$100,000
115,000
125,000
135,000
150,000
160,000
INTEREST
RATE
9.50%
9.70%
9.85%
10.00`/
10.10%
10.10%
said Bonds shall be as
The Bonds maturing prior to November 1, 1988 are not redeemable
prior to their stated dates of maturity. The Bonds maturing 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 par and accrued interest to the date fixed
for redemption, plus the following premiums, expressed in percentages of
the principal amount of the Bonds to be redeemed; if redeemed in the following
periods:
November 1,
Thereafter,
and
Thereafter,
at
Redemption Period
1987 to May 1, 1989, inclusive;
but on or prior to May 1, 1992;
but prior to maturity
Section 3. The Bonds shall be payable
Redemption Premium
3%
2%
1%
as to principal and interest
Jacksonville National Bank, P. 0. Box 90F, Jacksonville, FL, 32231.
Section 4. The Village Council, in compliance with
Florida Statutes, hereby finds, determines and declares that
sale of the Bonds is in the best interest of the Village for
reasons:
Section 218.385(2)(a)
a negotiated
the following
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
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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.
ATTEST:
VILLAGE CLERK
712•1',
MAYOR
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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.