HomeMy WebLinkAboutRes 1987-34 Revenue Bonds1
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RESOLUTION NO. 34-87
A RESOLUTION FIXING THE DATE, MATURITY
SCHEDULE, ,INTEREST RATES, INTEREST PAYMENT
DATES, REDEMPTION PROVISIONS AND BOND
REGISTRAR AND PAYING AGENT FOR $960,000
REFUNDING IMPROVEMENT REVENUE BONDS, SERIES
1987, OF THE VILLAGE OF NORTH PALM BEACH,
FLORIDA; AWARDING THE BONDS AT NEGOTIATED
SALE TO THE PURCHASER; APPROVING THE FORM
AND DISSEMINATION OF THE OFFICIAL STATE-
MENT FOR THE BONDS; CANCELLING AUTHORIZATION
FOR THE ISSUANCE OF THE BALANCE OF THE
BONDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, a resolution (hereinafter called "Resolution")
of the Village Council (hereinafter called "Governing Body") of
the Village of North Palm Beach, Florida (hereinafter called
"Issuer"), duly adopted on September 24, 1987, authorized the
issuance of not exceeding $1,000,000 Refunding Improvement
Revenue Bonds, Series 1987 (hereinafter called ?"Bonds"), to pro-
vide for the refunding of certain outstanding obligations of the
Issuer; and
WHEREAS, there has been filed with the Issuer, prior to
adoption of this resolution, the disclosure statement required by
Section 218.385(4), Florida Statutes; and
WHEREAS, William R. Hough & Co. (hereinafter called
"Purchaser"), has, by written proposal, offered to purchase
$960,000 aggregate principal amount of the Bonds at the price of
$931,200, plus accrued intrest to the date of delivery, at the
interest rates set forth b w; and
WHEREAS, the GSerning Body deems it necessary and
desirable at this time to fix the date, maturity schedule,
interest rates, interest payment dates, redemption provisions and
bond registrar and paying agent for the Bonds; to award the Bonds
at negotiated sale to the Purchaser; to approve the form and
dissemination of the official statement for the Bonds; and to
cancel authorization for the issuance of the balance of the
Bonds; now, therefore,
BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA:
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SECTION 1. REMAINING FISCAL DETAILS FOR BONDS. The
date, maturity schedule, interest rates, interest payment dates
and redemption provisions for the Bonds shall be as set forth
below.
The Bonds shall be dated October 1, 1987, and bear
interest payable on May 1, 1988, and semiannually thereafter on
November.1 and May. 1 of each. year.
$960,000 aggregate principal amount of the Bonds shall
bear interest at the rates per annum and mature on November 1 in
the years and amounts as follows:
INTEREST
YEAR AMOUNT RATE
1988 $120,000 5.25%
1989 125,000 5.75
1990 125,000 6.00
1991 140,000 6.25
1992 150,000 6.50
1993 150,000 6.75
1994 150,000 7.00
The Bonds are not redeemable prior to their stated dates
of maturity.
SECTION 2. BOND REGISTRAR AND PAYING AGENT. The bond
registrar and paying agent for the Bonds shall be First American
Bank and Trust, Lake Worth, Florida.
SECTION 3. AWARD OF BONDS. $960,000 aggregate prin-
cipal amount of the Bonds are hereby awarded and sold to the
Purchaser at the price of $931,200, plus accrued interest to the
date of delivery, bearing interest as stated above, and upon the
remaining terms and conditions of the purchase proposal.
SECTION 4. OFFICIAL STATEMENT. The form and dissemina-
tion of the preliminary official statement with respect to and in
connection with the marketing of the Bonds are hereby approved.
The proper officers or agents of the Governing Body or of the
Issuer are hereby authorized and directed to prepare, or cause to
be prepared, the final official statement for the Bonds in
substantially the form of the preliminary official statement,
with such changes and additions as may be suggested from time to
time by officers or agents of the Governing Body or of the
Issuer, and execute the official statement for the Bonds without
turther authorization from this Governing Body.
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SECTION 5. CANCELLATION OF BALANCE OF BONDS. The authorization for
the issuance of the unsold balance of the Bonds is hereby cancelled and rescinded.
SECTION 6. NECESSARY ACTION. The proper officers of the Issuer are
hereby designated agents of the Issuer in connection with the issuance of the Bonds,
and are authorized and empowered, individually or collectively, to take all action
and steps and to execute and deliver any and all instruments, documents or contracts
on behalf of the Issuer which are required by the Resolution and/or are necessary
and desirable in connection with the execution and delivery of the Bonds, and which
are not inconsistent with this resolution and any other action relating to the Bonds.
SECTION 7. EFFECTIVE DATE. This resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED THIS 24th DAY OF SEPTEMBER, 1987
ATTEST:
Village Clerk
MAYOR