HomeMy WebLinkAbout1968-10-03 NPB Signs $425,000 Bonds (Courier)rrr r i T;T=; OctC er 3, 1968
PARTICIPATION IN ISSUANCE OF $425,000 of NPB
Village Bonds were: Seated: Roy Talmo, President of
First American Bank; Standing left to right: David C.
Clark, Councilman - Allan V. Everard, Councilman -
Thomas R. Lewis, Mayor of North Palm Beach, Thomas
R. Bell, Vice -Mayor - Dolores R. Walker, Village
Clerk - William D. Kendrick, Executive Vice Presi-
dent of First American Bank - Frank Peuser, Senior
Vice President of First American Bank - Herbert
A. Watt, Councilman and Lawrence J. Robbins, Vil-
lage Manager. Ernie Histed Photo
N.P.B. Signs $425,000 Bonds
Revenue bonds to finance
$425,000 worth of muni-
cipal construction were
signed and delivered to
the First American Bank
of North Palm Beach at
noon Monday, the 30th.
Some $325,000 in bond
money and a federal li-
brary grant of $100,000
will pay for construction
of three projects.
Mayor Tom Lewis and
Village Clerk Dolores
Walker signed 325 bonds
in $1,000 denominations
and turned them over to
three bank officials --
President Roy Talmo,
Executive Vice President
William Kendrick a n d
S e n i o r Vice President
Frank Peuser.
The bond issue will be
secured by revenues from
Florida Power & Light
Co. franchise taxes. Vil-
lage Manager Lawrence
J. Robbins said current
income from that source
exceeds the amounts
which will be needed for
bond payments. The issue
will run for 19 years and
bear 5 1/8 per cent in-
terest.
In announcing that First
American Bank had pur-
chased the entire bond
issue, Mayor Lewis
praised the work of the
council.
"Councilmen devoted
much time, effort and
study to determine first
how much money would be
needed for the new facil-
ities and then to deter-
mine the best method of
financing," the mayor
said.
"It also required con-
siderable time and effort
to obtain the federal grant
from the Department of
He a 1 t h, Education and
Welfa re."
Bond payments never
can become a lien against
property in the village,
the mayor said, and there
never will be the need to
increase taxes to make
bond payments.
One project now is un-
der way -- twin additions
to the Village Hall, at an
approximate cost of $90,-
000. A new south wing will
include a t w o-bay fire
station and police com-
plex. The north wing will
have offices, a conference
room and a combination
council chambers a n d
courtroom. Construct-
tion began in August.
Bids were received re-
cently for a two-story
public library building, to
replace facilities in the
old Country Club building.
The library will cost an
estimated $200,000 with
one-half of that amount
coming from the federal
grant.
The third project is a
two - story community
center building to serve
all age groups. The esti-
mated cost is $125,000.
Both the community
center and library build-
ings will be built immed-
iately west of the Village
Hall. Additions to the Vil-
lage Hall should be com-
pleted in November, and
all construction should be
finished one vear later.