1981-18 Fixing the Dates, Maturities, Interest Rates, Redemption Provisions & Paying Agent for Revenue BondRESOLUTION N0. 18-81
RESOLUTION FIXING THE DATE, MATURITIES, INTEREST RATES, RIDEMPTION
PROVISIONS AND PAYIIVG AGENT FOR $1,170,000 PRINCIPAL AN~UNT OF Il~IPROVFMENT
REVENUE BONDS, SERZES 1981, AND AWARDING SAID BONDS AT NEGOTIATED SALE.
' W1-IEREAS, the Village has heretofore, by resolution duly adopted on
November 24, 1980, authorized the issuance of not exceeding $1,250,000
Im~rovanent Revenue Bonds, Series 1981, to finance the cost of constructing
and acquiring various mulicipal 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
szmunt 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 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 9.99994%; now, therefore,
BE IT RESOLVED BY THE VII~.AGE COUNCIL OF THE VILiAGE OF NORTH PAiM
BEACH, FIARIDA;
Section 1. That $1,170,000 Improvenetit 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 shall mature serially, in numerical order on
' November 1 of each year in the years and ~sauzts as follows:
INTEREST INi'E~2E.ST
YEAR AMOUNT' RATE YEAR AMOUNT RATE
1982 $30,000 7.70% 1989 $100,000 9.50%
1983 35,000 8.00% 1990 115,000 9.70°/
1984 40,000 8.25% 1991 125,000 9.85%
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'/0
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 Bonds maturing an 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 accr ued interest to the date fixed
for rede~tion, plus the following premiums, expressed in percentages of
the principal amount of the Bonds to be redeaned; 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. 0. Box 90F, Jacksonville, FL, 32231.
Section 4. The Village Council, in comq~liance with Section 218.385(2)(a)
Florida Statutes, hereby finds, determines and declares that a negotiated
sale o:E the Bonds is in the best interest of the Village for the following
reasons:
SEE EXHIBIT "B" ATTACI-iED
Section 5. Said Bands 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 statenent
is attached hereto as Exhibit "A" and made a part of this resolution.
Section 7. This Resolution shall take effect immediately.
PASSID AND ADOPTID THIS 12TH DAY OF MARCH, 1981.
YOR
ATTEST:
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NORTH PALM BEACH SUPPLEMENTARY RESOLUTION
EXHIBIT "A" (responding to Florida Statutes, Section 218.385, (5))
(a) Estimated Issuance Expenses
Bond Counsel Fee (Freeman, Richardson, Watson, Slade,
Kelly & Livermore, P.A.) $'2,500
Bond Counsel Expenses 1,500
Local Counsel (i~ason, 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.
(c) The underwriting spread expected to be realized is 2.5% of
$1,170,000 ($29,250.00).
(d) There is no management fee.
(e) 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.
(f) William R. Hough & Co.,,ll - Fourth Street North, St. Petersburg,
Florida 33701, is the sole Underwriter.
(g) The Village has required no other disclosure.
Submitted by William R. Hough & Co., as sole u~n'~de)rwriter.
. Lt'/
e B, ldise
ice 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 £ees 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 A;;sociation.
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