City of Dover
Delaware
Delaware
SPECIAL MEETING
June 22, 1960
A special meeting of City Council was held Wednesday, June 22, 1960 at 11:00 A.M. with Mayor Haman presiding. Councilmen present were Messrs Carroll, Davis, Hayes, Holpp, Thompson, Turner and Zartman. Mr. Fromm was absent.
ELECTRIC REVENUE BONDS
The meeting was called for the purpose pf considering a proposal for the purchase of $9,000,000 Electric Revenue Bonds (Series A) to be issued under the provisions of a Resolution authorizing and securing Electric Revenue Bonds of the City, adopted on May 9, 1960.
Present at the meeting were Eugene Arnold and J. Morgan Glover, representing Harriman Ripley & Co., Inc., and George Elder and J. Creighton Riepe, representing Alex. Brown & Sons, which firms are principal underwriters offering a proposal for the purchase of $9,000,000 City of Dover Electric Revenue Bonds (Series A).
Mr. Glover, for the Underwriters, submitted a proposal to purchase the $9,000,000 Electric Revenue Bonds (Series A) at a price of $8,730,000, with interest rates of 3.75% for serial bonds maturing from 1963 to 1972, inclusive, 3.90% for bonds maturing form 1973 to 1978, inclusive, 4.00% for bonds maturing from 1979 to 1982, inclusive, 4.10% for bonds maturing from 1983 to 1986, inclusive and 4.20% for bonds maturing from 1987 to 1990, inclusive. A check in the amount of $90,000 payable to the City of Dover was delivered with the offer. The proposal was presented in the form of a purchase Contract between the City and the principal underwriters. The bond issue will be dated June 1, 1960, and accrued interest will be paid the City from the date of the bonds to the date of the Closing.
REDEMPTION PROVISIONS
Council considered redemption provisions of the Electric Revenue Bonds contained in the following Resolution:
A RESOLUTION FIXING THE TIMES AND PRICES AT WHICH THE ELECTRIC REVENUE BONDS (SERIES A) ARE TO BE REDEEMABLE.
BE IT RESOLVED by the Council of The City of Dover, Delaware:
Section 1. That the Electric Revenue Bonds (Series A) issued under the provisions of Section 208 of the Resolution authorizing and securing Electric Revenue Bonds of the City, adopted May 9, 1960, at the time outstanding which mature after June 1, 1970, may be redeemed prior to their respective maturities, either in whole, at the option of the City, on any date not earlier than June 1, 1970, from any moneys that may be made available for such purpose, or in part, in the inverse order of their maturities, on any interest payment date not earlier the June 1, 1965, from moneys in the City of Dover Electric Revenue Bonds Interest and Sinking Fund, at the principal amount of the bonds to be redeemed, together with the interest accrued thereon to the date fixed for redemption plus the following premiums on any such redemption of said bonds:
(a) in the case of a redemption in whole, 3$ of such principal amount of redeemed in or prior to May 31, 1974, 2% if redeemed thereafter and on or prior to May 31, 1979, 1% if redeemed thereafter and on or prior to May 31, 1984, and without premium if redeemed thereafter, and
(b) in the case of a redemption in part, 3% of such principal amount if redeemed on or prior to December 1, 1968, 2½ % if redeemed thereafter and on or prior to December 1, 1973, 1½ % if redeemed thereafter and on or prior to December 1, 1978, ½ % of 1% if redeemed thereafter and on or prior to December 1983, and without premium if redeemed thereafter.
Section 2. That this Resolution shall take effect immediately upon its passage and approval by the Mayor.
On motion of Mr. Hayes, seconded by Mr. Turner, that the above resolution be adopted, the following Councilmen voted ‘Yes’, Messrs Carroll, Davis, Hayes, Holpp, Thompson, Turner and Zartman. Mr. Fromm was absent. Mayor Haman declared the Resolution adopted.
PURCHASE CONTRACT
Council considered the following resolution approving a purchase contract between the City and the principal underwriters:
A RESOLUTION AWARDING $9,000,000 ELECTRIC REVENUE BONDS (SERIES A) OF THE CITY OF DOVER AND DIRECTING THE AUTHENTICATION AND DELIVERY OF SAID BONDS.
WHEREAS, the Council of The City of Dover (hereinafter sometimes called the “City Council”) has received from Harriman Ripley & Co., Incorporated and Alex. Brown & Sons, as principal underwriters, a proposal for the purchase of $9,000,000 Electric Revenue Bonds (Series A) of The City of Dover, dated as of the 1st day of June, 1960, ans authorized by the City Council by the Resolution adopted on May 9, 1960, said proposal being that presented at this meeting in the form of a Purchase Contract between the City and said principal underwriters; and
WHEREAS, the City Council has determined that it is for the best interests of the City to accept said proposal; now, therefore,
BE IT RESOLVED by the Council of The City of Dover, Delaware:
Section 1. The proposal in the form of the Purchase Contract mentioned above is hereby accepted and the $9,000,000 Electric Revenue Bonds (Series A) of The City of Dover, bearing interest at the rates set forth in said Purchase Contract, are hereby awarded to Harriman Ripley & Co., Incorporated and Alex. Brown & Sons, as the principal underwriters, at the purchase price of $8,730,000 and accrued interest from June 1, 1960 to the date of delivery of said bonds and upon the terms and conditions set forth in said Purchase Contract.
Section 2. The Mayor is hereby authorized to execute the Purchase Contract for and on behalf of the City.
Section 3. Said bonds, upon their execution in the form and manner set forth in the Resolution adopted on May 9, 1960 and referred to in said Purchase Contract, shall be deposited with the Trustee under said Resolution for authentication, and said Trustee is hereby authorized and directed to authenticate and deliver said bonds to or upon the order of said bonds to or upon the order of said underwriters upon the payment of said purchase price.
Section 4. The officers and agents of the City and the officers and agents of the Trustee under said Resolution are hereby authorized and directed to do all acts and things necessary to carry into effect the provisions of this Resolution.
Section 5. That this Resolution shall take effect immediately upon its passage and approval by the Mayor.
On motion of Mr. Zartman, seconded by Mr. Carroll, that the above resolution be adopted, the following Councilmen voted ‘Yes’, Messrs Carroll, Davis, Hayes, Holpp, Thompson, Turner and Zartman. Mr. Fromm was absent. Mayor Haman declared the Resolution adopted. The time was 12:51 P.M., EDST.
OFFICIAL STATEMENT
Council considered the following resolution approving the official statement:
A RESOLUTION APPROVING THE OFFICIAL STATEMENT RELATING TO $9,000,000 ELECTRIC REVENUE BONDS (SERIES A).
BE IT RESOLVED by the Council of The City of Dover, Delaware:
Section 1. That the Official Statement dated June 2, 1960, in connection with the dale of $9,000,000 Electric Revenue Bonds (Series A) of The City of Dover, dated June 1, 1960, is hereby approved in the form presented at this meeting, with such minor changes, insertions and omissions as may be approved by the Mayor, and the Mayor is hereby authorized to sign said Official Statement on behalf of the City for use by the principal underwriters in connection with the offering and sale of said bonds, and his signature thereto shall be conclusive evidence of his approval of all such changes, insertions and omissions.
Section 2. That this Resolution shall take effect immediately upon its passage and approval by the Mayor.
On motion of Mr. Carroll, seconded by Mr. Davis, that the above resolution be adopted, the following Councilmen voted ‘Yes’, Messrs Carroll, Davis, Hayes, Holpp, Thompson, Turner and Zartman. Mr. Fromm was absent. Mayor Haman declared the Resolution adopted.
Council adjourned at 1:10 P.M.
F. Neylan
City Clerk
All ordinances, resolutions and orders adopted by City Council at its meeting of June 22, 1960 are hereby approved.
June 23, 1960 W. Edward Haman
Mayor