HomeMy WebLinkAboutMinutes Council 111362CITY OF PALM BEACH GARDENS
SPECIAL MEETING OF THE CITY COUNCIL
NOVEMBER 13, 1962
SPECIAL Upon call of the Vice Mayor, acting as Mayor, a special meeting of
MEETING:
the City Council of Palm Beach Gardens was held at 3:00 o'clock P. M. on
Tuesday, November 13, 1962, at the municipal office of said City, 1001
Park Avenue, Lake Park, Florida.
QUORUM: The City Clerk announced that a quorum of the City Council was
present.
CITY OF PALM The Acting Mayor advised the Council that his office had been
BEACH
GARDENS making an intensive study into the advisability of constructing, or causing
GENERAL
HOSPITAL: to be constructed, a 75 -bed acute general hospital in the City of Palm
Beach Gardens. This study is now complete. This hospital would be
municipally owned and would cost approximately $1, 100, 000 (including
equipment and furnishings). However, it is anticipated that the United
States Government would contribute $440, 000 to the cost of such construc-
tion. The remaining amount would be required from the City; and, in
order to finance its share of such cost, the City would be required to issue
mortgage revenue debentures. 'These debentures would be payable in
thirty (30) years, together with interest not to exceed six per centum
(67o). Moreover, these debentures could not be sold at less than ninety -
five per cent (9576) of par, and must otherwise comply with the provisions
of Chapter 180, Florida Statutes, 1961. The Acting Mayor stated that
BANKERS LIFE AND CASUALTY COMPANY had made a binding offer to
purchase such debentures. He recommended that Council consider this
study and enact an enabling Resolution. A discussion of the study following.
Special Meeting of the City Council
Palm Beach Gardens
November 13, 1962 (continued)
RESOLUTION: Whereupon, the following Resolution was duly made, seconded,
and unanimously adopted:
WHEREAS, the City of Palm Beach Gardens desires
to construct, own, and operate a 75 -bed acute general
hospital within the territorial limits of the City of Palm
Beach Gardens; and
WHEREAS, said hospital will be operated within the
territorial limits of the City of Palm Beach Gardens
as a publicly -owned hospital; and
WHEREAS, the City of Palm Beach Gardens will require
the sum of $1, 100, 000 to erect said hospital, which sum
will include the cost of equipment and furnishings; and
WHEREAS, the United States Government will contribute
the sum of $440, 000 toward such construction cost,
thereby requiring the City to finance such construction
in the net amount of $660, 000; and
WHEREAS, in order to secure the said net sum of
$660, 000, and thus finance its share of such construction,
the City must issue mortgage revenue debentures.
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY OF PALM BEACH GARDENS THAT
1. The City of Palm Beach Gardens hereby proposes to
construct the aforesaid publicly -owned hospital, which
shall operate within the territorial limits of said City.
2. The City of Palm Beach Gardens hereby proposes
to issue mortgage revenue debentures to finance its
prorata share toward the construction of said hospital,
including equipment and furnishings, to -wit, the net
sum of $660, 000, which debentures shall be payable in
thirty (30) years together with interest at the rate of
five percent (5°fo), interesttobe payable annually. Said
debentures shall be repaid out of, and only out of, the
revenues of said hospital and its operations. Said
debentures shall further provide for the establishment
Special Meeting of the City Council
Palm Beach Gardens
November 13, 1962 (continued)
ADJOURN-
MENT:
WAIVER AND
7- �RA IFI-
7'CA TION:
of a sinking fund into which all of the revenues of
said hospital and its operations shall be deposited
after deducting therefrom such portion as may be
required to pay all operating costs, and out of which
fund the payment of interest and principal on said
debentures shall be made. Said debentures shall not
be sold for less than 95% of par value.
3. The City of Palm Beach Gardens hereby authorizes
and empowers the Mayor and City Clerk, and the same are
hereby authorized and empowered, to take such further
action as is necessary to carry out the foregoing resolves,
and to comply with those provisions of Chapter 180,
Florida Statutes, applicable to said municipal financing.
There being no further business to come before the meeting,
it was duly adjourned.
By his signature to these minutes, each Councilman hereby waives
notice of this meeting and confirms his affirmative vote to the actions re-
corded in these minutes.
ATTEST
AllV. �. / -_'1',f
APPROVED:
L: J f, CLAA
tvice'Mayor, acting as Mayor
/No rman Rowland
William L. Cargill
Payl_ D. 90olen
•,Y/
Horace-S. Miller
_A,r
L. J. L�hane 1