NPB Signs $425,000 Bonds (Courier) 10-3-68eN r i .-., October
PARTICIPATION IN ISSUANCE OF $425,000 of NPB R. Bell, Vice -Mayor - ]Dolores R. Walker, Village
Village Bonds were: Seated: Roy Talmo, President of Clerk - William D. Kendrick, Executive Vice Presi-
First American Bank; Standing left to right: David C. dent of First American Bank - Frank Peuser, Senior
Clark, Councilman - Allan V. Everard, Councilman - Vice Presidentof First American Bank - Herbert
Thomas R. Lewis, Mayor of North Palm Beach, Thomas A. Watt, Councilman and Lawrence J. Robbins, Vil-
lage Manager. Ernie Histed Photo
N.P.B. Signs $425,000 Bonds,
Revenue bonds to finance
$4250000 worth of muni-
cipal construction were
Isigned and delivered to
' the First American Bank
of North Palm Beach at
noon Monday, the 30th.
Some $3250000 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 $12000 denominations
and turned them over to
three bank officials --
President Roy Talmo,
Executive Vice President
William Kendrick a n d
Senior 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
i s s ue, 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
Health, Education and
Welfare."
Bond payments never
can become a lien agar st
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 $1253,000.
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 year later.