82-FFFRESOLUTION NO. ~-%- PP~
A RESOLUTION PROVIDING FOR THE ISSUANCE OF
AND FIXING DETAILS OF $4,000,000 CITY OF
BOYNTON BEACH, FLORIDA (PALM BEACH COUNTY,
FLORIDA) RECREATIONAL FACILITIES REVENUE
BONDS (SERIES 1982), TO BE ISSUED BY THE
CITY OF BOYNTON BEACH, FLORIDA, AND AUTHOR-
IZED BY RESOLUTION NO. 82-M AUTHORIZING THE
ISSUANCE OF NOT EXCEEDING $4,000,000 OF
SAID BONDS, ADOPTED ON FEBRUARY 17, 1982,
AS AMENDED BY RESOLUTION NO. 82-W, ADOPTED
ON MARCH 16, 1982.
WHEREAS, The City Council (the "Council") of the City
of Boynton Beach, Florida (the "Issuer") has determined to
proceed at this time with the sale and issuance of
in aggregate principal amount of the not eXceeding $4,000,000
Recreational Facilities Revenue Bonds Series 1982 (the
"Series 1982 Bonds"), authorized by Resolution No. 82-M
adopted on February 17, 1982, as amended by Resolution No.
82-W, adopted on March 16, 1982 (collectively, the "Resolu-
tion''), such amount being required for the purpose of
providing funds for paying a portion of the cost of acquiring
and constructing a twenty-seven hole golf course in the City
of Boynton Beach, Florida, together with such structures,
equipment and appurtenances necessary or desirable in
connection with the operation of such facilities (the
"Project") and has further determined that certain other
details of the Series 1982 Bonds shall be as hereinafter
set forth; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOYNTON BEACH, FLORIDA:
Section 1. The Series 1982 Bonds shall be issued in
the aggregate principal amount of $4,000,000, for the
purpose of providing funds for paying a portion of the cost
of acquiring and constructing the Project. The Series 1982
Bonds shall be issued in coupon form, in the denomination of
$5,000 each, shall be dated September 1, 1982, shall be
numbered from 1 to 800, inclusive, shall be registrable as
to principal only, and shall bear interest from September 1,
1982, such interest to be payable semi-annually on May 1 and
November 1 in each year, with the first interest to be
payable on May 1, 1983.
Section 2. $1,670,000 of the Series 1982 Bonds shall
be Serial Bonds maturing in annual installments on November
1 in the following years and amounts:
Maturity Date
November 1
Principal
Amount
Maturity Date
November t
1984 85,000 1990
1985 90,000 1991
1986 100,000 1992
1987 105,000 1993
1988 115,000 1994
1989 125,000 1995
Principal
Amount
135,000
150,000
165,000
180,000
200,000
220,000
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$2,330,000 of the Series 1982 Bonds shall be 10.875% Term
Bonds, Price 100%, maturing on November i, 2002.
Section 3. Florida National Bank of Miami, Miami,
FlOrida is hereby designated as Fiscal Agent, a Paying Agent
and Bond Registrar for the series 1982 Bonds, all for the
purposes and within the meaning of the Resolution.
Section 4. The Series 1982 Bonds maturing after Novem-
ber 1, 1992 may be redeemed prior to their respective maturi-
ties, at the option of the Issuer, from any moneys that may
be made available for such purpose, either in whole on any
date not earlier than November 1, 1992, or in part on any
interest payment date not earlier than November 1, 1992 (in
inverse order of maturities and by lot within a maturity),
at a price equal to the principal amount of the Series 1982
Bonds to be redeemed plus accrued interest to the date fixed
for redemption, plus a premium e~ual to one-fourth of one
percentum (1/4 of 1%) of the par value thereof for each one
year period, or fraction thereof, from the date fixed for
redemption to the stated date of maturity of the Series 1982
Bonds so called for redemption; provided, such premium shall
not exceed three percentum (3%) of the par value thereof.
Section 5. The Series 1982 Bonds maturing on November
1, 2002 (the "Series 1982 Term Bonds") shall be subject to
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mandatory redemption in part by lot beginning on November 1,
1996, and on each November 1 thereafter in the amounts set
forth below at a price equal to 100% of the principal
amount of the Series 1982 Term Bonds being redeemed plus
accrued interest to the date fixed for redemption and with-
out premium.
Series 1982 Term Bonds due
November 1, 2002
Date Amount
November 1, 1996
November 1, 1997
November 1, 1998
November 1, 1999
November 1, 2000
November 1, 2001
November 1, 2002*
$240,000
265,000
295,'000
325,000
360,000
400,000
445,000
* (Final Maturity)
Section 6. This Resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED by the City Council of the City of
Boynton Beach, Florida, on this 8th day of September, 1982.
OFFICIAL SEAL
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City of Boynton Beach, Florida
By ~~~:~_~
Council Member
ATTEST:
City
I, Tereesa Padgett, City Clerk of the City of Boynton
Beach, Florida, hereby certify the foregoing to be a true
and correct copy of Resolution No. as it appears in
the records of said City.
Tereesa Padgett, City Clerk
September , 1982
SEAL
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