72-BBRESOLUTION NO. 72 - BB
A RESOLUTION PROVIDING FOR THE ISSUANCE OF
GENERAL OBLIGATION BONDS OF THE CITY OF
BOYNTON BEACH, FLORIDA, NOT TO EXCEED IN
THE AGGREGATE $250,000.00 FOR THE PURPOSE
OF CONSTRUCTING AND EQUIPPING A NEW LIBRARY
COMPLEX IN THE CITY AND CONTAINING OTHER
PROVISIONS RELATING TO SUCH BONDS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CiTY OF BOYNTON
BEACH~ FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolu-
tion is adopted pursuant to the provisions of Chapter 24398, Laws
of Flbrida, Special Acts of 1947, as amended and supplemented, and
other applicable provisions of law.
SECTION 2. FINDINGS. It is hereby found, determined and
declared as follows, that:
A. It is necessary, desirable, and in the best interest
of the City of Boynton Beach, Florida (hereinafter called "City"),
and its inhabitants that general obligation bonds in an amount not
exceeding $250,000.00 be issued for the purpose of constructing and
equipping a new library complex in the City (hereinafter called
"project").
B. The issuance of such general obligation bonds was
approved by a majority of votes cast in a bond election held
December 5, 1972, by the qualified electors of the City in the man-
ner required by the Constitution and Statutes of the State of
Florida.
C. Such general obligation bonds together with all other
outstanding general obligation bonded indebtedness of the City, does
not exceed ten per centum (10%) of the assessed valuation of all
taxable property situated within the corporate limits of the City
according to the last assessment for municipal purposes.
SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In con-
'sideration of the acceptance of the bonds authorized to be issued
hereunder by those who shall hold the same from time to time, this
Resolution shall be deemed to be and shall constitute a contract
between the City and such holders. The covenants and agreements
herein set forth to be performed by the City shall be for the equal
benefit, protection and security of the legal holders of any and
all of such bonds and the coupons attached thereto, all of which
shall be of equal rank and without preference, priority or dis-
tinction of any of the bonds or coupons over any other thereof,
except as expressly provided therein and herein.
SECTION 4. AUTHORIZATION OF BONDS. Subject and pursu-
ant to the provisions of this Resolution, bonds of the City to be
known as "General Obligation Bonds", herein sometimes referred to
as "Bonds", are hereby authorized to be issued in the aggregate
principal amount of not exceeding Two Hundred Fifty Thousand Dollars
($250,000.00) for the construction and acquisition of said project.
SECTION 5. DESCRIPTION OF BONDS. The Bonds shall be
dated January 1, 1973; shall be numbered consecutively from one
upward in the order of their maturities; shall be in the denomi-
nation of $5,000 each; shall bear interest at not exceeding the
maximum legal rate, such interest to be payable semi-annually on
January 1 and July 1 of each year, and shall mature serially in
numerical order, lowest numbers first, on the first day of January in
each year: $10,000 in each of the years 1974 to 1983, inclusive,
and $15,000 in each of the years 1984 %o 1993, inclusive.
Such Bonds shall be issued in coupon form; shall be pay-
able to bearer unless registered as hereinafter provided; shall be
payable with respect to both principal and interest in lawful money
of the United States of America, at such bank or banks to be sub-
sequently determined by the City Council prior to the delivery of
the Bonds; and shall bear interest from their date, payable in ac-
cordance with and upon surrender of the appurtenant interest coupons
as they severally mature.
SECTION 6. EXECUTION OF BONDS AND COUPONS. The Bonds
shall be executed in the name of the City by the Mayor and counter-
signed and attested by the City Clerk, and its corporate seal or a
facsimile thereof shall be affixed thereto or reproduced thereon
and said Bonds shall be approved as to form and correctness by the
City Attorney. The facsimile signatures of the Mayor, City Clerk
and City Attorney may be imprinted or reproduced on the Bonds, pro-
vided that at least one signature required to be placed thereon
-2-
shall be manually subscribed. In case any officer whose signature
Shall appear on any Bonds shall cease to be such officer before the
delivery of such Bonds, such signature or facsimile shall neverthe-
less be valid and sufficient for all purposes the same as if he had
remained in office until such delivery. Any Bond may be signed and
sealed on behalf of the City by such person who at the actual time
of the execution of such Bonds shall hold the proper office with the
City, although at the date of such Bonds such person may not have
held such office or may not have been so authorized.
The coupons attached to the Bonds shall be authenticated
with the facsimile signatures of any present or future Mayor and
· City Clerk of the City, and the validation certificate on the Bonds
shall be executed with the facsimile signature of the Mayor. The
City may adopt and use for such purposes the facsimile signatures
of any persons who shall have been such Mayor and City Clerk at
any time on or after the date of the Bonds notwithstanding that
they may have ceased to be such officers at the time such Bonds
shall be actually delivered.
SECTION 7. NEGOTIABILITY A~D REGISTRATION. The Bonds
issued hereunder shall be, and shall have all of the qualities and
incidents of negotiable instruments under the law merchant and the
Laws of the State of Florida, and each successive holder, in accept-
ing any of such Bonds or the coupons appertaining thereto, shall be
conclusively deemed to have agreed that such Bonds shall be and have
all of the qualities and incidents of negotiable instruments under
the law merchant and the Laws of the State of Florida.
The Bonds may be registered at the option of the holder
as to principal only at the office of the City Clerk as Registrar',
or such other Registrar as may be hereafter duly appointed, such
registration to be noted on the back of the Bonds in the space
provided therefor. After such registration as to principal only,
no transfer of the Bonds shall be valid unless made at such office
by written assignment of the registered owner, or by his duly au-
thorized attorney in a form satisfactory to the Registrar, and
-3-
similarly noted on the Bonds, but the Bonds may be discharged from
registration by being in like manner transferred to bearer and
thereupon transferability by delivery shall be restored. At the
option of the holder, any obligation may thereafter again from time
to time be registered or transferred to bearer as before. Such
~egistration as to principal only shall not affect the negoti-
ability of the coupons which shall continue to pass by delivery.
SECTION 8. BONDS, MUTILATED, DESTROYED, STOLEN OR LOST.
In case any obligation shall become mutilated, or be destroyed,
stolen or lost, the City may in its discretion issue and deliver
a new Bond with all unmatured coupons.attached, if any, of like
tenor as the Bond and attached coupons, if any, so mutilated,
destroyed, stolen or lost, in exchange and substitution for such
mutilated Bond, upon surrender and cancellation of such mutilated
Bond and attached coupons, if any, or in lieu of and substitution
for the Bond and attached coupons, if any, destroyed, stolen or
lost, and upon the holder furnishing the City proof of his owner-
ship thereof and satisfactory indemnity and complying with such
other reasonable regulations and condi{ions as the City may pre-
scribe and paying such expenses as the City may incur. All Bonds
and coupons so surrended shall be cancelled by the City Clerk. If
any such Bonds or coupons shall have matured or be about to mature,
instead of issuing a substitute Bond or coupon, the City may pay
the same, upon being indemnified as aforesaid, and if such Bond or
coupon be lost, stolen or destroyed, without surrender thereof.
Any such duplicate Bonds and coupons issued pursuant to
this section shall constitute original, additional contractural
obligations on the part of the City whether or not the lost, stolen
or destroyed Bonds or coupons be at any time found by anyone, and
such duplicate Bonds and coupons shall be entitled to equal and pro-
portionate benefits and rights as to lien on and source and security
for payment from the funds, as hereinafter pledged, to the extent
as all other Bonds and coupons issuer hereunder.
-4-
SECTION 9. REDEMPTION PROVISIONS. The Bonds of this
issue maturing in the years 1974 to 1983, both inclusive, are not
redeemable prior to their respective stated dates of maturity.
The Bonds maturing in the year 1984 and thereafter are redeemable
prior to their respective stated dates of maturity, at the option
of the City, in whole or in part, in inverse numerical order if
less than all, on January 1, 1953, or on any interest payment date
thereafter at par and accrued interest to the date of redemption,
plus a premium of three per centum (3%) of the par value of each
Bond called for redemption if redeemed on January 1, 1~83, such
premium reducing at the rate of one-fourth of one per centum
(1/4 of 1%) on each January 1 thereafter; provided, however, that
such premium shall never be less than one per centum (1%).
Notice of Bonds to be redeemed shall be given not less
than thirty days prior to the redemption date by registered or
certified mail to banks or trust companies serving as paying
agents and by publication at least once not less than thirty days
prior to such redemption date in a financial newspaper or journal
of general circulation published in the City of New York, New
York.
SECTION 10. FORM OF BONDS AND COUPONS. The Bonds, the
interest coupons to be attached thereto, and the certificate of vali-
dation shall be in substantially the following form, with such
omissions, insertions and variations as may be necessary and de-
sirable and authorized or permitted by this Resolution or in any
subsequent resolution adopted prior to the issuance thereof:
-5-
NO.
$5,000
UNITED STATES OF A~.~ERICA
STATE OF FLORIDA
COUNTY OF PALM BEACH
CITY OF BOYNTON BEACI{
GENERAL OBLIGATION BOND
KNOW ALL MEN BY THESE PRESENTS that the City of Boynton
Beach, Florida (hereinafter called "City"), for value received,
hereby promises to pay to the bearer, or if this Bond be registered,
to the registered holder as herein provided on the first day of
January, 19__, the principal sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon from the date hereof at the rate of
per centum (. %) per annum until
'payment of the principal sum, such interest to the maturity hereof
being payable semi-annually on the first day of January and the
first day of July in each year upon the presentation and surrender
of the annexed coupons as they severally fall due. Both principal
of and interest on this Bond are payable in lawful money of the
United States of America at ,
or, at the option of the holder at
This Bond is one of an authorized issue of Bonds in the
aggregate principal amount of $250,000.00 of like date, tenor and
effect, except as to number, interest rate and date of maturity,
issued to finance the cost of the construction and equipping of
a new library complex in the City, under the authority of and in
full compliance with the Constitution and Statutes of the State
of Florida, including particularly Chapter 24398, Laws of Florida,
Special Acts of 1947, as amended and supplemented, and other appli-
cable provisions of law, and a resolution duly adopted by the City
on the day of December, 1972 (hereinafter called "Resolution"),
and is subject to all the terms and conditions of such Resolution.
It is hereby certified and recited that all acts, conditions
and things required to happen, exist and be performed, precedent to
and in the issuance of this Bond, have happened, exist, and have been
performed in due time, form and manner as required by the Constitution
-6-
and Laws of the State of Florida applicable thereto, that the
issue of Bonds of which this Bond is a part has been approved at
an election held in accordance with the Constitution and Laws of
Florida in the City on the 5th day of December, 1972; that the
total indebtedness of the City, including the issue of Bonds of
which this Bond is one, does not exceed any constitution, statu-
tory or charter limitation; and that provision has been duly made
for the levy and collection of a direct annual tax, without limi-
tation' as to rate or amount, upon all taxable property within the
City sufficient to pay the principal of and interest on this Bond
as the same shall become due, which tax shall be levied and col-
lected at the same time, and in the same manner as other ad valorem
taxes of the City are assessed, levied and collected.
The Bonds of this issue maturing in the years 197~~ to
1983, both inclusive, are not redeemable prior to their respective
stated dates of maturity. The Bonds maturing in the year 1984 and
thereafter are redeemable prior to their respective stated dates
of maturity, at the option of the City, in whole or in part, in
inverse numerical order if less than ~11, on January 1, 1983, or
on any interest payment date thereafter at par and accrued inter-
est to the date of redemption, plus a premium of three per centum
(3%) of the par value of each Bond called for redemption if re-
deemed on January 1, 1983, such premium reducing at the rate of
one-fourth of one per centum (1/4 of 1%) on each January 1 there-
after; provided, however, that such premium shall never be less
than one per centum (1%).
Notice of such redemption shall be given in the manner
required by the Resolution.
This Bond, and the coupons appertaining thereto, are
and have all the qualities and incidents of~a negotiable instrument
under the law merchant and the Laws of the State of Florida.
This Bond may be registered as to principal only in
accordance with the provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Boynt0n Beach, Florida,
has issued this Bond and has caused the same to be signed by its
-7-
Mayor and attested and countersigned by its City Clerk, either
manually or with their facsimile signatures, and the corporate
seal of said City or a facsimile thereof to be affixed, impressed,
imprinted, lithographed or reproduced hereon and the interest cou-
pons hereto attached to be executed with the facsimile signatures
of such officers all as of the 1st day of January, 1972.
CITY OF BOYNTON BEACH, FLORIDA
(SEAL)
Mayor
ATTESTED AND COUNTERSIGNED
City Clerk
The foregoing Bond and attached
coupons have been approved by
me as to form and correctness.
No o
City Attorney
FORM OF COUPON
$
, the City of Boynton
On the 1st day of , 19
Beach, Florida, will pay to the bearer at
, or, at the option of the holder at
, the amount shown hereon in
lawful money of the United States of America, upon presentation and
surrender of this coupon, being six months' interest then due on its
General Obligation Bond dated January 1, 1973, No.
CITY OF BOYNTON BEACH, FLORIDA
(SEAS)
ATTESTED AND COUNTERSIGNED
Mayor
City Clerk
-8-
(To be inserted in coupons maturing after callable date.)
"Unless the Bond to which this coupon is attached shall
have been previously duly called for prior red(nnption and payment
thereof duly made or provided for."
VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were vali-
confirmed by judgment of the Circuit Court for Palm
__ day of ,
dated and
Beach County, Florida rendered on the
1973.
Mayor
PROVISION FOR REGISTRATION
This Bond may be registered as to principal only in the
name of the holder on the books to be kept by the City Clerk as
Registrar, or such other Registrar as may be hereafter duly ap-
pointed, such registration being noted hereon by such Registrar
in the registration blank below, after which no transfer shall be
valid unless made by written assignment on said books by the regis-
tered holder or attorney duly authorized and similarly noted in the
registration blank below, but it may be discharged from registra-
tion by being transferred to bearer, after which it shall be trans-
ferable by delivery, but it may be again registered as before.
Such registration shall not restrain the negotiability of the
coupons by delivery.
DATE OF IN WHOSE N~E SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
-9-
SECTION 11. PLEDGE OF FULL FAITH, CREDIT AND TAXING
POWER. For the prompt payment of the principal of and interest
on the Bonds, the full faith, credit and taxing power of the City
are irrevocably pledged.
SECTION 12. LEVY OF AD VALOREM TAX. There is hereby
created a Sinking Fund to be held and administered by the City
solely for the purpose of paying the principal of and interest
on the Bonds as they become due. In each year while any of such
Bonds are outstanding there shall be levied and collected a tax,
without limitation as to rate or amount, on all taxable property
within the City, sufficient in amount to pay the principal of
and interest on such Bonds as the same shall become due. Such
'tax shall b~ assessed, levied and collected in the same manner
and at the same time as other City taxes are assessed, levied
and collected.
Moneys on deposit in the Sinking Fund and the Construc-
tion Fund may be invested and reinvested in direct obligations of
the United States of America or in time deposits in banks or trust
companies represented by certificates of deposit and continuously
secured as required by the Laws of Florida, maturing prior to the
date on which the moneys therein will be needed.
SECTION 13. APPLICATION OF PROCEEDS OF BONDS. All
moneys received from the sale of the Bonds shall be deposited by
the City in a special account in a bank or trust company and ap-
Plied by the City as follows:
A. All accrued interest shall be deposited in the Sink-
ing Fund.
B. The City shall next use the moneys in said special
account to pay all engineering fees, legal fees, fees of financial
advisors, costs of the issuance of the Bonds¢ and all other similar
costs incurred in connection with the acquisition and construction
of the improvements and the issuance of the Bonds to finance the
cost thereof.
C. A special fund is hereby created, established and
designated as the "Construction Fund". There shall be paid into
-10-
the Construction Fund the balance of the moneys remaining after
making all the deposits and payments provided for in paragraphs
A and B above.
Such fund shall be kept separate and apart from all
other accounts of the City, and the moneys on deposit therein
shall be withdrawn, used and applied by the City solely to the
payment of the cost of the project, as herein above described
and set forth. If for any reason such proceeds or any part
thereof are not necessary for or are not applied to the payment
of such cost, then the unapplied proceeds shall be deposited by
the City in the Sinking Fund. All such proceeds shall be and
constitute trust funds for such purposes.
The holders of the Bonds issued hereunder shall have no
responsibility for the use of the proceeds of said Bonds, and the
use of such Bond proceeds by the City shall in no way affect the
rights of such Bondholders. The City shall be irrevocably obli-
gated to continue to levy and collect the ad valorem taxes as
provided herein and to pay the principal of and interest on the
Bonds notwithstanding any failure of the City to use and apply
such Bond proceeds in the manner provided herein.
SECTION 14. MODIFIC~T!~ON OR AMENDMENT. No material
modification or amendment of this Resolution or of any resolution
or ordinance amendatory hereof or supplemental hereto may be made
without the consent in writing of the holders of two-thirds or
more in the principal amount of the Bonds then outstanding; pro-
vided, however, that no modification or amendment shall permit a
change in the maturity of such Bonds or a reduction in the rate
of interest thereon or in the amount of the principal obligation
thereof or affecting the promise of the City to pay the principal
of and interest on the Bonds as the same shall become due from the
proceeds of the ad valorem tax or reduce the percentage of the
holders of the Bonds required to consent to any material modifi-
cation or amendment hereof without the consent of the holder or
holders of such Bonds.
SECTION 15. SEVERABILITY OF INVALID PROVISIONS. If any
one or more of the covenants, agreements or provisions herein
-11-
timer as
'.the City.
contained shall be held contrary to any express provision of law
or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason
whatsoever be held invalid, then such covenants, agreements or
provisions shall be null and void and shall be deemed separable
from the remaining covenants, agreements or provisions hereof
or of the Bonds or coupons issued hereunder.
SECTION 16. SALE OF BONDS. The Bonds shall be issued
and sold in such manner and at such price or prices consistent
with the Act, all at one time or in installments from time to
shall be hereafter determined by the governing body of
SECTION 17. VALIDATION AUTHORIZED. The City Attorney
is authorized and directed to prepare and file proceedings to
validate the Bonds in the manner provided by law.
SECTION 18. REPEALING CLAUSE. Ail Resolutions or parts
thereof of the City in conflict with the provisions herein
contained are,
and repealed.
to the
extent of such conflict,
hereby superseded
SECTION 19. EFFECTIVE DATE. This Resolution shall
take effect in the manner provided by law.
PASSED AND ADOPTED this ~i~day of December, A.D., 1972.
ATTEST:
City C 1,~q~
(CORP. SEAL)
CITY OF BOYNTON BEACH, FLORIDA
Mayor
uncilman
.~ ouncHman
-12-