Loading...
62-FFRESOLUTION No. 62-FF A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA, PRESCRIBING FORM AND AUTHORIZING EXECUTION OF SEWER CONSTRUCTION TRUST FUND AGREEMENTS RELATIVE ISSUANCE $1, 750, 000.00 WATER AND SEWER REVENUE BONDS, ISSUE OF 1961, SERIES "A" and $1, 650, 000. 00 WATER AND SEWER REVENUE BONDS, ISSUE OF 1961, SERIES '.'B". WHEREAS, by Resolution No. 62-G and Resolution No. 62-I duly adopted February 12, 1962, the City of Boynton Beach, authorized the issuance of $1, 750, 000.00 Water and Sewer Revenue Bonds, Issue of 1961, Series "A" and $1, 650, 000. 00 Water and Sewer Revenue Bonds, Issue of 1961, Series "B"- and WHEREAS, said resolutions provide that the proceeds received from .the sale of any or all of said bonds pursuant to said resolutions, shall be deposited by the City with the Trustee to be named by the successful purchasel of the bonds, with the approval of the City Council, in a trust fund to be known as "SEWER CONSTRUCTION TRUST FUND "relative Series "A" bonds and Series "B" SEWER CONSTRUCTION TRUST FUND, relative the Series "B" bonds, in order to insure the application of said bond proceeds to the purposes provided for in the aforesaid resolutions; and WHEREAS, said resolutions further provide that the City and the Trustee named shall enter into Construction Trust Fund Agreements concernin~ the application of said funds, which agreements shall be'in a form to be deter- mined by resolution; and WHEREAS, F. S. SMITHERS & CO. as successful purchaser of the bonds, has heretofore designated the ATLANTIC NATIONAL BANK OF WEST PALM BEACH, West Palm Beach, Florida, as the Construction Trust Fund Trustee, which selection has heretofore been approved by the City; and WHEREAS, the ATLANTIC NATIONAL BANK OF WEST PALM BEACH, West Palm Beach, Florida, has agreed to act as Trustee of said Construction Trust Funds as per letter dated May 2, 1962, NOW, THEREFORE, be it resolved by the City Council of the City of Boynton Beach, Florida: SECTION 1: Thai pursuant to resolution No. 62-G and Resolution No. 62-I, heretofore adopted on February 12, 1962, as more particularly described hereinabove, Construction Trust Fund Agreement s shall be entered into by and belween the CITY OF BOYNTON BEACH, FLORIDA, and the ATLANTIC NATIONAL BANK OF WEST PALM BEACH, West Palm Beach, Florida. SECTION 2: Thai said Trust Agreements shall be executed on behalf of the City by the Mayor and the corporate seal of said City shall be affixed thereto and attested by the City Clerk; thai said officers be and they hereby are authorized to execute and deliver said Trust Agreements without further authority from this Council. SECTION 3: That said Trust Agreements shall be executed prior to the execution and delivery of any of the above described Water and Sewer Revenue Bonds and said Construction Trust Fund Agreements shall be in the form and language of the instruments ait~l~ ed hereto marked Exhibit "A" and Exhibit "B" respectively. SECTION 4: This resolution shall take effect immediately. PASSED and ADOPTED this lllh day of May, A. D. 1962. (CORPORATE SEAL) City Clerky CITY OF BOYNTON BEACH, FLORIDA By -2- ~m~;s ~e~e tO be ~Xte~, ~a~ ,~;~: which ~, payz~ent oi ail eo~t~ in co--etlon wi~ th~; sale of 5ate ~on~s an~ wt~ ~a i~e~,~entation oi the conatructiOn and exp~toa o~~ tix~ ~:,~axc~pal ~ sy~tea, wer'~ to be ~CT~ ? The C~t~ ao've~t~ aa~i G~-~ee~ that no vouchez'~ uz~t~ s~h ~ontx'actort Or buatIez*~ ~ ~v~ O~vet~ ~ the C~t~* a ~ Or -2- bond~ executed by a qualifies buxety aathori ed to rio business ia t~e 5tale Floriaa, a~lDvea by the City an~ the ConaulttnE ~lneers in ~ amo~t at least e~al to ~hc~ a~:~o~nt of :~u:h contracts, c~altionM fo~ thc~ au~~ and fal~- icl ~rformance of ti~c work an~ p~o~%din~, in a~tion, to all other conai- lions that ii' ~c cOntractor or his, or its at~b-coutractor~ rail to ~ pa~- for i~ty labor, or :~atc:"i~, ~upplied oi' asea b~ ~<:h ¢ontz'aator, o~' his or it~ ~ub-:ontractol'a, ia ~'fOrmance ~ the work contracted to be ~ne, said contract which ~e City n~ay be requires to n~ake. The City n~ent to thy co~ltrac~rs or builders in excess of ninety (~) ~' centun~ ot ~e ~:~nt of :3ach contract u~es~ and ~ntil it shah lecekve a certificat~ of ~e Consult~ ~ineers k~at such contracts have Seen fully ant{ co~,~etely perforn~ea b~ such contractors or budders. ~H 'voucher~ receivea by the Trustee, as require~i hereunder amd eviaence of all ~ecks paid parsu~lt hereto shall be ~tained b~ the T~atee, sub~ect to reamo~ble b~ the City, its au~ori~;~e~ a~ents oi~ l~ep~esen~tive~. ~C~N 6: %-'hen ~e co~truction of ~e expsnsi~ sad adait~ons to the mun~cip~ ~alc~ ayste~ herein contem~atea have been fully completeS, ~c T~stec ~haH b~ furm~hed a aho~g such coniple~ioa an~ ~e date there~ ~ approved by ~e Consulting ii~eera. Thcl~u~n an~ ~alance ox' surplus ~'en:ami~ in ~is F~a, after tel~ms ~d prOviSions of fl~e ~esolution dates February 12, 1982, inclu~ specifically Section 3.03 thereof. ~.ECTIO~ 7: The T~stee ~i~aa ~ protectea and ~h~ incur no check, re~l~tiOn, notice, tele~ra~, request, consent, stateu, ent, dfi~i~lt, ~, or o~er ~r for w~ch it il m t~ fa~ ~$i~ to hav~ been -3- -4- 12: ~ubjc::~ to ~1'~: hc:.~ o[ th~ Tr'uste(., for it~ proper · a;_~ue~ pursuant ?o the atta. chea I ....t Ftm( in dir~ 'ct oUli~latlOns of ~ea, oh~t~on during the period ~ respective seals affixed/~reto the day and year first above writton, CITY OF BOYNTOt~ B~AC/~. FLORIDA. ,~ TTEST: (COH~'~A TE SEAL) ATLANTIC ~T/c~t/AL BA~ OF WEST /3AL~,I BEACH (Corporate :~eal) -0,~ ....t copy Of thc mDov~ rch~ rc('~ to ~e C~ty, ti~e ~ r~s~,~: a-aU the 1~01~~':; Ot' ,,a~,,: '~nti~ that t~e terc.~ NOW, T.qERJEFOR~, it ~ agreed by ~nd between tkm City Trustee, ~ follows: ~ECTIO~ 1: Ti'~at there Is ~reby created ~ SE/~IE$ "B~ SEWEi~ N~TRUcWIoN T~UST F~ND co~lSth~g of all monies re~lved from t~ ~ any or all of the ~n~ issued ~rsuant to the Resol~ion ~ t~ City ~ted Feb~ary ~ ~. t 962. ~ authorized by said Relolution. ~lO~ 2~ That L~ ATLAN~C ~ATIO~AL ~ANK OF WEST T~ ~ oatd BERGS ~'B' SEWE~ ~NSTRU~ION TRUST ~ND ~ do ~nd ~oem all a~s ~i~d ~ said T~e~ ~ ,nid ~8olufl~ in ~ccor~ce t~ pr~i~e ~ s~ld ~noluti~ ~d t~n A~ment. SE~ION 3: T~at ~ with~awa~ sh~l ~ ma~ f~m the "B'~ S~WER CON~RU~ TRUST ~ND ex~ for legal and eng~ring ex~n~ ~e. ink,et r~m~r~S on ~ ~ prior to. ~ring. znd for six :m~t~ the Com~etl~ of subject lineament, fees ~ f~cal or f~ancl~l agents. ~d ex~s in c~cflon with t~ ~nu~nce and sale ~ the ~ a~h~i~d by t~ Re~lutt~. wtth~t t~ written approval of the C~ultl~ Eng~rs and onl~ u~ ~l~ by t~ T~ee of ~ w~/tten requ~lti~ exerted by t~ Ge~r~ M~r or ot~r ~1) ~h~i~d official ~ the City tn charge of ~/ t~ ~ sys~m, s~c~yt~ the ~r~ for which such wlth~w~ to ~C~ION 4~ : The mos/es in said SERIES "l~" SEWER CONSTRUC- TION FUND shall ~ a~d by ~ City Ln ~i~ acco~n~ ~th t~ pr~ei~ of t~ a~c~d ~moluti~ for t~ ~r~m ~mu/n~ ~ub~ct ~. ~d for t~ co~ctl~ or ac~ttl~ ~ tmp~mentm. ex~ion s.~ ad~tl~ to t~ municl~l ~ ~C~ION 5: T~ City core.nfs ~d ~s that c~e~ for ~yment to an~ co~ra~s or ~llde~ will ~ such c~t~rn or ~/l~rs shall ha~ ~ll~d ~ t~ City n ~ or -2- - -.k$ paid Pursuit ~ he.a ~e con~tructl~ of ~e Uz~proven~e~ta, co/~ plettOn ~nd ~he ~at~: th~::,~ eOf a~ ~pprovec~ i:y the Co~~ The T ruatee '.~hadl b~,> PrOtecteu ant~ ahall incur '3- genuine and to ttave been pas~ed or signed by the proof ~flcers. ~gents or employees ~ the City or to ~a~ ~en ~re~d and fu~e~d ~suant to an~ ~fer~d to in a~./ aueh .~tateme~t. but may ~?ce~t ~d ~17' u~n the san~e ~ concluat~ e~nce of the truth and at,racy ~ such etaten~$, and the T~stee shall ~ ~l~d of all ~s~nsibflity witt~ rea~et to pay~ents ma~ liability for ~nythLng attains out ~ this .!g~ement, except [or its o~ neglt- genes, lack of g~ Ealth or wi~ll steelier. ~,1~.~ Tae Traa~e may tn g~d faith ~Ye sell, own, Sold and ~al in any o~ sai~! $1. ~;~Su. ~u~.h (~ ~ater and Se~r ~nue Bon~. l&aue off 19g;1, ~riee ~, issue~ ~rsuent to the attae~d ~aol~ion anO m~v join in a~ actt~ which any }~nd ~ol~r may ~ e~itled to take wits like effect as H the T~st~ we~ not a p~y to iai= Ag~e~eet. l'he T~stee may also en&a~ tn or ~ interested i~ any financial or ot~r transaction with the Cit.> or ~l~r or hoists o~ said b~ ~cu~d ~re~y or other obligatto~ ~ ~ City aa ireely ~s ~ tt were not = pa~y to this Ag~ment. SgCTl~ ~: The City may at a~y tic=e. ~'-~rs=~nt to tt~ terms ol t~ attac~d Resolution. select anther bank aa the r~sitor); for t~e ~riee ~ ~wer Concretion T~st Fund ~o~ded ;or ~lerei~, pro~d t~re ~ ~live~d to the T~tee he,in, or ;my successor bank. at least si~y (6(~) ~ye ~ttce ~fore such su~titutiora. Likewise. t~ ba~ may request an.d re~i~ t~ tr~eler of the ~maining ~ries ~ ~r C;~t~ion Trust Fund to ao~ue ot~r bank by giving airy (b(~) days notice in writing to the Citz~ ~esttng such tra~Ier. SECTION ICi: This Agree?'nent shall be deemed to [lave ~'~en and ~ ~na~ for the bar. fit cf the aoi~ra from time to time of the ~I, Water and Sewer i~~ .~n~, ~aue of 19~1, Se~es B. rased ~rsua,t to t~ attac~d Retol~i~ ~d .a~ shall ~ e~orcib~ by any ~ ~ hoists t~ In t~ ~r ~ovl~d In said -4- IN WITNE~ WHEREOF the parties hereto have caused this A greeraent to i~ executed by tn, ir pro~ corr~rate officers and t~ir Witnesses: CITY OF 8OYNTON BEACH, ~.TTEST: Mayor '~CITY' ~ity Clerk. (CORPORATE SE/~ L) A s to -i'rul~ee APPROVED AS TO FORM: City' A ttorv~>-, ATLANTIC NATiONAl. BANK OF WE~ PALM BEACH Vic~-l~sid~nt and Trust Oiliest "TRUBTEE' (CORPORATE SEAL)