85-ZZZRESOLUTION NO. 85-ZZZ
A RESOLUTION AMENDING RESOLUTION NO.
85-YYY, ADOPTED BY THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA
ON NOVEMBER 19, 1985, FOR THE PURPOSE
OF INCREASING THE SIZE OF THE AUTHORIZED
BOND ISSUE FROM NOT EXCRRDING $20,000,000
TO NOT EXCEEDING $30,000,000; PROVIDING
THAT THE EARNINGS TESTS FOR THE ISSUANCE
OF ADDITIONAL BONDS SHALL EACH BE
APPLICABLE RATHER THAN ALTERNATIVE;
REDUCING THE ALTERNATE TEST FROM 120%
TO 115%; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA AS FOLLOWS:
Section 1. Resolution No. 85-YYY, adopted by the City Council
of the City of Boynton Beach, Florida on November 19, 1985 (the
'UResolution") is hereby amended as follows:
(a) Amend the title of the Resolution, the fifth preamble and
Section 207 to increase the authorized bonds from "not
exceeding $20,000,000" to "not exceeding $30,000,000."
(b) Amend the last sentence of the penultimate paragraph of
Section 208 by deleting the word "or" following the words "one
hundred thirty-five per centum (135%)" and inserting the word
"and" in lieu thereof with the effect of requiring that both
tests for the issuance of Additional Bonds must be met rather
than either thereof.
(c) Amend the last sentence of the penultimate paragraph of
Section 208 by deleting the words "one hundred and twenty per
centum (120%)" in subsection (e) and inserting the words "one
hundred fifteen per centum (115%)" in lieu thereof with the
effect of requiring the test in (e) to not be less than 115%.
Section 2. This Resolution becomes effective i~mediately
upon its passage.
PASSED AND ADOPTED THIS 26th day of November, 1985.
CITY OF BOYNTON BEACH, FLORIDA
Co. il Member
ATi~EST:
(Corporate Seal)