85-OORESOLUTION NO. 85-00
A RESOLUTION DESCRIBING THE TERMS, FORM
AND CERTAIN OTHER PROVISIONS OF
$2,650,000 PUBLIC SAFETY FACILITIES
BONDS, $1,000,000 PUBLIC LIBRARY BONDS,
$1,100,000 CITY HALL BONDS AND $1,600,000
PUBLIC WORKS BUILDING AND PARKS
MAINTENANCE FACILITY BONDS OF THE CITY OF
BOYNTON BEACH, FLORIDA; CONSOLIDATING
SUCH BONDS FOR SALE AND ISSUANCE AS
$6,350,000 GENERAL OBLIGATION BONDS
(SERIES 1985); PROVIDING FOR THE ISSUANCE
AND FIXING CERTAIN DETAILS OF SUCH BONDS;
NAMING A BANK TO ACT AS BOND REGISTRAR
AND PAYING AGENT; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council (the "City Council") of
the City of Boynton Beach, Florida (the. "City") on January
15, 1985, duly adopted Ordinance Nos. 85-1, 85-2, 85-3 and
85-4 (the "Ordinances"), which Ordinances authorized the
issuance, subject to election of the respective bond issues
mentioned in the title of this resolution; and
WHEREAS, pursuant to the Ordinances a special bond
election was duly conducted at which more than a majority
of the qualified voters of the City of Boynton Beach voting
thereon were in favor of issuing each of said bond issues;
and
WHEREAS, the City Council on June 18, 1985, duly
adopted resolutions providing for the issuance of the
respective bond issues mentioned in the title of this
resolution; and
WHEREAS, the City Council has determined that it is
necessary and desirable to sell and issue said four issues
of bonds (the "Bonds") as a consolidated issue of $6,350,000
General Obligation Bonds (Series 1985); and
WHEREAS, it is necessary to determine the terms,
form and certain other provisions of said Bonds; and
WHEREAS, it is necessary to fix the details of said
Bonds and name certain banks to act as Paying Agents and
Bond Registrar for the Bonds.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED BY THE CITY
COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The Bonds shall be issued as a consolidated issue
of Bonds designated "General Obligation Bonds (Series 1985)" in
the aggregate principal amount of $6,350,000 and shall be dated
August 1, 1985.
Section 2. The provisions for payment, transfer and exch~ange
and the form of the Bonds issued under the provisions of this Reso-
lution and the legends and approvals to be endorsed on the Bonds,
shall be, respectively, substantially in the following form, with
such appropriate variations, omissions and insertions as may be
required or permitted by the Ordinance, the resolutions adopted
on June 18, 1985 and this Resolution:
(a) Such Bonds shall be issued only as fully regis-
tered Bonds in the denominations of $5,000 or any integral
multiple thereof;
~ '.'~= ~~] of =,~h ~d~ shall be payable upon
the presentation and surrender of such Bonds as the same
shall become due at the principal office of the Bond Registrar
and Paying Agent;
(c) Interest.on any such Bond which is payable, and is
punctually paid, or for which payment is duly provided for,
on any interest payment date on the Bonds shall be paid to
the person ~in whose name the Bond is registered in the regis-
tration books provided for in Section 2(g) hereof (the
"Owner") at the cloSe of business on the 15th day of the
month preceding an interest payment date (the "Regular
Record Date");
(d) Any interest on any such Bond which is payable,
but is not punctually paid, or for which payment is not
duly provided for, on any interest payment date (herein
called "Defaulted Interest") shall forthwith cease to be
payable to the Owner on the relevant Regular Record Date
solely by virtue of such Owner having been such Owner; and
such Defaulted I~terest may be paid by the City, at its
election in each case, as provided in Subsection 1 or 2
below:
1. The City may elect to make payment of any
Defaulted Interest on the Bonds to the persons in
whose names such Bonds are registered at the close
of business on a special record da~e (the "Special
Record Date") for the payment of such Defaulted
Interest, which shall be fiXed in the following
manner. The City shall notify the Bond Registrar
in writing of the amount of Defaulted Interest pro-
posed to be paid on each Bond and the date of the
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proposed payment (which date shall be such as
will enable the Bond Registrar to comply with the
next sentence hereof~,-' and at the same time the
City shall deposit or cause to be deposited with
the Bond Registrar an amount of money equal to the
aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements
satisfactory to the Bond Registrar for such deposit
prior to the date of the proposed payment, such
money when deposited to be held in trust for the
benefit of the persons entitled to such Defaulted
Interest as in this Subsection provided. Thereupon
the Bond Registrar shall fix a Special Record Date
for the payment of such Defaulted Interest which
shall be not more than 15 nor less than t0 days
prior to the date of the proposed payment and not
less than 10 days after the receipt by the Bond
Registrar of the notice of the proposed payment.
The Bond Registrar shall promptly notify the City
of such Special Record Date and, in the name and
at the expense of the City, shall cause notice of
the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Owner at his
address as it appears in the registration books
provided for in Section 2(g) hereof not less than
10 days prior to such Special Record Date. The
Bond Registrar may, in its discretion, in the name
notice 5o be published at least once in a daily
newspaper of general circulation published in the
City, and in a daily newspaper of general circulation
or in a financial journal published in the Borough
of Manhattan, City and State of New York, but. such
publication shall not be a condition precedent to
the establishment of such Special Record Date.
Notice of the proposed payment of such Qefaulted
Interest and the Special Record Date therefor
having been mailed as aforesaid, such Defaulted
Interest shall be paid to the persons in whose
names the Bonds are registered on such Special
Record Date and shall no longer be payable pursuant
to the following Subsection 2.
2~ The City may make payment of any Defaulted
Interest on the Bonds in any other lawful manner
not inconsistent with the requirements of any
securities exchange on which such Bonds may be
listed and upon such notice as may be required by
such exchange~ if, after notice given by the City
to the Bond Registrar of the proposed payment
pursuant to this Subsection, such payment shall be
deemed practicable by the Bond Registrar.
Subject to the foregoing provisions of this Section,
each Bond delivered upon transfer of or in exchange for
or in lieu of any other Bond shall carry all the rights
to interest accrued and unpaid, and to accrue~ which
were carried by such other Bond and each such Bond
shall bear interest from such date, that neither gain
nor loss in interest shall result from such transfer,
exchange or substitution;
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(e) Such Bonds shall have endorsed thereon a
certificate of authentication substantially in the
form set forth in Section 2(f) hereof. No such
Bond shall be valid or become obligatory for any
purpose unless and until such certificate of
authentication on such Bond shall have been duly
executed by the Bond Registrar, and such certificate
of the Bond Registrar upon any such Bond shall be
conclusive evidence that such Bond has been duly
authenticated and delivered under this Resolution.
The Bond Registrar's certificate of authentication
on any Bond shall be deemed to have been executed
if signed by an authorized signatory of the Bond
Registrar, but it shall not be necessary that the
same signatory sign the .certificate of authentication
on all of the Bonds that. may be issued at any one
time.
(f) Execution and Form of Bonds.
substantially in the following form:
The Bonds shall be
[Form of Face of Bond]
United States of America
State of Florida
County of Palm Beach
~mu3 of Boynton ~u~
General Obligation Bonds
(Series 1985)
Maturity Date Interest Cusip
The City of Boynton Beach, in the County of Palm Beach,
State of Florida (the "City"), is justly indebted and for
value received hereby promises to pay to
or registered assigns or legal representative on the Maturity
Date specified above (or earlier as hereinafter referred to),
upon the presentation and surrender hereof, at the principal
office of ..................................... , in the City of
(the "Bond
Registrar"), the principal sum of
THOUSAND DOLLARS
and to pay to the registered owner hereof, by check or draft
mailed to the registered owner at his address as it appears
on the bond registration books of the City (kept at the
above office of the Bond Registrar) interest on such prin-
cipal sum from the date hereof or from 1 or
1 next preceding the date of authentication to
Which interest shall have been paid, unless such date of
authentication is a 1 or 1 to which
interest shall have been paid, in which case from such date, such
interest to the maturity hereof being payable on
1 and 1 in each.year, commencing
, 19 , at the' rate per annum specified above, until pay-
ment of such principal sum. The interes't' so payable and
punctually paid, or duly provided for, on any such interest
payment date will be paid to the person in whose name this
bond is registered at the close of business on the Regular
Record Date for such interest, which shall be the 1.5th day
(whether or not a business day) o'f the calendar month next
preceding such interest payment date. Any such interest
not so punctually paid or duly provided for shall forthwith
cease to be payable to the registered @wner on such Regular
Record Date, and may be paid to the ~person in whose name this
bond is registered at the close of business on a Special
Record Date for the payment of such defaulted interest to
be fixed by the Bond Registrar, notice whereof being given
to the owners not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities
exchange on which the bonds may be listed and upon such notice
as may be required by such exchange, or as more fully provided
in the resolution under which this bond is issued. Such payment
of interest shall be by check mailed to the owner at his address
as it appears on the bond registration books of the City, kept
by the Bond Registrar. All such payments shall be made in such
coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private
debts.
.~:~ oH.~,.,. FOR ALL ~URPuS~.~ HAVE THE S~2vlE EFFECT AS
IF SET FORTH HERE.
This bond shall not be valid or become obligatory for any pur-
pose or be entitled to any benefit or security under the resolution
mentioned hereinafter until this bond shall have been authenticated
.by the execution by the Bond Registrar of the certificate of auth-
entication endorsed hereon.
IN WITNESS WHEREOF, the City of Boynton Beach has caused this
bond to be signed by its Mayor by facsimile signature and by its
City Clerk by facsimile signature, and a facsimile of the official
seal of the City to be imprinted hereon, all as of the .... day of
............... , 19...
iCITY OF BO.¥NTON BEACH
Mayor
(Seal)
City Clerk
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CERTIFICATE OF AUTHENTICATION
This bond is one o~ the Bonds of the series designated
herein and issued under the provisions of the within-mentioned
resolution.
Bond Registrar
By
Authorized Officer
Date of authentication:
[Form of Reverse Side of Bond]
United States of America
State of Florida
County of P.alm Beach
City of Boynton Beach
General Obligation Bond
(Series 1985)
This bond is one of a duly authorized issue of bonds of
~ ~7 ~,~d ,~ ~h~-~'~h~ri~y ~ and i~~ full ~ompiiance
with the Constitution and laws of the State of Florida,
including the Charter of the City and pursuant to ordinance
and resolutions, including Resolution No. 85- (the "Reso-
lution") duly' adopted by the City Council of the City, for
the purpose of paying the cost of certain public improvements
in and for the City. The bonds of this issue consisting of
four separate bond issues were each duly approved by vote of
a majority of the qualified electors of the City voting
thereon at a special election held on March 12, 1985.
(Here insert redemption provisions, if any)
At least thirty (30) days before the redemption date of
any Bonds to be redeeme~ whether such redemption be in
whole or in part, the City shall cause a notice of such
redemption to be filed with Bond Registrar, mailed, first-
class postage prepaid, to all registered owners of Bonds to
be redeemed in whole or in part at their last addresses
appearing upon the registration books of the City as of the
date'45 days prior to the date fixed for redemption and
published at least once in a newspaper of general circulation
in the City and in a financial newspaper or j'ournal published
in the Borough of Manhattan, City and State of New York.
The failure to mail such notice to any registered owner or
any defect in such notice shall not affect the validity of
'the proceedings for the redemption of the Bonds of any other
registered owner. On the date fixed for redemption, notice
having been given as aforesaid, the Bonds or portions thereof
so called for redemption shall be due and payable at the
redemption price provided for the redemption of such Bonds
or portions thereof on such date and, if moneys for payment
of such redemption price and the accrued interest are held
by the Bond Registrar, interest on the Bonds or the portions
thereof so called for redemption-sb~l~cs&se to ~accrue. if
a portion of this bond shall be called .for redemption, a new
bond or bonds in principal amount equal to the unredeemed
portion hereof will be issued to the registered owner hereof
or his legal representative upon the surrender hereof.
The Bonds are issuable as fully registered bonds in.the
denomination of $5,900j.or any integral multiple thereof.
At the principal office of the Bond Registrar, in the manner
and Subject to certain conditions provided in the Resolution,
Bonds may be exchanged for an equal aggregate principal
amount of Bonds of the same maturity, of authorized denomina-
tions and bearing interest at the same rate.
The Bond Registrar sha3.1 keep at its principal office the
books of the City for the registration of and for the registration
of transfers of Bonds. The transfer of this bond may be regis-
tered only upon such books and as otherwise provided in the
Resolution upon the surrender hereof to the Bond Registrar to-
gether with the assignment duly executed by the registered owner
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hereof or his attorney or legal representative in such form
as shall be satisfactory to the Bond Registrar. Upon any such
registration of transfer, the Bond Registrar shall deliver in
exchange for this bond a new Bond or Bonds, registered in the
name of the transferee, of authorized denominations, in an
aggregate principal amount equal to the unredeemed principal
amount of this bond, of the same maturity and bearing interest
at the same rate.
The Bond Registrar shall not be required to exchange or
register any transfer of this bond after this bond has been
selected for redemption.
It is hereby certified and recited that all acts,
conditions and things required by the Constitution and laws
of the State of Florida to happen, exist and be performed
precedent to and in the issuance of this bond have happened,
as so required; that the total indebtedness of the City,
including this bond, does not exceed any constitutional or
statutory limitation thereon; and that provision has been
made for the levy and collection annually of an ad valorem
tax upon all taxable property within said City, sufficient
to pay the principal of and the interest on this bond as the
same respectively shall become due and payable.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns
and transfers unto ..........................................
__
........... the within
bond and all rights thereunder, and hereby irrevocably
constitutes and appoints .......................... - .........
attorney to register the transfer of the within bond on the
books kept for registration the~uof with full power of
substitution in the premises.
Dated: .... : ...................
NOTICE: The signature to this assignment
must correspond with the name as it appears
on the face of the within bond in every
particular, without alteration or enlarge-
ment or any chang~ whatever.
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Signature Guaranteed:
NOTICE: Signature must be guaranteed by
a member firm of the New York Stock
Exchange or a commercial bank or a trust
company.
(g) Exchange and Registration of Transfer of Bonds~
The Bond Registrar shall keep books for the registration,
exchange and registration of transfer of Bonds as
provided in this Resolution. The Bond Registrar evidences
acceptance of duties, obligations and responsibilities
of Bond Registrar by manual execution of the certificate
of authentication on each bond described in Section
2(f) of this Resolution.
Bonds, upon surrende~ thereof at the principal office
of the Bond Registrar, together with an assignment duly
executed by the registered owner or his attorney or legal
representative in such form as shall be satisfactory to the
Bond Registrar, may, at the option of the registered owner
thereof, be exchanged for an equal aggregate principal
amount of Bonds of the same series and maturity, of any
denomination or denominations authorized by this Resolution,
bearing interest at the same rate, and in the same form as
the registered Bonds without coupons surrendered for exchange.
Bonds at the principal office of the Bond Registrar.
The transfer of any Bond may be registered only upon
the books kept for the registration of transfer of Bonds
upon surrender thereof to the Bond Registrar together with
an assignment duly executed by the registered owner or his
attorney or legal representative in such form as shall be
satisfactory to the Bond Registrar. Upon any such registration
of transfer the City shall execute and the Bond Registrar
shall authenticate and deliver in exchange for such Bond a
new Bond or Bonds, registered in the name of the transferee,
of any denomination or denominations authorized by this
Resolution in an aggregate principal amount equal to the
principal amount o'f such Bond surrendered or exchanged, of
the same Series and maturity and bearing interest at the
same rate.
In all cases in which Bonds shall be exchanged or the
transfer of Bonds shall be registered hereunder, the City
shall execute and the Bond Registrar shall authenticate and
deliver at the earliest practicable time Bonds in accordance
with the provisions of this Resolution. AlT Bonds surrendered
in any such exchange or registration of transfer shall
forthwith be cancelled by the Bond Registrar. No service
charge shall be made for any registration, transfer, or
exchange of Bonds, but the City and the Bond Registrar may
require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection
with any transfer or exchange of Bonds. The Bond Registrar
shall not be required to transfer or exchange any Bond after
such Bond has been selected for redemption.
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Section 3. The Bonds shall be serial bonds bearing interest
payable on May 1, 1985, and semi-annually thereafter on the 1st
days of November and May and maturing annually on May t~/~in the
following years and in. the following amounts:
Year of Principal Year of Principal
Maturity Amount Maturity Amount
1986 1996
1987 1997
1988 1998
1989 1999
1990 2000
1991 2001
1992 2002
1993 2003
1994 2004
1995 2005
Section 4.
, in the City of
, Florida is hereby designated as the Bond
Registrar and Paying Agent for the Bonds.
Section 5. The Bonds maturing on May 1, 1995 and
the City, prior to maturity as a whole, or in part, .in the
inverse order of their Stated maturities and by lot within
a maturity, on May 1, 1995 and any interest payment date
thereafter, at the following redemption prices (expressed as
percentages of the principal amount to be redeemed) plus
accrued interest to the redemption date:
Redemption Date
Redemption Prices
102 %
101 1/2
100 1/2
100
May 1, 1995 or November 1, 1995
May 1, 1996 or November 1, 1996
May 1, 1997 or November 1, 1997
May 1, 1998 or November 1, 1998
May 1, 1999 and any interest
payment date thereafter
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 this 18th day of June, 1985~
CITY OF BOYNTON BEACH, FLORIDA
Vice Mayor
Counci~ Member
ATTEST:
(Corporate Seal)
Council Member
STATE OF FLORIDA
COUNTY OF PALM BEACH
SS.:
I, Betty Boroni, City Clerk in and for the City of Boynton
Beach, Florida, DO HEREBY CERTIFY that the above and foregoing
is a true and correct copy of a resolution adopted by the City
Council at a ~e.~ meeting held on the 18th day of June, 1985,
as it appears on record in the Minutes of sai~ City Council.
IN WITNESS WHEREOF, I have hereunto set my hand and official
seal this 21st day of June, AoD., 1985.
Betty~oni
City ~lerk
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