Loading...
85-MMRESOLUTION NO. 85-MM RESOLUTION PROVIDING FOR THE ISSUANCE OF $1,600,000 PUBLIC WORKS BUILDING AND PARKS MAINTENANCE FACILITY BONDS OF THE CITY OF BOYNTON BEACH, FLORIDA. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA: Section 1. It is hereby found and determined that: (a) The City Council on January 15, 1985, duly adopted Ordinance No. 85-4 authorizing the issuance, subject to the election therein provided for, of bonds of the City of Boynton Beach, Florida, in an aggregate principal amount not exceeding $1,600,000 bonds of the City of Boynton Beach, Florida, for providing funds, together with any other available funds for~'~paying the cost of constructing a Public Works Building and a Parks Maintenance Facility, together with any equipment and furnishings necessary or desirable in connection therewith: and Ordinance No. 85-7 providing for the 'holding of a special bond election on March 12, 1985, for the purpose of submitting to the qualified voters of the City Of Boynton Beach the question whether sa~d $1,600,000 bonds should be issued. (b) Said election was duly conducted and the returns thereof were duly and regularly canvassed and cert- ified and the City Council has accepted the certification of the Palm Beach County Canvassing Board and declared the results of said election and caused the same to be recorded in its minutes all as provided by law, and it appears from the returns of said election that more than a majority of the qualified voters of the City of Boynton Beach voting thereon voted in favor of issuing said $1,600,000 bonds by a vote of 2,571 for and 2,215 against the said bonds. Section 2. For the purpose of providing funds, together with any other available funds, for paying the cost of constructing a public works building and a parks mainten- ance facility, together with any equipment and furnishings necessary or desirable in connection therewith, as set forth in said Ordinance No. 85-4, there shall be issued general obligation bonds of the City of Boynton Beach, Florida, in the aggregate principal amount of $1,600,000. Said bonds may be issued at one time or in series from time to time, shall be dated, shall be designated, shall be in the denomin- ation of $5,000 each or any multiple thereof, shall be numbered, shall bear interest, payable semi-annually, from their date or'dates until their payment at a rate or rates not exceeding the legal rate, as shall be determined at the time of sale thereof, shall be stated to mature (subject to the right of prior redemption, if any) at such time or times not exceeding thirty (30) years from their date or dates, may be made redeemable prior to their maturity d~te or dates and may may be consolidated for purposes of sale and issuance with all or any of the bond issues approved at the March 12 referendum as a consolidated issue of "General Obligation Bonds (Series 1985)" and subject to such other conditions, all as shall be determined by the City Council of the City of Boynton Beach by resolution adopted prior to the issuance of said bonds or any series thereof. Both the principal of and the interest on said bonds may be payable at a bank or trust company, in the Borough of Manhattan, City and State of New York or, at the option of the registered owner, at a bank or trust company, in the State of Florida, in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legal tender for the payment of public and private debts. Section 3. Said bonds shall be signed by or bear the facsimile signature of the Mayor of the City of Boynton Beach and shall be signed by or bear the facsimile signature of Clerk of the .City of Boynton Beach and a facsimile of the official seal of the City of Boynton Beach shall be imprint- ed thereon. In case any officer whose signature or a fac- simile of whose signature shall appear on any bonds shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be ~alid and sufficient for all purposes the. same as if he had remain- ed in office until such delivery. Said bonds shall be substantially in the form established by resolution of the City Counc~l to be adopted prior to the sale of the bonds. Section 4. Said bonds shall be issuable solely as fully registered bonds without coupons and shall be subject to transfer in accordance with the provisions for such registration and transfer established by subsequent resolu- tion of the City Council. Section 5.. For the prompt payment of the princi- pal of and the interest on said bonds as the same shall become due, the full faith, credit and taxing power of the City of Boynton Beach are hereby irrevocably pledged. Section 6. As provided by said Ordinance No. 85-4, both the principal of and the interest on said bonds are payable from unlimited ad valorem taxes to be levied annual- ly on all taxable property within the City of Boynton Beach, which taxes are to be levied and collected at the same time and in the same manner as ad valorem taxes levied for oper- ating expenses of the City of Boynton Beach and are to be in -3- addition to all other taxes authorized to be levied by the City of Boynton Beach° Section 7. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED by the Ciy Council of the City of Boynton Beach, Florida this 18th day Of June, 1985. ~ ouncil MembEr ' Attest: Council Member /C~ty Clerk