84-XXX84-X×
A RESOLUTION AMENDING RESOLUTION NO.
84-TIT, ADOPTED BY THE CITY OOUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA ON
SEPTEMBER 5, 1984 AUTHORIZING THE
ISSUANCE OF NOT EXCRRDING $4,000,000
RECREATIONAL FACILITIES REVSINI/E BONDS TO
MAKE CERTAIN TECHNICAL CO--IONS
ASSOCIATED WITH THE REQUI~ ~HAT ALL
BONDS BE IN R~GISTERED FORM; TO CLARIFf
~ FUNDING AND RESTORATION REQUIREMENTS
FOR THE RESERVE ACCOUNT; TO ADD REPEREN~
TO THE PLEDGE OF DESIGNATED REVENUES; AND
PROVIDING ~':: EFFECTIVE DATE.
FLORIDA:
BE IT RESOLVED BY THE CITY O0UNCIL OF THE CITY OF BOYNTON BEACH,
Section 1. Resolution No. 84-TTT, adopted by the City Council of
the City of Boynton Beach, Florida on September 5, 1984 is hereby amended
as follows:
(a) In Section 101 change the reference in the definition of
"Cost" frc~ "Section 404" to "Article IV".
(b) In Section 101 delete the definition of "Reserve Account
Deposit Requirement" and insert a new definition to read as follows:
"'Reserve Account Deposit Requirement' shall mean in
each of the forty-eighth successive months beginning
with the month following the month in which the Bonds
are issued under Section 207 of this Resolution an
amount equal to One-forty-eighth (1/48) of Reserve
Account Requirement and shall mean in each of the
twelve successive months beginning with the month
following any month in which any amount shall have
been withdrawn frc~ the Reserve Account an amount
equal to one-twelfth (1/12) of the deficiency created
by such withdrawal until such deficiency is made up."
(c) In the sixth line of the last paragraph of Section 206
insert "and" between "City" and "the Bond Registrar."
(d) In Section 504 delete subparagraph (d) in the third
paragraph and insert a new subparagraph (d) as follows:
"(d) beginning in the month following the month
in which Bonds are issued under Section 407 of this
Resolution and in each of the succeeding forty-seven
months an amount in each such month equal to one-
forty-eighth (1/48) of the Reserve Account require-
ment and beginning in the month following any month
in which moneys are withdrawn frem the Reserve
Account, an amount equal to one-twelfth (1/12th) of
the amount so withdrawn until the amount on deposit
therein is equal to the Reserve Account Requirement;"
follows:
(e) Delete Section 513 and insert a new Section 513 to read as
"Section 513. Cancellation of Bonds. All Bonds
paid, redeemed or purchased, either at or before
maturity, appertaining thereto, shall be cancelled
upon the payment, redemption or purchase of such
Bonds and shall be delivered to the Fiscal Agent when
such payment, redemption or purchase is made. All
Bonds cancelled under any of the provisions of this
Resolution shall be destroyed ~t the Fiscal Agent,
which shall execute a certificate in duplicat~
describing the Bonds so destroyed, and one executed
certificate shall be filed with the City Clerk and
the other executed certificate shall be retained by
the Fiscal Agent."
(f) In Section 701 delete the phrase "and in the coupons, if
any, appertaining thereto".
follows:
(g) Delete Section 708 and insert a new Section 708 to read as
Section 708. Records, Accounts ~n~ ~3~its. The City
covenants that it will keep the funds, accounts,
moneys and investments relating to the Project
~eparate frc~ all other funds, accounts, moneys and
investments of the City or any of its departments,
and that it will keep accurate records and accounts
of all items of costs and of all expenditures
relating to the Project and of the Gross Revenues
collected and the application of such Gross Revenues.
Such records and accounts shall be open to the
inspection of all interested persons.
The City further covenants that within six months
after the close of each Fiscal Year it will cause an
audit to be ccmpleted of its books and accounts per-
taining to the Project by the Accountant. Reports of
each such audit shall be filed with the City Council,
the City Manager and the Fiscal Agent, and copies of
such report shall be mailed to anyBondholderwho
shall have filed his name and address with the City
Clerk for such purpose. Each such audit report shall
set forth in respect of said Fiscal Year the same
matters as are hereinabove required for the quarterly
reports and shall include a comparison with the
Annual Budget for said Fiscal Year. The Accountant,
in such audit report, shall state that an examination
of the financial statements present fairly the finan-
cial position of the Project and the results of their
operations and changes in its financial position for
the period covered ~t such audit report in conformity
with generally accepted accounting principles applied
on a consistent basis. If applicable, such audit
report shall state (i) any violation of bond cove-
nants existing at year end, and (ii) if at any time
during the Fiscal Year under audit an event of
default [as defined in Section 802(a) through (e)
inclusive] occurred and if so, the nature of the
default.
The City further covenants that it will cause any
additional reports or audits relating to the Project
to be made as requiredby law or by any applicable
rules or regulations of any governmental authority
having jurisdiction in the premises. The cost of
such audits shall be treated as apart of the cost
of operation.
For the purposes of this Resolution each fund created
hereunder shall be a series of accounts within the
book of accounts of the City and shall connote a
segregation of accounts, which will support special
purpose disclosure reports, not to be construed as a
separate set of books of accounts.
(h) In Paragraph (c)(1) of Section 710 change reference from
"'Consulting Architects" to ,'Project Consultant".
(i) In Section 805 delete the last sentence and insert a new
last sentence to read as follows:
"The Fiscal Agent shall give such notice as it may
deem appropriate of the fixing of any such date, and
shall not be required to make payment to the holder
of any Bond until such Bond shall be surrendered to
it for appropriate endorsement."
(j) In Section 810 delete the phrase "and the appurtenant
coupons, if any,".
(c)
(k) Delete clause (c) of Section 1002 and insert a new clause
to read as follows:
"(c) the creation of a lien upon or a pledge of
Gross Revenues or (except for indebtedness incurred
under Section 514 hereof) Designated Revenues other
t~han the lien and pledge created by this Resolution,"
(1) In the twelfth and twenty-eighth lines of Section 1101
delete the words "and coupons".
(m) In the third, sixth and seventh lines of Section 1211
delete the respective words "or coupons", "or coupons" and "and coupons".
Section 2. This Resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this ~ ~ day of October, 1984.
CITY OF BOY~NTON BEAcH, FLORIDA
M~yor
Vice Mayor
Council Member
ATTEST:
C£ty C~ v -
(Corporate Seal)
Council Member