84-OORESOLUTION NO. 84- ~ ~
A RESOLUTION AMENDING RESOLUTION NO. 84-E
ADOPTED BY THE CITY COUNCIL OF THE CITY OF
BOYNTON BEACH, FLORIDA ON JA!CJARY 3, 1984
ENTITLED "A RESOLUTION AUTHORIZING THE ISSU-
ANCE OF NOT EXCEEDING $50,000,000 WATER'AND
SEWER UTILITY REVENUE BONDS OF THE CITY OF
BOYNTON BEACH, FLORIDA, FOR THE PURPOSE OF
PROVIDING FUNDS, TOGETHER WITH ANY OTHER
AVAILABLE FUNDS, FOR PAYING THE COST OF PAYING
AT THEIR RESPECTIVE MATURITIES OR REDEEMING
THE OUTSTANDING SIX SERIES OF WATER AND SEWER
REVENUE BONDS OF THE CITY ISSUED PURSUANT TO
RESOLUTION NO. 64-FF, ADOPTED BY THE CITY
COUNCIL ON JULY 30, 1964, AS SUPPLEMENTED, AND
ACQUIRING AND CONSTRUCTING ADDITIONS, EXTEN-
SIONS AND IMPROVEMENTS TO THE CITY'S WATER AND
SEWER UTILITY; PROVIDING FOR THE ISSUANCE OF
ADDITIONAL WATER AND SEWER UTILITY REVENUE
BONDS OR THE INCURRENCE OF INDEBTEDNESS TO THE
STATE OF FLORIDA TO PAY ALL ORA PART'OF THE
COST OF ADDITIONAL IMPROVEMENTS TO THE CITY'S
WATER AND SEWER UTILITY; PROVIDING FOR THE
PAYMENT OF SUCH BONDS AND THE INTEREST THEREON
FROM NET REVENUES OF THE CITY'S WATER AND
SEWER UTILITY AND THE EXTENT PROVIDED HEREIN
FROM IMPACT FEES; SETTING FORTH THE RIGHTS AND
REMEDIES OF THE HOLDERS OF SUCH BONDS; PROVID-
ING SEVERABILITY; AND PROVIDING AN EFFECTIVE
DATE"; TO LIMIT THE ISSUANCE OF BONDS IN
ADDITION TO THE INITIAL SERIES OF BONDS ISSUED
UNDER SECTION 207 WITHOUT MEETING CERTAIN
REQUIREMENTS OF SECTION 208 TO SUCH BONDS AS
ARE ISSUED IN AN AMOUNT NOT TO EXCEED
$10,500,000 AND FOR THE PURPOSE OF PAYING AT
THEIR RESPECTIVE MATURITIES THE OUTSTANDING
SIX SERIES OF WATER AND SEWER UTILITY REVENUE
BONDS OF THE CITY; TO ADD PROVISIONS REGARDING
REGISTRATION OF BONDS; TO CHANGE THE PRINCIPAL
AND INTEREST'PAY/~.ENT DATES; TO DELETE REFER-
ENCES TO A FISCAL' YEAR OR CHANGE FISCAL AGENT
TO DIRECTOR OF FINANCE; TO ADD A REFERENCE TO
SECTION 207 RELATING TO RESERVE ACCOUNT
DEPOSIT REQUIREMENTS; TO AUTHORIZE THE
REFUNDING OF A PART OF A SERIES OF BONDS; TO
ADD CERTAIN DEFINITIONS; AND PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED by the City Council of The City of
Boynton Beach, Florida:
Section 1 The Resolution No. 84-E adopted by the City
Council of The City of Boynton Beach, Florida (the "City Council")
· on January 3, 1984 and identified by title in the title to this
resolution is hereby amended as follows:
(a) In Section 101 following the definition of "Daily
"add a definition of "Defaulted Interest" to read as
Newspaper
follows:
"Defaulted Interest" means interest on any Bond
which is payable but is not punctually paid, or for
which payment is not duly provided for, on any Interest
Payment Date."
(b) In Section 101 in the definitions of "Interest
Payment Date" and "Principal and Interest Requirements", in the
first paragraph of Section 202, in the second paragraph of Section
207, in the second paragraph of Section 208, in the second
paragraph of 209 and in subparagraph (a) of Section 505, reflect
the change of interest payment dates from-April ! and October ! to
May 1 and November 1 and principal payment dates from October 1 to
November 1 by changing "April" to "May" and "October" to
"November'" where they appear.
(c) In Section 101 in the definition of "Reserve
Account Deposit Requirement" add "207", after the word "Sections"
in the fourth line.
(d) In Section 101 following the definition of
"Refunding Bonds" add a definition of "Regular Record Date" to
read as follows:
"Regular Record Date" means the 15th day (whether
or not a business day) of the month preceding any
Interest Payment Date."
(e) In Section !0! following the definition of "Sinking
Fund" add a definition of "Special Record Date" to read as
follows:
"Special Record Date" means a date fixed by the
Bond Registrar for the payment of Defaulted Interest
pursuant to Article II hereof."
(f) In Section 202 delete the second and third
paragraphs and insert the following:
"Both the principal of and the interest on the
Bonds shall be payable in any coin or currency of'the
United States of America that is ~egal tender for the
payment of public and private debts on the respective
dates of payment thereof.
The principal of the Bonds 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.
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 shall be paid to the
person in whose name-the Bond is registered in the
registration books provided for in Section 206 of this
Resolution at the close of business on the Regular
Record Date.
Any 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 Interest may be paid by the Director
of Finance, at its election in each case, as provided in
Subsection A or B below:
A. The Director of Finance may elect to make
payment of any Defaulted Interest on the Bonds of
any Series to the persons in whose names such Bonds
are registered at the close of business on a
Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the
following manner. The Director of Finance shall
notify the Bond Registrar in writing of the amount
of Defaulted Interest proposed to be paid on each
Bond and the date of the 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 Director of Finance shall
deposit or cause to be deposited with the Bond
Registrar an amoun~ 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 10 days
Prior to the date of the proposed payment and-not
less than 10 days after the ~eceipt by the Bond
Registrar of the notice of the proposed payment.
The Bond Registrar shall promptly notify the
Director of Finance 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 206 of
this Resolution not less than 10 days prior to such
Special Record Date. The Bond Registrar may, in
its discretion, in the name and at the expense of
the City, cause a similar notice to be published at
least once in a Daily Newspaper of general
circulation published in the County, 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 Defaulted 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 of such Series
are registered on such Special Record Date and
shall no longer be payable pursuant to the
following Subsection B.
B. The Director of Finance may make payment
of any Defaulted Interest on the Bonds of any
Series 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 Director of Finance 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 under this Resolution 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;
Each Bond shall bear interest from the Interest
Payment Date next preceding the date on which it is
authenticated, unless authenticated on an Interest.
Payment Date, in which case it shall bear interest from
such Interest Payment Date, or, unless authenticated
prior to the first Interest Payment Date, in which case
it shall bear interest from its date; provided, however,
that if at the time of authentication of any Bond
interest is in default, such Bond shall bear interest
from the date to which interest shall have been paid.
Interest on the Bonds shall be paid to the persons
entitled thereto by check or draft mailed by the Bond
Registrar on each Interest Payment Date, such check or
draft to contain the_CUSIP identification numbers, if
any, for the Bonds for which such interest is paid."
(g) In Section 203 delete the first paragraph of the
Form of Bonds and insert the following:
Original
"Maturity Date Interest Rate Issue Date
Cusip
REGISTERED HOLDER:
PRINCIPAL AMOUNT:
The City of Boynton Beach· Florida (the "City"), a
municipal corporation organized and existing under the
laws of the State of Florida, is justly indebted and for
value received hereby promises to pay to the registered
owners shown above or registered assigns or legal
representative on the dates 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 shown above 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 maintained by the Trustee as Bond
Registrar, interest on such principal sum from the date
hereof or from the May ! or November 1 next preceding
the date of authentication to which interest shall have
been paid, unless such date of authentication is an May
1 or November 1 to which interest shall have been paid,
in which case from such date· such interest to the
maturity hereof being payable on May 1 and November 1 in
each year, commencing 1, 19 , at the
rate per annum specified above, until payment of such
principal sum. The interest so payable and punctually
paid, or duly provided for, on any 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 !5th
day (whether or not a business day) of 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 holder on such Regular Record Date, and may
be paid to the perso~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 of this series may be listed and upon such notice
as may be required by such exchange· or as more fully
provided in the Resolution, hereinafter mentioned, 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 maintained 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."
(h) In Section 203 at the end of the Form of Bonds
delete "[Here insert appropriate provisions relating to
Assignment]" and add the following:
"ASSIGNMENT
FOR VALUE RECEIVED the.undersigned hereby sells,
assigns' and transfers unto
(Please insert here, social security or other
identifying number of assignee) 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 thereof 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 enlargement or any change
whatever.
Signature Guaranteed:.
NOTICE: Signatures must be guaranteed by.
a member firm of the New York Stock
Exchange or a commercial bank or a trust
company.
[Notwithstanding the foregoing Form of
Bonds, the paragraphs thereof may be
arranged in a fashion necessary to
accommodate the text in the standard
form of registered bond, including
placing a portion of text on the reverse
of bond]."
(i) Amend the first sentence in the last paragraph of
· Section 207 by adding the phrase "and Shall be limited to an
amount not in excess of $10,500,000" to the end of that sentence.
Add the following sentence to the end of the last paragraph of
Section 207:
Additionally, Series of Bonds issued after the
first Series of Bonds shall not be delivered by the
City Manager unless accompanied by the certificates
described in Section 208 Clause (d) and Section 208
clause (e) hereof and the finding within such cer-
tificates that: the percentage derived by dividing
the amount of actual Net Revenues shown in item (i)
of clause (d) of Section 208 as adjusted b3 adding
the additional Net Revenues, if any, shown in (i)
and (2) of said item (i) and the additional Net
Revenues, if any, shown in item (ii) of clause (e)
of Section 208 by the maximum amount of the Princi-
'pal and Interest Requirements for any Fiscal Year
thereafter including the Additional Bonds then re-
quested to be delivered, as shown in item (ii) of
clause (d), shall be not less than one hundred
thirty-five percentum (135~); provided, however,
that such percentage without adding the additional
Net Revenues shown in item (ii) of clause (e) shall
not be less than one hundred twenty percentum
(120%).
(j) In the third line frOm the bottom of the second
paragraph in clause (h) of Section 208 change "one hundred fifteen
percentum (115~)" to "one hundred twenty percentum (120%)."
(k) In section 301 in the second paragraph in clause
(i) add the phrase "or a part of" in the third line following the
word "all" so clause (i) shall read "...(i) a redemption of all or
a part of the Bonds of one or more Series from the proceeds of
Refunding Bonds issued under the.provisions of Section 209 of this
Resolution or from any moneys otherwise made available for the
purpose,
(1) In the first line of the third paragraph of Section
505 delete the words "and the Mayor".
(m) In subparagraph (c) of Section 505 delete the words
"with the Fiscal Agent".
(n) In subparagraph (a) of Section 508 delete the words
"by the Fiscal Agent".
(o) .In clause Second of subparagraph (c) of Section 508
delete "Fiscal Agent" and insert"Director of Finance".
(p) In the second pargraph of Section 704 delete the
words "and the Fiscal Agent".
Section 2
This Resolution becomes effective immediately
upon its passage.
PASSED AND ADOPTED this
ATTE ST:
I Hereby Certify That I
Have Approved The' Form And
Correctness of this Resolution.
City Attorney
10.