82-MMMMRESOLUTION
RESOLUTION PROVIDING FOR THE ISSUANCE
OF $1,750,000 RECREATIONAL ANDMUNICIPAL
BEACH FACILITIES BOS~DS 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 19, 1982, duly
adopted Ordinance No. 8'2-3 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
$1,750,000 for the purpose of providing funds, together with any
other available funds, for paying the cost of developing recreational
and municipal beach facilities in the City of Boynton Beach con-
sisting of the construction of a recreational building and parking
areas at the site of the municipal beach, the construction of
improvements to preserve the dunes and nourish the beach, together
with any equipment and landscaping necessary or desirable in
connection therewith, and Ordinance No. 82-4, providing for the
holding of a special bond eiection on March 2, 1982, for the purpose
of submitting to the qualified voters of the City of Boynton Beach
the question whether said $1,750,000 bonds should be issued.
(b) Said election was duly conducted and the
returns thereof were duly and regularly canvassed and certified
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
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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
$1,750,000 bonds.
Section 2. For the purpose of providing funds, together
with any other available funds, for paying the cost of developing
recreational and municipal beach facilities in the City of Boynton
Beach consisting of the construction of a recreational building
and parking areas at the site of the municipal beach, the con-
struction of improvements to preserve the dunes and nourish the
beach, together with any equipment and landscaping necessary or
desirable in connection therewith, as set forth in said Ordinance
No. 82-3, there shall be issued general obligation bonds of the
City of Boynton Beach, Florida, in the aggregate principal amount
of $1,750,000. 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 denomination 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 and may be made redeemable prior to their
maturity date or dates 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
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registered owner, at a bank or trust company, in Palm Beach County,
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.
~ection 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 the Clerk of
the City of Boynton Beach and a facsimile of the official seal of
the City of Boynton Beach shall be imprinted thereon. In case any
officer whose signature or a facsimile of whose signature shall
appear on any bonds shall cease to be such officer before the de-
livery of such bonds, such signature or such facsimile shall never-
theless be valid and sufficient for all purposes the same as if he
had remained in office until such delivery. Said bonds, the pro-
visions for registration to be endorsed thereon, and the statement
of validation to appear on each of the bonds shall be, respectively,
substantially in the form established by resolution of the City
Council to be adopted prior to the sale of the bonds.
Section 4. Said Recreational and Municipal Beach
Facilities Bonds shall, to the extent required by Federal law, 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 resolution of
the City Council.
Section 5. For the prompt payment of the principal of
and the interest on said Recreational and Municipal Beach Facilities
Bonds as the same shall become due, the full faith, credit and
taxing power of the City of Boynton Beach are hereby irrevocably
pledged.
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Section 6. As provided by said Ordinance No. 82-3,
both the principal of and the interest on said bonds are payable
from unlimited ad val°remtaxes to be levied annually on all tax-
able 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 operating expenses of the City of
Boynton Beach and are to be in addition to all other taxes authorized
to be levied by the City of Boynton Beach.
Section 7. The City Attorney is hereby authorized and
directed to take the proper proceedings fOr the validation of said
Recreational and Municipal Beach Facilities Bonds.
Section 8.
upon its adoption.
This resolution shall take effect immediately
PASSED AND ADOPTED by the City Council of the City of
Boynton Beach, Florida this 3rd day of November, 1982.
/
y Vice Mayor
Attest:
~ ~ i n6il M~embe~r -'
i y d~lerk
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