82-WRESOLUTION NO. 82-W
A RESOLUTION AMENDING RESOLUTION NO. 82-M
ADOPTED BY THE CITY COUNCIL OF THE CITY OF
BOYNTON BEACH, FLORIDA, ON FEBRUARY 17, 1982
ENTITLED "A RESOLUTIO~ AUTHORIZING THE
ISSUANCE OF NOT EXCEEDING $4,000,000 RECREA-
TIOALA. L FACILITIES REVENUE BONDS OF THE CITY
OF BOYNTON BEACH, FLORIDA, FOR THE PURPOSE
OF PROVIDING FUNDS FOR PAYING THE COST OF
ACQUIRING AND CONSTRUCTING A TWENTY-SEVEN
HOLE GOLF COURSE; PROVIDING FOR THE PAYMENT
OF SUCH BONDS AND THE II~TEREST THEREON FROM
THE GROSS REVENUES OF SAID GOLF COURSE;
DESCRIBING THE TERMS, SECURITY AND OTHER
PROVISIONS OF SUCH BONDS; SETTING FORTH THE
RIGHTS AND REMEDIES OF THE HOLDERS OF SUCH
BONDS; PROVIDING SEVERABILITY; AND PROVIDING
AN EFFECTIVE DATE"; TO IMPROVE THE MARKET-
ABILITY OF SAID BONDS BY PROVIDING THAT
DEFICIENCIES IN THE PRINCIPAL AND IlqTEREST
ACCOUNT AND REDEMPTION ACCOUNT FOR SAID BONDS
MA.Y BE MADE UP FROM MONEYS DERIVED FROM THE
TAXES IMPOSED PURSUANT TO SECTION 166.231,
FLORIDA STATUTES; PROVIDING THAT OTHER
INDEBTEDNESS OF THE CITY MA~ BE INCURRED
SECURED BY SAID TAXES UPON COMPLIANCE WITH
CERTAIN TESTS; PROVIDING SEVERABILITY; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council (the "Council") of the City
of Boynton Beach, Florida (the "City") has heretofore determined
based upon a study that the marketing of the proposed not
exceeding $4,000,000 Recreational Facilities Revenue Bonds (the
"Bonds") of the City will be greatly improved if the City agrees
to an additional source of payment of the Bonds if the revenues
derived from the golf course to be financed from the proceeds of
the Bonds should prove to be insufficient at any time for making
such payments; and
~qiEREAS, the Council has determined to make available
as an additional source of payment of the Bonds the taxes imposed
by the City pursuant to Section 166.231, Florida Statutes (the
"Public Service Taxes") and to amend Resolution No. 82-M,
adopted on February 17, 1982 (the "Resolution'') to accomplish the
same and other objectives.
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NOW, THEREFORE, BE IT RESOLVED ~B¥ THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH~ FLORIDA:
Section 1. The determinations stated in the preambles
hereto are herebyredetermined and affirmed.
Section 2. The Resolution be and the same is hereby
amended as follows:
(a) In Section 101 following 'the definition
of "Depositary" add a new definition to read as
follows:
"Designated Revenues" shall mean the non
ad valorem tax revenue.sources available to the
City consisting of the public service taxes levied
at any time on the purchase o~ electricity, metere~
or bottled gas (natural liquified petroleum gas or
manufactured), water service, telephone service,
and telegraph service pursuant to the authority
granted by Section 166.231, Florida Statutes."
(b) In Section 203 delete the second paragraph
of the bond form and insert a new second paragraph to
read as ~ollows:
"This Bond shall not be deemed to constitute
a debt of the City or a pledge of the faith and
credit of the City, but shall be payable exclusive2
~rom the special fund provided therefor from reve-
nues of the Project (hereinafter defined) and, if
required, the revenues received by the City from
certain designated non ad valorem tax revenue
sources (the "Designated Revenues"). The issuance
of this Bond shall not directly or indirectly or
contingently obligate the City to levy or to pledgi
any form of taxation whatever therefor, other than
the Designated Revenues, and the holder of this
Bond shall have no recourse to the power of taxati~
(c) Following Section 508 add a new Section 508A,
to read as follows:
"Section 508A. Application of Designated
Revenues; Incurrence of City Indebtedness on a
Parity with the Bonds as to the Designated Revenuei
The City covenants that i~ on any May 1 or
November 1 monies held for the credit of the <~
Principal and Interest
account and the Redemption account are insufficient for the
purposes of such accounts as provided in Sections 506 and 507
of this article, the City will appropriate the necessary amounts
of such Designated Revenues to the Principal and Interest account
and the Redemption account so as to cure such deficiency. Such
semi-annual appropriations of the Designated Revenues ~hall be
on the same 'basis as the application of the Gross Revenues
specified in Section 504 of this article less any amounts of
such Gross Revenues availa~ble in the Principal and Interest
account and the Redemption account. There shall be a first
charge against the Designated Revenues received by the City in
each fiscal year and upon the receipt 'by the City of the De
Revenues in such fiscal year, such Designated ReveNues shall first
be deposited as received wi~h the Fiscal Agent for the credit of
the Principal and Interest account and ths Redemption account
to the extent necessary to make up any deficiency on May 1 or
~ove~ber 1. The budgeting and deposit requirement of this
section shall be cumulative and to the extent that Designated
Revenues received by the City in any fiscal year are not sufficien
to make deposits in the Principal and Interest account and the
Redemption account, equal to all prior deficisncies which have
not been restored from Designated Revenues, the City shall remain
obligated to budget and deposit an amount sufficient to make up
any such unrestored deficiencies.
"Notwithstanding the foregoing paragraph, the
City shall 'be authorized to incur indebtedness,
including bonds, secured as to the payment of the
principal of and interest on such indebtedness by
the Designated Revenues on a parity with the Bonds
provided that no such parity indebtedness shall be
incurred unless the number derived by dividing (i)
the total amount of the Designated Revenues received
by the City during any twelve (12) consecutive months
in the eighteen (18) months next preceding the date
of incurrence of such parity inde'btedness, as shown
in a certificate of the chief financial officer of
the City, by (ii) the maximum combined amount in
any Fiscal Year thereafter of the Principal and In-
terest Requirements on the Bonds, the principal and
interest acruing on any parity indebtedness then
outstanding and the principal and interest accruing
on the parity indebtedness then to ~be incurred, as
shown in a certificate of said chief financial officer
is not less than two (2)."
Section 3. Amendment of Validation Complaint._ The
proper officers of the City shall file an amendment to the Valida-
tion Complaint respecting the Bonds to reflect the a'bove-mentioned
amendments, together..with a copy of this resolution.
Section 4. Effect of Partial Invalidity. In case any
one or more of the provisions of this resolution shall for any
reason 'be held to ~be illegal or invalid, Such illegality or in
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shall not affect any other provision of this resolution, but this
resolution shall be construed and enforced as if such illegal or
invalid provision had not been contained therein. This resolution
is adopted with the intent that the laws of the State of Florida
shall govern its construction.
Section 5. Resolution Effective. This resolution shall
take effect immediately upon its adoption.
PASSED AND ADOPTED this 16th day of March, 1982.
CITY OF BOYNTON BEACH, FLORIDA
(OFFICIAL SEAL)
By
~ER
/ / COUNCIL MEMBER
ATTEST: