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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. -1- 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 -3- 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: