76-CC RESOLUTION NO. 76-CC
A RESOLUTION OF THE CITY OF BOYNTON B'EACH,
FLORIDA, PROVIDING FOR REDEMP.TION OF 1971
POLICE BUILDING REVENUE BONDS-FROM UNAPPRO-
PRIATED FUND BALANCE OF OPERATING CAPITAL
IMPROVEMENTS FUND
WHEREAS, the City Council of the City of Boynton Beach, Florida,
has heretofore adopted Resolution 71-BB authorizing the issuance and sale of
$300, 000.00 police building revenue bonds (hereinafter referred to as "1971
Bonds") to pay the cost of acquiring and constructing a building to be used as
a municipal police siation; and
WHEREAS, ail of the 1971 Bonds outstanding and unpaid on June 1,
1976, may be redeemed by the City of Boynton Beach at a total cost of
$45, 511.17; and
WHEREAS, it is in the best interests of the City of Boynton Beach t¢
provide for the redemption of such outstanding bonds in that the City wi[[
realize a saving of interest during the remaining terms of said bonds; and
WHEREAS, the City Council of the City of Boynton Beach has here-
tofore adopted Resolution 76-Y authorizing the issuance and sale of a
$670, 000.00 Refunding and Improvement Revenue Certificate to provide funds
for several purposes, among them being the refunding of lhe outstanding
balance due on the aforesgid 1971 Bonds; and
WHEREAS, pursuant to the requirements of Resolution 71-BB, the
City of Boynton Beach has heretofore published its Notice of Redemption
ca[ling for payment and redemption on June 1, 1976, of ail of the outstanding
1971 Bonds; and
WHEREAS, due to certain extenuating circumstances, the refunding
and improvement revenue certificate authorized by Resolution 76-Y wi[[
be issued a sufficient period of time prior to the redemption date for the 1971
Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA:
Section 1: That on June 1, 1976, the City of Boynton
Beach, Florida shall redeem and pay all of the outstanding 1971
Police Building Revenue Bonds, at par, and accrued interest to th.
date of redemPtion, together with a redemption premium of one and
one-half(I~) percent of the principal amount of each bond re-
deemed, totaling in aggregate the sum of $150,487.50.
Section 2: That the Finance Director of the City of
Boynton Beach, Florida, is hereby authorized to withdraw from
the unappropriated fund balance of the operating Captial Improve-
ments Fund $45,511.17 being the sum sufficient to totally
repay, redeem and retire the outstanding balance due on the 1971
Bonds, and, on June 1, 1976, to transmit such sum to the Paying
Agent of said bonds.
Section 3: That no further interest shall accrue on said
1971 Bonds subsequent to June 1, 1976, unless the City of Boynton
Beach, Florida, defaults in making due provision for the redemp-
tion price mentioned above.
PASSED AND ADOPTED THIS ~ day of May, 1976.
CITY
By:..
BOYNTON B EACH~, FLORI DA
Norman F. Strnad,~C~u~c~ilman~ '~
Emily M. [~ackso -~/Councilwoman
Edward F. Harmening, Councilman
ATTEST:
City Clerk
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