O#139ORDINANCE NO. 139
AN ORDINANCE BY THE TOV~N OF BOYNTON,
~I/~ BEACH COUNTY, FLORIDA, PROVIDING
FOR THE ISSUANCE OF BONDS TO FUND AND
~D T~T PORTION 0F THE ~DEBTEDNES~
0F T~ SAID T0~ 0F B0~TON A~LOCAT~
T0 SA~ T0~ B~D~ T~ T~M$ A~ PRO-
VISIONS 0F C~~ ~15088 ~ OF
F~RIDA 1931 ~ IN T~ S~ 0F $185,000.00
M0~ SPECIFICALLY FOR T~ P~POSE 0F
~DING AND RE~DING T~T CERTAIN
~DGE~ TOGET~R V~TH 0VERD~ AND
ACCR~D INTE~ST PR0~ED AGAINST
SAID T0%~ IN T~ ~IT~ STAT~ DISTRICT
C0~T IN A~ FOR T~ SOUTH~N D~TRICT
0F FLORIDA~ M~I DIVISION, ~DER DATE
0F NOVE~ER 29th~ 1929, BRING CAUSE N0.
1380-M-C~IL~ AND I~ROVE~ C~TIFI-
CATES 0F INDEBTED~SS ISSUED BY T~ T0~
0F B0~0N~, FLORIDA, ~D~ DATE 0F ~
1st, 19~8; P~SCRIBING THE F0~ A~
~RIT~ 0F SAID BONDS T0 BE S0 ISS~
AND PROV~ING FOR T~ L~ 0F A T~
T0 CReaTE A SINKING F~D FOR T~ PAY-
~ 0F ~E PRINCIPAL AND I~E~T 0F
SAID BONDS :-~PE.~iEG ALL FORM~ER
ORDINANCES AND/OR ~$0LUTIONS~ 0R PARTS
0F 0~INANCES AlO/0R ~SOLUTION8; IN
CONFLICT H~IE ·
BE IT ORDAINED BY THE T0I~N COMMISSION OF THE TOWN OF
BOYNTON PALM BEACH COUNTY~ .FLORIDA:
SECTION 1.
That bonds in the sum of $185~000.00 be issued
by the Town of Boynton, Palm Beach County, Florida. p?rsuant
to the Constitution and state.res of the State of Florida,'
including among ct'hers Chapter #8918, Laws of Florida 1921,
for the purpose of funding and refunding the following
indebtedness of said Tov~:
(a) That portion allocated to ~he Town Of Boynton,
Florida, under the provisions of Chapte~ #15088~ LaWs 'of
Florida, 1931, of that ce?rain judgement procured'by the
%~ite Const~mumtion Company, a corporation,-against'mthe'
Town of Boynton, a m~nicipal corporation~ under date of
November 29th, 1929, in the United States District Court
in and for the Southern Dmstr~-ct of Flor~da~..Mmam- D~v~sion,
Being Caus? No. 1380-M-CIVIL, in th? sum Of $249,V99,15,
together with costs in the s~m'~ of $15.5I~-in addition to
accrued interest and interest to accrue prior to April 1s t,
1934.
(b) Improvement certificates of indebtednes~
issued by the Town of Boynton, Florida, under date of
~May lst~ 1928~ which certificates were issued by
Resolution of the Town Commission of said Town of Boynton
for the purposebof paying the cost of certain street
improvements in said Town, and which certificates were
payable in'ten equal annual installments from the 1st
day of Nay, 1928~ together with interest at the rate. of
eight (8) per cent. per annum.
SECTION II.
$!85~000.00 par value'of Said bonds shall be issued
in the denomination of $l,000.00-each, to be known
and designates as ~Series A~, of which denomination there
shall be 185 bonds, numbered from one (1) to' 185 both
inclusive; a~.l of said bonds sD~ll be dated the 1st day
Or. April, 19~14, and shall mature thirty (30) years after
date, but sh~.ll be subject to redemption, at_the option of
the Town at ~,ar and accrued interest on any interest payment
date p~ior t(, maturity, on or after April l, 193V. Should
the Town cho¢.se to exercise the option to redeem said bonds,.
notice of in~ention shall be given ninety (90) days before
any interes, t paym~n~ date in the manner hereinafter set forth,
and the holder of said bonds shall tm~ve the privilege of ten-
dering said bonds for payment within thirty (30) days after
publication of the notice at such price below par and accrued
interest as may be named in the tender. Should no tenders be
received, the said bonds will be redeemed by lot in such
manner as may be determined by the Town Commission of the
TOwn of B0yn$on, FlOrida. Notice to redeem said bonds shall
be given by one publication of said notice prior to the date set
for redemption in a financial journal or newspaper of general
circulation in the United States of America, pUblished in the
City of New York, New York, and by filling a w~itten copy
thereof at the place of payment herein.specified~ which
publication and filing shall be made at least forty-five (4~)
days prior to the date set for redemption, and'which notice
shall state She date set for redemption and the numbers of
the bonds soitO be redeemed. On and after 'the date fixed
for redemptien, interest on the bonds so redeemed shall cease,
proVided adequate funds for the redemPtion of said bonds Shall
have been deposited at the place of payment ofsame as herein
provided, on or before the date so fixed for redemption.
SECTION III.
That said bonds shall bear interest at the rate of three
(3) pgr centrum per annum for the firs't five (~)~. years f~om
the date thereof; four (4) per centum per annum for the
second five (5)' years from the date thereof; five (5) per
Gentum. per annum for the third five (5) years from the
date thereof; and six (6) per centum per annum for the
remaining fifteen (I§) years, said interest being payable
semi&annually on the first day of October and April of each
SECTION iV.
That both principal and interest of said ~bonds shall
be payable in lawful money of the United States of America
at the Central P~nOver Bank and Trust Company in the City of
New York~ New Tork, or at the office of the Town Treasurer
of the Town of Boynton, Florida, at the option of the holders;
and said bonds shall be signed by the Town COmmission and
countersigned by the Town Treasurer of the Town of Boynton,
Florida, and shall have the corporate seal of said Town af-
fixed thereon; and the interest coupons thereto attached
shall be executed by the fac-simile signature 8f the Town
Treasurer of the said Town of Boynton, Florida.
SECTION V.
That the said bonds and interest coupons, with the
necessary variations to indicate the different series,
numbers and denominationS, and the validation certificate
to be endorsed on said bonds, shall be in substantially
the following form~
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF PA!~ BEACH
TOWN OF BOMNTON
FUNDING AND' REFUNDING BOND~
ISSUE 0F APRIL 1st, 195~
series
The Town of Boynton, a municipal corporation duly
organized and existing under the laws of the State of Florida,
acknowledges itself indebted for the value received, hereby
promises to pay to the bearer hereof
DO~RS ($
on the first day of April, 1964, tOgether with ~i~terest thereon
at~ the rate of three (3) per ce~tum per annum fo~ the first
five (5) years from the date hereof; four (4) per centum per
annum for the second five (5) years from the date hereof; five
(5) per centum per annum for the third five (5) years from the
date he~eof; and six (6) per eentum per annum for the 'last
remaining fifteen (15) years, payable semi-annually on the firs't
day of October and APril in each year. BOth prin6ipal and inter-
est of this bond are payable in lawful money of the United
States of America at the 'Central Hanover Bank and Trust Company
in the ~City Of New York, State of New 'York, or at the office of
the Town Treasurer of the Town of Boynton, Florida, at the
option of the holder hereof, upon presentation and surrender
of bond or proper coupons and for the prompt ~and punetu~al
payment of the principal and interes~t h~reof, as the same
respectively become due and for the levy and 0oIlection of
taxes sufficient therefor, the full faith, credit and resources
of the Town of Boynton are hereby irrevocably pledged.
The Town of Boynton reserves the right to redeem this
bond on any interest paymen$ date, on or after April l~ t937,
upon payment of the par value hereof, together with accrued
interest to the date fixed for redemption. Notice of
intention to redeem this bond shall be given by one publication
of said notice prior to the date set for redemption in a
financial Journal or newspaper of general circulation in the
United States of America, published in the City of Ne~Y~rk~
New YOrk~ and by filing a 'written copy thereof at the place
of payment herein specified, which publication and filing shall
be made at least forty'five (45) days prior to the date set
.for redemption, and which notice shall state the date set f6r
redemption. On and after the date so fixed for redemptiOn~
interest hereon shall cease, provided adequate funds for the
redemption of this bond shall have been deposited at the place
of payment hereof on or before the date so fixed for redemption.
ShOuld the Town of BoYnton choose to exercise the option to
redeem, notice of intentiOn shall be given ninety (90) days
before any intere~st payment date in the manner hereinabove set
forth, and the holder of this bond~ shall h~ve the privilege. 'of
tendering this bond fo~ pa'ym~t within thirty (30) days aft~e~
publication of the nobice, at such price below par and accrued
interest as may be named in the tender.
This bond is issued for the purpose of funding and
funding the pOrtion Of valid and~legally ~inding outstanding ob'
ligations 6f the ~own of Boynton, Florida, allocated to the Town
of Boynton, FlOrida under tt~e provisions of Chapter #1~088,
Lawa of Florida 1931, represented by t~t certain judgement
procUred~agains~ said Town in the United states District CoUrt
in and for 'the~Southern District of ~lorida, Miami Division~
being Cause No. 1380'M-~ivil, unde~ date of NoVember 29th~
togethe~ with overdue and accrued interest thereon~ and
Improvement Certificates of IndebtedneSS of the Town of
Boynton~ Florida, issued by said TOwn under date of ~ay 1st,
~ Of and in full compliance
~$28, and is issued under authority
with the Constitution and Statutes of the State of Florida~
including among others Chapter l~lS~ Laws of Florida~ 19~1,
and the Charter of said TOwns being Chapter ~8918, Laws of
Florida 1921, and acts amendatOry thereof ar~i supplementary
thereto and pursuant to ordinance and proceedings of the Town
Commission of said Town duly adopted ~_d taken.
It is hereby certified, recite~ and declared that al!
actS, conditions and things required by the Constitution and
Laws of the State of Florida to exist, to' happen and' to be per-
for~.~ed, precedent to and in the issuance of this bOnd, or pre~
cedent to and in the issuance of the outstanding obligations
hereby funded and refunded, did exist~ have happened, and have
been performed in regular and due form, time and manner, as
required by l~w; that the obligations hereby funded and re-
funded are valid, outstanding obligations of said Town, issued
within all constitutional and statutory limitations of indebted-
ness$ that adequate provision has been made for the payment
of the principal and interest of tn_is bond at maturity-and
t~t t~ total indebtedness of said Town~ including this bond,
does no~ exceed any constitutional or statutory limitations
oF indebtedness e
IN V~Th~ESS ~REOF The Town of BOynton, in Palm Beach
Cou~ty~ Florida, by its Town ConnnissiOn, has caused t~his bond
to be executed by each Commissioner, and the seal of said Town
to be affixed ~.:ereto, countersigned by the Treasurer of said
Town, and has caused the interest coupons hereto attached to be
signed by the fac-simile signature of its Treasurer, and this
bond to be dated the l~t ~y of April, A. D. 1934o
Town of Boynton, Florida
Town of Boynto~, Florida
Countersigned:
Town of Boynton, Florida
Florid~
(Form of coupon)
coupon No e
· ~' ~ 19 the To~ of Boynton
On the first day. of --~~~ ~ .... , ~ ,
in Palm Beach County, Flor!~ ad~-'~-iml pay to tD~ bearer
Dollars ($ ) in lawful money of the
~~ eso£ ~-'merica at the ~Central Hanover Bank and Trust
Company in the City of New York, New York, or at the office of
the TreaSurer of the Town of BoyntOn, Palm Beach County, Florida
at the option of the holder ~hereof, bein~g~ six month's interest
then due ~pon its Funding and Refunding Bond, Issue of April
1st, 1934, Series ........ , No~ ........ ·
re--rer of -~he - 'o~
Boynt on, Flor ida
(Validation Certificate)
Validated and confiEned by decree of the Circuit
Court of the Fifteenth JudiCial Circuit of the State of
Florida, in and for Palm Beach County, rendered the
day of .............. A. D. 193 ...... .
The Fifteenth Judicial Circuit of
Florid~ in and for Palm Beach
County.
SECTION VI.
Ttm. t in each year while any of said bonds shall be
outstandi'ng, there shall be assessed, levied, and collected
in accordance with law~ at the same time and in the same marn~er
as other taxes are asse~sed, levied, and collected, upc~ all
the taxable property within the boundaries of the Toys% of
Boynton, Florida, a special direct continuing annual ad valorem
tax sufficient in amount to provide for the payment of the inter-
est on said bonds as the same Sb~ll become due, and in addition
thereto~, commencing with the fiscal year beginning November 1st,
193~, and~ endi~ng October 3lst ~ 19~6, and .in each and every year
thereafter while any of said bonds shall be outstanding and un-
paid, there Shall .be assessed, levied and collected, in accord'
ance with 18.w, at the same time and in the same manner as other
taxes are assessed, leVied and collected, a specia'l direct con-
tinuing annual ad valorem tax upon all the taxable property with-
in the boundaries of the Town of BoYnton, Florida,' sufficient in
amount to' produce a sum of not less tD~n one per cent (1%) of
the face value of the outstanding indebtedness, represented by
said bonds, fOr the purpose of creating a sinking funifor the
payment of said bonds; such sinking fund m~y be utiliZed by
the Town fron~ time to purchase said bonds at any Price
less-than par, at the optiOn of the Town Cou~nission, provided,
however, if such funds are not so useG wmthln forty-five ~(45)
days prior to the next following interest paying date, they
sb~ll be held intact and preserved for the ul'timate retirement
of said bonds, which shall be callable on any interest paying
date beginning three (3) years after April 1st, !934. That
all taxes heretofore assessed and levied for the fiscal year
begir~uing November 1st, 19~1, and prior, as well as seventy-
-five per cent (75%) of all taxes heretofore assessed and levied
for the fiscal year beginning November lst~ 1932, and the
fiscal year beginning November 1st, 1933, and special assessments
heretofore assessed and levied, upon all the taxable property
within tP~ boundaries of the Town of Boynton, Florida, which
taxes and speci~l assessments' are now unpaid, uncollected, or
delinquent; and all sums of money reCeiVed from the resale of
property, title to which may be acquired by the ToE of
Boynton, Florida, under tax sales or sales resulting
from the foreclosure of special assessment liens or tax
sale certificates, shall be paid into the sinking fund
and used for thepurposes hereinabove~set forth; provided,
however~ tb~t the Town may pay the costs and expenses or
any proceeding instituted for the foreclosure of any t~
sale certificate or lien of any special assessment, Subject
to control of a majorl y of the holders of said bonds; and
said monies so cOlleCted ~shall be used solely and wholly for
the purposes ~erein provided, and shall not be used for any
.other purpose.
SECTION VII.
That said bonds shall be validated by the Town of
Boynton in'the Circuit Court of the Fifteenth judicial Circuit
of FlOrida, in and for Palm Beach CoUnty~ in accordance with
t~ ~-o ~ ~ a~ made and orovided, and ~tb~ Town~Shall
fUrniSh to the holders o~ said bonds, p~ior
opinion byNes~rs. Caldwell and Raymond, COUnsellors-at-Law
of ll5 Broadway, New York' New Yor~, wh6 are attorneys who
are recognized as authorities on municipa% bonds~.and whose
opinion is generaily acceptable upon such Subjects,-dmly
approving the validity ofthe proceediD~s leading up to ~nd
culminating in the issue and delivery of said bonds.
SECTION VIII.
That When said bonds have been validated, executed
and approved in the manner herinbefOre provided, the TOwn
shall deposit said bonds, duly executed,~w~th the Central
Trust Company of Cincinnati, Ohio, for delivery to the holders
of the improvemenb certifiCates of indebted~uess of the Tov~
of Boynton and the judgement against said Town to be funded
and refunded, to be exchanged for a .like amount of said out-
standing improvement certificates of indebtedness and a
'd
release of sam judgement~ The said Central Trust Company of
Cincinnati, Ohio, shall be instructed, and is hereby instructed,
to deliver bhe Funding and Refunding Bonds'herein provided
upon delivery and surrender to said bank of the certificates
for~ ' $
of mndebtednes and appurtenant interest coupons and a release
of said judgement authorized to be~funded and refunded, as
hereinabove set forth, and saidbank is hereby authorized to
cancel, by perforation, the improvement certificates of
indebtedness and coupons so surrendered, as and when the Funding
and Refunding Bonds authorized bY tP~s Ordinance are delivered
in exchange therefor, and to forward such cancelled certificates
to the Town Treasurer, and is further authorized upon each
exchange to execute a certificate, by some authorized officer
of said bank, giving a descriptio~ of the obligations surrendered
and c~celled or released, and the numbers of the Funding and
and Refunding Bonds so delivered in exchange therefor,
and to'forward said certificate with the cancelled certificates
of indebtedness and interest coupons to the Town Treasurer of
the ToWn of Boynton, Florida.
SECTION IX.
That all Ordinances or Resolutions, or pa~ts of Ordir~nces
or Resolutions, inconsistent or in conflict herewith~ be and
the same are hereby rescinded and repealed.
Intr6duced, a~d read in full this_ __ day of
Ma~ch, A'. D. 193~.
Passed and adopted this _ day of ~arch, A. D. 193~.
ATTEST:
Bowen
Boynton, Florida.
Constmtutm g the Town
commission of the Town of Boynton~
Florida.
STATE .OF FLORIDA )
COUNTY OF PALM BEACH)
TOWN OF BOYNTON )
SS
I.. J. P. B0¥CEN, the duly elected', qualified, and
acting 'Town Clerk in and for the Tovv~ of Boynton, palm Beach
County~ Florida, do hereby certify that the above and forego-
ing
~0RDINANCE BY THE. TOWN OF BOYNTON¢ PAL~! 'BEACH COUNTY,
FLORIDA, PROVIDING FOR THE ISSUA~-CE OF BONDS TO FUND
.&ND RF~. THAT PORTION OF THE INDEBTED~fES : OF T~ SAID
TOWN OF BOY~TON ALLOCATED TO SAID T0~ UNDER THE TEEn, S
AND PROVISIONS OF CHAPTER' #15088, L~%~ OF FLORIDA 193t
IN THE SU~I OF $185,000.00, MORE SPECIFICALLY'FOR: THE
PURPOSE OF ~DING AND REFUNDING THAT CERTAIN JUDGE-
MEET TOGETHER WITH OVERDUE AND ACCRUED INTEREST PROCURED
AGAINST SAID T0%~N IN THE D~ITED STATES DISTRICT COURT
IN AND FOR T.RE SOUTHERN DISTRICT OF FLORIDA I~IAMI
DIVISION, UNDER DATE OF NOVEMBER 29th, 192~, BEING CAUSE
NO. 1380-M-CIVIL~ AND IMPROV~T CERTIFICATES OF
INDEBTEDNESS ISSUED BY TH.~ TOV~ OF BOYNTON, FLORIDA~
UNDER DATE OF M~&Y 1st, 1928S PRESCRIBING THE FOR~i
MAT~ITIES OF SAID BoNDs TO RE SO ISSUED AND PROVIDING
FOR THE LEVY OF A TAX TO CREATE A SINKING ~D FOR T~
PAYING OF TNE PRINCIPA~ AND INTEREST OF SAID BONDS:
OR
HERA~fiTH .~
was introduced~ read, and duly adopted by the To~ Co~nission
of the Town of Boynton, Florida, at a regular meetinE of said
Town Commission held on the ..... day of March; A. D. 1934
IN WITNESS WHEREOF I ~ve hereunto set my hand and
affixed the official seal of the Town'of BoyntOn, this
day of ........... A. D. 1934.
(Signed) J.P. Bowen
~~-the ' own'
Bownt on, Flor ida.