Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
O#96
ORDINANCE NO. 96 AN ORDINANCE PROVIDI~!G FOR THE ISSUANCE OF BONDS FOR THE TO?TN OF BO~ITON, PAL~ BEACH COUNTY, FLORiDA, IN THE A~IOUNT OF THREE }?UNDRED ~II~TE~! THOU SAlaD DOLLARS, THE PROCEEDS DERIVED FRON~[THE SALE TPiEREOF TO BE USED TO REFUND AND PAY CERTAIN OBLTGATIONS OF SAID TO?~]~, FOR THE PAlq~ENT ~' ~5~ICH ITS CREDIT IN THE FOR~i OF I~%PROVE~ENT BONDST~iSSUED B~f THE SAID TO~q~ IS PLEDGED, P~SCRIBII~G T>~ FOP~f AND ~iATURITIES OF SAID BONDS TO BE SO iSSUED AND PROVIDING FOR T!~_E LEVY OF A TAX TO CREATE A SiNF, TNG FUlfD FOR THE PAY- ~ENT OF THE PRINCIPAL AND INTEREST OF SAID BO~qDS. ~YHEREAS, the Town of Boynton, Palm Beach County, Florida, has an outstanding indebtedness in the amount of three hundred fifteen thousand dollars (~18,000.00) lawfully incurred by the said Town in ~pening, widening and paving of streets and sidewalks in said To~vn, such indebtedness being evidenced by improvement bonds in the sum aforesaid~ which bonds were issued by the said Town bearing .date the 1st day of October, 1928, being payable to the bearer at the Seaboard National Bank, of the City of New York, and State of New York, or at the office of the Town Treasurer of the said Town of Boynton, Florida, at the option of the holder thereof~ the denominations thereof being one thousand dollars ($1000.00) each, bearing interest at the rate of 8% per annum, payable semi-annually, and the same being numbered from ~8 to ~80 inclusive, and maturing and becoming due and payable as follows, to-wit: Bonds numbered ~8 to TO inclusive, maturing October l, 19~8; Bonds numbered T1 to lO~ inclusive, maturing October l, 19~9; Bonds numbered 108 to l~O inclusive, maturing October l, 19OO~ Bonds nt~mbered 141 to 175 inclusive, maturing October i, 1931; Bonds numbered !76 to 210 inclusive; ma~turing October t, 1932; Bonds numbered 211 to 245 inclusive, maturing October 1, 1933; Bonds numbered 246 to 280 inclusive, maturing October t, 1934; Bonds numbered 281 to 315 inclusive, maturing October l~ 1935; Bonds numbered 316 to 350 inclusive, maturing October 1~ 1936; and, ~EREAS, the said bonds i of Boynton, Florida, as afores validated in conformity to, auc the provisions of, that'certa~ adopted by the Town Commission Florida, on September ~l, 19~6 "A RESOLUTION OF THE TO~v$t C01 OF BOYNTON, FLORIDA, PROVID OF STREET iMPROVEMENT BONDS ANOUNT OF THREE HUNDRED FI~~. wherein and whereby it was res~ the said Town Commission of Bom follows: And, ~5. All special assessme in respect of the improve~ constitute a fund for the pal and interest of the b~ ~sued by the said Town ~id, were issued and in strict accord with resolution passed and of the Totem of Boynton, entitled: iMISSION OF THE TOV~ ~G FOR THE ISSUANCE iN THE AGGREGATE ~Y THOUSAND DOLLARS", lved and ordained by mton, Florida, as ~ts levied and imposed ~ents aforesaid, shall payment of the princi- ~nds authorized by this resolution, and in the ev.~n:t there be a failure to collect and receive th~ sai~ specia~ assess- ments in season to pay th~ principal and interest of said bonds, the Town o~~ Boynton s~hall levy and coll~ect from all of the taxable property within s~id Town, a tax s~fficient to pay such principal and interest as the same respectively become due and payable". ~-EREAS, the indebtedness evidenced and repre- sented by the bonds aforesaid numbered from I to 35 inclusive and all interest due on the entire indebted- ness up to ~nd including October l, 192V, have been paid. And, WHEREAS, there is no money in the treasury of said Town of Boynton, Florida, applicable to the payment of the indebtedness evidenced by the bonds aforesaid which are outstanding, and no funds are available for that purpose and ~,~hite Constz~ction Company, who owns or controls all of said outstanding bonds and appurtenant coupons, has made a written offer to the Town Commission of the To~vn of Boynton, Florida, to surrender all of said bonds and coupons in exchange for refunding bonds to be issued by the Town of Boynton, such refunding bonds to bear date of October l,-1928, to be in the denomination of $1,000.00 each, to bear interest at the rate of six per centum per annum, payable semi- annually on the first days of April and October, and to mature as follows: l0 bonds on October first of each of the years 1931 to 1940, both inclusive; 15 bonds on October fi~ st of each of the yes. rs 1941 to 1950, both inclusive; 20 bonds on October first of e~ch of the years 1951 and 1952; 25 bonds on October first, -1953. Both principal and interest of said bonds to be payable in gold coin of the United States of America of-the present standard of weight and fineness at the Seaboard National Bank in the City of New York and State of New York, or at the office of the Town Treasurer for the Tov~n of Boynton, Florida, at the option of the holder; and~ ~EREAS, in the judgement of the To~ Commission of the Town of Boyn~on, it will be for the best interests of said Town and the property owners whose property has been assessed for local improvements, to pay the cost of which said outstanding bonds were issued, as well as for the best interests of the general taxpayers of said Town, to accept said offe~ and refund said indebtedness and thereby extend the ti~e of payment of the same. NOW THEREF©RE, Be it Ordained by the Town Commission of the Town of Boynton, Palm Beach County~ Florida, as follows: Section 1. That said offer be and the same is hereby accepted and that, pursuant to the Town Charte~ of the Town of Boynton, Florida, being Chapter 8918 of the Acts of the Legislature of the State of Florida passed during the ye~r 19~l, and Chapter 11855 of the Acts of the Legislature of the State of Florida of l~ bonds 6~ the said Town of Boynton, Florida, be issued in the amount of three hundred fifteen thousand dollars ($~18,000.00) for the purposes referred to and set forth in the preamble to this ordinance. Section ~ That said bonds ahll be in the denomina- tions of one thousand dollars (~1000.00) each, bear in- terest at the rate of six pe~ centum pe~ annum~ said in- terest being payable semi-annually on the first day of April and October; said bonds to be dated the 1st day of October, 19~8, to be numbered from I to 315 both inclusive, and shall mature as follows: l0 bonds on 0.ctober first of each of the years 1931 to 19~0, both inclusive; 15 bonds on October first of each of the years 19~l to 1950~ both inclusive; 20 bonds on October first of each of the year s 1951 and 1952~ 25 bonds on October first, 1953. Section 3. Tha~t both principal and interest of said bonds shall be payable in gold. coin of the United States of America of the present standard of weight and fineness at the Seaboard National Bank, in the City of New 7fork and State of New York, or at the office of the Tov~ Treasurer of the Town of Boynton~ Florida, at the option of the holder; and the said bonds shall be signed by the Commissioners and countersiEned by the Town Treasurer of the Town of Boynton, Fl~ ida; smd the cou- pons attached thereto shall be executed by the fac simile signature of the Town Treasurer of the said To~?n of Boynton, Florida. Section 4. That the said bonds and coupons, with the necessary variations to indicate the different numbers and different dates of maturity, and the vali- dation certificate to be endorsed on said bonds, shall be in substantially the following form: UNITED STATES OF A~IERICA ST~TE OF ~ORIDA COUNTY OF PALI~ BEACH TO~I~I OF BOYT~TON REFUNDING BO}~D ISSUE 1928, SERIES B. KNOW ALL ~N BY THESE PRESENTS, That the Town of F · Boynton, Palm Beach County, lorlda, for value received, acknowledges itself indebted, and promises to pay, to the bearer hereof the sum of one thousand dDllars (~1000.00), on the first day of 0ctober~ A. D. 19 , with interest thereon at the rate of six per centum per annum, payable semi-annually on the first day of April and October in each year upon presentation of the annexed interest coupons as~ the same become due, both principal and interest being payable in gold coin of the United States of America of the present standard of weight and fineness at the Seaboard National Bank in the City of New York, State of New York, or at the office of the Town Treasurer of the Town of Boynton, in Palm Beach County, Florida, at the option of the holder hereof. The principal of this bond and interest thereon are payable from taxes to be assessed, levied and collected on all the taxable property within the boUndaries of the Tov~ of Boynton, Palm Beach County, Florida, and the full faith and credit of the Town of Boynton, Palm Beach County, Mlorida, are'hereby pledged for the payment of the principal and interest of this bond. ~is bond is one of an issue of three hundred Fifteen thousand dollars ($315,000o00), of like date and tenor, except as to date of maturity, issued by the Town of Boynton, Florida, for the purpose of re- i~nding valid outstanding indebtedness of s aid Town represented by obligations for the payment of which the credit of the said Town is pledged in strict con- formity with the Constitutica and Laws of the State of Florida, including Chapter 8918 of the Acts of the Legislature of the State of Florida passed during the year 19~°l, and Ch~ter 1185~ of the Acts of the Legis- lature of the State of Florida of 19~7, and also pur- suant to ordinances and resolutions of the Towua Commis- sion of ~he Town of Boynton duly adopted. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, ~ and be performed, precedent to and in the issuance of this bond, have existed, have happened and have been performed in regular and due time, foz~n and manner as required by law; that the amount ~f this bond, together with all other indebtedness of the Town of Boynton, Palm Beach County, Florida, does not exceed any limits prescribed by the Constitution or Statutes of the State of Florida, and that before the issuance of' this bond, provision has been made by ordinance of the Towm Commission of the Town ~f Boynton, Palm Beach County, Florida, to assess annually a tax upon all the taxable property within said Town of Boynton, to realize a sum sufficient to pay the interest on this bond as it may become due and to create a sinking fund for the payment of the principal hereof at maturity. IN ~NESS ~EREOF, the Town of Boynton, in Palm Beach County, Florida, by its Tov~a Commis~ on has caused this bond to be signed by each Co~missioner~'~. and the seal of said Town to be affixed hereto, coun- tersigned by the Treasurer of said Town, and has caused the interest coupons hereto attached to be signed with the fac simile signature of its Treasurer, and this bond to be dated the 1st day of October, A. Do 19~8o ~~n C ommi s si on ~0~f Town of Boynton~ Florida · ~e~ber, own commission of Towm of Boynton, Florida. Countersigned: Comm~sszon of Town of Boynton, F~orida. Treasurer, To%m Florida. On the first day of 19 ., the Town Of Boynton, Palm Beach County, Florida, will pay to the bearer dollars in gold coin of the United States of America of the present standard of weight and fineness at the Seaboard, National Bank in the m~y of NeW York, State of New ~ork, or at the office of the Treasurer of the Town of Boynton, Palm Beach Cotuuty, Florida, at the ootion of the holder hereof, being six months' interest then due on its Refunding Bond, Series B, dated October 1, i928 NO. · ~easurer of the ~TSwn of Boynton, Florida. (Validation Certificate). Validated and confirmed 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. 19 . O'i'erk of Clr~ ~ the Fifteenth Judicial Cir- cuit of Florida, in and for Palm Beach County. Section 8. That all special assessments levied and imposed for the payment of the improvements referred to in the resolution passed and adopted by the Town Commission of the Town of Boynton, Florida, on September, 21, 19~8, entitled: "A RESOLUTION OF THE TOWN C0~ISS~ ON OF THE T0~ OF B0¥NTON, FLORIDA, PROVIDING FOR THE ISSUANCE OF STREET IMP ROVE~NT BONDS IN THE AGGREGATE ANOUNT OF THREE HUNDRED FIFTY THOUSAND DOLIA RS", which have not heretofore been used and expended for the purposes therein specified, shall constitute a fund for the payment 0f the principal and interest of the bonds authorized by this ordinance; and, for the purpose of providing further for the prompt payment of principal and interest of said bonds as the s~e become due, there shall be levied, assessed and collected upon all the taxable property within the boundaries of the Town of Bo~ynton a direct continuing annual tax during each year said bonds, or any oF them~ are outstanding and unpaid, ~ufficient to produce in each year the interest becoming due on said bO~ds in said year and sufficient to provide a sinking fund to pay the principal of said bonds as they severally mature,~' and'~aid special tax, as and when collected, shall be placed in said sinking fund and used exclu- sively for the payment of interest and the redemption of said bonds as they severally become due and payable and shall not be used for any c~her purpose. Section 6. That when said bonds have been validated and executed in the manner hereinbefore provided the same are duly awarded to said ~ite Construction Company at par and accrued interest, and shall be delivered to said upon the surrender for cancellation ~ said outstanding bonds and coupons appurtenant thereto hereinbefore de- scribed, which bonds and coupons so surrendered shall be forthwith cancelled, and shall be accepted in fUll pay- ment of the p~chase price of said Refunding Bonds. Section ~o ~±~at all ordinances, resolutions or parts of ordinances and resolutimas inconsistent or in conflict herewith be, and the same hereby are, re- scinded and repealed° Section 8. That this ordinance shall go into effect ten days after its passage. This ordinance passed and adopted this 3rd day of July, A. D. 1928. cologne ~s of Boynton~ Palm Beach County, Florld . ATTEST: