O#910RDIN~NCE N0. 91
AN ORDINANCE OF TR~E T0~ OF BOYNTON, PAL}¢i BEACH
COUNTY, STATE OF FLORIDA, FIXING THE AGGREGATE
AKOZ~fT OF A PROPOSED iSSUE OF BONDS OF SAID
IN THE SU~{ OF THRE'E HUNDRED THOUSAND DOLLARS
(~300,000.00), TO BE ISSUED BY Tb~E T0~ OF BOYNTON,
":FLORIDA; FIXING THE DEN0~[INATION OF SAiD BONDS AR])
PI~&CE OF PA~4ENT; PROViDING FOR SAID BONDS TO BE
COUPON BONDS, FIXING THE P~&TE OF INTEREST; THE
PURPOSE FOR FetiCH THE ~,[0NIES TO BE DERIVED THERE-
FR0~ SHALL BE EXPENDED; FIXING THE TIL[E WHEN SAID
BONDS SHALL BE PAYABLE; -PROVIDING FOR AiqD C~&T-
ING A SiNKII(G FUND, AND iNTEREST ASSESS}¢i~ENT FOR
}£EETiNG AND DISCHARGING THE PRINCIPAL AND I~'TEREST
OF SAID BONDS~ PRESCRIBING ~E FOP~'[ AND D EN0~¢i!~A-
TION OF SAID B0~])S; PROVIDING FOR A BOND OF
TREASURER, ITS AKOUNT, CONDITIONS AND APPROVAL~
PROVIDING FOR A SEPARATE ACCOUNT OF EACH B 0ND
ISSUED, SHOWING THE h~ffKBER AND AKOUNT OF BONDS
iSSUED, THE RECEIPTS THEREFROK AND TR-E DISBURSE-
~ENTS OF THE PROCEEDS THEREOF.
the Town Commission of the Town of
Boynton, Palm Beach County, Florida, deems it
necessary, advisable and to the best interests of
the said Town and the inhabitants thereof to issue
bonds of said To~rn in the total aggregate amount of
three hundred thousand dollars ($300,000.00) for the
purposes hereinafter named;
NO~f THEREFORE Be It Ordained by the Town
Commission of the Town of Boynton, Palm Beach County,
Florida, as follows:
Section. That the Town Commission of the To-~rn
of Boynton, Palm Beaoh County, Florida, deems it
a~ advisable and to the best interest of the
necess
said Town and the inhabitants thereof, to issue bonds
of the said Toyota in the total aggregate amount of three
hundred thousand dollars ($$00,000.00) for the follow-
ing purposes, to-wit:
(a) Two Hundred fifty thousand dollars (~250,000.00)
for the purpose of funding and refunding outstanding
debtedness of the said Town of Boynton, which is deemed
to be, and is hereby declared to be, necessary for the
public good.
(b) Fifty thousand dollars (050,000°00) for the pur-
pose of opening, widening and paving the streets and
sidewalks for and within~aid Town.
Section 2. ~at said bond s shall each be in the
denomination of one thousand dollars (~l,000.00) and
shall be numbered from one (1) to three hundred (300)
both inclusive.
That said bonds shall be signed by the Commissioners
and countersigned by the treasurer of said Town of Boynton,
O
Palm Beach C on~y~ Florida; that said bonds shall bear~
interest coupons to be signed by the fac szml_e signa-
ture of the treasurer of said Town of Boynton, Palm
Beach County, Florida; that said bonds shall bear in-
terest at the rate of six per cent (8%) per annum~ pay-
able semi-annually on the first days of Nay and November
of each and every year, commencing on the first day of
November, A. D. 19~8~ and that the principal ~nd interest
of said bonds ~shall be paysble 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 To~wn of goynton, Palm Beach County,
Florida, at the option of the holder thereof.
Section 3. ~nat said bonds shall bear date of Nay l,
and shall be due and payable in numerical order
as follows:
Bonds n~umbered from I to 5 both inclusive in denomi-
nation of ~l,000.00 each, to become due Nay l, 193Z;
Bonds numbered from 6 to l0 both inclusive in denomi-
nation of ~l,000.00 each, to become due ~ay l, 1934;
Bonds numbered from ll to 1~8 both .inclusive in denomi- .
nation of ~l,000.00 each, to become due ~_ay l, 1938;
Bonds numbered from 16 to 20 both inclusive in denomi-
nation of $1,000.00 each, to become due ~ay l, 1936;
Bonds numbered from 21 to ~5 both inclusive in denomi~
nation of ~l,000o00 each, to bec~ne due ~ay l, 19~7;
Bonds numbered from ~ to ~2 both inclusive in denomi-
nation of $1,000.00 each, to become due Eay l, 19~8;
Bonds numbered from 0Z to ~9 both inclusive in denomi-
nation of $1,000.00 each~ to become due Nay l, 1939;
Bonds numbered from 40 to 4~ both inclusive in denOmi-
nation of ~l,000.00 each, to become due ~ay l, 1940~
Bonds numbered fr~m 48 to 8~ both inclusive in denOmi-
nation of ~l,000.00 each, to become due Nay l, 1941;
Bonds n~bered from 88 to 88 both inclusive in denomi-
nation of ~l,000.00 each, to become due Nay l, 1942;
Bonds numbered from 88 to ~8 both inclusive in denomi-
nation of ~l,000.00 each, to bec c me due ~ay l,
Bonds numbered from ~8 to 88 both inclusive in denomi-
nation of ~l,000.00 each, to become due l~y
Bonds numbered fr°m 88 to 98 both inclusive in denomi-
nation of ~l,000o00 each, to become due ~ay l,
Bonds numbered from 98 to 108 both inclusive in denomi~
nation of $1,000.00 eabh, to bec~ne due Eay l, 19~8;
Bonds numbered from 108 to 120 both inclusive in denomi-
nation of ~l,000.00 each, to become due Nay l,
Bonds numbered from 121 to 1~8 both inclusive in denomi-
nation of ~l,000o00 each, to become due Nay l, 1948;
Bonds numbered from 138 to 150 both inclusive in denomi-
nation of $1,000.00 each, to become due Way l, 1949;
Bonds numbered from 151 to 185 both inclusive in denomi-
nation of ~l,O00.O0 each, to become due ~ay l, 1950;
Bonds numbered from 188 to 180 both inclusive in denomi-
nation of ~l,O00.O0 each, to become due Nay l, 1951;
Bonds numbered from lB1 to 200 both inclusive in denomi-
nation of $1, O00tO0 each, to become due ~ay l, 195~;
Bonds numbered from 201 to ~0 both inclusive in denomi-
nation of ~$1,000.00 each, to become due ~iay l, 195Z;
Bonds numbered from ~B1 to ~40 both inclusive in denomi-
nation of .~l,O00.O0 each, to become due may l, 195~;
Bonds nUrabered from Bgl to ~80 both inclusive in denomi-
nation of $1,000.00 each, to become due ~ay l, 1985;
Bonds numbered from 281 to ~80 both inclusive in denomi-
nation of ~l,O00.O0 each, to beccme due ~ay l, 1958;
Bonds numbered from ~81 to 300 both inclusive in denomi-
nation of ~l,O00.O0 each, to become due l~ay l, 195~;
Section &. That there shall be levied~ assessed and
collected in each year while said bonds, or any of them,'~
are outstanding and unpaid and at the same time and in
the same manner as other taxes are tevied~ assessed and
collected, a special tax in addition to all other taxes
levied upon all the taxable property, both real and per-
sonal, within said Town, to realize a sum sufficient to
meet and discharge the interest on said bonds as the same
become due and also a sufficient sum to provide for a
sinking fund for the payment of the principal of said
bonds at maturity, that is to say, such t axes shall be
levied, assessed and collected in the sum, during the
years specified as follows, to-wit:
For the year 19~8
For the year 1929
For the year 1930
$180.00
180.00
180~00
115
For the year 1931 - -
For the year 1932
For the year 1933
For the year 1934
For the year 1935
For the year 1936
For the year 193V ...........
For the year 1938 -
For the year 1939
For the year 1940
For the year !941
For the year 1942
For the year 1943 -
For the year 1944 - -
For the year 1945
For the year 1946
For the year 1947
For the year 1948
For the year 1949
For the year 1950
For the year 1951
For the year 1952
For the yes~ 1953
For the year 1954
For the year 1955
For the year 1956
For the year 195V
Section 5.
~205.00
205.00
22V.00
224.00
221.00
218.00
255.00
230.80
236.60
251.80
24V.00
241.00
235.00
229.00
223.00
267.00
258.00
249.00
249.00
231.00
272.00
260.00
248.00
235.00
224.00
212.00
212.00
That the Treasurer of said Town of
Boynton, Palm Beach County, Florida, shall not sign
any of said bonds until he shall have given a bond
payable to the Town, properly conditioned with suffi-
cient surety, to be approved by the Tovm Commissioners,
and in an amount equal to the par value of said bonds,
that he will faithfully perform the duties of Treasurer
with respect thereto.
Section 6. That the Treasurer of the Town of
Boynton, Palm Beach County, Florida, shall keep a
separate account of each bond issue, showing the
number and amount of bonds issued, the receipts there-
from and the disbursements of the proceeds thereof.
Section V. ~nat the Tov~ Commission of the
Town of Boynton, Palm Beach County, hereby prescribe~
the form of said bonds as follows:
UNITED STATES OF A}~iERICA
STATE OF ~0RIDA
COUNTY OF PAL~I BEACH
T0~ OF BOYNTON
.~lO00 l~umber
IKPROVEEEND BOND
ISSUE !9~8.
~10W ALL MEN BY THESE PRESENTS, That the Town of
Boynton, Palm Beach County, Florida~ by its Commission
-acknowledges itself indebted and promises to pay to
the bearer hereof the sum of one thousand dollars
($~000.00) on the first day of ~ay, A. D. 19~__, with
interest thereon at the rate of six per cent. per annum,
payable semi-annually on the first day of ~iay and
November in each year upon presentation of the annexed
interest comports as the same become due, both princi-
pal 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.
~ne principal of this bond and the interest thereon
are payable from taxes to be assessed~ levied and collec-
ted on all the taxable property within the boundaries
of the Town of Soynton, Palm Beach County, Florida, and
the full faith and credit of the Town Commission of the
Town of Boynton, Palm Beach County, Florida, are hereby
pledged for the payment of the principal and interest
of this bond.
This bond is one of a series of three hundred (300)
bonds of like date, amount, tenor and effect, except
as to maturity, aggregating thee hundmed thousand dollars
(~300,000~00), issued by the Town of Boynton, Palm Beach
County, Florida, by its Town Commis~ on of the follo~.~ng
p~r~.pos es, to-wit:
(a) Two hundred fifty thousand dollars (~250,000.00)
for the purpose of funding and refunding outstanding
indebtedness of the said Town of Boynton.
(b) Fifty thousand -dollars (~$50,000.00) for the
purpose of opening, widening and paving the streets
and sidewlaks for and within said Town.
And this bond is issued under and in strict com-
pliance with the provisionsof the Constituion of the
State of Florida, and the Sta~tes of said State, in-
cluding among others, Chapter 8918, Laws of Florida,
Special Acts of 1921, and ioursuant to an ordinance of
the 'Zown of Boynton, Palm Beach County, Florida, duly
adopted.
It is hereby certified, recited and declared ~hat
all acts, conditions and things required by law to
exist, happen and be ~erformed, precedent to and in
the issuance of this bond, have existed, have happened
acad have been p~rformed in regular and due time~ form
and manner as required by law~ that the amount of this
bond, together with all other indebtedness of the Town
of Boynton, Palm Beach County, Florida, does not exceed
any limits prescrived by the Constitution or Statutes
of the State of Florida, and that before ti~e issuance
of this bond, provision has been made by ordinance of
the Town Commission of the Town of Boynton, Palm Beach
County, Florida, to assess annually a tax upon the real
and personal 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 V~TNESS ¥~-iEREOF, the Town of Boynton, in Palm
119
Beach County, Florida, by its Tovm Commis~on has caused
this bond to be issued by each Co~nissioner, and the
seal of said Town to be affixed hereto, countersigned
by the Treasurer of said Town, and has cuased the in-
terest coupons hereto attached to be signed with the
fac simile signature of its Treasurers and this bond
to be dated the 1st day of ~iay, A. D. 1928.
Town of Boynton, Florida.
~~, T~#n--g~m]mis~
Town of Boynton, Florida.
~r, Town~f
Town o£ Boynton, Florida.
Countersigned:
~rea~rer, Town of Boynton,
Florida.
That there shall be attached to each bond, coupons
for interest thereon for thirty dollars (~30.00) each,
being payable semi-annually on the first days of I¥1ay
and }~ovember of each year, which shall be in the follow-
ing form, to-wit:
o.oo
On the first day of November, 19 , the T~vn
Commission of the To~ of Boynton, Palm Beach County,
Florida, for and on behalf of said Town ~ cruises to
pay to the bearer thirty dollars (~30.00) in Gold Coin
of the United States of A~erica of the present standard
120
of weight and fineness at the Seaboard National Bank in
the Treasurer of the To,wu of Boynton, Palm Beach County,
Florida, at the option of the holder hereof, being six
months interest then due on its bond dated ~iay 1, A. Do
1998, payable from taxes to be assessed, levied and collec-
ted upon all the taxable property within the boundaries of
said Town of Boynton, PaLm Beach County, Flc~ida.
I~'0.
~ffreasurer of the Totem of
Boynt on, Florida.
Section 8. Said bonds shall bear the following
e~dorsement:
"Validated smd confirmed by decree of the °ircuit
Court of the Figteenth Judicial Circuit of the State of
~lorida in and for Palm Beach County, rendered the
day of' A.D. 192 .
the ~'~ifteenth Judicial Cir-
cuit of Florida in and for
Palm Beach County.~
Section 9. That when said bonds shall have been
executed as hereinbefore provided and t~e proper certifi
cate of their validation entered on the back thereof by
the Clerk of the Circuit Court rendering the decree of
validation and confirmatio~ and the same shall have been
sold, said bonds shall be, by the Treasurer of the said
Town,~ delivered to the purchaser or purci~asers thereof,
upon the payment of said purchaser or purchasers
p.~ehase .-pric~ .~greed upon, to the duly elected, qualified
and acting Treasurer of the said Town, who shall give to
said purchaser receipt for the purchase money, which said
receipt shall be to the purchaser or purchasers full ac-
quittance for said purchase money and the said purchaser
or purchasers shall not be required to see to the appli-
cation of the same.
Section !0. That all ordinance, resolutions or
order~ or parts of ~rdinances, resolutions or orders
inconsistent or i-n conf!'ict herewith be, and the same
are hereby, rescinded and repealed, and the ordinance
herein contained shall go into effect ten (!0) days
after the passage and adoption tlaereof.
(Neap-er was plaed on its second reading)