O#46 0RDINA~UE N0. 4:6.
Bond Issue No. 2 - ~$100,000.00
On motion of Commissioner C. F. Knuth, Mayor,
seconded by Commissioner J. C. Powell, Clerk, and
unanimously adopted, the following Ordinance was in-
trodu,ced and read in full:
An Ordinance of the Town of Boynton, County of
Palm Beach and State of Florida, fixing the aggregate
amount of a proposed issue of bonds of said Town, in the
sum of One Hundred Thousand (~100,000.00) Dollars, tO be
issued by the Town of Boynton, Florida; fixing the denomina-
tion of said bonds and place of payment; providing for said
bonds to be coupon bonds; fixing the rate of interest; the
purpose for which the moneys to be derived therefrom shall
be expended; fixing the time when said bonds shall be
payable; providing for and creating a sinking fund and in-
terest assessment for meeting and discharging the princi-
pal and interest of said bonds; prescribing the form and
denomination of said bonds, providing; providing for a
separate account of each bond issued, showing the number
and amount of bonds issued, the receipts therefrom and the
disbursements of the proceeds thereof:
WHEREAS, the To'~n Commission of the Town of 5oynton,
Florida, has deemed and does hereby deem it advisable to
issue bonds of said Town, in the total aggregate amount of
Ose Hundred Thousand (~i~100,000.00) Dollars, for the purposes
hereinafter named; N0~f~ THEREFORE,
BE IT 0RDAIYED BY THE T0'JN C01.~I2,.~ISSI0]'i OF THE T0~N 0F
BOYNTON, PAL~'~ BEACH COUI~'I~Z, STATE OF FLORIDA, AS FOLL0'JS:
Section 1. That the Town Commission of the Town of
Boynton, Florida, has deemed and does hereby deem it ad-
visab!e to issue bonds of the To~rn of ]$oynton, Florida,in
the total aggregate amount of One Hundred Thousand
(~$100,000.00) Dollars, for the following named purposes,
to-wit: Twenty-Five Thousand (~8,000.00) Dollars for
the purpose of extending and i~proving the water work.~
system within said Town; Fifteen Thousand (~!5,000.00)
Dol!a¥.s for the purpose of extending and improving the
electric light system within said Town; Fifteen Thousand
(~i~!5,000.00) Dollars for the purpose of extending and im-
proving the electric light system within said To~;
Fifteen Thousand (~i~!~,000.00t Dollars for the purpose
of opening, widening or paving the streets and sidewalks
of said Town; Fifteen Thousand (~15,000.00) Dollars for
th~ purpose of erecting a (town ~all) and Thirty ~ousand
(~$30,000.00) Dolla'?s for the purpose of acquiring, opening,
constructing and maintaining parks, promenades or play-
grounds within said Town.
Section 2. That said bonds shall each be in the
denomination of One Thousand (~,~1,000.00) Dollars, and
shall be numbered from eighty-six (86) to one hundred
eighty-five (185), both inclusive; that said bonds shall
be signed by the Commissioners and countersigned by the
Treasurer of said Town of Boynton, Florida; that said
bonds shall bear interest coupons, to be signed by the
fac simile signature of the Treasurer of said To~n of
Boynton, Florida; that said bonds shall bear interest
at the rate of six per cent. (6~) per annum, payable
at semi-annual periods, on the first days of april and
October of each and every year, commencing on the first
day of April, ~. D. 19~$, and that the principal and
interest of said bonds s~all be payable in Gold Coin
of the United States of America, of the present stan-
dard weight and fineness, at the Seaboard National Bank
in the City of i~ew York, State of New York, or at the
office of the Town Treasurer of the Town of Boynton,
Palm Beach County, ~lorida, at the optio~ of the holder
thereof.
Section $. That said bonds shall bear date October
1, A. D. 1~, and shall become due and payable in numer-
ical order as follows:
~1,000.00 on October 1st of each of the years 1~0 to 1~,
both inclusi~e;
~S,000.00 on October 1st of each of the years 1~0 to 1~,
both inc!usi~e;
.~$,000.00 on October !st of each of the yes, rs 1~8 to 1~,
both inclusive;
~10,000.00 on October !st of each of the y~ars 1~80 to 1~,
both in¢lusi~e~
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 tim~ and in the
same amnner as other taxes are le¥ied, assessed and collected,
a special tax upon all the t~xable property, both real and
personal within said Town, to realize a sum sufficient to
meet and discharge the interest on said bonds as the same
become due, and further sufficient to provide for a sink-
lng fund for the pavement of principal of said bonds at
maturity.
Section $. That the Treasurer of the Town of
Boynton, ~lorida, shall not sign any of said bonas u~til
he shall have given a bond, payable to the Torah, properly
conditioned, with sufficient surety to be approved by the
Town 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,
Florida, shall keep a separate account of each bond issue,
showing the number and amount of bonds issued, the receipts
therefrom and the disbursements of the proceeds thereof.
Section V. That the Town Commiss ion of the Town of
Boynton, Florida, hereby prescribed the form of said bonds
as follows:
UNITED S[~ATES OF A~ERICA
Nu~.ber STATE OF FLORIDA Number
COUNTY 0F P~aLI.,i BEACH
'~i~lO00 TO.'N OF BOYNTON ;~1000
I~,iPROVEI;'~ET BOND
KNOW ALL ~iEN BY THESE PRESENTS, that the Town of
Boynton, in Palm Beach County, Florida, by its Commission,
acknowledges itself indebted and promises to pay to the
bearer hereof, the sum of One 'fhousand (i~l,O00.O0) Dollars,
on the first day of October, A. D. 19__, with interest
thereon at the rate of six per cent. per annum, payable
semi-annually on the first days of April and October
in each year, upon presentation of the annexed interest
coupons as the same become due, both principal a r~ inter-
est being paYable in Gold Coin of the United States of
America, of the present standard weight and fineness, at
the Seaboard National Bank, New York City, New York, or
at the office of the Town Treasurer of the Town of Boynton,
in Boynton, Florida, at the option of the holder hereof.
The principal of this bond and the interest thereon
are payable from taxes to be assessed and levied and col-
lected on the taxable property within the boundaries of
the Town of Boynton, Florida, and the full faith ~nd
credit of the Town Commission of the Town of Boynton,
Florida, are hereby pledged for the payment of the
principal and interest of this bond.
The bond is one of a series of one hundred (100)
bonds of like date, amount, tenor and effect, except as
to maturity aggregating One Hundred Thousand (3100,000.O0)
Dollars, and issued by the To~n of Boynton, Palm Beach
County, Florida, by its Town Commissioners for the
following purposes, to-wit: ~$,000.00 for the purpose
of ~xtending and improving the water works system within
said Town; ~i~18,000.O0 for the purpose of extending and
improving the electric light system within ~id
~18,000.00 for the purpose of opening, widening or paving
the streets and sidewlaks of said Town; ~18,000.00 for
the purpose of erecting a (town hall), and ~$0,000.00 for
t~e purpose of acquiring, opening, constructing and main-
taining parks, promenades and playgrounds within said
Town, and is issued under and in strict compliance with
the provisions of th~ Constitution of the State of Florida,
and the statutes of said State, including, amAg others,
Chapter 8918, Laws of Florida, Special Acts of 1921, and
purusant to an Ordinance of the Town of Boynto~, Florida
duly adopted.
It is hereby certified, recited and declared that
all acts, conditions and things required by law to exist,
happen 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, form and manner as re-
quired by law; that the amount of this bond, together with
all other indebtedness of the To~ of Boynton, Florida, does
not exceed any limit prescribed by the Constitution or
statutes of the State of Florida; and that before the
issuance of this bond, provision has been made by an Ordi-
nance of the Town ~ommission of said Town of Boynton,
Florida,. to assess annually a tax upon all 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 pay-
ment of the principal.hereof at maturity.
IN ~ITNESS ~HER~F, the Town of Boynton, in Palm
Beach County, Florida, by its Town Commission has caused
this bond to be executed by each Commissioner, and the
seal of said Town to be affixe~ hereto, countersigned by
the Treasurer of said To~n, 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, ~. D. 1924.
Member, Town Commiss[ on of
Town of Boynton, Florida.
Member, Town Commission o'f-
Tovm of Boynton, Florida.
Countersigned:
Treasurer, Town of Boynton,
Florida.
Member, Town C'ommission''~~
Town of Boynton, Florida.
That there shall be attached to each bond, coupons
for interest thereon for Thirty Dollars (~30.00) each,
being payable at semi-annual periods on the first days
of April ~d October of each year, which coupons shall
be in the following form, to-wit:
No. ~;~30.00
April
On the first day of October, 1925, the Town Commission
of the Tov~n of Boynton, Palm Beach County, ~lorida, for
and on behalf of said Town, promises to pay to bearer,
Thirty Dollars (~$30.00) in Gold. Coin of the United States
of America, present standard weight and fineness, at the
~eaboard National Bank in New York City, Eew York, or at
the office of the Treasurer of the Tovm of Boynton, Florida,
at the option of the holder hereof, being six months in-
terest then due on its bond dated October 1st, A. D. 1924,
payable from taxes to be assessed, levied and collected
upon the taxable property within the boundaries of the
said Tovm of Boynton, Florida. No. ·
Treasurer of 'the Town of
Boynton, ~lo_mma
The above Ordinance having been read in full at
a meeting of the Town Commission of the Town of Boyn-
ton, ~lorida, held on the 23rd day of October ~. D.
1924, was unanimously adopted and passed at a regular
meeting of said Commission, all of the members being
present, held on the 4th day of November, A. D. 1924,
and a copy thereof posted at the front door of the
Town Hall at Boynton, Florida, on the 4th day of
November, A. D. 1924.
To~a~ Commissioners, Town of
Boynton, Florida.
C. F. Knuth, I¥[.:yor (Signed)
Harry Benson, Vi ce l¥1ayor (Signed)
J'. C. t~owell,Clerk (Signed)