O#27ORDINANCE NO. 27
On motion of Commissioner Ward B. ~i]_ler, seconded
by Commissioner J. C. Pov,~ell, and unanimously adopted,
the following Ordinance was introduced and read in full:
An Ordinance fi}~ing the aggregate amount of a proposed
issue of bonds in the sum of ~ii;25,000, to be issued by the
Town of Boynton, Florida; fi×lng the denomination of said
bonds and place of payment; providing for said bonds to
be coupon bonds; fixing the rate of interest, the purposes
for which the moneys to be derived therefrom shall be ex-
pended, fixing the time when said bonds shall be payable;
providing for and creating s Sinking Fund and interest
Assessment for meeting and
~-~g the principal and
interest of said Bonds; prescribing the form and denomina-
tions of said bonds; providing for the bond of the Treasurer,
its amount, conditions and approval; providing for separate
account of each Bond Issue showing the principal and a~ts
of Bonds Issued, the Receipts therefrom ~d disbursements
of the Trustees thereof; and provid~g for the manner of
execution and sale of said Bonds.
'f~ereas, the Town Commission of the Town of Boston,
Florida, has deemed and does hereby deem it advisable to
issue b~ds of the Town of Boston in the total aggregate
amount of .;~25,000 for the purposes to be hereinafter named;
Now, ~erefore,
BE IT ORDAIi[~ BY THE TOU~7~[ CO~H(ISSION OF T~
OF BOSTON, IN THE COUNTY OF PA~ BEACH AND STATE OF FLORIDA,
AS ~LLO?/S:
Section 1. That '~due Term Commission of the Town of
Boynton, Florida, has deemed and does hereby deem it ad-
visable to issue bonds of the Town of Boynton in the total
aggregate amount of :i~25,000 for the following purposes
hereinafter named, to-wit: ~10,000 for the purpose of
refunding outstanding indebtedness of the Town; ~10,000
for the purpose of opening, widening or paving streets
and sidewalks of the Town; and ;.:~5,000 for the purpose of
purchasing, constructing, extending or improving a water
works.
Section 2. That said bo~ds shall be each of the de-
nomination of ;~5,000, and shall be numbered from Nos. ll
to 15, both inclusive, said bonds shall be signed by the
Commissioners and countersigned by the Treasurer; said
bonds shall bea~r interest coupons to be signed by the
Treasurer of the Town; said ~0onds shall bear interest
at the rate of seven per cent. per annum, payable semi-
annually, on the first days of January and July of each
and every year, commencing the first day of July, A. D.
1923; that said bonds shall be due and payable January
l, A. D. 1928; that the principal and interest of said
bonds shall be payable in lawful money of the United
States of ~nerica at the Seaboard N~:~tional Bank in the
City of New York, or at the office of the Town Treasurer
of the Town of Boynton, of Palm Beach County, Florida, at
the option of the holder of said bonds.
Section 3. That there shall be levied, assessed and
collected in each year while said bonds or any of them are
outstanding and unpaid, at the same time and in the same
manner as other taxes are levied, assessed and collected,
a special tax upon all the taxable property, both real and
personal, within said Town, sufficient to pay interest on
said bonds as the same becomes due and sufficient also to
provide a Sinking ~nd to redeem and pay all principal of
the said bonds at the maturities thereof; that to meet the
requirements of said Sinking Fund there is hereby levied
the sum of One Hundred Dollars (~100.O0) each for the year
1923, 19~4, 1925 and 1926, and the sum of ~hventy-four Thou-
sand Six Hundred Dollars (~24,600.00) for the year 1927 to
be applied as principal in redeeming; and
Section 4. That the Treasurer shall not sign any of
such bonds until he shall have given a bond payable to the
Town of Boynton, conditioned for the faithful performance
of all and singular the duties incumbent upon the Treasurer
of the Tovm of Soynton by reason of the said bonds in the
par value of ~,~;2~5,000 under date of January l, 1923, issued
by the Tovna of Boynton and shall honestly account for all
moneys coming into his hands as such Treasurer with re-
ference to such issue of bonds according to law, with
sufficient surety to be approved by the Commissioners.
Section 5. That the Town Commission does prescribe
the form of such bonds as follows:
UNITED STATES OF A~ERICA
Numb e r Numb e r
STATE OF FLORIDA
$5000 County of Palm Beach ;~5000
T0'~fN OF BOYNTON
Improvement Bond.
Know All ~en By These Presents, that the Tc~,In
Commission of the Tova~ of ~3oynton, ~'lorida, of Palm
Beach County, ~lorida, for and on behalf of said Town
aclmaowledges itself indebted and promises to pay to
the bearer hereof, the sum of Five Thousand Dollars
on the 1st day of January, 1928, with interest thereon
at the rate of seven Der centum per annum, payable semi-
annually on the 1st days of January and July in each year
upon presentation of the annexed interest coupons as the
same become due, both principal and interest being payable
in gold coin or its equivalent in lawful money of the
United States of America at the Seaboard National Bank of
New York City, N. Y., or at the office of the To~ Treasurer
of the To'~m of Boynton, in Boynton, ~'lorida, at the option
of the holder hereof.
The principal of this bond and the interest thereon
are payable from taxes to be assessed, levied and collected
on the taxable property within the boundaries of the Town
of Boynton, and the faith and credit of the Town Commission
of the Town of ~oynton are hereby pledged for the payment
of the principal and interest of this bond.
This bond is one of a series of five bonds of like
date, amount, maturity, tenor and effect, aggregating
~25,000 and is issued by the Town of Boynton, Palm Beach
County, Florida, by its Town Commissioners for the follow-
ing purposes, to-wit: ,,~10,000 for the purpose of refund-
ing outstanding indebtedness of the Town; ~10,000 for
the purpose of opening, widening or paving streets and
sidewalks of the Town, and $5,000 for the purpose of
purchasing, constru~ting, extending or improving a water
works; and is issued under and pursuant to and in strict
compliance with provisions of the Constitution of the
State of Florid~ and statutes of said State, including
among others Chapter 8918 of the Laws of Florida, Acts
of 19~l, and pursuant to Ordinances, Orders and Resolu-
tions of the Town Commission of said Town of '~oynton,
duly had and 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 ioeen
performed in regular and due time, form and manner as
required by law and that the amount of this bond to-
gether with all other indebtedness of said Town of Boynton
of Palm Beach County, Flo~)ida, does not exceed any limit
prescribed by the Constitution and statutes of the State
of ~lorida, and that before tile issuance of this bond,
provision has been made by Ordinance of the Town Commission
of said Town of Boynton to assess annually a tax upon all
the real and personal property within said Town of Boynto n,
to realize a sum sufficient to pay the interest on this
bond as it may becmoe due and to create a Sinking ~k~ud
for the payment of the principal hereof at maturity.
In Witness Vfhereof, the Town of Boynton of 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 affixed hereto, countersigned by the
Treasurer of said Town, and has cuased the interest
coupons hereto attached to be signed by the Treasurer,
and this bond to be dated the 1st day of January, 1923.
~v~ember, Town commission
of the Town of Boynton,
Florida.
bi'ember, Tov~ ommission
of the Town of Boynton,
Florida.
Countersigned:
~embe'r,~ To~vn O'ommi%SioH
of the To%m~ of Boynton,
Florida.
~,fember,' TOWn Commissio-fl---
of the Town of Boynton,
Florida.
There shall be attached to each bond coupons for
interest thereon for ~175.00 each, being payable at se~i-
annual periods on the first day of January and the first
day of July of each year, which coupons shall be in the
following form, to-wit:
No. $175.00
July
On the first day of January, 19 , the Town
Commission of the Town of Boynton, of Palm Beach County,
Florida, for and on behalf of said Town, promises to
pay to bearer, One Hundred Seventy-five Dollars ($175.00)
in lawful money of the United States of America, at the
Seaboard National Bank in New York City, N. Y., or at
the office of the Treasurer of the Town of Boynton, of
Palm Beach County, Florida, at the option of the holder
hereof, being six months, interest then due on its bond,
dated January l, 1923, No. ., payable from taxes
to be assessed, levied and collected upon the taxable
property within the boundaries of the Town of Boynton.
J. C. Powell (Signed)
Treasurer of Town of
Boynton, Florida.
6. That the proceeds of the ','~10,000 par value of
bonds for the purpose of refunding outstanding indebted-
ness of the Town shall be used for payments on account
of an indebtedness of the Town due the Bank of Boynton,
a corporation with its principal place of business in
Boynton, Florida, and due I~rs. Julia Hawley, the total
amo~mt of the indebtedness due the said Bank of Boynton
being ~8559.60 and ~virs. Julia Hawley ',$1500.00.
The above Ordinance having been read in full at
a regular meeting of the Town Commiss[ on of the Town
of Boynto~-~, Florida, held on the 2nd day of January,
A. D. 1923, was unanimously adopted and passed at a
regular meeting of said Commis.~on, all members being
present, held on the 20th day of January, A. D. 1923,
and a copy thereof posted at the front door of the
Town Hall at Boynton, ~:lorida, on the 2Oth day of
January, A. D.
F. L. Nuster,~ayor
Ward B. Miller
J. C. Powell,Clerk
Commis~ioners of the Town
of Boynton, Florida.
(Signed)
(Signed)
(Signed)