Minutes 10-29-27~ :CIAL ME'ETING OF OCTOBER 29TH, 1927.
A Special Meeting of the Board of Town
.ners of the Town of Boynton, Florida, was held
.wn Hall of the Tmwn of B°ynton, Florida, Saturday
~, October 29th, A. D. 192V, at 4:00 otclock P. M.
Present: R..0. Myers, Mayor
Harry Benson,Vice-Ma~lr
E.L.Winchester,Town lerk
The above constituting the entire Board of Town
Co~mi::~ ~ners of the Town of Boynton, Florida.
At a special meeting of the Town Commission of
the !o,,' of Boynton, in Palm Beach County, Florida, held
in t]:e awn Hall of such Town on Saturday, the 29th day of
0cto'~.e: 1927, at the hour of 4:00 P. M. of said day, there
were ~ sent: R. 0. Myers, Commissioner and Mayor presiding,
~ ~-,-~ Commissioner and Vice-Mayor, E. L. Winchester,
~ar~, nson,
CorraLs~ oner and TOwn Clerk, and Wm. P. Somerville, Treasurer.
The ~f ementioned constituting the entire Town Commission
of the 'own of Boynton, no member thereof being absent.
The Mayor stated the object of the meeting to
be i.~J~ ~cord with the.call issued therefor, ~tz: Matters
appept .ning to and concerning the execution of $800,000.00
impr~,v ~ent bonds of the Town of Boynton, in Palm Beach
County Florida~ issue of 1926; the approval or rejection
of the ~reasurer's bond regarding such issue; and further,
the ma :er of the sale of $$0,000.00 of such bonds, and such
oth~_~ ~d further matters as might come before the'meeting.
~m. P. Somerville, the duly appointed, qualified
and a,~ lng Treasurer, presented to the Commission his bond
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a~ Tv.' :,er with respect to the $500,000.00 Improvement
boz::ds~ :~ue of 1926.
Upon motion by Commissioner E. L. Winchester,
s~,'~or~ ~ ~y Commissioner Harry Benson and ~animously
ca:L-vi.:~ ~he bond of V~m. P. 3omerville, as T~easure~ with
respe t ~s the aforementioned $500,000.00 bond issue and
execu:~ by H. T. Halloway, Fred G. Benson, Carl M. Jensen,
J. B. ~ ~edith and N. M. Weems, was approved by the
Co~i~ 'n, both as to the sufficiency of the sureties
theee.:~z the fo~ ~d con~tions of such bond.
~ereupon~ the Mayor did decla~ such motion
to h~.v' ::~een ~ntmously carried and such bond to be
full~j ~ ~roved and accep~d by the CoEission.
Upon motion re~larly made by E. L. Winchester,
seco~:~- by Har~ Benson and ~animously carried, Wm. P.
~merw .e, the To~ ~easure~, was inst~cted to sign ~d
exec~t~ ;he $500,000.00 improvement bonds, issue of 1926,
as T~.. zre~ '
-~e~ of the Town of ~ton, Florida
Har~ Benson moved the adoption of the following
peso L.u~ ~)n:
. ~~S, heretofore, the ToE Co~ission of the
Towz~ ~ ~ton did decide to and provide for the iss~nce
of z~,g iable coupon bonds of the said ToE of Boston, such
'bonds bear date of October l, 1926, bearing interest at the
rate c 6% per a~, payable se~-annually April i and
0cto e l, denomination of $1,000.00 each,, and n~bered
and p~ ~ble as follows, viz:-
N~bered from I to 500 inclusive.
Payable serially in n~erical order $10,000.00
)onds on October 1 in each of the years
1931 to 1940 inclusive, $20,000.00 bonds
on October 1 in each of the years 1941 to
1945 inclusive, $28,000.00 bonds on October
1 in each of the years 1946 to 1980 inclusive,
and ~32,000.00 bonds on October 1 in each of
the years 1951 to 1955 inclusive.
And, ~EREAS, there was appropriated the sum of
$18,000.00, out of and from such $800,000.00 bond issue,
for the purpose of refunding outstanding indebtedness of
the said TO~i'~. And,
WHEREAS, the sum of $122,000.00 was appropriated,
out of and from such $500,000.00 bond issue, for the purpose
of acquiring, opening, constructing and maintaining parks,
promenades and play grounds within and for said Town. And,
MHEREAS, it has been necessary to advance, from
the general funds ef the Town of Boynton, the sum of
$18,000.00 for the purpose of paying $18,000.00 of special
improvement bonds of the Town of Boynton, being a part
of a total authorized issue of $38,000.00 maturing October
1, 1927. And,
WHEREAS, a portion of the above and foregoing
described $500,000.00 bond issue was, as aforesaid, appro-
priated for the payment of such $12,000.00 of special
improvement bonds. And, .
WHEREAS, it is deemed advisable and to the best
interests of the Town of Boynton and the inhabitants thereof
that the sum of $32,000.00, appropriated for the purpose of
acquiring, opening, constructing and mai~in!ng parks,
promenades and play grounds within and for said Town, do
be acquired in cash by said Town for the uses and purposes
for which such amount was appropriated.
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NOW THEREFORE, BE IT RESOLVED by the 'i'own
~<~/_ssion of the Town of Boynton, in Palm Beach County,
~,~_da, that it is for the best interests of the said Town
i~ynton and the citizens, residents and inhabitants and
t.~xto~yers thereof that $50,000.00 of the $500,000.00 improve-
~'t bonds aforesaid do be sold at this time at such price
for such sums and amounts as the Town Commission of
~aid Town of Boynton shall deem wise and to the best
~',e:~ests of the Town of Boynton and the inhabitants, citizens,
r.~ ~i~ients and taxpayers thereof.
Be It Further Resolved that, out of and from the
.::.~_~eds of the sale of such $50,000.00 of Improvement bonds
· :ae Town'of Boynton, that $18,000.00 thereof d~ be paid
:~:o the general fund of the Town of Boynton in repayment
t_~e $18,000.00 advanced from that fund for the pumpose
i~.,~ying $18,000.00 special improvement bonds of such Town; ..
that the further sum of $32,000.00 do be used by the
Yz: Commission of the Town of Boynton as it shall deem best
the purposes of acquiring, opening, constructing or
r~:~!r~taining parks, p~omenades and play grounds within and
said Town of Boynton.
Be It Further Resolved that the ~sal of $200,000.00
the $500,000.00 issue of bonds bearing date of October l,
i]'~'~f, as aforesaid, has been advertised extensively and bids
,~,.:~::,e requested at a meeting held for the sale thereof on
31st day of August, 1927; and that no bids were received
Be It Pu~ther Resolved that the following bid
~... H. Crist and Company, received by the Town Commission
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on this 31st day of October, 1927, as follows, to-wit:
"Board of Town Commissioners,
Boynton, Fla.
Honorable Board:
For $50,000 of your issue of $200'000 legally
issue~bonds of the Town of Boynton, Florida,~dated October
l, 19zo and bearing interest at the rate of 6% per annum
payable semi-annually, both principal and interest payable
at the Seaboard National Bank, New York City, and being in
denomination of $1,000 each and maturing serially from
1931-55 inclusive without option of prior payment of which-
we are to take $50,000_of the longest bonds, we will pay,
upon delivery to us or our agent $950.00 for each $1,000 bond.
This bid is made subject to you furnishing us
simultaneously with delivery of bonds a full and complete
certified transcript of all proceedings incident to, and
authorizing the issuance of said bonds, together with the
unqualified final approving opinion of Messrs. Thompson,
Wood & Hoffman of New York City.
As evidence of our good faith we attach hereto
our check for the sum of $500.00, said check to be h~ld
by you uncashed pending delivery of the bonds to us in
accordance with the terms of the above contract, and to
be returned to us immediately if for any reason the bonds
can not be delivered according to the terms of said contract.
Said check to be forfeited by us as full liquidated damages
in the event we fail to carry out the terms of this contract.
Very respectfully submitted,
L. H. Crtst & Co.
By L. H. Crist."
is a fair bid and the highest bid which could~-be obtained
for such bonds.
Be It Ft~rther Resolved that, in accord with the
proposal contained in such bid, that the Town Commission
of the Town of Boynton do sell to the bidder, L. H. Crist
and Company, $50,000.00 of such $500,000.00 issue of bonds
bearing date of October l, 1926, in the denomination of
$1,000.00 each, the numbers and maturities of such bonds
being as follows:
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Bonds numbered 257, 258, 259, 260, 261, 262
payable on October 1, ~948;
Bonds numbered 286, 287, 288, 289, 290 payable
on October 1, 1949;
Bonds numbered 313, 314, 315, 316, 317, 318
payable on October 1, 1950;
Bonds numbered 341, 342, 343, 344, 345, 346,
347 payable on October 1, 1951;
Bonds numbered 375, 376, 377, 378, 379, 380
payable on October 1, 1952;
Bonds numbered 405, 406, 407, 408, 409, 410,
411 payable on October 1, 1953;
Bonds numbered 437, 4S~, 439, 440, 441, 449
payable on October 1, 1954;
Bonds numbered 469, 470, 471, 472, 473, 474,
475 payable on October 1, 1955.
at the price and for the consideration therein named, to-wit:
the sum of $950.00 and accrued interest for each $1,000.00
bond.
Be It Fn~_ther Resolved that the attorneys for
the Town of Boynton, Messrs. McCoy & Finch, be, and t~ey
hereby are, authorized and directed to procure the unqua-
lified final approving opinion of Messrs. Thompson, Wood
& Hoffman, of New Yo~k City, u~mn such bonds, and do request
Messrs. Thompson, Wood & Hoff~nan to submit final statement
of their fees in regard to the $500,000.00 issue of improve-
ment bonds.
No further business coming before the meeting,
upon motion regularly made, seconded and unanimously carried,
such meeting did adjourn.~