Minutes 11-19-27 (2)SPECIAL ~,iEETII'~G OF NOVEkBER 19th, 192V.
· A Special ~,[ceting of the Board of Town Oomm£ssioners
of thc Town of Boynton, Florida, was kela at the To~,n Hall of
the To'~.n of Boynton, Florida, ~aturday ~fternoon, ~ovember
19th, A. D. 1927, at ~;30 o'cloc~ P. ~I.
Present: ti. 0. ~[yers, ~layor
Harry Bens on, Vice-~ayor
g. L. Winchester,Town Clerk.
The above constituting the entire ~oard of Town
Commissioners of the Town of Boynton, Florida.'
· Upon motion made'by Commissioner Barry Henson,
seconded by E. L. Winchester, and duly carried, the following
Ordinance ~88 Was placed upon its first reading.
¥~'HEREAS, heretofore and on the 7th day of ~eptember,
~. D. 1926, the Town Commission of the Town of ooynton, in
Palm Beach County, Florida, did pass and adopt an ordinance
providing for the issuance of $500,O00.~0 of negotiable coupon
· bonds of said Town, and which said ordinance was entitled:
"Ali ORDINANCE OF THE TOWN OF b0YIiTON,PA~
GOUN%~Z, STATE 0F FL0kiDA,FLkING TRA AGGF~G~T~
Ai~O3N'£ OF A pROPOS~D IS.%0~i OF B0~D$ OF SAID
T0~N, IN THE ~U~ OF FIVA HUNDkhD THOUSA~D
DOLLARS ($5OO,OOO.O0;, TO BE
OF BOYNTON, FLORIDA; FIAING THE DAN0~I~AT. I01q OF
SAID BONDS AND PLACE OF pAY~EIIT; pROVIDING F0k
SAID BONDS 'fO BE COUPON B0~DS; FIXING THh RATA
0F INTEREST; THE PURPOSE FOR ~,HICH THE ~0NIES
TO BE' DERIVED THEREFRO~ SHALL BE EXPENDED; FiX-
ING THE TI~E WHEN SAID BONDS SHALL BE PAYABLE;
pROVIDING FOR aND CREATING A SINKING FOND, AND
INTEREST A SSESS~ENT FOR ~IEETING AND DISCHARGING
THE PRINCIPAL AND INTEHEST OR SAID BONDS; PRE-
SCRIBING ~HE FOHM AND DEN0~IINATION OF SAID BONDS;
PROVIDING FOR A BOND OF THE TREASUP~R, ITS AMOUNT,
-CONDITIONS AND APPROVAL; PROVIiX NG FOR A SEPARATE
ACCOUNT OF EACH BOND ISSUED, SHOWING THE NUMBER
AND AMOUNT OF BONDS ISSUED, THE RECEIPTS THEHEFROM
A3~D THE DISBURSEMENTS OF THE Pti0VEEDS THE~iEOF." And,
630:
WHEkE-~S, out of and from the said $500,000.00
negotiable coupon bonds, $18,O00.O0 thereof was for the
purpose cf reftmdlng outstanaing indebtedness of t~e said
T~n; such outstanding indeb~edmess being ~18,UOO.O0 of
special ~mprovement bonds of tho said Town of ~oynton, being
a part of a total authorized issue of ~35,O00.'00, which oonds
matured on 0ctcber 1, 1927,
WHEREAS, the said $18,OOO.00 of improvement bonds
aforementioned did mature and become payable on October 1,
192V; such maturity being prior to and before the sale of
the $500,000.00 issue of bonds, or any portion thereof, and
before any funds were available from the sale thereof. And,
WHEREAS, to prevent a default in such bonds, it
was necessar.v, deemed expedient and to be to the best interests
of the said Town of Boynton to and therewas advanced or loaned
from the general funds of the said ToWn of Boynton the sum
of $18,O0~.00 for the payment of such special improvement bonds
so maturing on October 1, 1927. And,
WH~]REAS, such $18,000.00 special improvement bonds
of the Sown of Boynton were paid out of an~ from the general
frauds of such Town at the time of their matu~ity, to-wit,
October l~ 192~. And,
WHEREAS, $50,000.00 of the $500,000.00 issue of bonds
aforementioned have been sold and a portion of such $50,000.00
so sold being the $1~,0OO.o0 of bonds issued for refunding
purposes as aforesaid, o~nd,
WHEREAS, the examining attorneys, Messrs. Thomson,
¥~'ood & Hoffman, advise that they cannot approve the validity
of the issmance of the $1B,OO0.O0 of bonds so authorize~ to
be issued for the purpose of refunding such outstanding
indebtedness, for the reason that such bonds had been paid
out of and from the general funds of the Town of Boynton,
and such refunding bonds could not be issued for the purpose of
repaying to the treasury moneys which had already been expendem
in payment and satisfaction of such previous issue of bonds.
NOW TH~kEF0ttE, BE I'£' 0k~ai~4bD oy the Town Commission
of the Tow n of Boynton, in PaLm Be~ch County, Florida, that
such $18,ouO.u0 of bonds so authorized to be issued for the
purpose of refunding outstanding inaebtedness, being bongs
numbered 25V, ~58, 259, ~60, 261, ~62, 2B6,~A~88, 289, 290,
313, 314, 315, 316, 317, 318, ~nd 341, be, and the same hereby
are, cancelled and that the $SuU,UuO.u0 issue of bonds be
reduced, in consequence of such cancellation and in accord
therewith, to the stu~ of $48~,O~O.O0; and further, that such
$18,OUO.00 of bonds for refunding purposes be stricken and
cancelled from the computation/of $500~000.'o0 of bonds as
aforementioned.
Be It Further Ordained that such $18,.000.O0 of bonds
so cancelled as herein provided shall be, by the Town Cor.~ission
of the Town of ~o~nton, destroyed, such bonds so to be destroyed
and cancelled as aforesaid, being numbered and maturing as
follows, ~o-wit:
Bonds'numbered 25V, 258, 259, 260, 261, 262, matttring
October 1, 1948;
Bonds numbered ~88,' ~8~, ~88, ~89, ~90 maturing October
1, 1949;
Bonds numbered 313, 314, 315, 316, 317, 31~.matu~ing
October l, 195~;
Bonds numoered 341 matu~ing October l, 1951;
Be It Further OrdAined taat, save and except fcr
the concellation and destruction of the $18,000.00 of bonds
issued for. the purpose of ref~mu~"-ng outstanding indebtedness
of the said Town of Boy.ton and ':he reduction of such
$500,000.00 is-sue o£"b'~nds in the amount of $18,000.o0 as
aforesaid, that sai~ ordinance and all acts and proceedingm
had in connection therewith and witS the issuance of said
boas,be, and ~e same hereby are, in all~ th~. full ratiTfie~
and confi~ed.
There bein~ no fur~er ~i~e~s, ~e meeting ~djo~ned.