64-JJRE~OLUTION NC).
64-J J
n~ :,~ SERIES A
~- ~;,~ :.J
':
PZOVIDING FOR rove
SoC;< ,m ....... : ..... ~,~ --. OF ALL
DEPOSIT A,~n~ .... ~ - ~w,, ESC~Ov~
-- I~z,~OLVzD B~ THE CiTY CO,.:.',,IoSiO.,~ of the City of
3oynton Beach, Florida, (hereinafter
ca_leo. "City-J, t.aa~:
,~C~!Or,} ! It is ..a. vo~ ToUnd, ascertained and deter-
..... .... ~ that:
Ac The City has heretofore issued by Resolution No.
62-C. '"1, 750, 000 ?fate~ and ~e~. Revenue lO ~ ' Issue of 106~
Se~Les A, d.~%¢a Dece ' ~ .
· ~ moe. !, 1961 (hereznafte~ referred to as
..... + andins
S ....es A Bonds',); and oy Resolution No. 62-I
.,~,o "000 :r~n--, and ~
- nevenue Bonds, issue of t961, Series
~ dated D~c~mbn~ ~ ~06! (, .:
...... ~: to as u~standin
O ·
oerzes B Bonds"}~ and by Resolution dntod j~.~. ~
......... ~ .... o 1960, dated 'Oecember
] Or, Fi
...... ~.~o~r rezerred to as "~ .... stanazno- Series
e~ the n,:~
ct%,.~ certain -~¢. ·
and im~rove~,,e.~:- ' '.'.o
..... zc__o=_ :,;aver, system no~, ~pe-ated as
sewer sysuem, (he'~ei~,%~
.......... cal!ea
~; ........ ¢; and
' ,-': the
...... ~ .)erles ;~ Bonds
~ 8. xd
-" ~.-.- ....c:eedin~ the q
-= ~m rates ....
~ ~ ..... annum as follows:
1975
-P / 0
1978
2 000
! 2, OOO
! 5,
15,
~. The 0utstandimo. Series A
a.,a Out st~ "'
anazns oer.le s
u, onos r:.,aturins on or erior to, June t~ 1772 are not .?~bject to
redemet=on erior to their staved
...... -~u~o:. and the Out-
~.~a~.n~ Series ~ and Out~'
se~iuent %o June ~ ~a 9
-~7--- be '- ' '
-, r:a]: -eceemea prio~ to ..... ~
· ~-=uas maturit. ?. wnoze on J,~ne ~ 1972 at ~-~-.~.
a,,o~..~ ri!us ~ em'. .. Of four .,.
%]lePe~,--~ ~ u ~..: .k ~ ] 079 '7]q,~ -
oer~ es .s.o~ds ape
P~'-~,~-~,~i ~ as a whole ~{ ~
~' ' ..........~-. ecl ~'
'. .... ¢an~ i, 1971
...... ' tO er~o~ Peclet'ro-,tfo~ as ~ whole on such
',~'~e~,,~, of eour and one-b:~,- ~-~ ..... , / ~) n-,:' vhe PPZncz~a!
e:':~unt so redee~m-' and the interest accrued thereon to June
-2-
i) The City ~.as by Resolution ko.
~'~ ..... City. Commi~s_~on ~ on Ju~'_~. 30, _q964, authorized the issuance
of ..~o,~,~,~,uu Refund~n~ and /m'orovement Re~enue ~onds~
196L (hereinafter :' ' ~'
respectively) ~ and
The Prior ReSolutions authorizing the Series A and
: 7~-~ S,_i ..... ov_ae ~nat notice of prior
;~a..~s and ~,a~,== 1960 Bonds :~ ~ ~' '
3~:.= 'a"O ~3onds shall be m~.b!ishe~! and filed subst, antialty as
.-_,o ,~.s~ once at ]~-~- thirty ~3C)u~°~S aSr!OF_ te '~'~ ....
shall cease on snI- of said ~onas du!: da!reed fop prior
redemvtion if pal::':ent o'f ~ rede~''~+~ n
. , ....... i~o:. erice has
been dui-, made er ~)ro,..idod for.n
The ~':,<~. Resolution i.n.=~:cvzona'~ ~=~.sO sets zor~:~ the
proooae~u wneres: the recuf.~eu:e:-~a of the Prior .... so=_u~_o~
latznS to one . ,. ..... ,_ad ?~c.:_n:'~_. Bones may
be met and~"~F~.. comp!lea with~ and Section 15 .... ~:~._,s as follows:
.~_, .... Vo the de]_iver,~ of ~:le
e~d co~" of s '~so].ution of tke City ',au~-':c~3 (~)
.... · ..... ~ t Og: of the
n}YOyiO>_n.~' ~0~ %lie 1~e,':~:¥/5!o~2
h,.~ ~'" ?end ~--~i~- subsequent to su~ln
~,~u S~ ~id{~.' !'2 '3~ s .............
date iFOll .... ~'~ '~ A
..0._~.~ :~d i! -'~ i960 ilon~!s :.:~
, , ~,~.
in a finq:acial ,sa'per .... '--,]~o:~ ~ ' Si~-~ o:? ' York
law York erom'oti,~ after %'t.e delivery o'~ -- ..... 3ends
s! ? ', .... .~..n igcPot.!'.)e ....... hale ~.:~e ifF> eddressed
.... . u,::~ holders o~' the a'-e~''-~'~-~ ..... ~-~ ' :,~x Serzes
~.: ....... ~.~,_,~. ~ P5 a!N. ir.
for-bhe retirenei% of t. ke Cuts~a~.o ~ ~ '~ ..... ..... o $erie°-, :i ~:.._.o~ Series
13 Fonds, ~C:&v ~..Q '' Or_ t, he iiC%, revenues
of the ..... " '
~r and 3ewer o,,stent held l:~ r.%e '~ .....
o~ ~ ........ , ............... ~ ,~:: .... S chaP:leO
~. ~OlldS r2&t''-~ .... · el ,l'~e q x .....
dX!! fop ...... ' .... 4 '~' on June
Set:es ::: ax, d Serie~ 3 2o_:ds ....
date, ..... bU ']ublq~'i~·" a~- ..~_~ notice of such reiemvt~--_~ ...... ~-- the
foP::, sa~. ~ ~ ' ~'~ resolution al i :.n ..... ~'~,'~ with
-3-
{ ss~s~ce Oe SL1CN O~.~~- P' ' ' '
oa%e~ ~.:~e Outstandil" , '," ' fonds ..... ~ ....
t.o such x-,~
~e,~ by . ~ ...... ~ a notice of such redemp-
tion <-= ~ke -~o ...... ~- fort~ in
......... s~ ~ s~l reso!u%ion~ all
~ .... .ne Fesot~ozo~t
authorizin,~'~ the i,~..~ .......... o-S_ such ~,~a ..... ~:~d.:.~ ~ !9ou'' Eonds."
an iscrow De-oosit Asreen-.ent witl~ the %'rustee -,'~-~c'- to --h~= del, iver,~
........ ,,~ ohms order to xr. sure %nat tke ~ ~,,,,,n
z-~ ocea~ ~ Peouired
¢o~' va:~," or redeeming the ',-o+ .... ,~-~ ........
- - .~. .. -..~ 0~,.o~...~. .....a ~.:onds wz]_i be z ollowed.
SECT!ON' 2 r:']a ' '' ' '
. ~:~e OutsvanaznS Series A aha '3 ~onds
and azter June 1, 1923 ~,*e hereby called zor redemp-
..... , .- ........ .~y as o~ Jmqe _ !¢72 a%
~ ........ ;, . .... accr:aeQ _~. eresS _.~reoll
June
-"5 ~'~
" q/P}:{.) of suck i~:-i.:qci~,al amount ~, :kc O-:tst. ar:azns Series
-' ' ::la%b..;_ .x_,': !' 0'i a_ ,.,,.u~. ;, . ,
- --':'/4 are kcreby cal±ea z or
'-: '~ ~-"~'~ all Out% ..... ,e ~"~ '
ana~nS oep $ 2 :5 2ond: '..lturmnS or.
o~d after June
.... a:_~_~!_Ly v~-. following
4 .... ~ such~--~-,c~~'°'~"~ . .~7 c..s ...... s.: ~ .... C:a~ tS the ~ .... and ~.e
Trustee shall
:/ater' and Sewer Revenue C.cll. d.3, ! ..... e of q ~t ,-, - ; .....
,"~C,~ .... ~. ' o'~d %0 ..... ~ ~ Of
r:t ..... f' ' j~t~.~ ! !e~,3 uBon the n~rior -~os~--~ ~-: `-
tile ~,~.~ S'CCZ
. .~s e~.c. co?2ons as the ssxe be,come roue, or upon t:~e=r prior
Notice of Red~.:~,,_o__
filed,
loll Ol 3,.3 %i.'i', 'i 7'
:"~-°~'?~ t,!!?t '-Al $'¢ -;~"~, OLi~S%L":.i,.:.L
'~ ...... O. lld O:'l __.7 -C'~F Ct :'
e,:eo~,..tec'., assisnme-'~S cr ........ sf:', ......... ='~s ' :-':,'-',- ixt, owest
naj. d il %he nsual P. anner, ,~. ........ o,+ on ~ .... c',~ ,.,:~*. -
_ .L_.L.,S~ ~_ ,~, SU.C:: ....... .~ ,..__. cease ,~o
':' dcz,~: the Out-
CLi-~L~u i Of? -.
and "' "'
%>_e :t~l...% cf :l:e " ' :h-: :.:2ere:5
Ce ~- 077
-- '7 --
.n!b .:GR~m ~r,;.. made thls
~ ~ ~y Of
1"~; setween the C'~+-- ~
'/o.~, by and '
(hereinafter ~~ the ~'~-~ty" a'~d The ..-,~
' ~:~ .....~ ~ ~- ' ), '-.- .".ti~.~ic National ~a~k
· ~ ....~each, West Palm 2each, Y!orida, as Trustee, mud
as Escrowee, heremnder ~ 4 .... o~- .....,
..... ~S under the
navional banking laws of the Un'~- ' S*~ o~ ,,
after called 'Escrowee-)~
*,'..~ I T N E S S E T H:
~ - u ,' 1 Or! . .
mmticipal water
~L::ed ~,d consoli{aSed
called ~systeN' ) and
" and by -:;-
issued
"'n~- ins
2 S O, COZ-
after
adopted on
'~_d s, Series
~<P issued
............ , oerles
,_,.~rl- ~ 9 ~b;o2
.ssue of 1961,
oer-~es '-:'.~ Resolutions $e': .... * ..... ,- :'*._-.
· ~o.c~: ' ~,-o '~-~ ':~-'-- -- :' c,:,llectively
called ',"~--' o-- fteoo!~ions~ j, and
'.~';~::~ts,;o¢ .. ' - ¢'~ ~"'~ :iol!d Series
!9~0 (~-e,.e_~=~er called
Yater a. nd Sewer levenue 2o::ds, issue n~ i'2~]., Series A"
¢- ( hereinafter
n~l :~S ~:Ottt~+~d!n0. ~ ·
- ~ ~er and
...... ~v.a,.c~-.--,,. ,-.,- [)oiids are
:::{;Ltker vayabie nor ~de~ ~, ~!e whole . ~
-. s .... Out ..... s
S ,~.k~ ~ ') '
o7 June :: iq~l are ,-~-4 ' to ....
' '- ~ ......... P~:~' as a wno!e~ on
such ~'~te ~'"~ -
~±~o an apniicab!e '~, ..... ~,iu~r: and accrued interest
to date of _ ~ ~ '~,'~ portion of ~ Outst~,d~.,~ Series
2. Bonds and the Outstanding .... ~ ....
oerz~s n Bonds s-~ neither nays. ble
nor redeemable, as a who!e~.~ .nrior~o June -,i =~,-,~n~ nov,~ ~ever
,,,~ ~'~ ..... Series
such Outst~~~_,~=__~ oe ~ Pies A Bonds and 0_oso=,,a,~a
~nm ~n?~c. on June i, 1972 are subject to
srLor redemstion, as a WhO!e, on such ' ~ v~us an ~pp].~cas!e
premium m~d accrued znterest ,.o e~= scta ::.z ~e~:ption~
WHEREAS, ~,e :~., .as ~ . l:' ~ o~..-~,
~n~ed by the C,,,), oo~.-.-:~ on uu ~ L{S.:: '~,?zed tke
~or ~*~,~ refu~u~.~ :a ..... , : s~a ,. :~.~':~ ,, ~y the cost
of the ~o'*~+~,,~ ~ ....... ~ - of ,::.ensions
and improvemen5 s
mined. ~,he .... ,~
deter-
ir. teresv
~' :./ i::Se.nusiy
::.a,~ing of
Bonds
.anr. e r sa:d
· -,iution; anu
'.,e recuire-
proce-
,.., i% e ,.
prloP 'co ~,~ c.elzvery oi' c. ke i ..... oonda _n o:..~e._ so :insure
s'c~-a o 3onds will be fo]iowea~ a:'.a
-9-
~.:-~ n '. o the ~'
~,~:uR~.~), ~.,~ nas heretofore~c~r~,-d~^'~+~ a resolution'
'i ) provi·' ~, for the ~ ..... ~'"~ ' ' '~ ·
a~na ~a~.~p~. on June .'_, ~_9~! ~ %21e '~"~
o,.,~.ct~.b.0 _, oonds n!a~urknS s~bseouent t,') suc~ date from
· ~'~ ~oR.'-, Bonds Retirement .account and zor the
moueys held mn ~,,e _~ " ' ~
' ' ~" ? ..... ~ ~ 197° of the Outstandins Series A and
such 4a~e ~
~ ~rom moneys held
v~,cab!y~ zn ........ __.~ she u, scrowee (a) ~o publish =.-'~ a financial
after the
me±~-~,er/ of vxe 3onds, a notice, mr_ the form set
such res. s!uiior_; s.ioned by tlne Escrowee in the name
tile Out ...... ~' '
o~,~=ng Series
~ Sar!es" ando~r~s ..... ~
iii~ y.~Z re~enues Of
~ased, ar.d that
~;.~ _. June !
~'~ u une ,
' 'e'~' " on J"','e ~ ": the
.:. ," Le:
to suck dan?. / .';xfo!isi'-ixJ a .~ov'~ ce of o~c..~'- ~ z~d~ e:::.fsv-.on' ' in
, -~i~ ~':~ accor,am~-ce with
thepr~.,....:_o;,s,~ of Vke resolutions. ~no~=zing*' ~' ~'~ne is~.~,~~', .....of
sue?. 'q";'~-'~'~x~ ........ ' ..... ~ ' (~) irrevocably
.............. ~ Ge .... : ..... ~ 2ez"_es 2 3ends,
^..q q .e,_. Pe o12
ins%ruc0ing the Esorowee v,o ,~ ~r ieApti on June i, 1971,
"'~' --~ .....'~" ~ ..... ,~,{- to ~" ~ date
~r.. ~u~ forth
~ ....... all :-.: acc,:,t':..c,:,,:;e ~:,' -:::, provisions of
resolution ~u.~ho~ -'~ '
3ends to pay, upon surrender ....
~-'.nr-.,S heret, o ) and
v) d re
~u~horiz the of +;~
' ~t~o ~a .... ins '[ayor ~zty to e~cecute
the City dircctins and -'~: ...... -~ .... -~' ~Xe .... '
~ ......... o ~*- ~er:.. of the C~,~ ~o
appFovat as tO form ~'~ ~ . ~. ~x
"~-'~''"-- .~,.,~ues ~ the
crowee s~,~-= znvesv, as soon n:;'acvmcas~e after the de!~very
wnzch are required~ toset~er ':-h -~ ...... ~'-~'~ oLxxr funds
a'-!,a t'~ ~ -~ ~ _~.~ .~z-'.~: ;_ al .,.t .... ~stani~,~' Bonds,
the av~licable ~ .... ~ ~ram~''~ "
dates, such invest:uerzs
duly adopted ~
Exhibit A and .
7 il A C.%'SG S ~_
~,. .~tr%=e~ ..,o~ ~'' ..... o1'~ ~, _-its iS '-,lePeb',r 'O'~O~'~_ ~ .,...,cei~
~' Pri ~ thc '~
londs~.e: liver
_ ,~ ior~
%'f!!~- -?~crow DoDo°: +
s:t&u_! deliver to u-'_.¢ ............ : "' ,3~
ii) the princivai amount of the 0utstaneznS "~" Bonds ~he
~,u~s~andinp" o~rS. es~ A :Jonas., ~:~ the Outstsaading Series .B Bonds;
~zz~ ~:~e ~,~ou~,o of the ~ede:rotio~_ .. .~remium ~,~]__~'d~...
stanc._,~S 195.5 ~onds to be redeemed on June ~, 1971, the ~ .... '
the ~x ~eion premzum am~licab!e to the 0utsvanmznS Se,_es A
~ aeries ~o..~ to be reqeemua on June !, !xx2~ (iii) the
o~ ~'-'~ %h~ Ou~=~~'^~'''~ ~oX--, ' '~ ~ 1971
of interest
. ~ ......~ ~_~,~ ?arise aa June i,
a:za the ~,.o~..~ o~ ~:~e ~.~ ........ on %:~e 0utstanainrr~ Series A
P, evo~t ~,o the crc: . ,.;_ _:~ one _ ~ =-c?_:.~ and
count the -;,ohm l~edempti'on Ac ' ~-
a::d the Renawa,- and "' - 3:.
created ~rs~ ~,o ~ne reso-
,..,~v. svcr_dzns 19cu Bonds,
issuance of vhe,~.~=~ ''~' ..... mtai:l~ 3aiial: .. ~-o:zls~ and (v) +':~-~-e amount
~eries_.,R o~n:clns
~erve 2ccount,
'" 1o~1 Series
'C ::~e .,, .-. --
~{enews.! and
:reavad put ...... to the res:)i
authorizing
Upon ,~..~ ..... ~ ~,~ Vie !964. 3ands, simu!tmneou~ly
--:e ?rl::oipai
:: ......3% :c:.C i":,l
'~ oerAes _,
' x .... 'ii) tle am.u..._
-il ::,ie :,:~efie:xp':,io:: _..: _._u: l_icu:)!e to
smd , ~-: ~ Vie
--":e ?u~sstandinrs Series .L and Se:Les '~ L'-,o.:zds to Ju:.e _, !y72.
..r ........~ ,~ -'She ~,scrowee for ael..osi%' '* into
~'-d the sum of '~ot less ti~n ,..' ....
be received ~ - '
'" "' : ~..,u. and the ]hdc n:onds
~_,e Series ,~ and Series ~ :,n~ss '{ezire:'er:% ~ ..... ? '
.... ao~ e.~ in the aggresate k i) the princiva!
~ ....~=,~ · (ii) the
iii_) zlue ::.:ouxt of inverest payable on
c, " "'0r71
', to :-'lrowee for deposit i!!tO Cie
i--' 11- :!ix' e - ' ,4~_ed
_lo:ds, ,_ ~,. ~
............ :..~ ~ "il:u3 :Ll' ~}:: S.:.:O¥.: ~ lees a~.~..~ e::ponses,
asreed, u~cc:~. ', ........................ .... ~,-~ bo fie '~ilv/- n~ '-:-.~ ~O"<*~.. ':'3rids ~y the p~'~,~ies
?l:x: . ...::ci0. P! ecl
o__..;.~-. ...,~._.~. ar',.b!es v::zs :~sraene:tt ~e±~ver_,~ so u.e
~ h .....o~ ~.., ....... = :.; J_ ,?.i?:~ -~c~, 1;_ S.._ O~C u Ol'~r .
_Lp2 'U,'iG' %"t.' )22 ~.
............. ::~ ........ lSl'O ill
c ui,-r,,t i o? -
'3 A-3 Z' ~i '-- cfr'-
· " __,¢~ 1}7 ,.,Gl ,.SOu:
~:" :~.-~ '.'.:oPic'
' iiI ' . ~.,~u~ :?i(: ..,
~::nn f. 5_':{~c :_2 , ..... .:- .:'?cu... 77 l-k.' "'::. -:~ '
.... ~ ~%~m : ..... ' ' " ill
%he i{L...-% 31° li:~ '- ~
o._iS.~_!?_ n-- 3 ~&S~ $':~ Ce ~" 5_¢,~: 2 k. il .' i,'- ,,, p / (!Zi.~ .....
. ~ ~ r ..........---n~Te ....~' ~ ..... ~ ~-i-,-~,zlc~"': ~';' 07 financial
_.'Rq2 _il E 'l.~'. ,.~ , :.z':::',, ~'2 ... ~7;" C ..............
.... '~ '¢0 17~3' '3~¢Cq %Ze 'q ........... ' ....... :'¢ '*: : 2"
-l:lT~ ':-3:'q¢ cf '~l~~ 3!%1', e3he ,n :,: o.~ .. s ~ :k c:. 7lotice o:? TM
': ~Lii ZZ ~,z~.o~ 3 au S~3 .... -,~i-.,r 3..i. .........
, . ~:t oa_~z, : .... ......... ' ~,';nepai circulation or a
-7-
(2) Deposit -i}gOO,J'3'O.O0 of the proceeds of the 196A:~
Bonds received from 'the City in accordance with paragraph 1 C (2)
hereof into the 1960 Bonds Retirement Accou~nt. Al! moneys in the
1960 Bonds Retirement Account shall be held in trust and applied
solely for the purpose of retiring the Outstanding 1960 Bonds in
the manner herein provided.
The moneys or market value' of the securities on deposit
in ~.e 1960 Bo..ds~ Retirement Account. shall always be at least equal
to the maximum amount required to be then on deposit in such 1960
Bonds Retirement Account purauant to the provisions of the resolution
authorizing the issuance of the Outstanding 1960 Bonds.
B. (1) Invest such moneys held in the Series A and
Series B Bonds Retirement Fund, pursuant to paragraph A (1) above,
in direct obligatio'as of the United States of America or in time
deposits evidenced by letter agree~env, (sometimes referred to as
certificates of deposits), as direcaed by the resolution of the City
referred to in the last paragraph of the preambles of this Agree-
ment and delivered to the Escrowee.
.[2) Invest such moneys held in the 1960 Bonds Retire-
ment Account in the securities authorized by the resolution
authorizin~z the issuance of the Outstanding 196~ ~onds; provided
however~ that ~y such invest~ents shall mature :~o.~ later than
the ~,.ates uvon welch such moneys will be needed for the retirement
of the Out st~_nding 1960 Bonds,
· ' i~.~ Bonds Retirement Account
3) Retamn mn the er~('~
all :~et income or earnings realized on such investments and
apply the same for the rezire:r, ent of the Outstanding 1960
Bonds ~ursue~nt ~ pro,~:sions of paragraph 3 B (2) hereof.
:~,, all net income or e~rn~n~s on all
investments in the Series A and Series B Bonds Retirement Fund
~ ~ ~^ ~96~; Bonds Retirement Account
.... ~. deposit the ss~me ~n~o ~.e _ , ·
Such moneys shall be applied for the retirement of the Outstandi::g
1960 3onds ......
~ursua~ to the provisions of paragraph } B (2) here~
-7-
,/
l':cl{ -':
il, i L:::: '"" .... ' '
,.._, ,., SC aT:e7 :.iS
1072 the Outst
~'~-~ ~ mrovisions ~,~ '~ ~ ..... o~ authorizing-she issuance
:~%' to such
o.~.ue
"c,:?r set foP*oh
, o_._o_.s of the
._ 03.. _" ' . 2. ';'7'¢-'
; , ::'.~4 :,:-] .~r~ .. "7. ,_' Lo'r -&':e ~ Ihen )
n ~ 'inch:df.
30~_QS L -
:f:;'2'l; ~Yl O? !il
1:1% '_l' -'
...... '- se relat-' .... to the
~.,< ..... ".I I ~e~-:+~l~_~ ........ s ~,,'q-me-:',^ .~ ei{~,~r~ ~..0 '-**o
'POP ~,,.
',:c i%s ow'' ~"a~ o'.'saniz&%!on
' __s or &ccount&b!e
perform, ed '~:,y tbs 3scro'~>:se k?r'cv":icr.
-i!-
ADOPTED thl~ ~. I - day cf S~pt®mber, A.D. 1964.