64-VVRESOLUTION NO. 64-VV
RESOLUTION AUTHORIZING AND DIRECTING THE
INVESTMENT OF MONEYS HELD BY THE ATLANTIC
NATIONAL BANK OF WEST PALDi BEACH,WEST PALM
BEACH, FLORIDA, AS TRUSTEE AND ESCROWEE.
BE IT RESOLVED BY THE CiTY COUNCIL OF THE CITY OF
BOYNTON BEACH, FLORIDA, that:
SECTION 1. It is hereby ascertained, found and deter-
mined as follows, that:
A. The City of Boynton Beach, Florida (hereinafter
referred to as "city"), by Resolution adopted by the City Council
on July 30, 1964, authorized the issuance of $6,000,000 Refunding
and Improvement Revenue Bonds, Series 1964, dated June 1, 1964
(hereinafter called "1964 Bonds" and "1964 Resolution" respective-
ly) for the purpose of refunding $1,345,000 of the Water Revenue
Bonds, Series 1960 (hereinafter called "Outstanding 1960 Bonds"),
$1,745,000 Water and Sewer Revenue Bonds, Issue of 1961, Series
A (hereinafter called "Outstanding Series A Bonds") and $1,630,000
Water and Sewer Revenue Bonds, Issue of 1961, Series B (hereinafter
called "Outstanding Series B Bonds") are at this time outstanding
and unpaid (all of such obligations hereinafter collectively
called "Outstanding Bonds").
The 1964 Resolution also provides that a portion of the
proceeds of the 1964 Bonds in the amount of $148,000.00 be held
and applied to the purchase or retirement of certain outstanding
Water Revenue Bonds of the City dated December 1, 1950 (sometimes
called "1950 Bonds").
B. The Atlantic National Bank of West Palm Beach, West
Palm Beach, Florida was duly appointed Trustee by the City pursu-
ant to thq resolutions authorizing the issuance of such Outstand-
ing Bonds.
C. The 1964 Resolution requires the City to enter into
an Escrow Deposit Agreement with the Trustee, as Escrowee, prior
to the delivery of tlne 1964 Bonds to insure that the procedure
required for paying or redeeming the Outstanding Bonds will be
fo llowed.
D. Such Escrow Deposit Agreement has heretofore been
duly entered into, as aforesaid, under date of September 29, 1964.
The Escrowee, acting pursuant to resolutions duly adopted by the
City, has invested certain of the moneys deposited with it under
such Escrow Deposit Agreement in direct obligations of the United
States of America in such amounts and to mature on such dates as
set forth in the schedule attached hereto as Exhibit A.
SECTION 2. The investment of certain of the proceeds
of the 1964 Bonds by the Escrowee in direct obligations of the
united States of America, as set forth in Exhibit A hereto, is for
the benefit of the holders of the 1964 Bonds, the Outstanding
Bonds and the 1950 Bonds. Such investments as set forth in such
Exhibit A, hereto, shall be irrevocably held without change by
the Escrowee for the retirement of Outstanding Bonds and of the
1950 Bonds.
SECTION 3. All moneys received and held by the Escrowee
for reinvestment under the Escrow Deposit Agreement shall be rein-
vested by the Escrowee in direct obligation of the United States
of America in such amounts and to mature on such dates which shall,
together with the other moneys held for such purpose, provide for
the retirement of the Outstanding Bonds and of the 1950 Bonds.
SECTION 4. This Resolution shall take effect immediate-
ly upon its adoption.
Passed and Adopted this 2nd day of November, A.D. 1964.
CIT~OYNTON~ ACH, FLORIDA
(Corp. Seal)
City Clerk
Councilman / '
Councilman
'~ EXHIB%T "A" - PART I
Purchase UoS. Treasury Bonds (or Bills) in the following principal amounts, interest
rates and maturities:
For Water & Sewer Bonds, Series of 1961,
Series A dated ~.~/1/61
For Water and Sewer Revenue Bonds-Series of
1961 Series B dated 12/1/61
Amount Coupon Maturity Amount Coupon Maturity
$343000 Bills 12/1/64 $33,000 Bills 12/1/64
39,000 3 7/8% 5/15/65 53,000 3 7/8 5/15/65
34,000 4 11/15/65 33,000 4 11/15/65
49,000 3 3/4 5/15/66 53,000 3 3/4 5/15/66
34,000 3 3/8 11/15/66 32,000 3 3/8 11/15/66
~9,000 3 5/8 2/15/67 52,000 3 5/8 2/15/67
33,000 3 5/8 11/15/67 32,000 3 5/8 11/15/67
48,000 3 7/8 5/15/68 52,000 3 7/8 5/15/68
33,000 3 7/8 11/15/68 31,000 3 7/8 11/15/68
48,000 4 2/15/69 51,000 4 2/15/69
33,000 4 10/1/69 31,000 4 10/1/69
48,000 4 8/15/70 51,000 4 8/15/70
32,000 4 8/15/70 31,000 4 8/15/70
47,000 4 8/15/71 51,000 4 8/15/71
32,000 3 7/8 11/15/71 30,000 3 7/8 11/15/71
52,000 4 2/15/72 50,000 4 2/15/72
1,708,000 4 2/15/72 1,542,000 4 2/15/72
EXHIBIT "B" ~ PART I
Purchase U.S. Treasury Bonds in the follqwing principal amounts, interest rates and
maturities:
For Water Revenue Boqds, Series 1960 dated 12/1/60
Amount Coupon Maturity
$475,000 4% 8/15/71
EXHIBIT "C" - PART I
Purchase U. So Treasury Bonds in the following principal amounts, interest rates and
maturities:
For Water Revenue 1950 Issue
Amount Coupon
$10,000 3 7/87.
10,000 3 3/4
10,000 3 3/4
10,000 3 7/8
10,000 4
10,000 4
12,000 4
12,000 4
12,000 4
12,000 4 1/4
42=000 4 1/4
Maturity
5/15/65
5/15/66
8/15/67
5/15/68
10/1/69
8/15/70
8/15/71
8/15/72
8/15/73
5/15/74
5/15/74