64-OO RESOLUTION No. 64-O0
R'm'.qOl'TTq'lO}'l AUTHORIZrIG THE
· oE'~°u, %'~ST PAL!'i REACTS, FLORIDA~ FOR THE
RUE BOZDS, ISSUE OF 1961, SERIES A
DATED DECEi'~ER !. 1961 OF THE CITY OF '
RON{TON BEACH, F~ORIDA, TO BE USED FOR THE
~ H:~ C OF
SERIES 1960, OF ~' '~~_~v
FLO~ID~.
BE T~ T ~ ~"
RESOlVeD THE CITY COUNCIL OF THE CITY OF
~OV?.rTO~'.?. . .... . BEACw~, FLORIDA, that:
SEC:iO~ 1.
mined that:
- ~ ~' ascertained and detera
It ~s nere~p foumd,
A, S.:. City of 3o}mton 2, each, Florida, (hereinafter
called the "Civ,~"), has '~,~ ~)asolution adopted by the City Co.,,m-
, n-. authcr ...... ? ~ issuance of 16 000 000
missio~ on July 3~', !lc%~ ...... .. , ,
RefundinS and Improvement tevenu -~s, Series of 196~, dated
June. i, 196~;.~ (hereinafter caile- .- ~.pA~: Bonds" and "!96~
Resolution") for the pu~osas, a?nns o~: :rs, of financing the
cost of reru~d~ns certain t'fater and 3ew~
...... , =. :.~v~::~ ~e Bonds, Issue
of ~"~ Se~mes ~ and R dated December 31
-~=, - -', , .-.. .... e~einafter
....... ~e~rr~ to as~ut, standins Series A and R~ 2onds'?'~, ~.m~ certain
w~ Revenue 5onds, Series !g6.~., dated Dece.~=_ ~ 19,50 (here
inafter referred_ _ ~ vo as "o,,+~+aqdi...~ .... ~ ~>~..~'~"" 3onds:'~,, ~!i o~ which
Water and Sewer ays~:e~ of the Cit~ of Boynton
-- " ,e802.
3. The !:}~/~ Resolution se~ forth the procedure
where%y such outstandin,~ l~avenue '~ ~
or redeemed in a~cord~oe wi~h ~ie reso!ut$ons
..... :"~ ~ ~in ' the
~ss~ance of suc'~ cut: s~,:~:~d~ iS bot:~ts.
C. The l, ';,.
an Escrow De,~..-..
~.¥~st Palm ,
of the !S::'i&. ,-:
Resolution r,~ :; :-: ire s the ;.qit~- ~o e":ter, into
.' eanex-: with "he ~-tlantic National '3a,-v of
:'~ orcler_, to insure that the procedure re...umrean' ' '
for paying or r .c~:~TM the outstanding bonds will be followed
D. The 1,o4 Resolution and ~ne Escrow Deposit Agree-
~ ~ ~e Out st andi~g Series ~ and B
~nent provides ~hao the lien of *~
~3onds on the reVenues derived from the said System shall be
dism~arged by depositing with the Escrowee from the proceeds of
the sale of the 1954 2onds, ~ an~ount equal to (i) the principal
amount of ~ne Outst~nd~.~ Series A and Series B Bonds; (ii) the
~ount of the redemption
pre~.~ applicable to the Outstanding
Series A ~d Series B Bonds to be redeemed on J~e 1, 1972;-
and (iii) the ~mount of interest payable on the
Series A and Series B ~ ~'
~onds to June ~
!9,2 ~.cY~ amour to
be held in a separate account designated "Out .....
s.~.amng Series A
~d u Bonds Retirement'
E. The !964 Resolution: provides tita 5he "Outstanding
1960 Bonds Retirement /~ccc~.~ , .,
~-~,~ ~:eser~e Account)
shall be continued and.,~:_~'-~ained~ ~.~'~ order to ~rovide for the
retirement of the Outst~m'~,'~'~ 176,} So~:ds mn' the ~.~anner provided
such 196 Resolution.
-. .~1~.=~ Uat~onai B~nk of Yest Palm Beach,
%'~e st Palm ~ ~ ~1 '
~eacn, ~ or~_~.~ :~as by prior Resolutions, oeen
appointed to ar'~ ~".sv~ ~ ~ua ~scrowee under the provisions
of the 1964 B~esci~tio~u and the v
~scrow Deposit ~sree~xant.
SEC~ '~ . ~.~- ,~
~0:'~ 2 She ~lan~c Xatior. aL~3~k of h~est Palm
Beach~ ,~est Palm ']eac~, Florida is ~ereby authorized and directed
to transfer ~cy ~q~ all mo~seys held for the ' ~
seL~e~Lt o~ t~e
Outst&~d~n,~ Series ~ ~.d ~ ._on~s, ~.,d,~ch are not .othe~,~ise p~o-
vided for in ~ '
o~e 196~ Reso!ution~ to the "Oatst~.~,ad~o ~ 1960
Bonds Retirement Fund~, for use' as is prescribed in the 196~ Reso-
lution.
S.,p ~ m T
adoption.
Resolution shall t~ce effect upon its