62-DDRESOLUTION NO~' 62-DD
A RESOLUTION AUTHORIZING THE EXECU-
TION OF A SUPPLEMENTAL TRUST AGREEMENT
BETWEEN THE CITY 0FBOYNTON BEACH AND
THE ATLANTIC NATIONAL BANK OF WEST
PAIA~BEACH.
WHEREAS, the City has heretofore issued its $1,370,000
Water Revenue Bonds, Series 1960, pursuant to resolution adopted
on January ll, 1961, as amended, herein called "Original Resolution";
and
WHEREAS, said Original Resolution established a "1960 Water
Revenue Bond Fund", a "Sinking Fund" and a "Principal and Interest
Account", "Reserve Account" and "Bond Redemption Account" therein,
set forth the purposes of said Funds; and
WHEREAS, the Atlantic National Bank of West Palm Beach
was named the Trustee of said Funds and the City and said Trustee
have heretofore set forth the terms of said Trust in writing by a
Trust Agreement made and entered into on the 17th day of April,
1961; and
WHEREAS, the City has heretofore authorized the issuance
of its $1,~50,000 Water and Sewer Revenue Bonds, Issue of 1961,
Series A, pursuant to a resolution duly adopted on February 12, 1962,
as amended, herein called "Resolution" which Bonds are on a parity
and rank equally as to lien on and source and security for payment
from the revenues of the combined Water and Sewer System of the City
with the outstanding Water Revenue Bonds, Series 1960; and
WHEREAS, said Resolution provides for the continuation
of said "1960 Water Revenue Bond Fund", "Sinking Fund", and "Princi-
pal and Interest Account", "Reserve ACcount'' and "Bond Redemption
Account" therein, so long as any of said Water and Sewer Revenue
Bonds, Issue of 1961, Series A, or interest thereon, remain out-
standing and unpaid; and
WHEREAS, it is deemed necessary and advisable to continue
the terms of said Trust Agreement entered into on April 17, 1961,
between the City and the Trustee, so long as any of said Water and
Sewer Revenue Bonds, Issue of 1961, Series A, or interest thereon,
are outstanding; now, therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA:
Section 1. That the Atlantic National Bank of West Palm
Beach shall be and it is hereby continued as Trustee to do and
perform all acts required of the Trustee under said Original Resolu-
tion and in accordance with the provisions of said Original Resolution,
said Resolution, said Trust Agreement dated April 17, 1961, and the
Supplemental Trust Agreement herein provided for.
Section 2. That the Funds referred to in the preambles
hereof, created by said Original Resolution and established with the
Trustee be and the same are hereby continued with and shall be held
by the Trustee as long as any of the Water and Sewer Revenue Bonds,
Issue of 1961, Series A, or interest thereon, remain outstanding and
unpaid, provided, however that the "1960 Water Revenue Bond Fund"
shall be continued under the name "Water and Sewer Revenue Bond
Fund".
Section 3. That all the terms, covenants and agreements
of said Trust Agreement, dated April 17, 1961, shall be continued
and shall remain in full force and effect so long as any of said
Water and Sewer Revenue Bonds, Issue of 1961, Series A, or interest
thereon, remain outstanding and unpaid.
Section 4. That the Mayor and City Clerk are hereby auth-
orized and directed to execute a Supplemental Trust Agreement, in
substantially the form annexed hereto as Exhibit "A", with the
Atlantic National Bank of West Palm Beach, West Palm Beach, Florida,
as Trustee, in accordance with the provisions of this resolution.
Section 5. This resolution shall take effect immediately.
PASSED AND ADOPTED this llth day of May, A.
(CORPORATE SEAL)
ity Clerk ~7 -
D. 1962.
CITY OF BOYNTON BEACH, FLORIDA
By
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