Agreement with Henry E. PoorEESeL~ T I ON
APPROVING THE PROPOSED FO~ OF CONTRACT AND
AGREEMENT BETWEEN HENRY. E. POOR', H.W. PITKIN
AND W.L.CAWEY AS AND CONSTITUTING THE CITY
OF BOYNTON', FLORIDA, BONDHOLDERS PROTECTIVE
COi~!TTEE, AND PAL~ LEACH CO~P~NY AND THE TOWN
OF EOYNTON RELATIVE TO THE FUNDING OR REFUND-
ING OF THE OBLIGATIONS OF SAID TO~.~ OF LOYNTON;
AND AUTHORIZING AND DIRECTING THE ?~AYOR AND THE
TOWN CLERK OF AND ON LE~ALF OF THE TO~N TO EkECUTE
AND DELIVER SAID CONTRACT TO THE PARTIES OF
THE FIRST PAR~.
EE IT RESOLVED LY THE TOWN CO}~i~ISSION OF THE TO~
OF EOY.~,~TON FLORIDA:
1. That the proposed contract and agreement between Henry
E. Poor, H.W. PITKIN and W.L.CAREY as and constituting the
City of Bo~n%ton, Florida Bondholders Protectiv~ Co~mnittee,
and Palm Beach Company, parties of the first part,
Tova% of Boy~-~ton, Party of the second ~art, which is set forth
in full in Section 2 i~ereof, be anm the same is hereby approved
as to form and substance.
2. That th~ ~'~ayor and To~a~ Clerk of and on behalf of
the Toma'~ b~, and they are hereby authorizem and dir~ct~m
to execute and deliver to H~nry E.Poor, H.W.Pitkin, and W.L.Carey,
as and constituting the City of Lo~n%ton, Florida, Bondholders
]Prot~ctiv~ Committ~, and Palm Beach Company, the contract
agreement approved in Section 1 hereof and hereinafter set
forth in form, words, and figures as follows:
This contract and agreement made and entered into
this day of A.~:. 190~, by and between
HENRY.E:P00R of Cinci~u'~ati, Ohio, H.~.PITKIN, of Des ~oines,
Iowa, and. W.L.CAREY of ~'~ilwaukee, Wisconsin, as and
constituting the City of Loynton, Florida, Londholders
Protective Co~nnittee, and Palm Leach Company, a Delaware
Corporation, parties of the first part, and Town of Boynton,
a municipal corporation arganized under the laws of the
State of Florida, party of the second part, WITNESSETH: that,
WHEREAS, the parties of the first part are the
owners an..~ holders or representatives of, under oowers of
attorney, six hundred and eleven (611) of the outstanding
bonds of the Town of Boynton, Florida, and also of the
judgement of the Whito Construction Company against the
said town for th~ principal sum ~of $2~1,29~.~1, and also
of c~rtificates of indebtoness, the payment of which is
gmaranteed by the said Town of Boynton, in the face value
oT $46,170.77, aSd authorized to act in their bohalf, and
WHEREAS, th~ said Tow~'~ of koynton is desirous of
entering into an arrangement with the parties of the first
part and other creditors of the Town of Do~u'xton for the
refunding of the portion of the obligations above described,.
for which the said To~a~ is liable, the same being fifty (50%)
per cent thereof, as provided by Chapter 15088 of the laws
of Florida of 1931, the parties hereto have mutually agreed
with each other as follows:
That the party of the second part hereby accept
its indebtedness as above set forth to the extent of
fifty (50%) per cent of the principal of each of said
obligations above describe~, including each of the bonds
and ce~til'icates of indebtness, to the parties of the
first part, and also I~ifty (~0%) per cent of the accrued and
past ~e interest on each of the bonds, certificates of
indebtedness and judgement above describeC.
II.
That the parties of the first part hereby agree
that they will accept refunding bonds of the Towu~ of Eoynton
in full settlement and satisfaction of the liability
of the To~a~ of Eo~nton to them, subject to the followin~
conditions:
(a) The total amount of the refunding bonds to be
delivered by the second party to the first parties shall
be the sum of $ , the face value of said bonds·
(b) Said bongs shall be dated July l, 1933, and
shall mature thirty-five (35) years from date thereof.
(c) The bonds shall bear interest at the follow-
ing rates .... 3% a year for the first five years, 4~ a year
for the next five years, 5~ a year for the next five years, and
6% a year for the remaining twenty (2,0) years; said
interost shall be payable semi-annually on the first days
of January and July of each and every y~ar, and shall be
evidenced by coupons attached to said bonds in the us~.~al for~.
(d) The face value of said bonds shall b~ in 4enom-
inations of O?~E THOUSA~D (1,O00) DOLLARS, FIVE HUI~DRED ($500)
~OLLAR? and ONE HUNDRED ($100) DOLLARS, and the n~nnber
of bonds of each deno~.uination to be hereafter determined.
(e) Such bonds shall be general obligations of the
Town of Bo~nton as now constituted and the full faith
and credit of said Town shall be pledgcm for the payment
thereof. They shall bear the usual r~citals that the
same are issued in 'accordance with the constitution and
statutes of th~ State of Florida, and be execute~ by the
proper officials of said T wn under the soal of the same.
(f) The Town of Eoynton shall, prior to the issuance
of said bonds, adopt a resolution agreeing to lo~.y taxes
from year to year, as ~nay be necessary, to pay the intoro~t
on said bonds as the sa~.ue ~nature, and in addition thereto,
shall levy ea~ch year, be~i~'~ing with the second year, a s m
of not less than one (l~) per cent of the face value of
the outstanding indebtedness for the purpose of creatin~ a
sinking ?una for the pa~nnent of said bonms; such sinkin~
fund may be utilizod by the Town from time to time for
the purchase aha r~ti~ement of the outsta~-~mi~g bo~ds, such
bonds to be callable at any time three (3) y~ars after date of iss
upon the payment of principal and accrued interest; such sinking
fund may also be used to purchase bonds of such issue at any price
less than par, at the option of the To~n% Officials; but,
if such funds are not so used, they shall be held intact and
p~s~rv~d for th~ ultimate r~tir~ment of such bonds. The
To~'~ of ~oynton shall also agr~ to pay into such sinking
funa all moneys collected by it from tax~s h~r~tofor~ l~vi~d
by it upon property now within its bou~.~dary, and also all
s~m~s collected form sp~ciai ass~ssm~nt~: h~r~tofor~ levied
by the said Town upon property now within the boundaries
of said Town, and sums rsceiveu from the resale of property
tttl~ to which may De acquired by the Town of Eoynton
under tax sales or sales resulting from the foreclosure
of special assessments and used for the purposes hereinabove
set forth; provided, however, that the Town may pay the costs
and expenses of any proceeding instituted for the fore.plosure
of any tax certificate/or l~en of any special assessment, sub-
j~ct to control by the parties of the first part.
(g) Such bonds are to be validated by the Town of
LoyL~ton in the Circuit Court of Palm Beach County, in accordance
with th~ laws in such cases made and provideu, and th~ Town
shall furnish, prior to the delivery of such bonds, an
opinion by an attorney who is recognized as an authority
upon municipal bonds,and whose opinion is generally
acceptable upon such subjects, duly approving the validity
of the proceedings leading up to and culminatinr~~ in tho issue
and delive~ of such bonds. ~
(h) The par~ies of the first part agree to ~y one-
third (1/~) of the expense nscessary to obtain the approving
opinion above refer~ed to.
(1) '~en the new bo~ds are ready for delivery and
have been cali~atsd and approved, ss above set forth, the Town
will deposit tn~ same, duly executed, with the Central Trust
Company of Cincin ati, or some other agency which may be desi?-
~'mtsd by the ~rtiss of the first 9art, for the delivery to the
parties of th~ first par~t and to any other holders of bonds and
other.security to b~ r~funded, to b~ exchanged for a corrsspona-
lng r~leas~ of the outstanding obligations of said Town held by
them.
III.
That the parties of the first part s?ree, that when the
Town shall have delivered the bonds in the amounts specified, to
Central Trust Company of Cincinnati, or ~ther agency as above set
fo~h, duly executed, iss sa., ~alidated and approwsd, they will
deliver to the said Central Trust Company or other sgency the
securities and obligations of the To~n~ held or represented by
them fop such exchange, or will deliver to the Town any
hecessary releases or discharge, of the same from its further
liability to the parties of the first part for the other portion
of the debt so held by the par%isa of the first part, and will
look to the Town of Eoynton Beach fop the payment of the balance
oEling to them, in accordance with the Ch~rter of said Town and
th~ statutes relating thereto.
IN WITNESS WHEREOF, the parties her.~to have hereunto
set their han~s and seals, the day and ye..~r first above mentioned.
CITY OF [OYNTOI~'. FLORIDA, £ONDHOLDERS
PROTECTIVE~ ' C OMMITT~]E
(Signed) HENRY E. POOR
([ligned) H.W. PITKIN
BY
PALM BEACH CO~PANY
(Signed) GEORGE T. CLAR~
(Parties of the finest part)
Signed, sealed and delivered
~n the prssonce of:
W.F. FINCH
~M. P. So~&ER~ILLE
~B to parbie~ of first part
TOWN OF EOY~TON
( Signed ) H .D. STEVENS
Mayor
ATTEST:
(Signe~)
.. J.P. E OWEN
City Clerk
(Parties of second part)