Minutes 10-15-51~II~U3TES OF ~ REGDq~AR ~ETING OF THE CITY COUNCIL
0Fm TPiE CITY OF BOYNTON BEACH, FLORIDA, AT TIiq~ CITY
HALL ON OCTOBER 15, 1951.
The City Council convened at the City Hall on
October ~5, 1951, at 7.30
COUNCILI~w_~N PRESET:
F. L. Purinton
C. H. Hood
Alva Shook
Henry ~erkel
Clifford
Dorothy V. Williams, City Clerk, reed the minutes
of the previous regular meeting of the Council on October
l, 1951.
Mr. ~rovince made a motion, seconded by Nr.Hood that
the minutes be accepted as read. Notion carried unanimous-
ly.
BILLS 0'KAYED
FOR PA~[~NT:
Gen~! Fund.
Henry Cooper
Leonard Harris
Frank Johnson
Dave Lanier
Sam Nurray
Lee Thomas
Parker lVard
E.j.~ahlmeister 70.00
Delray Beach ~otors Inc. 839.00
Howard Lee Cromer
Florids tA*T.& Lt. Co. 667.68
A.C.Carver 138.00
N.0.~arshaI1 122.70
C.C.Yeeks 112.20
J.A.Klingler 102.20
D.V.Williams 112.70
John Bell 96.80
Ruth L.Gramley 70.40
John E.Raulerson
Betty Jane Grill
Katherine Thompson 65.40
Whitt ~cDowell 20.00
Henry Cooper 31.60
Frank Johnson ~5.00
Dave Lanier 45.50
Sam ~urray 31.60
Lee Thomas
Parker Ward 3~o00
~ater Fund.
21.00
39.60
35.00
~5.50
21o00
39~60
33.00
!17.30
75.40
39.60
DepositOrs
-2-
Leonard Harris 39.60
Charlie ~'aters 33.00
Bo-gel Printing Co. 69.11
Central Truck Lines 12.09
Florida Pwr. & Lt. Co~ 624.7~
~ustin Supply Co. 3o21
Del~arco Tractor & Instr.
Co. 110.63
Palm Beach Typewriter Co. 3.60
City of Delray Beach 50.00
~arty & Dick's Service
Station 36.93
Danner Ford k6.20
Weavers Insurance Agency 108.45
Shaw Brothers Oil Co. a08.75
Howard Lee Cromer $2,109.35 Bond Constr.
?
The ~ayor said he and Mr. Hood had insoected_ the
old cemetery where a good deal of confusion existed,
in some cases one grave had been found unde~ anothero
In the Daugharty case the grave had been put in the
wrong place to begin with, being outside the Southern
boundary of the old cemetery and not in the new. At
the same time it was recommended that Mrs° Daugharty's
request be granted, and also the request of Mr. Klep re-
garding the grave adjoining that of his father-in-law,'
~ Heaton.
The ~ayor said there are no records of any kind re-
garding lots in the old demetery, although the State laws
say that every lot mus~ be recorded. He suggested that
all future graves be in the new cemetery.
Mr. Hood made a motion, seconded by Mr. Province,
that the City gran~ to ~.lArs. Daugharty without charge those
graves which she wishes, if she still desires that piece
of land. ~otion passed unanimously.
~r. Griffith said that although there had been no
records kept heretofore, he thinks a record should be kept
in the City Hall of any future burials in the old ~emeteryo
~r. Hood suggested that ~ ~oolbright and ~.RauLer-
son compile s record of names and locations of burials of
their ~uowledge in the old ~emetery.
~Ar. Merkel made a motion that the old ~emetery be
closed, with the exception that families with plots there
may be allowed to bury relatives there, if there is a
vacant lot adjoining. Mr. Hood seconded the motion, which
was passed unanimously.
To e protest against the increased cost of cemetery
lots from $15 to $30, it was explained that this increase
was.made to cover perpetual care.
The Mayor said that something must definitely be done
about marking out the cemetery lots, as at present there
are not sufficient stakes and the roads must be fixed. He
suggested taking one block et a time.
A letter was read from Mr. Talbot requesting permission
to have a small circus in Rainbow Gardens during the winter.
Mr. Talbot, who~as present,
include horses, monkeys and dogs,
from the road.
said the circus would
and would be well back
Mr. Shook made a motion~ seconded by Mt.Hood, that
Mr. Talbot be allowed to have a small circus in Rainbow
Gardens with the animals mentioned, but before any further
animals are added the question mu~t again be brought up to
the Board. Motion passed unanimously.
A letter was read from I~r. Delen of the Laundry Lux
requesting a loading zone outside his business premises
on Ocean Avenue for the convenience of his customers when
bringing in heavy bundles of lamudry.
D~ring e lengthy discussion it was pointed out by
the Mayor that there was a great deal of traffic on that
street, ~nich is not ~ wide one, and that the City has
tried to force all trucks, etc., to load and unload in the
parking space available behind the stores; that various
schemes for relieving the traffic had been tried, but all
had met ~h~ sudh strong protests that they had been with-
drawn; that when the alley is completed behind Mr.Delen's
premises, his large parking space will be easier of access
and can be marked "For Customers Only", as it will not be
for the public.
Mr. Shook said that if a loading zone is granted to
one, it must be given to others, and with loading zones
on both sides of the street there would be no room for
anyone else.
The general opinion of the Council was that the park-
ing area should be in the rear of the stores and not in
front~ and that there were no Cities where parking is allowed
in front of stores.
The matter was put to a vote and all the Commissioners
agreed that they regretted they could not comply with Mr.
Delen's request for a loading zone in front of his ~tore
in such a narrow street, particularly in view of the fact
that there was ample parking apace in the rear.
It was also stated that there is already an Ordinance.
against truck ~arking in this area, and no discrimination
can be made between a truck and a car; that if the Ordin-
ance is repealed, everyone will have to be allowed to park,
as all must be treated alike.
The ~ayor said that within a week or two the 20 foot
alley behind ~. Delen's s~ore would be payed.
Mro-Merkel announced that he, D~. Boos and Mr. Lord
would take,it in turn to attend R.D.B, meetings, and it
was, requested that a letter be written to the R.D.B.
conveying this information;
A colored man brought up the mat~er of some lots which,
after ourchasing them from the Lake Worth Holding Company
for $3~0, he had found to be in awhite zone. He wanted to
know what he could do about it.
The ~layor said that if it would be agreeable to him
an equally good lot might be found in another ioeation
which ne could swap for his present one. The man agreed
and was told that the information regarding another lot
would be available by the next meeting of the Cou~ucil,
on November 5.
~r. Griffith read a letter he had received from the
Florida East Coast Railroad regretfully repeating its
reasons for not being able vo make ~o~m~mn a Flag Stop.
When retaliation was suggested, Mr. Griffith cautioned
that this might lead to a great deal of trouble and ex-
pense l~sting for several years.
~r. Hood suggested ~r. Griffith reply to the FEC that
the Co~nissioner~s regret the decision: but are not going
to drop the matter, and will bring it up for _ur~he_,~ ~ ~ dis-
cussion later.
Seaboard
the FEC.
Griffith was also asked to write a letter to the
ComDany along the same lines as those written to
The Mayor referred to ~gr. Stafford as taking the
pos_t~on that as he is not doing any v~rk as a painte~ in
Boynton he should therefore noat have to buy a license here.
1~. Griffitb read an amendment to Ordinance No.227
covering nuisances in the City.
Mr. Hood made a motion, seconded by ~. Province,
that Ordinance No.227, as read by ~r.Griffitg, be accept-
ed. ~otion p~ssed unanimously.
-5-
The City Clerk r~ad 0rdin~ee No,226 covering the
Budget for the fiscal year 1952o
~r. Sherratt asked ~hat items were covered by the
disbursements for publicity, and was told that these
included signs, maps, ~ima! Rescue League and other
donations, etc.
that the
as read.
Hood made a motion, seconded by Mt. Province,
firsv reading of Ordinance No.226 be accepted
Motion passed unanimously.
With regard to ths Suggested enforcement of the
Ordinance covering dogs, it vmsdacldea' ~ to again table
catcher,the matter as the City could not afford to pay a dog
There being no further business, the meeting was
adjourned by the ~ayoro
~ayor
City Clark.
r
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 0F
BOYNTO~ BEACH, FI~IDA:
Section 1. That this Council has ascertained and de-
~ermined that:
(A) Under date of ~ay 1, 1928 the Town of Boyaton
(now the City of Boyaton Beach) issued obligations designated
ImproVement CerSifica~es of Indebte~ess in the P~cipal a~t
of $58,56~.~, ~tU~ing on Nay 1, 19~8 and bearing i~ts~est at 8
~r ~ntum, said interest being ~epPesen~ed by ~U~ns, payable
ann~a!ly, attached ~o said obligations. The ce~tifiea~es of
indebtedness were issued Lu various p~incipal ~s, each of
which ~e~esenSed the ~o~ of an assessmen~ levied agains$ a
lot or par~l of land described in ~he cePtificate of indebted-
ness. Bo~h P~ineipal and in~erest of said cer$1ficates of indebt-
e~ess wePe made payabl~ ~to heaped, and by ~he tep~ thereof the
paymeno of su~ princi~l and iate~est was guaranteed by the
To~ of Bo~ton~
By the provisions of Chapter 15088, ~peelal ~cts of
19~l, Creating the Town of Boynton Beach out of termitor7 former-
ly included within She Town of Boyaton, each of said towns was
required to assume and discharge 80% of ali iadebtedness for which
the Town of BoynSon was liable o~ April 1,' t980~ whe~he~ represent-
ed by bonds or otherwise. The Town of Boynton' continued to be
liable for 80%~ of tJue amount of said improvemen~ certificates of
indebtedness which were outstanding on April 1, 19~0, and of said
amo~u~ fo~ which ~he Town of Boyaton remained liable theme are
now outstanding and unpaid certificates in the Principal amount
of $~1,892~ and interest accrued thereon to July I, 1949 in the
sum of $~7,288.~0, making the total amo,ma~ of indebtedness past
tions in conflict herewith are hereby rescinded.
Section 14. That t~is resolution shall be in full
force and effect immediately upon its passage,
additional bonds with subsequent surplus accumulations or any
other funds as long as private purchases ma2 be made upon such
basis as will show an equal or higher income yield than the high-
e~t yield calculated on bonds purchased responsive to tenders
ceived at the last preceding tender date. In the event that no
offerings can be obtained at or below the callable price, the said
City may proceed to call bonds by lot.
(B) That all of said refunding bonds purchased or re-
deemed by the City shall be ca~celled immediately upon their sur-
render to the City.
Section lC. That it is hereby declared and intended
that the said refunding bonds hereby authorized are to be issued
as of J~ly 1, 1949, for the purpose of refinancing as of that
date the amo~unt of outstanding indebtedness of said City of Boyn-
ton Beagn, Florida, then existing as hereinbefore described.
Section ll. That Bert Winters, Esq. , Attorney at
Law, be and he is hereby authorized and directed to institute ap-
propriate proceedings in the Circuit Court of the Fifteenth Judi-
cial Circuit of Florida, in and for Palm Beag~ County, Florida~
for the validation of said refunding bond issue, and the Mayor is
authorized to verify on behalf of the City of Boynton Beach any
pleadings in such p~oceedings.
Section 12. That if any clause, section, paragraph or
provision of this resolution or of the refunding bonds hereby
authorized be declared unenforceable by any court of final Jnris~
diction, it shall not affect nor invalidate any remainder thereof,
and if any~of the refunding bonds hereby authorized be adjudged
illegal or unenforceable, the holders thereof shall be entitled to
be subrogated to the rights of the holders of the indebtedness
hereby provided to be refunded thereby and as such em~orce their
claim for payment.
Section 13, That all resolutions and par~s of resolu-
outstanding, and notice of such redemption, specifying the bonds
to be ~edeemed, shall be Filed st the place of payment of the
principal and interest thereof, at least thirty (30) days prior
to such redemption date, and said notice of intention to redeem
such bonds shall be published once, not more than sixty (~0) nor
less than thirty (30) days prior to such redemption date, in at
least two publications, one of wb~ich shall be a newspaper having
a general circulation in the City of Boynton Beach, Florida, and
the other shall ~afinancial Journal published in the City of
New York, New York, and said bonds when so called for redemption
shall cease to bear interest on such redemption date, provided that
adequate funds for their redemption and payment shall have been
deposited and set aside at the designated paying agency by said
Cit~ for such purpose.
section 9. (A) If at any time there is $§,006 or more
in the Refunding Bond Interest and Sinking Fund Account over and
above the amount of the next annual interest requirement, the
said fund shall be used by the 0ity, after giving reasonable pub-
lic notice of its intention, for the purpose of purchasing refund-
ing bonds of the issue contemplated herein, which purChase shall
be made in the following manner~ The 0ity shall designate a da~e
at whic~ time it will receive sealed tenders of bonds of the
funding issue ~erein authorized, and act upon such tenders in open
session. The entire available surplus for the retirement of
bonds shall be used to purchase bonds offered by suc~ tenders at
the lowest prices; p~ovided, however, that if the said City be
dissatisfied with any or all tenders thus received, it shall have
the option to reject any or all of same~ and within sixty (60) days
after su~n rejection it shall readvertise for additional sealed
tenders in the same manner as hereinbefore provided, and shall pur-
chase the bonds offered at ~he lowest prices upon such readvertise-
merit abso~zing all surplus funds available in the Refunding Bond
Interest and ~inking Fund Account; provided,
lng each respective tender date said City may
further, that follow-
privately purchase
ne~ avail itself of any legislation impairing or modifying the
obligations of the Oily on the indebtedness refunded by said
funding bonds or the covenants contained in $~id bonds and in
this resolmtion; that said refunding bonds shall constitute
continuation, extension,
thereby refunded; that
hereby declared to have
merger and renewal of the indebtedness
said refmnding bonds shall have and are
the same security and source of paymen~
as the indebte~uess thereby refunded; that all rights and re-
medies which were available for the support and enforcement of
the indebtedness to be refunded hereunder shall be available for
the support and enforcemen~ of the refunding bonds hereby author-
tmed to be issued, and that said refunding bonds shall be of
same class snd~e ~he same security and source of paymen~ from
taxes or other revenues applicable ~nereto, as ~he refundibg bonds
issued by the City of Boynton Beach, date~ Getober l~ 1946~ and
designated Refunding Bonds, Issue of 1946.
(D) That all covenants, representations, ~agreements and
undertakings herein set out, as well as those appearing on the face
of each of said ~efunding bonds, shall constitute a contract with
the holders of the refunding bonds, which contract shall be en-
forceable by s~it, action or mandamus on behalf of any bondholder
in any court of competent jurisdiction,
default sh~ll then have occurred in the
or principal of said re~Gnding bonds.
Section 8. (A) That all of
whether or not a monetary
paymen~ of the interest on
said refunding bonds shall
be callable upon any interest payment date prior to maturit~ at
par plus accrued interest at the rate then prevailing as enfo~ce-
able and collectible.
(B) That the option to call any or all of said refund-
ing bonds prior to matu~it~ shall be exercised in the fol!owingman-
ner~ the ~efundi~g bonds which are to be redeemed shall be d~awn
by lot by the governing body of said City from all the bonds then
chase, redemption or payment of the principal
funding bonds hereby auuhorized
special
imposed.
will be
of the said re-
to be issued, shall constitu=e
levies for the particular p~pose for which they are
Such t~x levies, while eonstitu~Ing special levies,
collected in cash at the same time and in the same manner
as o~her taxes whiC~may be levied by ~he City and upon collection
will be i~ediately stg~egated and credited to the propem fmnd~ as
hereinbefore provided. 'The ~City covenants that it will P~om~Dtly
set aside out of the proceeds of its tax collections, including
the moneys derived f~om the sale or transfer of tax certificates
and tax deeds, the D~opsr proportionate amount thereof applicable
to the purchase, ~edemption or paymen~ of ~he principal and in-
terest on ~he said =ef~ding bonds, and all moneys so c~edited
to such special funds wil! be forthwith deposited with a City De-
pository and held by it in t~ust for the pumC~ase, ~edemption or
paymen~ of the principal of and interest on the said refunding
bonds, in the manner p~escribed by this resolution.
(A) The City hereby covenants that, ~r~.~withstanding
the provisions of any laws inconsisten~ with the terms of this
resolution, it will nco accepu anything bu~ lawful money of the
United S%ates of America in paymen~ or satisfaction of ~he taxes
requ/med to be levied or pledged hereunde~ fo~ the paymenu of the
and principal of ~he refunding bonds authorized
interest upon
hereby~
(B)
The City hereby further covenants that, notwith-
standing ~ection ~ Article X, of the Constitution ofthe E~te
of Florida, and any legislation enacted pumsuan~ thereto, it will
levy taxes for the paymenu of the ~efunding bonds authorized here-
by upon all homesteads whichwere subject to taxation for paymen~
of ~ne indebtedness refunded by said ~efunding bonds, to the same
extent as o~her property may be liable Uo taxation the=efo~.
(C) The City f~ther covenants that so long as any of
the ~efunding bonds authorized hereby may be outstanding, it will
$~o ~ . Moneys in said ~peelai Reserve Fund shall from time
to time be applied to the payment of interest due on the refunding
bonds in anticipation of ~he ecilection of taxes levied therefor
whenever sueh taxes have not been collected at the time such in-
terest becomes due. The amount used for such purpose shall be re-
stored ~o such Special'Reserve Fund from the proceeds of said taxes
as collected.
Section 6. That the a~ual taxes herein provided for
the paymen~ of the p~incipal of and interest on the refunding
bonds shall be levied and computed in the proper proportionate
amounts against the extended and finally equalized valuation of
all property subject ~o taxation for payment of the refunding bonds,
excepting only that property which was exempted from municipal
taxation by the constitution and laws of Fi. rids as they existed
immediately prior to November ~ l~. and suc~ taxes shall ~e
levied accordingly each year and from year to yea~ until all of
the indebtedness evidenced by said refunding bends has been liqui-
dated, provided ~hst in no event will levies be made below the
prescribed amount. The ~axes so levied shall be in addition ~o
all o~her taxes levied by or on behalf of the City of Boynton
Beach, and the proceeds r~hereof and of all tax certificates and
tax deeds issued therefor are hereby appropriated and shall be
used exclusively for the purpose for which t~he same are levied,
and so long as any of said refunding ~onds and interest thereon
remain outstanding or unpaid, the respective annual tax levies
shall be increased when necessary to provide sufficient funds for
the actual interest and sinking fund requirements of said refmnd~
lng bonds for the year next succeeding that in which the budget
is being made and p~eparede
~ection ~. That all tax levies required to ~e made
hereunder for the payment of the interest upon and for the pu~-
(FOR~ OF COUPON FOR SE~I~A~.~UAL ~TEREST PAINTS)
On the first day of , 19 , the City
of Boy~ton Beach, Florida, will pay to the bearer at The Chase
National Bank of the City of New To~k, in New Yo~k City, New Tork,
the sum of
being the then enforceable and collectible interest on
lng Bend~ Issue of 1949, dated Jnly l, 19~9, ~oo
said bond sb~!l have been the~eto£ore called
do!la~s,
its Refund-
~ unless
for redemption.
(FOR~ OF VALIDATION CERTIF!CA-~E)
Validated and co~firmed by decree o£ the Circuit Ceu~t
of the Fifteenth J~dicial Circuit of Flo~ida~ in ~d £or ~alm Beach
County, rendered on the day of , 1949.
C--~~e Circuit
Palm Beach County, Flo~idn
Section 4. ~nat for the prompt paymen~ of the principal
of and interest on said refunding bonds issued pursuant to this
resolution, the faith, credit and taxing power of the City of
Boy~ton Beach, Florida, a~e hereby irrevocably pledged to the same
exten~ and with like force and effect as the same were pledged for
the paymen~ of ~ue om~standing indebtedness refunded thereby~ and
the City Oo~Gncil hersb~ covenants and agrees with the holders of
any and all of said ref~ading bonds and interest coupons issued
under the provisions of this resolution that the City will make
promp~ paymen~ of the same when due.
Section §. That for the
for ~he paymen~ of the interest on,
lng fund for the retiremen~ of ~e
funding bonds hereby authorized to
purpose of adequately providing
and for the creation of a sink-
principal of, ell of said re-
be issued, the City Cotuucil,
for and on'behalf of said City, hereby covenants and agrees with
the holders of said refunding bonds that:
(l~ tn the annual budget and ad valorem Tax levy to be made
in the fiscal year 1949~1980, and in each year thereafter until
all of said refunding bonds and the interest thereon have been
paid~ there shall be included a levy of $ cu~ren~ ad valorem tax
on all property which is subject to taxation for the payment of
the indebtedness refunded by said refunding bonds in such amo~t
as shall be sufficient for ~he principal and interest retirement
of bonded indebtedness based upon not more than §0~ collectibil-
ity of su~ tax~ but in no event shall such levy be less than
$ ~- in each of said fiscal years.
(B) The City shall create and maintain a Special Reserve
Fund in the amount of $ '~ , and f~om the first moneys col-
lect~d f~om the tax levy for said refunding bonds, or from other
sources of revenue lawfully available for that purpose, the City
will apply or set aside a sufficien~ sum for the payment of the
interest on the refunding bonds, and the balance ~nell be placed
in the Special Reserve Fund until such Fund amounts to the sum of
otherwise taking effect since the creation of the indebtedness
hereby refunded.
IT IS BE~°~BYOERTIFIEDAND RECIT~ t~t this negotiable
bond is one of a Series issued ~nder the authority of ann in full
compliance with the General Refmndfng Act of 1931, same being Chap-
ter 1~2, Florida Statutes, 19~l, and the Cha~ter of said City,
pursuant to resolutions and proceedings dmly and legally adopted
and taken by the City Council eF the City of Boyn~on Beach~ Florida,
and said Series of bonds, c£ ~ich this bond is a part,~t~ issued
in exchange fo~ and as a continuation, extension, me~ge~ an8
newal of a like amount of vali~ subsisting Funded indebtedness
the said City created prior ~o ~ovember ~, l~, and omtsta~ding
on the dates of the passage of said resolu~ions~ and for the pur-
pose of ~efundi~g said outstanding i~debtedness; that all acts,
conditions and things req~i~ed to happen, exist and be performed
precedent to and in the issuance of this bond have happened~ exist
and been performed in due time, form and manner according to law;
that the total bonded indebtedness of said City, including this
bond, does no~ exceed~ ~nd thzt the total indeb~ednes~a of said City
at the time of the incurring of the indebtedness ~efn~ded hereby,
including said indebtedness, did not then exceed any constitutional
o~ statutor~ limitation thereon; and for the prompt payment of this
bond, and the inter,st thereon, as the same become due, the full
faith, credit and taxing power of said City are hereby irrevocably
pledged to ~he same extent and with like fo~ce and effect as the
same were pledged for payment of the indebtedness refunded hereby.
IN WITNESS WHEREOF the City.of Boynton Beach, in Palm
Beach Comnty, Florida~ by its Oity Couocil has ~aused this bo~d
to be signed by its ~ayor and ~ity Treasurer, and has caused the
interest comports he~eto attached to be executed with the fac siw~ile
signature of its Treasurer, all as of the first day of July,
C~y Treasure~
approved as to Form, language and execution
M yet
City Attorney
tax levy to be made in the fiscal year 1949-1950, and in each
year thereafter until all of said Refunding Bonds and the interest
thereon have been ~aid, there shall be i~cl~ded a levy of a current
ad valorem tax on all property subject to taxation for the payment
of the indebtedness refunded by said Refunding Bonds in such amount
as shall be sufficient for ~he principal and iR~e~est retirement
of bonded indebtedness, based upon Rot more than ~0% collectibility
of such tax, but ia no overt shall such levy be less than
$ ~ iR each of said fiscal years, and that the
City will create a~d maintain a Special Reserve Fund in the sum of
$ ~ and from the first mo~eys collected from
the ~ax levy for said Refunding Bonds, or from other sourcss of
revenue lawfully available for ~hat purpose, the City will apply
or set aside a sufficient sum for the payment of the interest on
~he Refunding Bonds, and deposit the balance ia the Special Reserve
Fund until such f~ud amounts to the sum of $ ~ ~ -
~o~eys in said ~pecial Reserve Fund shall from tLme to time be ap-
plied to the payment of interest due on the Refunding Bonds in an-
ticipation of the collection of taxes levied ~herefor, whenever
such taxes have not been collected at the time s~ch interest becomes
due. The ~f~ht is hereby ~eserved ~o levy such taxes as might law-
fully be imposed for the payment of this bond upon any property
heretofore embraced within the ~errite~ial limits of the C~ty at
the time of the incurring of the indebtedness hereby refunded ~nich
is ~ot now included withi~ the existing territorial limits of the
City. The City further covenants that all taxes levied for the pay-
ment of the p~incipal and interest of this bond, including taxes
upon homesteads, will be collected in cash at the same time and in
the same manner as operating and governmental ad valorem taxes
levied by said City, and the rights and remedies for the enforcement
of the indebtedness refunded hereby shall appertain to this bond
and the taxes securing the same independently of any restrictions or
limitations thereon emacted by the State Legislature of Florida or
i~terest by let when such surplus is not used for the purchase of
bonds of said issue at o2 below the callable price of par and
aecrmed intefest and not reserved so to acquire snch beads under
then published notice in the manner more particularly prescribed
by the resolntion authorizing the issuance of said Refunding Bonds.
In the event this bond is so called for 2edemption, notice thereof
shall be filed at the place of payment of principal~and interest
of said bonds at least thirty days prior to the date or redemption
and shall be published once not less than thirty (~0) ~er more
than sixty (60) days before such redemption date ia a newspaper
having a genefal circulation ia the City of Boynton Beach, Florida,
and once in a financial journal published in the City of New York~
New York~ as provided by the resolution of the City Council of
said City of Boynton Beach authorizing the issuance of the Refund-
ing Bonds of the issme of which this bond is one. If this bund
shall not be presented for payment om the date so fixed for r~demp-
rich, it shall cease to bear interest from and after said 8ate,
provided that adequate funds for its redemption shall have been
deposited and se~ aside at the designated paying agency by said
City fo~ such purpose. The sinking fund p~ovided for said Refund-
lng Bonds may also be used in the purchase thereof in accordance
with the previsions of the ~esolution authorizing their issuance,
The City of Boynton Beach covenants with the holder of
this bond that it will levy $ direct annual tax upon all property
subject to taxation.for the payment of the indebtedness refunded
by the Refunding Bonds of the series of which this bond is one,
except only that property which was exempted from municipal tax-
atio~ by fha Constitution a~d laws of Florida as they existed
irmnediately prier to Novembe2 6, 1934, which tax shall ~e in
amounts sufficient to provide for payment~of the interest upo~
the bonds of the Series of which this bond is one as
become due, and to create a sinking fund for pafEent
oipal thereof at maturity; that in the a~nual budget
the same shall
of the prin-
and ad valo3em
D~ITED STATES OF A~E~CA
STATE OF FI~)RIDA
COUNTY OF PAI~ BEACH
CITY OF BOYNTON BRACH
HE~DI~G BOND, ISSUE OF 1949
NO.
The City of Boynton Beach, a municipal corporation io
the County of Pa~ Beach, S~ate ef Fto~ida, he~e~y ac~leages
itse~ to be indebted ~d, fo~ val~e ~eceived, hereby p~e~ses
~o pay to the ~oea~er ~he Pr~cipal sum of
~DOLLA~S
on the first day of July, 1971, with the option of prior redemp-
tion as hereinafter provided, and to pay interest on said sum
semi-annually, on the first day of January and the first day of
July in each year, at the rate of one and one-half per cent~(1 1/2%)
per annum from the date hereof to July l, 19~1; thereafte~ at the
rate of two per cent (2%) per annum to July l, 1954; thereafter
at the rate of two and one-half per cent (2 1/2%) per annum to
July 1, 1956; thereafter at ~he rate of three per cent (~%) pe~
annum to July 1, 1961, and at the rate of four per cent (4%) per
annum thereafter. Bo~h principal and interest hereof are payable
in lawfml money of the United States of A~ericaat The Chase National
Bank of the City o~ New York, in New York City, New ~ork upon pre-
sentation of this Doad and the interest coupons hereto attached as
they severally mature.
This bond is one o£ an issue o~ Refunding Bonds of like
date and ma~ri~y, limited in aggregate amount to
The City of Boynton Beach, Florida, hereby reserves the
right to call and redeem all or any part of the Refunding Bonds
of the issue of which this bond is one on any inte~es~ payment~
date at par pims accrued interest at the rate then prevailing as
enforceable and collectible, and agrees that it will apply surplus
moneys in the Bpecial Reserve Fund established for said Refunding
Bond issue, over and above requirements for interest payments, to
the redemption of Refunding Bonds of said issue at pat and accrued
refunding bonds shall be payable in lawful money oF the United
States of America at The Chase National Bmnk of the City of New
Ye~k, in New York City, New York.
SecSion $o Said Ref~ndi~g Bonds ~ali be signed By the
Mayor and City Treasurer and shall have the eo~pera~seal of the
City affixed, and the ~u~erest coupons attached So the Bends ~aall
be exeem~ed with the fac simile signatm~e of the Oity Treasurer.
The form of said bonds and the coupons a~d of She validatio~ certi-
ficate So be endorsed thereon ~sll be substantially as foltews:
due and unpaid the sum of $§8,980.85 for the payment of which
sum. the City of Boynton Beach is now liable as successor to the
Town of Beyntono
(B) The City of Boymton Beach is finansielly unable
to pay the indebtedness above referred to without imposing undue
hardship on its citizens and taxpayers, and it will be to the
advantsge of the City and its taxpayers~ citizens and creditors
to provide for the issuance of refunding bonds, bearing interest
at a lower rate than the rate Which continues to accrue on said
indebtedness, and postponing the time of payment of such indebt-
Section 2. That for the purpose of refunding the out-
standing indebtedness of the City of Boynton Beach described in
Section 1 hereof, including the past d~e interest thereon as of
July 1, 1949, there shall be issmed bonds of said City in the
amount of $58,950.$5 pursuant to the provisions of Chapter
Florida Statutes, 194!, and the City Charter, being Chapter
~peciaI Acts of 194~. Said bonds shall be designated "Refunding
Bonds~ Issue of 1949", shall be dated July l, 1949, and shall
mature on July l, i~V1, but shall ~e redeemable at the optio~ of
the City on any interest payment date at pa~ plus accrued interest.
The Refunding Bonds shall bear interest, represented by coupons
payable semi-annually on January 1 and July 1~ at the rate of one
and one-half per cent~m (1~) per annum from the date of the
bonds to J~ly l, 1951; thereafter at the rate of two per centum
(E%) per annum to July l, 1954; thereafter at the rate of two and
one-half per centum (2m~%) per annum to July l, 1958; thereafter
at the rate of three per centum (J%) per annum to July l, 1961,
and at the rate of four per centum (4%) per annum thereafter. The
Refunding Bonds shall be numbered i to 5~, inclusive, and shall
be in the denomination of $1,000 except one bond which may be in
the denomination of $950.$5. Both principal and interest of the