Minutes 04-11-47WAIVER OF NOTICE ANN CONSENT TO TB~ HOLDING
OF A SPECIAL MEETING OF THE CITY C0i~IISSiON
OF THE CITT OF BOTNTON BEACH, FLORIDA, TO
BE HELD ON THE llth DAY OF APRIL, 1947, AT
THE HOUR OF l0 o'clock A.~. OF SUCH DAY.
~The undersigned, Paul Mercer as Eayor, and as such,
Commissioner; B. V. Tattersall as Vice-~ayor, and as such, Com-
missioner; and Clarence Benson, City Clerk and as such, Commission-
er, beimg all of the members of the City Commission of the City
of Boynton Beach, FloridA, do separately and severally waive any
and all notices required by the ordinamces of and/or the City
Charter of, the City of Bcynton Beach, Florida, and/or the laws
of the State cf Flori~-a, of a Special ~eeting of the City Com-
missioners of the City cf Boynton Beach, Floridaj to be held on
the llth day of April, 1947, at the hour of l0 o'clock A.M. of
such day; and do consent to the holding of such meeting at such
time, for the purpose of the consideration of a resolution re-
funding the outstanding indebtedness of the municipality of the
City of Boynton Beach: Florida, and taking such action thereon
as they shall deem necessary, proper or expedient; and for the
Zransaction of such other and further business as may properly
come before such meeting.
Vi~e-N~ayor - Commissioner
City Clerk - Commissioner
At a
Beach,
10:00 A.N. of
these minutes$
MINUTES OF SPECIAL~EETING
OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH,
~LORIDA HELD ON THE llTH
DAY OF PHIL -
meeting of the City Commission ~f the City of Boyaton
held on the llth ~ay of Aoril, 19~? at the hour of
meeting bein~ held pursmant to the waiver
holding of such meeting attached to
At such meeting there were present:
Paul Mercer, Mayor
B. V. Tattersall, Vice Mayor
Clarence Bensom~ City Clerk
TH~EREUPON, the following proceedings were had. Commissioner
~ V. Tattersall moved the adoption of the followingresolutiOn:
RESOLUTION PROVIDING FOR THE ISSUANCE OF REFUNDING BONDS OF THE
CITY OF BOYNTON BEACH, FLORIDA, FOR THE PURPOSE 9~F~_~_ND_INg__
OUTSTANDING BONDED AND JUDGMENT INDEBTEDNESS 0F SAID ~iTX~ ANm
PROVIDING FOR THE LEVY OF TAXES TO PAY THE PRINCIPAL AND INTEREST
OF SAID REFUNDING BONDS.
BE tT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
BEACH, FLORIDA:
Section t. That this Commission has ascertained and determined
that:
' (A) The Town Commission of the Town of Beynton (now the City of
Boynten Beach) byresolutio~adopted on February 6~ i93~, amtherized the
isSuanceof refuRdin~ bonds of said Town in the amount o~ $389,900, for
the onrpose of refunaing ~% of the bonded indebtednes~ of the Town of
Boyn%on outstanding on April 1~ 1930,, together -with %0% of accrued amd
unpaid interest on said indebtedness, and interest to accrue prior to
April l, 193~, saidl 50%ofbonded ihdebtedness havi'ng been apportioned to
the Town of Beynton By Chapter 1~O88, Special Acts of 1931, creating the
Town of B0Ynto~ Beach out of territory formerly lncluded within the
corporate limits ofithe Town of Boy,ton, which Act repuired each of said
Towns to assume discharge ~0% of all indebtedness for which the Town
Ap~ll, 1935, and were divided into four Series as f~l~pws: $379,00~ Series
A, in the d~nominat~on of $1,000, numbered I ~o B?6~ $8,500~series ~,
i~ the denomination:of $506, numPered I to ~7;$~,700 SSries C~ in the ·
denominatiem ef $10~, numbered i to $7, and$7OO Series D, in the denomin-
ation of $50, numbered I~'to 15.
Of said Refundling Bonds dated April l, 1935, there are now outstanding
bonds and unPaid interest coupons of each Series as follows (numbers
inclusive):
SERIES A -Nos. ~ t~ 6;' 10 t~ 37; ~0 to 1~2;
107 to 11~; 120 to 125; 129 to 13~$
1W3 to 152; 19+ to 195; 197 to 375.
Total principal amount of outstanding
Series A Bonds
Interest coupons due on and prior to
October l,
$3~+~, 000.
SERIES B -'Nos..~,9,I1~13,16
Total principal amount of outstanding
Series B bonds
Interest coupons due on and prior to
October 1, 19~6
SERIES C - Nos. ~,6,7,10,11,18 to 21; 23 to 25;
28,29,31; 39 to ti; ~3 to ~7
Total principal amount of outstanding
Series C bonds
$ 2,500.
902,
$ ~ 3,~02.50
$ 2,300.
SERIES D -
Interest coupons due on and prior to
October 1, 19~6,
Nos. 1,3,~,7,9,11,1~
Total principal amount of ontstanding
Series D bonds
Interest coupons 'due on and prior to
October 1, 19~6
7o6. ~o~
$ 3,206.50!
$ 350.
1~+9.
$ ~99. ~
Ail of the outstanding Refunding Bonds dated April !, 193~, ma~ure
on April 1, 1969, but are redeemable on any i~terest payment date. The
present rate of interest on said ~onds is ~%, payable semi annually,
and on April 1, 1949, the rate of interest will increase to 6%.
(B) Some of the original outstanding bonds issued by the Town
of Boynton, ~50% of which, together with accrued iRterest thereon to
April 1, 1935, were authorized to be refmnded by s~id Refundimg Bonds
dated ~ril 1,1935, were never surrendered in e~gange for.t~e_ .
Refunding Bonds, .and are now outstanding. That 505 of the ~o~a± amoun~
of said outstanding original bonds~ together with past due and unpaid
interest accrued thereon ~o OctObe~ 1, 19~6, for .which the City of
Boynton Beach is liable, is ap~roxmmately $58,225. Said .
outstanding original b6hds co~ist of Portions of the ~ollowing three
issues of the ~own of ,Boynton Beach: Refunding Water Works and ~trest
Bonds dated October l, 1923; Improvement Bonds, Issue of :June 1, t92~,
dated June l, 1926, a~d Improvement Bonds, IssUe of 9ctober l, 1926,
9a~ed October 1, 1926. Al'~ of said outstanding original bonds bear
mn~erest at 6% per ~nnum, payable semiannually.
(C) The City of Boynton Beach is liable for ~0%~ of the ~ount of
a judgment~ together with interest accrued thereon to October-l, 19~6~
rendered in favor of White Construction Company against the Town of
Boynton on Novembe~ 29, 1929, in the United States Distrtb~ Court in and
for the Southern District of Florida~ Miami Divisio%~ Case No. 1380-M
CiVil. Said .judgment Was rendered~for ~e sum of $2~9,~99.1~,.together
with costs of $1~.~!. The amount of.sa~G judgment remaining unpaid for
which the City of B&ynton Beach is l~able, together with interest thereon
to October 1, 19~6, is the s_um of ~11~513.83 pr~ncip~I,.and $1~0,02~.03
interest~ making a total of $22~,5~2.86. The juGgmen~ aoove rererrea
to was recovered for construc%ing.street imp~rovements under contract
between~White Construction Company and the Town of Boynton.
(D) A large part of the indebtedness above referred to, including
interest thereon~ is past due, and interest is accruing on such of said
indebtedness as is not yet due, and the City is financially unable to
pay the same without undue hardshio to the citizens and taxpayers.
(E) The City Commission is advised, and is of the opinion, that it
will be possible to refund the outstanding indebtedness described herein
by the issuance of refanding bonds bearing a lower rate of interest
than the outstanding indebtedness, and that such refun6ing is necessary
and will be beneficial to the City 8nd to its citizens, taxpayers and
creditors.
Section 2. That if any error shall have been made in the des-
cri~tion of the outstanding indebtedness described in Section I of this
resolution, such error shall be deemed to be i.~material~ provided the
total amount of Refunding Bonds issued under authority qf.th%.s re~olution
does not exceed the amount of obligations and svidences~f in=eres~
accruals thereon~ surrendered in exchange for the Refunding Bonds. Any
Refnnding Bonds authorized by this resolution which shall remain un-
delivered upon the completion of the refunding program herein provided
for shall be destroyed or cancelled, together with the coupons pertaining
thereto, and a certificate of such destruction or cancellation, signed
by the Mayor and City Clerk, shall be filed in the records of the City.
Section 3. That for the purpose of refunding the outstanding
indebtedness of the City of Boynton Beach described in Section I hereof,
there shall be issde~ bonds of said City in the amount ~f $~57~00.86
pursuant to the pro~isions of Chapter 132~ Florida Statutea, 1941. Said
bonds shall be designated "Refunding Bonds, Issue of 19~6", shall be'dated
October l, 1956, and shall mature on October l, 1971, but shall be
redeemable at the option of the City on any interest payment date at par
plus accrued interest. The Refunding Bonds shall bear interest, repre-
sented by coupons payable semi-annually on ~ril 1 and October l, at the
rate of one per.centum (1%) per annum from the date of the bonds to
October l, 1958, thereafter at thor ate of one and one-half per centum
(1~%) per annum for the neXt succeeding three years; thereafter at the
rate of two per centum (2%) -per annum for the next succeeding three
years; thereafter at the rate of two and one-half per oentum (2~) per
annum for the next succeeding two years; thereafter at the rate of
three per-centum (3%$ per arnaum~for the next succeeding five years,
and at the rate of four per centum (~%) per sluuum thereafter. The
Refunding Bonds shall be numbered consecutively~ beginning with number l~
and shall be in such denominatiens~ not exceeding $1~000~ as may be
necessary or convenient to permit exchanges thereof for the evldenees
of outstanding indebtedness refunded thereby. Both principal and interest
of the refunding bonds shall be payable in lawful money of the United
States of America at The Chase National Bank of the City of New York,
in New York City, New York.
Section 5. Said Refunding Bonds shall be signed by each of the
City Commissioners and shall have the corporate seal of the City affixed,
countersigned by the City Treasurer, and the interest coupons attached
to the bonds shall be executed with the facsimile signature of the City
Treasurer. The form of said bonds and the eouoons and Of the validation
certificate to be enforced ~thereon shall be substantially as follows:
UNITED STATES OF ~MERICA
STATE OF FLORIDA
COUNTY OF PALM BEACH
CITY OF BOYNTON BEACH
REFUNDING BOND, ISSUE OF 19~6 $ ...
No.
The City of Boynton Beach, a municipal corporation in the County
of palm Beach, State of Florida, hereby acknowledges itself to be
indebted and, for value received, hereby promises to pay to the bearer
the principal sum of
DOLLARS
on the first day of October, 1971, with the option of prior redemption
as hereinafter provided, amd te pay interest on said sum semi-annmally,
on the first day of April and the first day of October in each yea~~, at
centum (1%) per annum from the date hereof to
the rate of one per
October 17 1958; thereafter at the rate of one and one-half per centum
(1~%) per annum for the next succeedimg three years~ thereafter at the
$~e of two ncr centum (2%) per-annum for the. n2~t succee~ing,R~e__-
~s; thereafter at the rate of two and one-nalz per cen~um
annum for the next succeeding two years; thereafter at the rate of three
per centum (3%) per annum for the next succeeding five years snd at the
rate of four per cent (~%) per annum thereafter. Both principal and
interest hereof are oayable in lawful money of the United States of
America at the Chase-National Bank of the City of New York, in New
York City~ New York upon presentation of this bond and the interest
coupons hereto attached as they severally mature.
This bond is one of an issue of Refunding Bondsof like date and
maturity, limited in aggregate amount to $757,800.86
The City of Boynton. Beach, Fl~rida~ hereby reserves the right to
call and redeem all or any part of the Refunding Bonds of the issue of
which thins bond is one on any interest payment date at par plus accrued
interest at the rate then prevailing as enforceable and collectible, and
agrees that it will apply surplus moneys in the Special 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 par and accrued interest by lot when such surolus is not used
for the purchase of bonds of s.aid issue at or below th~ callable price
of par and accrued interest and not reserved so to acquire such bonds
under then published notice in the manner more particularly prescribed
by the resolution authorizing the issuance of satdRefunding Bonds. In
the event this bond is so called for redemption, notice thereof shall be
filed ~t the place of payment of princ~pal and~interest°f said bonds at.
least thirty days prior to the date of redemption and shall be published
once not less than thirty (30) nor more than sixty (60) days before such
redemption date in a ~ewsDaper havin a
of Bp.y~.ton Beach. , Florida,i and once lng general circulation in theCit
~he 91~y of New York, New ¥o~w -- ~_financial Journal oubl~b~
Y ........ ~urmzlng the issuance of
the Refunding Bonds of the issue of which this bond is one. If this
bond shall not be presented for Payment on the date so fixed for redemptio
it shall cease to bear interest from and after said date~ provided that
adequate funds for its redemption shall have been dePOsited and set aside
9t the ~e~tgnated paying agency by said Clt f
~___f~d.provlded for said Refu~dinm on~- y or such purpose. The
~=r~ox in accordance with the ~rnw~o~X.~:-~a~ also be used in the
their issuance. ~ .... ~m u~ 5ne resolutioh authori~in~
,The Oity of Boynton Beach covenants with the holder of th/s bond
that it will levy a direct ar~nual tax _
taxation for the.payment of the indeb upon all property subject to
Bppd? of the series of which ~h,- ,- ~e~ness ref~/~ded by the
wnlen was exe~+~ ~--- --v ~s Dong is one, exee~+ --- .....
~ ~rum municipal taxation b~'*~^ ~ff Y~TY_~na~ property
of Florida as they existed immediately prior~to~=Novemberuuns=m~u~i°n6, 1934,andwhichlaWs
tax shall3be in amounts sufficient to provide for payment of the interest
upon the bonds of the Series .of which this bond is one as the same shall
become due, and to create a sinking fund for payment of the principal
thereof at maturity; that in the annual budge~ and ad valorem tax le
to be made in the fiscal year 19~6-I957, and in each year thereaftervy
all of said Refunding Bonds ~n~ the ~ f - -- . until
there shall be IncIuded a levy of a ~r~nt_a~ valorem tax on all pro eft
mn~eres= =hereon nave been paid,
subject to taxation for the Payment uz ~ne inGebtedness refunded by s~i~ ~e.
funding Bonds ~n such-amount as shall be sufficient for the principal
and interest retirement of bonded indebtedness, based uoon not more .than
~0% eolte%tibility of such tax, but in no event shall s~ch levy be less
~h? $~0~000 in ~ach of said fiscal ~a~f, and that the City will
anG maintain a Special Reserve'Fund ma ~ne sum of ~!~ ~^ -- -
first mo~eys cci!oGled from the. tax ~ev- ~ -- ~ ~u~, aha from tns
from other sources of revenue lawful.
; ~or sa1G Refunding Bonds~ or
City wiI1 ~ w . ly available f ~
~ _ . ap~p_y o_ set aside a s~ffic~^-~ ..... ~ that purpose, the
· n~eres~ on the Refundln~ Bn~8~- _i~, ~=~ ~um.ror the Payment ce
_ posit the balance in the Special
ment of interes~ due o ...... ~. }me_~o rime be aPoIied to the a -
~ ' u ~ne ~eru~Lng ~pnds in-anticipation of t' 9 Y
collection of taxes levied
collected at t ,~' therefpr~ whenever such ~ __ne
rose w~ .~ . _he t~me ~uch ir~res= becom ~ ~.~ .... tax~s hay= not been
ce t~wm~_v~_ sUc~ taxes as might law~_ rue r!~h~ is hereby
~ ~o ~u~t~ upon any property heretof~^~t(ku= ~mpp~ee for the payment
· ~= =moracee wmthin the territorial
limits of the City .at the time of the incurring' 9f the indebtedness he~
refunded whdc4 is not now included
Paymentof the principal and ~o una5 all ~axes levied for the
interest of this bond~ including taxes UPon
homesteads~ will be co!leered in ca§h at the same time a~d in the sam~
marmot as 9?era~ing and §overnm6nt I .
Ci~y~ and the ri ts .~.~_ ~ a~..valorem taxes levi
gh and .... =~s _. ed by said
refunded hereby shall anDert,~ ,_r~ ~h? epfarcement of the ind~h~
-- .=~ ~u onls DOnG and the * ...... ~ .... ~°°
~=~ ~cRrlng the
same independently of any restrictions or %imitations thereon enacted by
the State/Legislature of Florida 'or otherwise ta~ing effect since the
creation of the indebtedness hereby refunded.
-6-
IT IS HEREBY CERTIFIED ~D RECITED that thfs negotiable bond is
one of a Series issued under the authority of and in full compliance
with the General Refunding Act of 19BI,same being Chapter lB2, Florida
Statutes, 19$l, and pursuant to resolutions and proceedings duly and
legally adopted and taken by the City Commission of the City of Boynton
Beach., Florida, and said Series of bonds, of which this bend is a part~
~is issued in exchange for and as a continuation, extension, merger and
renewal of a like amount of valid subsisting funded indebtedness of the
said City created prior to November~ 6, 193~, and outstanding on the dates
of the passage of said resolutions, and for the purpose of ref~ndinE said
outstanding indebtedness; that all acts, conditions andthings req~ire~
to happen, exist and be performed precedent to and in the issuance of
this bond have happened, exist and been perfDrmed in due time, form and
manner according to law; that the total bonded indebtedness of said City,
including this bond, does not exceed, and that the total indebtedness of
said City at the time of the incurring of the indebtedness refunded hereby,~
including said indebtedness, did not then exceed any constitutional or
statutory 1Lmitation thereon; and for the Dromot payment of this bond,
and the interest thereon, as the same become d~e, the full faith, credit
and taxing power of said City are hereby irrevocably pledged to the same
extent.and with~like force and effect'as the same were pledged for payment
of the indebtedness refunded hereby.
IN WITNESS WHF~REOF the City of Bo~nton Beach~ in Palm Beach County,
Florida, by its City Co~mission has caused this bond to be signed by
each Commissioner and its corporate seal to be affixed, co'ontersiEned
by the Treasurer of said City, and has caused the interest coupons hereto
attached to be executed with the fac simile signature of its treasurer,
all as of the first day of October, 1956.
Countersigned:
~ember, City Commission of the
City of Boynton Beach, Florida
City Treasurer
Member, City Commission of the
City of Bo.vnton Beach, Florida
Member, City CommisSion e~ the
City of Boynton Beach,Florida.
(FORM OF COUPON FOR SEMI-ANNUAL INTEREST PAYMENTS)
No.
· On the first day of __, 19___, the City of Bo.ynton Beach, Florida
w~ll a te the bearer at the Chase. National Bank of the City of New
P Y ~ of dollars,
York in New York City, New York~ the sum ....... ~__
~L~ .~ ~ enforceable and collectible ~n~eres~ on ~s n~'u~
Issue of 19~6~ dated u¢~oDer ±~ mY?o, .... , un
have been theretofore called for redemption.
~ity Treasurer
(FORM OF VALIDATION CERTIFICATE)
Validated and confirmed by decree of the Circuit Court of the
Fifteenth Judical Circuit of Flortda~ in and for Palm Beach County~
rendered on t~e i.day of ~19~7.
Clerk of the Circuit Court,
Palm Beach County, Florida
Section 5. That for the promp~payment of the principal of and
interest~on said to this the
faith, powe~ '.of
are hereby irrevocably pledged to the same extent and wit~ forc~
as the same were pledged for the payment of the outstanding indebtedness
will make prompt payment of the same when due.
Section 6. That for the purpose of adc quately provtding for
the payment of the interest on, and for the creation of a sinking fund
for the retirement of the principal of, all of said refunding bonds hereby
a~thorize~ to be issued, the City Commission, for and on behalf of said
City, hero_by covenants and agrees with the holders of said refunding
bonds that:
(i) In the anpual budget and ad valorem tax levy to be made in the
fiscal year t956r1957, and in. each year thereafter until all of said
refundi~g bonds and the interest thereon have been paid~ there shall be
included a levy of a current ad valorem tax on all property which is
subject to,taxation for the p.ayment of the indebtedness refunded by said
bonds in such amount as shall be sufficient for the principal and interest
retirement of bonded indebtedness based upon not more than 5Q~ collect-
ibitity of such tax, but in no event shall such levy be less than $20,000
in each of said fiscal years.
(2) The City shall create and maintain a Special Reserve Fund in
the amount of' $I~000, and from the first moneys collected from the tax
levy for said refunding bonds~ or from other sources of revenUe lawfully
available for that purpose, the City w~ll apply 9~ se~ a~ide a_s~icient
sum forlthe payment Of thee interest on'the rer'~n~ng cones, ana ~n
balance shall be placed in the Special Reserve Fund until such Fund amount:
to the sum of $1g,OO0. Moneys in said S~ecial Reserve FUnd shall from
time t~ tim~.be applied.to the payment of interest due on the refunding
bonds in anti6ipation of the collection of taxes levied therefor whenever
such taxes! have not been c~llected at the time such interest becomes due.
The amount use~ ~or such purpose shall be restored to such Special ~
Reserve Fund from the proceeds of said taxes as collected.
Section 7. That the annual taxes herein provided for the payment
Of the principal of and interest en the refunding bonds shall be levied
and computed in the proper proportionate amounts against the extended
and finally eo~ualized valuation of all property subject to taxation for
-8-
payment of the refunding bonds, excepting only that property which was
exempted .from municipal t~xation by the constitution and laws of Florida
as they existed i~mediately prior to November 6, 193~, and such taxes
shall be levied accordingly each year and from year to year until all
of the indebt'edness evidenced by said refunding bonds has been liquidated~
provided that in no, event will levies be made below the prescribed amount.
The taxes so levied shall be in addition to all other taxes levied by
or on behalf of the City of Boynton Beach, and the proceeds thereof and
of all tax certificates and tax deeds issmed therefor are hereby approp-
riated and shall be used exclusively for the purpose for which the same
are levied~ and so long as any of said refunding bonds and interest thereon
remain outstanding or unpaid, the respective annual tax levies shal~ be
increased when necessary to provide sufficient funds for the actual
interest and sinking fund requirements of said refunding bonds for the
year next succeeding that in which the budget is being made and prepared.
Section 8. That all tax levies required to be made hereunder for
the payment of the interest upon and for the pUrchase, redemption or
payment of the princioal of the said refunding bonds hereby authorized
to be issued, shall c~nstitutespecial levies for the particular purpose
for which they are imposed. Such tax levies, while constituting special
levies~ will be collected in cash at the same time and in the same
manner as other taxes which may be levied by the City and upon collection
will be immediately segregated and credited to the proper funds as here-
inbefore provided. The City covenants that it wilt promptly set aside
out of the proceeds of its tax collections, including the moneys derived
from the sale or transfer of t~x certificates and tax deeds, the proper
proportionate amount thereof applicable to the purchase, redemption or
payment of the principal and interest on the said refunding bonds~ and all
moneys so credited to such s~ecial funds will be forthwith deposited wit~ ~
City Depository ~nd hel~ by it in trust for the purchase, redewq0tion or
payment of the principal of and interest on the said refunding bonds~ in
the manner prescribed by this resolution.
Section~9. (A) The City hereby covenants that, notwithstanding
the provisions of any laws inconsistent with the terms of this resolution,
it wil~ not.accept anything but lawful money of the United States of
~erica in payment or satisfaction of the taxes required to be levied
or pledged hereunder for the payment of the interest upon and principal
of the refunding bonds authorized hereby.
(B) The City hereby-further covenants t~t~ notwithstanding Section
7, Article X, of the Constitution of the State of Florida~ and ~ny
legislation enacted pursuant thereto, it will levy taxes for the payment
of the refunding bonds authorized hereby upon all homesteads which were
subject to taxation for payment of the indebtedness refunded by said
refunding bonds, to the same extent as other property may be liable tO
taxation therefor.
(C) The City further covenants that so long as any of the refunding
bonds authorized hereby may be outstanding, it will not avail itself of
any legislation impairing or modifying the'obligations of the City on the
indebtedness refunded by said refunding bonds or the covenants contained
in said bonds and in this resolution~ that said refttUding bonds shall
constitute a continuation, extension, merger and renewal of the indebtedne
thereby refunded; that said refunding bonds shall have and are hereby
declared to have the same security and source of payment as the indebted-~
ness thereby ~efunded, and that all rights and remedies which were
~vailable for~'~the wupport and enforcement of the indebtedness to be
refunded hereunder shall be available for the support and e~orcement
of the refunding bonds hereby authorized to be issued.
(D) That all covenants, representations, agreements and under-
takings herein set out, as well as those appearing on the face of each
of said refunding bonds, shal~ constitute a contract with the holders
of the refunding bonds, which Contract shall be enforceable by suit,
action or mande_mus on behalf of any bondholder in any court of competent
Jurisdiction~ whether or not a monetary default shall then have occurred~
in the payment of the interest on or principal of said refunding bonds.
Section lC. (A) That all of said refunding bonds shall be callable.
upon any interes~ payment date prior to maturity at par plus accrued
interest at the rate'then prevailing as enforceable and collectible.
(B) That the option to call any or all of said refunding bonds
prior to mat~zrity shall be exercised in the following manner: the refund-
ing bonds which are to. be redeemed shall be.drawn by lot by the governing
body of~ said City fFom all the bonds then outstanding, and notice of such
redemption~ specifying the bonds to be redeemed, shall be filed at the
Flace of payment of the princioal and interest thereof, at leas~ thirty
S0) days prior to such redemption date, and said notice of intention to
redeem such bonds shall be published once, not more than sixty (60) nor
less than thirty (S0) days prior to such redemption date~ in at least
two publications, one of which shall be a newspaper having a general
circulation in the City of Boynton Beach, Florida, and the other shall be
a~financial journal published in the City of New York, New York, and
said bonds when so balled 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 City for such purpose.
Section 11. (A) If at any time there is $5,000 or more in the
Refunding Bond Interest andSinking Fund account over and above the amount
of the next annual interest requirement, the said fund shall be used by
the City, after giving reasonable public notice of its intention, for
the purpose of purchasing refunding bonds ef the issue contemplated herein~,
which purchase shall be made in the following manner: The City shall
designate a date at which time it will receive sealed tenders of bondE
of the refunding issue herein authorized, and act upon such tenders in
open session. ~ne entire available surplus for the retirement of bonds
shall be used to purchase bonds offered by such tenders at the lowest
prices; provided, however, that if the said City bedissatisfied with any
O~ all tenders t~s rece~V$~,~it shall have the option to reject any or all
of same, and with~n~.sixty (60) days after such rejection it shall re-
advertise for additmonal sealed ~enders in the same manner as hereinbefore
provided, and shall purchase the bonds offered at the lowest orices upon
such readvertisement absorbing all surplus funds available in-the Refund-~
ing Bond Interest and Simking Fund Account; provided, further, that
following each respective tender date said City may privately purchase
additional bonds with subsequent surplus accumulations or any other funds
as long as private purchases may be made upon such basis as will show an
equal or h~her income yield than th? highest yield calculated on bonds
-purchased responsive to tenders'received at the last preceding tender
date. In the event that no offerings can be obtained at or below the
callable pricey the said City may proceed, to call bonds by lot.
~ n~ ~f efundin~ bonds purchased or redeemed by
(B) That ....... d r _ ..
the City shall ~e cancelled immediately ~pon thelfs~render to
the City.
Section 12. That it is hereby declared and intended t~ the said
refunding bonds hereby' a~tkorized are to be issued as of October 1~ 19W6~
for the purpose of refinancing as of that date the amount of outstanding
indebtedness of said City Of Boynton Beach, Florida~ then existing as
hereinbefore described.
Sec~ion 13. That C. L. McCoy, Attorney at Law, be and he is hereby
authorized and directed to institute appropriate proceedings in the
Circuit Court~ of the Fifteenth Judicial Circuit of Florida, in and for
Palm Beach County~Florida, for-the validation of said refunding bond
issue, and the Mayor is authorized to verify on behalf of the City of
~oynton Beach any pleadings in such proceedings.
~ection l~. That if any clause~ section, paragraph or provision
of this resolution or of the refunding bonds hereby authorized be
declared unenforceable by ~ny court of final jurisdiction~ 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 ~ereby provided to be refunded thereby and/
as 'such enforce their claim for payment.
Section l~. That all resolutions and p~rts of resolutions in
conflict here with are hereby rescinded.
Section 16: That this resolution shall be infull force and ~
effect immediately upon its passage.
THEREUPON such resolution was read in full by the City Clerk
and fully considered and discussed by the members of the Commission.
Co~missioner Benson seconded the motion for the adoption of such
resolution and the following vote was had thereon;
Commissioner Tattersall - aye
Commissioner Benson - aye
Commissioner Mercer aye
THEREUPON, Paul Mercer~ as Mayor and presiding~ declared such
resolution to h~ve been re~larly and unanimously passed amd adopted
as a resolution of the Oity Commission of the City of Boynton Beach.
City Clerk Benson presented the Commission with an affidavit of
posting and affidavit of
Florida Power publication of an ordinance granting to
franchise a~nd & Light Company, its successors and assigns, an electric
imposing provisions and conditions relating thereto:
THEREUPON, City Clerk Benson read such ordinance in full
T~EREUPON~ the Affidavit of eostlng and Affidavit
were ordered by the Mayor to be p~ace d in the minutes of publication
of the meeting.
THEREUPON, City Clerk Benson read such ordinance in full and the
same was discussed section by section.
THEREUPON, Co~mlsaloner B. V. Tattersall moved the adoption of
such ordimance which is Hereinafter set forth:
- ll-A
The ~following resolution was put before the City Commission for
passage and adoption due to the fact that the Thomas M. ~eok and Co.
had written the commission urging that the City of Boynton Beach comply
with State Law and have an annual tax sale on delinquemt taxes The
Resoltuion reads as follows: '
~tEREAS, for ~eversl years last past no sale of delinquent taxes
has been held in the City of Boynton ~each, Florida!
~ ~LEREAS, it is deemed advisable and to the best interests of
the City of Boynton Beach, and the tax ~ayers and.inhabitants ~hereof.
that an annual tax sale be held in and ~or such City, pursuant ~o~the'
ordinances of the said municipality and the State Law in such eases made
and .provided;
NOW~, THEREFORE, BE IT RESOLVED by the City Com~ission of the City
of Boynton Beach, Florida, that such City do hold a tax sale for all
delinquenttaxes upon which certificates have not been issued prior to
and including the taxable year 19~6; and that such tax sale be held
pursuant to the ordinances of the City of Boynto~ Beach, Florida and the
laws of the State of Florida applicable thereto,..
BE IT FURTHER RESOLVED, that the tax sale of delinquent ~axes for
the year 19~6 and prior ye~a~,~s be held as soon as conveniently may. be
during the year 1947, and that such sales be continued annually there-
after, all pursuant to the ordinances of the City of Boynton Beach and
the laws of the State of Florida.
THIS RESOLUTION PASSED ~ND ADOPTED this l!th day of April, t957.
.... Paul Mercer
Mayor
B. V. Tattersal~
Vice M~yor
Clarence Benson
City Clerk
Commissioner -City Clerk Benson seconded the motion for the adoption
of such ordinance and the folI0Wiag vote was had thereon;
Commissioner Mercer - aye
Commissioner Tattersall - aye
~o~m~sioner Benson - Aye
THEREUPON Mayor Mercer declared such ordinance to be regularly
passed and adopted and to be valid ordinance of the City of Boynton
Beach, Florida; and the Clerk was ordered and directed to publish
such ordinance for four consecutive weeks in accordance with the
ordinance in the Charter of the City of Boynton Beach, Florida.
A complaint was brought before the Commission regarding assessment
valuation of Property owned by Dr. Shannon in Section 20 Acreage
Lots 108, 109~ 110 and 111. The valuation Mas increased from $~00.
on the 195~ Tax Roll to $900 on the 1956 Tax Roll without
~rom the Co~missiono B~,ac.~ ~ ...... authorization
valuate__ . _ ~ ~ u_ ~ne ~ommlss~oners, this assessed
~on was again uecreased to the 195~ level or t8 $~00.
A letter was received from the County Superintendent of Public
Instruction requesting exemption on the following described property:
The Southeast ~uarter of Lot 6 and the N 68.~0' of
Lot 6, Block 1~, of SAWMER'S ADDITION to the TOE
of Boynton, Florida.
By action of the Commissioners~ this request for exemption from
future taxes~was granted to the Boar8 of Public Instruction.
The meeting was declared adjourned/~B~Mayor.
Mayor
Vi ce-Mayo~