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Minutes 05-10-33SPECIAL MEETING OF ~ 10, 1933. A Special Meeting of the Boar~l of Town Cew~ssioners of the Tows of Boynton, Florida, was held at the Town Hall on ~ednesday evening, May 10, 1933 at 7:00 o'clock P.M. ~esent~ H. D. Stevens, Mayor V~mMenzel , Vice-Mayor J. P. B~wen , Town Clerk The above comstitati~g the entire icners of the Town of Boynton, Florida. This Meeting was called for the Boa~d of Town Commiss- purpose of considerimg a RESOLUTION ........... APPROVING THE PROPOSED FORM OF CONTRACT AND AGR~ ~%{EWNT BET~SKEN HENRY E. POOR, R. ~. PITKIN AND W. L. OAEEY AS AND CONSTITUTING TEE CITY OF BOYNTON, FLORIDA, BONDHOLDERS PROTECTIVE COMMITTEE, AND PALE BEACH COMPANY AND THE TO~VN OF BOYNTON RELATIVE TO THE FUNDING OR REFUNDING OF THE OBLIGATIONS OF SAID TO~N OF BOYNTON; AND AUTHORIZING AND DIEECTING TMM MAYOR AND THE TO~N Cr.W.W~K OF AND ON BEHALF OF THE TOWN TO EXECUTE AND DELIVER SAID CON- TRACT TO Thee PARTIES OF THE FIRST PART. BE IT RESOLVED BY THE TO~q~ COMMISSION OFT HE TO~N OF BOYNTON~ FLORIDA: 1. That the proposed contract and agreement between Henry E. Poor, H. ~. Pitkin and ~. L. Carey as and consti- tuting the City of Boynton, Florida Bondholders Protective Committee, and Palm Beach Company~ parties of the first part, and Town of Boynton, party of the second part, which is set forth in full in Section 2 hereof, be and the same is he~eby~approved as to fo~m and substance. 2~ That the Mayor and Town Clerk of and on behalf of the Town be, and they a~e hereby authorized md di- rected to execute and deliver to Henry E. Poor, H. W. Pitkin, and W. L. Carey, as and constituting the City of Boynton, Florida, Bondholders Protective Committee, and Palm Beach Compamy, the contract a~d agreement a~proved in Section 1 hereof and hereinafter set forth in fo~m, words and figures as follows: This contract ~and agreement made and entere~ into this . day of May, A.D. 1933, ~ry and between HENRY EA POOR of Cincinnati, Ohio, H. W. PITKIN of Des Moines, Iowa, and W. L. CAREY of Milwaukee, Wisconsin, as and constituting the CITY OF BOYNTON, FLORIDA, BOND- HOLDERS PROTECTIVE CON~ITTEE, a~d PALM BEACH COMPANY, a Delaware corporation, parties of the first part~ TOWN OF BOYNTON, a municipa~ ~orporation organized under the laws of the SiS e of Florida, party of the second pa~t, WITNE8SETH: that~ ~E~EREAE, the parties of the first part are the owners and holders or representatives of, under powers of attoz~ney, six hundred and eleven (61!) of the cutstandir~E bonds of the Town of Boynton, Florida, and also of the Judgement of the ~ite Construction Company against Said town for the principal sum of $231,295.51, and also of certificates of indebtedness, the payment of which is guaranteed by the said Town of Boynton, in the face value of $46,1V0.~7, and authorized to act in their be- half, and WHEREAS, the said To~n of Boynton is desirous of entering into an arrangement with the parties of the first part and other creditors of the Town of Boynton for the refunding of the portion of the obligation a- bove described, for which the said Town is liable, the same being fifty (50%) per cent thereof, as provided by Chapter 15088 of the laws of Florida of 1931, the parties H~eto have mutually agreed with each other as follows: Io That the party ~f 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 obliga- tions above described, including each of the bonds and certificates of indebtedness, to the parties of the first part, and also fifty (50%) per cent of the accrued and past due interest on each of the bonds, certificates of indebtedness and judgement above described. II. That the psrties of the first part hereby agree that they will accept refunding bonds of the Town of Boynton in full settlement and satisfaction of the lia- bility of the Town of Boynton to them, subject to the following conditions: .(a) The total amount of the .refunding bonds to be del'ivered by the second party to the first parties shall be the sum of $ , the face value of said bonds. (b) Said bonds shall be dated July 1, 193~, and shall mature thirty-five (~5) years f~om date thereof. (o) The bonds shall bear interest at the follow- ing rates: ~% a year for the first five years, 4% a year for the next five years, 6% a year for the next five years, and ~% a year for the remaining twenty (20) years; said ~interest shall be payable semi-a~mualty on the first days of January and July of each and every year~ a~ shall be evidenced by coupons attached to said bonds in the usual form. (d) The face value of said bonds shall be in de- nominations of ONE THOUSAND ($1,000) DOLLARS, F~E HUN- DEED ($600) DOr,r.&RS a~d ONE HUNDRED ($100) DOT~ARS, and the number of bonds of each denomination to be hereafter determined. (e) S~ach bonds shall be general Town of Boynton as now constituted and obligations of the the full faith and credit of saidTown shall be pledged for the ps~ment there- of. They aball bear the usual recitals that the same are issued in accordance with the constitution and statutes of the State,.of Florida, and be executed by the proper officials of said Town under the seal of the s~me. (f) The Town of Boynton shall, prior to the is- suance of said bonds, adopt a resoluti6n agree~ug to levy taxes from year to year, as may'be necessary, to pay the interest on said bonds as the same mature, and in. addition thereto, shall levy each year, beginning with the second year, a sum of not less than one (1%) per cent of the face value of the outstanding indebtedness for the purpose of creating a sinking fund for the p~yment of said bonds; such sinking fund may be utilized by the Town from time to time for the purchase and retirement of the outstsr~d- lng bonds, such bonds to be callable at any time three (~) years after date of issue upon the payment of princi- pal and accrued interest; such sinking fund may also be ~sed to purchase bonds of such issue ak ~y price less than par, at the option of the town officimls; but, if such Ik~uds are not sc used, they shall be held intact and preserved for the ultimate retirement of such bonds. The Town of Boynton shall also agree to pay into such sinking f~md all moneys collected by it from taxes here- tofore levied by it upon property now within its bound- ary, and also all sums col!e cted from special assessments heretofore 1.evied by the Said Town upon property now with- in the boundaries of said Town, and any sums received from the resale of property, title to which~may be ac- quired by the Town of Boy-ton' under tax sales or sales re- sulting 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 foreclosure of any tax certificate~ qr lien of any special assessment, sub- ject to control by the parties of the first paste (g) Such bonds are to be validated by the Town of Boynton in the Circuit Court of Palm Beach County, in ~ccordance with the ~aws in such cases made and provided, and the 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 approv- lng the validity of the preeeedinga leadi~g up to culminating in the issue and delivery cf such bends. (h) The carries of the first part agree to pay one-third' (1/~) of the expense necessary to obtain the approving opinion above referred to. (l) ~hen the new bonds are ready for delivery and have been validated and approved, as above set forth, the T~ will deposit the same. duly executed, with the Cen- tral Trust Company of C~ncinnati, or some other agency which may be designated by the parties of the first part~ for delivery to the parties of the first part and to any other holders of bonds ara other security to be refunded, to be exchanged for a corresponding release of the out- standing obligations of said Town held by theme That the parties of the first part agree, that when the Town shall have delivered the bonds in the sm.~nts specified, to Central Trust Company of Cincinnati, or other agency as above set forth, duly executed, issued, validated and .approved, they will deliver to the said Central Trust Company or other agency the securities and obligations of the Town Held or represented by them for such emchange, or will deliver to the TOwn any necessary releases or discharge of the same from its thor liability to the parties of the first part for the other portion of the debt so held by the parties of the first part, and will look to the Town of Boynton Beach for the payment of the balance owing to them, in accordance with the ~harter of said Town and the statutes relating thereto. IN WITNESS V~EREOF, the parties hereto have hereunto set their hands mentioned. Signed,sealed and de- livered in the presence off Finch and seals, the day and year first above CITY OF BOYNTON, ~LORID~BO~i0LDERS PROTECTi~'E COMMITTEE (Signed) (Signed~ Henry E. poor-Chairman H. W. Pitkin PALM BF~CH COMPANY (Signed) George...~. Clark (Parties of the first part) ~m. p. Somerville As to parties '~' first~ part TOV~NOF BOYNTON (Signed) H. ~.~ STEVENS Mayor ~A~TEST: (Signed) J.. P. Bowen City Clerk (P~ties of second parts V~m. Menzel ,A,. V. Peterson Co~mnissioner Etevens moved the adoption of the above and foregoing Resolution. This motion ~sI second- ed by Commissioner Menzet and upon being put to a vote the following vote was had thereon: Commissioner Stevens "Ave" Commissioner Menzel "~'~Aye" Commissioner Bowen "Aye" There being no f~t~ther business the meeting adjourned. Vice May~ TeWn Clerk