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R91-205RESOLUTION NO. '~; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $10,500,000 IN AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS OF THE CITY FOR THE PURPOSE OF REFUNDING THE CITY'S OUTSTANDING GENERAL OBLIGATION BONDS; PROVIDING THAT SUCH GENERAL OBLIGATION REFUNDING BONDS SHALL, SUBJECT TO CERTAIN LIMITATIONS, CONSTITUTE GENERAL OBLIGATIONS OF THE CITY, ~AND, SUBJECT TO SUCH LIMITATIONS, THAT THE FULL FAITH, CREDIT AND TAXING POWER OF THE CITY SHALL BE I~REVOCABLY PLEDGED FOR THE PAYF~ENT OF THE PRINCIPAL OF AND THE i~TEREST ON SUCH GENERAL OBLIGATION REFLrNDING BONDS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA: SECTION 1. A~thoritv. This Resolution is adopted pursuant to the Charter 0f the City of Boynton Beach, Florida, the' Constitution of the State of Florida, including, but not limited to, Article VIII, Section 2, and Article VII, Section 12 thereof, Sections 132.33-132.47, Florida Statutes and other applicable provisions of law. SECTION 2. Definitions. context otherwise requires: As used herein, unless the Beach, Florida, but not lim Section 12 '.and other applicabl~ national savings depo applicable of funds "Bondhold~s"~mean~ %he registered authorized representatives) ~f Bonds. trust company, s~ociation, Issuer to be a with all receipt owners (or their "Bond Registrar" means the Authorized Depositary appointed by the Issuer as such prior to the issuance of the Bonds, or any other agent of the Issuer designated from time to time by the Issuer, by resolution, to maintain the registration books for the Bonds issued hereunder or to perform other duties with respect to registering the transfe~ of the Bonds. "Bonds" means the City of Boynton Beach, Florida, General Obligation Refunding Bonds, authorized to be issued pursuant to this Resolution in the aggregate principal amount of not exceeding $10,500,000. "City Attorney" means the City Attorney of the Issuer or any Deputy or Assistant City Attorney. "Clerk" means the City Clerk of the Issuer or any Deputy or Assistant Clerk. "Code" means the Internal Revenue Code of 1986, as amended, and all temporary, proposed or permanent implementing regulations promulgated thereunder or applicable thereto. -2- "Escrow Agent" meaus the Authorized Depositary appointed by the Issuer prior t~ the issuance of the Bonds to serve as Escrow Agent pursuant ~to the Escrow Deposit Agreement. "Escrow Deposit Agreement" means the Escrow Deposit Agreement be%ween the Issuer and the Escrow Agent pursuant to which the~ proceeds ~f the Bonds, together with the investment earnings thereoR and an~ other funds and investments designated for such purpose wiil~ be held in irrevocable escrow for the payment of the principal of, premium, if any, and interest on the Refunded Bonds and f~r the payment of accrued interest on the Bonds and costs incidental to the issuance of the Bonds. "Governing Body" means the City Commission of the Issuer. "Government Obligations" means direct obligations of the United States of America which are not subjact to call or prepayment at the option of the United States of America prior to maturity. "Fiscal Year" means the period commencing on October 1 of each year And ending on the succeeding September 30, or such other consecutive 12-month period as may hereafter be designated as the fiscal year of the Issuer pursuant to general law. "Issuer" means the City of Boynton Beach, Florida. "Mayor" means the Mayor or Vice-Mayor of the Issuer or the duly appointed designee of the Mayor. "Outstanding" or "Bonds Outstanding" means Ill Bonds which have been issued pursuant to this Resolution except. (a) Bonds cancelled after purchase by the Issuer in the opem market or because of payment at ox redemption prior to maturity; (b) Bonds which are deemed to be no longer Outstanding pursuant to Section tt hereof; and (c) Bonds which are deemed to be no longer Outstanding pursuant to Section 6.H hereof. "Paying Agent" means the Authorized Depositary appointed by the Issuer hereunder to act as Paying Agent, or any other Authorized Depositary designated by the Issuer to serve as a Paying Agent or place of payment for the Bonds issued hereunder that shall have agreed to arrange for the timely payment of the principal of, interest on and redemption premium, if any, with respect to the Bonds to the registered owners thereof, from funds made available therefor by the Issuer, and any successors designated pursuant to this Resolution. -3- "Refunded Bonds" means (i) the $1,445,000 aggregate principal amount that remains outstanding of the Issuer's Recreational and Municipal Beach Facilities Bonds, dated February 1, 1983 (the "Series 1983 Refunded Bonds"); (ii) the $5,390,000 aggregate ~pr of %he !ss~el Bated Aug~ustl, -Words in this ReSO~Utio~ i~P0rting,~si~gular numbers shall · lu e the '1 ~ 1 'nUm~er~ in ~e'~,~caSle~,y~i~e versa~ a~d wo~s importing pear,OhS shall. ~nclu~e f~rms, cerporat~s, or other entit~ies.~nc~ud~n~ gD~rnme~s"~o,z, gD~rnmen~,t SECTION 3. . Fi.ndin~s sad Determinations. It is hereby ascertained, ~dekermlned and:d~c~ared ~ha~i.~ A. The obligations of credit and the the Refunded Bonds constitute valid the Issuer, and the full faith, power of ~he IsSuer, are pledged to %he p~inCiPal 0.f ~and interest on Bo It is in the best interest of the Issuer, its citizens and taxpayers to issue the Bonds in order to piovide funds ~o refund the~Refunded Bonds. C. The Bonds will only be issued if (i) they bear a lower net average interest cost rate than each series of the Refunded Bonds and (ii) the Issuer will realize pres~ value debt service savings as a result of the funding of the Refunded Bonds, calculated in accordance with Section 132.35(2)(a), Florida . Statutes, and the rate of interest borne by the Bonds will not 'exceed the maximum interest rate established by general law. D. The principal amount of the Bonds shall not exceed an amount sufficien~ to pay the sum of the principal amount of the Refunded Bonds that are outstanding on the date of issuance of the Bonds, the aggregate amount of unmatured interest payable on the Refunded Bonds to and including either the applicable maturity date(s) thereof or the date(s) that the Refunded Bonds are to be called for redemption, the applicable redemption premiums rela%ed to the Refunded Bonds tha5 are to be called for redemption, and the cost and expenses incidental to the issuance of the Bonds, all in accordance with Section 132.35, Florida Statutes. -4- E. The sum of the present value of the total payments of both p~incipal ~nd interest to become due on the Bonds (excluding all such -principal and interest payments, if any, as will be made with proceeds of the Bonds) and the present value of the costs of issuance of the Bonds, if any~ not paid with proceeds of the Bonds, will be less than the present value ef the principal and interest payments to become due at their stated maturities,, or earlier manda56ry redempti0~ dates, on the Refunded Bonds. F. The Bonds shall in no event mature later than 40 years f.rom the date of issuance of any of the Refunded Bonds. G. The first installment of principal of the Bonds shall m~ture or be subject to mandatory redemption not ~ater than the first stated maturity or mandatory, redemption date of any of the Refunded Bonds 0ccurrln~!~fter the issuance of the,Bonds. H. The Bonds shall not be issued until such time as the chief financial officer of the Issuer or the M~yor shMll have filed a certificate with the Goverhing B~y setting forth the present value of the total d~bt service savings which Will result from the i~Suance of the Bonds to refund the Refunded Bon~s, computed in accordance with the terms of Section 132.35, Florida Statutes, and demonstratin~ mathematically that the Bonds are issued at a lower net average interest cost rate (as defined in Section 132.34, Florida Statutes) than the Refunded BOnds. SECTION 4. Contract. In consideration of the acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Resolution shall be deemed to be and shall constitute a contract between the Issuer and the Bondholders. The covenants and agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of the Bondholders and all Bonds shall be of equal rank and w~thout preference, priority or distinction over any othe~ thereof, except as expressly provided herein. SECTION 5. Authority for Refundin~ and Issuance of Bonds. Subject and pursuant to the p~ovisions hereof, Bonds to be known as "City of Boynton Beach, Florida, General Obligation Refunding Bonds" are hereby authorized to be issued in an aggregate principal amount of not exceeding Ten Million Five Hundred Thousand Dollars ($10,500,000), subject to the limitation set forth in Section 3.D hereof, for the purpose of refunding the Refunded Bonds and paying costs ~ncidental thereto. -5- SECTION 6. Terms, Redemption and Form of Bonds. A. The from 1 upward the number. premium;. if due the Agent~" i~terest o~ or dta~ reg Bonds shall be numbered consecutively preceded by the letter"R" prefixed to redemption they a~pear on the registrar the (whe~ker or not a business .ds at~ Paying b~icheCk ined by day) preced%ng the interest paym~n~ date (t~e Date ),. ~espec~ve of a,n~.~-n~f!~r O~ ~e of such Bpnds subsequent to.~such~-~ecq~d Da~,~and~-p~l,or to sq~'h ~tere~ payment ~e4 -~ess such znterest 'payment d'at~;~ --In-':,~he e~e~ ~o~ a,ny such default, such def bg e reg rec¢ Issuer:in than date. whose ~ame business the Bond~ R~giis a business day) preceding the ss ;:'in ,tru~ffice '~o~ (w~j~~ or not te of mai~ih~i.~ B. The registration of any Bond,- may be transferred upon the registration bdoks upon delivery thereof to the principal Office,accompanied bY a wifitt~n i~strument or instruments of transfer Rn fo~rm Dnd With guaranty of signature satisfactory !to .thei'Bo~d ~Registrar, duly ~xecu~ed b~i the B6ndh~lder orithe'~Bo~h0~lde~s attorney-ih-fact or leghl r~present~ti~ej~co~tain~ng written instructions as £o 'the ~etaftS~ ~ of fhe transfer of such Bond, along with the social security ~umber or federal employgr identification In all cases of number, ifliany, :of such! transferee. a transfer Of a Bond, the,Bo~d Regi~ta~ sh~tl at the earliest practical time-~n ac¢ordanc~ wlfh the terms, herepf enter the tran~sfer of!ownership ~n the registration books and shall deliver i~5 the name ~bf the new ~ransfe,ree or tra~s{fer~S a !new ~fuliy -6- registered Bond or Bonds of the same maturity and of authorized denomination or ~denominations, for the same aggregate principal amount and payable from the same source of funds. Bonds may be exchanged for a like aggregate amount of Bonds. of othe~ authorized denominations of-the same series and maturity. The Issuer and the Bond Registrar may charg~ the Bondholder for ~he registration of every transfer or exchange of a Bond an amount sufficient to reimburse them for any tax, fee or any other governmental (other than by the Issuer) to be paid ~ respect to the registration of such tran.sfer, -and may ~equire that such Bond shall be deli Bond shall not be required to ~p~sfer or during the period beglnnzng five (5) mailing of a notice of a r~d~mption to the date ~of such mailing nor to transfer or exchange._an~ B. ond which shall have been selected for redemption. C. The Issuer, the Bond Registrar, and the Paying Agent may deem and treat the registered owner of a~y Bond ,as the absolute owner of such Bond for the purpose of receiving payment of the principal thereOf~ and the interest and premiums, if any, thereon. D. The Bonds shall be dated such date, shall bear interest from the date thereof, payable on such date or dates of such years, commencing on such date, a~ such rate or rates not in excess of the maximum rate allowed by law, shall mature, shall have such series designation, shall be sold to such original purchaser(s) upo~ such terms and conditions, and shall have such Bond Registrar and Paying ~Agent(s) all as set forth in a subsequent resolution of the Issuer. The Bonds shall be issued as fully registered bonds in the denomination of $5,000 each or any integral multiple thereof. E. The Bonds shall be executed in the same of the Issuer by the Mayor and attested to and countersigned by the Clerk and the seal of the Issuer shall be imprinted, reproduced or lithographed on the Bonds. The signatures of the Mayor and the Clerk on the Bond~ may be by facsimile, but at least one signature of any of the Mayor, the Clerk or the Bond Regis%tar on each of the Bonds shall be a manual signature. If any official whose signature appears on the Bonds ceases to hold office before the delivery of the Bonds, the -7- signature of such official shall nevertheless be valid and sufficient for all purposes. In addition, any Bond may bear the signature of, or may be signed by, such persons as at the actual time of execution endor, of the Bonds as shall have a certificate 'of authenticatilon Reso: for Bond Reg evidence that such Bond has been duly authe~t and ~l~e~ ive,r ed under ~his Resolution. The Bond aegls~i~r,i~l certif~icat~ Of' a~enbfca'tion ~6h any Bond $~all ~e-Seemed t,o have -beea ~%ily execs%ed if s~gne~ by an~ ~thor~zed s~gna~t~F o ~the ,Bo d Reglst~,~r, >bu~ ~,t shall .no't ~be~~ ~epssary' that %1%~ same p~rsof~ s~n the cert~f~ca,%~ 0T< authenttcat~e~ on all ,of the Bonds that may be issued hereunder a~ any one time. F, In the event any Bond is mutilated, lost, stolen or destroyed, in the absence of notice to the Issuem.6r t!he B~nd~ Registkar that such Bond has been acqui~a by a :bona fide purchaser, ~he Issuer shall execuS~' an~~ the~Bond Registra~ shal~ authenticate s new B~'nd of l~e date, maturity and~denomination to that ~of the m~iiated, 10st, stolen or destroyed Bond; ~rovided that, in the case of any mutilated Bond, ~uch mutilated Bond shall first he,surrendered to the~ Bond Registrar, and in thi~~ case of a~y lost, stolen or destroyed Bond, the~e first shall be furnished to the Issuer and the Bond Registrar evidence Gf such loss, theft or destruction satisfactory to~'t~e Bond Registrgr and not objected to b~~ the Issuer, together ~ith an ihd~mnit~ satis~sctorp toOt,he Bond Registrar and Issu~er. In the e~ent any '~h6h Bond~shall h~e matured 0~ been calle~, for r~demptio~n, instead of' issuing a dupli6~te Bond, 3~he I~sue~ may direct the Paying Agent "to pay the same WithoUt 'surrender %hereof, makin~ such requi!rements as it deems fit for its protection, inclh~ng t~he furnishin~ of evidence and -8- indemnity the same as in the case of the issuance of a new Bond. The Issuer and~the Bond Registrar may charge the owner of such BOnd with their reasonable fees and e~penses for such service and any tax or other governmental charge (imposed by a governmental unit other than the Issuer) in connection therewith. Any such duplicate Bond shall constitute an original contractual obligation on the part of the Issuer whether or not the mutilated, destroyed, stolen or lost Bond be at any time found by anyone, and licate Bond shall be entitled to equal and benefits and rights as to lien on; and of and security for payment from, ~h~ to the payment~ of the Bond so mutilated, destroyed, stolen, or lost. G. The Bonds may have such redemption provisions as set forth or incorporated by reference in a subsequent resolution of the Issuer adopted prior~ to the issuance of the Bonds. Notice of redemption Df ~onds shall be given by or on behalf of the Issuer by deposit in the U.S. Mails of a copy of a redemption notice, postage prepaid, at least thirty (30)~and not more than sixty (60) days before the ~e~mptlio~ date to the registered owners of the Bonds~ ox' portions of Bonds to be redeemed at their addresses a.s they appear on the registration books kept by the~ Bond Registrar at the close of business on th~ second ~ay preceding the day on which the redemption ~otice is to be mailed. Failure to mail any suth nokice to a registered owner of a Bond, or any de~ect the~e~n Shall not affect the validity of the p~oceed~ng~ for redemption of any Bond or portiDh thereof with respect to which no failure or defect occurred. The notice of redemption shall set forth: (i) The redemption date; (ii) The redemption price; (iii) The date of the notice of redemption; (iv) If less than all of the Bonds then outstanding shall be called for redemption, the distinctive numbers and letters, including CUSIP numbers, if any, of the Bonds to be redeemed; (v) In the case of Bonds to be redeemed in part only, the portion of the principal amount -9- thereof to be redeemed; (vi) That on the redemption date the redemption price will become due and payable upon each such Bond or that, Paying Lon price se to accrue from to . be surre~ Agent person; (viii) If any Bond is to be redeemed in part only, the nlc .c~ olf ~edemp%io~ Which ~eI~tes to Bondsh~ [t~ als) 'state"that'. oh.1 ori.~f~r~ redempfic date, upon surrender of 'Such B~nd~ 'a' new Bond 0r Bond~ in a principal'1 am~n~ ~qual ~to the unredeemed portion of such Bonds wiii~ Del issued. Any .notice. mailed as provided.in this Sectiop shall .be conclusively preg~med tbi have 'been duly given, whether or not'~t~e Ownle~ of such' B~d receives such notice. H. Notice having been given in the manr~er and under 'the ~conditions herelnabove pro¥ided, BOndS or portions o~ Bonds ld~ly called for iredempfii0n shall~ on thel r~d~mption date designated'in t~ei~ot~Ce o~ redemptioh~, become and he due and .payable redemption.~price~ providedl for redem~tio~.i for such Bonds or p~r%ion~ of Bonds on SuEh datel. 0~ the date so designated for redemption, moneys fo~ payment of such redemption price .bein~g~ held in separate accounts by the Paying 'Agent in trust for the registered owners of the Bo~ds or portions thereof to be redeemed, interest %n the B~nds portions of Bonds so called for :r edemptio~ shall cease to accrue, such Bonds and portions of Bond~ shall no longer be Out stand~ing hereunder,. ~ shal~ cease to be entitled to any lien, ben'fit security under this Resolution, and the .registere~ owners of such Bonds or portions of ,Bonds shall hav~ no right ~n respect thereof except tO receive payment of the redemption prl¢~ thereof and, to thee extent provided in the nek~ subparagraph, to re~eiv~ Bonds for any unredeemed porti!ons of t/~e Bonds. -10- I. In case part but not all of an outstanding fully registered Bond shall be selected fo[ redemption, the registered owner thereof shall present and surrender such Bond to the Paying Agent for payment of %he principal amount thereof so called for redemption, and the Issuer shall execute and the Bond Registrar shall authenticate and cause to be delivered to or upon the order of such registered owne~, without charge therefor, a new Bond or Bonds for the unredeemed balance of the principal amount of the Bonds so surrendered. J. If the date for payment of the principal of, premium, if any, or interest on the Bonds shall be Saturday, Sunday, legal holiday or a day on which banking institutions in the city where the principal corporate trust office of the Bond Registrar or Paying Agent, or both, is located are authorized by law or executive order to close and on which the Bond Registrar or Paying Agent, or both, is closed, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunda~, legal holiday or a day on which such banking institutions are authorized to close and on which the Bond Registrar or the Paying Agent is closed, and payment on such day shall have the same force and effect as if made on the nominal dare'of payment. K. The text of the Bonds, the form of assignment for such Bonds, and the authentication certificate to be endorsed thereon shall be substantially in the following form, with such omissions, insertions and variations as maF be necessary or desirable and as may be approved and made by the officials of the Issuer executing the same, such execution to be conclusive evidence of such approval, including, without limitation, such changes as may be required for the issuance of dncertificated public obligations: -11- NO. R- [Form of Bond] UNITED STATES OF AMERICA STATE OF~FLO~iDA CITY OF BOYNTON;~BEACH, FLORIDA GENERAL oBL~IG~T.IoN~EFUND~NGBOND SERIES Interest Maturity Date: Rate: _% REGISTERED OWNER: PRINCIPAL AMOUNT: Original Dated Dante: CUSIP NO: ., , or its successors, as Paying Agent (the "Paying Ag~nt"~, and to pay, to the extent and from the s~ources herein de'bribed, interest on the principal sum from the date hereof, or from the most recent interest payment date to which interest has been paid, at t~e Interest Rate per annum identified above comp~te~' ~n the ba~isl of a year of .360 days Consisting of twelve th~fiy~d~y months, u~ii payment of the principal sum, or until pro~sion, for the payment thereof has been duly p~ovided for, such :in~er~st being pa~a~le semiannually on of , commencing on , . Interest will be paid by check o? ~raft ~ailed to the Registered Owner hereof at the address of s~h Regis't'ered Owner as it appears on the registration books of the Issuer maintained by , , , or its successors, as Bond Registrar (the "Bond Registrar") at the close of business on the fifteenth (15th) day (whether or not a business day) of the month next preceding the interes~ payment date (the "Record Date"), irrespective of any transfer or exchange of this Bond subsequent to such Record Date and prior to such interest payment date, unless the Issuer shall be in default in payment of interest due on such inte~st payment date. In the event of any such default, such defaulted interest shall be payable to the person in whose name this Bond is registered at the close of business on a special record date for the payment of such defaulted interest as established by notice deposited by the -12- Issuer in the U. S. mails, postage prepaid, to the Registered Owner of this Bond not less than fifteen (15) days preceding such special record date. Such notice shall be mailed to the person in whose name this Bond is registered at the close of business on the fifth (5th) day (whether or not a b~siness day) preceding the date of mailing. This Bond is one of an authorized series of bonds (the "Bonds") in the aggregate principal amount of $ of like date, tenor and effect, except as to number, maturity and interest rate, issued to provide for the refunding of all of the Issuer's Municipal Beach Facilities Bonds, dated February 1 Obligation Bonds, Series ~985, dated August 1, 1985 and General ~Obligatioh Bonds, Series 1988, dated November 1, 1988 that .remain outstanding (the "Refunded Bonds"), pursuant to the authOrity of and in full compliance with the Constitution and laws of the St~ Florida~ including particularly Article VII, Section 12 VIII, Section 2, the Charter of the Issuer, Statutes and other applicable Sec.%ions 132.33 7, Florida N~. , adopted by ~he IsSuer provisions of law, on , ~Iution"). This Bond is subject to all the terms and conditions of the Resolution, and capitalized terms not otherwise define~ herein shall have the same meanings ascribed t~ them in th~ aes~9t~tion~ [INSERT REDEMPTION PROVISIONS] Notice 0f call for redemption is to be given by mailing a copy of the ~Redem~tlon Notice at least thirty (30) but not more than sixty (60) da~s prior to the date fixed ~ok redemption to the registered owner ~f each Bond to be redeemed at the address shown o~ the re~ist?atiQm books kept by the Bond R~gistrar. Failure to give such notice ~ mail to any Bondholder, or any defect therein, shall not ~ffec~ the validity of the proceedings for the redemption of any ~ond or portion thereof with re8pect to which no failure or defec~ has occurred. All such Bonds called for redemption and fo~ the retirement of which funds are duly provided will cease to bear!!~interest on such redemptio~ date. The Issuer has established with as Escrow Agent under an Escrow Deposit Agreement, date~ as of ~ , 1991 (the "Escrow Deposit Agreement"), an Escrow Fund and !has caused to be deposited therein cash and Government Obligations the principal of and investments earnings on which have bee~ calculated to be sufficient to provide for the full and timely p~yment of the principal of, redemption premium, if any, and inter~st on the Refunded Bonds when due, all as more fully set forth ih the Escrow Deposit Agreement. So long as the funds on deposit ~ith the Escrow Agent under the Escrow Deposit A~reement, togethe~ with investment earnings thereon, are sufficient for the full and timely paymen~ of the Refunded Bonds, the full faith, credit and taxing power of the Issuer are -13- irrevocably pledged to the prompt payment of the principal of and interest on this !Bond. However, if at any time, the funds on deposit under the EscrOw Deposit Agreement, together with investment earnings ~hereon, shaI1 be ilnadequate to fully satisfy earlier~ redemption~ the Ref'~hded BOnds, to the extent Re erence ~s made to tlhe Reso.lutz~on ~or the~ pro.vAs~on~, among others, relating to the %~rms, ti~h '~nd~cu~i~t~ ~6~ t~e Bonds, the custody ~nd application of ~he ~pr~aeeds Of the Bonds, the rights and re~edl~s of the holders of the Bonds, -~nd the exten~ of add l~m~itations om the ~ Issuer~'s ~rights, duties and obligationS, t~ 'a%l of whlo~ proV. ls~gns th9 r~gm~tered ~wn~ hereof a~ents!.~y~ a~epta~nce ~r~f. ' 'i ' ~his iBond shall not be yalid or beoome obligatory for purpose or b~ entitled to ~n~ security or benefit under the Resolution u~l the Certlflcate~ Df ~uthentzcation endorsed hereO~ shall haveb~:~%i~ed b~' the ~on~ R~gistrar. · i ~EFE~NCE IS HERE$Y ~M~E ~0 THE FURTHER PROVISION& OF THIS BOND SE~ ~O~TH. ON THE ~E~REE SIDE HEREOF, WHICH FuRThE~ PROVISIONS SHALl~ FOR ALL PURPoSE~HAVE THE SAME EFFECT AS IF FuL~Y SET FORTH ON THIS PAGE. ' This Bond is. and has all ~the qualities and incidents of an ~nv~stme~ ~curity i under the uniform commercial Code-Investmen~ ~Securities Law' of'the State of Florida. ' IN WITNESS WHEREOF, ~ty of Boynton Beach, Florida, has issue~ thi~ ~ and has cause~ {he same to be kigned by its Mayor and attested and countersigned ~by its Clerk either manually or with their k~CsimileI sign~tut'es~ and its seal or a facsimile -14- thereof to be impressed or reproduced hereon, all as of the day of , CITY OF BOYNTON BEACH, FLORIDA (SEAL) By. Mayor ATTESTED AND COUNTERSIGNED: By: City Clerk [CERTIFICATE OF AUTHENTICATION] This Bond is one of the Bonds designated in and executed under the provisions of the within mentioned Resolution. , as Bond Registrar By: Authorized Officer Date of Authentication: [To be printed on the reverse side of Bonds] ADDITIONAL BOND PROVISIONS The registration of this Bond may be transferred upon the registration books upon delivery hereof to the principal office of the Bond Registrar accompanied by a written instrdment or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of -15- this Bond or by such owner's attorney-in-fact or legal representative, containing written instructions as to the details of transfer of this Bond~ along with the social security number or federal employer identification number, if any, of such transferee. In all cases of a transfer of a Bond, the Bond eg~.~rar shall- at the earliest practical time in accordance with lnth~· the Provisions registration°K the booksRes°lutl°n' ' enter the transfer of Ownership transferee or transferees the same maturity and of authorized denomination or denominations, for ~th~ ~e aggreg~'te Pri'nc~ai. amount and payable from the same source of funds. The Issuer and ~ Registrar may charge the owner of such Bond for the of every transfer or exchange of a Bond an tax, fee or any the Issuer) to be the registration of such transfer, and may require that such amounts be paid before any such new Bond shall be delivered. If the date for payment of the principal of, premium, if any, or interest on this Bond shall be a Saturday, Sunday, legal holidap or a day on which banking institutions in the city where the Corporate trust office of the Bond Registrar or Paying A~ent, or both, is located are authorized by~laW or executive order tO close and on which the Bond Registrar or Paying Agent, or both, is closed, then the date for such payment shall be the next succeeding day which is not a Saturday/ Sunda 1 day on Which such bankin~ ins~2~2~ ~.~ ~ ~gal holiday or a ~ ~u~uns are au~norlzed to close and on which the Bond Registrar or the Paying Agent ~s closed, and payment on such day shall have the same force and effect as if made on the nominal date of payment. It is hereby certified and recited that this Bond is authorized by and is issued in conformity with the requirements of the Constitution and statutes of the State of Florida, that all acts, conditions and things required to exist, to happen, and to be performed precedent to the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable hereto, and that the issuance of the Bonds of this series does not violate any constitutional or statutory limitation or provision. [Form of Abbreviations for Bonds] The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they wereregulations, written OUt in full according to the applicable laws or -16- TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN as joint tenants with. the suzvivorship and not as tenants in common right of UNIFORM TRANS MIN ACT - (Cust.) Custodian for (Minor) under the Uniform Transfers to Minors Act of (State) Additional abbreviations may also be used though not in the above list. [Form of Assignment for Bonds] ASSIGNMENT FOR VALUE RECEIVED, the undersigned "Transferor"), hereby sells, assigns and transfers (the "Transferee") unto PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF TRANSFEREE (the the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints as attorney to register the transfer of the within Bond on the books -17- kept for registration and registration of transfer full power of substitution in the premises. Date: Signature Guaranteed: thereof, with NOTICE: Signature(s) or )er fir~ exchange c or a trust company. [THIS must bank NOTICE: No transfer will be registered and no new Bond will be issued in the name of the it appears upon the face of the within Bond in every particular, ~tho~t .aSte, ration or enlarge- ~n~ 9r~ii~Y.~h~a~ whatever and ~e S~ci~i Security or Federal Employer Identification Number, if any, of the Transferee, is a~Plipd. [End of Form of Bond] SPACE INTENTIONALLY LEFT BLANK] -18 - SECTION 7. APPlication of Bond Pr0ceedz. The proceeds, including accrued interest and premium, if any, received from the sale of the Bonds, shall be applied by the Issuer pursuant to a subsequent resolution adopted prior to .the issaunce of the Bonds. SECTION 8~ In each Fiscal Year while any of the Bonds are outstanding all taxable (excluding in amount to pay the principal of and interest on the Bonds as the same shall become due; provided, however, if at any time the funds held by the for of the Refunded Bonds, together with investment paym~ condi Holders or receive tax payment in interest made her~ a~d, to p~yment may, but legally va~lorem Escrow Ag( of a rec Of shall be insufficient to meet the in accordance~ with the terms and the Escrow the Refunded Bonds be entitled to from event, to the extent of any such Bon~ds, the right~ title and Owners of the ~Bonds in such nd shall no any r source but the Issuer to, make such payment from any the Issuer not derived from ad ~ncy in the amount held by the by the Issuer upon ~ts receipt %gent four such payment. levied and collected for the security and payment of the Bonds shall be assessed, Ievied and collected in the same manner and at the same time as o%~er ad valorem taxes of the IssUer ~e asse~s~ed, levied and colle6~e~ and t~he proceeds of said ~X ~h!all be applied so~eiy to ~he payment of the principal of and intsrest on the Bonds. On or before each interest or principal payment date for the Bonds, the Issuer shall transfer to the Paying. Agent an amount sufficient to pay the principal of and ~interes't on the Bonds then due and payable and the Pa in ~A ent ' ~ , Y g ~ 9 ~s hereby authorized and directed to apply such nunos to s~d p~ym~ent. Except to the extent provided in the first paragraph of this Section 8 the full faith, credit and taxing power of the Issuer are' irrevocably pledged to the payment of the principal of and interest on the Bonds. The Issuer will diligently enforce its right to receive tax revenues and will diligently enforce and collect such taxes. The Issuer will not take any action that will impair or adversely affect its rights to levy, collect and receive said taxes, or -19- impair or adversely affect in any manner the pledge made herein the rights of the Bondholders. SECTION 9. Compliance with Tax Requirements. hereby~covenant~ ~d ~g~ees¥ for the ben,fit of ~the time to The Issuer owners from rements ~V of to-limit Issuer covenants (.2) to ~int a~ and r~t a ~ ' ii perta~n~to a~ ~0 D~ ~spon~.~ for mak~n~ causing ~ be ma~e gl:l ~e~m~at xons a~ calculations of~ ~ke ~'~eb~e ~ouh% and payments of the Rebat, e ~oU~t as shall ~be to co~ply W~th fihe CO~ (3) to refrain: firom using~ pYoc~dS from thp Bonds .in a. man~e= th~t!Woul~~ cadse th~ ~onds .or ~ of them; t~ be cl~s'~i~i~d as ~f~i~a~e ~tivit~. bon~s under'Section 141(a) of the Code; add (.4) to refrain f~om takin~ any _.action that would cause th~ Bonds~"0~ ah~ of the~, to become arbitrage bondslunder Sectio~ t03(b)' and Section 14.8 of the Code. The Issuer understands that the foregoing covenants mmpose continuing obligations on the Issuer to comply with the requirements of Section 103 and Part IV of Subchapter B of Chapter 1 of the Code so long as such requirements are applicable. SECTION 10. Modification or Amendment. This Resolution may be modified and amended by the Issuer from time to.time prior to the issuance of the Bonds. Thereafter, no modification or -20- amendment of this Resolution or of any resolution amendatory hereof or supplemental hereto materially adverse to the Bondholders may be made without the consent in writing of the owners of not less than a majority in aggregate principal amount of the Outstanding Bonds, but no modification or amendment shall permit a change (a) in the maturity of the Bonds or a reduction in the rate of interest thereon, (b) in the amount of the principal obligation of any Bond, (c) that would affect the unconditional promise of the Issuer to levy and collect taxes ss herein provided, or (d) that wouId reduce such percentage of holders of .ess the. Issuer an opinio'n of ~ond .c~unsel that~ such amendment ms 11 not, ~nd ~1 adversely affect the exclusion from income Of the i the Bonds. SECTION 11. ~ Defeasance and Release. If, at any time after the 'da~e of .issuance of the Bonds (a) ail ~o~ds secured hereby or. any!maturity thereof shall have become du~ and payab}e in accordanC~ with their terms or Otherwise as provided in this Resolhtion, ~r Shall ihave been duly calle~ for red.e~.ption,, or the Issuer gives %he Pay~ Agent irrevocable instructions directing the paymentS'Of the p~ih¢ipal of, premium, if any, ~nd interest Such Bo~ds at maturity ~r at any earlier red ~e~n. ptign date sched~ied ~y the IssUe~'~ or/ah~ combination thereof, (b) the ~ul'l amount ~he .prinuipat~ p~em%um, Sf any~ and the ~in~e~s%. so !dU~ payable ~gn all of isuCh Bonds then outstanding; 5t maturity Dr ~pon re~m~ion, shal~ ~e paid, or suffic!ien~ money~ sh~ll ~U~ he~d by the Paying Agent ~n ~irrevocable trust for the benefit Of s~uh Bondholders (whether or .not mn any accounts created hereby) which, when inves~ted in nonuaLlable Government Obligations maturing Iater ~ than ~he matu~i~ty or ~edempti0n dates of such principal, ~emium, if ~any, an~ ~nterest, will, tOget~her with the income realized on such investments, be sufficiemt to pay all such principal, premium, if any, and interest o~ said Bonds at the maturity thereof or the date upon which such Bonds are to be called for redemption prior to maturity, an~ (c) provision shall also be made for paying all other sums payable hereunder by the Issuer, then and in that case the right, title and interest of the Bondholders of such ~onds hereunder shall thereupon cease, determine and become void; otherwise, this Resolution shall be, continue and remain mn full force and effect. Notwithstanding anything in this Section 11 to the contrary, however, the obligations of the Issuer under Section 9 hereof shall remain in full force and effect until such time at sush obligations are fully satisfied. SECTION 12. Severabilit¥. If any one or more of the covenants, agreements or provisions of this Resolution shall be -21- held cOntrary to any express provisions of law or contrary to the poliCy of exprefs Iaw, thOUgh not expresSlY prohibited, or against Public policY, or shall for any reason whatsoever be held invalid, then such cOvenants, agreements Or provisions sha~l be null and issu:ed ~r ' of'( SECTION 15. Effect'ire Date. · This Resolution Shall be -22- effective immediately upon its adoption. PASSED AND ADOPTED this 3rd day of December, (SE~) ATTEST: t991, CITY OF BOYNTON BEACH Ci~ Clerk AND L~/G~L ~U~] IENCY: Vi ce-M~y~ r~ ~o~ ,loner 5603M -23-