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88-AAAA
RESOLUTION NO. 88'AAAA RESOLUTION AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 1988 OF THE CITY OF BOYNTON BEACH, FLORIDA, IN AN AGGREGATE PRINCIPAL AMOUNT OF TWO MILLION THREE HUNDRED NINETY THOUSAND DOLLARS IN ACCORDANCE WITH LAW FOR THE PURPOSE OF PROVIDING FUNDS WHICH, TOGETHER WITH OT~RR AVAILABLE FUNDS, WILL BE SUFFICIENT TO PAY THE COST OF ACQUIRING LAND FOR A PUBLIC PARK; PROVIDING THE DETAILS OF THE BONDS; APPOINTING THE BOND REGISTRAR AND PAYING AGENT; PROVIDING THAT SUCH BONDS SHALL CONSTITUTE GENERAL OBLIGATIONS OF THE CITY AND THAT THE FULL FAITH, CREDIT AND TAXING POWER OF THE CITY SHALL BE IRREVOCABLY PLEDGED FOR T~R PAYMENT OF T~F. PRINCIPAL OF AND INTEREST ON SUCH BONDS; ~AI~ING THE BONDS ~)TI~'R SUCCESSFUL BIDDER; PROVIDING FOR WITH CERTAIN PROVISIONS OF THE CODE; PROVIDING THE: RIGHTS REMEDIES OF THE OWNERS OF SUCH BONDS; SEVERABILITY; AND AUTHORIZ- ING WHEREAS, the City Commission (the "Commission") of the City of Boynton Beach, Florida (the "City") enacted Ordinance No. 88- 13, on April 5, 1988, as amended by Ordinance No. 88-20, author- izing the issuance of not exceeding $2,500,000 General Obligation Bonds Series 1988 (the "Bonds") of the City subject to a referen- dum for the purpose of providing funds which, together with other available funds, will be sufficient to pay (a) the cost of acquiring a 10 acre parcel of land for public park purposes (the "Project"), and (b) the interest to accrue on the Bonds through October 31, 1989, and calling for an election;= and WHEREAS, the Commission enacted Ordinance No. 88-14, on April 5, 1988, as amended by Ordinance No. 88-21, providing the notice and details of the election; and WHEREAS, the election was duly conducted on September 6, 1988 and the returns thereof were duly and regularly canvassed and certified by the Palm Beach County Canvassing Board; and WHEREAS, the Commission has accepted the certification of the election in which the ballot questioned was approved by a majority of the qualified voters vo=ing thereon and the Commis- sion has caused the same to be recorded in its minutes as provid- ed by law. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA: SECTION 1. FINDINGS. The recitals to this Resolution are incorporated herein as findings. SECTION 2. AUTHORITY. This Resolution is adopted pursuant to the Constitution and laws of the State of Florida, as amended, and Chapter 166 Laws of Florida and other applicable provisions of law. SECTION 3. the provisions AUTHORIZATION OF BONDS. of this Resolution, Subject and pursuant to the Bonds are hereby authorized to be issued in an aggregate principal amount of Two Million Three Hundred Ninety Tho~usand Dollars ($2,390,000) for the purpose of providing funds which, together with other available funds, will be sufficient to pay (a) the costs of the Project, and (b) the interest tO accrue on the Bonds through October 31, 1989. SECTION 4. DESCRIPTION OF BONDS. The Bonds shall be in the denomination of $5,000 or any integral multiple thereof; shall be issued in fully registered form only; shall bear interest, pay- able semiannually on May 1 and NOvember 1 of each year, at the rates set forth on Schedule A attached hereto and made a part hereof, provided that interest shalll be payable on each Bond from the interest payment date next preceding the date of authentica- tion thereof, unless the date of such authentication is a date to which interest thereon has been paid or duly provided for, in which case from the date of such authentication, or, in respect of the first interest payment, from the dated date of the Bonds; shall be numbered from one consecutively upward; shall be dated November 1, 1988; and shall mature on November 1 in such amounts and in such years provided on said Schedule A. The principal of, redemption premium, if any, and interest on the Bonds shall be payable in any coin or currency of the United States of America which, at the respective times of pay- ment, is legal tender for the payment of public and private debts. The interest on the Bonds shall be payable by check or - 2 - draft drawn on Midlantic National Bank and Trust Co./Florida, Fort Lauderdale, Florida paying agent for the Bonds (the "Paying Agent") and otherwise as provided in the BOnd form herein provid- ed and the principal thereof and the premium, if any, payable upon redemption shall be payable at the principal corporate trust office of the Paying Agent, or at the principal corporate trust office of its successor as Paying Agent. SECTION 5. EXECUTION AND AUTHENTICATION OF BOND~. All Bonds shall be executed on behalf of the City by the manual or facsi- mile signature of the Mayor of the City and by the manual or facsimile signature of the City Clerk and a facsimile of its seal shall be imprinted thereon. The Bonds shall be authenticated by the manual signature of an authorized signatory of the Registrar (hereinafter defined). If any of the officers who shall have signed any of the Bonds or whose facsimile signature shall be upon the Bonds shall cease to be such officer of the City before the Bonds so signed and sealed shall have been manually authenti- cated by the Registrar or delivered by the City, such Bonds nevertheless may be authenticated, issued and delivered with the same force and effect as though the person or persons who signed such Bonds or whose facsimile signature shall be upon the Bonds had not ceased to be such officer or officers of the City; and also any such Bond may be signed on behalf of the City by those persons who, at the actual date of the execution of such Bond, shall be the proper officers of the City, although at the nominal date of such Bond any such person shall not have been such officer of the City. SECTION 6. BOND REGISTRAR AND REGISTRATION OF BONDS. Midlantic National Bank and Trust Co./Florida, Fort Lauderdale, Florida shall serve as registrar for the Bonds (the "Registrar") and there shall be kept by the Registrar at its principal corporate trust office, records for the registration and transfer of the Bonds, and the Commission shall appoint the Registrar its agent to keep such records and make such registrations and transfers under such reasonable regulations as the City or the - 3 - Registrar may prescribe; and the Registrar shall register or transfer or cause to be registered or transferred thereon, as hereinafter provided, any Bonds, upon presentation thereof at such office. The Bonds may be transferred on the registration books re- quired to be kept pursuant to this Section by the registered owner in person or by his duly authorized attorney, upon surren- der to the Registrar of the Bond to be transferred, by proper written instrument of transfer in form satisfactory to the Regi- strar; provided, however, that the Registrar shall not be requir- ed to transfer any Bond between the Record Date (as hereinafter defined) and any interest payment date; and, further, from and after the forty-fifth (45th) day prior to any redemption date with respect to any Bond, the Registrar shall not be required to transfer any Bond which has been selected for redemption. Record Date, for the purposes hereof, shall mean the fifteenth day of the calendar month next preceding any interest payment date, whether or not a business day. Upon surrender to the Registrar of any Bond to be transferred, a new fully-registered Bond or Bonds of the same maturity, in the same aggregate principal amount and bearing the same rate of interest will be issued to and in the name of the transferee. Such transfers shall be with- out charge to the registered owners of the Bonds, but any taxes or other governmental charges required to be paid with respect to the same shall be paid by the registered owner requesting such transfer as a condition precedent to the exercise of such privilege. Every exchange or transfer of Bonds under the foregoing provisions shall be effected in such manner as may be prescribed by the City or pursuant to its authorization, with the approval of the Registrar. The person in whose name any Bond shall be registered on the books maintained pursuant to this Section may be deemed and treated as the absolute owner thereof, whether or not such Bonds shall be overdue, and the City, the Registrar and the Paying - 4 - Agent shall not be affected by any notice to the contrary; and payment of, or on account of, the principal of, redemption premium, if any, and the interest on, any Bond shall be made only to the registered owner thereof, but such registration may be changed as provided herein. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. The City in issuing the Bonds may use "CUSIP" numbers, and the Registrar shall use such "CUSIP" numbers in notices of redemption as a convenience to the owners of the Bonds, provided that any such notice shall state that no representation is made as to the correctness of such numbers either as printed on the Bonds or as contained in any notice of redemption and that reliance may be placed only on the identification numbers prefix- ed "R-" printed on the Bonds. SECTION 7. FORM OF BONDS. The form of the Bonds, as well as the manner of execution of the Bonds, and the certificates of authentication, and assignment shall be substantially as follows: REGISTERED No. R- (FORM OF BOND) REGISTERED CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS SERIES 1988 ORIGINAL ISSUE DATE: MATURITY DATE: REGISTERED HOLDER: PRINCIPAL AMOUNT: INTEREST RATE: CUSIP: - 5 - The City of Boynton Beach, Florida, a municipal corporation of the State of Florida (the "City"), for value received, hereby promises to pay to the registered owner hereof on the date shown hereon (unless called for earlier redemption), upon surrender hereof, the principal hereof and to pay, to the registered owner hereof at the close of business on the Record Date (hereinafter defined), interest on said principal amount at the annual rate shown hereon, on the first days of May and November in each year, commencing May 1, 1989 until payment of said principal amount has been made or provided for. Record Date, for the purposes hereof, shall mean the fifteenth day of the calendar month next preceding any interest payment date, whether or not a business day. In the event of a default by the City in payment of interest due on any interest payment date, such defaulted interest shall forthwith cease to be payable to the registered owner as of the close of business on the relevant Record Date and shall be payable at such time as sufficient funds are available for the payment thereof, on a special payment date established by the Paying Agent, to the person in whose name such Bond is registered at the close of business on a special record date established by the Paying Agent (which shall be a business day) for the payment of such defaulted interest. Such notice specifying each date so established shall be mailed by the Paying Agent to each registered owner of the Bonds, such notice to be mailed not less than ten (10) days and not more than thirty (30) days prior to the special payment date. Interest on said principal amount (computed on the basis of a 360 day year of 12 equal months) shall be payable from the interest payment date next preceding the date of authentication hereof, unless the date of such authentication is a date to which interest hereon has been paid or duly provided for, in which case from the date of such authentication, or, in respect of the first interest payment hereon, interest shall be payable from the original issue date shown above. The interest on this bond is payable by check or draft drawn on Midlantic National Bank and - 6 - Trust Co./Florida, Fort Lauderdale, Florida, the paying agent, or any successor paying agent (the "Paying Agent"). The principal hereof and the premium, if any, payable upon redemption are payable at the principal corporate trust office of the Paying Agent, or at the duly designated office of any duly appointed alternate or successor Paying Agent, upon presentation and surrender hereof. The principal of and interest on this Bond shall be paid in any coin or currency of the United States of America which, at the time of payment, is legal tender for the payment of public and private debts. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN. This Bond shall not be entitled to any benefit under the Resolution (hereinafter defined) or become valid unless the Registrar's Certificate of Authentication endorsed hereon is fully executed. IN WITNESS WHEREOF, the City of Boynton Beach, Florida, has caused this bond to be executed in its name and on its behalf by the manual or facsimile signature of its Mayor and the facsimile of its seal printed hereon and attested by the manual or facsimile signature of its City Clerk all as of the day of , 1988. [SEAL] Attest: City Clerk CITY OF BOYNTON BEACH, FLORIDA By: Mayor - 7 - (FORM OF CERTIFICATE OF AUTHENTICATION) REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the series designated here- in, described in the within-mentioned Resolution. Dated: as Registrar By: Authorized Officer - 8 - [REVERSE SIDE OF BOND] This Bond is one of a series of bonds issued in aggregate principal amount of $2,390,000, designated, "City of Boynton Beach, Florida, General Obligation Bonds, Series 1988" (the "Bonds"), each of like tenor (except as to number, date of authentication, amount, date of maturity, rate of interest and provision for redemption), issued by the City and more par- ticularly described in Resolution No. of the City Commission of the City (the "Commission"), passed and adopted on November · 1988 (the "Resolution") under the authority of and in full compliance with the Constitution of the State of Florida, Chapter 166, Florida Statutes, and other applicable provisions of law. The Bonds are issued for the purpose of providing funds which, together with other available funds will be sufficient to pay (a) the costs of acquiring the Project (as defined in the Resolution), and (b) the interest to accrue through October 31, 1989. The Bonds shall be redeemable prior to their respective stated dates of maturity, as follows: [INSERT REDEMPTION PROVISIONS] If the City deposits with the Paying Agent, funds evidenced by cash or Government Obligations, or certifi.c~e~s of deposit or other securities fully secured by Government Obligations, the principal of and interest on which, when due, will be sufficient to pay the principal or redemption price of any Bonds, at maturity, or date of earlier redemption, together with interest accrued to such date, in accordance with the terms of the Resolu- tion, interest on such Bonds will cease to accrue on the date of maturity or earlier redemption, and after the date of such deposit such Bonds shall cease to be entitled to any lien, benefit or security under the Resolution and the registered owners of such Bonds shall have no rights in respect thereof except to receive payment of the redemption price or principal at - 9 - maturity and unpaid interest accrued to the maturity or redemp- tion date from said funds so deposited. This bond is transferable as provided in the Resolution only by the registered owner hereof or his duly authorized attorney at the principal corporate trust office of Midlantic National Bank and Trust Co./Florida, Fort Lauderdale, Florida, which has been duly appointed by the City as registrar for the Bonds, or its successor registrar (the "Registrar"), upon surrender of this bond, accompanied by a duly executed instrument of transfer in form satisfactory to the Registrar; provided, however, that the Registrar shall not be required to transfer any Bond between the Record Date and any interest payment date; and, further, from the forty-fifth (45th) day prior to any redemption date thereof, the Registrar shall not be required to transfer any Bond which has been selected for redemption. Upon surrender of a Bond for transfer, a new fully-registered bond or bonds of the same matur- ity and in the same aggregate principal amount and bearing the same rate of interest will be issued to and in the name of the transferee. The City, the Registrar and the Paying Agent may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal of, redemption premium, if any, and the interest on this Bond, and for all other purposes, and neither the City, the Registrar nor the Paying Agent shall be affected by any notice to the contrary. It is hereby certified and recited that all acts, conditions and things required to happen, to exist and to be done precedent to and in the issuance of this Bond have happened, do exist, and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and that the issuance of this Bond, and the issue of Bonds of which this Bond is one, does not violate any constitu- tional or statutory limitations or provision; that, provision has - 10 - been made in the Resolution for the levy and collection of a direct annual tax upon all taxable property within the City, without limitation as to rate or amount, sufficient to pay the interest on and principal of the Bonds as the same shall become due. (FORM OF ASSIGNMENT AND TRANSFER) FOR VALUE RECEIVED (the "Transferor"), the undersigned, hereby sells, assigns and transfers unto (the "Transferee") (Social Security or Federal Employer Identi- fication No. .) the within Bond and all rights there- under, and hereby irrevocably constitutes and appoints as attorney to transfer the within bond on the books kept for registration thereof, with full power of substitution in the premises; provided, however, that if any default with respect to the Resolution shall have occurred prior to the date of the transfer, the within bond shall not be registered and the Transferee shall be entitled to receive pay- ment with respect to the within Bond upon presentation thereof as assignee of the Transferor. Date: Signature Guaranteed NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or a trust company. NOTICE: No transfer shall be issued in the name of the Transferee, unless the sign- ature(s) to this assignment corresponds with the name as it appears upon the face of the within bond in every particular without alteration or enlargement or any change whatever and the Social Security or Federal Employer Identification Numbers of the settlor and beneficiaries of the trust, the Federal Employer Identification Number and the date of the trust and the name of the trustee shall be supplied. - 11 - SECTION 8. TEMPO~¥ BONDS. Until Bonds in definitive form are ready for delivery, the City may execute, and upon its request in writing, the Registrar shall authenticate and deliver in lieu of such definitive Bonds, and subject to the same pro- visions, limitations and conditions, one or more printed, !itho- graphed or typewritten Bonds in temporary form, substantially of the tenor of the Bonds hereinbefore described, with appropriate omissions, variations and insertions. Such Bond or Bonds in temporary form will be in the principal amount of Five Thousand Dollars ($5,000) or any integral multiple thereof. Until exchanged for Bonds in definitive form, such Bonds in temporary form shall be entitled to the lien and benefit of this Resolution. The City, without unreasonable delay, shall prepare, execute and deliver to the Registrar and thereupon, upon the presentation and surrender of the Bond or Bonds in temporary form, the Registrar shall authenticate and deliver, in exchange therefor, a Bond or Bonds in definitive form in any authorized denomination, and for the same aggregate principal amount as the Bond or Bonds in temporary form surrendered. Such exchange shall be made by the Registrar without any charge therefor. SECTION 9. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any Bond shall become mutilated; or be destroyed, stolen or lost, the City may in its discretion, issue and deliver a new Bond of like tenor as the Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Bond, or in lieu of and substitution for the Bond, destroyed, stolen or lost, and upon the holder furnishing the City proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the City may prescribe and paying such expense as the City may incur. Ail Bonds so surrendered shall be cancelled by the Registrar. If any such Bonds shall have matured or be about to mature, instead of issu- ing a substitute Bond, the City may pay the same, upon being indemnified as aforesaid, and, if such Bond be lost, stolen or destroyed, without surrender thereof. Any such duplicate Bonds - 12 - issued pursuant to this Section shall be entitled to equal and proportionate benefits and rights as to the lien on and source and security for payment from the funds, hereinafter pledged, to the same extent as all other obligations issued hereunder. SECTION 10. REDEMPTION OF BONDS. The Bonds or portions thereof maturing in the years 1990 through 1995, both inclusive, shall not be redeemable prior to their stated dates of maturity. The Bonds or portions thereof maturing on and after November 1, 1996 shall be redeemable prior to their stated dates of maturity, at the option of the City, in whole on any interest payment date on or after November 1, 1995, and in part in inverse order of their maturities and by lot within a maturity if less than a full maturity, on November 1, 1995, or on any interest payment date thereafter, at the following redemption prices (expressed as a percentage of principal amount), plus accrued interest to the redemption date: Redemption Dates November 1, 1995 and May 1, 1996 ....... November 1, 1996 and May 1, 1997 ....... November 1, 1997 and May 1, 1998 ....... November 1, 1998 and May 1, 1999 ....... November 1, 1999 and thereafter on any interest payment date ............ Redemption Prices 102 % 101½ 101 lOO½ 100 SECTION 11. REDEMPTION NOTICE. At least thirty (30) days but not more than sixty (60) days before tb~.~emption date, a written notice of any redemption, either in whole or in part, signed by the Registrar, shall be mailed by first class mail, postage prepaid, to all registered owners of Bonds to be redeemed at their addresses as they appear on the registration books herein provided for, but failure so to mail such notice with respect to any Bond or any defect in said notice shall not affect the validity of the proceedings for such redemption with respect to any other Bond. Each such notice shall be dated and shall set forth the date fixed for redemption, the redemption price to be paid, the number of such Bonds, if less than all of the Bonds then outstanding shall be called for redemption, that on the - 13- redemption date, the redemption price will become due and payable upon each Bond or portion thereof called for redemption, that interest thereon shall cease to accrue from and after said date, and the place where such Bonds are to be surrendered for payment, which place of payment shall be the principal corporate trust office of the Paying Agent. SECTION 12. EFFECT OF CALLING FOR REDEMPTION. On the date so designated for redemption, notice having been mailed in the manner and under the conditions hereinabove provided and suffi- cient moneys for payment of the redemption price being held in a separate irrevocable escrowed account, the Bonds so called for redemption shall become and be due and payable at the redemption price and interest provided for redemption of such Bonds on such date, interest on the Bonds so called for redemption shall cease to accrue, and such Bonds shall cease to be entitled to any lien, benefit or security under 'this Resolution on the date sufficient moneys for the payment of the redemption price are held in a separate irrevocable escrow account, and the registered owners of such Bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof and unpaid in- terest accrued to the redemption date from the funds held for that purpose. The Bonds called for redemption shall be cancelled upon the surrender thereof. SECTION 13. FURTHER NOTICE OF REDEMPTION. In addition to the foregoing notice, further notice shall be given by the Regis- trar to the parties described in paragraphs (2) and (3) as set out below, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as prescribed in Section 11 above. (1) Each further notice of redemption given here- under shall contain the information required above for an official notice of redemption plus (i) the CUSIP numbers of all Bonds being redeemed; (ii) the date of issue of the Bonds as originally issued; (iii) the rate of interest borne - 14 - by each Bond being redeemed; (iv) the maturity date of each Bond being redeemed; and (v) any other descriptive informa- tion needed to identify accurately the Bonds being redeemed. (2) Each further notice of redemption shall be sent at least 35 days before the redemption date by registered or certified mail or overnight delivery service to all registered securities depositories then in the business of holding substantial amounts of obligations of types compris- ing the Bonds (such depositories now being Depository Trust Company of New York, New York, Midwest Securities Trust Company of Chicago, Illinois, Pacific Securities Depository Trust Company of San Francisco, California and Philadelphia Depository Trust Company of Philadelphia, Pennsylvania) and to one or more national information services that dissemi- nate notices of redemption of obligations such as the Bonds (such as Financial Information, Inc.'s Financial Daily Called Bond Service, Kenny Information Service's Called Bond Service, Moody's Municipal and Government News Report and Standard & Poor's Called Bond Record). (3) Each such further notice shall be published one time in The Bond Buyer of New York, New York or, if the Registrar believes such publication is impractical or unlikely to reach a substantial number of the holders of the Bonds, in some other financial newspaper or journal which regularly carries notices of redemption of other obligations similar to the Bonds, such publication to be made at least 30 days prior to the date fixed for redemption. (4) Upon the payment of the redemption price of the Bonds being redeemed, each check or other transfer of funds issued for such purpose shall bear the CUSIP number iden- tifying, by issue and maturity, the Bonds being redeemed with the proceeds of such check or other transfer. SECTION 14. APPLICATION OF BOND PROCEEDS. The proceeds received upon the sale of the Bonds shall be applied as follows: - 15 - (1) the accrued interest on the Bonds shall be deposited to the Interest Account of the Bond Fund hereby established; and (2) a portion of the proceeds, which will be suffi- cient to pay interest on the Bonds through October 31, 1989, shall be deposited to the credit of the Capitalized Interest Account of the Bond Fund hereby established; and (3) a portion of the proceeds which will be suffi- cient to pay certain costs of issuance of the Bonds, including the cost of the Municipal Bond Insurance Policy (as hereinafter defined) shall be deposited to the Cost of Issuance Account; and (4) the remainder of the proceeds of the Bonds shall be deposited to the Acquisition Fund established hereby to pay the costs of the Project. The registered owners of the Bonds issued hereunder shall have no responsibility for the use of the proceeds of the Bonds, and the use of such proceeds by the City shall in no way affect the rights of such registered owners. SECTION 15. INVESTMENT OF FUNDS. Moneys held in the Accrued Interest Account, Capitalized Interest Account and Acquisition Fund shall be held in cash or invested only in direct obligations of (including obligations issued and held in book entry form on the books of) the Department of the Treasury of the United States of America ("Government Obligations"). SECTION 16. LEVY OF ADVALOREM TAX; PAYMENT AND PLEDGE. In each year while any of such Bonds are outstanding there shall be assessed, levied and collected a tax, without limitation as to rate or amount, on all taxable property within the City, suffi- cient in amount to pay the principal of and interest on such Bonds as the same shall become due. The tax assessed, levied and collected for the security and payment of the Bonds shall be assessed, levied and collected in the same manner and at the same time as other City ad valorem taxes are assessed, levied and collected and the proceeds of said tax shall be applied solely to - 16 - the payment of the principal of, premium, if any, and interest on the Bonds. On or before each interest or principal payment date for the Bonds, the City shall transfer to the Paying Agent an amount sufficient to pay the principal of and interest on the Bonds then due and payable and the Paying Agent is hereby authorized and directed to apply such funds to said payment. The full faith, credit and taxing power of the City are hereby irrevocably pledged to the payment of the principal of and interest on the Bonds. SECTION 17. TAXATION OF INTEREST; ARBiTRA~. The City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986 as amended (the "Code"). At least 95% of the net proceeds of the Bonds will be used to pay for costs of the Project, which is located within the boundaries of the City. The City (includ- ing any subordinate entities or entities issuing tax-exempt obligations on behalf of the City within the meanings of Section 265(b)(3) and 148(f)(4)(C) of the Code) has not issued, and does not reasonably expect to issue, tax-exempt obligations within the calendar year 1988 which, together with the Bonds, will exceed $5,000,000. The City covenants not to take, or cause, or permit to be taken by it or any party under its control, or fail to take, or cause, or permit to fail to be taken by it or any party under its control, any action which would result in the interest payable on the Bonds being included in gross income to the owners thereof under the laws of the United States in effect on the date of issuance of the Bonds or taxable under the laws of the State of Florida in effect on the date of issuance of the Bonds, except as to taxes imposed by Chapter 220, Florida Statutes on interest, income or profits on debt obligations owned by corporations, as defined in said Chapter 220. The City covenants and agrees to apply or to cause to be applied the net proceeds of the sale of the Bonds in accordance with this Resolution and any resolutions - 17 - subsequently adopted by the Commission. The City also certifies and further covenants with the purchasers and registered owners of the Bonds from time to time outstanding that, so long as any of the Bonds remain outstanding, moneys on deposit in any fund or account established in connection with the Bonds, whether or not such moneys were derived from the proceeds of the sale of the Bonds or from any other sources, will not be used in a manner which will cause such Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code and any regulations promul- gated or proposed thereunder or pertaining thereto. The Mayor of the City shall execute and deliver on behalf of the City, concurrently with the delivery of the Bonds, an arbitrage certificate for the purpose of assuring the purchasers of the Bonds that the Bonds herein authorized are not "arbitrage bonds" within the meaning of Section 148 of the Code and regula- tions promulgated or proposed thereunder or pertaining thereto. Such certificate shall constitute a certificate and representa- tion of the City and no investment shall be made of the proceeds of the Bonds in violation of the expectations expressed in said arbitrage certificate. SECTION 18. EXECUTION. The Mayor and City Clerk are hereby authorized and directed to execute the Bonds under the seal of the City, a facsimile of which shall be imprinted upon each of the Bonds, and each of the Bonds shall be executed with the manual or facsimile signature of the Mayor and shall be executed with the manual or facsimile signature of the City Clerk; and the Mayor, the City Clerk, the City Attorney, and all other officers and officials of the City are hereby authorized and directed to take such steps as may be necessary to effect a sale and delivery of said Bonds. SECTION 19. APPROVAL OF OFFICIAL STATEMENT. The Commission hereby ratifies the use of the Preliminary Official Statement dated November 9, 1988 (the "Preliminary Official Statement") to carry out the competitive bid procedures. The Mayor and the City Manager, are hereby authorized to execute the Official Statement - 18 - (the "Official Statement") on behalf of the City, in substan- tially the form of the Preliminary Official Statement presented at this meeting with such changes therein as shall be necessary to evidence the terms of the Bonds and such additional changes as may be approved by the Mayor, with such execution to constitute conclusive evidence of such officers' approval and the City's approval of any change therein. The use of the Preliminary Official Statement and the final Official Statement in the marketing and sale of the Bonds is hereby approved. SECTION 20. AWARD OF BONDS. The Commission hereby awards the Bonds to MorKan~ KeeKan & Company, Inc. pursuant to the competitive bid procedures carried out by the City in accordance with Section 218.385, Florida Statutes. The purchase price and interest rates bid for the Bonds by the respective bidders are set forth in Schedule B attached hereto. SECTION 21. DEFEASANCE. If (1) the City shall pay or cause to be paid to the owners of the Bonds the principal, redemption premium, if any, and interest to become due thereon at the times and in the manner stipulated therein and herein, (2) all fees and expenses of the Paying Agent and the Registrar shall have been paid, and (3) the City shall have kept, performed and observed all and singular the covenants and promises in the Bonds and in this Resolution expressed as to be kept, performed and observed by it or on its part, then the Bonds shall no longer be deemed to be outstanding under the provisions of this Resolution. If the City shall pay or cause to be paid to the holders of all out- standing Bonds of a particular series, or of a particular maturi- ty within a series, the principal of, redemption premium, if any, and interest to become due thereon at the times and in the manner stipulated therein and herein, such Bonds shall no longer be deemed to be outstanding under the provisions of this Resolution. All Bonds for the payment or redemption of which sufficient monies or Government Obligations, shall have been deposited with the Paying Agent (or an escrow agent appointed for the purpose) in trust for the owners thereof (whether upon or prior to the maturity or the redemption date of such Bonds) shall be deemed to - 19 - have been paid within the meaning of this Section and no longer outstanding under the provisions of this Resolution; provided, however, that if such Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been duly given as provided herein or arrangements shall have been made for the giving thereof. Government Obligations will be considered sufficient if said investments, with interest, mature and bear interest in such amounts and at such times as will assure sufficient cash to pay currently maturing interest and to pay principal and redemption premium, if any, when due on the Bonds. For the purpose of this Section, Government Obligations shall mean and include only (a) such Government Obligations which shall not be subject to redemption prior to their maturity other than at the option of the holder thereof or (b) Government Obligations which, if subject to redemption shall, nevertheless, in all events, regardless of when redeemed, provide sufficient and timely funds for payment of the principal of and redemption premium (if any) and interest on the Bonds to be paid thereby. Notwithstanding the foregoing, so long as the Bonds are insured by AMBAC Indemnity (as hereinafter defined) then, in the event that the principal and/or interest due on the Bonds shall be paid by AMBAC Indemnity pursuant to the Municipal Bond Insurance Policy (as hereinafter defined), the Bonds shall remain outstanding for all purposes, not be defeased or otherwise satis- fied and not be considered paid by the City and the covenants, agreements and other obligations of the City to the registered owners shall continue to exist and shall run to the benefit of AMBAC Indemnity, and AMBAC Indemnity shall be subrogated to the rights of such registered owners. SECTION 22. COVENANTS OF CITY BINDING ON CITY AND SUC- CESSORS; NO PERSONAL LIABILITY. Ail covenants, stipulations, obligations and agreements of the City contained in this Resolu- tion shall be deemed to be covenants, stipulations, obligations and agreements of the City to the full extent authorized or per- mitted by law, and all such covenants, stipulations, obligations - 20 - and agreements shall be binding upon the successor or successors thereof from time to time and upon any officer, board, body or commissioner to whom or to which any power or duty affecting such covenants, stipulations, obligations and agreements shall be transferred by or in accordance with law. Except as otherwise provided in this Resolution, all rights, powers and privileges conferred and duties and liabilities imposed upon the City or upon the Commission by the provision of this Resolution shall be exercised or performed by the Commission or by such officers, board, body or commission as may be required by law to exercise such power or to perform such duties. No covenant, stipulation, obligation or agreement herein contained shall be deemed to be a covenant, stipulation, obliga- tion or agreement of any present or future member of the Commission or officer, Agent or employee of the City in his indi- vidual capacity, and neither the members of the Commission nor any officer or official of the City executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. SECTION 23. MUNICIPAL BOND INSURANCE. The Bonds will be insured by AMBAC Indemnity Corporation, a Wisconsin-domiciled stock insurance company ("AMBAC Indemnity"). AMBAC Indemnity will issue its municipal bond insurance policy insuring the payment when due of the principal of and interest on the Bonds as provided therein (the "Municipal Bond Insurance Policy"). As long as the bond insurance shall be in full force and effect, the City, and any Paying Agent agree to comply with the following provisions: (a) If five (5) days prior to an interest payment date the Paying Agent determines that there will be insufficient funds in the Funds and Accounts to pay the principal of or interest on the Bonds on such interest payment date the Paying Agent shall so notify AMBAC Indemnity. Such notice shall specify the amount of the anticipated deficiency, the Bonds to which such deficiency is applicable and whether such Bonds will be deficient - 21 - as to principal or interest, or both. If the Paying Agent has not so notified AMBAC Indemnity five (5) days prior to an interest payment date, AMBAC Indemnity will make payments of principal or interest due on the Bonds on or before the fifth (5th) business day next following the date on which AMBAC Indemnity shall have received notice of nonpayment from the Paying Agent. (b) the Paying Agent shall, after giving notice to AMBAC Indemnity as provided in (a) above, make available to AMBAC Indemnity and, at AMBAC Indemnity's direction, to the United States Trust Company of New York, as insurance trustee for AMBAC Indemnity or any successor insurance trustee (the "Insurance Trustee"), the registration books of the City maintained by the Registrar and all records relating to the Funds and Accounts maintained under this Resolution. (c) the Paying Agent shall provide AMBAC Indemnity and the Insurance Trustee with a list of registered owners of Bonds entitled to receive principal or interest payments from AMBAC Indemnity under the terms of the Municipal Bond Insurance Policy, and shall make arrangements with the Insurance Trustee (i) to mail checks or drafts to the registered owners of Bonds entitled to receive full or partial interest payments from AMBAC Indemnity and (ii) to pay principal upon Bonds surrendered to the Insurance Trustee by the registered owners of Bonds entitled to receive full or partial principal payments from AMBAC Indemnity. (d) the Paying Agent shall, at the time it provides notice to AMBAC Indemnity pursuant to (a) above, notify registered owners of Bonds entitled to receive the payment of principal or interest thereon from AMBAC Indemnity (i) as to the fact of such entitlement, (ii) that AMBAC Indemnity will remit to them all or a part of the interest payments next coming due upon proof of Bondholder entitlement to interest payments and delivery to the Insurance Trustee, in form satisfactory to the Insurance Trustee, of an appropriate assignment of the registered owner's right to payment, (iii) that should they be entitled to receive - 22 - full payment of principal from AMBAC Indemnity, they must surrender their Bonds (along with an appropriate instrument of assignment in form satisfactory to the Insurance Trustee to permit ownership of such Bonds to be registered in the name of AMBAC Indemnity) for payment to the Insurance Trustee, and not the Paying Agent and (iv) that should they be entitled to receive partial payment of principal from AMBAC Indemnity, they must surrender their Bonds for payment thereon first to the Paying Agent who shall note on such Bonds the portion of the principal paid by the Paying Agent and then, along with an appropriate instrument of assignment in form satisfactory to the Insurance Trustee, to the Insurance Trustee, which will then pay the unpaid portion of principal. (e) in the event that the Paying Agent has notice that any payment of principal of or interest on a Bond which has become due for payment and which is made to a Bondholder by or on behalf of the City has been deemed a preferential transfer and theretofore recovered from its registered owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable order of a court having competent jurisdiction the Paying Agent shall, at the the time AMBAC Indemnity is notified pursuant to (a) above, notify all registered owners that in the event that any registered owner's payment is so recovered, such registered owner will be entitled to payment from AMBAC Indemnity to the extent of such recovery if sufficient funds are no~ otherwise available, and the Paying Agent shall furnish to AMBAC Indemnity its records evidencing the payments of principal of and interest on the Bonds which have been made by the Paying Agent and subsequently recovered from registered owners and the dates on which such payments were made. (f) in addition to those rights granted AMBAC Indemnity under this Resolution, AMBAC Indemnity shall, to the extent it makes payment of principal of or interes~ on Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Municipal Bond - 23 - Insurance Policy, and to evidence such subrogation (i) in the case of subrogation as to claims for past due interest, the Paying Agent shall note AMBAC Indemnity's rights as subrogee on the registration books of the City maintained by the Registrar upon receipt from AMBAC Indemnity of proof of the payment of interest thereon to the registered owners of the Bonds, and (ii) in the case of subrogation as to claims for past due principal, the Paying Agent shall note AMBAC Indemnity's rights as subrogee on the registration books of the City maintained by the Registrar upon surrender of the Bonds by the registered owners thereof together with proof of the payment of principal thereof. SECTION 24. ~ERGER OF PAYING AGENT OR REGISTRAR; VACANCY. Any bank or trust company with or into which any Paying Agent or the Registrar may be merged or consolidated, or to which the assets and business of such Paying Agent or Registrar, as the case may be, may be sold, shall be deemed the successor of such Paying Agent or Registrar, as the case may be, for the purpose of this Resolution. If the position of any Paying Agent or the Registrar shall become vacant for any reason, the Commission shall, immediately appoint a bank or trust company to fill such vacancy. SECTION 25. PAYING AGENT AND REGISTRAR ENTITLED TO DEAL IN BONDS. Any bank or trust company acting as Paying Agent or Registrar under this Resolution, and directors, officers, emplo- yees or agents of such bank or trust company, and any member of the Commission or officer, employee or Agent of the City, may in good faith buy, sell, own, hold and deal in any of the Bonds issued under the provision of this Resolution and may join in any action which any holder may be entitled to take with like effect as if such bank or trust company were not Paying Agent or Registrar under this Resolution or as if such member of the Commission or officer, employee or Agent of the City did not serve in such capacity. - 24- SECTION 26. BENEFIT OF RESOLUTION LIMITED TO CITY AND OWNERS OF BONDS. Except as herein otherwise expressly provided, nothing in this Resolution express or implied is intended or shall be construed to confer upon any person, firm or corporation other than the City, AMBAC Indemnity and the registered owners of the Bonds issued under and secured by this Resolution any right, remedy or claim, legal or equitable, under or by reason of this Resolution or any provisions hereof; this Resolution and all its provisions being intended to be and being for the sole and exclu- sive benefit of the City, AMBAC Indemnity and the registered owners from time to time of the Bonds issued hereunder. SECTION 27. AMENDMENT. This Resolution shall not be amended without the prior written consent of AMBAC Indemnity. SECTION 28. NOTICES. AMBAC Indemnity shall receive a copy of any notice to be given to the owners of the Bonds under this Resolution, including, without limitation, any notice of any redemption of or the defeasance of Bonds. SECTION 29. SEVERABILITY; CHOICE OF LAW. In case any one or more of the provisions of this Resolution or of any Bonds issued hereunder shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this Resolution or of the Bonds, but this Resolution and the Bonds shall be construed and enforced as if such illegal or invalid provision had not been contained therein. The Bonds are issued and this Resolution is adopted with the intent that the laws of the State of Florida shall govern their construction. SECTION 30. SUCCESSORS AND ASSIGNS. Ail the covenants, promises and agreements in this Resolution contained by or on behalf of the City shall bind and inure to the benefit of its successors and assigns, whether so expressed or not. SECTION 31. HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Resolution are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. - 25 - SECTION 32. INCONSISTENT RESOLUTIONS. Ail other resolutions or any part thereof, which are inconsistent with any of the pro- visions of this Resolution are hereby declared to be inapplicable to the provisions of this Resolution. SECTION 33. FURTHER ACTION. The proper officers of the City are hereby authorized, empowered and directed to take all such further action and to execute such additional documents as they deem advisable to carry out the purposes of this Resolution. SECTION 34. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. Passed and adopted by the City Commission of the City of 21st day of November , Boynton Beach, Florida this 1988. (SEAL) COMMI S S IONER COMMI SS lONER COMM I S S I ONER Attest: City C~k ' I hereby certify~that I have approved the form and correct- ness of this resolution. City ~ttorney - 26 - Mayor and City Commission City of Boynton Beach City H~l 211 South Feder~_i~_~hway Boynton Beach, Florida 33435 Dear Sirs: OFFICIAL BIO FoRM $2,390,000 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1988 For two ~cm hkree hundred ninety thousand dollars Obligation B ' th" and no cents ($2,390.00) principal amount of General one, Ser/~ 1988 ( e Bonds") of the City of Boynton Beach, Florida, dated November 1, 1988, described in the N°tiee °£Sale' wi'Sch~s ~rebymade a part of this bid~and for all but not less than all of the Bonds, . qn the Bonds m~g: onNovember 1, in the years and amounts as follows: v~th interestYates per annum Term Bond Amortization Installment Term Bond Year of Pr/nc/pal Serial Amortization Year of Principal Serial Maturi~ Amount Rate Maturity Installment Maturity Amoun 1991 65,000 ~ '~ - 2000 ~0% - $ilti,ooo ~%- _.~ 1992 70,OOO £.i5: _.% __.y.___ - 2001 120,000 1993 75,000 _/~_Z.0 % ~c - -- 2002 130,000 -~ ~-_2_d~_ % .X I994 75,000 ~0 % k 2003 140,000 ~.--2~__% --X--_ 1995 80,000 ~ ,o~ '~ ~' k - - 2004 150,000 z~6 00,O0o ~.% 2005 le, O,OOO 1997 95,000 & g~6 % ~ -- 2006 170,000 100,000 _% _- 2007 lo98 I85,ooo .__z,z~ % & - - 1999 105,000 ~% k 2008 195,000 ~_..~__% 'fl- - -- ~ , ~ 2009 210,000 ~.Zg' % ~ ~ We offer to pay ~ ~i~'~ ~ ~/~ ~*0 ~O~*~ O~ ~ ~,~r ~f~P ~ q~ ' ~ amm~ inter~t from ~ da~ ~ ~e Bon& to ~eqate~eliveW Dollars ($ ~j IgOr, together with We will a~pt ~ of s~d Bon~ in New York Ci~, New York on about D~mber 14, 1988, unl~ ano~er date or pla~ sh~t ~ mub~n, a~a u ....... or : ~ ~n, ~t ~lng unaemt~ that ~e Ci¢sh~ fumkh to ~ fr~ of charge, at the Ume ofde~ve~ of ~d Bon~, the opinion ~ Gr~nberg, TrauHg, Hoffman, Lipoff, Roan & Quentel, P.A., Bond CouP, Mimi, ~o~ appm~ng ~e v~i~W ~er~f' Ina - ' - ~ordan~ ~ ~e No~ of S~e, we enclose herewi~ a ~ffi~ or bank C~hier~ or b~k Tre~ure~s ch~k in the amount of twen~ ~ ~o~and nine hundr~ dollars and no cen~ ($~,900.00) payable un~ndition~ly to the order of · e City, of Boston ~e~,, ~orida, to be appli~ in a~ordan~ wi~ ~e Offici~ Noti~ of S~e. W e hereby ackmcw,~+~-~. - . .... s~ ~ we nave r~iv~ and re~ew~ the Prelimina~ Official Statement relating to the Bon~. a mparateThe nam~sh~t ae~.h~.°f ~ ~~ or members of the aemunt who are ~iated for the pu~ose of thk Pro~ are I~t~ on ~eega~& C~nc' / z'~. ' ' '/ (No ~teratio~The follow~g~e to be ~e~ tomsk Propos~,~.r_ and it must not be detach~ from the annex~ No~ of S~e.) c~p _~on submit~or pu~os~ of i~ormation only and k not pa~ of th~ propose: True Eff~v~ ~n~er~t ~dost 7' ~%. hereby ac~no~<ledge ~he return of the good f~th eh~k in the amount of $~,900.00 enelos~ wi~ this bid. By: _ 4 ~: .... OFFICIAL BID FORM $2,390,000 CITY OF BOYNTON BEACH, FLORIDA (gENERAL OBLI(gATION BONDS, SERIES 1088 Mayor and City Commission City of Boynton Beach City Hall 211 South Federal ~w ay Boynton Beack, Flo~da 33435 Dear Sirs: For two million ~.ree hundred ninety thousand dollars and no cents ($2,390.00) principal amount of General Obligation Bonds, ~ 1.988 (the "Bonds") of the CRy'of Boynton Beach, Florida, dated November 1, 1988, d~seribed in the Notice of Sale, wh'~h~. ~:made a part of this bid,.and for all but not less than all of the Bonds, with interest rates per annum ~--.on the Bonds matt.~ onNovember 1, in the years and amounts as follows: Term Bo~d Principal Serial Amortization Year o~ Principal Serial Amount ]La~ Maturity Installment Maturity Amount Rate Maturity -1990 $ ,000. ~"~ % 2000 $115,000 [~° % [ 1991 6%000 ~ ,ca % 2001 120,000 ?,a % . ~r 1992 70,000 $~0 % )~ 2002 130,000 .7t*' % )(7 1993 75,000 Sza % ~ 2003 140,000 ~ ~r % g 1994 75,000 £ ~. % )~ 2004 150,000 ?zo % )t I9g5 80,000 ~; ~'~ % ~: 2005 160,000 7~-~- % X 1996 90,000 ~ ~;a % )~ 2006 170,000 ? ~* % X 1997 Term Bond Amorti~fion Installment 95,000 ~/'~ ~ ~ 2007 185,000 ' ~ % . 009 m0,000 7 - ' % . 00s gs,0 ' a~inter~ from ~e ~ ~ ~e Bon&' to XVe ~1 a~ept aeEv~ of s~d Bon& in New York Ci~, New York on or about D~m~r 14, 1988, ufl~ ano~ date or Plaee sh~ ~ mutually ~d ~n. it ~ing understood ~at the Ci~ sh~ ~m~h to m ~ee of ch~ge, at ~e t~ of dd~v~ 0f sad Bon~, ~e op~;n~ G~nbe~g, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A., Bond Counsel, Mimi, ~odda, .appro~5ng ~e v~i~: ~er~. ' ~ a~rd~ ~2 ~e No~ of S~e, we enclose herewi~ a ~ffi~' or bank Cm~erk or ba~ Treaumgs ch~k in ~o~t of a~ ~a~d v2ne hundred do~ars and no cen~'($~,900.00) payable uncon~onMly to ~e order of ~e Ci~ of . ~da, to be app~ed in accordance ~ ~e OfficiM Noff~ of SMe. We hereby ae~wi~ ~t we have re~ived and renewed the Preliminaw O~cial Statement relating ~ ~e ~n&. The nam~ of ~e mn~te~ or mem~rs of the ac~unt who are ~iated for ~e pu~ose of th~ Propo~ ~e ~t~ on separate sh~t a~ ~o. TrusL Company Bank a AssociaLes ~J~nis E. ~,Pr~c~ (No ~terafiom ~ to be'made to th~ ProposM, and it mu~ n By: ~~ ot be deta~ed from ~e annexed Notice of SMe.) ~e foEo~ com~uta6on ~ submia~ for pu~os~ of information o~y and is not p~ of ~is proposM: True Eff~ie inter~t Co~ 7. ~ z t' %. Ihereby ~' -*-~ - ' a~mowt~ge ~ne m~rn of the good fai~ eh~k in the amount of $23,900.00 enclosed wi~ this bid. By: 4 Mayor and City Comm'msion City of Boynton Beach City Hall 211 South Federal Highway Boynton Beach, Flo~ 33435 Dear Sirs: OFFICIAL BID FORM $2,390,000 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1988 For t~vo ,mgiion ~duree ~hundred ninety thousand dollars and no cents ($2,390.00) principal amount of General Obligation Bonds,; SeXesh; ~,,~1988. (the "Bonds")_ of the City of Boynton Beach, Florida, dated November 1, 1988, described in the Notice of Sale, which ?_s.h~by made a part of this bid, and for all but not less than all of the Bonds, with interest rates per anmtm on the Bonds ma~ on November 1, in the years arld amounts as follows: Term Bond Year of Principal Serial Amortization Year of Principal laturlty Amount Rate Ma~%trity Installment Maturity Amount Rate 1990 $ 60,000 ~. ~ % 1991 65,000 ' z; ~" 2000 $115,000 .... T, ~ "~' ~ ~ % - 2001 120,000 ~r,~rT_~ 1992 70,000 /- -~2 ~ ~ ' ' % . 2002 130,000 ,3~/'0 1993 75,000 ¢ '~ V % 2003 140,000 -- 1994 75,000 % , 2004 150,000 7,.3 199, 80,000 % ' 1996 90,000 [}, ~v:~ -. 2005 160,000 .. ~, ~7~' vo , 2006 70,000 1997 95,000 ~? ~ 1998 100,000 2007 188,000 7f 2008 19 ,000 .,7f% 1999 105,000 5 ~v % 2009 210,000 Term Boral Serial Amortization _Maturity . Installment We offer to pavTwo '~.i ~ ~ion Three Hundred & Fi ' . . - ~ ..... -~-w:.~- . . fty Three Thousand in n~.~ accruedi, nterest ][~8~ ~n~/~:2~c~.'-~C!th~& B'l~ZoYthb~e~; _ - ~- ~ ~ ~n o~ d&~e~.-"u 'i00 ~o~lars ....... ($ ~, 353,327.~ogether ~ We will ae~pt de~- ofs~d Bon& in New York City, New York on or about D~ember 14, 1988, u~ ~o~er date or pla~ sh~ be mu~t a ' · j - '~ ~ upon, it bmng unde~tood ~at ~e Ci~ sh~ fum~h to us free of ch ' · o{s~d Bonds, ~e~on of Gr~nb~ * .... ~ ~-ee~-- · · ~ x ~ ~ ~ge, at~efimeofdeRve~ ........ ~ ...... ~g, nmmmn, m~po~I, nosen ~ ~uentel, P.A., Bond Counsel, Miami, ~o~da, :o.~appro~ng ~e v~i~~ ~er~f. In accordance ~ hhe Nofim of S~e, we enclose herewi~ a ee~ffied or bank C~hier's or b~k Tre~umr~ eh~k in ~e mount of ~en~ ~ ~o~and nine hundred dollars and no ~n~ ($~,900.00) payable uneondition~y to the order of ~e Cie of Boston ~h, ~o~da, to ~ applied ~ accordance with ~e Offici~ Notice of S~e. We hereby ac~-}~ ~at we have received and renewed the Pret~in~ Official Statement relating to the Bon~. The nam~ of C~e m~j~m or mem~ of ~e account who are ~iat~ for the pu~ose of th~ Prop~ are ~ on a separate sh~t a~d ~o. SOUTHEAST BANK, N.A. Robert J. Robinso2 - Vice By:f~ d,~~* President (No alterations are to k~e made to this Proposal, and it must not be detached from the annexed. Notice of Sale.) The fol!o~a.~mg compu~fon is submitted for purposes of information only and is not part of this proposal: True Effeenve ~ ~ · ~ f,.~/~_ /nr~esr~ ~ost _ %. I hereby a~i~-._ov,.~.~ge the return of the good faith check in the amount of $23,900.00 enclosed with this bid. By: Mayor and City Comm';ssion City of Boynton Beach City Hall 211 South Federal Highway Boynton Beach, Flo~da 33435 Dear Sixs: OFFICIAL BID FORM $2,39O,O00 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1988 For twom"'mmn' tbxee hundred ninety thousand dollars and no cents ($2,390.00) principal amount of General- Obligation Bonds, Seri~ 1988 (the "Bonds") of the City of Boynton Beach, Florida, dated November 1, 1988, described in the Notice of Sale, wh/ch is hereby made a part of this bid, and for all but not less than all of the Bonds, with interest hires per annum on the Bonds mattering on November 1, in the years and amounts as follows: ~-~ Term Bond Term Bond Year of Principal Serial Amortization Year of Principal Serial Amortization Maturity Amount !late Maturity Installment Maturity Amount Rate Maturity Installment 1990 $ O0,000 ? ~ ~'~ ...... ~ % ~/ 2000 $115,000 7. a-~ % -1991 65,000 ~ ~ :~ % · / 2001 120,000 '?.//5- % / - ~ % ~ 2002 130,000 7./C % / - 1993 75,000 ' ~7© % / 2003 140,000 '7. ./s'- % 199~ 75,000 ~7" "/~ % ~ 2004 150,000 7. ZO % 1995 80,000 .5~- ~' % / 2005 160,000 ~ 2.f % 1996 90,000 5. 5 z~ % / 2006 170,000 . 7.~ ~o- % 1997 95,000 d:. '7~ % ,/ 2007 185,000 7-_gO % -' 1998 100,000 5- ~5~ % ,~ 2008 195,000 7: .5o % 1999 105,000 ~ .~? % .~z 2009 210,000 '?~ ~.~3;~ % acmed' interest rom th~ date of hhe Bonds to the dat~~' oi del/very /~:~_~L~/ 77~,2z ~-~.-~; '* 2 rg 5-g~ ?5(2t~together with We will accept deL%-~ of said Bonds in x,~... ~__~_ orplace' shall be mutu~!'":-~,, m-ced ,' on ~t bran ,~w xur~ ~ry, l~ew IorK. on or anout. December 14_ 1988,_ unless another date . ~ up , g understood that the C~ty shall furmsh to us free of charge -* a.~ ,:__ _~ ~ ~ at u~ L.U.Z~ oI tlellvery of said Bonds, the op~5on of Oreenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A., Bond Counsel, Miami, Florida, ~pproving the validi~- In accordance v~am ~e Notice of Sale, we enclose herewith a certified or bank Cashier's or bank Treasurer's cheek in the amount of txventy three ~o~and nine hundred dollars and no cents ($2B,900.00) payable unconditionally to the order of the City of Boynton Beach, Florida, to be applied in aceordance with the Official Notice of Sale. We hereby aeknow_.e~ge gqat we have received and reviewed the Preliminary Official Statement relating to the Bonds. The names of the-~~ters or members of the account who are associated for the purpose of this Proposal are listed on a separate sheet a~-_cZ~od-here~ o. By: ~~~ ~, (No alterations ~e to be made to this Proposal, and it must not be detached from the annexed Notice of Sale.) The folio~4_ng comp~ation is submitted for purposes of information only and is not part of this proposal: I hereby aeknow!edge -the return of the good faith cheek in the amount of $23,900.00 enclosed with this bid. By: OFFICIAL BID FORM $2,390,000 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1988 Mayor and City Commission City of Boynton Beach City Hall 211 South Federal ,_~ghway Boynton Beach, Fio~a 33435 Dear Sirs: For two m~31h'on three hundred ninety thousand dollars and no cents ($2,390.00) principal amount of General Obli : ....... gation Bonc~ Se-~es 1988 (the Bonds ) of the C~ of Boynton Beach, Florida, dated November 1, 1988, described Ln the N tiee of Sale, w;hieh ~ ]~.by made a part o£ th~s bid, and for all but not less than all of the Bonds, with interest rates per annum on the Bonds mahrr~g onNovember 1, in the years and amounts as follows: Term Bond Term Bond Year of Principai Serial Amortization Year of Principal Serial ' Amo~zaffon Maturity Amount ~ Maturity Installment Maturity Amount Rate Maturity Installment 1990 $ 60,000 _ ~G % v/ 2000 $115,000 1991 65,000 v-~.. % ~-' 2001 120,000 /- lA I992 70,000 :~.. ,~ % ~ 2002 130,000 1993. 75,0~3 ~ ~'? % ~/ 2003 140,000 I994 75,000 ~ ~v % ~. 2004 150,000 I995 80,000 ~D % 2005 160,000 1996 1997 90,000 ~"~v % 2006 170,000 95,000 /~ / ~ ~' % '/ 2007 185,000 ~. % '-/d~ % 1998 1~,~0 ~' '~ % ~ 2008 195,000 1:9~ 105,000 ?~'~ % / 2~9 om aa~ ~/~, % We offer to pay ..~,~,, ~ ~m~. ~4 Yt/z~ ~ ~- 'aiaa_ ~//vn Do~ars ($~flb~?, a~m~ inter~t ~om ~e da~ ~ ~e Bon& to ~ddate of deliver. We ~ accept ~veD, of s~d Bon& in New York Ci~, New York on or about D~ember 14, 1~8, u~ ano~ or pta~ sh~l be muVa~y a~ upon, it being unde~tood ~at ~e Ci~ sh~ furnish to m free of ch~ge, at the ~me of de~veW of s~d Bon&, ~e option of Gr~n~rg, Traurig, Hoffman, Lipoff, Roan & Quentel, P.A., Bond Coumel, Mimi, ~oHda, appro~ng ~e v~i~- ~her~f. In a~ordan~ ~ ~e N06~ of S~e, we enclose here~th a ee~ffi~ or bank Cmhier's or bank Trem~er's ch~k in the ~ount of ~enty ~ tho~and nine hundred do~ars and no ~n~ ($23,900.00) payable uncondifion~ly to ~e order of ~e CiW of Boston ~e~h~ ~o~, to be applied in accordance with the Offici~ Notice of S~e. We hereby ac~owled~e &at we have re~ived and re~ew~ the Prel~ina~ Official Statement rela~ng to ~e Bon&. The n~ of ~e ~~ or members of ~e ae~unt who ~e ~oeiated for the pu~ose of th~ ProposM ~e l~t~ on ~parate sh~t a~h~ By: J~dy ~. Ro:I~s, AsSistant Vice Preside.t (No ~tera~opJ ~e to be made to t~ Propose, and it m~t not be detach~ from the annex~ Notice of S~e.) The ~ollo~mg compulsion ~ submi~ed for pu~os~ o{ information o~y and ~ not pa~ of th~ propose: I hereby ,ac~og~4~ge ~e return of the good fai~ check in the amount of $23,900.~ endos~ with ~is bid. OFFICIAL BID FORM $2,390,0O0 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS., SERIES 1988 Mayor and City Commission City. of Boynton Beach City Hall ': "' South Federal Highway rnton Beach, Florida 3~ ~35 ar Sirs: For two million three hundred ninety thousand dollars and no cents ($2,390.00) principal amouat of General obligation Bonds, Sexies !988 (-~.~"Bonds") of the City of Boynton Beach, Florida, dated November 1, 1988, described in the Notice of Sale, xvhieh/s hereby made a part of this bid, and for all but not less than all of the Bonds, with interest tales per annum ~:~:'-~he Bonds maturing on N(rcember 1, in: the years and amounts as fonows: Term Bond ~m~orfization Installment Term Bond Year of Principal Serial AmortL~tion Year of Principal Serial Maturity Amount ~ ~{aturity Installment Maturity Amount Rate MaturitY 1990- $ 60,000 ~ ~O.-.~ % ~ 2000 $115,000 -I .O O % · t991 65,000 ~-,/~0 % ~¢ 2001 120,000 7~1 ~.,.~,~q92 70,000 &~Lo % ~ 2002 130,000 -i.l.~' % X, ¢93 75,000 ~ % 2¢ 2003 140,000 7,.Z.o % ~994 75,000 [_-, ,.'¢~ % × 20o4 150,000 '7. z.~ % 1995 80,000 tg-~ % )r 2005 160;ooo 7-gc~ 1996-- 90,000 h,-&o % ~. 2006 170,000 7-3° % ....... 997'95,000 g--7¢ % ~. 2007 185,000 7-~'/o % 908 too,ooo ¢-~ % × 2oo8 195,000 7.~% 999 i05,000 L~ -9~ % X 2oo9 210,000 -7. ¥~ · ..e offer to pay TOao f~:~*-~.~ ,~. ~e. ~-,,.~e,~ ~_t~qy ~ ~~. Do~a~ ($~ tg&3, zt~.~g~er ~m ~ mter~ Jrom ~e ~ of ~e B~ to ~e date or oenve~. We x~l at.pt deliv~, of ~d Bon~ in N~ York City, New York on or about D~em~r 14, 1988, u~ ~er date /'~-.la~ sh~l ~ mu~iy a~ ~uon, it being unde~t~d ~at ~e Ci~ sh~ fum~h to ~ ~ee of ch~ge, at ~e ~e of delivew .~d Bonds, ~e option o~ G~n~rg, Trau~g, Hoffman, Lipoff, Rosen & Quentel, P.A., Bond Coumel, ~, ~ofida, appro~ng ~e vMi~ the~f. In a~rd~ ~ ~e N~ SMe, we enclose herewith a eeffified or bank C~hiet's or bank Treaters ~k in ~e mount~ of ~enW thr~ ~d ~e h~dr~ dollars and no cen~ ($23,900.00) payable uneondition~ly ~ ~e order of Ge Ci~ of Boston Beth. ~ to be ~plied in accordance wi~ the Offiei~ Noti~ of S~e. We hereby ae~o-Med~ t2~at we have receiv~ and renewed ~e Prelimin~ Official Statement relating ~ the Bon~. ~ The nam~ of the ~de~ or membe~ of the account who are ~ociated for the pu~ose of th~ Prop~ ~el~d on ~parate sh~t a~ach~ flterado~ ~e to be ~de to E~ Propose, and it must not be detached from ~e annexed Notice of SMe.) The foIlm~Sng computation h submi~ for pu~os~ of information only and ~ not pa~ of this pro~s~: T~e Eff~ve ~nter~t Co~ 7- ~7(Z%. I hereby acrosS.ge dae'reb~ of the good faith eh~k in the amount of $23,900.~ endos~ with thb bid. By: 4 OFFICIAL BID FORM $2,390,000 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1988 Mayor and City Commis~qon CiW of Boynton Beach City Hall 211 South Federal. Highway Bosmton Beach, Fi,oPida 3~35 Dear Sirs: For two m{i!Lnn tbxme hundred ninety thousand dollars and no cents ($2,390.00) principal amount 'of General Obligation Bonds,, ~es 1988 (the "Bonds") of the City of Boynton Beach, Florida, dated November 1, 1988, ~leseribed in the Not/ce of Sale, which ~ h~eby made a part of this bid, and for all but not less than all of the Bonds, with interest rates per annum on the Bonds ma'v~--~mg on November 1, in the years and mounts as follows: Term liond Term Bond Year of Serial Amortization Serial Amortization Maturity ~vmte Maturity Installment Rate Maturity Installment ~--1990 1~1 1~2 19~ 1~4 1~5 1996 1~7 1~8 Year of Principal Maturity Amount 2000 $115,000 200! 120,000 2002 130,000 2000 !40,000 2004 150,000 2005 160,000 2oo6 i7o,ooo 2008 195,000 75,000 80,000 9o,ooo 95,000 oo,o® 105,000 Principal Amotmt 6O,0O0 7O;O00 75,0¢3 1999 -~.X~---~~ gO09 210,O00.v-.'9,..vg'"O' 70 . ' We offer to pay -~SJ)-t~ ~.!~[_ ~_~. ~ l~'~4,~)~flar--~'~o~arhs~$~h~i ~'~), together with accrued interest from '-~--e da~ o~ the Bonds to the date of delivery. We wilt aceept d~Zwe~ o£ said Bonds in New York City, New York on or about December 14, 1988, unless another date or ptace shall be mu~y a~eed upon, it being understood that the City shall furnish to us free of charge, at the time of delivery of said Bonds, the op~on of Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A., Bond Counsel, Miami, Florida, approving the vali~ fia ~ereof. Inaecordanee "' ~ -' ' w~m t~e hot,ce of Sale, we enclose herewith a certified or bank Cashier's or bank Treasurer's cheek in the amount of twenty three ~*~o~and ~ne hundred dollars and no cents ($23,900.00) payable unconditionally to the order of the City of Boynton Bea~a, Florida, to be applied in aceordance with the Official Notice o£ Sale. We hereby acvmow_.~ mar we have received and ~eviewed the Preliminary Official Statement relating to the Bonds. The names o~ ~e undervadters or members of the account who are associated for the purpose of this Proposal are listed on a separate sheet a~ched'~eto. Smith Barney, Harris Upham & CO., Inc. By: Sue Ann Corrigan, 2 VP (No alterations m-e to be made to this Proposal, and it must not be detached from the annexed Notice of Sale.) The foHo-~ving computation is submitted for purposes of information only and is not part of this proposal: True Effee~ve !nierest Cost % ~1~¢.~ I hereby ae~novAedge the return of the good faith cheek in the amount of $g3,900.00 enclosed with this bid. By: OFFICIAL BID FORM $2,390,000 CITY OF BOYNTON BEACH, FLORIDA GENEBAL OBLIGATION BONDS, SERIES 1988 dayor and c~fyC%mmission 7 City of Boynton Beach City Hall 211 South Federal !4Aghway '- .Boynton Beach, Flo~da 33435 Dear Sirs: For two m~Ah'on ~ hundred ninety thousand dollars and no cents ($2,390.00) principal amount of General Obligation Bonds, Se~..~es i988 (the "Bonds") of the City of Boynton Beach, Florida, dated November 1, 1988, described in the Notice of SaIe, w~c'n ~ ]~-eby made a part of this bid, and for all but not less than all of the Bonds, with interest rdtes per annum on the Bonds ma~a~-~_~ on November I, in the years and amounts as follows: Term Bond Serial Amortization Maturity Installment - Term Bond ~ear of Principal Serial Amortization Year of Principal .Maturity Amount ~ Maturity Installment Maturity Amount Rate 1990 $60,000 ' ~-d,t~:% )~ 2000 $115,000 7-~,~"% 1991 65.0oo 6.2-~% ~ 2001 120,000 7;/~'% 1992 70,000 ~ % ~ 2002 130,000 ,,, ~_~-~5~' 1993 75,000 ~-~i-~ % :~' 2003 140,000 )~0 1094 75,OO0 ' ~Y'% -.~ m 150.OO0 Y,~f% 1095 8O,00O i ,~"a~'% ,~ 2O05 I60,000 ¢, ~'o 1996 90,000 ~ · ~ % A' 2006 170,000 ~)- YC' 1997 95,000 g/) ~"'% ~ 2007 185,000 1998 100~000 . ~ 2008 195,000 1999 105,009 b' '; ~ .~~ __ . 2009 210,000 .~o % e offer to pay ~, .: %[ ~mmed ~ter~t from ~,~ ~ ~e Bon& to the date of deliVew(~ ' '' ' - We ~1 a~ept ~d~W of s~d Bon& in New York Ci~, New York on or about D~mber 14, 1988, ~I~ ~o~er or pla~ sh~l be m~W~y a~ Upon, it being undemo~ ~at ~e CiW sh~ ~m~h to m &ee of eh~ge, at the ~e of delivew of s~d Bonds, ~e op~n of G~nberg, Traufig, Hoffman, Li~ff, Rosen & Quentd, P.A., Bond Coumd, Mimi, ~ofida, ppromg ~e v~id~~ In a~ord~ee -M~ the No~ee of S~e, we enclose here~th a ce~ffied or bank Cmhier's or bank Tremurefs eh~k ~ ~e mount of ~eg~ ~ ~ho~nd nine hundred dollars and no ~n~ ($~,900.00) payable uneondition~ly to ~e order of ~e Ci~ of Boynton B~, ~, to be app~ed in accordance ~ the Offiei~ Notice of S~e. We hereby ac~v~e ~-~t we have r~elv~ and re~ew~ the Prdimina~ Official Statement relating to the Bon&. The nm~ of ~ ~~e~ or members of ~e account who are ~iated for ~e p~ose of this Propos~ are 1~ on a ~parate sh~t a~a~-~ ~o. (No ~teratiom ~e to ~ made to th~ Propose, and it m~ not ~ detaeh~ from the annex~ Notice of Sge.) The foUoMn*~ ~omDut~on~ -.. ~ submi~ed for pu~os~ of i~ormation o~y and ~ not pa~ of ~is propose: True Eff~uve tv~r Co~ %. I hereby- ae]cnowi~ge hhe re~rn of the g~d faith eh~k in the amount of $~3,900.00 enclosed xvi~ th~ Bid. By: OFFICIAL BID FORM $2,390,O00 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1988 Mayor and City Cormmission - ' City of Boynton Beach City Hall 9.11 South Federal Highway Boynton Beach,. Flo~da33435 Dear Sirs: For two. milton ~ree hundred ninety thousand dollars and no cenb ($2,390.00) principal amount of GeneraI Obligation Bonds, S~es 1988 (the "Bonds") of the City of Boynton Beach, Florida, dated November 1, 1988, described in the Notice of Sale, which is hm'eby made a par~ o[ this bid, ahd for all but not less than all of the Bonds, with interest rdtes per annum on the Bonds ma~m~mg on November 1, in the years and amounts as follows: Term Bond Serial Amor6zafion Ma[urity Installment Term Bond Year of PrL-~cipal Serial Amortization Year of Principal Maturity Amount B,x~e Maturity Installment Maturity Amount Rate 1990 $ 60,000 r~.~ ~a % 2000 $115,000 7.10 % 1991 65,000 -6_ 30 % 2001 120,000 7.20 % 1992 70,000 6 ~.'~9 % 2002 130,000 1993 75,000 .6~ % 2003 140,000 7.30 % 1994 75,000 5.59 % 2004 150,000 7.30 % 1995 80,000 6.70 % 2005 160,000 7.~0 % 1996 90,000 5- 75 % 2006 170,000 7. ~,~ % 1997 95,000 5.80 % 2007 185,000 7- 50 % 1998 100,000 ~ ~ qo % 2008 195,000 7 _ 50 % 1999 105,000 7. o,a % 2009 210,000 7.60 % We offertopay Two ~iAcra Three hundred fifty five one hundred Dollars/~2355144 30~ together with accrued interest from ~date o~the Bonds to the date of delivery, ourty four & We will accept de~very of said Bonds in New York City, New York on or about December 14, 1988, unless another date or place shall be mu~y agreed upon, it being understood that the City shall furnish to us free of charge, at the time of delivery of said Bonds, the opieSon o~ Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A., Bond Counsel, Miami, Florida, approving the validity- ~ereof. In accordance ~ the Notice of Sale, we enclose herewith a certified or bank CaShier's or bank Treasurer's cheek in the amount of twenty ~-ee thousand nine hundred dollars and no cents ($23,900.00) payable unconditionally to the order of the City of Boynton .3e~ _Fio~Sda, to be applied in accordance with the Official Notice of Sale. We hereby ackno~%~q.:_ge '-~a~ we have received and reviewed the Preliminary Official Statement relating to the Bonds. The names of ~e ~_~_~vrPcers or members of the account who are associated for the purpose of this Proposal are listed on a separate sheet at~ched·L~r~o. Blunt Ellis & Loewi, Inc. J..R4B~rt 'Lind, Assistant Vice President (No alterations are ~o be made to this Proposal, and it must not be detac~ from the annexed Notice of Sale.) The follow~ng computation is submitted for purposes of information only and is not part of this proposal: True Ef!.~_d ~e L~te~.es~ Cost 7. &3~ q%. I hereby ac~:nowleage me return of the good faith check in the amount of $23,900.00 enclosed with this bid. By: OFFICIAL BID FORM $2,390J1110 CITY OF BOYNTON BF-;ACH, FLORIDA (gF_aNERAL OBLIOATION BONDS, SEI!I~$1988 Mayor and City Commission City of Boynton Beach .... City Hall 211 South Federal HigJaway _:- Dear Sim · For two m?~:mn three hundred muety thousand dollars and no cents ~ principal amount of tgeneral ~ 1988 (the"Bondf') of the City o£ Boynton Beach, Florida, dated November 1, 1088, dozer/bed in the part of this bid, and for all but not less than ail of the Bonds, with interest rates per annum 1, in the years and mounts, as £ollows: · Year of Term Boml Term Amarti~on Year o~ Pr~r~_ .*pal ~ ~~n 2~2 I~,~ ~'~ % ~-- ' ~3 1~,~ 7' ~o. % 170,~ ,.%~- % 210,~ ~_ ~ % ~ We offer to, Voll~ (~-.~/w~ e,~A.), to. thor with Bon& to the date o£ delivery. in New York City, New York on or about December 14, 1988, unless another date agreed upon, it being ,,nJ~r~ that the City shall furnish to us free of charge, at tJae time of delivery Traurig, Hoffman, Lipoff, Rosen ik Quentet, PA., Bond Coumml, Miami, Florida, , ~ the Notice o~ Sale, we enclose herewith a certified or bank Cashier's or bank Treasurer's check in the ~w~ ~ rd_ne hundred dollars and no cents ($oZ3,900.00) payable unconditionally to tho order o£ Florida. tO be applied in aeeordanee wfth the Official Notice o£ Sale. we he. eby aelcr~wi~ that we have reoeAved and reviewed the Preliminary Ot~eial Statement relating to the Bonds. the aeemmt who are associated ~or tim purpo~ o£ ~h~s Proposal are l/sted on the ~ (No altera~iom m~ m re. w~a~e to mm ~o~, ~d it mint not ~ d~ch~ ~om ~e a~ex~ No~ of S~e.) The foHo~g ~mp~on ~ sub~ for pu~ of i~orma~on o~y ~d ~ not pa~ of ~ pro~: Tree E~:~ C~ ~%. I hereby ~wi~ge_~ m~n of the g~ f~ ~k in the ~ount ~ $~,~.~ cncl~ wi~ ~ bid. By: 4 OFFICIAL BID FORM $2,390,000 CITY OF BOYNTON BEACH, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1988 Mayor and City CommL~sion City o£ Bo)retort Beach City Hall 211 Sou~ Fed~rai =~ghway Boy'nton Beach, ~orida 33435 Dear Sirs: For two m,-'Uion three hundred ninety thousand dollars and no cents ($9,390.00) prineipM amount of General ObligatiOn Bond~ ~-~ 1988 (the "Bonds") of the'City of Boynton Beach, Florida, dated November 1, 1988, described in the Notice of Sale~ whicki~ hereby made a part of this b/d, and for all but not l~ss than all of the Bonds, with interes~ rates per annu~n on the Bonds ma~a November 1, in the years and amounts as follows: TetOn Bond Year of ~ Serial Aroo ........ Term Bond · · . - P re_pal · ! .__ . . .~ ~. ~_ ~, % ~,~ -- ~ .... .. Mah~r/b/ ~,om,t r~ate Maturity lnsiaIlment lvvi 65,C~JU /.~ ~ V % 4 ~. fiFO 2001 ~on n~ -~ ~ ~-- · -, ~ .,~._ - 1992 70 000 /- ~0 ~ ~ " _ -~,,,,,w - ' ~ '~' ~ '~ ~ 2002 /~ · 1993 w c.~.q /] ~/3 o~ ~, ' 130,000 ~'7- =~d % ]s~ff__._~_~?) '- 1994 75~--n X' ~;)- %"4a~-~' " 00S 140,000 ; ..... '~ /'7 Y ~ ~o 2004 150,000 7 woo ~U,L~j.O X,- & 6.' % f/~/'Er/) 200'' ..... i "~ .~n -, -' ~ . - - / -~ 006 17o,ooo ~/.~% / · accrued interest ~-om *&,e date of the Bonds t~ a.~ a .... e ~ ;.' / --~ .... ;,. '; , ~ , ' ~ '~), gettmr with .. . ,, ,~,~ u~.e or cteuvery. ~ /'V'~-~ y_ ~..~..~-]-~ .iq_, , ,~ . . - lc6r . : We will aece~ aetAvery of said Bonds in New York C:.it~ x;_.. ,:_ ,_ .... · · · or place shall be n;~v a~ upon, it b;i~g unaersto~'t'l~'at~iT~,°n-%r aoo.ut vece_mUer 14, mSS, un~ess another date ~' ~ W man turnisn to us free of charge, at the time of de, very ' of said Bonds, khe ~on of Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P A, Bond Counse ;,.- ~ .~ I Miata' · ~, Florida. approving the va~/caW ~ereo~. _ In accordanee ~ ~e Noffce of Sale, we enclose herewith a certified or bankCashier's or bank Treasurer's check In the amount of twenW C-~ ~ou~and nine hundred dollars and no cents ($23,900.00) payable unconditionally to the order o£ the CRy of Bo)~_~.~_ Bea-E% -~or/da, to be applied in accordance with the Official Notice of Sale. ...... Vge hereby ~.~ov~ige ~ha~ we have received and rev/ewed the Prelim/nary Official Statement relating to the Bonds. The names ~[ ~e un~er'~r/ters or members of the account who are associated for the purpos~of~r/s Provosal 'are lhted on a separate sheet ~ach~ n~reto - / // ~'/ / ~saoa~-ite /~ ~ ~d lis , · Ma4fk. F. Rira~us, Bond Investment (No alterahonm ~_2e te ~ made to this Proposal, and it must not be ~etached from the annexed Notice of Sate.) Officer The fo!!o-~ng computation is submitted for purposes of information only and is not part o£ this proposal: ~ '- True EffectSve inter~t Cost ~' ~ qO _Fo. I hereby acknowledge the return of the good faith cheek in the am_..ca~t~f,$23,900.O0~ enclosed with this bid. 4