Res 745-50RePealed by ~Resolution R E S O L U T I 0 N
No. 755, 3/28/50 ................ NO. 755
A RESOLUTION OF TIlE CITY COUNCIL OF Tile CITY OF
DELRAY BEACll PROVIDING FOR ~IE ISSUANCE OF ~42,000o00 OF SPEC~L
T~ [~V~NUE C~T~IC~TES~ OF TH~ CITY OF DE~ B~CH~ FLORIDA~
PAYAB~ SOLELY ~OM THE R~ES D~IIV~ FIlO~i TttE CIGAR~TT~ ~CISE
T.~X L~I~ BY SAID CITY~ AND~ ~ N~C~S.~I1Y~ FROM THE F~NCHISE T~
ON UTILITIES ~VIED BY SRID CITY~ FOR TItE P~OSE OF D~YING
'~ ~PHOV~I~TS AND ~T~,iSIONS TO TIlE CITY OF
THE COST OF HEPAIHS,
DELI~Y B~CH MUNICIPAL GO~ COURSE, AND PIiOVIDING FOH THE SALE,
SEC~ITY AND PA~ENT ~IEREOF.
WIIEH~S, The City of Delray ~each, Florida, now owns
and operates a m~]nictpal facility known as the City of Delray Beach
Municipal Golf fours_., and
whereas, said Golf Course has been greatly inadequate
to take care of the needs and de~nds of the public made upon such
Golf Course, and there was great need for making repairs, improve-
ments and extensions to said Golf Course;
NO~, THEH~OHE, BE IT RESOLVED by tile City Council
~F the City of Delray Beach, Florida:
Section 1: It is hereby ascertained, determined and
declared:
(a) That the City of Delray Beaoh~ Florida, (herein-
after called the "City") now owns, operates and main-
rains a municipal ~olC course, (hereinafter called
"Golf Course"), and Has for several years last past
owned~ operated and maintained said ~lC Course.
(b) That there is no indebtedness at the present
time against said ~lf Course.
(c) That, according to the provisions of the City
Charter of the City of Delray Beach, Florida~ ( the
sa~ne being Chapter 25786, Speclal Acts of 1949, Flor-
id~ Legislature), the City is authorized to construct
(;olF Course improvements, and to defray the cost and
expenses of such i~provements, by the issuance of
special tax revenue certificates, and
~lat the City is expressly authorized to pledge all
or any part of the revenue derived and/or to be de-
rived from the levy of an excise tax on cigarettes,
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or other tobacco products, and to pledge all or any
part of the revenue derived and/or to be derived from
the levy ct' any £rv. nchise tax, toward the payment of
the principal and interest on such special tax rev-
enae cer'tificates; and t~ass all ordinances a~d ~'~eso-
lutions necessary to accomplish such pl~ge, and
Notwithstanding any other law, general or s~:~ecial
now or hereafter enacted, the City stroll not have
ri~t to repeal or rescind any o~l~mnce or resolu-
tion ln~poslng taxes pl~Iged to the payment of inter-
est on any of the special tax revenue certificates
iss~ herom~der, and any such taxes shall auto~t-
lcally continue in force, until tt~ere shall be a
fictent sum of money on hand to pay the principal
and interest on all such outstanding certificates
For which such taxes were pledged. Notwithstanding
say othor law, general or special now or hereafter
enactS, the City shall not tw. ve the ri~txt to re-
duce any of the rates or amounts of such ~nuniclpal
taxes pledged to the pay~nent of principal or inter-
est aC certificates or grant exe~;~ptions f~m the
pay~ent oF such ta:~es, (except to the extent, ~itn-
in the lt~ltations and in the ~nner tlmt ,night be
reserved in the resolutions authorizing such
ficates) as lon~ ~sa~y certificates issued hereunde~
are o~tstandtng and funds sufficient for payment off
the principal and interest thereof are not on hand.
?rovided, however, ti~at when all tax revenue certi-
ficates issued undeP tl~e a~thority of this ~ct have
been psid oFF, or when a s~fictent a~t of money
to pay the principal t~,~ereof together witl~ i,~tevest
thereon to mat~rity l~s been acc~ulated and is se-
cur~ to the use of tlxe revenue certificate holders,
then, and in either event, the taxes so levied ~y
cease and determine.
Tlmt the net revenue derived By said City f~m the
From November l, 1948 to and including
September 30, 1949 . . . . . . . . .
From November 1, 1949 to and includin~
Nove~ber ~0, 1949, (p~suant to
Ordinance ~f~-84, e~mcted by virtue
of Chapter 26,320, Florida I~ws of
].949 . . . · . . . . . . . . . . · . -~,352.32
From December 1, 1949 to and incl~ldtng
Dace~ber 31, 1949 (pursuant to said
Ordinance ~-84 ) . . . . . . . . . . 5,
Tlmt the net revenue derived by said City from the
levy of a franchise tax on utilities is as follows:
From fiscal year October 1, 1947, to and
including September 30, 1948 . . , . $ 9,445.68
From fiscal ygar October 1, 1948, to and
i~'~cludtng September 30, 1949 . . . . 11,996.39
That the revenue derived by the City From the levy off
a franchise tax on utilities and the revenue derived by the Uity
from the levy of an excise tax on cigarettes have not been pl~ged,
either in whole or in part by the City, on the payment of any out-
standing ~nds or obligations of said City. That the estimated
net revenue frown each of the sold excise and/or Franchise taxes
each ffis~at year hereafte¥ is in excess of tb.e amount to become
due In suoh fiscal year for the principal and interest on the rev-
enue ~ertiFicates hereinafter provided for.
(d) That s~td revenue certificates hereinafter pro-
vided for shall be payable solely out of the revenues derived by
levy of an excise tax on cigarettes and, if neeessary, From tko
levy of t~ Yra~lchise tax on utilities.
(e) Ti,at it was necessary and advisable, in order
to meet the increased need and denmnd of said f;olf Course, to
repairs, improvements arm extensions thereto, consisting of the
fo llowin{:
(1) Installing a motoring system and p~p sprl~lers.
(2) Reconstruction of Club Iiou~e.
(3) Grading and planting offairways and ~reens.
(4) ~ying out, and installing of addlt2onal holes,
fairways, tr~ps and greens.
Section ~: For the purpose of finan~ing the cost~
of repairing, l~q)rovin~ and extending said Golf Course, there shall
be issu~ negotiable Special Tax Rewen~e CertiFicates of said City
(hereinafter called "Certificates"), in the aggregate principal
amount of FORT~' TWO 15{OUSAND DOLI~%t{S ($42,000.00), which Certifi-
cates shall be dated June 15, 1950, and shall be in the denomina-
tion of One Thousand ~llars (~I,UO0.O0) each,n~bered 1 to 42
ino l'~siv~ly, and ~
m~a~l bear interest until paid at tt~e rate of
three 'per cent (~.~) per annual, interest payable December 15, 1950,
and~ semi-~nnu~:l~.y ti~e~-eaCte~, on t~e 15th day of June, and the
15th (b~y of Dece~,~ber of each yearn, and shall be payable as
both interest and p~inclpal in lawful money of the United States
of ~aeric~, at %he office of the City Clerk of the City of I)elFay
}~each, Flomida, in the City Hall of said Cit~-, and shall mature
serially tn n~erical order, on June 15th of each yea~, as follows:
1951 ~4~ 000. O0
1952 ~i, 000. O0
1953 4~ 000
1954 4,000.00
1955 4~ ~00. O0
1956 4,000.00
1957 4,000. O0
1958 4, 000. O0
1959 4~ 000.00
1960 6,000. O0
Said certificates shall be ~allable for redemption
on or after June 15, 1953, prior %o maturity at the option
Oity in the inverse n~erioal order of issuance.
Section 3. The Certifioates shall be signed b~ the
~,1%.~ Clerk, and shall have
Mayo~ of said City and attested by the '"' -,
impressed thereon the corporate seal of said City. Interest fall-
ing due on the oertiftoates on and prior to the maturity
shsll be represented by appropriate interest ooupon8 ~o be attaoh8d
%o the o~rtifi~ates, which ooupons sl~all be si~ned mith %tie
simile sig~ture of said ll~yor and City Clerk.
Section 4. The Certifioat~s and the ooupons Zo be
thereto attached and %n~ endorsement %o appear on tt~e baok %hereof
shall be in substantially the following form:
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(Fern of Certificate)
UNITED STATE$ OF A~;~,ICA
STATE OF
N~fl~ e~~ ~1, OOO. 05
Ti~s City Of ~elr~y }~each in l.'alm l~each County, Flori-
da, For val~c receiYed, l~ereby pr.o~ise to pay to bearer, solely
from the re¥c:nue hereinafter ~peclfied the su~ of One 'fhousand
~)oll$~rs ($1~000.00) on the 15th day of June, 19 ~, and to p
solely from said revenues~ interest on eaid s~m until p aid at
the rate oC three per cent (3~{) per ~nn~, paya].)le Fecember 15,
1950, ~,n(l s ,nl-anau~lly thereafter on ti~e !5th days or June and
December of each year~ with interest due on and prior ~ the
urity theroo~ payable only presentation ~,~d s~rr,~nd, er of the
nexe(l interest coupons as they severally beoo~e due. i~th p rin-
cipal hereof nnd interest L. ereo:l are pay~ble in lawful money of
the ~nited ~Jtates of ~;merica at the o~Tlce of the City ~lerk
" · - ~_:,eac,~, Florida.
the City of Del~ay ~e2ch, in .~elray"
~mt only Certific~tes n,~bered 13 to 42 inclusive
are callable for i-edemp~ion on or after June 15, 195B, and prior
to ~turity at tl~e option of the City i~ inverse numerical order
of issuance on any ln~erest paymen~ da~e, at the price of par and
accru~ interest thereon to the date so fixed for re~emption.
This Certificate is on~ of an issue of ~42,000.00 of
like tenor and effect, except a~ to maturity, and red~p~ion,
iseued pursuant to the Constitution and ~ws of Florida~ and a
resolution ndopted by the City Council ~f saint City c.n January
24, 1950~ , for the purpose of p~ying the oo~t of repairing,
lng and extending the Golf Course and Golf C~4r~e facilities of
said City. Tills Certificate a~ the issue of which it is a part
are payable solely, as to both principal and interest, from the
revenue ~erl~e~ by the City from the levy of nn excise tax on
ci~arettes ~old in said City, and In the event the re,enue
rive8 ~herefrom la insufficient to p~y either the princip al or
interest or both, then, fro~l ~he revenue deri~ by the Ol~y from
the levy of a franchise tax on utilities.
Each successive holder of this Certificate and of the
coupons hereto attached is conclusively pressed to forego and re-
nounce his ec~uities !n favor of subsequent [~olders For value
out notice ~rld to a~ee that tiiis Ce~tific~te and e~lch of the
coupons hereto attach~ ~nay be negotiated by d elive~-y by any per-
son hnvlng possession thereof, howsoever, s~ch possession may
have been ac[~ui~ed,~ an~ thnt Shy holqer who sh~.ll hnve t. ken~. ~ %his
Cert iftc~.te o~~
without notice the~'eby has acquired absolute title %hereto, fPee
fPom any defense enforceable a~ainst any prior holder and
from ell equities and clai~?~s of o~nership of any such p
holdel.. ~le City of Delray tteaoh shall not be affected hy any
notice to t~e
It is hereby' certifl~ and recited that all acts,
conditions end things required by the Constitution a~]d. ~ws of
t~lo~da and by the Chat'reP of tile City to happen, exist and be
for,led pI'ecedent to mhd in t}~e issuance of ti:is Certificate have
tmppened, exist and have been ~e~formed as so
IN WITNESS WttEREOF, the City of :)elray Beach has
caused this ce~tifici~.te to be executed 5y its ~layor, end attested
by its City Clerk, with % tie corporl~te sei~l of said City hereunto
affixed, and lms o&~t~sed the intel.est coupons hereto attach~ to be
executed by its L~,yoF ~nd City Clerk by t[~eic face,nil[ signatures,
all as cC ti.is 15th day of June, A.D. 1950.
.... ~ayor - _ ~, .~
ATTEST:
Clt~ gIerk
(Form of Coupon)
~15. O0
On the 15th day o£ , the City
of Delray Beach, Palm Beach County, Florida, will pay to
solely out of the revenues specified in the attach~ certificate,
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unless said Certificate shall have been properly called for re-
demption, ti:~e sum of Fifteen Dollars ($15.00) in lawful money of
the United States of .~erica at the office of the City Clerk of the
City of Delray Beach, In Delray ~e~ch, Flo~idr,, being interest due
that day on its Special Tax I~evenue Certil'lcates~ dated June
1~0, and n'ambered .
At%est:
~ayor
~ity Cl~rk
(For~ ct' Validation Certificate)
Validated and confirm~i by decree of the Circuit
Gourt of the Fifteenth Judicial Circuit in and for ~alm Beach
County, lo~ ~da, rendered on the day of
A. D. 1950,
clerk' of :the circuit c°hrt
Palm Beach County, Flo~.ida
~e_ct[on 5: The City hereby covenants and agPees
with each st~ccessive holder of the Special Ta~; ~evenue CertiFicates
heve~n authorized ~nd the co,pons thereto atts~led, that it ~ill
pay into a spec2:~.~ f~nd, which is ke~"~.l.~t croak, ted and des~g~mted
"~.~pecial Tax ~evenae Certificates f;inki~g ?und", ~n~ounts of money
sufficient to p~-ovide for the pa~ent of the interest on and the
principal of said Certificates.
5;ecti~n 5: ~t, wt~ile r~r''~. .~ of thc Speci~l Tvx ]~even-
ue Ce~'t~ioatos issued hea-.e~mder shall be o~tstandlng, the City
eove~nts and agrees not to issue any other obligations payable
fror~ the revenues derived frora the levy of ~a excise tax on ciga-
rettes, or deriv~ from the lewy of a Franchise tax onutllitl~s
which will have priority over or equality w~th the Certifflcates
herein authorized.
Section 7: That uo taxes shall ever be levi~ and
moneym s~ll ever be taken or diverted from a:~ f~ds of the City
For the pSent of the prlnclp al of and interest on the Special
Tax
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Revenue Certificates issued here~lnder, except as hereinbefore
provided.
Section 8: That the Certi£icates herein authorized
sh~.ll be hereafter sold at either public or private sale for such
price or prices ~s the City Co~cil shall determine, ~nd such sale
s~ell be confirmed by motion to be passed by the City Council.
~ection 9: T~,,t, ~s attorney for tl~e
~1 ~y~ joh~
Moore, is hereby authorized a~ directed to take appropriate pro-
eeedi~gs in the Circuit Co~rt of ~e Fifteenth Judicial Circuit
of Florida, In and for Palm Beach County~ For the validation
said Certific~tes, ~nd t~e ~,~ayor' and City Clerk ~z'e authoriz~ to
sign e, ny plea~lnEs in such proceedin~s For an(~ in b~mlf of the
Com'~ission of the City of ~elr~y Beach.
Section 10: That if v~y section~ pa~-agr~ph~ clause~
or provision oF this resolution sh~ll he held to
enforceable for any reaso~ the inv~,lidity or unenfo~ceabillty
suchmection~ paragraph, cla~se or provision shall not afCect
oF the re~aining provisi~s oF this resolution.
~ection ll: ~ls resolution passed ~nd adopted this
2~ th ~y of Januar'y~A. D.
Attest:
City Clerk" '"
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