Res 755-50 I.{ESOLUTION NO. 755
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF DELR~{Y BEACH, PROVII)ING FOR THE ISSU~kNCE
OF ~ 42,000.00 OF SPECIAL TAX P~¥ENUE CERTIFICATES
OF THE CITY OF DELP~kY BEACH~ FLORIDA, PAYABLE
SOLELY F~iOM THE REVENUE DERIVED FROM THE LEVY OF
A MUNICIPAL UTILITIES TAX, FOil THE PURPOSE OF
DEFRAYING THE COST OF ~(EPAIRS, I~ROVEMENTS AND
EXTENSIONS TO THE CITY OF DEI~RAY BEACH }iUNICIPAL
~OLF COURSE, AND PIiOVIDING FOR THE S~LLE, SECURITY
AND PAY~[ENT THEREOF.
WHEREAS, The City of Delray Beach, Florida, now owns and
operates a Municipal facility known as the City of Delray Beach
Municipal Golf Course, and
WHEREAS~ said Golf Course has been greatly inadequate to
take care of the needs and demands of the public made upon such
Golf Course, and there was great need for making repairs, improve-
ments and extensions to s~id Golf Course;
NOW, THerEFORE, BE IT RESOLVED by the City Council of the
City of Delray Beach, Florida:
SECTION 1: It is hereby ascertained, determined and
declared:
(a) That the City of Delray Beach, Florida, (hereinafter
called the "City") now owns, operates and maintains a Municipal
Golf Course, (hereinafter called "Golf Course"), and has for
several years last past, owned, operated and maintained said Golf
Course.
(b) That there is no indebtedness at the present time against
said Golf Course.
(c) That, according to the provisions of the City Charter
of the City of Delray Beach, Florida, (the same being Chapter
2578~, Special Acts of 1949, Florida Legislature), the City is
authorized to construct Golf Course ~mprovements, and to defray the
cost and expenses of such improvements by the issuance of special
tax revenue certificates, and
That the City is expressly authorized to pledge all or any
part of the revenue derived and~or to be derived from the levy of
a~ excise, tax on cigarettes, or other tobacco products, and to
pledge all or any part of the revenue derived and~or to be derived
from the levy of any franchise tax, and to pledge ali or any part
of the revenue derived and/or to be derived from the levy of a
Municipal utility tax upon utility services rendered in the City,
toward the payment of the principal and interest on such special
tax revenue certificates; and pass all Ordinances and Resolutions
necessary to accomplish such pledge, and notwithstanding any other
law, general or special now or hereafter enacted, the City shall
not have the right to repeal or rescind any Ordinance or Resolution
imposing taxes pledged to the payment of interest on any of the
special tax revenue certificates issued hereunder, and any such
taxes shall automatically continue in force, until there shall be a
sufficient sum of money on hand to pay the principal and interest on
all such outstanding certificates for which such taxes were pledged.
Notwithstanding any other law, general or special, now or hereafter
enacted, the City shall not have the right to reduce any of the
rates or amounts of such municipal taxes pledged to the payment of
principal or interest of certificates or grant exemptions from the
payment of such taxes, (except to the extent, within the limitations
and in the manner that might be reserved in the Resolutions authoriz-
ing such certificates) as long as any certificates issued hereunder
are outstanding and funds sufficient for payment of the principal
and interest thereof are not on hand. Provided, however, that when
all tax revenue certificates issued under the authority o£ this Act
have been paid off, or when a sufficient amount of money to pay the
principal thereof, together with interest thereon to maturity has
been accumulated and is secured to the use of the revenue certificate
holders, then, and in either event, the taxes so levied may cease
and determine.
That the net revenue derived by said City from the levy of
a municipal utilities tax upon utility services rendered in the City,
is as follows:
From October l, 1946 to and including September 30,
1947 ~ 20,363.81
From October 1, 1947 to and including September 30,
1948 25,284.22
From October 1, 1948 to and including September 30,
1949 - 29,833.33
That the revenue derived by the City from the levy of a
Municipal utilities tax upon utility services rendered in the
City has not been pledged, either in whole or in part By the City,
on the payment of any outstanding bonds or obligations of said City.
That the estimated net revenue from the municipal utilities tax
upon utility services rendered, in the City in each fiscal year
hereafter is in excess of the amount to become due in such fiscal
year for the principal and interest on the revenue certificates
hereinafter provided for.
(d) That said revenue certificates hereinafter provided for
shall be payable solely out of the revenues derived by the levy
of a Municipal utilities tax upon utility services rendered in
the City.
(e) That it was necessary and advisable, in order to meet
the increased need and demand of said Golf Course~ to make repairs,
improvements and extensions thereto, consisting of the following:
(1) Installing a watering system and pump sprinklers.
(2) Reconstruction of Club House.
(3) Grading and planting of fairways and greens.
(4) Laying out, and installing of additional holes, fairways,
traps and greens.
SECTION 2: For the purpose of financing the costs of repair-
ing, improving and extending said Golf Course, there shall be
issued negotiable Special Tax Revenue Certificates of said City
(hereinafter called "Certificates"), in the aggregate principal
amount of FORTY-TWO THOUSAND DOLLar, S ($42,000.00), which Certifi-
cates shall be dated June 26, 1950, and shall be in the denomination
_ l--~ of One Thousand Dollars ($1,000.00) each, numbered 1 to 42 in-
clusively, and shall bear interest until paid, at the rate of
three per cent (3%) per annum, interest payable December 26~ 1950,
and semi-annually thereafter, on the 26th day of June, and the 26th
day of December of each year, and shall be payable as to both
interest and principal in lawful money of the United States of
America~ at the office of the City Clerk of the City of Delray
Beach, Florida, in the City Hall of said City~ and shall mature
serially in numerical order on June 26th of each year, as follows:
1951 ~ 4,000.00
1952 4,000.00
1953 4,000.00
1954 4,000.00
1955 4,000.00
1956 4,000.00
1957 4,000.00
1958 4,000.00
1959 4,000.00
1960 6,000.00
Said certificates shall be callable for redemption on or after
June 26th, 1953, prior to maturity, at the option of said City in
the inverse numerical order of issuance.
SECTION 3: The Certificates shall be signed by the Hayor of
said City and attested by the City Clerk, and shall have impressed
thereon the corporate seal of said City. Interest raj. ling due on
the certificates on and prior to the maturity thereof shall be
represented by appropriate interest coupons to be attached to the
certificates, which coupons shall be signed with the facsimile
signature of said Hayor and City Clerk.
SECTION 4: The Certificates and the coupons to be thereto
attached and the endorsement to appear on the back thereof, shall
be in substantially the following form:
(Form of Certificate)
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF PALM BEACH
CITY OF DL~R~ BEACH
SPECIAL TAX REVENUE CERTIFICATE
Number $ 1,000. O0
The City of Delray Beach in Palm Beach County, Florida, for
value received, hereby promises to pay to bearer, solely from the
revenue hereinafter specified, the sum of One Thousand Dollars
(~1,000.00) on the 26th day of June, 19 , and to pay solely from
said revenue, interest on said sum until paid, at the rate of three
per ce~t (33) per annum, payable December 26th, 1950, and semi-
annually thereafter on the 26th day of June and December of each
'year, with interest due on and prior to the maturity thereof, payable
only on presentation and surrender of the annexed interest coupons
as they severally become due. Both principal hereof and interest
hereon are payable in lawful money of the United States of America
at the office of the City Clerk of the City of Delray Beach, in
Delray Beach, Florida.
That only Certificates numbered 13 to 42 inclusive, are callable
for redemption on or ~fter June 26, 1953, and prior to maturity, at
the option of the City, in inverse numerical order of issuance on
any interest payment date, at the price of par and accrued interest
thereon to the date so fixed for redemption.
This Certificate is one of an issue of $ 42,000.00 of like
tenor and effect, except as to maturity, and redemption, issued
pursuant to the Constitution and Laws of Florida, and a Resolution
adopted by the City Council of said City on March 28th, 1950, for
the purpose of paying the cost of repairing, improving and extend-
ing the Golf Course and Golf Course facilities of said City. This
Certificate and the issue of which it is a part, are payable solely,
as to both principal and interest, from the revenue derived by the
City from the levy of a municipal utilities tax upon utility
services rendered in said City.
Each successive holder of this Certificate and of the coupons
hereto attached is conclusively presumed to forego and renounce
his equities in favor of subsequent holders for value without notice
and to agree that this Certificate and each of the coupons hereto
attached may be negotiated by delivery by any person having possewsion
thereof, howsoever such possession may have been acquired~ and that
any holder who shall have taken this Certificate or any of the
coupons from any person for value~ and without notice thereby, has
acquired absolute title thereto, free from any defense enforceable
against any prior holder, and free from all equities and claims of
ownership of any such prior holder. The City of Delray Beach shall
not be affected by any notice to the contrary.
It is hereby certified and recited that all acts, conditions
and. things required by the Constitution and Laws of Florida, and by
the Charter of the City to happen, exist and be performed precedent
to and in the issuance o~ this Certificate have heppened, exist and
have been performed as so required.
IN WITNESS WHEREOF, the City of Delray Beach has caused this
Certificate to be executed by its Mayor, and attested by its City
Clerk, with the corporate seal of said City hereunto affixed, and
has caused the interest coupons hereto attached to be executed by
its Mayor and City Clerk by their facsimili signatures, all as of
this 26th day of June, A. D., 1950.
Mayor
ATTEST:
City Clerk
(Fo~ of Coupon) $ 15,00
0n the 26th day of , the City of Delray
Beach, Palm Beach Co~ty, Florida, will pay to bearev, solely out
of the revenues specified in the attached certificate, unless
said Certificate shall have been properly called for redemption,
the s~ of Fifteen Dollars ($15.00) in la~ul money of the United
States of ~erica at the office of the City Clerk of the City of
Delray Beach, in Delray Beach, Florida, being interest due that
day on its Special Tax Revenue Certificates, dated June 26th, 1950,
and n~bered .
N~ber
Mayor
~TTES T:
C'ity" Cl~rk'
(Fo~ of Validation Certificate)
Validated and confirmed by dec~ee of the Circuit Court of the
Fifteenth Judicial Circuit in and for Palm Beach Cowry, Florida,
rendered on the day of , A. D.~ 1950.
'Cle'~k of the Circui't Cour't
Palm Beach County, Florida.
SECTION 5: The City hereby covenants and agrees with each
successive holder of £he Speciai Tax Revenue Certificates herein
authorized and the coupons thereto attached, that it wilI pay
into a special fund, which is hereby created and designated "Special
Tax Revenue Certificates Sinking Fund", amounts of money sufficient
to provide for the payment of the interest on and the principal of
said Certificates.
SECTION 6: That, while any of the Special Tax,Revenue
Certificates issued hereunder shall be outstanding, the City
covenants and agrees not to issue any other obligations payable
from the revenues derived from the levy of the municipal utilities
tax upon utility services rendered in the City which will have priority
over, or equality with, the Certificates herein authorized.
SECTION 7: That no taxes shall ever be';levied and no moneys
shall ever be taken or diverted from any funds of the City for the
payment of the principal of and interest on the Special Revenue
Certificates issued hereunder, except as hereinbefore provided.
SECTION 8: That the Certificates herein authorized shall be
hereafter sold at either public or private sale for such price or
prices as the City Council shall determine, and such sale shall be
confirm'ed by motion to be passed by the City Council.
SECTION 9: That, as attorney for the City, John Moore, is
hereby authorized and directed to take appropriate proceedings in
the Circuit Court of the Fifteenth Judicial Circuit of Florida, in
and ~or Palm Beach County, for the validation of said Certificates,
and the Mayor and City Clerk are authorized to sign any pleadings
in such proceedings for and in behalf of the Council of the City of
Delray Beach.
SECTION 10: That, if any section, paragraph, clause, or pro-
vision of this Resolution shall be held to be invalid or unenforceable
for any reason, the invalidity or unenforceability of such section,
paraEraph, clause or provision, shall not affect any of the remaining
provisions of this Resolution.
SECTION 11: This Resolution passed and adopted this 28th day
of March, A. D., 1950. ~ ~ ~.~~
: ~ City Clerk