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Res 389 RESOLUTI ON NO ~ A RESOLUTION OF TEE CITY COUNCIL OF TEE CITY OF DELRAY BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF SERIES "B" REFUNDING BONDS PROVIDING FOR THE DENOMINATION TH~K~EOF, TME DATE OF ISSUANCE, ~EE DATE OF ~ATURITY PROVIDING FOR THE METHOD OF EXCHANGING SAID AND P~TE OF II~EREST BONDS FOR THE NOW 0UTSTAI~NDING EVIDENCES OF ALL INTEREST ACCRUED TO JULY l, 1938, ON HERETOFORE REFUNDED BONDS OF THIS CITY WHETHER REP- RESE~TED BY INTEREST COUPONS, OR ACCRU":D INTEREST ON ~IATURED BONDS, ~ETHER OR NOT I~iERGED. iNT0 JUD ~G~ENTS, AND ¥~ETHER OR NOT SAME HAVE BEEN DEPOSITED IN ESCROW UNDER THE PROVISIONS OF SECTION ll OF THE REFUNDING RESOLUTION ADOPTED BY THE CITY COUNCIL OF THE CITY OF D~Y BEACH, FLORIDA, ON JANUARY 26, l~3w, AND WHETEER OR NOT CERTIFICATES 'OF DE- POSIT HAVE BEEN ISSUED THEREFOR BY THE ESCROW AGENT UNDER THE TERMS OF SAID RESOLUTION, AND REAFFIRMING AND RATIFYING TEE PROVISIONS OF SECTION 5 OF SAID ABOVE DESCRIBED REFUNDING RESOLUTION DATED JUNE 26, 1~3~, INSOFAR AS THE SAME 1S APPLICABLE FOR THE PAY~ENT OF INTEREST ON, AND CREATING A SINKING FUND FOR, THE RETIREMENT OF CLASS "B" BONDS. WHEREAS, on June 26, 193~, a considerable part or the funded debt of the City of Delray Beacn, Florida, was in default, and it was necessary that such indebtedness be refunded in order for the city to properly function and meet its o~llgations, AND, WHERF~S, such indebtedness was incurred prior to November 6, 1~34, an~ holders t~ereof, by virtue of the laws in existence at t~e time of the incurring of such indebtedness had the legal right to require that taxes for the payment ~hereoX be levied on all prop- erty subject to taxation, incluaing ~omesteads exemptea from maxation by the amendment ratified November 6, 1~3~, adding Section 7 to Article l0 or the Constitution of Florida, and to require the COllection of such taxes in cash at the same time and in the same manner as other taxes levied by the City, and ~o otne~se enzorce their lnaebtedness and the security tnerefor mn~epenGently or any res~rmctmon or limitation upon the enf°rcemen~ thereo~° enacted by ~he State Leg£slaDure since the incurring of such indeo~edness, and were enti'oled t~ a reZmna~ng ocli- gation which would have the same security and be subject to the same remeczes ana rzgnts or enforcement as exzsted prior to November 6, I~3A, aha which then appertained to said outstancing indebtedness. AND, WHEREAS, in or,er to permit of a readjustment and rezuncing that Will ~e accep~ao~e ~o i~s creditors, the City deemea it aavisa~ze an~ necessary to auDnor~ze the issuance of refunding bonds under such metros and conaitions as w~uma reserve 'to the holders thereo~ the rights, security and remedies now a~a~la~le to them as holders or the c~ty's ou~s~anu~n~ ~n=eD~edness. AND, WHEREAS, under t~e provzslons of the laws of ~he State of Florida, the City Council or the Oity or Delray Beach was authorized to issue such refunding bon~s wlnhou~ su~mlttlng the approval or disapproval thereof to a vote of the freeholders of said City, AND, WHEREAS, notwithstanding the provisions of such laws of the State of Florida, the City Council of the City of Delray Beach, Florida, did call such a freeholders election by ordinance and the Mayor of said City of Delray Beach did also call such election by proclamation, which election was for the purpose of allowing the qualified registered electors who were freeholders in that portion of the City affected by the proposed refunding to either approve or disapprove of the issuance of refunding bonds, which election was held on February 21, A. D. 1939, and at said election a majority of the qualified registered freeholders of said City participated and a majority of those participating in the election voted in favor or the issuance of the said refunding bonds. WHEREAS, there had been theretofore duly authorized and issued under and by virtue of the Constitution and statutes of t~e State of Florida in such case mdc and provided negotiable coupon bonds of the Town of Delray and the City of Delray in the following sums: DATE OF ISSUE DESIGNATION AUTHORIZED ORIGINAL _ ~_ AMOUNT OF ISSUE ~uly l, l~lA water and Light $ EO,000.O0 · anuary l, l~O Improvement SE,§00.00 March 1, 19B~ Improvement ~, 000.00 ~uly l, 19~3 Improvement §0,000.0~ November l, 19~.~ Special Improvement 35,A~. ?S May l, 19~ General Improvement 80,000.00 April l, l~E$ Improvement 900,O0o.00 November l, 19~$ Improvement ll? ,SO1. $0 March l, l~? Improvement ll~,000.O0 WHE~S, the said bonas that were then outstanding bonds (herein- after together with accrued and unpaid interest thereon) which con- stituted legal and valid unpaid indebtedness of the said City i~en~mrieC as to issue~date, denomination, interes~ rate, and amounts, were as follows: TOWN OF DELRAY, Water and Light Bonds, dated July 1, 1914, in denominations of $1,000, bearing interest at 6% per annum, payable semi-annually, on which there is outstanding unpaid principal in amount of ...... $ 10,000.00 CITY OF DELRAY, Improvement Bonds, dated January l, 1920, in denominations of $500.00, bearing interest at 6% per annum, payable semi-annually, on which there is outstanding unpaid principal in amount of ...... 51,000.00 CITY OF DEIP~Y, Improvement Bonds, dated March l, 1923, in denominations of $500.00, bearing interest at 6% per annum, payable semi-annually, on which there is outstanding unpaid principal in amount of ............ 7,000.00 CITY OF DELRAY, Improvement Bonds, dated July l, 1923, in denominations of $1,000, bearing interest at 6% per annum payable semi-annually, on which there is out- standing unpaid principal in amount of ........ 36,665.00 CITY OF DEL~AY, Special Improvement Bonds, dated November l, 1924, in denominations of $1,000, bearing interest at 6~ per annum, payable semi-annually, on which there is outstanding unpaid principal in amount of ...... 24,260.00 CITY OF DELRAY, General Improvement Bonds, dated May l, 1925, in denominations of ~l,O00, bearing interest at 6% per annum, payable semi- annually, on which t~ere is outstanding un- paid princip~.l in amount of ............. 72,000.00 CITY OF DEIL~AY, Improvement Bonds, dated April l, 1926, in denominations of $1,000, bearing interest at 5~% per annum, payable semi- annually, on which there is outstanding unpaid principal in amount of ................ 682,330.00 CITY OF DELi~Y, Improvement Bonds, dated November l, 1926, in denominations of $1,000, bearing interest at 6% per annum, payable semi- annually, on which there is outstanding unpaid principal in amount of ................ 91,900.00 CITY OF DELRAY, Improvement Bonds, dated March l, 1927, in denominations of $1,000, bearing interest at 5~ per annum, payable semi- annually, on which there is outstanding unpaid principal in amount of ................ 39,480.00 The Total Bonds of said issues outstanding on June 26, 1939 ................... $1,014,635.00 The odd balances shown for the unpaid principal on some of the above bond issues were due to the fact that partial payments were made on some of the bonds during the years 1929 and 1930. WHEREAS, the City of Delray Beach did refund said principal indebtedness of $1,014,63B.00 by the issuance of Series "A" refunding bends in that amount, such bonds being in an amount equal to the amount of the City's then outstanding principal indebtedness, butthe interest due on said principal indebtedness, whether represented by interest coupons or accrued interest on nmtured bonds and whether or not merged into Judgments, was not refunded at that time but should now be refunded pursuant to the provisions of the agreement therefor recited in that certain resoltuion passed by the City Council of the City of Delray Beach on June 26, 1939, the same being ltesolution No. 299. NOW, T~E~EFORE, BE IT REsoLVED by the City Council of the City of Delray Beach, Florida, as follows: Section 1. That it is hereby found and determined that the un- paid interest on the above refunded bonds, accruing prior to July 1, 1938, aggregating in principal amount the sum of $352,397.62 con- stitutes a valid outstanding funded indebtedness of the City of Delray Beach, Florida, incurred prior to November 6, 1934, for various municipal purposes, and for the payment thereof all of the property within the present territorial limits of the City of Delray Beach, Florida, excepting that portion of said City which was formerly the Town of Delray Beach, Florida, and excepting also such property as was exempted from taxation by the Constitution of Florida as it existed innnediately prior to November 6, 1934, is subject to the taxation without limitation of rate or amount for the payment thereof, and in addition all property which was formerly within the said City of Delray Beach, Florida, as constituted on May 115 1927~ except that portion thereof which was formerly the Town of Delray Beach, Florida, and also that property which was constituted within the territorial limits of the former City of Delray as the boundaries thereof were extended by Chapter 10450 of the Acts of 1925, approved April 29, 1925. SECTION ~. Series #B~ refunding bonds in the principal amount of $352,350.00 are hereby authorized to be issued for the purpose of re- funding the principal amount of indebtedness and Judgments thereon described in Section 1 hereof and any additional Judgments that may be hereafter recovered thereon~ the balance of $47.62 to be retired by p aymen t. Said refunding bonds Series "B" shall be dated July 1, 1940, and shall mature July 1, 1968, subject to redemption on ~ interest payment date prior to maturity upon payment of the par value thereof and accrued interest to the date fixed for redemption. Said Series "B" refunding bonds shall be numbered consecutively and shall be in the following denominationa: $500, $100 and $50, and shell bear interest payable semi-annually at the following rates: Two per cent (2~ per annum for the first five (5) years; ~\ Tw~ and one-half per cent (2~%) per annum for the next succeeding five (5) years; ~ - ~ Three per cent (3%) per annum for the next succeeding five Four per cent (4) per annum for the next succeeding five (,5), y~ears; Five per cent (5%) per annum thereafter until the maturity of said refunding bonds. ~_ ~ Series "B" refunding bonds numbered consecutively from 1 to 276, both inclusive, in the principal amount of $1000 each, and Series 'B' re- funding bonds numbered 277, 278, each in the principal amount of $500, and Series 'B" Refunding bonds numbered 279 in the principal amount of $100 are to be exchanged for outstanding interest on City of Delray Improvement Bonds, dated April 1, 1926, and March 1, 1927, bearing interest at 5~ per annum, payable semi-annually, Series refunding bonds numbered consecutively from 280 to 354, both inclusive, in the principal amount of $1000 each, and Series 'B' refunding bonds numbered consecutively from 355 to 356, both inclusive, each in the principal amount of $100, and Series "B# refunding bonds numbered 357 in the principal amount of $50 are to be exchanged for outstanding interest on original bonds of the City of Delray bearing interest at the rate of 6% per annu~, payable semi-annually. Section 3. The refunding bonds herein authorized to be issued shall be signed by the Mayor and attested by the City Clerk and the corporate seal of the City of Delray Beach, Florida, shall be affixed thereto. The interest coupons thereto attached shall be executed with the facsimile signatures of the said Mayor and City Clerk. The text of said bonds, the coupons thereto attached and the validation certificate to be endorsed thereon shall be in substantially the following form: UNITED STATES OF ~m~RICi State of Fl~ida City of Delray Beach 1B$$ General Refunding Bond Issue of ~uly 1, 1~4~ Series "B" NO~, ,, , , , , , $ ..... ~, Know aA~ ,,,eh uy ~hese presents: That the City of Delray Beach in the County of Palm Beach, State of Florida, hereby acknowledges itself to be indebted and for value received hereby promises to pay to the bearer the sum of on the first day of .July, A. D. 1968, with the option of prior redemption as hereinafter provided and to pay interest on the said sum as hereinafter specified from date hereof until paid or called for redemption; the said interest to be paid semi-annually on the first days of ~anuary and ~uly of each year, both principal and interest thereof are payable in lawful money of the United States of America at the Irving Trust Company, New York, New York, upon presentation and surrender of this bond and the interest coupons hereto attached as they severally mature. Interest on the amount of this bond as evidenced by the interest coupons hereto aStached shall be payable and collectible at the rateof two per cent (~%) per annum to ~uly l, 1945; thereafter at the rate of two and one-half per cent (2~) per annum to ~uly l, 1950; thereafter at the rate of three per cent (3%) per annum to ~uly l, 195§; thereafter at the rate of four per cent (4%) per annum to ~uly l, 1960; thereafter at the rate of five per cent (5%$ per annum to ~uly 1, 1968. In the e~ent the City defaults in the payment of interest, on this bond, and such default continues for a period of six months after its happening, then upon declaration in writing filed with s~id City, and with Thomas M. Cook & Company, the fiscal agent for said City, by the holders of at least forty per cent i40%) in prin- cipal amount of all the bonds of this issue outstanding upon the happening of such default, this bond shall, at the option of.the holder, revert to the original interest rate of the security exchanged therefor, but such reversion shall only be effective from the date to which interest has been paid on this bond prior to the date of the filtE of the declaration of intention to exercise such option, and if the right to higher interest rate accrues, such higher rate of interest will be evidenced in the manner then pro- vided by law. This bond is issued under the authority of and in full compliance with the Constitution and statutes of the State of Florida, including the Charter of the City of Delray Beach, and pursuant to a resolution passed by the City Council of said City of Delray Beach for the purpose of refunding valid subsisting bonded indebtedness of said City, for the payment of which the City was obligated to levy taxes upon all property within its present territorial limits, excepting that portion of said City which was the former Town of Delray Beach, and for the payment of which all property heretofore located in said City of Delray Beach, exclusive of that portion of said City which comprised the former Town of Delray Beach, which has been excluded by Special Acts of the Legislature changing the territorial limits of the City of Delray Beach since the creation of such bonded indebtedness is also subject to tax, except such property as vms exempt from taxation under the Constitution and Laws of Florida as they existed immediately prior to November 6, 1934. The City of Delray Beach hereby reserves the right to redeem this bond on any interest payment date upon payment of par end accrue~ interest, and agrees that it will.apply the sinking fund created by the resolution authorizing the issuance of this bond to the redemption of the bonds of this issue at par and accrued interest by lot, whenever such sinking fund amounts to Five Thousand Dollars {$5,000.00) or more and is not used for the purchase of bonds of this issue et less than par end accrued interest in the manner more particularly prescribed by the resolution authorizing the issuance of this bond. In the event this bond is so called for redemption, notice thereof shall be published in a financial Journal published in the City of New York, New York, and in e newspaper of general circulation published ~n Palm Beach County, Florida, in one issue thereof, published not more than sixty (60) days, nor less than thirty (30) days prior to the date fixed for redemption. the sinking fund provided for said bonds may also be used in the pur- chase thereof in accordance with the provisions of the resolution authorizing their issuance. It is hereby certified and recited that all acts, conditions and things required to happen, exist end be performed precedent to and in the issuance of this bond have happened, exist and have been performed in due time, form and manner as required by the Constitution and Laws of the State of Florida And the Charter of the City of Delray Beach; that the total indebtedness of said City, including this bond, does not exceed and that t~e total indebtedness of said city, at the creation of the indebtedness refunded hereby, did not then exceed any constitutional or statutory limitations thereon, and for the prompt and full payment of this bond, and the interest thereon, the full faith and credit of sala City are hereby pledged. This bohd is issued in exchange for a like amount of unpaid interest on lndebDedness of said city which was outstanding on and prior to November 6, 1~34, and does not constitute new indebtedness or a novation of said outstanding indebtedness, but merely evidences an extension or renewal in a new form of said original exisit~ng inde~tedness refunded hereby, and is of like force and effect as to obligation as if said original inaebtedness had remained unrezunded, it being expressly hereby provided and recited that all contract rights as to security, taxing power, obligation for payment, remedy, and enforcement, enjoyed by said indebtedness in its original form, has inured to, and is and shall be enjoyed by said indebtedness as represented by this refunding bond. 0nly such property in said City as' would be exempt from taxation under the provisions of the laws and Constitution of ~lorida which were in force at the time of the creation of the indebtedness refunded hereby shall be exempt from taxation to pay the interest on and principal of this bond as the same respectively be'come due. Laws enacted since the creation of the indebtedness refunded hereby which are ineffective as to such indebted- ness are hereby declared to be similarly ineffective as to this bond. The bond is issued for the purpose of refunding an original ., % obligation. IN WITNESS WHEREOF the said City of Delray Beach has caused this bond to be signed by its Mayor and attested by its City Clerk under its corporate seal, and the interest coupons hereto attached to be executed with the facsimile signatures of said Mayor and City Clerk as of the first day of July, A. D. 19~0. ATTEST: (Form of Coupon for Semi-An~Bual Interest Payments) No., _ _ $ ...... On the first day of , 19..._, the City of Delray Beach, in the County of Palm Beach,' 'Sta'te of Florida, will pay to the bearer at the Irving Trust Company, in the City of New York, New York, the sum of $.______, as provided in and for the semi-annual interest then due on the City of Delray Beach Refunding Bonds Series ~B~ · No. _... dated July 1, 1938. - Clerk ...... -- ............ City of Delray Beach, Florida· City of Delray Beach, Florida. (Validat ion Certificate) Validatea and confirmed by decree of the Circuit Court of the Fifteenth Judicial Circuit of the State of Florida, in and for Palm Beach County, rendered on the ~ d~y of ...... , A. D. 19 __. Clerk Of-the circuit-Court of the Fifteenth Judicial Circuit of Florida, in and for Palm Beach County. Section 4. Said Series "B" refunding bonds shall be transmitted to the escrow agent, the West Palm Beach Atlantic National Bank of West Palm Beach, Florlda, and shall be delivered upon instructions from the fiscal agent of' the City to the holders of the now outs~analng interest on original bonds, whether or not merged in judgments, and whether or not placed in the escrow, described in Section i hereof and in ex, hang, therefor on the basis of par for par for the principal amount. The refunaing bonds, Series "B", shall be callable at par upon any interest payment date prior to maturity. If the option to call the bonds prior to maturity is used, it shall be exercised in the following manner: The bonds shall be drawn by lot by the governing authority of the City of Delray Beach, and the respective lots shall be so drawn from all the then outstanding bonds· Notice of redemption, specifying the bonds called, shall be filed at the place where the principal and interest of said refunding bonds, Series "B", are payable at least thirty days prior to such redemption date. Notice of intention to redeem said bonds shall be puolished once, not more than sixty days, nor less than thirty days prior to the redemp- tion date, in at least two publications, one of which shall be a newspaper having general circulation in Palm Beach County, Florida, and the other s~all be a financial Journal published in the City of New York, State of New York. Section §. For the purpose of adequately providing for the pa~ent of the interest on all said rex'unGing bonds and for the creation of a sinking fund for the retirement of all said refunding bonds, the City shall levy for debt service a millage which will be sufficient to raise a sum at least equal to the interest 'due in such fiscal year if 60~ of the levy is collected in such fiscal year. If, .' however, the percentage of collection for the prior fiscal year, up to the date of the levy (not including any estimate of collections after the levy is made), is less than 60%, the levy shall be based on the collectibility of such less percentage. For the fiscal year in which the new bonus snail mature, the City shall levy a tax in such amount as shall be sufficient, together with sinking funds then in hand, to pay such bonds upon their maturity. Such taxes shall be · Levied and computed upon the extended and finally equalized valuation of all property subject to taxation within the City, excluding the old Town or Delray Beach, which is how a part of the City of Delray Beach, Florida. The territorial lZmits of the City of Delray Beach, Florida, have been reduced by Chapter 1~677 of the Special Acts of 1927 and by Chapter 184~4, Special Acts, lw37, since the bonds hereby refunded were issued and since it was provided in and by said Special Acts that the territory excluded from said City should be held res- ponslble for and be bound for all bonds, contracts, judgments and debts then held against said city, the City of Delray Beach does herecy reserve the right to tax any territory excluded from the 9ity for the payment of any obligations existing at the t~m_e such territory was eliminated. The taxes so levied shall be in aduitlon to all ot~er taxes levied by the City and the proceeds shall be kept in a special fund and used exclusively for the purpose for w~ich the same are levied. Section 6. If at any time there is $5,0oo.vO or more in the Refunming Bond Interest and Sinking Fund Account over and above the amount of the next interest requirement, the said fund snali be used by the City, after giving reasonable pu01ic notice or its intention, for the purpose of pnrc~as-~ng refumcing bones of the issues contemplated herein, which purchases shall be made in the following man_nar: The City snail ~es~gnate a date at which time it will receive sealec tenters oZ bonas of the re~umcing issued ~erein authorized, and act upon such tenders in open session. The entire avalla01e surplus for the retire,~.ent of bonus shall be used to purchase bonas orfered by such fencers at the lowest p-,'lces; pro.vialed, however, that ir the said City ~e dissatisfied with any or all tencers thus receiveC, ~ sIlall have the option to reSect any or all or same, cna within thirty-one (31; days ax'tar such re- jection, it shall readvertise for additional sealea tenders in the same manner as herein~erore provided, and sllall purc~lsse the bones oXrered at the lowest p~ices upun suc~ reaCvertlsement, a~sorbln~ all surplus [un~s availaole in the Refuncing Bond Interest aha Si~king Fund Account, and, provided ~urtner, that following each respective ten,er cate said City may prov~tely purchase additional ~oncs with su0sequenD sux~pi~s accumulations as long as private purchases may be mace upon such easis as w~ll mow an equal or higher income yield than the highest yield' calculated on bones purcnasec responsive to tenCers received at the last prece~lng da~e. In the event tha~ no oi~'erZngs can ~e o~tazned at or below the caliabze price, the said City s~all proceed to call bonas by lot · Section 7. The rez'uncing uon~s proposed to ~e lssueG hereunder saall be issued as continuations, extensions, mergers and renewals o~ the inCeD~e~ess proposed to be re,un,ed and nave the lCen~cal tax base as the said original bonds, and all rights and remedies which were available for the support and enforcement of the original bonds, shall continue and remain available for the support and enforcement of the refunding bonds when issued, and shall be issued ~nder a procedure which will be approved by nationally recognized bond attorneys. Section 8. Said refunding bonds, Series ~B', shall also pro- vide that upon a default in the payment of interest on said refunding bonds, then, upon the declaration in v~iting filed with Thomas M. Cook & Company, the fiscal agent, and with the City of Delray Beach, by the holders of at least forty (40~) per cent, in principal amount of the refunding bonds outstanding upon the happening of such default, said refunding bonds shall, at the option of the respective holders, revert to the original interest rate of the securities exchanged therefor, but such reversion shall only be effective from the date to which interest had been paid on said refunding bonds prior to the date of the filing of the declaration of intention to exercise such option, end if the right to the higher interest rate accrues, the higher rate of interest will be evidenced in the manner then provided by law~ PROVIDED, said bonds shall not ~evert to the original interest rate unless the failu~re, refusal, or default is continued for a period of six (6) months after its happening. Section 9. The Mayor and City Clerk of the City of Delrey Beach~ Florida, are hereby authorized and directed to sign said refunding bonds and the said City Clerk is hereby authorized end directed to affix the corporate seal of the City of Delray Beach, Florida, to each of said bonds so signed. Section 10. ~11 taxes levied by the City for 1937 and sub- sequent years shall be paid in legal tender only. The City intends to adjust the a~unt due on account of the delinquent ~taxes for the year 1936 and prior and special assessment lien~ in a manner which is designated to result ~n & collection oF the reasonable maximum equity therein. Section il. That all the said refunding bonds and interest thereon shall be payable in lawrui money of the United States of A~er~ica at the Irving Trust Company, New YorK, New York. Section 12. That all covenants, representations, agreem~ents, and underDa~ings herein set out, as well as those appearing in ~he face of each of the said refunding bonds, s~aii constitute contract wi~h the holders oI° rel~Gnaing bonds, which contract shall be eh- forcible by suit, action, or mandamus on behalf of any oond~older in any Court of competent Jurisdiction whether or not a monetary de- fault s~aii then prevail in the payment of the principal or interest of such refunding bond, and all rlg~ts ana remeaies wn~'ch were avaziaole for the support and en~°orce~ent o~· the oonas revunaed nereoy snaz± Oe ava~±ao±e for the support and enforcement of said refunding bonds. Section 13. That if any cia~se, section, paragraph or provision of this resolumion or of the re~-un~ing ~onGs ~ereby authorized, be declared unenforcible by any Court of final jurisdiction, it shall not affect or invalidate any remainder thereof, and ir any of the refunding bonds ~ereOy authorized be adjudgeG lllega~ or unenforc~le, the holders thereof s~all 0e entitled to be su~roga~eG to ~ne rights of the ~olders of the indebtedness hereby provided to oe refunded t~ereoy an~ as such, enzorce ~he~r claim for payment. Section 14. That if any mistake or error snail ~ave occurred in this Resolution in the description or any o~~ ~he ou~s~anaing ~onas proposed to be refunded, such mistake or error shall Oe deemed to be immaterial, provided the total amount of outstanding bonas surrenGered in exchange does no~ e~ceed ~ne a~ount ox' re~-unding 0onds hereby authorized ~o be issued. Section 15. That the firm ox Adams & Nowlln, Attorneys at Law, be a~d is ~ere~y au~horize~ and directed to ~a~e appropriate pro- ceedings in the Circuit Court of the Fifteenth Judzczal~ Circuit of Florida in and for Palm Beach County for thevalidation of said bonds, and the Mayor, president of the Council, and the city clerk are hereby authorized to verify any pleadings in such proceedings and to impress thereon the corporate seal of this municipality. ADOPTED by unanimous vote of the City Council, all members being present, at a regular meeting of the said City Council, on this, the 17th day of February, 1941. ~ ATTEST: Ci~ ~" APPROVED: ~ ~ MayOr Delray Beach, Fla. $--,_~$! It is reported that Circuit Judge C. E. Chillingworth has set May 12th as the time for a hearing on a peri- tion of ~he C,~y of Delray Beach, Fla., , to validate a series of refunding bonds to eliminate $352,350 of de- faulted interest payments on $1,014,- 63.5 in bonded indehf~tness. T~e ~rincipal wa~ refunded by an issue dated July 1, 19.38. Interest on the refunding bonds would ,begin at 2~ and increase each five years to 5~. IN. THE '~I~CUIT-~::¢O--'"~ OF -'THE' ~FIF'I'EBJ~;J~ DICIAL CIRCUIT ,G;F ' FLORIDA~"~tN AND FOR BEACH COUNTY, CHANCERY NO. C~ OF:'DE~Y B~C~, a municipa~ cor~raMon, Petitioner vs, . ~TA~ OF FLORIDA, Respondent " VAL~A~ON PROCEED~' ClTA~ON ~' NO~CE OF CEEDINGSco~RMTO R~D~G. ' BO~$. IN ~E NA~ OF ~E STA~ OF~ FLOR~A, TO ~E CI~Z~S AND; TA~AYE~ OF ~. C~ OF RAY BEACH, PA~ ]BEACH COUP,~ F~RIDA, AND '.~O ALL O~ .P~SONS ~~, G~G~ NO~CE IS H~BY GI~N ~t ~e City of Delray B~c~ a ,m~ici~ ~ corporation l~at~ in Palm 'Co~ty, in the ~nth Judicial Cir- cuit of the S~ of ~o~d~, des~i~g :~to recur bond~ debt ~7 .%he of r~und~ng bonds~i~ the aggrega~ ~mount of ~52,350 for ~e purpose refund~ the out~and~-~re~ deb~dne~ of ~ch mun~cipatXt7 ~o~ b7 that ee~ ~ ~' ~nd ~dopted by ~e C~ Council of the' [~id C~ o~ De1~ ~eh on the X~th which res~.i~.~-'~: ~d~e P~ ~tfon for~'V~iaa~cn heretofore filed in the fore~oin~ en~. cause, ~d [.that said City has filed ~ ~e st~led cs~e ~d h~ pr~nt~~ to ~ Court ~ Petition ~ek~g validation and confi~ation ol such rei~dinl bon~ and ~e~' ~ance, and thata h~- in~ wiR be .had upon ~ch Pe~ ~-~ fore the Judge ,of ~e above ~yl~ ~t at ~e ~ambers of ~ch C~rt in C~n~ Co~ Hough,in ~e City of ] mater maY,~, h~, a~ ~ ~ ~ [place ~u ~ each of YOu ~e. ~ ~and dir~ ~ ~w 'Ca~ ff a~ ~you have, why tach re~d~g ~n~  ou~ not ~. ~at~ or con~. 0f ~eneral cWc~tlom_'.~. ~d pub~ ~s~ ~ the City of ~a~ ~ · .; ~ ~SS W~OF; .! ~e ~ere~ ~t my ~ as Cl~k' ct Uircuit :Co~' of-~e' F~n~ .~ ~a~ C0~W, ~d ~v~ ~x~- h~r~ ~he seal ~ '~d co~ at West ~ach, ~ Beach Co~ly, on th~ ~e 16th. day of April, A. D. 1~1. ~. ~ ~N~, Clerk of the Circuit Co~t of the Fi~th Ju- d!ci~ C~t of ~e S~ ~ Flori- da, in ad for Pa ~ach County. By M~le'P. Jo~st~, ~u~ Cler~ (Circuit Cou~ ~) .~ ~AD~S & NO~ - "' i By J. W. Nowl~__ Attorneys for ,[Aprit 18~ ~, May 2~t , 3~, May 2,a ~.