Res 335 A RESOLUTION OF THE CITY COUNCIL OF TL~E CITY OF
DELRAY BEACH, FLORIDA, ~IAKING SL~PPLF2J~iENTAL
PROVISION FOR THE ISSUANCE OF REFUI~DiNG
OF THE CITY OF DANLRAY BE.'~CH, FLORIDA.
V~i~-REAS by resolution duly adopted by the City Council
of the City of Delray ~each on June 26, 1939, entitled:
A RESOLUTION OF T~ CITY COU~DIL OF THE CITY OF
DELRJ~Y B-~=ACH, FLORIDA, AUTtlORIZING T~E ISSUANCE
OF REFUI~I~G BONDS, PROVIDING FOR 55~E' DEN0~II~V~_TION
THEREOF, THE DATE OF ISSUE, THE DATH OF i~ATURITY
AND kATE OF INT~EST, AND PP~0VIDING FOR THE D~THOD
OF EXCHANGING SAID BONDS FOR THE N0~J~ 0UTSTDd,~IEG
BOA~DS ~ETPiER OR H~0T ~'~i~GED INT0 JUDGemeNT, AND
PROVIDIKG FOR THE ESCR0~KHG OF INTEREST OBLIGATIONS
WHET~iER OR I'~0T ~5~iRGED I/~T0 JUDGI~U~, ;/%~D FOR THE
ISbVJANCE OF ~%EFUI~DI1JG BOEDS TO ~TIRE THE S~%~E, A/%-D
PROVIDING FOR THE LEVY, ASSESSi~i~r A~O COLLECTION
OF T~ TO PAY ~E PRIHCIPAL ~H~D Ii~fEREST OF SAID
REFUI~DING BONDS ~S T}~E S3d~ B~C0~ DUE
provision was made for the issuance of certain refundi~]g bonds
and it is now necessary that supplemental provision in that regard
be made as hereinafter stated;
NOW, TIU~EFORE, Be It Resolved by the City Council of
the City of Delray Beach, Florida, as ibllows:
Section 1. That it having been found the Irving Trust
Company of New York is unable or refuses to act as exchange agent
in the manner and capacity as provided by said resolution adopted
June 26, 1939, therefore, the West Palm oeach Atlantic National
Bank of V~est Palm Beach, Florida, be and is hereby designated to
act as such exchange agent and to effect and accomplish an ex-
change of refunding bonds in the manner and capacity as specified
by Section 4, and to act as escrow agent in the manner aud capacity
as specified in Section ll of said resolution heretofore adopted
by the City Council on June 26, 1939.
Section 2. That the ~efunding Bonds, Series "=%" as
,
authorized by said resolution adopted June 26, 1939, shall be of
the denominations therein specified and the numbering of the
respective bonds shall be as follows:
Bonds numbered i to 681, 684 to 717, and 7~9 to 1029, all i~clusive,
shall be of the denomination of $1,000 each; bonds numbered 682~ 683
and 726 shall be of the denomination of $665 each; bonds numbered
?18 to 725 inclusive shall be of the denomination of $685 each;
bonds numbered 731 amd 732 shall be of the denomination of $450 each;
bonds numbered 727 to 730 inc., shall be of the denomination of $565. each
and bonds numbered 733 to 748 inclusive shall be of the denomi-
nation of $500 each.
Section 3. That Refunding Bonds, Series "A", dated July
l, 1938, due July l, 1968, with January l, 1939 and subsequent
coupons attached, as authorized by said resolution adopted June
, 26, 1939, shall be placed on deposit with the ?~est Palm Beach
Atlantic National ~ank with instructions to deliver bonds des-
crib ed as foll0ws:
Principal
Bond Nos. Purpose Int. Rate Denomination Maturity Amount
1/681- Refunding 1-5% $1,000 7-1-68 $681,000.
682/3 · Refunding 1-5% 665 7-1-68 1,330 ·
684/717- Refunding 1-5% 1,000 7-1-68 34,000.
718/725. Refunding 1-5% 685 7-1-68 5 ~480.
$721,810.
in exchs, nge for the 5~ Bonds presently outstanding and more fully
described as follows:
Bonds Principal
Dated Purpose Int. Rate ~'la turity Outstanding
4-1-26 Improvement 5~ 4-1-30/~56 $682,330.
3-1-27 Improvement 5~ 3-1-30/37 39 ~480.
$72'1,810.
The following Refunding Bonds, Series "~A":
Princ ipa 1
Bonds Nos. Purpqse Int. Rate Denomination Naturi. tM Amount
726- Refunding 1-5~ $ 665 7-1-68 ~ 665
~ ·
727/730- Refunding 1-5% 565 7-1-68 2,260.
731/732- Refunding 1-5% 450 7-1-68 900.
733/748 ~ Refunding 1-5% 500 7-1-68 8,000.
749/1029- Refunding 1-5% 1,000 7-1-68 281 ~ 000.
$ 292,825.
shall be exchanged for the 6% bonds presently outstanding and more
fully described as follows:
Bonds Principal
Dated Purpose int Rate Maturity Outstanding
7-1-14 Water & Light 6% 7-1-44 $ 10,000.
1-1-20 Improvement 6% 1-1-50 51,000.
3-1-23 Paving 6~ 3-1-31/.33 7,000.
7-1-23 Paving 6~ 7-1-30/53 36,665.
11-1-24 Spec. Paving 6% 11-1-29/34 24,260.
5-1-25 Gert' 1 Imp. 6% 5-1-32/57 72,000.
· 11-1-26 Improvement
$292,825.
Section 4. That the ~'~est Palm ~each Atlantic National Bank,
as exchange agent, is authorized and instructed to deliver Refunding
Bonds, Series "~%", on a par for par basis for all presently out-
standing bonds, whether or not merged into judgment and the exchange
agent is further authorized and instructed to issue its trust
certificate covering all of the unpaid accrued interest to July
l, 1938, ~hether or not represented by matured coupons, accrued
interest on matured bonds, or in judgment form, and to hold such
interest items in accordance with the provisions of ~ection ll
of the resolution duly adopted by the City Council on June 26,
1939. Interest coupons due Ja, nu~.ry l, 1939 and subsequent are to
be attached to the refunding bonds at the time of delivery.
Section 5. That the West Palm Beach ~tlantic hrational Bank,
as exchange and escrow agent, is hereby instructed to furnish the
City, as well as Thomas ~. Cook and Company, its fiscal agent, a
detailed statement giving the amount and description of the bonds
exchanged under its refunding program, together ~ith a st~m~tement
that the principal amount of bonds surrendered in exchange for
refundiz~g bonds has been cancelled but the escrow agent is authorized
to retain all of the cancelled bonds, because of the unpaid interest
items, until such interest items have b~en liquidated by payment
or have been surrendered for ~eries "B" Bonds, as more specifically
provided for in Section ll of the resolution adopted by the City
Council on June 26, 1939, and oection 3 of the refunding contract
between the City of Delray Be~ch and Thomas ~. Cook and Company
dated January 24, 1939.
Section 6. That the Clerk of the City of ~elray ~each be
instructed to file with the West Palm Beach f~tlantic National Bank,
as exchange and escrow agent, a detailed statement as to the bonds
now outstanding and to be refunded, which statement shall ~lso
show the accrued interest on such bonds to July l, 1938.
Section 7. That the West Palm Bes. ch ~tlantic National ~ank,
as exchange agent, shs~ll make the exchange of the refunding bonds
under instructions from Thomas M. Cook and Company, fiscal agent,
provided, however, that not less than ninety-seven per cent (97~) ~
of the principal amount of bonds involved shall be included in the
first exchange.
Section 8. That the fees for services due the ~est Palm
Beach Ltlantic N~tional ~ank, as exchange agent, shall be paid by
the City of Delray ~each but fees due the ~,fest Palm Beach Atlantic
National ~ank for acting as escrow agent for a..oproximately
$399,950.98 par amount past due interest coupons and/or accrued
interest on past due bonds or judgments; for issuing Certificates
of Indebtedness covering such past due interest it~ms, ~or setting
up records, for accepting payments from the City of Delr~y Beach
from time to time, for delivering coupons to the City of Delray
Beach from time to time when paid and for rendering a final account-
ing of the escrow, shall be assessed against the holders of the
Certificates issued by' the escrov~ agent.
Section 9. That a copy of the refunding contract between
the City of Delray ~each, Florida, and Thomas M. Cook and Co.~pany,
a Florida corporation, dated January 24, 1939, together with copy'
of the resolution adopted by the City Council of the City of Delray
Beach, Florida, on June 26, 1939, together v~[th copy of this reso-
lution, be filed with the West Palm Beach Atlantic National Bank
for their guidance and instruction.
Section_l.0... This resolution shall take effect immediately
upon its passage.
Passed by unanimous vote of the City Council, all n~embers
being present, at a special :~eeting of said City Council on
October 30, 1939.
City Clerk - - ~
Mayor *