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10-23-50710/23/~0 OCTOBER 23RD, 19~0. The City Council of the City of Delray Beach, Palm Beach County, Florida, met in special session at the regular meeting place of the Council in the City Hall in the City of Delray Beach, at ~:30 o'clock P.M. on October 23rd, 1950, with John N. Kabler, Mayor present and presiding. There were also present: Robert J. Holland, Councilm&n W.A.Jacobs, Councilman Walter A. Roth, Councilman J.L.Saunders, Councilman Ruth R. Smith, City Clerk Charles E. Black, City ~k~nager John Moore, City Attorney After the minutes of the preceding meeting had been read and approved, the following resolution was introduced in written form by John Moore, was read in full and duly discussed, after which, pursuant to motion made by J.L.Saunders and seconded by W.A.Jacobs, the resolution was adopted by the following vote: Aye: Robert J. Holland W.A.Jacobs John N. Kabler Walter A. Roth J.L.Saunders Nay: None The resolution was thereupon signed by the Mayor in open session in token of his approval, and was ordered recorded by the Clerk in the Resolution Book, and is as follows: RESOLUTION NO. 77% RESOLUTION CALLING FOR REDEMPTION OF THE OUTSTANDING GENERAL REFUNDING BONDS, SERIES A AND SERIES B, OF THE CITY OF DELRAY BEACH BE IT RESOLVED by the City Council of the City of Delray Beach, Florida: Section 1, That the outstanding bonds of the City des- cribed in the notice set forth in Section 2 hereof are hereby called for redemption on January 1, 19~1. Section 2. That a notice of redemption substantially in the following form shall be given; Notice of Redemption Notice is hereby given to the holders of all of the following described bonds of the City of Delray ~each, Florida~ which are now lO/ 37 o outstanding that said bonds have been called for redemp- tion on January l~ 1951: $1~01~,63~ General Refunding_Bonds, Series A, dated July l, 193~, due July 1,~1968, bearing interest presently at 3% per annum~ numbered i to 1029~ inclusive, denominations $1,000, $68~, $66~, $~00 and ~0~ $ 3~2,3~0 General Refunding Bonds, Issue of July l, 19~0, Series B, dated July l, 19~0~ due July l~ 1968, bearing interest pres- ently at 3~ per annum, numbered I to 3 ~7, inclusive, denominations $1,000, $500, $100 and ~0. Payment of principal will be made upon presentation of the bonds with all unmatured coupons attached at the place of payment named therein on or after January l~ 1951, and interest shall cease to accrue on said date. GIVEN by order of the City Council this 23rd day of October, 1950. (.Signed) Ruth R~ .S~ith · City Clerk. Section 3. That the City Clerk shall provide for publication of the above prescribed notice one time in the Delray Beach News~ a newspaper of general circulation published in Palm Beach County, and one time in the Bond Buyer, a financial journal published in the City of New York, New York~ each of said publications to be made not less than thirty days nor more than sixty days prior to January 1. The City Clerk shall also file a copy of said notice with Irving Trust Company, New York~ New York, not less than thirty days p~i~r to January l, 1951. Section $, That this resolution shall be in effect immediately upon its adoption. Adopted and approved October 2.~rd, 19~0. (Signed) John N. Kabler AT TEST: May or (Signed) Ruth R, Smith City Clerk 10/23/~0 Thereupon~ the following resolution was introduced in written form by John Moore, was read in full and duly discussed, after which, pursuant to motion made by J.L.Saunders, and sec- onded by W.A.Jacobs, the resolution was adopted by the following vote: Aye: Robert J. Holland WoA.Jacobs John N. Kabler Walter A. Roth J. L. Saunder s Nay: None The resolution was thereupon signed by the Mayor in open session in token of his approval, and was ordered recorded by the Clerk in the Resolution Book, and is as follows: RESOLUTION NO. 776. A RESBLUTION AUTHORIZING THE ISSUANCE OF $1,080,000 REFUNDING BONDS, SERIES 19~1, OF THE CITY OF DELRAY BEACH ~ FLORIDA ~ AND PROVIDING FOR THE PAYMENT OF THE INTEREST ON AND PRINCIPAL OF SAID BONDS. ~EREAS the City of Delray Beach, Florida~ heretofore issued and now has outstanding ~lts General Refunding Bonds in the aggregate principal amount °f8$1'll9'215e i c al ac°nsistingo of Se_rice A Bonds, dated July l, !93 ~ in ~th p?'n i~p _m un t of $810,165, numbered i to 13; 15to 2~; 35 to 52; 56 to 52; 93 to lll; 140 ~to 1415 151 to 184; 190 to 241; 247 to 356; 362 to 396; l~1 to ~28; 439 to ~:~:0; l~2 to ~63; l~6~ to 4.76; ~82 to ~86; 488.to 507; 511 to 526; 53.2 to 51+6; 5~2 to 631, 652 t.o 681; 682; 73~. 737; 742; 7~6 to 747, 751+ to 791, 795;797 to 799. 802 to 803; 80~ to 829; 83~ to 873; 878 to 9025 909 to 9965 998 to 1029. and Series B Bonds, dated Ju~ly l~ 1940, in.the principal amount of $309,050, numbered_2 to 61; 63 to 735 76 to 139; 141 to 165; 167 to 191; 207 to 256; 273 to 276; 280 to 3~5; 3~7 to 350; 357. all of which bonds currently bear interest at the rate of three per cent (3%) per annum~ but same increases at five year interv- als to five per cent(~) per annum; and ~IEREAS all of said bonds were issued for the purpose of refunding indebtedness of said city which was outstanding prior to November 6, 1934, and were authorized and issued in such manner that they are payable from taxes to be levied without limitation as to rate or amount on all taxable property~ includ- ing homesteads, which was subject to taxation for the payment of the indebtedness to be refunded, including the t~rritory excluded by acts of the Legislature of Florida adopted in 1927 and 1937, but not including the part of ~the present City of Delray Beach which formerly was included in the Town of Delray Beach; and WHEREAS said bonds mature July l, 1968, but may be called for prior redemption and by reason of present favorable rates for public financing, it is for the best interests of said city that said outstanding bonded indebt- edness be refinanced to the amount of $1,080,000 through the issuance of Refunding Bonds~ Series 1951~ of said city, aw herinafter authorized; and WHEREAS said city has money available in the sinking fund established for said bonds in an amount sufficient to pay the interest which will accrue thereon to January l, 1951, and to pay principal thereof to the amount of $39,215, but does not have money available for the payment of the remainder of the principal; and WHEREAS said city is authorized by Chapter 132 of the Florida Statutes to issue its refunding bonds in the manner hereinafter provided, and all acts, conditions and things required thereby and by the Constitution and Laws of the State of Florida, including Section 6 of Article IX of the Constitution of Florida~ to exist, happen or be performed precedent to the issuance of such refunding bonda, have happened and been performed in regular and due timer form and manner; NOW~ TEEREFORE~ Be it and it is Hereby Resolved by the City Council of the City of Delray Beach, Florida~ as follows: Section l. That the bonds of the City of Delray Beach (sometimes hereinafter referred to as "the city") described in the preamble hereto constitute a valid outstanding funded indebtedness of the city~ payable as recited in said preamble. For the purpose of refunding said bonds to the amount of $1,080,000, there are hereby authorized to be issued a like principal amount of negotiable coupon bonds of the city, to be designated "Refunding Bonds, Series 19~l". Section2_~ That such Refunding Bonds shall be dated January l, 1951~ shall be in the denomination of $1,000 each, shall be numbered from i to 1080, inclusive, shall bear interest from date until paid at the following designated rates, payable semi-annually on January 1 and July 1 of each year~ shall be payable as to principal and interest in lawful money of the United States of America at Irving Trust Company~ in ~he City of New York~ New York, and shall become due serially in numerical order on January i of each year and bear interest as follows: Bond Numbers Amount Year Interest Rate 1 to 40 $~0,000 1952 2~ ~1 to 82 ~2,000 1953 2~ 83 to 12~ 43,000 1951+ ~ 126 to 170 4~,000 19~ 2~ 171 to 216 46,000 19~6 2~ 10/23/50 Bond Numbers Amount Year Interest Rate 217 to 263 $47,000 195~ 2~ 264 to 312 49,000 1958 2 313 to362 50,000 1959 2~ 363 to~ 5!,000 1960 2.65% 415 to 53,000 1961 2.65%~ 467 to 520 5l+,000 1962 2.65~ 521 to 576 56,000 1963 2.65% 577 to 633 57,000 1964 2.6 634 to 692 59,000 1965 2.65~, 693 to 753 61,000 1966 751+ to 816 63,000 1967 2_-3/~.~ 817 to 880 64,000 1968 2-3~/~ 881 to 91~6 66,000 1969 2-3/~% 947 to 1012 66,000 1970 1013 to 1080 68,000 1971 2-3/~% Bonds numbered 414 to 1080~ inclusive, shall be optional for redemption prior to maturity in whole or from time to time in part in the inverse order of their numbering on January l, 1960 and on January i and July i of any year thereafter; and in the event any of said bonds are called for redemption as aforesaid, notice thereof identifying the bonds to be redeemed shall be given by publication at least once not less than thirty days prior to the redemption date, in a newspaper or financial journal of general circulation published in the City of New York, New York, and it is agreed that ~hould any of said bonds be called for redemption prior to maturity as aforesaid, the city shall pay to the holder upon surrender of each bond~ interest in addition to that evidenced by interest coupons then accrued in an amount equal to two and one-half per cent (2-~%) of the principal amount thereof for each bond to be so redeemed in 1960, two percent (2~) of the principal amount thereof for each bond 1 to be so redeemed in 1961, one and one-half per cent (1=%) of the principal amount thereof for ~ach bond to be redeemed in 1962, one per cent (1%) of the principal amount thereof for each bond to be redeemed in 1963, and one-half of one per cent (½ of 1%) of the principal amount thereof for each bond to be so redeemed in 196l~. No additional interest shall be payable for any bond to be so redeemed in 1965 and subsequent years. Each of said bonds shall be signed for and on behalf of the city by the Mayor and attested by the City Clerk, and the corporate seal of the city shall be affixed to each of said bonds. Interest falling due thereon on and pripr to maturity shall be represented by appropriate interest coupons to be attached to the bonds, which coupons shall be executed by the facsimile signatures of said Mayor and City Clerk, and said officials, by the execution of said bonds, shall adopt as and for their own proper signatures their respective facsimile signatures on each of said coupons. 10/23/50 Section 3. That the bonds herein provided to be refunded represent .a bonded indebtedness incurred prior to November 6, 193~, and for the payment of which the city was obligated to levy taxes upon all property within the territorial limits of the city as they existed on the date of the issuance of the bonds so to be refunded, except that portion which was included in the former Town of Delray Beach, and the city was further authorized to levy such taxes on that taxable property excluded by special acts of the Legislature changing the territorial limits of the City of Delray Beach since the creation of the bonded indebtedness evidenced by the bonds herein provided to be refunded. The bonds hereby authorized shall not constitute a novation or new indebtedness~ hut shall merely evidence an extension or renewal in a new form of said original bonded indebtedness~ and shall be of like force and effect as to obligation as if said original bonded indebtedness had remained unrefunded, it being the intention hereof that all contract rights as to security~ taxing power~ obligation for payment~ remedy and enforeement enjoyed by the holders of said original bonded indebtedness~ including the right to payment from taxes levied on homestead properties~ shall inure to and be enjoyed by the holders of said indebtedness in its refunded form, as represented by the refunding bonds herein authorized~ that only such property as would be exempt from taxation under the provisions of the Laws and Constitution of Florida which were in force immediately prior to November 6, 193~ shall be ex- empt from taxation to pay the interest upon an~ principal of the refunding bonds herein authorized as the same respectively become due; that all laws enacted since incurring the indebt- edness refunded by the bonds herein authorized which are in- effective as to such indebtedness shall be ineffective as to the refunding bonds herein authorized, and the recital to that effect appearing as the fourth paragraph of the bond form set out in the next section hereof is approved~ adopted and ratified. Section $, That said refunding bonds~ the coupons to. be thereto attached, and the validation certificate to be endorsed thereon shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF FLORIDA COUNTf OF PALM BEACH CITY OF DELRAY BEACH REFUNDING BOND, SERIES 1951 Number $1,000 KNOWALL I~EN BY THESE PRESENTS~ That the City of Delray Beach, in Palm Beach County, Florida, hereby acknowledges itself to be indebted and promises to pay to bearer the sum of One Thousand Dollars, ($1,000) on the first day of January 19 , and to pay interest on said sum from the date hereof until paid at the rate of .per cent ( %) per annum, which interest is payable semi-annually on the first days of January and 'July of each year and, as to interest falling due on and prior to maturity, only upon surr- ender of the appropriate interest coupons hereto attached. Both principal of and interest on this bond are payable in law- ful money of the United States of America at Irving Trust Co- mpany, in the City of New York, New York, and for the prompt payment of this bond and interest thereon as the same become due, the full faith, credit and resources of said City of Delray Beach are hereby irrevocably pledged to the same extent and with like force and effect as heretofore pledged to the payment of the bonded indebtedness refunded hereby, as herein- after recited. Bonds numbered ~l~ to 1080 inclusive, of the issue of which this bond is one are optional for redemption prior to maturity in whole, or from time to time in part in inverse n~nerical order, on January l, 1960 and on any interest payment date thereafter, and in the event any of said bonds is called for redemption as aforesaid, notice thereof identifying the bonds to be redeemed is to be given by publication at least once not less than thirty days prior to the redemption date, in a newspaper or financial journal of general circulation published in the City of New York, New York, and it is agreed that should any of said bonds be called for re- demption prior to maturity as aforesaid, the city is to pay to the holder upon surrender of such bond, interest in addition to that evidenced by interest coupons then accrued, in an amount equal to two and one-half per cent (~%) of the principal amount thereof if so redeemed in 1960, two per cent (2~) of the principal amount if so redeemed in 1961, one and one-half p?r Sent (1½%) of ~h~ princi{al amount thereof if so redeemed in 1962, one per cent (1%) of thc principal amount thereof if so redeemed in 1963, and one-half of one per cent (~Of l~) of the principal amount thereof if so redeemed in 196~. No additional interest is to be payable for any bond so redeemed in 1965 and subsequent years. This bond is one of a total authorized issue of $1,080,000 bonds of like date and tenor except as to maturity, rate of int- erest, and option of redemption, issued under authority of and in full compliance with the Constitution and Laws of the State of Florida, including Chapter 132 of the Florida Statutes, and in pursuance of a resolution of the City Council of said city duly and legally adopted on October 23rd, 19~0, for the purpose of refunding a like amount of bonded indebtedness of said city orig- inally incurred and outstanding prior to November 6, 19Sg, and does not constitute new indebtedness or a novation of said out- standing indebtedness, but merely evidences an~ extension or re- newal of said original bonded indebtedness in a new form and is of like force and effect as to obligation as if said original indebtedness had remained unrefunded~ it being expressly hereby provided and recited that all contract rights as to security~ taxing power~ obligation for payment~ remedy and enforcement~ enjoyed by the holders of said indebted- ness in its original form~ includingi.~the right to payment from taxes levied on homestead properties~ have inured to, and are and shall be enjoyed by the holders of said indebt- edness as represented by this refunding bond. It is hereby certified and recited that all acts~ con- ditions and things required to be done precedent to and in the issuance of said issue of bonds~ including this bond, have been properly done~ happened and been performed in regular and due form as required by law~ and that the in- debtedness refunded hereby was a legally refundable, sub- sisting and legal obligation of said city~ that neither the indebtedness refunded hereby~ nor the series of bonds of which this bond is a party together with all other indebt- edness of said city~ exceed any limitation prescribed by the Constitution and Statutes of the State of Florida. Prior to issuance of this bond provision has been duly made for the payment of the interest thereon and principal thereof by the levy of taxes upon all property which was within the terri- torial limits of said city at the time of the issuance of the refunding bonds refunded hereby~ except that portion which was included in the former town of Delray Beach, and said city is further authorized to levy such taxes on that taxable property excluded by special acts of the 1927 and 1937 Legis- latures changine the territorial limits of said City of Delray Beach. 0nly such property as would be exempt from taxation under the provisions of the Laws and Constitution of Florida which were in force immediately prior to November 6,1935~ shall be exempt from taxation to pay the interest on and-principal of this bond as the same respectively become due~ and laws enacted sincethe creation of said original bonded indebtedness which were ineffective as to such indebt- edness are hereby declared to be similarly ineffective as to this bond. IN WITNESS ~.~HEREOF~ said City of Delray Beach~ acting by and through its City Council~ has caused this bond to be signed by its Mayor~ attested by its City Clerk~ and the corporate seal of said City to be impressed hereon~ and the annexed interest coupons to be executed with the facsimile signatures of said Mayor and City Clerk~ which officials by the execution of this bond do adopt as and for their own signatures their respective facsimile signatures appearing on said coupons~ all as of the first day of January, 19~l. Mayor ATTEST: Approved City Clerk City Attorney (Form of Interest Coupon) Number $. On the first day of ,19. , unless the hereinafter mentioned 'bond is then optional for redemption and has been properly called for redemption, the City of Delray Beach, Florida, will pay to bearer at Irving Trust Company, in the City of New York, New York, the sum of Dollars ($ ) as provided in and being interest due that day on its Refunding Bond, Series 1951, Dated January 1, 1951, and numbered . Mayor ATTEST: City Clerk (Validation Certificate) Validated and confirmed by decree of the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County, rendered on the __day of , 19~0. Clerk of the Circuit Court, Palm Beach County, Florida. Section ~, That for the purpose of paying principal of and interest on the bonds herein authorized, thereshall be and is hereby ordered levied on all property which wa~ taxable for the payment of the indebtedness herein provided to be refund- ed~ a continuous annual ad valorem taz without limitation as to rate or amount, fully sufficient to pay said principal and interest promptly as each falls due. All tax levies made pursuant hereto shall constitute special levies for the purpose of the payment of such principal and interest. Such taxes shall be payable in lawful money of the United States of America, shall be collected at the same times and be enforced in the same manner as are provided for general municipal taxes of the city, and as rapidly as collected and from day to day shall be transferred and deposited in a separ- ate sinking fund in the city depositary and held in trust therein solely for the payment of principal of and interest on the bonds herein authorized. Said fund shall be kept separate and apart from all other funds of the city and shall be continuously secured to the extent required or permitted by the Laws of Florida for the security of other municipal deposits. Section 6~ That the bonds herein authorized shall be prepared and executed as soon as may be after the adoption hereof and shall be validated as hereinafter provided. To the extent that the bonds herein authorized to be refunded (which shall be any of the outstanding bonds described in the preamble hereto) are available for surrender in exchange for refunding bonds~ the City Treasurer may deliver bonds herein authorized to the holders of a like principal amount of such outstanding bonds in exchange therefor~ in which event interest shall be paid on the outstanding bonds and accrued interest collected on the new bonds in such manner that no overlapping interest is paid~ and the outstanding bonds shall be cancelled. Whenever it shall appear that not all of the bonds to be refunded will be available for such purpose and that a part of the bonds herein authorized will have to be sold and the proceeds applied to the retirement of the outstanding bonds, the City Clerk shall cause to be published in the Delray Beach Newsy a newspaper in the City of Delray Beach~ on the same day of two consecutive weeks~ the first of such publications to be not less than seven days prior to the date fixed for sale, a notice of sale in substantially the following form: NOTICE OF B0~ SALE Sealed bids will be received until o'clock .M. on the day of ,1950, by the city Clerk of the City of Delray Beach~ Florida, and at said hour and on said date will be opened and donsidered by the City Council of the City of Delray Beach at the reg- ular meeting place of the City Council in the City Hall~ for the purchase of $ Refunding Bonds~ Series 1951~ of said city~ dated January l~ 1951~ denom- ination $1~000~ payable at Irving Trust Company~ in the City of New York, New York~ and maturing serially on January i of each year and bearing interest as follows: Year Amount Interest Rate Year Amount Interest Rate Bonds numbered ~l~ to 1080, inclusive,~are optional in inverse numerical order on January l, 1960 and on any interest payment date thereafter at par and accrued interest, plus additional interest amounting to 2~-% if redeemed in 1960, 2% if redeemed in 1961, 1½~ if redeemed in 1962, 1% if redeemed in 1963 and ½ of 1% if redeemed in 196~. No additional interest sh~ll be payable for any bond to be so redeemed in 196~ and sub- sequent years. The bonds have been authorized to refund outstanding bonds called for payment on January l, 1951, and the purchaser must agree to accept delivery on January 2, 19~l. The bonds are pay- able from unlimited ad valorem taxes to be levied on all tax- able property, including homesteads~, which was within the city limits of the city on January l, 19~l, and in addition thereto, on all taxable property excluded from said city by acts of the 1927 and 1937 Legislatures, except that no such taxes are to be levied on the territory in said city which was formerly included in the Town of Delray Beach. All bids must be unconditional and must be accompanied by a certified or cashier's check for two per cent of the amount of the bonds, payable to the order of the City Treasurer, which check shall be considered as liquidated damages if the success- ful bidder fails to accept the bonds when tendered by the City accompanied by the unqualified approving legal opinion of Chapman and Cutler, which opinion and a non-litigation certificate dated as of the date of delivery, as well as a transcript of proceed- ings, will be furnished the purchaser without cost. No bid of less than par and accrued interest will be considered. Bids must be for the entire block. The City reserves the right to reject any or all bids. GIVEN by order of the City Council of the City of Delray Beach this__day of , 19~0. City Clerk The City Treasurer shall transfer from the proceeds of said sale to Irving Trust Company, New York, New York, a sum equiva- lent to the principal amount of the bonds so sold and in addition shall transfer to Irving Trust Company from the sin~ing fund est- ablished for the bonds called for redemption on January l, 1951, a sum sufficient to pay the interest falling due thereon on said date. The City Treasurer shall instruct Irving Trust Company that the money so transferred is to be held irrevocably in trust for the benefit of the holders of and paid out only to pay principal of and interest on the bonds herein authorized to be refunded which have been called for redemption on January l, 19~l, and which are not surrendered in exchange for refunding bonds as hereinabove provided. io/23/5o ~ Section..?, That if any refunding bonds herein author- ized shall be held by any court of competent jurisdiction to be invalid for any reason, the holder or holders of such bonds shall be subrogated to the rights enjoyed by the hold- ers of the bonded indebtedness refunded thereby. Section 8_~ That the provisions of this resolution shall constitute a contract between the City of Delray Beach and the holders from time to time of the refunding bonds herein authorized, which contract shall be enforce- able either at law or in equity. Section 9, That John Moore as attorney for the City of Delray Beach, be and he is hereby authorized ~nd directed to take appropriate proceedings in the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County for the validation of said bonds, and this resolution and the provisions herein contained, and the Mayor and City Clerk are authorized to sign any pleadings in such proceed- ings for and in behalf of the city. Section lO, That if any clause, section, paragraph or provision of this resolution shall be declared unenforceable by any court of competent jurisdiction, such holding shall not affect or invalidate the remainder ~hereofo Section ll~ That by reason of the necessity for making the refunding bonds herein authorized immediately available and in order to effect the interest savings which will be procured through the retirement of the outstanding bonds, an emergency is hereby declared, making it necessary that this resolution shall become effective i~mediately upon its adop- tion, and it is so ordered. Adopted and approved Qctober 2~rd~ 19~0. (SiMned) John N° Kabler Mayor Attest: (Si~ned) ..Ruth R, Smith City Clerk (SEAL) The foregoing resolution and form of bond and coupon therein contained are approved as to form, language and execution. (Si~ne_d).. John Moore City Attorney Pursuant to motion duly made and carried, the City Council adjourned. (Si. Mn. ed.) John N.Kabler Mayor ATTEST: (Signed) Ruth R. Smith City Clerk (SEAL)