11-18-50 NOVEMBER 18TH, 1750.
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 lO:O0 O'clock P.M. on November 18, 1950, with John N.
Kabler, Mayor, present and presiding. There were also present:
W.A.Jacobs Councilman
Walter A. Roth Councilman
J.L.Saunders Councilman
Ruth R. Smith City Clerk
Charles E. Black City Manager
John Moore City Attorney
After the minutes of the preceding meeting had been read
and approved, the following resolution was introduced in written
form b~~ John Moore~ was read in full and duly discussed, after
which~ purusant to motion' made by W.A.Jacobs, and. seconded by
Walter A. Roth, the resolution was adopted by the following vote:
Aye: 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. 781
A RESOLUTION 0P THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH~ FLORIDA, APPROVING, RiTI~ING AND
CONFIRMING THE LETTER FROM THE CITY ~kNAG~R~
DATED NOVE~.~ER 13, 19~0, TO THE IRVING TRUST CO-
MPAi'~, OF NEW YOHK, ~.~W YO~(, CONCERNING $1,080,000
DELSEY BEACH REFUlfDING B0~S.
%~[EREAS, The City of Delray Beach, Florida, is, at the
present time validating ~1,080,000 Delray Beach Refunding Bonds,
Series 19~l, and
~EREAS~ B.J.Van Ingen & Co. Inc., and McCreedy & Company,
Inc. are the Fiscal Agents for the City of Delray Beach, Florida,
for said Refunding Bonds, and
~REAS, B.J.Van Ingen & Co. Inc., by letter dated November
10, 1950, requested the City of Delray Beach, Florida, through
its City Attorney, to advise the Irving Trust Company of New York~
City, New York, that said Company is designated as the paying
agent and the exchange agent for the Bonds being exchanged, and
to further advise said Irving Truse Company on additional matters
li/i8/5o
concerning said Refunding Bonds, as more fully appears
in the letter from B.J.Van Ingen & Co. Inc., which is
as follows:
"The Irving Trust Company, Corporate Division,
1 Wall Street, New York City, wants a letter
from the City of Delray Beach advising them
that in accordance with the resolution author-
izing a refunding of the January 1, 1951 Refund-
ing Bonds that they are the designated Paying
Agent and Exchange Agent for the bonds that are
being exchanged with the July 1, 1938 and July
1, 19~0 Issues of your old Refunding Bonds. They
also want in this letter a statement to the effect
that the old Bonds of the 19313 and 1940 Issues
tendered in Exchange should have the July 1, 19%1
and subsequent C:)upons attached, it being the
intention of the City to pay the January 1, 19~1
coupons from those bonds in the regular ma~aer."
"It might be well to state to the Irving Trust
Company that should some bonds be tendered in
Exchange with the January 1, 19%1 coupons attached
that they are authorized to detach the January
1~ 19~1 coupon and pay in the regular manner; that
the bonds of the 1935 and 1940 Issues are to be
exchanged for the new Bonds of the January 1, 19~1
Issue in accordance with allocations by B.J. Van
Ingen ~ Co. Inc., Manager of the Fiscal Agency Account,
and that any questions concerning the Exchange
should be referred to B.J.VanIngen & Co. Inc. for
settlement; further that the Bonds are being ex-
changed on a Par for Par basis and the new Bonds
of the January 1, 1951 issue will be delivered to
those Exchanged with the July 1~ 19~1 and subsequent
Coupons attached. Further, that if it is the desire
of the City, you might advise them to cancel the 1938
and 19~0 Issues of Bonds taken in Exchange and forward
them to the City Clerk at Delray Beach for recording
and filing."
A2~ ~g~E~AS~ ptu'suant to said letter from B.J.Van
Ingen & Co. Inc., the City Manager of the City of Delray Beach~
Florida, wrote th~ following letter to said Irving Trust Company
of New York City, New York:
"This is to advise that in accordance with the Reso-
lution authorizing the re-ftu~ding of the above captioned bonds
(January 1, 1951), you have been designated the paying agent
and exchange agent for the bonds that are being exchanged with
the July 1, 1938 and July 1~ 1940 issues of the old re-funding
bonds.
"This is to further advise that the old bonds of the
1938 and 1940 issues, which are tendered in exchange,
should have the July 1, 1951 and subsequent coupons
attached, it being the intention of the City to pay
the January 1, 1951 coupons from those bonds in the
regular manner.
"Should bonds be tendered in exchange with the January
1. 1951 coupons attached, you are authorized to detach
the January 1, 1951 coupons and pay in the regular
manner. The Bonds of the 1938 and 1940 issues are to
be exchanged for the new bonds of the January 1, 1951
issue in accordance with allocations by B.J.Van Ingen
& Co. Inc.~ managers of the Fiscal Agency account~ and
any question concerning said exchange should be referred
to B.J.Van Ingen & Co. Inc., for settlement.
"The bonds are being exchanged on a par for par basis
and the bonds of the January 1, 1951 issue will be
delivered to those exchanged with the July 1, 1951
and subsequent coupons attached~ as aforesaid.
"Tt is requested that you cancel the 1938 and 1940
issues of the bonds taken in exchange and forward them
to the City Clerk at Delray Beach., Florida, for re
cording and filing."
NOW, THEREFORE~ BE IT RESOLVED by the City Council of
the City of Delray Beach, Florida as follows:
Section 1: That the writing of the above recited letter
from the City Manager of the City of Delray Beach, Florida, to the
Irving Trust Company of New York City~ New York~ be, and the same
is hereby approved~ ratified and confirmed.
Section 2 : That this resolution shall be in effect im-
mediately upon its adoption.
Adopted and approved November 18, 1950.
(Signed) John N. Kab~eM
Mayor
ATTEST:
(Signed)
Ruth ~...Smit~
City Clerk
(SEAN
il/i8/5o
STATE OF FLORIDA )
)
COU$~TY OF PALM BEACH )
CITY OF DELRAY BEACH )
Ir RUTH R. SMITH~ City Clerk in and for the
City of Delray Beach, do hereby certify that the attached
and foregoing is a true and correct copy of Resolution No.
781~ passed and adopted by the City Council of the City of
Delray Beach~ Florida~ on November 18~ 19~0~ as the original
of same appears of record in my office.
IN WITNESS %~[HEREOF I have hereunto set my hand and
affixed the official seal of the City of Delray Beach, on
this the 22nd day of November, A.D. 19~0.
(Signed) Ruth R,. Smith
City Clerk
(SEAL)
Pursuant to motion duly made and carried, the City
Council adjourned.
(Signed) Ruth R. Smith
City Clerk