Res 76-89 RESOLUTION NO. 76-89
A RESOIIITION OF TIIE CITY CONNISSION OF THE CITY OF DELRAY
BEACH, FLOILIDA, SUPPLEHENTING RESOLUTION NO. 70-89 BY PRO-
VIDING THAT THE GENERAL OBLIGATION BONDS FOR THE ~E OF
FINANCING VARIOUS MUNICIPAL PRO/ECTS, TO BE SU~I~iTI~D AT A
BOND REFERENIN]H OF THE QUALIFIED ELECTORS OF THE CITY OF
DELRAY BEACH ON NOVEHBER 7, 1989, SHALL MATURE AT SUCH
TIMES NOT EXCEEDING TWENTY (20) YEARS FRC~I THEIR ~ OF
ISSUANCE~ AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Constitution, applicable laws of the State of
Florida and the City Charter of Delray Beach, Florida, authorize and
empower the City of Delray Beach, Florida (the "City"), to adopt this
Resolution ~ and
WHEREAS, the City Commission of Delray Beach, Florida (the
"City Commission") did, on September 26, 1989, adopt Resolution
No. 70-89 (the "Resolution") calling for a bond referendum of the
qualified elec~cors of t~le City as to whether general obligation bonds
(the "Bonds") should be issued for the purpose of financing the (a)
acquisition, construction, reconstruction and equippir~ of certain
fire facilities in the principal amount of not exceeding $5,180,000,
(b) acquisition, construction and reconstruction of certain street,
sidewalk, alley, rights of way, drainage and beautification projects
in the principal amount of not exceeding $11,207,000, (c) acquisi-
tion, construction and equipping of improvements to certain recrea-
tional and cultural facilities in the principal amount of not exceed-
ing $4,605,000, and (d) acquisition and construction of various
neighborhood improvement projects in the principal amount of not
exceeding $500,000; and
WHEREAS, the City Commission determined at that ti,me that
the Bonds should mature at such time or times not exceeding thirty
(30) years from the date or dates of issuance of said Bonds as shall
be determined by subsequent proceedings of the City Commission~ and
WHEREAS, the City Commission hereby determines that it is
in the best economic interest of the City for the Bonds to mature at
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such time or times not exceeding twenty (20) years from the date or
dates of issuance of said Bonds.
NOW, Tw~EFORE, BE IT RESOLVED BY THE CITY CO~ISSION OF
THE CITY OF DF. LRA¥ BEACH, FLORIDA, AS FOLLOWS:
SECTION 1. That the Bonds shall mature at such time or
times not exceeding twenty (20) years from the date or dates of issu-
ance of said Bonds. The actual maturity or maturities of the Bonds,
which in no case will exceed twenty (20) years, will be determined by
subsequent proceedings of the City Commission.
SECTION 2. That this resolution shall take effect imme-
diately upon its passage.
PASSED AND ADOPTED in regular session on this 10th day of
October, 1989.
CITY OF DELRAY BEACH, FLORIDA
ATTEST: By: ~~
Mayor
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