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Ord G-140(10-52) ORDIN~'I~ NO. G-140 ~¢ ORDIN_~,iCE AUTHORIZING T~ ISSUf~CE OF ~300,000. WATER SYSTE~,'i ~NUE CERTiFICAteS, SER~S 1952, OF i'~ C!~ OF ~.L~IY ~%tCH, PRCV!DING FOR T~ S.~ T~tLEOF~ PROVIDING FOR T!~ PA~NT OF SUCH CERTIFI- CA~S ~17~ EN~RING INTO CE!Tii!{ ~]O~NA>!TS A~ iO~ ~NTS IN T~IT CONI~CTiON. Li.?,i~AS ,~e City of De!ray Beach owns smd vresently ooarates its water~.~orks plant and ~stem (hereinafter r~ferre~, to as "the system") as a municipality o~med utility; and 17~AS the system was origina!~ acquired t ~ough the issuance of general obligation bonds of the C_t~ of Beach oayable from ta~s ~h nao been from tL~e levied on v~.e taxable property ~t the city and the system ~ to time improved and e~ended with the oroceeds of ~rious city f~ds~ and ~/B~AS for the ~rpose of making e~e~sions and improvements said waterworks ~!~nt omo system the City of De!r~y Be~cr~ has heretofore _~ ~.~'oue~ o~suant to authority contained in an ordinance ado~ted on ~qZ6 as amenaed March !]_,_~c7,~.~ .~., its Water.. ~ ~stem Revenue Certif]cotes, ocr_es ~,200~,~00, vhich certificates are dated J~e 19~6, in the principal ~_o~t of ~'' n . eac~ of the years 194~ to ]~65, in- 1, !9Z.6, fall due serially on Jm:e 1 of ~'~ c!usive, and are payable from the net revenues of the cJty's wate~,or~.~ n!ant and system~ and !'2~Pg.!S it is orovided in Subsection 2(a) of Secti~n S of said ordinance of Au.Ts_st 12, 19~...6~ that additional ob!i.3ations may be payable out of the revenues of tke wate~zorks n!~nt and s:zste~ of said city ~'~ 't' "~ said certificates if the net revenues of tlm ~stem (beins %he ~ross} revenues al%er the deduction oz ::~_~te ....... ce and e:menses) for each of the three comp!stud sca1 - ...... ~ vrior to the ~ssuance of suck ,,a~,..~6_ n~t ob!i~ictiona shall Nave been eons! %o at ].esso one ~a~ %lEes %l:~e ~=.-',~'~ ' combined interes% and ~?rincieal recuirements for sack succeed]ms twelve ...... ~':ontl~$~ ~oeySod; on ~ .... obli~r, tions~.. ~,;'~'o~ e.:~,,.. .... from the revenues of the %;stem including the ob!iTla:}ions nronosc~7 %o be { .... and ~ there are not outst~ltn~ an~ other obligations ~ro~ or se~d ~ a pl~ o~ ~e rev~ues of ~ ~te~orks ~st~ e~ept ~ ~t~~g Wat~ ~st~ Re~ C~i~tes, Series 19~, a~ des~i~d, ~d ~e net ~nues ~ ~e wate~orks p~t ~d ~ted ~ ~e ~ ab~ pro~ed ~ for ea~ of ~e ~ ~e ~e~ ,~ fiscal ye~s ~ ~ficient to ~t ~e is~ce of ~diti~ ce~icates :: ~er ~e ~sions ~t out ~ ~e ne~ to ~st a~ ~~; ~ it ~s n~ ~ neces~ for ~ ci~ to ~e ~~. ~'~ ~ts ~ e~nsions to said ~m at ~ est~t~ ~ of $~,~ ~, isle re~ c~i~tes, ~ble f~ ~e re~s of ~e N~, ~, ~ It ~~ ~ ~e Ci~ Co~cil of ~ Ci~ of De~ B~eh, ~ B~ Co~, ~~, as fo~s: ~ ~ ~t ~e Ci~ ~c~ ~s ~e due ~sti~ti~ ~d ~s asce~ed ~ hereby fo~ f~s ~ reci~s ~t ~e ~t e~~ of ~e ~te~rks ~t ~ ~ of ~ City of ~ B~ (~g ~e re~nues ~ter ~e d~uction of a~ ~te~ce ~ o~tion e~nses) for / each of ~ past ~ee completed fis~l ye~s ~ ~en as fo~s~ For ~e fiscal ye~ e~g Se~em~r ~, 1949: $~4,432.43 For ~e fis~ ye~ end~g Septem~r ~, 1950: ~,~7.91 For ~e fis~ y~ e~g ~pte~r ~, 19~1: $~,7~.~ ~;~ ~t th~o~ ~e net re.hues of ~id p~t ~ ~stem ~e ,'~ ~ficient to pe~t ~e is~ce of ~ditio~ oblations for ~ e~nd~g the ~orks p~t ~ ~stem of ~id cf~. ~~ ~t for ~e ~~ of ~ ~e ~st of ~ e~e~g ~e wate~orks p~t ~ ~st~ of ~e Ci~ of (~i~ p~t ~ ~m ~g ~t~ ~d without ~e ~~ies of ~e ci~, ~cl~g ~1 ~r~ of e~ k~, ~ real ~ ~~1, o~ ~ ~e city ~d u~d or us~ ~ ~ecti~ ~ere~ ~ ~cl~g a~ ~ditions, ~O~nts ~ e~ensions ~ere~ ~i~ ~ be ~e while ~ of ~e cert~i- cates here~ au~orized ~ outet~g, ~e here~ter ~ this O~ce ~ ~fe~ed to as w~ ~st~.), ~e~ ~ isled ~e negot~ble re.hue ce~i- ~tes ~ ~e Ci~ of De~ ~a~ (~t~es heretofore ~ here~ter re- feted to as e~e cite) ~ the to~ ag~e~te ~t of $3~,~, are hereinafter sometimes referred to as .the certificates,w The shall be dated June 1, 1952, shall be in the denomination of shall be numbered 1 to 300, inclusive, shall be pa~able in lawful United States of America as to both principal and interest at National Bank of the City of New York, in the City of New York, ~ew bear interest until paid at the rate or rates to be determined by after the certificates are sold, which interest shall be pa~able on the first d~ys of June and December of each year, and the shall mature serially in n,merieal order on June 1 of each year Certificate_ Numbers. Amount_ 1 to 5 $ 5,000 1953 6 to 10 5,000 1954 11 to 15 5,000 1955 16 to 20 5,000 1956 21 to 25 5,000 1957 26 to 30 5,000 1958 31 to 35 5,000 1959 36 to 40 5,000 1960 41 to 45 5,0o0 1961 46 to 50 5,000 1962 51 to 55 5,000 1963 56 to 60 5,000 1964 61 to 77 17,000 1965 78 to 99 22,000 1966 100 to 121 22,000 1967 122 to 144 23,000 1968 145 to 168 24,000 1969 169 to 193 25,000 1970 194 to 219 26,000 1971 220 to 2y~ 26,000 1972 246 to 272 27,000 1973 273 to 300 28,000 1974 numbered 26 to 300, inclusive, shall be c-]:~able for redemption option of the City in inverse numerical order on J~ne 1, 1957, and on payment date thereafter at the principal amount thereof, plus interest to the date fixed for redemption, plus the following premiums certificate so called for redemption prior to maturity: $30 for each redeemed on or prior to December 1, 1961; $20 for each certificate thereafter on or prior to December 1, 1965; $10 for each certificate thereafter on or prior to December 1, 1969, and thereafter at par. Notice of redemption shall be g~ven not less than th/~y days prior to the date fixed for redemption through the publicat-Ion of' an appropr'~Late notice one time in a financial newspaper or journ~3_ published in the City of New York, New York, or Chicago, Illinois, and one ti~e in a newspaper having general circulation in the City of Belray Beach and by filing such notice at the place of payment of the certificates. If any certificate is registered as ~o prin- cipal at the time of such call for redemption, s~m~l~r notice shall be sent by registered mail to the registered holder. ~ection 3. That said certificates ~11 be signed by the Ma~or of the City of Delray Beach and attested by the City Clerk, and shall have impressed thereon the corporate seal of the City of Delray Beach. Interest falling due on said certificates prior to maturity shall be represented by semi-~ual coupons attached to said certificates signed with the facsimile signatures of said Mayor and Clerk, and said officials, by the execution of the certificates shall a~opt as and for their own proper signatures their facs~-~le signatures appearing on said coupons. Secti.on. 4. That the certificates a~d the provisions to appear on the back thereof shall be in substantially the following form: (Form of Certificate) UI,~TED STATES OF f~..~.RICA STATE OF FLORIDA COUh~Y OF P~bLM B~.CH CiTY OF DELP~Y B~ICtl WA~R SYSTE~,~ REVEL,IrE CERTLFICATE, SERIES 1952 N~,ber $1,000 The City of Delray Beach, in Palm Beach County, State of Florida, for value received hereby promises to pay to bearer, or ~ this certificate be registered as to principal then to the registered mmer hereof, solely from the special fund. provided therefor as hereinafter set forth, on the first day of June, 19~, the principal sum of One Thoussmd Dollars (~l,O00), and to pay from said special fond, interest thereon at the rate of ~per cent ( .~) ocr annum from date hereof until oaid, payable semi-a~uually on the f~rst days of June and December of each year, such interest to the maturity date of this certificate to be oaid only uoon oresentation and surrender of the annexed interest cautions as they severally become due. Both vrincioal of and interest on tn~.s certificate are payable in la~.~ful nancy of ~ne United States of J~aerica at The Chase National Ba~, of the City of Um~ York, in the City of i~ew York, New York. This certificate is one of an issue of ~300,000, all of iihe date smd tenor except as to matt'~ity, (interest rate) and action of redemption, issued by said city pursuant to the ~:rovisions of its charter, and pursuant to m~ ordinance duly adopted blz the City Com~cil of said city for the ptu-~se of improving and extending the water%turks olant and ~stem of said city. It is vrovided in said ordinance that the City Council of said city shall fix and naintain rates and collect charges for the facilities and services afforded by said plant and. system sufficient to orovide revenues adequate at all t~._mes to pay the cost of operating, maintaining and repairing such plant and system and to pay into a s~oecia! fund created t~y said ordinance remounts fully sufficient, above such costs of operating~ maintaining and repairing the system, to :~rovide for the payment of the interest on mhd principal of said certificates promptly -5- as each falls due. For a more partieular statement of the security pledged to such payment and of the conditions umder which obligations may hereafter be issued on a parity with said certificates, reference is made to said ord~_~ee. This certificate, including interest hereon, together with the remainder of the avthorized issue and the outstanding certificates of an issue dated June 1, 1946, are payable solely from said f~nd and the City of Delr~7 Beach is uuder no obligation to pay this certificate or interest thereon except from the revenues of the aforesaid plant and s~stem. Certificates numbered 26 to 300, inclusive, of the issue of which this is one are callable for redemption at the option of the city in inverse numerical order on June 1, 1957, and on any interest payment date thereafter at the principal amount thereof, plus accrued interest to the date fixed for redemption, plus the following premiums for each certificate so called for redemption prior to maturity.- $30 for each certificate redeemed on or prior to December 1, 1961; $20 for each certificate redeeaed thereafter on or prior to December 1, 1965; $10 for each certificate redeemed thereafter on or prior to December 1, 1969, and thereafter at par. Notice of redemption is to be given not less than thirty days prior to the date fixed for redemption through the publication of an appropriate notice one time in a financial newspaper or Journal published in the City of New York, New York, or 0hicago, Illinois, and one time in a newspaper having general circulation in the City of Delra~ Beach and by filing such notice at the place of payment of the certificates. If any certificate is registered as to principal at the time of such call for redemption, similar notice is to he sent by registered mail to the registered holder. This cert~icate, with interest coupons hereunto appertaining, is issued upon the following terms and conditions, to all of which each taker and owner hereof and of the interest coupons consents and agrees: (a) Title to this certificate, unless registered as herein provided, and to the annexed interest coupons, may be transferred by delivery in the same manner as a regotiable instrument payable to bearer; (b) Any person in possession of this certificate, unless registered as herein provided, or of the interest coupons hereunto appertaining, regard- less of the manner in which he shall have acquired possession, is hereby authorized to represent himself as the absolute owner thereof, and is hereby granted power to transfer absolute title thereto by delivery thereof to a bona fide purchaser, that is, to anyone who shall purchase the smme for value (present or ~omtecedent) without notice of prior defenses or equities or claims of ownership enforceable a~ainst his transferror; every prior t~J~er or o~mer of this certificate, unless registered as herein provided, and of the annexed interest couoons, waives and renounces all of his equities or rights therein in favor of eve~/ suc~h bona fide purchaser, and eve~? such bona fide purchaser shall acquire aoso_ute title thereto and to al! r~g~,ts represented thereby~ (c) The City of Delrsy Beach may treat the be~er of this certificate~ ~!ess registered as herein provided, or of the interest coupons hereunto ~p.~e~ta,.._n~.n~, ~ne absolute miner thereof for all ~oeo ~.zithout being affected by ~y notice to the contra~/. ~]. acts, co~ditions, an5 things required by the Constitution and La~.~s of Florida and the chsa'ter of said city to hap~n, e::ist and be oerformed precede~t to and in the issuance of this certificate~ have ~m'o~ened~ e:,:ist, and have been performed as so required. This certificate is re~istrab!e as to principal alone in accord- ance ~,zith the ~rovisions ~ ~ ~ ei~mor~em ]lei'eon. ..... ~,= .......... ~.~:,OF~ T~e City of Delray Beach nas caused this certificate to be si~ed by its l[ayor and attested bi,, its Cfty C!erh~ ~der its cor~'~orate sea!~ and tz.e in-~erest coupons hereto attached to be e~[ecuted ~ith the facs~:~!e ' sz,~=~'es of said '""- ~ ~:~,..-or and City first :~-- of m~y J~e, 1952. 1,iayor Atte st: City Clerk -7- (Foiva of Coupon) Nmube r ~(] On the first day of ~ 19__, zm!ess the herein- ::~f~ez ~uentim~cd certificate is then subject to redemption and has been called for redemption and vrovision for the redemvtion the~eo~ duly made, the City of De!ray Beach~ Florida, will pay to bearer at The Chase Notional Bs~ of the City of t,~e~ York~ in the City of Ne~,~ York, the ~n of ), sole~ from the special f~d referred to in ~oi the sero-annual intere~ ~" .... ~en due uvon its ~:[ater System Revenue Certificates~ Series ~a~ ~. =:~, dated Jm~e 1, 1952, ~d n~bered ATteST: Mayor Clerk (Form of Validation Certificate) Validated and confirmmed by a decree of the Circuit Court of the ._u~teentn Judmcza! Circuit, in and for Palm. Beach Cotmty, ~lorzaa, rendered on the ds¥ of __, 1952. Clerk of the Circuit Court, Palm Beach County, Florida (Certificate of Registration) This certificate may be registered as to principal on the books of the City C!erh, notation of said registration to be ~'mde hereon by said Clerk, a~_© this certificate may thereafter be trmusferred on said boo]:s by a ~itten assi~ent by the registered o~mer or his attorney, duly ackno~.~ledged or proved, such tr~.~nsfer to be endorsed hereon b~~ said Clerh. Such transfer may be to bearer and thereby trsmsferabi!ity by deiive~y s~all be restored, subject however~ to successive registration and transfers as before. The principal of this certificate, if registered, tm!ess registered to bearer~ -S- i:shall be payable only to the registered owner, or his legal representative, ibut the coupons appertaining hereto will remain payable to bearer, notwith- standing registration of this certificate. ~ Date of Signature of .~ iReEistration . Name of 'Registered Holder .. Clerk II II Section..5. That the Water System Revenue Certificates, Series 1952, i shall be registrable as to principal in accordance with the provisions for regis~ tration hereinabove provided for endoreement upon said certificates, and the !iCity Clerk is hereby appointed ~_n_d designated registrar for such purpose. No i charge shall be m_.~_e to an~ holder of said certificates for the privilege of registration. Section 6. That the ~stem shall continue to be operated on a fie- cal year basis, co~encing on October 1 of each year and ending on September 30 ~of the following year, and all of the revenues derived from the operation of the System shall continue to be deposited in the "Water Syst~n Revenue Account" cre- ated by the ordinance adopted August 12, 1946, as amended March 11, 1947, des- !cribed in the preamble hereto, and to be paid therefrom into the Operation and iMainten-~ce F~nd and the Water System Revenue Certificates Sinking Fund created !by said ordinance, and the moneys in said Operation and Maintenance Fund and said Water System Revenue Certificates Sinking Fund shall be held for the pro rata and equal account of the outstanding certificates described in the preamble ,her to and the certificates herein authorized. The payments to be made into the Water System Revenue Certificates !Sinking Fund established by the aforesaid ordinance shall be made monthly in such! iamounts as will be f~,]ly adequate to pay promptly when due principal of and in- i' ~terest on beth the outstanding certificates and the certificates herein authorize~ !and the tventy per cent (20%) payments made as a reserve as provided in the afore~ said ordinance sh_~]! be computed in the amount of twenty per cent (20%) of the Combined payments required to be made for all certificates payable therefrom and shall be held for the Joint benefit of all such certificates. It is the intention of this section that the funds estab!i~ed oy Section 7 of the afores~_a ordinance shall ~e _~intained for the equal and joint benefit of the outstanding' certificates and the certificates herein authorized and in amours fully s~ficient for the ~oport of all ~ch certifi- cates, and it is hereby express~ covenanted and a~eed 6hat said f~ds will be so maintained. Section 7. That all of the covenants and a~eements co~%tained in Sections 6, 7, S, 9 and 10 of the ~oresaid ordinsnce of August 12, 1946, as ~ended, are incorporated herein by reference and are pledge(7 to and co~'~- tinued in f~! force and effect for the benefit of the holders from t~e to t~e of the certificates herein authorized in !i]~e manner as 4hey are now effective ~or the benefit of the t~~ ~' ~ - ou o ~nmmn~.~ certificates. It is hereby e~ressly covenented a]]d a~eed with ~ ' e~c~. s%~coe ssive holder of any of the certificates herein authorized or s~y of the coupons attached thereto that all of the provisions of ~ ~'~ .~ec~_on 7 aforesaid_~?m% be enforced ~y such holders in evenly res?ec% as said ~orovisions are e~orceab!e ~y the holders of the outstanding certificates. Section 8. Tha~ the cert~icates herein authorized shall be sold in such man~aer ~d to such purchaser or ~chasers asm~ hereafter be ~ro-~ vided b~ resolution or resolutions to be ~mo~ ~ 2~oe~ = ~.~ t~e~ City Cou~ci!. The certificates shall be oreoared and executed as soon as m~ be after the - ~ ~hereof, smd ~qa~! be delivered to %~_e ~ ~ ...... o~c~ ..... er or v~chasers thereof u~on oa~m~ent t~erefor in accordsace ~.oh the 4e~s of sale. The proceeds of sale of ~ch ceri~c~teo~ after a~ i~cidenta! e~e~]ses properly ~2ayab!e -~hcrefrom l~ave been ?aid, J~all be deposited in a ~_~ se~oarate and aoart from all other c~t~ ~ f~ds, and shall be applied solely to the mak~g of the ~nvro~;ements and e~ensions for the ',~]~n~..~ ...... = of which said certificates are herein authorized. Section 9. That Neil E. ldacl[ill~a, as Attorney for the City of Delray Beach is hereby authorized and directed to institute ~roceedings ~ -10- the Circuit Court of PsJhu Beach County for the validation of the certificates ,?_nd of the ~rovisions of this ordinance, and the ~.~ayor and Clerk are hereby authorized to si~ the necessa~,~ pleadings in such validation Oroceedings. Section 10. That if any section, paragraph, clause or provision of this ordinance shall be held to be invalid or unemforceab!e for snv~ reason, the w~dit~.__ ~ or ~mez~orceability of such section, paragraph, clause or ore- vision o~' ~ ' ~' ~al. not affect any of tle remaining provisions of ~zs ordinance. Section 1!. Tn.~t by reason of the pn~gent necessity for the con- struction of the imvrovements and e:~ensions for which the certificates herein authorized are to be issued, there is an urgent public need for the oreserva- tion of the ~oublic peace, property, health and safety requiring t_._s ordinance to tsJ:e i~uediate effect and it is, therefore, provided that this ordinance zha!l be in full force and effect irmuediate]y upon its adoption. Adovted on first reading_ . M~_~,i.~l~th. ~~ 1952. Adopted on Second Reading___.~ ~ 1952. A~roved ]~y t~e ~.iayor .__ / ATTEST: ~ . · Clerk The above ordinmnce and the forms of l~[ater System Revenue Certificates and coupon tnere_n contained are hereby ,~n?~roved as to for~, language and execution, this 2& ~ day of ~ ,1952. City Attorney -ll- Affidavit of Puhlicatio, DELRAY BEACH NEWS Published Weekly Delray Beach, Palm Beach County, Florida STATE OF FLORIDA COUNTY OF PALM BEACH Befor. e:'t'~ undersigned authority personally,.-~.. w o'~ ' ~ ' ~?~-~" ho ~ oath say~ that'__~_lS ............... :_:._._~: .... .............................................. of the Delray Beach News, a weekly newspaper published at Delray Beach in Palm Beach County, Florida; that the-~ached copy of advertisement, being a ~--~'~L~.. ~L~ _ .................................... - ?-~ ....... ;;;r ....... ::::~; ........... /? ,~- · in the m~er of ....................................................................................... .................................................................................... in the ........................................... Court, was published in said newspaper in the issues of .......................................................................................... Affiant further says that the said Delray Beach News is a newspaper published at Delray Beach, in said Palm Beach County, Florida, and that the said newspaper has heretogore been eon- tinuously published in said Palm Beach County, ~lorida, each Friday and has b~en entered as second class mail matter at the post office in Delray Beach, in said Palm Beach County, Flor- ida, for a period of one year next preceding first publication of the attached copy of.~- tisement: and affiant further says that has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this adver- t~men~ for publieation in the aa~ newspaper: Sworn t~and subscribed before me thi~__~ day of ___.~_~. .......................... A. D. 1~ (SEAL) Notary Public ~:' ,: :':~ ~ ~,~e:~':.: '.~u,,~ ( DELRAY BEACH JOURNAL Published Weekly Delray Beach, Palm Beach County, Florida STATE OF FLORIDA COUNTY OF PALM BEACH: Before ~J~ undersigned authoritz)personally appeared who on oath says that he is Editor of The Delray Beach Journal, a weekly newspaper published at Delray Beach in Palm Beach County, Florida; that the attached copy of ad- vertisement,~.~/. _~~/~.~2~_~~j.~being a Le al Notice in the matte~of . ~..-A~-~-~^c~. ~"'~v'~ crr'~ o, ~L-' - ' ~ -- - C TAIN G ~INTO in the ...................... Court, was published in said newspaper in the issues of .... to Affiant further says that the said The Delray Beach Journal ~ a newspaper published at Deh"ay Beach, in said Palm Beach County, Florida, and that the said newspaper has heretofore been continu~ ously published in said Palm Beach County, Florida, each week and has been entered as second class mail matter at the pastoffice in Delray Beach, in said Palm Beach County, Florida, for a period of one year next preceding the first pub~iS~ation ot the attached copy of ad- vertisement; and affiant furth~' s~ys that he has neither paid nor promised any person, firm or2d)rp~.~ation any discoun~rebate, com- mission or refund for the pl~pos~ffq[ securing this a~t~rtise~nent for publication in the s~~/~ Sworn to and subscribed before me this .... _/__~___-_~_day of My Commission Expires ........................ 19___