Ord 234-38 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF IMPROVEMEET BONDS FOR
THE CITY OF DELRAY, FLORIDA, AGAINST LIENS DUE SAID CITY ON ACCOUNT
OF THE CONSTRUCTION OF CERTAIN SEWER IMPR07EMENTS.
WEEREA~,.the City Council of the City of Delray, Florida,
did on the 28th day of June, A. D. 19E6, duly adopt an ordinance
declaring it necessary to construct sewers along and within certain
blocks and limits therein designated, which said ordinance was duly
approved by the Mayor of the City of Delray, on the 28th day of
June, A. D. 1926, and promulgated by publication as required by
law, and
WHEREAS, said work was done, performed and completed as
provided by said ordinances and as accepted by the City Council and
City Engineer and the said City Council did on the 14th day of
September, A. D. 19E6, assess the expense of said improvement, as
provided in and by said ordinances against the property abutting
ithereon and benefited thereby, and
WHEREAS, notice of said assessment was duly published in
the Delray News, a newspaper published in said city once each week
for four publications, to-wit: October 1st, 1926, October 8th, i
19E6, October 15th, 19E6 and October ZEnd, 19Z6, and in and by sai~
notice it was provided that the City Council would sit to hear com-
plaints against said assessments on the 25th day of October, A. D.
19Z6, at 8:00 o'clock P. M. at the Council Chamber in said City of
De. lray, Florida, and the said City Council sat at the time and
place mentioned to hear complaints and all persons desiring to be
heard were heard and no changes or reductions were made in said
assessments as levied and published, and
WHEREAS, said assessments have been duly entered as a
lien in favor of and due to the City of Delray, Florida, in the
lien book of said City provided for the purpose of recording and
entering such liens, which said liens are valid obligations of
said City, the total amount of said liens being ~1~0,870.~8
and none of said liens have been paid or canceled except the sum of
thirteen thousand sixty-eigi~t dollars ~nd ninety-eight cents,
which has been paid, leaving unpaid the sum of ~11~,801.60
which will become due and payable one-tenth thereof on the first
day of Noveml~er of each and every year from A. D. 19E? to A. D.
19Z6, both inclusive, together with interest at the rate of Eight
~per cent {8%) per annum, from November 1st, A. D. 19E6, payable
annually, and it is necessary to issue bonds of the City thereon.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIT, OF THE
CITY OF DEZRAY, FT.0RIDA:
Section 1. That said assessments and liens, as levied and
assessed on the 14th day of September, A. D. 19E6, be and they are
hereby ratified and confirmed.
Section E. That the ~ayor and City Clerk of said City of
[ Delray, Florida, be and they are hereby authorized to issue im-
i provement bonds of said City in the sum of ~117,801.60
against
the liens of the aforesaid assessments, said bonds to be in denom-
inations of $1000.00, except Bond No. l, which shall be in the
amount of $ 801.60 , said bonds to be dated November 1st, 19E6, andi
maturing in numerical order, one of said bonds aggregating the sum
of $ 801.60, maturing on November 1st, A. D. 19~.?, 5 of szid bonds
aggregs~ting the-sum of ~5,000.00 maturi~ on November l, 19£8;
? of said bonds aooreo~tmn~ the sum of .~7,000.00 mzturin~ on
November l, 1929; l~ of soZd bonds agg~'ogating tho su~.~ of ~lS,000
maturi~ on November l, of each year from A. D. 19J0 to A. D.
19~6, both inclusive.
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and shall have interest coupons attached. Said bonds shall be
signed by the Mayor and sealed with the corporate seal of said City,
attested by the City Clerk and the interest coupons shall be signed
by the facsimile signature of the Mayor, and shall be payable at the
places set forth in the form of bond as hereinafter provided. Said
bonds shall be issued in substantially the following form and shall
have endorsed thereon a certificate of the City Clerk to the effect
that the amount of said unpaid liens is equal in amount to the face
ivalue of the said bonds. The form of said bond, coupons and certif-
icate being substantially as follows:
UNITED STATES OF AMERICA
STATE OF FI~RIDA
CITY OF DEZRAY
IMPROVEMENT BONDS
ISSUE OF NOVEMBER l, 19E6
No. $1000.00
The City of Delray, a municipal corporation in the Count~
of Palm Beach and State of Florida, hereby acknowledges its indebt-
iedness and for value received promises to pay to the bearer, on the
!lst day of November, A. D. 19 , the sum of $1000.00, together with
iinterest thereon, from the date hereof, at the rate of six per cent
'~er annum, payable semi-annually, on the first day of May and the
first day of November in each year, upon presentation and surrender
of the annexed interest coupons as the same respectively mature,
both principal and interest b~ing payable in gold coin of the Unite~
'- i~tates of America of the present standard weight and fineness at
he Seaboard National Bank of New York City, New York.
This bond is one of an issue of Improvement Bonds of sai~
~ity of like date and tenor except as to date of maturity and aggre~
igating the sum of one hundred seventeen thousand, ei~t h~dred
~! one dollars and sixty cents (~117,801.60)
i d is issue~ for the purpose of paying the cost of certain sewer
~onstruction work in said City pursuant to and in strict compliance
ith the constitution and statutes of the State of Florida, includ-
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ing among others, Sections 1~.::~_6 and 1909 of the Revised General
and amendments theroto including Chap.9£99 of laws of Florida of 19£Z
Statutes of Florida,/and is issued pursuant to the proceedings of
the City Council of said City duly had and taken in all respects
authorizing the same and pursuant to an ordinance duly adopted by
the City Council of said City on the B2nd day of November, A. D.
19P, 6.
It is hereby certified, recited and declared that all
acts, conditions and things required to exist, to happen and to be
performed, precedent to and in the issuance of this bond, exist,
have happened and have been performed in due time, form and manner
as required by law. That this bond, and the issue of which it
forms a part, together with all other indebtedness of said City
does not exceed any debt or other limit prescribed by the consti-
tution and laws of the said State. That the expense of said im-
provement has been duly assessed against the property abutting
thereon and especially benefited therel~y and that said assessment
has been duly confirmed and entered as liens in the lien book of
said City; that this bond is issued against such liens and that the
issue of bonds of which this is one, is not in excess of the aggre*
gate amount of liens so entered. The full faith, credit and re-
sources of said City are hereby irrevocably pledged to the pumctua~
Payment of the principal ~nd interest of this bond according to its
terms.
IN WITNESS WHEREOF the said City of Delray has caused
this bond to be signed by its Mayor and sealed with the corporate
seal of said City, attested by its City Clerk and the interest cou~
.... pons hereto annexed to be signed with the facsimile signature of
its Mayor and this bond to be dated the 1st day of November, A. D.
1926-
ATTEST:
City Cl~rk. ' '
(FORMOF COUPON)
No. $ o.oo
On the 1st day of May, A. D. 19 ,,~ , the City of Delray,i
in the Coumty of Palm Beach and State of Florida, will pay to heath
er, the sum of $30.00 in gold coin of the United States of America~
of the present standard weight and fineness, at the Seaboard Nation-
al Bank of New York City, New York, being six months' interest on
Improvement Bonds, Issue of November l, 19~6.
(FORM OF CERTIFICATE TO BE ENDORSED ON SAID BONDS.
STATE OF FLORIDA
COUNTY OF PALM BEACH
CITY OF DELRA¥
The undersigned City Clerk of the City of Delray,
Florida, does hereby certify that on the llth day of September,
A. D. 19E6, the City Council of said City passed an ordinance duly
assessing the expense of certain sewer construction work in said
City against the property abutting thereon and benefited thereby
and that said assessments have been duly confirmed and liens in
the aggregate sum of $130,870.58
have been duly entered in the
lien book of said City on account of said assessments. That
$13,06~. 98
of said liens have been paid and $117,801.60
remains unpaid. That
this bond is issued against such unpaid liens and that the amount
of said unpaid liens is equal to the face value of the issue of
bonds of which this bond forms a part. That this bond is one of a
total authorized issue of $117,801.60
Improvement Bond~
issue of November 1st, 1926, and that no bonds have been issued or}
authorized to be issued against said liens, other than the bonds
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herein mentioned.
IT WITNESS WHEREOF, I have hereunto officially set my hand
and the seal of said City this 1st day of November, A. D. 19~6.
Section 4. That the proceeds arising frcm the collection of
said liens against which said bonds are issued, shall be deposited
in the City's depository bank, or such other bank as the City Coun-i
cil may direct, in a special fund and the proceeds of said fund sha~l
be used and applied exclusively to the payment of the~ principal and i
interest of the bonds herein authorized to be issued.
Section 5. That the City Treasurer and City Bond Trustee
shall be liable upon their official bonds for the proper handling
and accounting of the funds derived from the sale of these bonds
and the above mentioned lien fund, and the City Council may, from
time to time, require said City Treasurer and City Bond Trustee to
furnish such additional bonds for the proper handling and accountin~
of said fund.
Section 6. The City Council shall levy annually a tax on
I~ll the taxable property in said City for the purpose of paying the
?rincipalon as the same become due, provid-
interest
said
bonds
ed, however, that such assessment on all the taxable property of
the City shall be reduced by such amount as shall be derived from
the levy and collection of the assessments theretofore made against
the property specially benefited by the improvements.
Section ?. That all ordinances or parts of ordinances in
~onflict with this ordinance are hereby repealed.
Section 8. This ordinance shall become effective immediate-
~y upon its passage and approval by the Mayor.
Passed by the City Council of the City of Delray, Florida,
~his 2~nd day of Nowember, A. D. 19E6.
-"President City CouneiI
ATTEST:
Examined and approved this
day of ~j~.~ , A. D.
19Z6.
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