Ord 04-Improvement Bonds AN ORDINANCE ,-ROVIDIiTG POE T~]~ IS~U.,~i~0E 0P"
BONDS" 0P Ti~ CITY 0P DEL~Y,~.~IDA,~ ~_.~ IN THE AIJ0[~T 0P ~.~v,._.~ _~-~
DOLI~:~Ro AGAINST LIENS n~T~ o,
IL.~ROVENENTS IN SAID CITY FOR P_LVIN~ ITS ~TREETS.
~HEREAS, the City Oom~cil of the City of Delray, Florida,
did, on the ~6th day of Febr'~ry, ~L.D. 19~, duly adopt an ordinance
assessing the e~ense of paving certain streets in said city against
the property a~utting thereon in proportion to fro_~ footage, which
s~id paveme~%t had theretofore been dulX authorized to be made and
completed, which assessments aeoreo~te the s~ of Fifty-nine fhou-
sand, 8even H~dred ~ive and 9a/lO0 ~ollars ( ~j~9,7~o.90}, and
,~r~R~, notice was duly given that said
would meet at the 0it:~ Hall in said city on the 5th day of L~rch,
i D 19SS, at ~:S0 p.m. to hear compl~nt~, against such assess-
merits and saii hearin~ has been iuly held at s~id time and pl/~ce
and no persons were present desiring Ye be heard ~ho couti make
any valid ~Sjection to such assessments, and
~~: said asses~men'bs have been duly entered as
liens in favor of and due to the uity of Selray, klorida, in the
Lien Book of sai~ city provided for the purpose o~' recor:ting and
entering such liens, ~/nich liens are valid obligations due said_
city and aggregate the amount of ~'ifty-nine Thousand, Seven
dre~J,.~ Pi~e and eS/100 Dollars (.~5~,'~'.95),,.~o ~nd the ~ssessments
still ~-oai~ and ~ca~oeled exceed the sm~ of ~'orty-five Thousand
Dollars ~ ;145 , 000 .00 ), and
~'~'~r~z~:.~,~', s~ch assessments or liens will become due in
installments, one-tenth thereof on ,~h~ 1st day o~ December of
each year o'~ the years from A.D. 19S~ to _..g. 19S~, both inclusive,
together with interest thereon at the rate o~ eight per cent ~r
ann~n ~rom the first day of December, i.D. 19S2, payable annually,
and it is de,~red to issue bonds of the city thereon in the man:er
provided by the Oity Oharter and ,Sections 1906-1909 of the ~evz~ed
General Statutes of ~'lori~a,
THE C I?Y OF~.~'~ ~ TM ~" , FLOR. IDA:
Section 1: ~hat the i,,iayor and Oity Oie~~
__. o.~ said 5ity
of Delray ~e and they are authorized an~. directei to issue
"Improvement Bonds" of said city in the amo~t of Forty-five
Thousand Dollars ( :.~45,000.00 ).
Section ~: 'That said bonds shall be desisn~.~ted "Improve-
ment Bonds, and shall, be of the denomination of Yi~e Htmdrea Dollars
(.{~500.00), and shall be dated i,~rch 1st 19~S, shall be nmmberei from
1 to 90 both inclusive, and shall ~.ture in m~merical order; nine
of said bonds aggre~ting the sum of Pour ~huusand Five H~mdred
D~llars {:{~%,500.00) shall mature on i',~rch ist of each year from
~.D. 19~ to A.D. 19SS, both inclusive; that said bon~s shall
bear interest-at the rate of six (6;ii) per cent, per snn~, pay~}31e
semi-annually, o:~ the ~irst days of September and L~rch in each
year, and shall have coupons attached. That the bonds shall
signed by the I,~yor and sealed with the corporate seal of said
city attested by the City Clerk, and the interest coupons shall
be signed by the fac-sim~le signature of the !~ayor, and that both
principal and interest shall be payable in Told coin of the United
States of ~tmerica of the present standard weiTht and fineness, or
its eqiivalent in.lawful money of the U~ited States, at t~e, Seabord
National Bank of New York, in i~ew York~Oity, New ~ro-~k
Section ~: That said bonds for Five H~udred Dollars
eamh shall be issued in substantially the following form and shall
have endorsed thereon a certificate to the effect that the amount
of said liens i~ equal in amount to the face value of the bonds
bein~ issued in substantially the following form, to-wit:
UNITED STATES OF ~RICA
STATE OF FLORIDA
CITY OF DELRAY
"I~ROV~NT B0~"
ISSUE OF 1923.
No.__ ,'!~ 500.00
L~'0W ~[LL I~ii' BY fHESE PRESE~TS, 5~at ~h ~ City of
Delray, Florida, a municipal corporation in the County of Palm
Beach, State of Florida, hereby acknowledges itself to owe, and
for value received promises to pay to bearer on the first day of
~rch 1924 the sum of Five Hundred Dollars (~500.00), together
with interest thereon from the date hereof at the rate of six per
centum per annum, payable semi-annually on the first days of
September and I,~rch in each year upon presentation and surrender
of the annexed interest coupons as the same respectively mature;
both princ~pa! and interest being payable in ~old coin of the
United States of .~merica off the present standard weight and fine-
ness or its equivalent in lawful money of the United States, at
the Seaboard ~ational Bank of New York, New York City, ~7.Y.
This bond is one of an is~':ue of Ninety "Improvement
Bonds", issue of 192Z, of said city of like date and tenor, e~cept
as to number and dates of nmturity, being numbered from I to 90,
inclusive, aggregating the sum of Forty-five Thousand Dollars, and
is issued for the purpose of paying the cost of paving streets in
said city pursuant to and in strict compliance with the Constitu-
tion and Statutes of the State of Florida, including among others
Chapter 8941 of the Laws of Florida of 1921 and Sections 1906,
1907, 1908 and 1909 of the Revised General Statutes of Florida and
is issued pursuant to proceedings of the City CoumcRlof said city
had and taken in all respects authorizing the same and ordinance
duly adopted by said City Council on the lOth day of April i. D.
1923.
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 reeuired by law; that this bond and the issue of which it form
a part together with all other indebtedness of said city does not
exceed any debt or other limit prescribed by the Constitution and
laws of said State; that the e:~pense of said street paving has been
duly assessed against the property abutting thereon in proportion
to front footage by ordinance duly adopted by the City Council on
the 26th day of February, A.D. 192Z, and approved by the L~yor of
said city on the 26th day of February, A.D. 192Z, and that such
assessments have be-.n 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 aggregate amotmt of liens so entered, The full faith, credit
and resources of said city are hereby irrevocably pledged to the
pumctual payment of the principal and interest of this bond ac-
cording 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
coupons hereto annexed to be signed with the fac simile signature
of its Mayor and this bond to be dated as of the first day of
i~arch 19£3.
Mayor.
ATTEST:
City Clerk.
( FOP~ OF COUPON)
No September ~ 15.00
On the first day of September, 19£J, the City of Delray
in the County of Palm Beach, Florida, will p~y to the bearer the
sum of Fifteen Dollars (~$15,00) in gold coin of the United States
of America of the present standard weight and fine ness or its
equivalent in lawful meney of the United States, at the Seaboard
National Bank of New York, New York City, N.Y., being six months
interest then due on its "Improvement Bond", Issue of 1923, dated
~rch l, 19£~.
~yor.
STA~ OF FLORIDA )
P.~,~t B~CH C0~TY)
The ~dersigned City Clerk ef the City of Delray, in the
co~ty and State aforesaid, does hereby certify that on the E6th
d~y of Febr~ry 19SZ the City Co~cil of said city passed an or-
dinance le~ing assessments a~inst property abutting on certain
streets in said ~ity of Delray in proportion to front footage, rep-
resenting the cest cT paving smid streets in front of the property
so a~sessed and that said assessments have been duly confirmed and
liens in the ag~e~te amo~t eF ~ ~9,T0~.9~ have been duly entered
in the ~ien Beck ef said city en account of said assessments. That
this bond is issued a~inst such liens and that the amo~t of said
liens is eq~l in amo~t to the ~ace value of this bond and the
issue of which it fo~s a p~rt. ~l~at this bond is one of ~ total
issue oF ~ ~,000.00 "~provement Bonds", issue of 19~, and that
no bonds ~ve been issued er ~uthorized to be issued against said
liens other t~n said issue of ~ ~,000.00 "Improvement Bonds",
issue of lSE~,
~ WIT~BS W~REOF, I have here~to o~ficially set my
hand and the seal of s~id ~ity this day ef 19SZ.
City Clerk.
Section 4: If said bonds are validated by the Cgurt,
then in that ease on the back of each bond shall be stampe~,
written or printed the following:
V~lidated and confirmed by decree of the Circuit Court
of the Fifteenth Judicial Circuit of Florida, in and for Palm B®ach
County, in Chancery, rendered the .... day of A.D. 1923.
Clerk Circuit Court,
Palm Beach County, Florida.
Section 5: That the proceeds arising from the collection
of said liens against which said bonds are issued shall be deposit-
ed in a special fund to be kept separate and apart from other
funds of said city, which fund shall be known and designated as "192Z
Lien Fund Ne. l", and the proceeds thereof shall be used and applied
exclusively to the payment of t~e principal and interest of the bond~
authorized to be issued by this ordinance and shall be used for no
other purpose, and said fund shall be deposited in the Bank of
Delray, Delray, Florida.
Section 8: That the City Clerk and Treasurer shall render
to the City Council of said city, whenever he may be required to do
so, a statement showing the amount collected en such liens,where the
same is deposited and the disbursements therefrom, and any such in-
formation as the Council of said city may desire.
Section 7: That the City Clerk and Treasurer shall pay
from said fund the interest on said bonds as the same shall become
due and payable upon the surrender of the coupons representinE such
interest and shall pay off the aforesaid bonds at maturity upon
surrender of said bonds to him and shall do such further acts in the
premises as shall be necessary or advisable to properly protect the
interests of said city, rendering to the City Council of said city,
when his work is completed, a detailed report of his transactions
and return with the same all cancelled coupons, bonds and any other
papers relative to his transactions; and said City Clerk and Treas-
urer shall be liable upon his official bond for the faithful per-
formance of the duties hereby imposed upon him, and shall, when so
required by the City Council of said city, execute an additional
bond in such sums as the City Council of said city shall prescribe.
Section 8: That the work of paving said streets having
been done and performed by Greynolds & Eonroe, Inc., a corporation,
and the City of Delray being Justly indebted to said Greynolds &
Eonroe, Inc., for such work for a sum in excess of Fifty-nine ~i~ou-
sand and Five Hundred Dollars /$59,500.00), and the said Greynolds
& ~onroe, Inc. being willing to accept said bonds at par and credit
the face value thereon, their account against said ~ity of Delray
for the cost of said paving, that therefore when said bonds are
properly executed they shmll be delivered to said Greynolds &
Nonroe, Inc. as a credit on account for the cost of said paving
at par.
Section 9: That all ordinances or parts of ordinances
in conflict with this ordinance are hereby repealed.
Section 10: That said assessments made by and as con-
tained and set forth in said ordinance so adopted by the City
Council of the City of Delray, Florida,on February ~6, 19SZ, be and
said assessments are hereby declared to be valid liens against the
respective lots or parcels of land on which they are imposed and
against which they are assessed and if the owner of any lot or parcel
of said land shall fail, neglect or refuse to pay any installment
of said assessment imposed on or made against his or her lot or
parcel of land or any installment of interest thereon when the same
becomes due and payable according to said ordinance, then and in that
case the City of Delray, ~lorida, may foreclose its lien against
such lot or parcel of laUd for the installment of such assessment
or installment of interest thereon unpaid and the saleof said land
under foreclosure shall be without prejudice to rights of said Oity
ef Delray to foreclose its lien for any other installment of said
assessment or interest thereon thereafter maturing, and ~ny person
purchasing such lot or parcel of land at floreclosure sale or other-
wise will purchase it s~oject to the lien of that portion of said
assessment remaining unpaid and in no case will any proceedings by
action at law or suit in Chancery or any other proceedings or any
sale of said lot or parcel of land under execution or pursuant to
order of any 0ourt, release an$ of said land so assessed from the
lien of such assessment remaining unpaid.,
Section ll: That this ordinance will take effect im-
mediately upon its passage by the Council and approval by the
Mayor.
PASSED by the City Council of the City of Delray, Florida,
this 10th day of April, A. D. 192J.
d h Council.
ent of e
ATTEST: ~~~,
City Clerk.
~ D ,
EXA~IINED AID APP~0VE by me this llth day of April
A. D. 1923.
POSTED this llth day of April,
City Clerk.
- ' Lake Worm, Fla.,. Ma2' 21s 1923
I~ ~ W~
T~E ~~ Wo~ ~DER
May 21---To 90~ ~upon ~s, Wi~'coupon sheets
~./~ agtach~, ~bo~oO and' bo~, with
fac s~le-si~tu~e on c~po~ .......... $136,'~
BLACKWELL. DONNELL & MCCRACKEN ~
WEST PALM BEACH, FLORIDA '~ ~ m ~ E 2
JuIy 5, 1925.
City of DeIray
%o
Black~elI, DonnelI & McCracken Dr.
For ProfessionaI Services in the issuance
of I~elray Improvement Bonds $ 4~0~00i