Ord 05-Insurance of Bonds AN ORDINANCE PROVIDING FOR THE ISSUANCE 0]?~ BONDS OF THE
CITY OF ~¥, YLORIDA, TO BE KNOWN AND ]]RSIGNATED AS #IMPROVEMENT
BONDS OF THE CITY OF DELRAY, FLORIDA, ISSUE OF 1923#, DESIGNATING THE
PURPOS~ FOR WHICH SAID BONDS SHALL ]~E ISSWYED AND HOW TEE PROCEEDS ARIS-
ING ~q~::lOM ~ ,.~I.E OF SAID BONDS SH. AI.I. ~ EJ~EN]II~, PRESCRIBING TI'~
OF THE BONDS AND ~[E PARTICUIA~ THEI~EOF, AND CREATING AN INTEREST AND
SINKING i~IND AND PROIrlDING FOR THE PA~T
~S, an election was held in the City of Delray, Florida,
at the' Chamber of {Jommerce Hall in said City on the 16th day of August,
I. D. 1923, ts. determine whether there should be issued bonds:
(a) In a s~mm not to exceed Twenty-two Thousand ($22,000.00)
Dollars to be issued for the purchase and installation of an engine,
dynamo and other necessary electrical equipment, and extensions, for the
water and light plant, and .
(b) In an amount not eXceeding Twelve Thousand ($12,000.00)
Dollars to be issued for the acqdisition of necessary land and the erec-
tion of suitable munici~a! building to accommodate the city officials,
provide a city guard house, and quarters for the fire engine and engineer~
and
(c) In'an amount not to exceed Sixteen Thousand ($1qO00.00)
Dollars to 1~ issued for the purchase of lands, and the impr, vement there
of with necessary buildings, walks, sodding and shx.~bbery for park pur-
poses.
AND ~IEREAS, said election was in favor of the issuance of
bonds, and
~]XREAS it appears ~: the City Council of the City of Delray,
Flori~., that ~m. id election was held in every respect according to law,
TN~ORE, BE IT ORDAINED BY THE ~TY COUNCIL OF THE CITY
0]~ I~AY, FLORIDA:
Section 1: That there shall be issued by the City of
Delray, ~lorida, Bonds in the aggregate su$ of Fifty Thousand Dollars
($50,000.~00), to be known and designated as 'Improvement Bonds of the
City of Delray, Florida, Issue of 1923#; that said bonds shall be
issued in denominations of One Thousand Dollars ($1,000.00) each, sha~ll
bear interest at the rate of six (6%) per cent per annum, payable semi-
annually, That said bonds shall be dated July 1st, 1923, and the interest
thereon shall be payable on the 1st day of January and the 1st day of
July of each year. Bot~the principal and interest of said bonds shall be
payable in gold coin of the United States of A~_erica of the present stand-
ard weight and fineness, at ~fhe~.i~t.i~l~,;~f ~ommerce .~.~.~ of New
York, New York City, New York·
Section 2: That the proceeds arising from the sale of
said bonds shall be expended by the City of Delray, I~lOrida, as follows:
(a) Twenty-two Thousand ($22,000.00) Dollars shall be used,
for the purchase and installation of an engine, dynamo, and other necessary
electrical equipment, and extensions, for the water and light plant.
(b) Twelve Thousand ($12,000.00) Dollars shall be spent
for the acquisition of necessary land and the erection of suitable munici-
pal building to accommodate the city officials, provide a city g~urd
house, and quarters for the Fire Engine and engineer.
(c) 'Sixteen Thousand ($16,000.00) Dollars shall be~sed: .~j
for the purchase o.f lauds and the improvement thereof with necessary
buildings, walks, soddin~g and shrubbery, for park.
Section ~: That said bonds known and designated as
#Improvement Bonds of the City of Delray, Florida, Issue of 1~2~', in the
aggregate sum of Fifty Thousand Dollmrs ($50,000.00), shall be numbered
from 1 to 50, both inclusive, and the principal of Said bonds Shall be
due and payable in their nUmerical order on the following named dates
and in the
-', following named amounts respectively, to-wit:. ~
Bond numbered 1 for $1000.00, July 1~ 1925'
~ Bond numbered 2 for $1000.00 July 1, 192~
Bond numbered 3 for $1000.00, July 1, 1927
Bond numbered 4 for $1000.00, July 1, 192'8
Bond numbered 5 for $1000.00, July 1, 1929
]~ond numbered 6 for $1000.00, July 1, 1930
Bond numbered 7 for $1000.00, July 1, 1931
Bond numbered 8 for $1000.00, July 1, 1932
Bonds numbered 9 and 10 for $1000.00 each, July 1, 1933
Bonds numbered 11 and 12 for $1000.00 each, july 1, 1934
Bonds nUmbered 13 and 14 for $1000.00 each, July 1, 1935
Bonds numbered 15 and 16 for $1000.00 each, July 1, 1936
Bonds numbered 17 and 18 for $1000.00 each, July 1, 1937
Bonds numbered 19 ar~l 20 for $1000.00 each, July 1, 1938
Bonds numbered 21 aUd 22 for $1000.00 each, July 1, 1939
Bonds numbered 23 and 24 for $1000.00 each, july 1, 1940
Bonds numbered 25 and 26 for $1000.00 each, July 1, 1941
Bonds numbered 27 and 28 for $1000.00 each, July 1, 1942
Bonds numbered 29 and 30 for $1000.00 each, July 1, 1943
Bonds numbered 31 and 32 for $1000.00 each, July 1, 1944
'.~ Bonds numbered 33 and 34 for $1000.00 each, July 1, 1945
Bonds numbered 35 and 36 for $1000.00 each, July 1, 1946
Bonds numbered 37 and 38 for $1000.00 each, July 1, 1947
Bonds numbered 39 and 40 for $1000.00 each, July 1, 1948
Bonds numbered 41 ~nd 42 for $1000.00 each, July 1, 1949
Bonds numbered 43 and 44 for $1000.00 each, July 1, 1950
Bonds numbered A~ and 4§ for $1000.00 each, July 1, 1951
Bonds numbered 47 and, 48 for $1000.00 e&oh. July 1, 1952
Bonds numbered 49 and '50 for $1000.00 each, July 1. 1953
Section 4: That the interest upon the bonds provided
for and authorized by this ordinance shall be represented by coupons
annexed to the bonds, and each coupon shall state the time and place
of payment of such coupon ~nd the em~ount of interest represented there-
Section 5: That the aforesaid Improvement Bonds of
the City of Delrmy, Florida, Issue of 1923, provided for by this
ordinance shall be in substantially the following form, to-wit:
UNITED STATES OF A~ICA
STATE OF ~RI~
CITY 0F ~Y
No. ~, No.~
Sl.o0o',bb' Sm,coo.co
~R0~T ~ 0F
IS~ 0~ t9~3.
The ~ity of Del~, in t~ 0ounty of ~ ~each, and S~
of ~ori~, hereby pro~ses to pay to ~e ~earer on ~e 1st ~y of
July, A. D. 192f~ at~e ~ati~l ~., O~C~erce ~ of New York,
New York City, New York, the s~ of
0~ ~U~ ~T.~A~
in gold coin of ~e U~ted S~tea of ~rica of ~'e present st~rd
~i~t ~d fine.ess, ~ interest theeeen from ~e ~te hereof, evidenced
~ coupo~ hereto ~ad, at ~e ~te of six per cent~, (6~) per ann~,
in like gold coin, ~le ?e~n~lly, at
.... "ef New York, New York City, New York, on ~e 1st ~y of
~d ~e 1st ~ of J~y of ~ch ~d ~ery y~-, until ~turity of this
bond, upon presentation and surrender of the annexed coupons therefor
as they severally become due and payable.
~: This bond is issued for the purpose of raising and providing
money for the purchase and installation of an engine, dynamo, and other
necessary electrical equipment, and extensions, for the w~ter and light
plant, and for the acquisition of necessary land s~nd the erection of
suitable municipal building to accommodate the city officials,
provide
city guard house, and quarters for the fire engine and engineer, and
the purchase of lands and the im~m~vement thereof with necessary build-
ings, walks, sodding and shrubbery, for park purposes; and is issued in
pursuance of the constitution and the lmws of the State of Florida, and
particularly Section 87 of Chapter 89A1 Laws of Florida, Acts of 1921,
entitled:
AN ACT to Abolish the Present Municipal Government of the
Town of Delray, in Palm Beach County, Florida; to Create and Establish
a New Municipality to be Known as the City of Delray, in Palm Beach
Oounty, Florida; and to Fix and Provide its Territorial Limits, ~uris-
diction and Powers, and the ~urisdiction and Powers of Its Officers
And further pursuant to an election held on the 16th day of August, A. D.
1923 to determine the following propositions:
(a) Shall bonds not to exceed Twenty-Two Thousand
($22,000.00) Dollars be issued for the purchase and installation of an
engine, dynamo, and other necessary electrical equipment, and extensions,
for the water and light plamt?
(~) Shall bonds not to exceed Twelve Thousand ($12!,000.00)
Dollars be issued for the acquisition of necessary land and the erection
of suitable municipal building to accommodate the city officials, provide
a city guard house, and quarters for the fire engine and engineer?
(c) Shall bonds not to exceed Sixteen Thousand ($16,000.00)
Dollars be issued for the purchase of lands and the improvement thereof
with necessary buildings, walks, sodding and shrubbery, for park p~rposes?
And further in purs,~nce of an ordinance passed on the _!0th day of
~e~mb§r A. D. 1925 entitled:
"An ordinance providing for the issuance of bonds of the
City of Delray, Florida, to be known and designated as 'Improvement
Bonds of the City of Delray, Florida, Issue of 1923e,' designating the
purpose for which said bonds shall be issued and how the Proceeds aris-
lng from the sale of said bonds shall be expended, prescribing the form
of the bonds and the particulars thereof, and creating a'n interest and
sinking fund and providing for the payment thereof."
And is validated under and by virtue of the provisions of
Sections 3296 to 3302, both inclusive, of the Revised General Statutes
of the State of Florida, by decree of the Circuit Court of the Fifteenth
Judicial Circuit of Florida, in and for Palm Beach County, in Chancery,
smd is one of a series of fifty (50) bonds of ~n issue of Fifty Thousand
Dollars ($50,.000.00) par value, of bonds of like date,form and tenor,
except as to maturity, known as "Improvement Bonds of the City of Delray,
l~lorida, Issue of 1923", numbered consecutively from 1 to 50, both in-
clusive, of the denomination of One Thousand Dollars ($1000.00) each.
And it is further stipulated that ~he issue of bonds, of
· hich this is one, is made in strict conformity with the laws of the
State of Florida duly ~uthorizing the same, and .that all acts, proceed-
ings and things essential to the validity of this bond have happened
and been performed, and all requirements of l~w have been fully compli&d
with by the proper officials in the issuance of this bond; and said City
of Delr~y, in Palm Beach County, Florida, hereby pledges to the holder
hereof the good faith of said C. ity. fo~ the complete and timely fulfilment
of each and every official duty on its part concerning this bond and
the coupons hereto ~nnexed.
IN TESTIMONY ~lt]XREOF, the City of Delray, in the County
of Palm Beach, an& State of l~lorida, has caused this bond to be signed
on behalf of said City of Delray, in the County of Palm Beach, and
State of Florida, by the Uayor of said City, and attested by the Clerk
of said City and has caused the corporate seal of said City of Delray,
to be hereunto affixed, and has caused the annexed interest coupons
to be signed by the lithog4aphed fac-simile signature of the Mayor of
said City, this the 1st day of July, A. D. 1923.
Mayor of the City of Delray, Florida.
Attes t:
Clerk of the City of Delray,
Florida.
That on the Back of each of eaid bonds shall be stamped,
written or printed the following certificate:
'Validated and confirmed by decree of the
Circuit Court of the Fifteenth Judicial Circuit
of Florida, in and for Palm Beach County, In Chan-
cery, rendered the .... day of .....
A. D. 1923.
Clerk Circuit Court of Palm Beach
County, Florida.
And said certificates shall be signed by the Clerk of the
Circuit Court of said Palm Beach County.
The interest coupons to be annexed to the aforesaid Improve-
ment Bonds shall be numbered eon~$cutively, Beginning with the
1, and shall be in substantially the following form, to-wit:
COUPON NO.
~ CITY 0~ I~J~I~Ay, IN p~T~ BEACH COUNTY, I~LORIDA, hereby
promises to pay to the bearer, at ,~!~?~t.i.o.~.~.~_~l~_O~m~e~ee~ New
York, New York City, New York, THIRTY DOLIARS ($30.00) in gold coin
of the United-States of ~erica, of the present standard weight and
fineness, on the 1st day of ~ . _, A. D. 19 , being six
months interest on =Improvement Bond of the City of Delray, Florida,
Issue of 1923" No.
Mayor of the City of Deiray, l~lorida.
Section 6: That the bonds provided for and authorized
to ke issued by this ordinance shall be under the seal of said City
of Delray, Florida, and shall be signed by the Mayor and attested by
the Clerk of said City; and said interest coupons shall be signed by
the lithographed fac-simile eignature off said Mayor and shall bear no
other signature.
Section ?: That at the time of fixing the millage and
levying the other taxes of said City of Delray in each and every year
hereafter for so long a time as said bonds shall renmin outstanding,
the Mayor and City Council of said City shall levy a special tax on all
_t~_.xable property within said City sufficient to provide for a sinking
fund to meet and pay the principal of the aforesaid bonds the following
sums respectively, to-w/t:
Por the year 1924 $1000.00
~or the year 1925 $1000.00
-" ~or the year 1926 $1000.00'
~or the year 1927 $1q00,00
For the year 1928 $1000.00
~or the year 1929 $1000.00
For the year 1930 $1000.00
For the year 1931 $1000.00
For the year .1932 $2000.00//
For the year 1933 $2000.00
For the year 1934 $2000.00
For the year 1935 $2000.00
For the year 1936 $2000.00
For the year 1937 $2000.00
For the year 1938 $2000.00
For the year 1939 $2000.00
For the year 1940 $2000.00
For the year 1941 $2000.00
For the year 1942 $2000.00
For the year 1943 ~2000.00
For the year 1944 $2000.00
For the year 1945 $2000.00
For the year 1946 $2000.00
For the year 1947 $2000.00
For the year 1948 $2000.00
For the year 1949 $2000.00
For the year 1950 $2000.00
For the year 1951 $2000.00
For the year 1952 $2000.00
And at the time of fixing the millage and levying the
other t~xes for said Ci-ty of Delray, said Mayor and City Council shall
provide and levy the following sums to be raised for the purpose of
meeting and pa~ing the interest on said bonds respectively, to-wit:
Nor the Year 1923 ~3000,00
~or the Year 1924 ~3000o00
· '.. l~or the Fear ~g~5 ~3000,00
For the Fear ~926 ~940.00
~o~ ~e Fear [927 $2880.00
~or ~e Fear ~928 ~2820,00
~or ~e ~ea~ ~930 ~2700,00
~or the Yea~ [93~ ~2640.00
· o~ ~e Yea~ ~93~ ~2580.00
~o~ the 7ea~ 2933 ~20,00
Eo~ ~e Fea~ [934 ~2400.00
~o~ the F~r 1935 ~2280.00
~or the Year 1936 $2160.00
EoF the year 1937 $2040.00
~or ~e Fear 1938 $1920.00
~or ~he Fear 1939 $1~0.00
~or the Year 1940 ~1680.00
~or the ~ear 1941 $1560.00
~or the Fear 1942 $1440.00
~or the Fear 1943
~or the ~ear 1944 $1200.00
~or ~e ~ear 1945 $1080.00
~or' ~e Fear 1946 $ 960.00
~or the year 1947 ~ 840.00
~or ~e Year 1948 $ 720.00
· or ~e Fear 1949 ~ 600.00
~or ~e year 1950 $ 480.00
~or the Year 1951 $ 360.00
~or ~e Year 1952 $ 240.00
~or ~e Fe~ 1953 $ 120.00
Section 8: Bald sums of money so levied for said interest
and sinking fund for the payment of the interest and principal of said
bonds shall ~e collected by the Tax Collector of said City in the same
~anner as other town taxes, and shall be paid over to the bond trustees
of said City, and he shall take their receipt therefor, and shall report
the same to the City Council in the same manner and at the same times
as other funds of said City collected by him and as prescribed by the
ordinances of said City now in force or hereafter to be enacted; and
for the faithful performance of such duties and the payment of said
moneys to the proper officers of said ¢it~ said Tax Collector shall be
liable upon his official bond,
Section 9: ~aid Board of Bond Trustees shall receive,
hold and disburse the said sums of money for the payment of the said
interest, and shall receive, hold and disburse the said sinking fund as
· provided in this ordinance.
Until otherwise provided by the City Council, each of said
Bond Trustees shall give bond, payable to the City with good and suffi-
cient surety thereon, which bond, both as to the conditions and amount
thereof, shall be subject to the approval of the City Council of said
City, and shall be in the sum of _ ~ive ~housand ~. _
Dollars ($ 5.000.00. _ ), and shall be conditioned upon the bond
trustee faithfully performing all the duties of his office as a member
of said Board of Bond Trustees as now, or hereafter to be prescribed by
ordinance, and further conditioned upon his faithfully accounting for
and paying over all moneys which shall come into his hands as such officez
The amount of the bonds hereby required to be given by the members of
said Board of Bond Trustees may not hereafter be reduced, but the City
~ Council may from time to time increase the amount of the bond to be
given by the members of said Board of Bond Trustees, and any member
of said board shall be subject to removal in case of his failure to
furnish such larger bond. If in the judgment of the City Council the
security of the bond given by any member of said Board of Bond Trustees
shall at any time or for any reason become impaired, the City Council
may require such member to find a new surety and to give a new bond
which shml! meet the approval of the City Council, and the City Council
may remove such member if he shall fail or refuse to give such bond
within a time to be prescribed by resolution of the City Council. No
member of said Board of Bond Trustees shall assume to act as a member
thereof, in any manner whatever, until his bond, as such member, shall
have been approved by the City Council.
Section 10: The proceeds derived from the sale of said
bonds shall be paid over to the City Treasurer who sba 11 deposit the
same in BaDk of Delray ~ . ....... ,
a bank in the City of Delray hereby designated as the depository for
said funds which shall pay the same out upon warrants issued in the same
manner as other City warrants; but such warrants shall be drawn only
upon accounts properly audited and approved by the City Council, and
no warrant shall be issued against such funds unless the same is issued
for the purpose for which the said bonds were voted; and each warrant
shall designate particularly the fund against which the same is drawn;
and the fund raised for said purpose by the sale of the bonds provided
for in this ordinance shall be applied to and used exclusively for the
purpose for which the same was so raised, and for no other purpose. Ail
accounts upon which warrants are drawn as aforesaid shall be submitted
to the City Treasurer at the time much warrant is drawn, and l~e shall
refuse to pay any warrant not drawn in strict conformity to and in
89
accordance with the provisions of this section.
Section 11: The City Treasurer may be required to give
an additional bond, if the City Council shall so order by resolution,
conditioned upon his faithfully accounting for all moneys received
him from the sale of the bonds aforesaid.
Section 12: That nothing in this ordinance contained
shall be construed as in any manner affecting or altering the status
of any former issue of bonds of said City, or the sinking fund or
interest fund for the payment of the principal or interest of ar~ such
former bond issue, with regard to such former bond~.
Section 1Z: Ail ordinances or parts of ordinances in
conflict with the provisions of this ordinance be and the Same are
hereby repealed; and especially that resolution passed by the City
Council on the 16th day of July, A. D. 192~, calling for an election
to determine if the City of Delray should issue the bonds herein provided
for, is repealed, set aside and ~acated only, however, in so far as said
resolution fixes the denomination and maturity of said bonds, but in all
e. ther r~spects it be and is hereby declared that said resolution be and
the same is hereby approved and confirmed.
Section lA: This ordinance shall take effect immediately
upon its passage by the City Council and approved by the Mayor.
PASSED by the City Council of the City of Delray, Florida,
on this 10th day of Sent~mb~r , A. D. 192~.
Examined and approved by me this the loth day of
Posted September llth, 1923.
BLACKWELL, DONNELL & Mcc~EN
WEST PALM BEACH. FLORIDA
February 18th, 2924.
City of Delr~y
to
Blackwell, Donnell & McCracken Dr.
For services in the issuance~of
bonds in the aggregates s m of $50,000.00 .... $§00.0¢