Ord 09-Improvement Bonds AN ORDINANOE PROVIDING FGR TME ISSUANCE O~ BONDS (~ THE
CITY OF DELRAY, ~LORIDA. TO BE ~ AND ~SIGNATED AS "I~R~-
~NT BONDS ~ T~ 0ITY ~ DE~Y, ~IDA, ISS~ 0F 1926"
~SIGNATING T~ P~E FOR ~EIOH SAID BONDS $~L BE ISS~ AND
H~ T~ ~EEDS ~ISING ~O~i THE SA~E OF SAID BOI~S S~LL BE
~ENDED . ~ESORIBING T~ E~ OF T~ BONDS ~D THE 2~TIO~S
T~OE, ~D OPIATING AN INT~EST AND SI~ING ~D, AND PR~IDING
F~ T~ ~A~NT T~.
~AS, an election was held in the City o~ Delray,
Elorida, at the Chamber o~ OoEerce Hall in said City. on the l~th
day o~ ~cember, A.D. 192~, to determine whether there should be
issued bonds:
(a) In an ~o~t not to exceed Two Hundred Seventy
Thousand ($~0,000.00) Dollars be issued for the p~pose o~ in-
stallation, construction and equipment of the water works system.
and the construction o~ a co. lets ~ilteration system, and the
extension and i~rovement o~ said water system, and
(b) In an ~o~t not to exceed ~e H~dred ~enty-two
Thousand ~$122,000.00)~Dollars be issued ~or the p~pose of con-
struction o~ a cent=al sewerage disposal system, and
~c) In an ~o~t not to exceed Two H~dred Sixty-t~ee
Thousand ~263,000.00) Dollars. be issued for the p~pose of in-
stallation, construction and extension of the electric light
system wi~in the Oi~y o~ Delray, and
~d) In an amo~t not to exceed Ninety-five Thousand
~$9~,000.00) Dollars be issued for the p~pose o~ construction
and equippi~ necees~y p~ks and playgro~ds within the City o~
~lzay, and
(e) In an ~o~t not to exceed ~e H~dred ~ifty Thous-
and ($150,000.00) Dollars be issued ~or the p~pose of ~ widening
and extending the st=sets, const=uction o~ c~bs, ~tters and
sidewalks, and
~AS, said election was in ~avor o~ said bonds, and
~AS, it appears to the City Co~cil o~ the City of
~lray, ~lorida, tha~ said election was held in every respect
according to law,
!
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL O~ THE
CITY OF DELRAY, FLORIDA:
Section 1. That there shall be issued by the City of
Delray, Florida, bonds in the aggregate sum of Nine Hundred Thous-
and ($900,000.00) Dollars, to be known and designated as "Improve-
ment Bonds of the City of Delray, ~lorida, Issue of 1926"; that
said bonds shall be issued in denomination of One Thousand
~$1,000.00) Dollars each, shall bear interest at the rate of five
and one-half per cent (§~) per annum, payable semi-annually; that
said bonds shall be dated April let, 19E5, and interest thereon
shall be payable on the first day of October and on the first day
of April of each year. Both the principal and interest of said
bonds shall be made payable in gold coin of the United States of
America of the present standard weight and fineness, at the
National Bank of Commerce of New York, New York City, New York, or
at the City 01erk's office of the City of Delray, ~lorida.
from
Section E. That the proceeds arising/the sale of said
bonds, shall be expended by the City of Delray as follows:
{a) Two Hundred Seventy Thousand ~$270,000,00) Dollars
"shall be used for the purpose of installation, construction and
?equipment of the water works system, and for the construction of
'ia complete filteration system and the extension and improvement of
I said water system.
~b) One Hundred Twenty-two Thousand ~$122,000.00) ])ol-
lars shall be used for the purpose of construction of a central
isewerage disposal system.
· (c) Two Hundred Sixty-three Thousand ($265,000.00)
!tDollars shall be used for the installation, construction and ex-
iitension of the electric light system within the City of Delray.
~) Ninety-five Thousand {$95,000,00) Dollars shall be
meed for the purpose of constructing and equipping necessary parks
~nd playgrounds within the City of Delray.
{e) One Hundred ~ifty Thousand ($150,000.00) Dollars
shall be used for the purpose of widening and extending streets,
construction cf curbs, gutters and sidewalks,
Section ~. That said bonds, known and designated as
"Improvement Bonds of the City of Delray, ~lorida, Issue of 1926",
in the aggregate sum of Nine Hundred Thousand [$900,000.00) Dollars
shall be numbered from 1 to 900, 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:
Bonds numbered 1 to 10, inclusive, for $1,000,00 each, Aril
Bonds numbered 11 to ZO, inclusive, for $1,000.00 each, April 1st,
Bonds numbered 21 to 30, inclusive, for $1,000.00 each, April 1st,
19~0;
Bonds numbered ~l to A0, inclusive, for $1,000.00 each, April 1st,
19~l;
Bonds numbered A1 to $0, inclusive, for $1,000.00 each, April 1st,
1932; ·
Bonds numbered 51 to 60, inclusive, for $1,000.00 each, April 1st,
19~;
Bonds numbered 81 to ?0, inclusive, for $1,000.00 each, April 1st,
19~4;
Bonds numbered ?l to 80, inclusive, for $1,000.00 each, April 1st,
1985;
Bonds numbered 81 to 90, inclusive, for $1,000.00 each, Apri~ 1st,
19~6;
Bonds numbered 91 to 100, inclusive, for $1,000.00 each, April
1st,
Bonds numbered 101 to 1~0, inclusive, for ,1,000.00 each, April
1st, 19~8~
Bonds numbered 1~1 to 160, inclusive, for $1,000.00 each, April
1st,
Bonds numbered 161 to 190, inclusive, for $1,000.00 each, April
1st, 19A0;
Bonds numbered 191 to 220, .inclusive, for $1,000.00 each, April
1st, 1941;
Bonds numbered 221 to 250, inclusive, £or $1,000.00 each, April
1st, 19&2;
Bonds numbered 251 to 300, inclusive, for $1,000.00 each, April
1st, 1943;
Bonds numbered 301 to 350, inclusive, for $1,000.00 each, April
1st, 1944;
Bonds numbered 351 to 400, inclusive, for $1,000.00 each, April
1st, 1945;
Bonds numbered 401 to 450, inclusive, for 01,000.00 each, April
1st, 1946;
Bonds numbered 45~ to 500, inclusive, for $1,000.00 each, April
1st, 1947;
Bonds numbered 501 to 550, inclusive, for $1,000.00 each, April
1st, 1948;
Bonds numbered 551 to 600, inclusive, for $1,000.00 each, April
1st, 1949;
Bonds numbered 601 to 650, inclusive, for $1,000.00 each, April
1st, 1950;
Bonds numbered 651 to 700, inclusive, for $1,000.00 each, April
1st, 1951;
Bonds numbered 701 to 750, inclusive, for $1,000.00 each, April
1St, 1952;
Bonds numbered 751 to ?85, inclusive, for $1,000.00 each, April
1st, 1953;
Bonds numbered ?86 to 820, inclusive, for $1,000.00 each, April
1st, 1954;
Bonds numbered 821 to 855, inclusive, for $1,000.00 each, April
1st, 1955;
Bonds numbered 856 to 900, inclusive, for ~1,000.00 each, April
1st, 1986.
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 and the amount of interest
-- represented thereby.
Section 5. That the aforesaid "Improvement Bonds for
the City of Delray, Florida, Issue of 1926" provided for by this
ordinance shall be substantially in the following form, to-wit:
· ,, l,OOO.OO
No. UNITED oT~T~S O~' ~',NERICA
STATE O~ FLORIDA
COUNTY OP PAL~,I BEACH
CITY OF DELRAY
I}~ROVFA,[ENT BOND OF THE CITY OP
DELRAY, FLORIDA,
ISSUE OF 19£6.
The City of Delray, in the County of Palm Beach, and the
State of ~'lorida, hereby promises pay on the
to
to
the
bearer
first day of ~pril, A.D. 19£8, at National Bank of Commerce of
New York, New York City, New York, the sum of
O~E THOUSAND DQIJ~RS
in gold coin of the United States of J~merica of the present stand-
ard weight and fineness, with interest thereon from the date hereof
evidenced by coupons hereto annexed, at the rate of five and one-
half per cent {5 1/~.%) per annum, in like gold coin, payable semi-
annually, at National Bank of Commerce of New York, New York City,.
New York, or at the City Clerk's office of the City of Delray,
Plorida, at the option of the holder on the first day of October
and the first day of April of each and every year, until maturity
of said bond, upon presentation and surrender of the annexed
coupons therefor, as they severally become due and payable.
Provisions for the registration of this bond are endorsed hereon.
This bond is issued for the purpose of raising and pro-
viding money for the installation, construction and equipment of
the water works system, and for the construction of a complete
filteration system, and the extension and improvement o£ s~id
water system, £or the construction of a central sewerage disposal
system, for the installation, construction and extension o~ the
electric light system within the City of Delray, £or the construc-
tion and equipment of necessary parks and play,rounds within the
0ity o£ Delray, and ~or the purpoae of widening and extending
streets, the construction of curbs, gutters ~nd sidewalks within
the City of Delray, Florida; and is issued in pursuance of the
constitution and laws of the State of Florida, and particularly
Section 87 of Chapter 89~1, Laws of Florida, Special Acts adopted
by the legislature of the State of Florida, 19El, and further
pursuant to an election duly called, held on the fifteenth day
of December, A.D. 19£B, at which a majority of the qualified voteMs
of said City, voting separately upon the issuance of bonds for
each of the purposes above mentioned, voted in favor of the
issuance of s~id bonds, and further in pursuance of an ordinance
duly adopted by the City Council of said City.
And it is further certified and recited that the issue
of bonds, of which this is one, be made in strict conformity with
the laws o£ the State of Florida, duly authorizing the same, and
that all acts, proceedings and things essential to the validity
of this bond have happened and been performed, and all require-
ments of law have been complied with by the proper officials in
the issuance of this bond and that this bond and the issue of
which it forms a part is within every debt and other limit pre-
scribed by the constitution or statutes of ~aid state; and said
City of Delray, in 2~lm Beach County, Florida, hereby pledges to
the holder hereof the full faith, credit and resources of said
City for the prompt payment of this bond and the coupons hereto
attached.
Ii~ TE~TI4IONY ?[HEEEOF, the City of Delray, in the County
of Palm Beach and State of Florida, has c~used this bond to be
signed on behalf of said City of Delray, in the County of Palm
Be~ch and State of Florida, by the ~ayor of s~id ~ity, 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 lithe-
graphed fac-simile signature of the ~iayor of said City, this the
1st day of ~pril, A. D. 19£6.
~Iayor of the City o~ De'lray, Florida.
Attest:
Clef:< o~. 'the Cz~,~ of"'D'e"].r'ay, Fla.
The interest couioon~ t~ be annexed to the
Improvement Bonds shall be numbered consecutively, beginning with
the number {)ne (1), and shall be in substantially the following
form, to-wit:
COU~ ON.
No. ~27.50
THE, CITY OF DEL}~,Y, IN P,~Igl BEACH COU~ITY, FLORIDA,
hereby promises to pay to the bearer, at National Bank of Commerce
of New York, New York City, i!ew York, or at the City Clerk's
office of the City of Delray, Florida, at the option of the holder
T;~fEi~TY-SEVEN AND 50/100 ~27.50) DOLL.S in gold coin of the
United States of ~merica, 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 1926, No. .
~[ayor o£ fhe City--of Del"~ay, Florida.
This bond may be registered as to the principal in the
holder's name on the books of the City Treasurer, such registra-
tion to be noted hereon by the said City Treasurer, after ~:~hich
no trans£er shall be valid unless made on said City Treasu~'er's
books by the registered holder in person or by attorney ~nd sim-
ilarly noted hereon· _after such registration this bond may be
discharged £rom registration by being transferred to bearer, after
which it shall be transferable by delivery, but it may be ugain
registered as to principal as before. The registration of the
bond as to principal shall not restrain the negotiability of the
coupons by delivery merely
Date o£' !~egistration: Name of Registered Holder: City Treasurer
Section 6. That the bonds provided for and authorized
to be issued in this ordinance shall be under the seal of the City
of Delray, Florida, and shall be signed by the l~yor and attested
by the Clerk of the said City; and said interest coupons shall be
signed by the lithographed fac-simile signature of said ~ayor,
and shall bear no other signature.
Section ~, That at the time of fixing the millage and
levying the other taxes of s~id City of Delray in each and every
year hereafter for so long a time as said bonds shall remain out-
standing, the ~yor ~nd City Council of said City shall levy a
special tax on all taxable 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-wit:
For the year 19E8 $10,000.00
Per the year 19E9 $10,000.00
For the year 19J0 $10,000.00
Per the year 19~l ~10,000.00
Per the year 19~£ $10,000.00
For the year 1933 $10,000.00
Pot the year 1934 $10,000.00
~or the year 19~B $10,000.00
~or the year 19~6 $10,000.00
~or the year 19~? $10,000.00
~or the year 1988 $80,000.00
For the year 1989 $80,000.00
2or the year 19&0 $80,000.00
~or the year 19~1 $80,000.00
For the year 19&Z $80,000.00 /
For the year 19A8 $§0,000.00
For the year 19&& $50,000.00
~or the year 19&5 $50,000.00
~or the year 19&8 $50,000.00
~or the year 19~? $50,000.00
~or the year 19~8 $50,000.00
~or the year 19&9 $50,000.00
For the year 1950 $50,000.00
~or the year 1951 $50,000.00
~or the year 195~ $50,000.00.
~or the year 1958 $85,000.00
~or the year 195A $J5,000.00
For the year 1955 $~5,000.00
For the year 1956 $45,000.00
And at the time of fixing the millage and levying the
other taxes for said City o~ D~lray, said Mayor and City Council
shall provide and levy the following sums to be raised for ~he
Purpose o~ meeting and paying the interest on said bonds respect-
ively, to-wit: ~cr the year 19B8 SZA,?50.00 ~
~or the year 1BE? &~o §00.00
For the year 19B8 $~8,9B0.00
~or the year 19E9 $~8,A00.00
~or the year 1980 $4?,850.00
For the year 1981 $47,800.00
~or the year 1982 $46,750.00
For the year 1988 $46,200.00
For the year 1984 $45,650.00
For the year 1985 $45,100.00
For the year 1986 $44,550.00
For the year 1987 $44,000.00
For the year 1988 $42,850.00
For the year 1989 $40,700.00
For the year 1940 $59,050.00
For the year 1941 $87,400.00
~or the year 1942 $55,750.00
For the year 1948 $58,000.00
~or the year 1944 $80,250.00
~or the year 1945 $27,500.00
For the year 1946 $24,750.00
For the year 1947 $~2,000.00
~or the year 1948 $19,250.00
~or the year 1949 $16,500.00
~or the year 1950 $18,750.00
For the year 1951 $11,000.00
For the year 1952 $ 8,~50.00
For the year 1955 $ 6,825.00
For the year 1954 $ 4,400.00
~or the year 1955 $ ~,475.00
sums o~
Section 8. Said/money so levied £or said interest and
sinking fund for the payment o~ the interest and principal of said
bonds shall be collected by the Tax Collector o~ said City in the
same manner as other 0ity taxes, and shall be paid over to the
Bond Trustees of said 0ity, and they shall take their receipt
therefor and shall report the same~to the City Council in the same
manner and at the same time 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 of-
ficers of said City, said Tax Collector shall be liable upon his
official bond.
Section 9, Said Board of Bond Trustees shall receive.
hold and disbumse the said su~s of money for the payment of the
said interest, and shall receive, hold and disburse the said sink-
lng fund as provided in this ordinance,
Un~il otherwise provided by the City Council, each of
said Bond Trustees shall give bond, payable to the 0ity with good
and sufficient surety thereon, which bond, both as to the condi-
tions and amount thereof, shall be subject to the approwml of the
City Council of said City and shall be in the sum of Ten Thousand
($10,000.00) Dollars. 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, md further conditioned upon hi~3 faith-
fully accounting for and paying over all moneys which shall come
into his hands as such officer. 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 Trustees, and any member o~ said board shall be
subject to removal in case of his failure to furnish suct~ larger
bond. If, in the judgment o£ the City Oouncil the security of
the bond given ~y 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 shall meet the approval o~ the City Council, and the
Oity 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 as-
,~sume to act as a member thereo~, in any manner whatever, until his
bond, as such member, shall have been approved by the City
Couno il.
Section 10. The proceeds derived from the sale of said
bonds shall be paid over to the City Treasurer, who shall deposit
the same in the Ocean City Bank and Delray Bank & Trust Company,
banks 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
0ity 0ouncil, 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 ~esignate particularly the fund
against which the same is drawn; and the fund raised for said
purpose by the sa~e 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 such warrant is drawn, and he shall
refuse to pay any warrant not drawn in strict conformity to and in
accordance with the provisions of this section.
Section 11. The City Treasurer may be required to give
an additional bond, if the City Qouncil shall so order by resolu-
tion, conditioned upon his faithfully accounting for all moneys re-~
ceived by him from the sale of the bonds aforesaid,
Section 1£. That in the event, for any cause whatso-
ever, the entire amount of bonds to be issued under this ordinance
shall not be issued, then in that Svent, the amount of bond~ which
are issued shall he valid in every respect, ,the same as though the
as
-entire amount had been issued, and such Bonds/are issued, shall be
those of the earlier maturities.
Section 18. That nothing in this ordinance contained
!shall be construed as in any manner affecting or altering the status
o£ any former issue of bonds in said 01ty, or the sinking fund or
interest fund for the payment of the principal or interest of
any such former bond issues, with regard to such former bonds.
Section 14. Ail ordinances or parts of ordinances in
conflict with the provisions of this ordinance be and the same are
hereby repealed.
Section 15. This ordinance shall take effect immediately
upon its passage by the City Council and approval by the Mayor.
PASSED by the City Council of the City of Delray, Floridm,
on this /./ day of A.D. 1926.
~TTEST:
Examined and approved by me this ~ day of~
A.D. 1926.
Mayor-' '