Res 49-90 Resolution No. 49-90
A RESOLUTION OF THE CITY CONNISSIONOFTI~ CITY OF
BEACH, FLORIDA, DETERMINING CERTAIN DETAILS OF THE
$11,280,000 GENERia-L OBLIGATION BONDS, SER~ES 1990
OF EXCELLENCE PROGRAM); APPOINTING A PAYING AGENT AND
REGISTRAR; AND PROVIDING FOR AN EFFECTIVE
WHEREAS, on the 21st day of November, 1989, a majority of
the qualified electors of the City of Delray Beach, Florida (the
"City"), approved the issuance of not exceeding $21,492,000 General
Obligation Bonds (Decade of Excellence Program) to pay the cost of
the acquis'ition, design, engineering, ~onstruction, reconstruction,
equipping and improvement of certain fire, recreational and cultural
facilities of the City and neighborhood improvements, streets, side-
walks, alleys, lands and roadways as more fully described in
Resolution No. 77-89, adopted by the City Commission of the City (the
"Commission") on October 16, 1989: and
WHEREAS, on the 12th day of December, 1989, t~le Commission
adopted a resolution authorizing the issuance, in one or more series,
of not exceeding $21,492,000 City of Delray ~each, Florida, General
Obligation Bonds (Decade of Excellence Program) (the "Bonds") and
fixed certain details of said Bonds (the "Bond Resolution"): and
WHEREAS, the Bond Resolution referred to in the foregoing
paragraph provided that certain other details of the Bonds would be
determined by subsequent proceedings of the Commission; and
WHEREAS, the Commission has resolved and determined certain
other details of said Bonds,
NOW, 'I~t/iI~EFORE, BE IT RESOLVI~D BY THE CITY COI~ISSION OF
THE CITY OF DELRAY BEACH, FLORIDA, AS FO~:
Section 1. That Bonds in the amount of $11,280,000 shall
be designated as "City of Delray Beach, Florida, General Obligation
Bonds, Series 1990 (Decade of Excellence Program)" (the "Series 1990
Bonds").
Section 2.. That the Series 1990 Bonds shall be dated
May 1, 1990, shall bear interest from May 1, 1990, payable
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semi-annually on February 1 and August 1 of each year, commencing
August 1, 1990, shall be numbered from 1 upwards. Interest on the
Series 1990 Bonds shall be payable by check or draft mailed to the
registered owners thereof as shown on the registration books of the
City maintained by the Registrar (as herein defined) provided, how-
ever, at the written request of any registered owner of at least
$1,000,000 aggregate principal amount of Series 1990 Bonds, interest
may be payable by wire transfer to the bank account on file with the
Paying Agent (as herein defined) on the Record Date (as such term is
defined in the Bond Resolution). The principal of the Series 1990
Bonds and premium,' if any, payable upon redemption are payable upon
presentation and surrender at the principal corporate trust office of
the Paying Agent.
Section 3. That the Series t990 Bonds shall be payable
as to principal on February 1, of each year, in the years and amounts
as follows:
Year Amount Year Amount
1991 $280 000 2001 $ 535.000
1992 295 000 2002 575.000
1993 315 000 2003 615.000
1994 335 000 2004 660.000
1995 360 000 2005 710.000
1996 380 000 2006 760.000
1997 405 000 2007 815.000
!998 435 000 2008 880.000
1999 465 000 2009 945~000
2000 500 000 2010 1,015,000
Section 4. That NCNB National Bank of Florida is hereby
appointed Registrar and Paying Agent for the Series 1990 Bonds (the
"Registrar" and "Paying Agent").
Section 5. That the Series 1990 Bonds maturing in the
years 1991 through 2000, inclusive, shall not be subject to redemp-
tion prior to their stated dates of maturity. The Series 1990 Bonds
maturing February 1, 2001, through February 1, 2010, may, at the
option of the City, from any funds, legally available for such pur-
pose, be redeemed in whole on any date on or after February 1, 2000,
or in part by lot.within a maturity if less than an entire maturity
is to be redeemed, on February 1, 2000, or on any interest payment
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date thereafter in inverse order of maturities and by lot within each
maturity at the redemption prices (expressed as percentages of the
principal amount of such Series 1990 Bonds to be redeemed) as set
forth below if redeemed in the following redemption periods, plus
ac.crued interest to the redemption date:
Redemption Periods
(Both Dates Inclusive) Redemption Price
February 1, 2000 to January 31, 2001 102%
February 1, 2001 to January 31, 2002 101
February 1, 2002 and thereafter 100
In the event any of the Series 1990 Bonds are called for
redemption, the Paying Agent shall give notice, in the name of the
City, ~of the redemption of such Series 1990 Bonds, which notice shall
(i) specify the Series 1990 Bonds to be redeemed, the CUSIP numbers,
certificate numbers, the date of issue, interest rate, maturity date
of the Series 1990 Bonds to be redeemed, the redemption date, the
date of notice, the redemption price and the place or places where
amounts due upon such redemption will be payable (which shall be the
principal corporate trust office of the Paying Agent or of its agent
in New York, New York,~ including the name, address, telephone number
and contact person of the office of such Paying Agent) and, if less
than all of the Series 1990 Bonds are to be redeemed, the numbers of
the Series 1990 Bonds, and the portions of Series 1990 Bonds, so to
be redeemed, and (ii) state that on the redemption date, the
Series 1990 Bonds to be redeemed shall cease to bear interest.
Notice of redemption shall be given by the Paying Agent in
the name of the City by mailing a copy of an official redemption
notice to the Owners of the Series 1990 Bonds not less than 30 days
nor more than 60 days prior to the date fixed for redemption to
(i) the respective Owners of the Series 1990 Bonds designated for
redemption by first class mail at their addresses on the bond regis-
tration books of the city maintained by the Registrar, (ii) the secu-
rities depositories that are registered holders of the series 1990
Bonds, (iii) The Depository Trust Company, 711 Stewai-t Avenue, Garden
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City, New York 11530; Midwest Securities Trust Company, Capital
Structures - Call Notification, 440 South LaSalle Street, Chicago,
Illinois 60605; Philadelphia Depository Trust Company,
Reorganization Division, 1900 Market Street, Philadelphia,
Pennsylvania 19103; Attention: Bond Department; Pacific Securities
Trust Company of San Francisco, California and at least two (2)
national information services that disseminate redemption notices and
(iv) to the Bondholders of $1,000,000 or more in aggregate principal
amount of Series 1990 Bonds; provided, however, that such notice with
respect to those 8ondholders described in' (ii), (iii) and (iv), shall
be'given by certif%ed mail, return receipt requested. Notice of
redemption to the securities depositories shall be given by certified
mail in sufficient time so that they are received at least two days
before the general mailing date.
A second notice of redemption shall be given in the manner
required above to the registered Bondholders of redeemed Series 1990
Bonds which have not been presented for payment within 60 days after
the redemption date. However, failure to give such notice shall not
affect the validity of the redemption of the Series 1990 Bonds.
If any of the Series 1990 Bonds are redeemed pursuant to an
advance refunding, notice of such advance refunding and redemption
shall be given in the same manner as above provided.
Anything contained in this Resolution to the contrary not-
withstanding, failure to mail any such notice (or any defect therein)
to one or more Bondholders shall not affect the validity of any pro-
ceedings, for such redemption with respect to Bondholders to which
notice was duly mailed hereunder.
Any Series 1990 Bonds which have been duly selected for
redemp%ion shall cease to bear interest on the specified redemption
date.
Section 6. That the Notice of Sale relating to the
Series 1990 Bonds, as submitted to this meeting a~d made a part of
this Resolution as though set forth in full herein, and the same is
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hereby approved in substantially the form attached hereto, as
Exhibit A. The publication of the Summary of the Notice of Sale
(Exhibit "B") in THE BOND BUYER and THE DELRAY BEACH NEWS is hereby
approved and ratified.
Section 7. That the form of the Preliminary Official
Statement at its date is "deemed final" by the City within the mean-
ing of 17 C.F.R. §240.15c2-12 but is subject to revision, amendment
and completion in a final Official Statement. Further, the form of
the Preliminary Official Statement in the form presented to this
meeting (Exhibit ."C") be and the same is hereby approved and the use
of such Preliminary Official Statement in connection with the offer-
ing and sale of the Series 1990 Bonds is hereby authorized.
Section 8. That this Resolution shall take affect' imme-
diately upon its passage in the manner provided by law.
PASSED AND ADOPTED in special session on this the 15th day
of May, 1990.
May~
ATTEST:
- -- ~ City ~flerkf
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