Res 28-85 RESOLUTION NO. 28=85
RESOLUTION OF ~/E CITY CO0'NCTT. OF ~dE CITY OF DELRAY BEACH,
FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
$5,000,000 GENERAL OBLIGATION BONDS OF 1985 OF THE CITY OF
DELRAY BEACH, FLORIDA, TO FINANCE THE COST OF CONSTRUCTING
A PUBLIC SAFETY FACILITY IN THE CITY OF DELRAY BEACH,
FLORIDA, FIXING THE FORM AND OTHER DETAILS OF THE BONDS;
PROVIDING FOR THE PAYMENT OF PRINCIPAL AND INTEREST
THEREOF~ AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Delray Beach,
Florida, duly adopted a resolution entitled 'A RES(~UTION OF THE CITY
COUNCIL OF THE CITY OF DELRAY BEACH,' FLORIDA, PROVIDING FOR THE
ISSUANCE OF GENERAL OBLIGATION BONDS IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT EXCEEDING $5,000,000 TO FIliANCE THE CONST~CTIO~ OF A
PUBLIC SAFETY FACILITY IN THE MANNER HEREIN SET FORTH~ PROVIDING FOR
THE CONSTRUCTION OF 'THE PUBLIC SAFETY FACILITY~ ORDERING AND
PROVIDING FOR A BOND ELECTION O~ THE APPROVAL OF THE BONDS~ PROVIDING
FOR AN EFFECTIVE DATE' (hereinafter referred to as the 'Resolution')~
and
WHEREAS, a certified copy of the Resolution was published
in The News of Delray in compliance.with the provisions of
Section 100.342 of the Florida Statutes, as amended, relating to
notice of a bond referendum; and
WHEREAS, pursuant to the Resolution, a bond referendum was
held on the 12th day of March, 1985, wherein a majority of the quali-
fied voters in the City of Delray Beach, Florida, approved the issu-
ance of not exceeding $5,000,000 General Obligation Bonds for financ-
ing the cost of constructing a public safety facility; and,
WHEREAS, in order for the City Council of the City of
Delray Beach, Florida, to effectuate ~he desires of t_he residents of
the City of Delray Beach, Florida, it is necessary and appropriate
fo~ ~he City Council to fix the fo~m, the details and provide foe the
payment of the principal of and interest on the $5,000,000 General
Obligation Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COONCIL OF THE
CITY OF DELRAY BEACH, FLORIDA:
SECTIOIJ 1o That General Obligat/on Bonds (the "Bonds') in
the aggregate principal emount of not exceeding $5,000,000 heretofore
authorized to be issued by a majority vote of qualified electors
voting at an election held in the City of Delray beach, Florida (the
'City'), on the 12th day of March, 1985, be issued to finance the
cost of constructing a public safety facility which shall be con-
structed within the City of Delray Beach, Florida, consisting of
facilities for the operation of the Police Department of the City, a
radio communications system, prisoner processing facilities, and
storage and motor vehicle parking facilities incidental thereto, all
in accordance with the plans and specifications prepared by Digby
Bridges, Marsh & Associates of Delray Beach, Florida, together with
all other costs incidental or related thereto (collectively called
the 'Project'), pursuant to the Constitution and statutes of the
State of Florida, including Chapter 166, Florida Statutes, as amended
and supplemented, and other applicable provisions of law.
SECTION 2. That the Bonds may be issued either all at one
time or in part from time to time as the City Council of the City of
Delray Beach, Florida (the 'City Council"), may in its discretion
hereafter determine by subsequent resolution or resolutions.
SECTION 3. That the Bonds shall be designated 'General
Obligation Bond of 1985", shall be issued in the form of fully regis-
tered Bonds, shall be in the denomination or denominations, shall be
dated, shall be numbered, shall bear interest at a rate or rates not
exceeding the legal rate payable at such times, shall mature in such
amounts and at such times not exceeding thirty (30) years from the
date thereof, have such redemption provisions, if any, and shall be
payable and registrable at such Place or places within or without the
State of Florida as shall hereafter be determined by subsequent reso-
lution or resolutions of the City Council. Interest on the Bonds
shall be payable by check or draft made payable to the registered
owner of the Bonds and mailed to the address of such holder of Bonds
as such name and address shall appear on the registry books of the
-2- RES. NO. 28-85
City ma4ntained by the Registrar (as hereinafter defined) at the
close of business on the fifteenth day of the calendar month preced-
ing each interest payment date or on the date the principal sum of
any Bond is paid. The Bonds authenticated prior to the first inter-
est payment date shall be dated and bear interest from the date
determined by subsequent proceedings of the City. Bonds authenti-
cated on or subsequent to the first interest payment date shall be
dated as of the date of their registration and shall bear interest
from the date of the original issuance' of the Bonds, or the next pre-
ceding interest payment date on which such interest has been paid, or
if registered during the 15-day period preceding an interest payment
date from such interest payment date if interest is then paid, as the
case may be~ ~, h~ever, that if and to the extent there is a
default in the payment of the interest due on such interest payment
date, such defaulted interest shall be paid to the ~ersons in whose
name Bonds are regis=ered on the registry books of the City main-
rained by ~he Registrar at the close of business on t_he fifteenth day
prior to a subsequent interest payment date established by notice
mailed by the Registrar to the registered owner not less than the
tenth day preceding such subsequent interest payment date.
SBCTION 4. That the Bonds shall be executed in the name
of the City by the Mayor, the seal of the City shall be affixed
thereto or lithographed, impressed, imprinted or otherwise reproduced
thereon and attested by the City Clerk or in such manner as may be
permitted by law. The signatures of the Mayor or the City Cle£k on
the Bonds may be manual or facsimile signature. In case any one or
more of the officers who shall have signed or sealed any of the Bonds
shall cease to be such officer before the Bonds so signed and sealed
have been actually sold and delivered, such Bonds may neverthe/ess be
sold and delivered as herein provided and may be issued as if the
person who signed or sealed such Bonds had not ceased to hold such
office. Any of the Bonds may be signed and sealed on behalf of the
City by such person as at the actual time of execution of such Bonds
-3- RES. NO. 28-85
shall hold the proper office, although at the date of such Bonds such
person may not have held such office or may not have been so
authorized.
The Bonds shall bear thereon a certificate of authentica-
tion, in the fo~m set forth in Section 7 hereof, executed manually by
the Registrar. Only such Bonds as shall bear thereon such certifi-
cate of authentication shall be entitled to any right or benefit
under this resolution and no Bond shall be valid or obligatory, for
any purpose until such certificate of~ authentication shall have been
duly executed by the Registrar. Such certificate of the Registrar
upon any Bond executed on behalf of the City shall be conclusive evi-
dence that the Bond so authenticated has been duly authenticated and
delivered under this resolution and that the holder thereof is enti-
tled to the benefits of this resolution.
The validation certificate on the back of the Bonds shall
be signed with the facsimile signatures of the present or any future
Mayor and City Clerk, as aforesaid, and the City may adopt and use
for that purpose the facsimile signature of any person who shall have
been such Mayor and City Clerk at any time on or after the date of
the Bonds, notwithstanding that he may have ceased to be such Mayor
or City Clerk at the time when said Bonds shall be actually
de 1 iv · = ed.
SBCTION 5. At the o~ption of the registered holder of any
Bond and upon surrender thereof at the principal corporate trust
office of a bank or trust company appointed by ~he City as registrar
for the Bonds pursuant to a subsequent resolution or resolutions of
the City Council, or any successor thereto (the 'Registrar'), with a
written instrument of transfer satisfactory to the Registrar duly
executed by the registered holder of a Bond or his duly authorized
attorney and upon payment by such holder of any charges which the
Registrar or the City may make as provided in this Section, the Bonds
may be exchanged for Bonds of the same series and maturity of any
other authorized denominations.
-4- RES. NO. 28-85
The Registrar shall keep books for the registration of
Bonds and for the registration of transfers of Bonds. The Bonds
shall be transferable by the registered holder thereof in person o=
by his atto=ney duly authorized in writing only upon the books of the
City kept by the Registrar and only upon surrender the=eof together
with a written instrument of transfer satisfactory to the Registrar
duly executed by the registered holder or his duly authorized
attorney. Upon the transfer of any such Bond, the City shall issue
in the name of the transferee a new Bond or Bonds.
The City, the Registrar and any bank or trust company
appointed by the City as paying agen.t pursuant to a resolution or
resolutions of the City Council, or any successor thereto (the
'Paying Agent'), may deem and treat the person in whose na~e any Bond
shall be registered upon the books kept by the Registrar as the abso-
lute holde£ of such Bond, whether such Bond shall be overdue or not,
for the purpose of receiving payment of, or on account of, the prin-
cipal of, premium, if any, and interest on such Bond as the same
become due and for all other purposes. All such payments so made to
any such holder or upon his order shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid, and neither the City, the Registrar nor the
Paying Agent shall be affected by any notice to the contrary.
In all cases in which the privilege of exchanging Bonds or
transferring Bonds is exercised, the City shall execute and the
Registrar shall authenticate and deliver Bonds in accordance with the
provisions of this resolution. Ail Bonds surrendered in any such
exchanges or transfers shall forthwith be delivered to the Registrar
and cancelled by the Registrar in the manner provided in this
Section. There shall be no charge for any such ezchanpe or transfer
of Bonds, but the City or the Registrar may require the payment of a
sum sufficient to pay any tax, fee or other governmental charge
required to be paid with respect to such exchange or transfer.
Neither the City nor the Registrar shall be required (a) to transfer
-5- RES. NO. 28-85
or exchange Bonds for a period of 15 days next preceding an interest
payment date on such Bonds or next preceding any selection of Bonds
to be rede~d or ~herea~ter until ~ter the ma~ing of any notice of
redemption~ or (b) to transfer or exchange any Bonds called for
redemption,
All Bonds paid or redeemed, either at or before maturity
shall be delivered to the Registrar when such payment or redmption
is made, and such Bonds, together with a~l Bonds purchased by the
City, shall thereupon be promptly cancelled. Bonds so cancelled may
at any time be destroyed by the Registrar, who shall execute a cer-
tificate of destruction in duplicate by ~he signature of one of its
authorized officers describing the Bonds so destroyed, and one exe-
cuted certificate shall be filed with the City and the other executed
certificate shall be retained by the Registrar.
SECTION 6. BONDS NUTZLATBD, DESTROYED, ST~EN OR LOST
In case any Bond shall become mutilated, destroyed, stolen or lost,
the City may execute and the Registrar shall authenticate and deliver
a new Bond of like date, maturity, denomination and interest rate as
the Bond so mutilated, destroyed, stolen or lost; provided that, in
the case of any mutilated Bond, such mutilated Bond shall first be
surrendered to the City and, in the case of any lost, stolen or
destroyed Bond, there shall first be furnished to. the City and the
Registrar evidence of such loss, theft, or destruction satisfactory
to the City and the Registrar, together with indemnity satisfactory
to them. In the event any such Bond shall be about to mature or have
matured or have been called for redemption, instead of issuing a
duplicate Bond, the City may pay the s~ne without surrender thereof.
The City and the Registrar may charge the registered owner of such
Bond their reasonable fees and expenses in connection with this
transaction. Any Bond surrendered for replacement shall be cancelled
in the same manner as provided in Section 5 hereof.
Any such duplicate Bonds issued pursuant to this Section
shall constitute additional contractual obligations on the part of
-6- RES. NO. 28-85
the ¢it:y, vhethe~ o: not: the lost, stolen o~ destroyed Bonds be at
any time found by anyone, and such duplicate Bonds shall be entitled
to equal and p:oportionate benefits and rights wi~.h all o~.he: Bonds
issued hereunder.
SBCTIOB 7. The tezt of the Bonds shall be of substan-
tially the following tenor, wi~ such omissions, insertions and va:i-
ations as may be necessary and desi:able and au'cho:ized o: permitted
by this resolution, or any subsequent resolution adopted p~ior to ~he
issuance thereof:
-7- RES. NO. 28-85
The text of the Bonds shall be substantially the tenor set
forth belc~. Provisions of the Bonds may be ~t forth on the back of
the Bonds and shall for all purposes have the s~ne effect as if set
forth on the front of the Bonds.
(Face of Bond)
No. $__,000
UNITED STATES OF AMERICA
STATE OF FLORIDA
PALM B EACH COUNTY
CITY OF DELRAY BEACH
GENERAL OBLIGATION BOND OF 1985
Date of
Interest Maturity Original
Rate Date Issue CUSIP
KNOW A~L MEN BY THESE PRESENTS, that the City of Delray
Beach, Florida, a municipal corporation created and existing under
and by virtue of the laws of the State of Florida (the "City"),
hereby acknowledges itself to be indebted, and for value receive(],
hereby promises to pay to or registere4 assigns on the
maturity date specified above, upon the presentation and surrender
hereof at the principal corporate trust office of or any
successor thereto, as paying agent (the "Paying Agent"), the princi-
pal sum of .... DOLLARS ($, ), together with
interest thereon fr~m the date hereof at the rate per ~m~ specified
-8- RES. NO. 28-85
above, payable . , 19___ and semi-annually thereafter on
... and of each year until the City's obligation
with respect to the payment of such principal sum shall be dis-
charged~ provided however, that interest shall be paid by check or
draft made payable to the repistered o~ner and mailed to the add~ess
of the registered owner as such name and address shall appear on the
registry books of the City held by or a successor thereto,
as registrar (the 'Registrar') at the close of business on the fif-
teenth day of the calendar month preceding each interest payment date
or on the date the principal sm~ of this bond is paid. If this bond
is authenticated prior to the first interest payment date it shall be
dated and bear interest from the dated date appearing on this bond.
If this bond is authenticated on or subsequent to the first interest
~ayment date it shall be dated as of the date of its registrar/on and
shall bear interest from the date of the original issuance of the
Bonds, or the next precedin9 interest payment date on which such
interest has been paid, or if registered during the 15-day period
preceding an interest payment date from such interest payment date if
interest is then paid as the case may be~ ~LPY~, howler, that if
and to the extent there is a default in the payment of the interest
due on such interest payment date, such defaulted interest shall be
paid to the persons in whose name Bonds are registered on the regis-
try books of the City maintained by the Registrar at the close of
business on the fifteenth day prior to a subsequent interest payment
date established by notice ma//ed by ~he Registrar to the registered
owner not less than the tenth day preceding such subsequent interest
payment date.
[Insert applicable Redemption Provisions]
This bond is one of an issue of bonds in the aggregate
principal amount of not exceeding $ . , of like date, tenor
and amount, except as to the number, date of maturity and interest
rate, issued by the City of Delray Beach, Florida, for ~he purpose of
financing the cost of constructing a public safety facility in the
-9- RES. NO. 28-85
City, under the authority of and in full compliance with the
Constitution and statutes of the State of Florida, including
Chapter 166, Florida Statutes, as amended and supplemented, and other
applicable provisions of law, and pursuant to the approval of the
qualified electors residin9 in the City of Delray Beach at an elec-
tion duly called and held and, pursuant to a resolution (the
'Resolution') duly adopted by the City Council of the City of Delray
Beach, Florida, authorizing the issuance of the bonds.
Reference is hereby made to the further provisions of this
bond set forth on the reverse side hereof and such further provisions
shall for all other purposes have the sa~e effect as if set forth on
the front side hereof.
It is hereby certified and recited that all acts, condi-
tions 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 regular and due form and t/me as required
by the Laws and Constitution of the State of Florida applicable
thereto, and that the issuance of this bond and of the bonds of the
issue of which this bond is one does not violate any constitutional
or statutory debt limitation or provision; that due provision has
been made for the levy and collection of a direct annual tax in addi-
tion to all other taxes, upon all the taxable property within the
City sufficient to pay the principal of and interest on said bonds as
the same shall mature and become due, and that the full faith and
credit of the City of Delray Beach, Florida, are hereby irrevocably
pledged for the punctual payment of the principal of and interest on
this bond, as the same shall become due and payable.
IN WITNESS WHEREOF, the City of Delray Beach, a mun/cipal
corporation of the State of Florida, has caused this bond to be
signed by the Mayor either manually or with his facsimile signature,
and the seal of said County or a facsimile thereof, to be affixed
hereto, or li~hographed, impressed, imprinted or othe~ise reproduced
hereon, attested by the City Clerk of said City, either manually or
-10- RES. NO. 28-85
with his facsimile signature, and this bond to be dated the . . day
of .... , 19 .
(SEAL) CITY OF DELRAY BEACH, FLORIDA
Mayor
ATTEST:
City Clerk
(FORM OF CERTIFICATE OF AUTHENTICATION)
This bond is one of the bonds delivered pursuant to the
within mentioned Resolution of the City Council of the City of Delray
Beach, Florida.
Date of
Authentication:
, as
Registrar
By.
Authorized Officer
(FORM OF VALIDATION CERTIFICATE)
This bond is one of ~the bonds which are validated by judg-
ment of the Circuit Court of the Judicial Circuit in and for Palm
Beach, rendered on the day of , 198__.
CITY OF DELRAY BEACH, FLORIDA
By.
Mayor
City Clerk
-11- RES~ NO. 28-85
(Back o£ Bond)
The original registered owner, and each successive recjis-
tered owner of this bond shall be conclusively deemed to have agreed
and consented to the following terms and conditions.-
(1) The Registrar shall keep books for the registration of
bonds and for the registration of transfers of bonds as provided in
the Resolution. The bonds shall be transferable by the registered
owner thereof in person or by his attorney duly authorized in writing
only upon the books of the City kept by the Registrar and only upon
surrender hereof together with a written instrument of transfer sat-
isfactory to the Registrar duly executed by the registered owner or
his duly authorized attorney. Upon the transfer of any such bond,
the City shall issue in the name of the transferee a new bond or
bonds.
(2) The City, the Paying Agent and the Registrar may deem
and treat the person in whose n~e any bond shall be registered upon
the books kept by the Registrar as the absolute owner of such bond,
whether such bond shall be overdue or not, for the purpose of receiv-
ing payment of, or on account of, the principal of and interest on
such bond as the same becomes due, and for all other purposes. All
such payments so made to any such registered owner or upon his order
shall be valid and effectual to satisfy and discharge the liability
upon such bond to the extent Of the sum or sums so paid, and neither
the City, the Paying Agent, nor the Registrar shall be affected by
any notice to the contrary.
(3) At the option of the registered owner thereof and upon
surrendered hereof at the principal corporate trust office of the
Registrar with a written instrument of transfer satisfactory to the
Registrar duly executed by the registered owner or his duly autho-
rized attorney and upon payment by such registered owner of any
charges which the Registrar or the City may make as provided in the
-12- RES. 'NO. 28-85
Resolution, the bonds may be exchanged for bonds of the s~e series
and maturity of any other authorized denominations.
(4) In all cases in which the privilege of exchanging bonds
or transferring bonds is exercised, the City shall execute and the
Registrar shall authenticate and delive~ bonds in accordance with the
provisions of the Resolution. There shall be no charge for any such
exchange or transfer of bonds, but the City or the Registrar may
require payment of a s~ sufficient to,pay any tax, fee or other gov-
ernmental charge required to be paid with respect to such exchange or
transfer. Neither the City nor the Registrar shall be required (a)
to transfer or exchange bonds for a period of 15 days next preceding
an interest payment date on such bonds or next preceding any selec-
tion of bonds to be redeemed or thereafter untLl after the mailing of
any notice of redemption~ o= (b) to transfer or exchange any bonds
called fo= redemption.
-13- RES. NO. 28-85
ASS IGNMENT AND TRANSFER
FOR VALUE RECEIVED the undersigned sells, assigns and
transfers unto
(please print or typewrite name and address of transferee)
the within bond and all rights thereunder, and hereby irrevocably
constitutes and appoints
Attorney to transfer the within bond on the books kept for regis-
tration thereof, with full power of substitution in the
premises.
Da t ed .-
In the presence of:
-14- RES. NO. 28-85
SBCTIOE 8. From the proceec~ dez'ived frcat ~'~e ~e o~ ~e
Bonda ~he accrued ~n~e~es~ ~e~v~ ~n ~c~on ~e~ ~ ~
de~si~ed in ~he Sinkin~ Fund, hereinafter created ~d es~blished,
and used sol~y for ~e ~y~nt of ~te~est ~ing due on ~e Bo~ on
~eir next inte=est payment date.
The =~aining pr~ee~ of su~ ~e sh~l ~ ~sit~ in a
~nk o~ ~u~ c~ in ~e S~te of Florida, in a trust f~d, ~ ~
kn~n as the 'Construction Fund', and such proceeds sh~l be used
solely and exclusively fo= the put.se of financing the cost of
financing the Project in accordance with the provisions of this
=esol ution.
S~ON 9. That in each year while any of the Bonds are
outstanding and unpaid, ~ere ~1 be l~ied ~d collected a ~x on
all the taxable 9ro~r~ wi~in the Ci~ s~ficient to ~y ~e inter-
est on the Bonds as it ~c~s due, ~d to provide for ~e ~nt of
the 9rinci~l of said Bonds at thei= maturity, and the Ci~ is. ~
shall be ir=evocably and unconditionally obli~ted to le~ and col-
lect ad v~or~ taxes wi~out ii.ration as to rate or ~o~t on ~1
~he taxable pro~r~ within the City, sufficient in ~unt to ~ ~1
princi~l of and interest on ~id Bon~ as the ~e sh~l ~ture ~d
become due.
~1 of the moneys raised by said ad valor~ ~xes for ~e
put.se of paying the principal of and interest on ~e Bonds herein
authorized sh~l be de.sited by the City in a s~ci~ fund to be
known as ~e 'Sinking Fund' which is hereby created ~d es~blished.
The moneys in said Sin~ing F~d sh~l ~ used sol~y for ~e ~y~nt
of the princi~ of ~d inte=est on said Bonds as the s~ ~c~ due
and payable and the =egistered owners of said Bonds sh~l have a
first lien on all such moneys in the Sinking Fund until paid and
applied in the manner ~rmitted in this resolution.
-15- RES. NO. 28-85
SBCTZOil 10. ~e covenants and liens entered into, created
or £m~osed pursuant to this resolution may be fully discharged and
satisfied with respect to the Bonds in ar~ one or more of the follow-
ing ways:
(a) by paying the principal of and interest on the
Bonds when the same shall become due and payable;
(b) by depositing in the Sinking Fund or such other
account as the City may hereafter create and establish by
resolution moneys sufficient at the time of such deposit to
pay the Bonds, the interest thereon and the redemption pre-
mium, if any, as the same become due on said Bonds on or
prior to the redemption date or maturity date thereof~ or
(c) by depositing in the Sinking Fund or such other
account as the City may hereafter create and establish by
resolution moneys which when invested in Defeasance
Obligations, will provide moneys which shall be sufficient
to pay the Bonds, the interest thereon and the redemption
premium, if any, as the sa~e shall become due on said Bonds
on or prior to their redemption date or maturity date
thereof.
As used herein, Defeasance Obligation shall mean to the
extent permitted by law..
(i) Direct general obligations of, or obligations the
payment of principal and interest on which is uncondition-
ally guaranteed by, the United States of America~
(ii) Evidences of indebtedness issued by any of the
following= Bank for Cooperatives~ Federal Home Loan Banks,
Federal Home Loan Mortgage Corporation (including
pation certificates)~ Federal Land Banks~ Federal Financing
Banks~ or any other agency or instrumentality of the Un, ted
States of America created by an act of Congress which is
substantially similar to the foregoing in its legal
relationship to the United States of America~
-16- RES.' NO. 28-85
(iii) Evidences of ownership of proportionate
interests in future interest and principal payments on
specified obligations described in (i) held by a bank or
trust company as custodian, under which the o~ner of the
investment is the real party in interest and has the right
to proceed directly and individually against the obligor on
the underlying obligations described in (i), and which
underlying obligations are not available to satisfy any
claim of the custodian or any person claiming through the
custodian or to whom the custodian may be obligated~ and
(iv) Debt obligations, whether or not interest
thereon is exempt from federal income taxes, which, at the
time of deposit, are rated by either Moody's or S&P in
either of the two highest long-term debt rating categories
of such rating agency, without regard to any refinement or
gradation of-such rating category by numerical nodifier or
otherwise~ provided, that if any Bond being provided for is
then rated by Moody's or S&P, the obligations deposited
must be rated by each rating agency having a rating in
effect on such Bonds in a rating category no lower than
that in effect on such Bonds; and
(v) Obligations described in Section 103(a)(1) or (2)
of the Internal Revenue Code of 1954, as amended, provision
for the ~ayment of the principal of, premium, if any, and
interest on which shall have been made by the irrevocable
deposit with a bank or trust company acting as a trustee or
escrow agent for holders of such obligations of securities
described in clauses (i) or (ii) the maturing principal of
and interest on which, when due and payable, will provide
sufficient moneys to pay when due the principal of, premi-
um, if any, and interest on such obligations, and which
securities described in clauses (i) or (ii) are not
available to satisfy any other claim, including any claim
-17- R£$. NO. 28-85
of the trustee or escrov agent or of any person claiaing
through the trustee or escro~ agent or to when the trustee
or esc~ agen~ may ~ ob~ed~ ~n~ud~n9 ~n ~e ~en~ of
~be ~nso~vency of ~he ~us~ee o~ esc~ow agen~ o~ pr~eed-
~ngs arising ou~ o~ such ~nso~vency.
U~n such ~ymen~ o~ de~s~ ~n ~he ~o~ and ~r p~
v~ded ~n ~h~s ~eso~u~on~ ~he Bonds ~ no ~pe~ ~ de~d ~ be
outstanding for ~e pur~s of ~is resolution a~ ~1 li~ili~ oE
~e City ~ith ~es~ct to ~e Bonds ~1 cease, dete~ne ~ ~ co~
~etely discharged and extin~i~, ~ the h~s the~ ~1 ~
entitled fo~ payment solel~ out oE the moneys o~ Defeasance
Obligations so de.sited.
S~IO~ 11. That Be~be~t Thine, Ci~ Atto~, is hez~
authorized and directed to ~ke appropriate p~oc~dings fo~ ~e v~i-
dation of the Bonds, in the Circuit Cou~t of ~e Fifteenth 3udici~
Circuit of Florida in and for Palm Beach County and the Mayor and
City Clerk are hereby authorized to si~ a~ ~eadings in su~ pr~
ceedings for and on behalf of the City.
S~ION 12. This resolution shall take effect u~n its
~ssage in the manner provided by law.
PASSED AND ADOPTED in regular session on this 2__6th day
of March , 1985.
CITY OF DELRAY BEACH, FLORIDA
, s _ '~ ~./ ·
aayoF ~'
ATTEST ..
-18- RES. NO. 28-85