Res 57-85 RESOLUTION NO. $? -85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, DETERMINING CERTAIN
DETAILS OF THE $5,000,000 GENERAL OBLIGATION
BONDS OF 1985 OF THE CITY OF DELRAY BEACH,
FLORIDA; APPOINTING A PAYING AGENT AND
REGISTRAR; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on the 12th day of March, 1985, a majority of the
qualified voters in the City of Delray Beach, Florida (the "City")
approved the issuance of not exceeding $5,000,000 General Obligation
Bonds for the construction of a public safety facility in the City;
and,
WHERE;%~, on the 26th day of March, 1985, the City Council
of the City (the "City Council") adopted a resolution authorizing the
issuance of not exceeding $5,000,000 General Obligation Bonds of 1985
and fixed certain details of said General Obligation Bonds; and,
WHEREAS, the resolution referred to in the foregoing para-
graph provided that certain other details of the General Obligation
Bonds of 1985 (the "Bonds") would be determiD~d by subsequent resolu-
tion; and,
· WHEREAS, the City Council has resolved and determined the
remaining details of said Bonds,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNC~ OF THE
CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS.'
~ That the Bonds shall be dated August 1, 1985,
shall bear interest from August 1, 1985, payable semi-annually on
February 1 and August 1 of each year, commencing February 1, 1986,
shall be numbered from i upwards. Interest. on the Bonds shall be
payable by check or draft mailed to the registered owners thereof as
shown on the registry books of the City maintained by the Registrar
(as herein defined). The principal of the Bonds and premium, if ar~,
payable upon redemption are payable upon presentation and surrender
at the principal corporate trust office of the Paying Agent (as
herein defined).
~ That the Bonds shall be payable as to princ~pa/
on February 1, of each year, in the years and amounts as follows..
YEAR AMOUNT YEAR ~
1987 $100,000 1997 $235,000
1988 115,000 1998 255,000
1989 120,000 1999 275,000
1990 130,000 2000 295,000
1991 145,000 2001 325,000
1992 155,000 2002 350,000
1993 170,000 2003 385,000
1994 180,000 2004 410,000
1995 200,000 2005 450,000
1996 215,000 2006 490,000
~ That Barnett Banks Trust Company, Jacksonville,
Florida is hereby appointed Registrar and Paying Agent for the Bonds
(the "Registrar" and "Paying Agent").
~ That the Bonds maturing in the years 1987 to
1995, both inclusive, shall not be subject to redemption prior to
their stated dates of maturity. The Bonds maturing in the years 1996
and thereafter shall be subject to redemption prior to their stated
dates of maturity, at the option of the City, from any funds legally
available for such purpose on and after February 1, 1995 (i) as a
whole at any time, or (ii) in part, from time to time on any interest
payment date, in inverse order of maturities and by lot within each
maturity at the principal amount thereof and accrued interest to the
date of redemption, plus the following premiums, expressed in percen-
tages of the principal amount of the Bonds to be redeemed, if
redeemed in the following periods:
Periods
(all yea~s inclusive) Redemption Premiums
February 1, 1995 to January 31, 1997 Three per centum (3%)
February 1, 1997 to January 31, 2000 Two per centum (2%)
February 1, 2000 to January 31, 2003 One per centum (1%)
February 1, 2003 and thereafter None
A notice of redemption shall be published at least once at
least thirty days prior to the date fixed for redemption in a finan-
cial newspaper or journal of general circulation in New York, New
York, and in a newspaper of general circulation in the City. In
addition, not less than 25 days prior to the date fixed for redemp-
tion, notice shall be filed with the Paying Agent and mailed to the
registered owners of the Bonds at the addresses appearing on the reg-
istry books, but such mailing shall not be a condition precedent to
such redemption and failure to mail any such notice shall not affect
the validity of the proceedings for the redemption of the Bonds.
Section 5. That the Notice of Sale relating to the Bonds,
as submitted to this meeting and made a part of this resolution as
though set forth in full herein, be and the same is hereby approved
in substantially the form attached hereto, as Exhibit A. The Notice
of Sale shall be published one or more times at least 10 days prior
to the date of sale in a newspaper or financial journal published
within the City and in The Bond Buyer and shall contain the terms
determined by this Resolution.
Section 6. That the form of the Preliminary Official
Statement in the form presented to this meeting, together with such
changes, modifications and deletions as the officer of the City who
will execute the final Official Statement may deem necessary and
appropriate, be and the same is hereby approved and the use of such
Preliminary Official Statement in connection with the offering and
sale of the Bonds is hereby authorized.
Section 7. That this resolution shall take effect iv~edi-
ately upon its passage in the manner provided by law.
-2- RES. NO. 57 -85
PASSED AND ADOPTED in regular session on this the 25th day
of June, 1985.
ATTEST:
City Clerk
-3- RES. NO. 57-85