Res 22-83 RESOLUTION NO. 22-83
A RESOLUTION OF TEE CITY COUNCIL OF THE CITY OF DELRAY
BEACh, FLORIDA, DETERMINING CERTAIN DETAILS OF $4,000,000
WATER AND SEWER REVENUE BONDS, SERIES 1983, OF THE CIT~ OF
DELRAY BEACH, FLORIDA.
WHEREAS, the City of Delray Beach, Florida (the "City"),
did, on the 21st day of December 1982, adopt a resolution (the
"Resolution") authorizing the issuance of $4,000,000 Water and Sewer
Revenue Bonds, Series 1983 (the "Bonds"); and,
WHEREAS, the Resolution provides that the Bonds shall be
issued in coupon form; and,
WHEREA~, the Resolution provides that principal of, premi-
um, if any, and interest on the Bonds shall be payable at The Chase
Manhattan Bank, N.A., New York, New ~ork (the "Paying Agent"); and,
WHEREAS, the Resolution provides that the Bonds shall be
dated May 1, 1983; shall be in the denomination of $5,000 each; shall
be 'numbered from one to eight hundred, upwards in order of maturity;
shall bear interest at a rate or rates not exceeding the legal rate
as determined upon the sale of the Bonds, and shall mature serially,
in numerical order, on June 1 of each year, in such amounts and in
such years and have such provisions for redemption as shall hereafter
be determined by the City Council by subsequent resolution,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY O~ DELRAI BEACH, FLORIDA, AS FOLLOWS:
SECTION 1. That the Bonds shall bear interest from May i,
1983, payable on December 1, 1983 and semi-annually thereafter on
June 1 and' December 1 of each year, and shall mature annually on
June 1 of each year in the years and amounts as follows:
1984 $ 70,000 1991 $125,000 1998 $235,000
1985 75,000 199~ 145,000 1999 255,000
1986 85,000 1993 150,000 2000 280,000
1987 90,000 1994 165,Q00 2001 305,000
1988 100,000 1995 185,000 2002 335,000
1989 110,000 1996 195,000 2003 360,000
1990 120,000 1997 220,000 2004' 395,000
SECTION 2. That the Bonds shall be redeemable prior to
their stated dates of maturity in accordance with the following
redemption provisions:
The Bonds maturing on June 1, 1984 to June I, 1993, both
inclusive, shall not be redeemable prior to their stated dates of
maturity. The bonds maturing on June 1, 1994, and thereafter, shall
be redeemable prior to their stated dates of maturity, at the option
of the City, from any funds available for such purpose (i) in part,
in inverse order of maturities and by lot within a maturity if less
than a full maturity, on June 1, 1993, or on any interest payment
date thereafter, and (ii) as a whole at any time on or after June 1,
1993, at the price of par and accured interest to the date of redemp-
tion, plus the following premiums, expressed as a percentage of the
principal amount of the Bonds, to be redeemed, if redeemed in the
following periods:
Period Ending
(all years inclusive~ Redemption Premium
June 1, 1993 - May 31, 1996 3%
June 1, 1996 - May 31, 1999 2%
June 1, 1999 - May 31, 2003 1%
June 1, 2003 and thereafter None
Notice of such redemption shall be published at least once
at least thirty (30) days prior to the date fixed for redemption in a
financial newspaper or journal published.in the City and State of New
York. Interest shall cease on any of the Bonds so called for redemp-
tion on the redemption date if payment thereof has .been duly made or
provided for.
SEC~IOI~ 3. That the form o'~ the Preliminary Official
Statement, dated April 4, 1983, in the form presented to the City
Council, be and ~he same hereby is approved, and the City Council
hereby ratifies, confirms and approves the use of such Preliminary
Official Statement in connection with the offering and sale of the
Bonds.
SECTION 4o That the Mayor of the City, and any other
proper 'official of the City, be and each of them is hereby authorized
and directed to execute and deliver any and all documents and .instru-
ments and to do and cause to be done. any and all acts and things nec-
essary for the sale and delivery of the Bonds.
SECTION 5. That this Resolution shall take effect upo~
its adoption in the manner provided by law.
PASSED AND ADOPTED in regular session on this the 4th day
of April, 1983.
ATTEST:
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