Res 46-83 RESOLUTION NO. 46-83
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, AMENDING RESOLUTION NO. 113-82 AUTHORIZ-
ING THE ISSUANCE OF NOT EXCEEDING $4,000,000 WATER AND
SEWER REVENUE BONDS OF THE CITY OF DELRAY BEACH, FLORIDA,
TO FINANCE THE COST OF CONSTRUCTION OF ADDITIONS, EXTEN-
SIONS AND IMPROVEMENTS TO THE CITY'S COMBINED PUBLIC
UTILITY; AND PROVIDING FOR THE TERMS OF SAID WATER AND
SEWER REVENUE BONDS, AND THE RIGHTS, REMEDIES AND SECU-
RITY OF THE HOLDERS OF SAID WATER AND SEWER REVENUE
BONDS.
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,
%~HEREAS, the City now desires to amend certain provisions of the
Resolution,
N~, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That Resolution No. 113-83 of the City of Delray
Beach, Florida, is hereby amended by deleting the second paragraph of Sec.
3.02 of said resolution and enacting a new second paragraph of 3.02 to
read in full as follows:
"Said Bonds shall be issued in coupon form, shall be
payable with respect to both principal and interest at The
Chase Manhattan Bank, (N.A.) New York, New York, in lawful
money of the United States of America and shall bear
interest from their date, payable in accordance with and
upon surrender of the appurtenant interest coupons as they
severally mature."
Section 2. That Resolution No. 113-82 be and the same is hereby
amended by enacting and adding a new Sec. 3.03(A) to read as follows:
SECTION 3.03(A)
(A) REGISTRATION AND NEGOTIABILITY. The Bonds may be reg-
istered at the option of the holder as to principal only, or
as 'to both principal and interest, at the office of the
Director of Finance of the City, such registration to be
noted on the back of said Bonds in the space provided there-
for. After such registration as to principal only, or both
principal and interest, no transfer of the Bonds shall be
valid unless made at said office by the registered owner, or
by his duly authorized agent or representative and similarly
noted on the Bonds, but the Bonds may be discharged from
registration by being in like manner transferred to bearer
and thereupon transferability by delivery shall be restored.
At the option of the holder the Bonds may thereafter again
from time to time be registered or transferred to bearer as
before. Such registration as to principal only shall not
affect the negotiability of the coupons which shall continue
to pass by delivery.
The Bonds shall be, and have all the qualities and incidents
of negotiable instruments under the law merchant and the
Uniform Commercial Code - Investment Securities Law of the
State of Florida, and each successive holder, in accepting
any 'of said Bonds or the coupons appertaining thereto, shall
be conclusively deemed to have agreed that such Bonds shall
be, and have all the qualities and incidents of, negotiable
instruments under the law merchant and the Uniform Commer-
cial Code - Investment Securities Law of the State of
Florida, and each successive holder shall be conclusively
deemed to have agreed that the Bonds shall be incontestable
in the hands of a bona fide holder for value in the manner
provided hereinafter in the form of the Bonds.
Section 3. That Sections 3.05 and 3.06 of Resolution No. 113-82
and the Form of Registered Bond contained in the Resolution are hereby
deleted.
Section 4. That all resolutions, or parts thereof, in conflict
w~th the provisions of this resolution are to the extent of such conflict
hereby repealed.
Section 5. That this resolution shall take effect immediately
upon passage in the manner provided by law.
PASSED AND ADOPTED in special session on this the 17th day of
Nay, 1983.
ATTEST:
Clerk
-2- Res. No. 46-83