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Res 07-80 RESOLUTION NO. 7-80 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $1,390,000 GENERAL OBLIGATION BONDS OF THE CITY OF DELRAY BEACH, FLORIDA, TO FINANCE THE COST OF THE CONSTRUCTION OF VARIOUS CAPITAL IMPROVEMENTS IN THE CITY OF DELRAY BEACH, FLORIDA; FIXING THE FORM AND OTHER DETAILS OF SAID BONDS AND PROVIDING FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREOF. WHEREAS, on the llth day of December, 1979, a majority of the qualified voters in the City of Delray Beach, Florida, approved the issuance of not exceeding $1,390,000 General Obligation Bonds for the construction of various capital improvements in the City of Delray Beach, Florida; and, WHEREAS, in order for the City Council of Delray Beach, Florida, to effectuate the desires of the residents of the City of Delray Beach, Florida, it is necessary and appropriate for the City Council to fix the form and other details of said bonds and provide for the payment of principal and interest, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS: Section 1. That not exceeding $1,390,000 General Obligation Bonds (the "Bonds") heretofore authorized to be issued by a majority vote of quali- fied electors voting at an election held in the City of Delray Beach, Florida (the "City"), on the llth day of December, 1979, be issued to finance the cost of the construction of various capital improvements for the residents of the City. 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. Section 3. That the Bonds shall each be designated "General Obligation Bond"', shall be in the denomination of Five Thousand Dollars ($5,000) each, shall be dated, shall be numbered, shall bear interest at a rate or rates not exceeding the legal rate, represented by coupons payable at such times, shall mature in such amounts and at such times not exceeding forty (40) years from the date thereof, have such redemption provisions, if any, and shall be payable at such place or places within or without the State of Florida as shall hereafter be determined by subsequent resolution or resolutions of the City Council. Section 4. That said Bonds shall be executed in the name of the City by the Mayor, either manually or with his facsimile signature, and its corporate seal shall be affixed thereto or lithographed or reproduced thereon and attested by the City Clerk either manually or with her facsimile signature, provided, however, that at least one of said signatures shall be a manual 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 nevertheless 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 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 coupons to be attached to the Bonds and the validation certi- ficate on the back of said Bonds shall be authenticated with the facsimile signatures of the present or any future Mayor and the Clerk of the City and the City Council may adopt and use for that purpose the facsimile signature of any person who shall have been such Mayor or City Clerk at any time on or after the date of the Bonds, notwithstanding that they may have ceased to be such Mayor or City Clerk at the time when said Bonds shall be actually sold or delivered. Section 5. That said Bonds shall be registrable as to principal only or as to both principal and interest in the manner hereinafter provided in the form of said Bonds. Section 6. The text of the Bonds and coupons appertaining thereto shall be of substantially the following tenor, with such omissions, inser- tions and variations as may be necessary and desirable and authorized or permitted by this resolution, or any subsequent resolution adopted prior to the issuance thereof: UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF DELRAY BEACH GENERAL OBLIGATION BOND NO. $5,0O0 KNOW ALL MEN BY THESE PRESENTS,- that the city of Delray Beach, a political subdivision of the State of Florida, hereby acknowledges itself to be indebted, and for value received, hereby promises to pay to bearer, unless .registered as hereinafter provided, the principal sum of FIVE THOUSAND DOLLARS ($5,000) on the first day of , 19 , together with interest there- on from the date hereof at the rate of per centum ( %) per annum, payable semi-annually on the day of and of of each year, upon presentation and surrender of the annexed coupons as they severally come due. ~ Both principal and interest are payable in lawful money of the United States of America at the . This bond is one of an issue of bonds in the aggregate principal amount of $1,390,000 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 the purpose of financing the cost of construction of various capital improvements in the City, under the authority of and in full com- pliance with the Constitution and statutes of the State of Florida, including particularly Chapter 166, Florida Statutes Annotated, as amended and supple- mented, and other applicable provisions of law, and pursuant to the approval of the qualified electors residing in the City of Delray Beach at an election duly./called and held, pursUant to a resolution duly adopted by the City Coun- cil of the City of Delray Beach. (Redemption Provisions if any) It is hereby certified and recited that all acts, conditions 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 time as required by the Laws and Constitution of the Res. No. 7-80 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 con- stitutional or statutory debt limitation or provision; that due provision has been made for the levy and collection of a direct annual tax in addition 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 prin- cipal of and interest on this bond, as the same shall become due and payable. This bond may be registered as to principal only, or as to both principal and interest in accordance with the provisions endorsed hereon. IN WITNESS WHEREOF, the City Council of the City of Delray Beach, Florida, has caused this bond to be executed by the manual or facsimile sig- nature of its Mayor, and the corporate seal of said City or a facsimile thereof, to be affixed hereto, or impressed, imprinted or otherwise reproduced hereon, attested by the City Clerk, by her manual or facsimile signature, and has caused the attached interest coupons to be executed by the facsimile sig- natures of said Mayor and City Clerk, all as of the day of , CITY OF DELRA¥ BEACH, FLORIDA Mayor 'ATTEST: City Clerk (FORM OF COUPON) No. $. Unless the bond to which this coupon is attached is callable prior to maturity and has theretofore been duly called for prior redemption and payment thereof provided for, on the day of , 19 , the City of Delray Beach, Florida, will pay to the bearer, in lawful money of the United States of America, at the , the sum of dollars ($ ) being six months' interest due that day on its General Obligation Bond, dated , , No. CITY OF DELRAY BEACH, FLORIDA By: Mayor City Clerk Res. No. 7-80 - 3 - (FORM OF VALIDATION CERTIFICATE) This bond is one of a series of bonds which are validated by judg- ment of the Circuit Court of the Judicial Circuit in and for Palm Beach County, rendered on the day of , 1980. Mayor City Clerk PROVISION FOR REGISTRATION This bond may be registered in the name of the holder on the books to be kept by the Director of Finance, as Registrar, or such other Registrar as may hereafter be duly appointed, as to principal only, such registration being noted hereon by such Registrar in the registration blank below, after which no transfer shall be valid unless made on said books by the registered holder or his attorney duly authorized and similarly noted in the registra- tion blank below, but it may be discharged from registration by being trans- ferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. The registration of this bond as to prin- cipal shall not restrain the negotiability of the coupons by delivery merely, but the coupons may be surrendered and the interest made payable only to the registered holder, in which event the Registrar shall note in the registrationl blank below that this bond is registered as to interest as well as principal, and thereafter the interest will be remitted by mail to the registered holder. With the consent of the holder and of the City, this bond, when converted ~into a bond registered as to both principal and interest, may be reconverted into'a coupon bond and again converted into a bond registered as to both principal and interest as hereinabove provided. Upon reconversion of this bond, when registered as to principal and interest, into a coupon bond, cou- pons representing the interest to accrue upon the bond to date of maturity shall be attached hereto by the Registrar and the Registrar shall note in the registration blank below whether the bond is registered as to principal only or payable to bearer. DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF REGISTRATION REGISTERED REGISTRATION REGISTRAR Section 7. From the proceeds derived from the sale of the Bonds, the accrued interest received in connection therewith shall be deposited in the Sinking Fund hereinafter created and used solely for the payment of in- terest being due on the Bonds on their next interest payment date. Res. No. 7-80 - 4 - The remaining proceeds of such sale shall be deposited in a bank or trust company in the State of Florida, in a trust fund, to be known as the "Construction Trust Fund", and such proceeds shall be used solely and exclusively for the purpose of financing the cost of the construction of the various capital improvements in the city all in accordance with the provi- sions of an election pursuant to which such various capital improvements were authorized. Section 8. That in each year while any of the Bonds are outstand- ing and unpaid, there shall be levied and collected a tax on all the taxable property within the City sufficient to pay the interest on the Bonds as it becomes due semi-annually, and to provide for the payment of the principal of said bonds at their maturity, and the City is, and shall be irrevocably and unconditionally obligated to levy and collect ad valorem taxes without limitation as to rate or amount on all the taxable property within the City, sufficient in amount to pay all principal of and interest on said Bonds as the same shall mature and become due. All of the moneys raised by said ad valorem taxes for the purpose of paying the principal of and interest on the Bonds herein authorized shall be deposited by the city in a special fund to be known as the Sinking Fund which is hereby created and established. The moneys in said Sinking Fund shall be used solely for the payments of the principal of and interest on said Bonds and the holders of said Bonds shall have a first lien on all such moneys in the Sinking Fund until paid and applied. Section 9. That in each year while any of the said Bonds shall be outstanding there shall be levied, assessed and collected a direct tax with- out limitation as to rate or amount, upon all taxable property in the City, which tax shall be in amounts sufficient to produce the sums necessary to pay the interest on said Bonds as it falls due and the principal thereof as they severally mature. Section 10. That Roger Saberson, as attorney for the City, is hereby authorized and directed to take appropriate proceedings for the validation of the Bonds, in the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County and the Mayor and City Clerk are hereby authorized to sign any pleadings in such proceedings for and on behalf of the City Council of the City of Delray Beach. Section 11. This resolution shall take effect immediately. PASSED AND ADOPTED in regular session on this the 14th day of January, 1980o CITY OF DELRAY BEACH, FLORIDA Mayor LEON M. WEEKES ATTEST: '/ City Clerk Res. No. 7-80 -- 5