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Res 47-80 RESOLUTION NO. 47-80 A RESOLUTION AUTHORIZING THE ISSUANCE OF $580,000 GARBAGE A~D TRASH COLLECTION REVENUE BONDS, SERIES 1980, OF THE CITY OF DELRAY BEACH, FLORIDA, FOR THE PURPOSE OF ACQUIRING GARBAGE AND TRASH COLLECTION EQUIPMENT, AND PROVIDING FOR THE RIGHTS, REMEDIES AND SECURITY OF THE HOLDERS OF SAID GARBAGE AND TRASH COLLECTION REVENUE BONDS, SERIES 1980. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS: Section 1. That there is hereby authorized the issuance of Garbage and Trash Collection Revenue Bonds of the City of Delray Beach, Florida, in an aggregate principal amount of $580,000 at an interest rate of 6.5% per annum, for the purpose of acquiring garbage and trash collection equipment. Section 2. That the Bonds shall be dated April 15, 1980; shall be in the denomination of $5,000 each; shall be numbered from 1 to 116, upwards in order of maturity; shall bear interest at a rate of 6.5% per annum, payable semiannually on April 15th and October 15th of each year, and shall mature severally, in numerical order, on April 15th of each year, as follows: Bonds Maturity Dates 1 thru 19 April 15, 1981 20 thru 40 April 15, 1982 41 thru 63 April 15, 1983 64 thru 88 April 15, 1984 89 thru 116 April 15, 1985. Section 3. That the Bonds shall be issued in coupon form, shall be payable with respect to both principal and interest at the office of the Finance Director of the City of Delray Beach at City Hall, Delray Beach, Florida, 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 4. That the text of the bonds and coupons, shall be substantially the form attached hereto and made a part hereof as Exhibit Section 5 That the bonds may be registered at the option of the holder as to principal only, or as to both principal and interest, at the office of the Finance Director of the City of Delray Beach at City Hall, Delray Beach, Florida, such registration to be noted on the back of said bonds in the space provided therefor. 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 thereafter again from time to time may 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. Section 6. That the bonds pertaining to this Garbage and Trash Collection Revenue Bond Series 1980, shall be issued on a parity with the City of Delray Beach Revenue Bonds Series 1979 - Solid Waste Transfer Station Project. The bonds of both Revenue Bond Issues shall be a first lien upon the gross garbage collection fee revenue of the City of Delray Beach and shall enjoy complete parity of lien on said revenues despite the fact that they may be or have been delivered on different dates. Section 7. That this resolution is adopted pursuant to the provisions of Chapter 166 of the Florida Statutes and other applicable provisions of law. Section 8. That this resolution shall take effect upon its adoption in the manner provided by law. PASSED AND ~OPTED in regular session on this the 10th day of June , 1980. MA Y O~R LEON M. ~EKES ATTEST: City Clerk -2- Res. No. 47-80 EXHIBIT "A" BOND NO. UNITED STATES OF AMERICA STATE OF FLORIDA PALM BEACH COUNTY CITY OF DELRAY BEACH REVENUE BOND, SERIES 1980 GARBAGE AND TRASH COLLECTION KNOW ALL MEN BY THESE PRESENTS, that the City of Delray Beach for value received, hereby promises to pay to the bearer or, if this Bond be registered, to the registered holder as herein provided, on the fif- teenth day of , solely from the revenues herein- after mentioned the principal sum of FIVE THOUSAND DOLLARS (5,000) with interest thereon'at the rate of per centum per annum, payable semi-annually on the fifteenth day of April and the fifteenth day of October of each year, commencing October 15, 1980, upon the presentation and surrender of the annexed coupons as they severally fall due. Both principal of and interest on this Bond are payable at the office of the Finance Director, City Hall - Delray Beach, Florida, in lawful money of the United States of America. This Bond is one of an authorized issue of Bonds in the aggre- gate principal amount of $580,000 of like date, tenor, and effect, except as to number, date of maturity and interest rate issued for the purpose of financing the cost of the acquisition of garbage and trash collection equipment (the "Project") under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, as amended and supplemented, and other applicable provisions of law, and a resolution duly adopted by the City of Delray Beach on · (hereinafter referred to as the "Resolution") and is subject to all the terms and conditions of said Resolution: This bond and the coupons appertaining thereto are payable solely from and secured by a first lien upon and pledge of the gross revenue derived from garbage collection fees payable to the City of Delray Beach, Florida, all in the manner provided in the Resolution. This bond is issued on a parity with the Revenue Bonds Series 1979 pertaining to the Solid Waste Transfer Station Project. The full faith and credit of the City of Delray Beach, Florida, is not pledged for payment of this Bond and this Bond does not constitute and indebtedness of the City of Delray Beach, Florida, and it is expressly agreed by the holder of this Bond and the coupons appertaining thereto that such holder shall never have the right to require or compel the exercise of the ad valorem taxing power of the City of Delray Beach, Florida, for the payment of the principal of and interest on this Bond. It is further agreed between the City of Delray Beach, Florida, and the holder of this Bond that this Bond and the obligation evidenced thereby shall not constitute a lien upon the Project, or any part thereof or on any other property of the City of Delray Beach, Florida, but shall constitute a lien only on garbage collection fee revenues of the City of Delray Beach. NO additional bonds for whatever.purpose issued including addi- tional bonds to pay the cost of completing the Project, payable from the revenues pari passu with the Bonds of the issue of which this Bond is one, may be issued by the City. The provision of the above paragraph is subject to the exception that prior to the payment of this bond, the City may issue additional obligations on a parity with the bonds of the issue of which this bond is one if the following condition is met: The average annual gross garbage collection fees collected by the City for the two completed Fiscal Years immediately preceding the issuance of the additional obligations must be equal to one and one-half times the highest combined interest and prin- cipal requirements for any succeeding Fiscal Year on the obligations then outstanding and the obligations so proposed to be issued. -2- 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 the Consti- tutions of the State of Florida applicable thereto, and that the issuance of this bond, and of the issue of Bonds of which this Bond is one, is in full compliance with all constitutional, statutory limitations or provi- sions. 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, the original holder 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 Commercial Code - Investment Securities Law of the State of Florida, and each suc- cessive 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 herein. This Bond may be registered as to principal only, or as~to both principal and interest, in accordance with provisions endorsed hereon. IN WITNESS WHEREOF, the City of Delray Beach, Florida, has caused this Bond to be signed by its Mayor, either manually or with his facsimile signature, and the corporate seal of said City to be affixed hereto or imprinted or reproduced hereon, and attested by the City Clerk of the City, either manually or with her facsimile signature, and the coupon attached to be executed with the facsimile signatures of said Mayor and City Clerk and this Bond to be dated the 15th day of April, 1980. CITY OF DELRAY BEACH, FLORIDA ( SEAL ) MAYOR ATTEST: CITY CLERK PROVISION FOR REGISTRATION (appearing on the back of the bonds) This bond may be registered in the name of the holder on the books to be kept by the Finance Director, his 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 attorney duly authorized and similarly noted in the registration blank below, but it may be discharged from registration by being transfered to bearer, after which it shall be trans- ferable by delivery, but it may be again registered as before. The regi- stration of this bond as to principal 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 registration 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 regi- stered 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, coupons 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 prin- ciple only or payable to bearer. THE FORMAT TO APPEAR ON THE BACK OF THE BONDS FOR REGISTRATION SHALL BE IN SUBSTANTIALLY THE FOLLOWING FORM: DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF REGISTRATION REGISTERED REGISTRATION REGISTRAR COUPON CITY OF DELRAY BEACH, FLORIDA Revenue Bond, Series 1980 (Garbage and Trash Collection Equipment) No. $ City of Delray Beach, Florida for value received hereby promises to pay to the bearer of this Bond, at the office of the Finance Director, City Hall - Delray Beach, Florida, on the fifteenth day of , 19 , solely from the revenues described in the Bond to which this coupon was attached, the sum shown hereon upon presentation and surrender of this coupon, being the semi-annual interest then due on its Revenue Bond, Series 1980 (Garbage and Trash Collection Equipment), dated April 15, 1980, and Numbered Mayo r City Clerk -5-