Res 58-80 RESOLUTION NO. 58-80
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, DETERMINING CERTAIN DETAILS OF THE
$1,390,000 GENERAL OBLIGATION BONDS OF T~E CITY OF DELRAY
BEACH, FLORIDA.
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,
%~EREAS, on the 14th day of January 1980, the City adopted a
resolution authorizing the issu~?)r~e o~f not exceeding $1,390,000 General
Obligation Bonds and fixed certain details of said General Obligation
Bonds; and,
WHEREAS, the resolution referred to in the foregoing paragraph
provided that certain other details of the General Obligation Bonds (the
"Bonds") would be determined by subsequent resolution; and,
?~EREAS, the City Council has resolved and determined the remain-
ing details of said Bonds,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That the Bonds shall be dated February 1, 1980, shall
bear interest from August 1, 1980, payable semi-annually on February 1 and
August 1 of each year, shall be numbered from 1 to 278, both inclusive,
and shall be payable as to both principal and interest at The Chase
Manhattan Bank, N.A. New York, New York.
Section 2. That the Bonds shall be payable as to principal on
February 1, of each year, in the years and amounts as follows:
YEAR AMOUNT YEAR AMOUNT
1982 ~40,000 1990 $ 70,000
1983 40,000 1991 70,000
1984 40,000 1992 80,00~
1985 50,000 1993 90,000
1986 50,000 1994 90,000
1987 50,000 1995 300,000
1~988 60,000 1996 300,000
1989 60,000
Section 3. That the Bonds maturing on February 1, 1982 to
February 1, 1990, both inclusive, shall not be redeemable prior to their
stated dates of maturity. The Bonds maturing on February 1, 1991, 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 February 1, 1990, or on any interest payment date
thereafter, and (ii) as a whole at any time on or after February 1, 1990,
at the price of par and accrued interest to the date of redemption, plus
the following .premiums, expressed in percentages of the principal amount
of the Bonds, if redeemed prior to maturity in the following periods:
Periods Ending
(all years inclusive) Redemption Premiums
February 1, 1990 to January 31, 1992 Two per centum (2%)
February 1, 1992 to January 31, 1994 One per centum (1%)
February 1, 1994 and thereafter None
A notice of 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 of New York, New York.
Interest shall cease to accrue on any of the Bonds duly called for redemp-
tion on the redemption date if payment thereof has been duly provided for.
Section 4. That the form of the Preliminary Official Statement
dated June 26, 1980, in the form presented to this meeting, be and the
same is hereby approved and the use of such Preliminary Official Statement
in connection with the offering and sale is hereby approved and confirmed.
Section 5. That this resolution shall take effect immediately
upon its passage in the manner provided by law.
PASSED AND ADOPTED in regular session on this the 8th day of
July, 1980.
MAYO ~
Leon M. Weekes
ATTEST:
City Clerk
-2- Res. No. 58-80