Res 77-79 RESOLUTION NO. 77-79
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, DETERMINING CERTAIN DETAILS OF $4,000,000
WATER AND SEWER REVENUE BONDS, SERIES 1979, OF THE CITY
OF HELRAY BEACH, FLORIDA.
WHEREAS, the City of Delray Beach, Florida (the "City"), did,
on the 23rd day of July 1979, adopt a resolution (the "Resolution")
authorizing the issuance of $4,000,000 Water and Sewer Revenue Bonds,
Series 1979 (the "Bonds"); and,
WHEREAS, the Resolution provides that the Bonds shall be issued
in coupon form; and,
WHEREAS, the Resolution provides that principal of, premium, if
any, and interest on the Bonds shall be payable at The Chase Manhattan
Bank, N.A., New York, New York (the "Paying Agent"); and,
WHEREAS, the Resolution provides that the Bonds shall be dated
June 1,1979; 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 deter-
mined upon the sale of the Bonds, and shall mature serially, in numer-
ical 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
OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That the Bonds shall bear interest from November 1,
1979, payable on June 1, 1980 and semi-annually thereafter on December 1
and June 1 of each year, and shall mature annually on June 1 of each
year in the years and amounts as follows:
Principal Principal
Year Amount Year Amount
1981 $ 80.000 1993 $145,000
1982 85.000 1994 155,000
1983 90.000 1995 165,000
1984 100.000. 1996 175,000
1985 100.000 1997 185,000
1986 105.000 1998 195,000
1987 110 000 1999 205,000
1988 115.000 2000 215,000
1989 120.000 2001 225,000
1990 125.000 2002 235,000
1991 135~000 2003 395,000
1992 140.000 2004 400,000
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, 1981 to June 1, 1989, both in-
clusive, shall not be redeemable prior to their stated dates of maturity.
The bonds maturing on June 1, 1990, 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 maturities if less than a full maturity, on
June 1, 1989, or on any interest payment date thereafter, and (ii) as a
whole at any time on or after June 1, 1989, at the price of par and
accrued interest to the date of redemption, 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, 1989 - May 31, 1993 3%
June 1, 1993 - May 31, 1996 2%
June 1, 1996 - May 31, 2000 1%
June 1, 2000 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 redemption
on the redemption date'if payment thereof has been duly made or provided
for.
Section 3. That the form of the Preliminary Official Statement,
dated October 18, 1979, in the form presented to the City Council, be
and the 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 4. 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 instruments
and to do and cause to be done any and all acts and things necessary for
the sale and delivery of the Bonds.
Section 5. That this Resolution shall take effect upon its
adoption in the manner provided by law.
PASSED AND ADOPTED in regular session on this the 22nd
day of Oc~r , 1979.
MAY O--6--~R
ATTEST:
City Clerk
· -2- Res. No. 77-79