Res 107-78 RESOLUTION NO. 107-78
RESOLUTION DETERMINING CERTAIN DETAILS OF
$4,000,000 UTILITIES TAX REVENUE CERTIFI-
CATES, SERIES 1978, OF THE CITY OF DELRAY
BEACH, FLORIDA.
WHEREAS, the City Council of the City of Delray Beach, Florida
(the "City"),did on the 24th day of July, 1978, adopt a resolution, as
amended (the "Resolution") authorizing the issuance of $4,500,000 Utilities
Tax Revenue Certificates, Series 1978 (the "Certificates"); and,
WHEREAS, the City has determined at this time to issue $4,000,000
of said total authorized issue of $4,500,000 Certificates; and,
WHEREAS, the Resolution provides that certain~details of the
Certificates shall be determined by subsequent resolution of the City
Council,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA:
Section 1. That the $4,000,000 principal amount of Certificates
shall be numbered, shall mature annually on June 1 of each year, in the
years and amounts as follows:
Year Amount Number Year Amount Number
1980 $ 60,000 1-12 1992 $110,000 258-279
1981 60,000 16-27 1993 225,000 300-344
1982 65,000 31-43 1994 240,000 345-392
1983 65,000 47-59 1995 255,000 393-443
1984 70,000 63-76 1996 270,000 444-497
1985 70,000 80-93 1997 285,000 498-554
1986 75,000 99-113 1998 300,000 555-614
1987 80,000 118-133 1999 320,000 615-678
1988 85,000 138-154 2000 340,000 679-746
1989 90,000 159-176 2001 360,000 747-818
1990 100,000 181-200 2002 375,000 819-893
1991 100,000 219-238
Section 2. That the $4,000,000 principal amount of Certificates
shall be redeemable prior to their stated dates of maturity in accordance
with the following redemption provisions:
The Certificates maturing on June 1, 1980 to June 1, 1988,
both inclusive, shall not be redeemable prior to their stated
dates of maturity. The Certificates maturing on June 1, 1989,
and thereafter, shall be redeemable prior to their stated
dates Qf maturity, at the option of the City, (i) in part,
in inverse order of maturities and by lot within maturities;
if less than a full maturity, on June 1, 1988, or on any
interest payment date thereafter, and (ii) as a whole, at
any time on or after June 1, 1988, 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 Certificates, if redeemed prior to maturity in the follow-
ing periods:
Periods Ending
(Ail Years Inclusive) Redemption Premiums
June 1, 1988 - May 31, 1992 Three per centum (3%)
June 1, 1992 - May 31, 1995 Two per centum (2%)
June 1, 1995 - May 31, 1999 One per centum (1%)
June 1, 1999 and thereafter Par
A notice of such redemption shall be published at least once,
at least thirty (30) days prior to the redemption date in a
financial journal of general circulation in the City of New
York, New York. Interest shall cease to accrue on any of the
Certificates duly called for redemption on the redemption
date, if payment thereof has been duly provided for.
Section 3. That the $4,000,000 principal amount of Certificates
shall be sold at a public sale.
Section 4. The Mayor, Finance Director, City Clerk and any other
proper officer 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 or proper
for carrying out the transactions contemplated by the sale of the Certifi-
cates.
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 llth day of
December, 1978.
MAYO
LEON M. WEEKES
ATTEST:
~ City Clerk
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