Res 86-74 RESOLUTION NO. 86-74.
A RESOLUTION PROVIDING FOR THE ISSUANCE
OF' $600,000 STREETS AND SIDEWALKS GENERAL
OBLIGATION BONDS, OF THE CITY OF DELRAY
BEACH, FIXING THE MATURITIES, FORM AND
OTHER DETAILS OF SAID BONDS AND PROVIDING
FOR THE PAYMENT OF THE PRINCIPAL AND
INTEREST THEREOF.
WHEREAS, there was duly submitted to the quali-
fied electors residing in the City of Delray Beach at an
election held on the 3rd day of December 1974, the ques-
tion of the issuance of b6nds of the City in the principal
amount of $600,000 for the purpose of financing the cost
of the construction and acquisition of streets and sidewalks
in said City, including acquisition of rights-of-way, traffic
control signals and construction of railroad crossing
improvements, upgrading of streets and sidewalks, and pur-
poses necessary or incidental thereto; and
WHEREAS, at said election the issuance of said
bonds for said purposes was duly approved by a majority of
the votes cast in said election, in the manner provided in
the Constitution and Statutes of the State of Florida, now,
therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA:
Section 1. That for the purpose of providing funds
to finance the cost of the construction and acquisition of
streets and sidewalks in said City, as described in the ordi-
nance calling said bond election, and other purposes appur-
tenant, necessary or incidental thereto, there shall be is-
sued bonds of the City of Delray Beach in the aggregate prin-
cipal amount of not exceeding Six Hundred Thousand Dollars
($600,000), pursuant to the Charter of said City, con-
stituting Chapter 28786, Laws of Florida, Acts of 1949,
as amended and supplemented, and other applicable statutes.
Said bonds shall be designated "Streets and Sidewalks
General Obligation Bonds", shall be dated February 1, 1975,
shall be in the denomination of Five Thousand Dollars
($5,000) each, shall be numbered from 1 to 120, both
inclusive, and shall bear interest at a rate or rates not
exceeding the maximum legal rate permitted by law, on
August 1, 1975 and thereafter semi-annually on February
1st and August 1st of each year. Said bonds shall mature
in numerical order on February 1st of each year as follows:
$25,000 in each of the years
1979 to 1994, both inclusive,
and $50,000 in 1995 to 1998,
both inclusive.
.Section 2. Said bonds shall be executed in the
name of the City by its Mayor and its corporate seal or a
facsimile thereof shall be affixed thereto or reproduced
thereon and attested by its City Clerk. The facsimile
signatures of said Mayor and City Clerk may be imprinted
or reproduced on said Bonds, provided that either the Mayor
or City Clerk shall manually apply his signature on said
bonds. The coupons attached to said bonds and validation
legend appearing on each of said bonds shall be authenti-
cated with the facsimile signatures of the present or any
future Mayor and City Clerk.
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The principal of and interest on said bonds shall
be payable in lawful money of the United States of America
at a bank or banks or trust company or trust companies,
with or without the State of Florida, and may have such
provisions for prior'redemption, as shall be hereafter
determined by the City Council.
Section 3. That said bonds shall be registerable
as to principal only or as to both principal and interest
in the manner hereinafter provided in the form of said bonds.
Section 4. That said bonds and the certificate of
validation to be printed on the back thereof shall be sub-
stantially in the following form:
No. UNITED STATES OF AMERICA $5,000
STATE OF FLORIDA
COUNTY OF PALM BEACH
CITY OF DELRAY BEACH
STREETS AND SIDEWALKS
GENERAL OBLIGATION BOND
KNOW ALL MEN BY THESE PRESENTS that the City of
Delray Beach, in the County of Palm Beach, a municipal cor-
poration of the State of Florida, for value received, here-
by acknowledges itself to be indebted and promises to pay
to bearer, or if registered to the registered holder hereof,
the sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America at
on the first day of February, 19 , with interest thereon
at the rate of per centum ( ) per
annum, payable in like lawful money at the same place on
August 1, 1975, and semi-annually thereafter on the first
day of February and the first day of August in each year,
until the payment of the said principal sum, upon presentation
and surrender of the annexed coupons as they severally become
due, or if this bond is registered as to principal and interest
to the registered holder at the request of the holder.
(Here insert redemption provisions if any)
This bond is one of an issue of bonds of like date,
amount and tenor, except as to interest rate and maturity,
amounting in the aggregate to not more than $600,000, and
is issued for the purpose of paying the cost of the construc-
tion and acquisition of streets and sidewalks in said City,
and related purposes, pursuant to the Constitution and Statutes
of the State of Florida, including particularly the Charter
of said City, the same being Chapter 28786, Laws of Florida,
Acts of 1949, as amended and supplemented, and pursuant to
the approval of the qualified electors of said City at an
election duly called and held, and pursuant to an ordinance
duly adopted by the City Council of said City.
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It is hereby certified and recited that all acts,
conditions and things essential to the validity of this bond
exist, have happened and have been done, and that every
requirement of law affecting the issue thereof, has been
duly complied with and that this bond is within every debt
and other limit prescribed by the Constitution and Laws of
said State; that the full faith and credit of the City of
Delray Beach, in the County of Palm Beach, Florida, are
hereby irrevocably pledged for the punctual payment of the
principal and interest of this bond according to its term;
and that provision has been duly made for the levy and
collection of a direct annual tax without limit as to rate
or amount, upon all taxable property within said City suf-
ficient to pay the principal of and interest on this bond
as the same shall become due.
This bond may be registered as to principal only
or as to both principal and interest in the manner provided
on the back of this bond.
IN WITNESS WHEREOF, the City of Delray Beach, in
the County of Palm Beach, Florida, has caused this bond to
be executed by its Mayor, either manually or with his fac-
simile signature and its corporate seal to be hereunto
affixed or impressed or imprinted hereon, and attested by
its City Clerk, either manually or with his facsimile sig-
nature, and the coupons hereto affixed to be signed by the
· facsimile signatures of said Mayor and City Clerk, which
signatures are hereby confirmed, and this bond to be dated
the first day of February, 1975.
CITY OF DELRAY BEACH, FLORIDA
By
MAYOR
ATTEST:
City clerk
No. COUPON $
The City of Delray Beach, in the County of Palm
Beach, Florida, will pay to bearer
Dollars ($ ) on
the first day of , 19 , .in lawful money of the
United States of America, at
being six months interest due that day on its Streets and
Sidewalks General Obligation Bond, dated February 1, 1975,
No. .
CITY OF DELRAY BEACH, FLORIDA
By
~ Mayor
'Ci%y Clerk
CERTIFICATE OF VALIDATION
This Bond is one of a series of Bonds which were
validated and confirmed by decree of the Circuit Court of
the Fifteenth Judicial Circuit of Florida in and for Palm
Beach County, rendered on the day of ,
1975.
Clerk of the Circuit Court of
the Fifteenth Judicial Circuit
of Florida in and for Palm
Beach County, Florida
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PROVISION FOR REGISTRATION
This bond may be registered in the name of the
holder on the books to be kept by the City Clerk of the
.- City as Registrar, or such other Registrar as may here-
after be duly appointed, as to principal only, such regis-
tration being noted hereon by such Registrar in the regis-
tration 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 may be discharged from regis-
tration by being transferred to bearer, after which it
shall be transferable by delivery, but may be again regis-
tered as before. The registration of this bond as to
principal shall not restrain the negotiability of the cou-
pons 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 re-
mitted by mail to the registered holder. With the consent
of the holder and of the City of Delray Beach, 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
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a coupon bond, coupons representing the interest to accrue
upon this bond to date of maturity shall be attached here-
to by the Registrar and the Registrar shall note in the
registration blank below whether this bond is registered
as to principal only or payable to bearer.
DATE OF : IN WHOSE : MANNER OF : SIGNATURE
REGISTRATION : NAME REGISTERED : REGISTRATION : OF REGISTRAR
Section 4. That in each year while any of the said
bonds shall be outstanding there shall be levied, assessed
and collected a direct tax without limitation as to rate or
amount, upon all taxable property in the City of Delray Beach,
which tax shall be in amounts sufficient to produce the sums
necessary to pay the interest on said bonds ~s it falls due
and the principal thereof as they severally mature.
Section 5. Said bonds shall prior to their issuance,
be validated by decree of the Circuit Court of the Fifteenth
Judicial Circuit of Florida in and for Palm Beach County, and
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the attorney for the City of Delray Beach is hereby author-
ized and directed to cause such proceedings for the valida-
tion of said bonds to be instituted, and the Mayor of the
City is hereby authorized to verify the complaint or other
pleadings in such proceedings and that when validated the
said bonds shall be sold as provided by law.
Section 6. This resolution shall take effect
upon its passage in the manner provided by law.
PASSED AND ADOPTED in regular session on this the
23rd day of December, 1974.
ATTEST:
City Clerk
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