Res 14-72 ,, RESOLUTION N,O.,
A RESOLUTION PROVIDING FOR THE ISSUANCE
OF $2,000,000 BEACH IMPROVEMENT 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 l~th day of March, 1972, the ques-
tion of the issuance of bonds of the City in the principal
amount of $2,000,000 for the purpose of financing the cost
of the construction and acquisition of beach improvements
in said City, and purposes 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,
theref ore,
BE IT ORDAINED BY THE CITY OOUNCIL 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
beach improvements in said City, as described in the Resolu-
tion 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
-1-
amount of not exceeding Two M~llion Dollars
pursuant to the Charter of said City, con-
Chapter 25786, Laws of Florida, Acts of 1949,
supplemented, and other applicable statutes.
shall be designated "Beach Improvement Bonds",
February 1, 1972, shall be in the denomina-
Thousand Dollars ($5,000) each, shall be num-
400, both inclusive, and shall bear inter-
or rates not exceeding the maximum legal rate
law, payable on February 1, 1973 and thereafter semi-
August 1st and February 1st of each year. Said
mature in numerical order on February 1st of
follows:
1974 $ 25, ooo
1975 30,000
1976 30,000
1977 30,000
1978 35,000
1979 35,000
1980 40,000
1981 40,000
1982 40,000
1983 45,000
1984 50,000
1985 5o,o0o
1986 55,000
1987 60,000
1988 60,000
1989 65,000
1990 70,000
1991 75,000
1992 80,000
1993 80,000
1994 85,000
1995 95,000
1996 100,000
1997 105,000
1998 110,000
1999 115,000
2000 125,000
2001 130,000
2002 140,000
14-72 -2-
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.
The principal of and interest on said
bonds shall be payable in lawful money of the United States
of America at The Chase Manhattan Bank (N.A.) New York, New
York, and said bonds may have such provisions for prior re-
demption as shall be hereafter determined.
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:
Resolution No. 1~-72 -3-
No. UNITED STATES OF AMERICA $5,000
STATE OF FLORIDA
COUNTY OF PALM BEACH
CITY OF DELRAY BEACH
BEACH IMPROVEMENT 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 THOUBAND DOLLARS
in lawful money of the United States of America at The Chase
Manhattan Bank (N.A.), New York, New York, 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 February 1, 1973
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 $2,000,000 and
is issued for the purpose of paying the cost of the construc-
tion and acquisition of beach improvements 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 25786, 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 a resolution
duly adopted by the City Council of said City.
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 ever~
requirement of law affecting the issue thereof, has been
Resolution No. 1~-72 '~'
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 terms;
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
i 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 issued 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, 1972.
CITY OF DELRAY BEACH, FLORIDA
By
Mayor
ATTEST:
City Clerk
Resolution No. 1~-72 -5-
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 The Chase Manhattan Bank,
(N.A.), New York, New York, being six months interest due
that day on its Beach Improvement Bond, dated February 1,
1972, NO. .
CITY OF DELRAY BEACH, FLORIDA
By.
Mayor
~i£y dler'k'
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 ,
1972.
Clerk Of the CircUit Court 6f
the Fifteenth Judicial Circuit
of Florida in and for Palm
Beach County, Florida
Resolution No. 1~-72 -6-
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-
mittedby 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
Resolution No. 1~-72 -7-
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 as 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
Resolution No. ~-72 -8-
The attorney for the City of Delray Beach is hereby author-
izod 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.
~ection 6. This resolution shall take effect
upon its passage in the manner provided by law.
PASSED AND ADOPTED on this the 27th day of March,
1972.
ATTEST:
Clerk
Resolution No. 14-72 -9-