Res 14-70 RESOLUTION NO. 14-70.
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF DELRAY BEACH, IN PA~4
BEACH COUNTY, FLORIDA, AMENDING
SECTION 138 (1) THEREOF PROVIDING
FOR INTEREST ON REVENUE BONDS NOT
TO EXCEED THE INTEREST RATE AS
PROVIDED BY STATE LAWS.
WHEREAS, the charter of the City of Delray Beach,
Florida, provides for an interest rate of six and one-half
percent on revenue bonds; and
WHEREAS, such interest rates are now controlled
by State Laws; and
WHEREAS, notice of intention to apply for a local
bill was published on January 15, 1970; and
WHEREAS, a public hearing was held on January 26,
1970, after 10 days public notice pursuant to the charter
of the City of Delray Beach, Florida; and
WHEREAS, it is deemed to be in the best interest
of the City of Delray Beach, Florida, that the interest rate
on revenue bonds should be changed to interest rate as pro-
vided by State Law.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF DELRAY BEACH, FLORIDA:
The Legislature of the State of Florida is respect-
fully requested to enact in the 1970 regular session an amend-
ment to Sec. 138 (1) of the charter of the City of Delray Beach,
which is approved and recommended by the city council of the
City of Delray Beach, Florida, a copy of said amendment being
attached and submitted herewith.
Passed and adopted this 26th day of January, 1970.
CITY OF DELRAY BEACH, FLORIDA
ATTE ST:
City
A bill to be entitled
An ac.+ relatin:y to the City of Del,-av Beach, Palm
~eaeh Countl% Florida amending Chapter 25786,
Specfat Law~ oC Florida, .~ct~ of 1949, a? amendS,
?a.~e beinff the Charte~- of ~aid city by am.endJn, g
Section !38 (!~ providing for interest on revenue
bomd~ not lo e~:ce~ *he ~.mIerest rate as provid~
by ~tste law~.
Be It ~nact¢~t by the Le[islaiure of the State of Florida:
Section 1. That Section 138 (1) of Chapter 25786, Speet~
Laws of Florida, Act~; of 1.949, as amendS, same being the
Cb. srter of the City of Delray Beach, Florida, is ame~ed to
read a.~ follows:
(~.) The provisions of tMs section shall apply to any
revenue bonds, excise t~< bonds or assessment bonds tssu~
under th~.s article. Said bo~s may be authoriz~ by resoluti~
or re~olutions of the g~erning b~y of the city, which may be
adopt~ at the same meeting at w~ch they are intr~uc~ by a
majority of all th¢~ members thereof then in office and need not
be p~lish~ or post~. Said bonds shall bear interest at a
rate or rates not exce~ing the H~tations as pr~ided b~ state
law s~ a~ m~-~l{ p~ m~mmq~ ~/8%) p~Tmn~m, may be in
one or ~p, ore series, may bear zuch date or dates, may mature
al ,~uch time or times not exceeding fo~.iy (40) years from their
~e~pecti:~e date~, excepl thai ~se~s~ent bond~ shall not ~'~ature
la,!.er than two yea.:.~ ~ler ~!~e ~a~u~ity of zhe last a~ual
instal?.: ch< of ~hc ~?ecial a~ s e~; ~: ~:..~ent~ i~ledg'ed fo~' the payr~ent
of gush a,~: :-~ez,~z.~ent honda, :na~' bc pa),~ic in such ~nedium of
pa~ncr/~, ~.~t such place az~' placcz ~it~n or ~viti~out the state,
may ca~r)~ .zuch rc~islzation privileg'c;~, ~a~' b~ ~ubjcct lo such
and conditions, a.;~] ~na~.- in ~uch for~ ofl~el'wige a~ such
reso!ulien or s~sequenl re~olutions sh~l pro;~ide. Said bo~s
may bc sold, or excha~ed fo~ ~,~efunding' bonds, o~3 de~vered to
contractor,:: in pa~.nent for any paz'l of [he v.~ozqls az
i~:~,prow:~ments financed by such bonds, or de~vered in
exchange for any properties, either ~'e~, person~ or ~nked,
includin~ franc~sez, to be acq~r~ for such works or
improve~nent~:, alt at one tirz, e or in blocks fro~ tinge to t~ne,
in such ~n~ner a::~ the gover]fing b~y of 'the city in its
di~ cr et%on s hall determine.
Section 2. D~ laws or p~'ts of la~vs in co~ct herewith
~e hereby zepealed.
Section S. Ii is dec~r~ to be the legislative intent that ff
~y po~'tion of the Act is held inva~d, the rem~g pro~isio~
of %Iris Act sh~ not be ~fected but sha~ rem~n in fur force
and effect.
Section ~ Thi:: Aci shall "~-^
.: .... .~.,.,... effect ixmmediately upon
o~'::,.i~: law