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Res 24-70 RESOLUTION NO. 24-70. A RESOLUTION PROVIDING FOR THE ISSUANCE OF $1,450,000 STORM DRAINAGE BONDS, $2,260,000 WATER TREATMENT PLANT BONDS AND $440,000 FIREHOUSES A/ND EQUIPMENT BONDS OF THE CITY OF IELRAY BEACH,~'~,: .FIX- ING THE MATURITIES, FORM AND OTHER IE- TAILS OF SAID BONDS AND PROVIDING FOR THE PAYMENT' OF THE PRINCIPAL AND INTER- EST THEREOF. WHEREAS, pursuant to Ordinance No. 40-69, here- tofore adopted by this Council, there was dU~.Y submitted to the qualified electors residing in the City of Delray Beach who were freeholders at an election held on the 2nd day of December,_ 1969, the question of the issuance of bonds of the City in the principal amount of $1,450,000 for the purpose of financing the cost of the construction and acquisition of a st6rm'drainage system in said City, $2,260,000 for the construction and acquisition of a water filtration and treatment plant for the water system of said City and $440,000 for the construction and acqui- sition of new firehouses and fire equipment for 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, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY -1- OF IELRAY BEACH~ FLORIDA: Section 1. That for the purpose of providing funds to finance the cost of the construction and acquisition of a storm drainage system in the City, and other purposes appur~- tenant, necessary or incidental thereto, there shall be sued bonds of the City of Delray Beach in the aggregate prin- cipal amount of not exceeding One Million Four Hundred Fifty Thousand Dollars ($1,450~000~), pursuant to the Charter of said City, constituting Chapter 25786~ Laws of Florida, Acts of 1949, as amended and supplemented~ and other appligable .statutes. Said bonds shall be desigr~ated ~'Storm Drainage Bonds", shall be...dated February 1~ 1970~ shall be in the de- nomination of~ Five Thousand Dolla~rs ($5,000) each~ shall be numbered from I to 290, both i~lus~ve, and shall bear i~ter est at a rate or rates not exceedi~ the maximum legal rate permitted by law on February 1st and August 1st of each y~ar. Said bonds shall mature in numerical order on February l~t of each year as follows: 1973 $5,000' 1984 $70~000 1974 ~ 15 ~ 000 198 5 $75 ~ 000 1975. ~5;000 1986 $85~0©0 1970 $5,000 987 $85 ooo 197 ;15,oo0 1 88 $95,000 19Y~ ~5,000 1989 ~lO0,O00 19]~9 ~35,000 1990 ~105,000 19UO i50,000 1991 ;115,000 19~81 ~55,000 199~ ~1~5,00© 19U~R 60~000 1995 ;I$0~000 19U 3 ,65,000 199~ ;1~0 ~ 000 Section 2. That for the purpose of providing funds to finance the cost of the construction and acquisition of a water filtration and treatment plant for the water system of the City, and other purposes appurtenant~ necessary or inci- dental thereto, there shall be issued bonds of the City of Delray .Beach in the aggregate principal amount of not exceed- Ling Two Million Two Hundred Sixty Thousand Dollars ($2,260,000)~ pursuant to the Charter of said City~ constituting Chapter Laws of Florida, Acts of 19~9, as amended and supplemented, and other applicable statutes. Said bonds shall be designat- ed "Water Treatment Plant Bonds", shall be dated February l, 1970, shall be in the denomination of $5,000 each, shall be numbered from 1 to 452, both inclusive, and shall bear i~ter.~ est at a rate or rates not exceedi~ug the maximum legal rate Permitted by law on February 1st and. August 1st of each year° Said bonds shall mature in numerical order on February 1st of each year as follows: Year Amount Year Amount 1973 $15,000 i984' $105,00© 1974 $15,000 1985 $115,000 1975_ $15,000 1986 120 000 197o 15 ooo sBo ooo }9~ $i o,ooo 9 7 $45; 000 1989 $150 ~ 000 $~0~000 I991 $175~000 I981 $8 5~ 000 1992 ~190 ~ 000 1982 $90 ~ 000 199~ $205~ 000 1983 $95,000 199~ $2~0 ,000 Section 3. That for the purpose of providing ftkuds to finance the cost of the construction and~ acquisition of new firehouses in the beach area and in the south area of the City and the acquisition of fire equipment, including an aerial platform fire truck with snorkel and %wo pumper fire trucks, and other purposes appurtenant,, necessary or incidental there- to, there shall be issued bonds of the City of Delray Beach in the aggregate principal amount of not exceeding Fouz H~%,dred Forty Thousand Dollars ($440,000)~ PursUant to the Charter of said City, constitutiD~ Chapter 28~f86, Laws of Florida~ Acts of 1949, as amended and supplemented~ and other applicable stat- utes. Said bonds shall be designated '~Firehouses and Equipment Bonds", shall be dated February l, 1970~ shall be in the de- nomination of $5,000 each, shall be ntm{0ered from i to 88~, both inclusive, and shall bear interest at a rate or rates not ex- ceeding the maximum rate permitted by law on February 1st and August 1st of each year. Said bonds shall mature in numerical order on February 1st of each year as follows: Ye a r Amount Ye a r Am 197~ ~5~ 000 198~ ~20 1~86 ~5~000 ;20 ~ 00© 197 ;5~ 000' ~8 197~ ~5~ 000 1989 19~ %1o~ ooo 199o ~o 1960 ~15; 000 1991 ;35 ~ 000 198~1 ~2o~ooo 1992 ~$5~ooo 19~2 ~o,ooo z99.3 $~o~ooo 1983 $2o ~ ooo 199~ Section 4. Said bonds shall be executed in the name of the City by its Mayor and its corporate seal or a fac- simile thereof shall be affixed thereto or reproduced thereon and attested by its City Clerk. The facsin~ile signatures of said Mayor and City Clerk ~,~__y 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 at- tached to said bonds and validation legend appearing on each of said bonds shalI be authenticated with the facsimile sig- natures 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 such place or places, within or without the State, and said bonds may have such provisions for prior re- demption as shall be hereafter determir~ed. Section 5. That said bonds sha~l be 'registerable as to principal only or as to both principal and interest in the manner hereinafter provided in the form of said bor~ds. Section 6. That Said bonds and the certificate of validation to be printed on the back thereof shall be stantially in the following form: No. UNITED STATES OF AMERICA $5,000 STATE GF FLORIDA COUNTY OF PALM B~ACH CITY OF IELRAY BEACH (STOP~ DRAINAGE BOND) (FIREHOUSES AND EQUIPMENT BOND) ~. (WATER TREATMENT PLANT BOND) KNOW ATJ, MEN BY THESE PRESENTS that the City of Delray Beach, in the CountY of Palm Beach, a muniCipal cor- poration of the State of Florida, for value received, here- by acknowledges itself to be indebted and promises to pay to bearer, or if registered to the registered holder hereof~ the sum of FIVE THOUSAND DOLLARS. in lawful money of the United' State of America at the on the first day of February, '19 , with interest thereon at ~the rate of per Centum ( ) per annum, payable semi-a~ually in like lawful money at the same place on the first day of February and the first day of Au~p~st in .each year, until the payment of the said principal sum, upon presentatio~ and surrender of the hexed coupons aS they severally become due~ or if this bond is registered as to principal a~d ir~terest to the registered hOlder at the request of the holder. (Here insert redemption provisio~$ if ar~y) This bond is one of an issue of bo~dS of llke d~te~ amount and tenor, except as to interest rate and maturity~ amounting in the aggregate to not more tha~ and related purposes, pursuant to the Constitution and stat- utes of the State of" Florida, inclUdi~n~, particularly the Charter of said City, the same ~bei~r~. C~pter 28786~ Laws of FlOrida, Acts of 195~, as.amended and supplemented~ and pur- suant to the approval of the freeholders of Said City who were qualified electors at an election duly called and held, and pursuant to an ordinance 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 -6- exist, ~ve happened And have been done~ and that every require- ment of law affecting ~the issue thereof, has been .duly complied with and that this bond is within every debt and other limit pre- scribed 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 ac- cording' 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 sufficient 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 aa 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 thais bond to be issued bY its. Mayor, either manually or with his facsimile signature and its corporate seal to be hereunto affixed or impressed or im- printed hereon, and attested by" its City Clerk, either manually or with his facsimile signature, and the coupons hereto affixed to be~ signed by the facsimile signatures of said Mayor and City Clerk' which signatures are herebY' corJirmed, and this bond to be dated the first day of February, 1970. CITY' OF DELRAY BEACH~ FLORIDA MaYor ATTE ST: .... CitY clerk -7- (l~Arpose clause in second paragraph of bond form) For Storm 'Drainage Bonds - "One Million Four Hun- dred Fifty Thousand Dollars ($1,$50,000) and is issued for the purpose of paying the cost of the Construction~ and ac- quisition of, a storm drainage system in said City", etc. For Water Treatment Plant Bonds' ~ "T~o Million Two Hundred Sixty Thousand DOllars ($2'260,000) and is is- sued for the pUrpose of paying the cost of 'the constrUction and acquiSition of a water filtration and treatment plant for the water system of said City", etc. For Firehouses and Equipment BOnds.- "Four Hun- dred FOrty Thousand Dollars ($4~0,000) and is issued fOr the purpose of p~ying the cost of Construction and acquisi- tion of new firehouses and fire equipment for said City", etc. No. COUPON The City of Delray Beach, in the County of Palm Beach, Florida, will pay to bearer Dollars ($ ) on the first day of , 19 , in lawful money of the United States of America, at the. being six'months interest due that day on its (Storm Drain- age Bond), (Firehouses and Equipment Bond), (Water Treat- ment ~Plant Bond), dated February l, 1970, No. . CITY OF EELRAY BEACH, FLORIDA Mayor City 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 Fifteen Judicial Circuit of Florida in and for Palm Beach County, rendered on the day of , 1970. Clerk of the Circuit' Court'"'of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County, Florida -9- PROVISION FOR REGISTRATION This bond may be registered in the name of the hold- er on the books to be kept by the City Clerk of the City as Registrar, or Such other Registrar as may hereafter be duly appointed, as to principal only, such registration being noted hereon by such Registrar in the registration 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 registration by being transferred to bearer, after which it shall be transferable by delivery, but may be again registered 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 registratior~ blank.below that this bond is registered as to interest as well as principal and thereafter the 'interest will be rem~tte~ by mail to the registered holder. With the consent of the holder and of the City of Delray Beach~ this bond, when co~Lvert~ ed 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 herein.- above provided. Upon reconversion of this bond when registered -10- as to principal and interest into a coupon bond, coupons repre- senting the interest to accrue upon this bond to date of matur- ity shall be attached hereto 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 : SIGNATUEE REGISTRATION : NAME REGISTERED : REGISTRATION : OF REGISTRAR Section 7. That in each year while any of the said' bon~s shall be outstanding there shall be levied, assessed and collected a direct tax without limitation as to rate or amount~ upon all taxable pr°Pe~ty in the City of Delray Beach, which 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 8. 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 -11- the attorney for the City of Delray Beach is hereby authorized and directed to cause such proceedings for the validation of said bonds to be instituted, and the Mayor of the City is here£ by 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 9. This resolution shall take effect upon its passage in the ma~_uer provided by law. PASSED AND ADOPTED in regular session on this the 23rd day of March , 1970. ,MkYOR ATTEST: City Clerk /- -12-