Res 28-70 The resolution is as follows:
A RESOLUTION amending Resolution No. 26-67
~uthorizing the issuance of $600,000 Utilities
Tax Revenue Certificates, Series 1967, of the
City of Delray Beach, Florida.
WHEREAS pursuant to Resolution No. 26-67 adopted
on October SO, 1967, this City Council authorized the issuance of
$600,000 Utilities Tax Revenue Certificates, Series 1967, of
the City of Delray Beach and pursuant to Resolution No...~0-68,
adopted on February 22, .... , 196~, authorized the issuance of
certain notes in anticipation of the proceeds of the sale of
said certificates; and
WHEREAS said notes must be paid in the near
future and the certificates authorized by said Resolution No.
26-67 are authorized to bear interest at the maximum rate of
five per cent (5%) per annum and under current market conditions,
according to the advice of the city's fiscal advisor, such
certificates probably cannot be sold b~aring such interest and
it is necessary to amend said resolution to increase the rate
of interest which said certificates may bear as permitted by
~hapter 69-1719, Laws of Florida, 1969;
NOW, THEREFORE, Be It Resolved by the City
Council of the City of Delray Beach, Palm Beach County, Florida,
as follows:
Section 1. That Section 2 of Resolution No.
26-67 authorizing the issuance of $600,000 Utilities Tax Revenue
Certificates, Series 1967, of the City of Delray Beach is hereby
amended to read as follows:
Section 2. T~at for the purpose of paying
the cost of the construction e~ works and improvements to
prevent erosion of beaches within said City, the construction
of a municipal building for the municipal court and Jail and
other p~olice administration facilities in said city, including
the acquisition of furniture and equipment therefor, the
construction of storm drainage facilities and the acquisition
of rights of way therefor, the acquisition and improvement of
off-street parking lots, and the acquisition of street rights
of way and improvement thereof, and including the cost of
acquisition of any lands or interests therein, and of a~y
fixtures, equipment or properties, either real or personal,
deemed necessary or desirable therefor, expenses for
~inancial and legal services or consultants, expenses for
estimates of costs, expenses for plans, specifications and
surveys ~and paying all expenses properly incident to the
foregoing and properly incident to the authorization and
issuance of the certificates herein authorized, there are
hereby authorized to be issued the Utilities Tax Revenue
Certificates, Series 1967, of said city in the aggregate
principal amount of $600,000. Said certificates shall be
~dated December 1, 1967, shall be in the denomination of
$5,000 each, shall be numbered i to 120, inclusive, shall
bear interest from date until paid at the rate of seven and
one-half per cent (?-1/2%) per annum or such lesser rate or
rates as may be fixed by resolution after the sale of such
certificates as hereinafter provided' which interest~ shall
be payable June l, 1968, and semi-annually thereafter on
the first days of June and December of each year, shall be
payable as to both principal and interest in lawful money
~f the United States of America at The~Chase Nanhattan Bank
(N.A.) in the City of New York, New York, and shall mature
serially in numerical'erder on June l~of each of the years
as follows:
CERTIFICATE NUMBERS AMOUNT YEAR
1 and 2 $10,000 1968
3 and 4 10,000 1969
5 and 6 lO,O00 1970
7 and 8 10,000 1971
9 and 10 10,000 1972
11 and 12 10,000 1973
13 and 14 10,000 1974
15 and 16 10,000 197~
17 and 18 10,000 197b
19 to 21 15,000 1977
22 to 24 15,000 1978
25 to 27 15,000 197~
28 to 30 15,000 1980
31 to 33 15,ooo 1981
34 to 36 15,ooo 1982
to ,ooo
to 42 15,000 1984
43 to 46 20,000 1985
20,000 1986
'47 to 50
51 to 54 20,000 1987
o,ooo
59 to 20,000 1989
63 to 81 . 95,000 1990
82 to 100. 95,000 1991
lO1 to 120 100,000 1992
Certificates maturing after June 1, 1978, shall
be callable for redemption prior to maturity at the option of
the city on that date and on any interest payment date
thereafter, in inverse numerical order, at the principal
amount thereof plus accrued interest to the'date fixed for
redemption and. a premium (expressed as a percentage of the
face amount thereof) of 4% for each certificate so redeemed
on or prior to June l, 1981, S%'~ for each certificate so
redeemed thereafter and on or prior to June l, 1985, 2% for
each certificate so redeemed thereafter and on .or prior to
June l, 1989, and 1% for each certificate so redeemed thereaf'
prior to maturity. Notice of the call of any certificate
for redemption shall be given not less than thirty (BO) days
prior to the date fixed for redemption by registered mail to
the bank at which the certificates are payable and by the
publication of an appropriate n~tice one time in a financial
newspaper or Journal published in the City of New York,
New York, or Chicago, Illinois. If any certificate which is
called for redemption is at the time of such call registered
as to principal, thirty days notice of redemption shall be
given by registered mail to the registered holder'~at~He~
address shown on the registrar's registration books.
Section 2. That $S0,000 of said certificates,
being those numbered 1 to 6, inclusive, schedUled to mature~n
June 1 of the years 1968 to 1970, inclusive, shall not be issued
and .the form of revenue certificate prescribed by Section 4 of
said resolution shall reflect the fact that said Resolution No.
26-67 is amended.
Section 3. That ~G. Robert Fellows , aS
attorney for the city is hereby authorized and directed to take
appropriate proceedings in the Circuit Court of the Fifteenth
Judicial Circuit of Florida in and for Palm Beadh County for the
re-validation of said certificates under Chapter 75 of the Florida
Statutes, and the Mayor and City Clerk are authorized to sign any
pleadings and offer testimony in such proceedings for and on behals
of said city.
Section 4. That this resolution shall take
immediate effect.
Adopted and approved ...... April ~3~, , 1970.
Attes~ ~
City clerk
(Other business not'pertinent to the above appears
in the minutes of the meeting.)
Pursuant to motion 'duly made and carried the City
· Council adjourned.4.
Attes~ , ~ '
~ity- Cle'~t ~ "
STATE OF FLORIDA
COUNTY OF RALM BEACH
I, ROBERT D. WORTHING , do hereby
certify that I am the duly qualified and acting City Clerk
of the City ef Delray Beach, Palm Beach County, Florida.
I further certify that the above and foregoing
constitutes a true and correct copy of the minutes of a meeting
of the City Council of said city held on April 13,
1970, and of a resolution adopted at said meeting, as said
minutes and'resolution are officially of record in my possession.
IN WITNESS WHEREOF, I have hereunto subscribed
my official si gna ture and impressed ~ereon the official seal of
the City of 'Delray Beach this/~'~day~-~ of~~_~ '~~'.-/// ,
1970. ~
- Ci't-y Clerk
(SEAL)
MWM:bls ·
3/19/?0 -6-
Delray Beach, Florida
April 13, , 1970
The City Council of the City of Delray Beach,
Palm Beach County, Florida, met in regular public
session at the regular meeting place of the City Council in the
City Hall in the City of Delray Beach at 8:00 o'clock
P..M. on April 13 , 1970, with Mayor J. L. SAUNDERS
and the following members present:
GRACE S. MARTIN
JOHN L. PITTS, III
· JAMES H. SCHEIFLEY
O. F. YOUNGBLOOD
Absent:
There were also present Robert D. Worthing ,
City Clerk, Robert D. Worthing , City Manager, and
G. Robert Fellows , City Attorney.
~' After the meeting had been duly called to order
by the Mayor and the ~minutes of the preceding ·meeting had been
read and approved the following resolution was introduced in
written form by Robert D. Worthing, was read in full and
discussed. Pursuant to motion made by O. F. Youngblood and
seconded by James H. Scheifley, the resolution was adopted by
the following vote:
AYE: J.L. Saunders
Grace S. Martin
· John L. Pitts, III
James H. Scheifley
O. F. Youngblood
NaY: None. Plff/0z~ ~xH ~, / _
· - . Robert S. ,Hew]'d
" Circuit ~Judge