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Res 17-69 RESOLUTION NO. 17-69. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, IN PALM BEACH COUNTY, FLORIDA, AMENDING THE ENTIRE PRESENT ARTI- CLE XVIII CONSISTING OF SECTIONS 125 THROUGH 142; PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS; ISSUANCE OF REFUNDING BONDS; ISSUANCE OF REVENUE BONDS; ISSUANCE OF EXCISE TAX BONDS; ISSUANCE OF ASSESSMENT BONDS; AND FOR THE SALE AND INTEREST LIMITATIONS OF SEVEN AND ONE-HALF PER CENT PER ANNUM THEREOF. WHEREAS, the interest rates on the cost of municipal bonds have drastically increased; WHEREAS, the need of issuing further municipal bonds has arisen; WHEREAS, such bonds cannot be sold due to the interest limi- tations provided in the present charter provisions; WHEREAS, some confusion exists in the present charter as to revenue certificates and excise bonds; WHEREAS, notice of intention to apply for a local bill was presented and heard on the January 22, 1969, clinic agenda of the Palm Beach County Legislative Delegation; WHEREAS, a public hearing was held on April 28, 1969, after 10 days public notice pursuant to the Charter of the City of Delray Beach, Florida; WHEREAS, it is deemed to be in the best interest of the City of Delray Beach, Florida, that the charter provisions be changed to allow a higher minimum interest rate to be paid and that revenue bonds, excise tax bonds and assessment bonds issuances be more fully explained; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA: The Legislature of the State of Florida is respectfully re- quested to enact in the 1969 regular session an amendment to Char- ter Article XVIII, including Secs. 125 through 142 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 submitted herewith. Passed and adopted this 28th day of April, 1969. CITY OF DELRAY BEACH, FLORIDA ~/ MAYOR ~ ATTEST: 1 2 3 A bill to be entitled An act relating to the Cit~ of Delray Beach, Palm Beach county, Florida, amending Chapter 25785, o Special Laws of Florida, Acts of 1949, as amended, ? same being the Charter of said city by amending 8 the entire present Article XI/III consisting of !0 Sections 125 through 142; providing for the issuance !I of gqnerat obligation bonds to provide funds for !2 which the said city has She power and authority 13 to expend money; refunding bonds to provide funds for the purpose of refunding bonds and other obligations heretofore issued; revenue bonds to finance revenue producing undertakings and 17 18 to be paid from revenue produced; excise tax 19 bonds to provide funds for any municipal purpose 20 except payment of current expenses and to be 21 repaid from excise taxes and licenses; providing 22 for the issuance of assessment bonds payable from the proceeds of special assessments levied 25 against benefited lands; providing for the rights, 26 security and remedies of all bond holders; and six 27 for the sale and interest limitations of 8z~{/~/n and 28 one--half percent per annum thereof; and providing 29 when this act shalltai{e effect. 3o ! Be It ]Enacted by the Legislature of the State of Florida: 2 Section 1. That Article XVIII consisting of Sections 125 through 142 of Chapter 25786, Special Laws of Florida, Acts ~ of 1949, as amended, same being the Charter of the City of ! Delray Beach, Florida, is amended to read as follows: ? i Substantial rewording of Article X-VIII consisting of 8 Sections 125 through 142. See Chapter 25786, Special Laws of 9 Florida, Ac~s of 1949, Sections 125 throUgh 142, for present !0 text. ~! Article XVIII. Bonds Sec. 125. Authority of city to issue. i3 The city is authorized to issue general obligation bonds of said city of such form, denomination and bearing such rate of i5 six 16 interest not to exceed ~/9~n and one-half percent per annum 17 and becoming due in such time and upon such conditions as may 18 be determined for the purposes for which the said city has the 19 power and authority to expend money, some of which are 20 hereinafter named. 21 Sec. 126. General obligation bonds. 22 General obligation bonds may be issued under this Act for 2/4 the following purposes: floating the debt of the city; refunding 25 all or any previous issues of any type bonds and revenue 26 certificates; the establishment, purchasing, maintenance and 27 extension of public utilities, such as water, gas, or electric light plants, and for the acquiring of sites for such public utilities by purchase or condemnation; the construction and 3o 31 2 I and reconstruction of necessary municipal buildings, hospitals, 2 libraries, museums, sea walls, promenades, piers, wharves, 3 ~ bricJges, highways, sewerage systems, garbage collection and ~. disposal facilities, and ~and fly and mosquite eradication and 5 control; openings, paving and maintaining stre~ets, viaducts, 7 subways, tunnels, sewers, and drains and canals or o~her open ~ waterways' purchasing necessary equipment for the fire 9 department~ a'nd purchasing anc[ acquiring park sites and l0 maintaining the same; to purchase land within or without the ii corporate limits of the city for general public park purposes, 12 and to develop, improve, and maintain the same to be used as 13 ~ zoological gardens, golf courses, tennis courts, baseball and diamond ball grounds, and other recreational purposes; and for 16 such other municipal purposes or general benefit as are the 17 foregoing in their relation to the municipality. 18 ' Sec. 127. Approval by vote of freeholders prerequisite to ~9 issuance. 2O The City of Delray Beach shall have power to issue 21 general obligation bonds only after the same shall have been approved by a majority of the votes cast in an election, in which 2~ a majority of the freeholders who are qualified electors, 25 residing in said city, shall participate, to be held in the 26 manner prescribed by this Charter or by ordinance. 27 Sec. t28. Issuance of refunding bonds; limitation. 28 That the City of Delray ]Beach be and it is hereby authorized and empowered to issue refunding bonds of such 3o city for the purpose of refunding any bonds, or series of bonds, 2 interest, coupons and other obligations heretofore issued for any purpose by the city and said city is authorized to issue and sell said refunding bonds as prescribed by the laws of the State of Florida, or exchange the same in a manner provided by law. Said refunding bonds shall bear such rate of interest as the ? 8 governing body of the City of Delray Beach shall determine~; pr, ~viding, however, that the refunding of outstanding Bonds and Interest a:Ld Redemption ~ ~ty~/~A/~ttl~ltA,~/~tl'~/~/~[4~l~,'~l~l¥~/ i Premiums thereon be at a lower net average interest co,~t rate, !0 ii ~/~/f~6/i~//~/~/V/~f/~/and shall mature at such times 1! and in such manner as said governing body shall determine. Sec. 129. Same--Authority of city to make agreements. 13 The city council of the City of Deiray Beach is hereby ~ empowered to enter into agreements with the holder, or holders 15 i6 of any outstanding bond, or bonds, coupon, or coupons, or 17 other obligations heretofore issued, or now owning by said city 18 regardless of whether such bonds, or coupons, or obligations 19 are then due and payable~ providing for the refunding of the 20 !i indebtedness represented by such bond, and/or coupon, and/or :~ other obligations, upon such terms and conditions as may be ~ agreed upon. 2~ Sec. 1~0. Agreement for refunding indebtedness--Contents; 25 scope. 26 An agreement for refunding of the outstanding indebtedness 27 of the City of Delray Beach, pursuant to the provisions of this Act may provide for any or all the following: s9 (1) For the issuance, in the retirement of said outstanding I bonds and/or coupons, and/or obligations of any class in such 2 proportions as may be agreed upon. (2) For the levying of ad valorem taxes upon all taxable property in the city which was previously obligated for the 5 payment of the bonds to be refunded, without limitation of the ad valorem tax rate, or amount for the payment of the principal ? 8 and interest of such refunding bonds. 9 (S) For the classification of the indebtedness of the City !0 of Delray Beach being refunded into such classes as may be agreed upon between the said city alud the holders of bonds, or 12 other obligations being refundedj and the fixing of a definite 13 ratio between the amount of taxes levied for current expenses 14 and the amount of taxes levied I~or the payment of the principal !5 16 and interest of bonds issued under the provision of this Act. 17 (4) For such other undertakings and covenants on the part 18 of the City of Delray Beach not inconsistent with the !~ Oonstitution of' the State of Florida, and this Act shall be 2O intended to confe~~ upon the Oity of Delray Beach complete 21 power and aathority ~o enter into such arrangements with its 22 23 ~ cseditors as may be necessary, or expedient for the purpose of 2~ I refunding its outstanding bo~ded indebtedness and other i; ob!igations~ and the interest thereon, and this Act shall be 26 ii libe~a!ly construed to ~' ~- e~fectua~,e that intent 27 Sec. 12i. Scope of city's a~thorityto refund bonds. =~ ~c~ared to be the purpose and iatea~ of this it is her~y d = : s9 Act to toni'er ~tpo,.~ the City of I~elray ~each addf~:io~al authority 3O ~ and power to refund its outsta;~ding ~ndeoted:~ess, .[ucluding 2 bonds and interest coupoi~s, and all rights aJ~d power gray, ted ,~e:'~a s:~a_l be s',,~p.?~e,.neatary to and cumulative with all other a~tnor~,~y of la~ now existiag for 'the issuance of such refunding' bonds. Sec. 1S2 Definition. 7 8 Revenue bonds, excise tax bonds and assessment bonds 9 may be issued under the provisions of this article. Whenever i0 the words "bond" or "bonds" only are used in this article such i1 words shall include the revenue bonds, excise tax bonds and assessment bonds provided for in this article to the full extent 13 that the provisions of this article are applicable to such different types of bonds. The city may in its discretion !5 16 designate any of such bonds as certificates instead of bonds. 17 Sec. 133. Bonds. i8 (1) The city shall have power '~o construct, acquire, 19 repair, improve, extend and operate water systems, sewer 20 systems, gas systems, electric systems, public parking 21 systems, including both off-street and on-street public parking 22 facilities, and to issue from time to time, revenue bonds ~3 payable from the revenues derived from such water systems, 25 sewer systems, gas systems, electric systems, public 26 parking systems or any other revenue producing undertakings ~7 or enterprises which the city is authorized by this charter or any other law to construct or acquire, (hereinafter referred to ~9 as revenue undertakings"), or any combination of such $o 31 6 I systems or other revenue undertakings, to finance or refi- nance the cost or part of the cost of the acquisition, construc- tion, reconstruction, repair, extension or improvement of such systems or other revenue undertakings or any combination 5 thereof, including the acquisition of any property, real or personal, or'mixed, therefor or other costs in connection ~flerewlth. 9 (2) Any two or more of such systems or other revenue !0 undertakings may be combined and consolidated into a single ii revenue undertaking, and may thereafter be operated and 12 maintained as a single revenue undertaking. The revenue 13 bonds authorized herein may be issued to finance any one or more of such revenue undertakings separately, or to finance two oi~ more of such revenue undertakings and regardless of 17 whether or not such revenue -undertakings have been combined 18 and consolidated into a single revenue undertaking as provided herein, if the governing body of the city deems it advisable, 2O the proceedings authorizing such revenue bonds may provide 21 'chat the city may thereafter combine the revenue undertakings 22 ! then being financed or theretofore financed with other revenue il undertakings to be subsequently financed by the city and that 25 revenue bonds to be thereafter issued by the city to finance ~6 such subsequent revenue under~ak~nss shall be on a parity with 27 the revenue bonds then being issued under such terms, conditions and limitations as shall be provided, and may e9 ~urzner provide that the revenues to be derived from the 3o 31 7 " issuance of such parity revenue bonds be also pledged to the 3 holders of any revenue bonds theretofore issued to finance the revenue undertakings which are later combined with such subsequent revenue undertakings. 6 ($) rfhe city shall also have power to pledge as additional ~ security for such revenue bonds issued under this article any 9 utilities services taxes, cigarette taxes, francise taxes, !0 occupational license taxes, or any other excise taxes or other !! funds which the city may have available to pledge to the 12 payment of the principal of or interest on such revenue bonds, 13 and for reserves therefor, except moneys derived from ad valorem taxes, or any two or more o£ such excise taxes or ~5 16 other funds. i7 Sec. 134. ]Excise tax bonds. 1,3 The city shall also have power -to issue from time to time 1.9 ; excise tax bonds payable from the proceeds of utilities services i taxes, cigarette taxes, francise taxes, occupational license 21 i ~ taxes, or any other excise taxes or o~her funds which the city may have available to pledge to the payment of the principal o£ and in~erest on said excise tm~ bonds, except moneys derived 25 from ad valorem taxes, to £ina~ce or refinance the cost or par~ of the cost o~ the construction, acquisition, reconstruction, 27 extension, repair or improve~ment of any works, properties, improvements or other purposes, except for the payment of ~9 curt'ca'.: e:~p.enses, which the city is authorized by this charter 50 I or any other law to construct, acquire or undertake. 2 Sec. 135. Assessment bonds. 3 (!) ~fhe city shall have power to issue assessment bonds to finance the cost, or p, art of the cost, of any works or improvements which the city is authorized by this charter or any other taw to construct, reconstruct or improve and to 7 8 specially assess the cost, or part of the cost, thereof against 9 the lands and real estate specially benefited thereby, in an !0 i! amount equal to the estimated cost after the confirmation of :;the initial resolution authorizing such local improvements and the letting of contracts therefor, and in the amount of assess- ments confirmed after the final confirmation and levy thereof, and to pledge for the payment of such assessment bonds all or 15 16 any part of the special assessments levied or to be levied for 17 such works or improvements. The proceedings authorizing the 18 issuance of such assessment bonds may provide that all such 19 special assessments levied for such works or improvements 2O may be deposited in a special fund, which may be pledged for 21 the payment of such assessment bonds, and for reserves therefor. The city may also pledge as additional security for 23 24- such assessment bonds any special assessments theretofore 25 levied for other works or improvements. 26 (2) The city shall also have power to issue assessment 27 bonds and to pledge for the payment thereof any special e8 assessments therefore levied for any such works or improve- ~9 ments, regardless of whether such special assessments have 31 9 I been levied for any one work or improvement, or for two or 2 n~ore ~orks or improvements~ and regardless of the times 3 when such special assessments were levied for such works or ! ............ .:.-*--~',*-c ~:i~ ':iF~2~'ZLiZiS such assessn2en~ bonds may provide that all such. special © assess~nents levied for such works or improvements may be 7 S deposited in a special fund which may be pledged for the 9 payment o~~ such assessment bonds and ~'or reserves therefor. i0 (3) Notwithstanding any other provisions of this charter ~ or of any other law or laws to the contrary, the proceedings 12 autho~'-izing the issuance of any of such assessment bonds may 13 provide that any special assessments, or any part thereof, pledged for the payment thereof regardless of the time of the 16 ii levy of such special assessments, may be paid in futl~ with or i? i! withoUt interest in the dis crezion of the city, within a period to 18 be determined by the ho~ern~s body of the city, and that after 19 the expiration of such period the annual installments of such 20 special assessments becoming due thereafter may not be paid 21 prior to the maturity dates of such annual installments except 22 upon payment of all interest due or to become due to the 24 respective maturity dates of such annual installments, or 25 under such terms and conditions as to prepayment of such 26 annual installments as the governing body of the city shall 27 determine. (4) The power to issue the assessment bonds provided for in this se-c~ion shall be deemed additional and supplen~ental authority, and shall not affect the power of the city to issue 2 assessment bonds or other assessment obligations under any other provisions of this charter or under any other law. ($) The city shall also have power to pledge any special assessments as additional security for the payment of any revenue bonds or excise tax bonds issued to finance the works or improvements for the cost, or part of the cost, of which 9 said special assessments have been or are to be levied, under !0 such terms and conditions as the governing body of the city shall determine. Sec. 136. Items constituting costs to be financed. !3 The cost of any works, properties, improvements or !,~ other purposes financed by the issuance of bonds under this i6 section shall include, but not be limited to, construction, costs~ engineering, fiscal or financial and legal expenses, ~o surveys, plans and specifications, interest during cons~ruc- tion or acquisition and for one year thereafter initial reserve 20 funds, discount, if any, on the sale or exchange of bonds, 21 aecuisi~ion of real or personal ..... :~ ~: ~ ~.'. ~ !F. CiUGi.~.:-2' :'~'anchises 2~ and such other costs as are necessary and incidental to the ~3 construction or acquisition of such works, properties, 25 improvement or other purposes and the financing thereof. The city shall have power to retain and enter into agreements with 27 engineers, fiscal agents or financial advisers, attorneys, architects or other consultants or advisers for the planning, ~9 supervision and financing of such works, properties, improvements or other purposes upon such terms and 2 conditions as shall be deemed advisable to the governing body of the city. Sec. 137. Pledging full faith and credit and ad valorem taxing 5 pow er. (1) The city shall also have power to pledge as additional 7 8. security for the payment of any revenue bonds, excise tax 9 bonds or assessment bonds its full faith and credit and ad i0 valorem taxing power, and to provide that such revenue bonds, -~-~ excise tax bonds or assessment bonds shall be payable as to 12_ both principal and interest, and reserves therefor, from ad valorem taxes levied on all taxable property in the city without limit as to rate or amount to ~he full extent that any revenues, 16 excise taxes or special assessments, or any combination 17 thereof~ pledged therefor are insufficient for the full payment of the principal of and interest on such revenue bonds, excise tax bonds, or assessment bonds, and reserves therefor; 2O provided, however, that the full faith and credit and taxing 21 power of the city shall not be pledged for the payment of such 22 revenue bonds, excise t~ bonds or assessment bonds unless the issuance oi' the same has been approved at an election of the 25 qualified electors residing in said city who are freeholders called and held in the manner provided in the Constitution and 2? ~u~us the State of Florida retaking ~o freeholder elections. e8 (2 No~:ths~and~ng any other provisions of this charter oF of any o'd~er' !aw or taws to the contrary, however, no approval _~ of the quazzzze electors residing in said city, or the qualified o electors ...... ~n~' in said city who are freeholders or any ~ re~e~' endure or election of any kind relating to the issuance ~--~ '~ shall be reouired for the issuance of any of said ~Feo~ revenuebonds~ excise tax bonds or assessment bonds unless the full faith and credit and ad valorem taxing power of the city $ is pledged for the payment of such revenue bonds, excise tax 9 bonds or assessment bonds. i0 Sec. 12S. Interest~ financing period and sale of bonds. Ii (i) The provisions of this section shall apply to any revenue bonds~ excise tax bonds or assessment bonds issued under this article. Said bonds may be authorized by resolution or resolutions of the governing body of the city, which may be ~ ~ adopted at the same meeting at which they are introduced by a =o 17 majority of all the members thereof then in office and need not I'~ be published or posted. Said bonds shall bear interest at a six ~ ra~e or ra~es no~ exceeding ~/~/~ and one-ha~~ per centum 6 20 ~ 1/2~0) per annum~ may be in one or more series~ may bear 21 such date or dates, may mature at such time or times not 22 exceeding forty (40) years from their respective dates, 2~4. except that assessment bonds shall not mature later than two 25 years after the maturity of the last annual installment of the 2~ special assessments pledged for the payment of such 27 assessment bonds~ may be payable in such medium of '2 may carry such registration privileges, may be subjec~ to 13 i : such terms of prior redemption, with or without premium, may be executed in such manner, may contain such terms, covenants and conditions, and may in such form otherwise as such reso~.ution or subs. equent resolutions shall provide. Said 5 , bonds may be so!d, or exchanged for refunding bonds, or delivered to contractors in payment for any part of the works ?, 6 or improvements financed by such bonds, or delivered in 9 ' exchange for any properties, either real, personal or mixed, -~ including' franchises to be acquired for such works or ia~provements, all at one ~lm~ or in blocks from time to rime, in such manner as the g'overning body of the city in t ~s discretion shall determine. 15 ; (2) Pending the preparation of the definitive bonds, interlnn ..... ~ '~' ~ ~:~ z~t~cazes or receipts or temporary bonds in such 17 ,': forum and with such provisions as the governing body of the city ~-~ : may determine may be issued to the purchaser or purchasers i~ of '[he bonds issued hereunder. Said bonds and such interim 20 certificates or receipts or temporary bonds shall be fully negotiable and shall be and constitute negotiable instruments 22 wit.bin the meaning of and for all purposes of the law merchant 2'2.'- and the Uniform Commercial Code law of the State of Florida. 25 (3) Said bonds may be issued to refund any obligations ~.ere~o,o~ issued ;o finance such revenue undertakings, works or improvements theretofore issued under any law or laws, or for the combined purpose of refunding such outstanding ] obligations and the construction, reconstruction, extension i or improvement of such revenue undertakings, works or 2 improvements, or any other revenue undertakings, works or " = improvements: provided, however, that such refunding shall be at a 2: lower net average interest-cost rate than the obligations being Sec. iS9. Contents of bond resolution. ! refunded. <i) Any resolution authorizing the issuance of bonds under this article may contain covenants as to: ?, ~ (a) The purposes to which the proceeds of said bonds ~ may be applied, and the securing, use and disposition thereof; !O (b) The use and disposition of revenues derived from revenue undertakings, excise taxes, ad valorem taxes or 12 special assessments pledged for said bonds, and the creation z3 and maintenance of reserve funds; (c) The pledging of all or any part of the gross 16 revenues derived from revenue undertakings, excise taxes, 17 ad valorem taxes or special assessments to the payment of the ~ principal of and in~erest on bonds issued pursuant to this iarticle~ and for such reserve and other funds as may be deemed 20 necessary or desirable; 21 (d) The fixing, establishment~ collection and 22 maintenance of fees, rentals or other charges for the use o_3 .and services of facilities of such revenue undertakings, and .~ ~ne rates or' amounts of such excise taxes, ad valorem taxes opec_~, assessments pledged for such bonds as will always 27 provide funds sufficient to pay the principal of and interest on such bonds~ and all reserves and other funds required by the i~erms of the resolution or resolutions authorizing the issuance ~o I of such bonds; 2 (e) In the enforcement of the collection of revenues -~ when same shall not be paid when due, by discontinuance and shutting off the services to facilities of such revenue under- takings until such fees, rentals or other charges, including o interest, penalties and charges for shutting o£f and discontinu- 7 8 ance or ~:he restoration of such services and facilities are fully 9 paid; by any other lawful method of collection; !0 (f) Limitations or restrictions upon the issuance of !! additional bonds or other obligations payable from the revenues of such revenue undertakings, such excise taxes, ad valorem 13 taxes or special assessments~ and the rights and remedies of the holders of such additional bonds, or refunding bonds, 16 issued thereafter, and the rank and priority, as to lie~ and 17 source and security for payment from the pledged funds -'-~ between bonds issued pursuant to this article and bonds there- 19 after issued; 2O (g) The appointment of a trustee or trustees to hold 21 and apply any funds provided for in this article and the 22 appointment of a receiver upon default of the city in the ~3 24 payment of the principal of and interest on said bonds or 25 d~:~.aul~ under the terms and covenants contained in the proceedings authorizing the issuance of the same; 27 (h) Such other and additional covenants as shall be deemed desirable or necessary for the security of the holders of the bonds issued pursuant to this article. 3! ~ ('~) ~11 such covenants and agreements shall constitute 2 valid and legally binding contracts between the city and the holders oi' any bonds issued pursuant to this article re~gardless o? ~he time o!' issuance thereof, and subject to any limitations 5 contained in the proceedings authorizing the issuance of such bonds, s~a~l be en±'orceable by any holder or holders of such bonds, ac~ing either for himself or themselves alone~ or acting in behalf of all other holders of such bonds, by appropriate i0 proceedings in any court of competent jurisdiction. Sec. 140. Security of bondholders. !2 The holders of the bonds issued pursuant to this article i3 shall have a lien upon revenues derived from revenue under- 15 takings, excise taxes~ ad valorem taxes or special assess- ~ ~ ments pledged therefor to the extent and in the manner i7 ~rovided in the resolution authorizing the issuance of such i8 bonds, ~vhich lien shall be prior and paramount and over and ahead oi' any claims or obligations of any nature against said pledged ±'unds subsequently arising or subsequently incurred, 21 except as rp. ay be provided in the resolution or resolutions 22 23 authorizing such bonds. 2~ Sec. I~t. Supplemental powers. 25 The powers conferred by this article shall be in addition 26 and sappierr~ental to the existing powers of the city, and this 27 ar~icie shall no~ be construed as repealing any of the provisions oi' a~ay other la~g~ general or local, or charter provision~ but ~9 %o provide an alternative and complete method for the exercise _I o£ the powers granted in this article. Such revenue under- 2 takings may be constructed, acquired or improved and such revenue bonds, excise tax bonds and assessment bonds issued pursuant to this article without regard to or necessity for 5 compliance with the limitations or restrictions contained in ? any other charter provision, general, special or local law, including, but not limited to, any requirement for the approval 9 by the qualified electors residing in said city or qualified iO electors who are freeholders residing in said city for the .... exercise of any of the powers provided in this article, except 12 as provided in section 137 of this article for the pledge of the !3 full faith and credit and ad valorem taxing power of the city as 14. additional security for such revenue bonds, excise tax bonds or !5 16 assessment bonds issued pursuant to this article. 17 Sec. 142. Saving clause. ±o If any part or provision of this Act shall be found invalid =~ by any court it shall be presumed that this Act would have been passed by the legislature without such invalid part of provision 21 and the Act as a whole shall not be deemed invalid by reason of 22 the fact that one or more parts or provisions may be found 2~. invalid by any court. 25 Section 2. Ail laws or parts of laws in conflict herewith ~-~ are hereby repealed. 27 Section ~. it is declared to be the legislative intent that if any portion of the Act is held invalid~ the remaining provisions of this Act shall not be affected but shall remain in full force ~ 'i i 8 i and effect. 2 Sectio~ 4. This Act shall take effect immediately upon 3 becoming law. 5 O !0 !2 !3 21 22 2~