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Res 10-68 R~SOLU±~ON NO. 10-68 A RESOLUTION authorizing the issuance of $400,000 Utilities Tax Revenue Cer- tificates Anticipation Notes, providing for the payment thereof and entering into certain covenants and agreements in that connection. WY~REAS, on October 30, 1967, the City Council of the City of Delray Beach adopted Resolution Number 26-67, authorizing the issuance of $600,000 Utilities Tax Revenue Certificates, Series 1967, of the City of De!ray Beach, for the purpose of paying the · Cost of the construction of works and improvements to prevent ero- sion of beaches within said city, the construction of a municipal building for the municipal court and jail and other police admin- istration facilities in said city, ~ncluding the acquisition of furniture and equipment therefor, the construction of storm drain- age facilities and the acquisition of rights of way ~erefor, 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 there- in, and of any fixtures, equipment or properties, either real or personal, deemed necessary or desirable therefor, expenses for financial and legal services or consultants, expenses for estimates of costs, expenses for plans, specifications and surveys and paying al! expenses properly incident to the foregoing; and WHEREAS, said certificates have been validated by the Circuit Court of the Fifteenth Judicial Circuit of the State of Florida in and for Palm Beach County pursuant to decree entered on December 21, 1967; and ~ WHEREAS, said Utilities Tax Revenue Certificates, Series 1967, have not yet been sold and it is desired to borrow money in anticipation of receipt of the proceeds of said certificates through the issuance of anticipation notes under Section 215.431 of the Florida Statutes (Laws 1959, Chapter 59-i27); NOW, TI~REFORE, be it resolved by the City Council of the City of Delray Beach, as follows: .~ Section !. That for the purpose of paying the cost of the'construction of works and improvements to prevent erosion of beaches ~ithin said city, the construction of a municipal building for the municipal court and jail and other police administration facilities in said city, including the acquisition of furniture and equipment therefor, the construction of storm drainage faci- lities and the acquisition of rights of way therefor, the acquisi- tion and improvement of off-street parking lots, and the acquisi- tion of street rights of way and improvement thereof, and including the cost of acquisition of any lands or interests therein, and of any fixtures, equz~men~ or properties, either real or personal, deemed necessary or desirable therefor, expenses for financial and legal services or consultants, expenses for estimates of costs, expenses for plans, specifications and surveys and paying all ex- penses properiy~incident to the foregoing, and in anticipation of the receipt of the proceeds of the sale of $600,000 Utilities Tax Revenue Certificates, Series 1967, of the City of Delray Beach authorized by Resolution Number 26-67, there are hereby authorized to be issued the Utilities Tax Revenue Certificate Anticipation Notes of the City of Delray Beach in the aggregate principal amount of $400,000. Said notes shall be dated Dece~?oer 1, 1967, and shall bear interest from the date of delivery Ukereof until payment of principal at the rate of four and one-half per cent (4-1/2%) per annum payable semiannually on t~e first days of June and December of each year, both principal and interest to be paya3ole in lawful money of the United States of ~lerica at the principal offices of First National Bank of Delray Beach and Deiray Beach Na-aiona! Bank in the City of Delray Beach Florida. Said notes October 30, 1970. Said notes at any time outstanding shall be payaLle upon ~ ~ ~ p~r~ aL any ten days notice by ~he city as a wno~e, ane net in -2- time from the proceeds of the sale of the aforementioned Utilities Tax Revenue Certificates, Series 1967. Section 2. That said notes are hereby sold, in the fol- lowing amounts and of the maturities and denominations and bearing the numbers indicated below, to the following respective purchasers: ~400~000 Notes Due October 30, .1970 Notes Numbered Denominations Purchasers i. $200,000 First National Bank of Delray Beach 2. $200,000 Delray Beach National Bank Section 3. That said notes sh~ll be issued in registered form and shall be payable as to principal and interest only to the registered owner or his legal representative. Interest on each of said notes shall run from the date of delivery, which shall be specified therein, until payme.n.t of principal and the Mayor and City Clerk shall cause such date to be written or stamped, at the appro- priate place, on the face of each such note prior to delivery thereof. Section 4. That the ~ayor, Director of Finance and City Clerk shall have prepared and execute, under seal of the City of Delray Beach, fully registered notes in substantially the follow- ing form: UNITED STATES OF AM. RRiCA STATE OF FLORIDA COUNTer OF PAI~ BEACI-I CITY OF DELRAY BEACH UTILITIES TAX REVEN~JE CERTIFICATE ANTICIPATION NOTE Number $ i<NOW ALL ~v~q~'N ~Y Ti{ESE PRESENTS that the City of Deiray Beach in the County of Palm ~each and State of Florida for value received hereby promises to pay to 'the registered owner hereof, solely from the source hereinafter specified, the sum of Dollars ($. ) in lawful money of ~ahe United States of AR, erica on or before · 19 , and from said source to pay interest on said sum from the date of delivery hereof ( , 1968), at the rate of four and one-half per cent (4-1/2%) per annum· payable semiannually on the first days of June and December in each 'year, and upon payment of the principal hereof· both principal and interest being payable at in the City of Delray Beach· Florida· upon presentation of this note for appropriate annotations on the pay- ment record hereto attached when interest is paid and for surrender and cancellation when principal is paid. Payments of interest shall be noted on the Payment record and made a part of this note. This note is one of a duly authorized issue of $400,000 ~ e notes issued in anticipation of ~h . receipt of the proceeds of the sale of $600,000 Utilities Tax Revenue Certificates· Series 1967, of the City of Delray Beach, which were authorized pursuant to Resolution Number 26-67 adopted by the City Council of the City of Delray Beach on October 30, 1967, for the purpose of paying the cost of the construction of works and improvements to prevent erosion of beaches within said city· the construction of a munici- pal building for the municipal court and jail and other police 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 righ-as of way and~m~ove~.,~ ~ .......... ~.~o~ ....., ~te~ es~s and including the cost of acquisition of any lands or ..... ' therein, and of any fixtures, equipment or 'oroper'aies, eitker real or personal, decreed necessary or desirable therefor, expenses for financial and legal services or conouz~d~nts ex'senses for estimates of costs exeenses for plans sp~cizications and surveys aha :oavzng all c>~'penses properly incident to the foregoing. Said issue of notes has been authorized pursuant to resolution adopted by said City Council on , 1968, under authority of the Florida Statutes, Section 215.431. The City of Deiray Beach has covenanted and agreed and does hereby covenant and agree to exercise its best efforts to issue and deliver all or a sufficient portion of the aforementioned $600,000 Utilities Tax Revenue Certificates, Series 1967, and to apply the proceeds thereof to the payment of the notes of which this is one prior to October 30, 1970. This note and tile issue of ~nich it is a part are payable solely from the proceeds of the Utilities Tax Revenue Certificates, Series 1967, in anticipation of which they are issued, except that interest on said notes failing due at any time prior to the issuance and delivery of said Utilities Tax Revenue Certificates, Series 1967, shall be paid from the current revenues to be derived from the collection of utility taxes of the City of Delray Beach. Except to the extent precluded by the rights of the holders of outstanding Utilities Tax Revenue Certificates, the holders of the notes of the issue of which this is one shall have all of the rights and privi- leges provided ~ ~ zo~ the security of the Utilities Tax Revenue Cer- tificates, Series 1967, in anticipation of the proceeds of which such notes are issued, and shall have the same right to enforce all remedies as is provided ~y Resolution Number 26-67 authorizing said certificates. For a more part~cu~r statement of the cove- nants securing the notes of the issue of which this is one reference is hereby made to the aforementioned resolution of , 1968. This note does not constitute a corporate indebtedness of the City of De!ray Beach nor shall said city be obligated to pay this note or interest thereon except from the proceeds of said Utilities Tax Revenue Certificates, Series 1967, and the Utility ~-~'~4.. collections. it is hereby certified and recited ~-~- ~u all acts, con" ditions and things required by the Constitution and laws of Plorida including the charter of said city and the proceedings authorizing the issuance hereof, to happen, exist and be per- formed precedent to and in the issuance of this note have hap- pened, exist and have been performed as se required. iN WITNESS WHEREOF, the City of Deiray Beach has caused this note to be executed on its behalf by its Mayor, coun- tersigned by its Director of Finance, and attested by its City Clerk, and the corporate seal of said city to be impressed hereon}. all as of the first day of December, 1967. Mayor Countersigned: Director of Finance Attest: City Clerk (Provision for Registration) This note has been registered as to principal and interest in the name of the holder hereof on the books of ~he Director of Finance of the City of Deira~ Beach as Registrar as follows: D~te of Reqistrv Name of Rec~istered ~older Siqnature o,f Regi, str~r : : : : : {Form of Assignraent) hereby sell and assign and transzer unto ~c within~o~c ant all ri -cl~e anG l~e~cs~ 'thereto a~;G Lrrovocab±y authorize -6- , Attorney, %0 ~ansfer said note on I,~ tP~e the boons of the ~ ~' .... .,eg~strar with zu±± power of substitution "~ premises. Dated ., 19__ (L.S.) In the presence of: Witnesses Payment Record interest Payment (4-1/2~) Name of Paying Agent and signature and Title Date Due Amount Date' Paid of Authorized Official June 1, i968 December 1, 1968 June I, 1969 December 1, !969 June i, 1970 October 30, 1970 Section 5. That in consideration of the purchase of said notes by the respective purchasers thereof, the City of Delray Beach hereby agrees so long as any of the notes herein authorized remain outstanding, as follows: A. The holders of said notes shall have the right to enforce ail of the covenants prescribed by the proceedings author- izing the issuance of the U'~iiities Tax Revenue Certificates, Series 1967, and all other utility tax revenue certificates of the city now outstanding, including, without iimitation~ the right to require the city to pay interest on and sinking fund charges in favor of all utility tax revenue certificates, as well as the notes herein auth- orized as may be outstanding from 'time to time. B. The city represents that it has new and will from time to time have the power to issue and sell the Utilities Tax Revenue Certificates, Series 1967, authorized pursuant to Resolu- tion NuP~?oer 26-67. C. Upon the issuance of said certificates the notes herein authorized shall contemooraneousiy be paid, as top.~'~'~nc~p~ and interest, and cancelled. o~lmg~zo~s now outstanding, the city D. Except for ~ ' ~'~' .will not incur or permit to exist any obligations, debts or direct or contingent liabilities of any character whatsoever which are or may be enforceable=g~zns- -" ~= 'the utility tax collections except as evidenced by the no%es herein authorized and the Utilities Tax Revenue Certificates, Series 1967. ~. The c~ey will aeply the proceeds of said notes solely for 'the purpose z -~ ~o~ which they are herein authorized. F. The holders of the notes herein authorized shall have any and al! rights and remedies either at law or in equity to enforce the provisions of this resolution and the notes herein authorized. G. The city will supply all necessary information to the holders of the notes that any such holder may reasonably re- quire or request to show that the city is carrying out its cove- nant and agreements as herein set forth. H. The city will incur no obl~gation payable from the proceeds of said Utilities Tax Revenue Certificates, Series !967~ ranking ahead of the obligation of the city to pay the notes here- in authorized from said certificate proceeds. Section 6 That the city intends, and will use its efforts to make all necessary arrangements in order to issue and deliver the Utilities Tax ~evenue Certificates, Series i9~7, and to 'pay the notes herein authorized prior to ©ctoLer 3~ 197©. The city agrees, however, that said certificates will not be sold at a price less than 9?/o of ~-~ ..... ' ..... ~' ....... - '' u~e p~ncz~ ~mo~:~ thereof axe -cna~ Resolution Nu~nber _e-67 will no~ se amended to reduce -one amount of certi~-'~c~e~ ..... or'- said issue 'co' an amount less than wi~z" ~ pzoo~ce-- surZmczen~c proceeds to ~ss~re, with any available revenues, retlrEment' of all o~ tne~ notes herei-% authorized, ~×c~ with consent oz~ the holder of every no'aa' which sn~' -'I not be paid in full upon the issuance and delivery of said certificates. Section 7. That if, at any time after date of note , ~e~-i., the holders of 100% in aggregate principal amount of the notes then outstanding '~ ~' ~ s.~a:m feel it necessary to 'orevent default in -the pa!/ment of ~n~ principal amount of the notes herein author- IzEd, said holders may require the city to seal to said ~o~de~s all or a sufficient portion of the e~t!!ities Tax Revenue Certificates, Series !967, at the price of 95pS of the par' value thereof and accrued interest to -the date of de!iver!/. Notice of the e>~ercise of such right shall be given by renistered raail to the C{tv. ~ Clerk at least ~ ~ '= ....... ~oray-:Ive days Drier to -cna aa-ce upon which said certi- ficates are to be delivered and ~' ama=ns said period ~as well as at an,_/ time prior thereto) the city shall nave ~.= com:ola'ae right to sell said certificates and deliver 'a..e ss~m,e to any other purchaser or purchasers so long as the city is thereby enabled to pay the s. otes herein authorized; it=s: · ~,e ix'cen-cion cz -Chis section to provide that the holders of ~ ' ~.~ notes snaii have such rlgnm '~o purchase the certificates so as to make sure that said cer-cificates will in fact be issued and delivered prior to October 30, 1970, the date upon which said notes must be paid under Section 215.631 of the ' ~''~ . Pzo. laa Statutes Section 8.T~a~'~ ~- if any section, paragra-}h~ ciause or provision of this rEsolu~cion ~"~'~ ..... ~l~ be held to se inva~ia or in- effective for any reason tne remainder of ,cnls resoiutio'.~ continue in full force ande~,_~c~, i~c' being e-~.~pressi', -nerebv found and declared that the remainder of~n,_s~ resolution would have ado'otcd desPitE the ~ ...... '~ ' ~ ~nva~e.!~y or ineffectiveness ofs~c.~ -~ section p~z~gr~pn, clause or provision. Passed and adopt 1968. ~~ ay o r Attest: ; _ City Cle~ The foregoing resolution and zorm of note ~he~ein con- City Attorney The foregoing resolution and the expenditures for which provision is therein made are approved by me this ~/~ day of , i9 s. Director of Finance -I0-