Res 1429-62 RESOLUTION NO. 1429
A RESOLUTION authorizing the issuance of
~l,~O0]000'Utilities Tax Revenue Certificates,
Series 1962, of the City of Delray Beach,
providing for the payment and sale of such
certificateS, entering into certain covenants
and agreements in that connection, and
declaring an emergency.
WHEREAS it is necessary for the City of Delray Beach
to make the improvements and extensions hereinafter mentioned
to the sanitary sewer plant and system of said city; and
WHEREAS it is necessary to borrow the sum of $1,100,O00
for the purpose of paying the cost of said improvements and exten-
sions and said city desires to issue its Utilities Tax Revenue
Certificates, Series 1962, as hereinafter authorized, to evidence
such borrowing; and
WHEREAS pursuant to proceedings heretofore adopted
said city has been levying a tax on the purchase of certain
utilities services, the proceeds of which tax, upon the issuance
of the certificates herein authorized, will not be pledged or
hypothecated in whole or in part in any manner or for any purpose
other than the payment of such certificates;
~0W, THEREFORE, Be It Resolved by the City Council
of the City of Delray Beach, Palm Beach County, Florida, as
follows:
Section 1. That as used herein the following terms
shall have the following meanings unless the context otherwise
clearly requires:
(a) "City" means the City of Delray Beach~
(b) "Certificates" and "certificates herein
authorized" mean the $1,100,O00 Utilities Tax Revenue Certificates,
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Series 1962, authorized by this resolution° As used in
Sections 5 to 8, inclusive, hereof, "certificates" also includes
parity certificates.
(c) "Parity certificates" means obligations
issued on a parity with the certificates herein authorized under
the provisions of Section 7 hereof.
(d) "Utilities tax" means the tax imposed by said
city on each and every purchase in said city of electricity,
bottled gas (natural or manufactured), and local telephone service.
Said term shall also apply to all taxes imposed by the city on
the purchase of utility services other than water, whether levied
in the amounts prescribed by the utilities tax ordinance or in
any other amounts and whether imposed on the purchase of the same
utilities services or any other or additional utilities services,
either by amendment to the utilities tax ordinance or otherwise.
(e) "Utilities tax ordinance" means all proceedings
imposing the utilities tax, including Ordinance Number 535 of said
city adopted on July 9, 1945, as amended by Ordinance Number 567
adopted January 28, 1946, Ordinance Numbered Gl05 adopted
September 8, 1950, and as amended and reenacted by Ordinance
Number 192 adopted July 13, 1954, and every supplementary ordinance
or other ordinance in lieu thereof as may hereafter be adopted.
(f) "Fiscal Year" means the twelve month period
used by the city for its general accounting purposes as the same
may be changed fro'~ time to time.
Section 2o That for the purpose of paying the
cost of improvements and extensions to the sanitary sewer plant and
system of said city (such improvements and extensions to consist of
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the following:
Construction of ocean outfall and master lift station
in accordance with plans and specifications prepared by Russell
& Axon, consulting engineers,
)
and paying all expenses properly incident thereto 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 1962, of said city in
the aggregate principal amount of $1,100,000. Said certificates
shall be dated December 1, 1962, shall be in tt~e denomination of
$1,000 each, shall be numbered 1 to 1~100, inclusive~ shall bear
interest from date until paid at the rate of five per cent
(5%) 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 1, 1965, 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 of the United States of America at a bank or trust company
to be designated by the city after receipt of recommendation of
the purchaser of the certificates, and shall mature serially in
numerical order on June 1 of each of the years as follows:
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Certificate Numbers Amount Year
I to 15 $15,000 1965
16 to 30 15,000 1966
31 to 45 15,000 i9~
46 to 60 15,000 19b.~
61 to 95 35,000 1969
96 to 130 35,000 1970
131 to 165 35,000 1971
166 to 205 40,000 1972
206 to 245 ~0,000 1973
246 to 285 40,000 1974
286 to 325 20,000 1973
326 to 370 45,000 197b
371 to 415 45,000 1977
416 to 460 45,000 1978
461 to 510 50,000 1979
511 to 560 50,000 1980
561 to 610 50,000 1981
611 to 665 55,000 1982
666 to 720 55,000 1983
721 to 780 60,000 1984
781 to 840 60,000 1985
841 to 900 60,000 1986
901 to 965 65,000 1987
966 to 1030 65,000 1988
1031 to 1100 70,000 1989
Certificates numbered 246 to 1,100, inclusive, shall
be callable for redemption prior to maturity at the option of the
city on June 1, 1973, 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 of
$35 for each certificate so redeemed on or prior to December 1,
1977, $30 for each certificate so redeemed thereafter and on or
prior to December 1, 1981, $20 for each certificate so redeeme8
thereafter and on or prior to December 1, 1985 and $10 for each
certificate so redeemed thereafter prior to maturity. Notice of
the call of any certificate for redemption shall be given not less
than thirty (30) 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 notice 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 call~
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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 the address shown
on the registrar's registration books.
Section 3. That said certificates shall be
signed by the Mayor of the city, attested by the City Clerk,
and endorsed by the City Attorney and, under Section 215.43 of the
Florida Statutes, shall have imprinted thereon a facsimile of the
corporate seal of the City of Delray Beach. The City Council
hereby authorizes the execution of said certificates with the
facsimiles of the official signatures of the City Clerk
and the City Attorney. Interest falling due on said certificates
on and prior to maturity shall be represented by coupons attached
to said certificates signed with the facsimile signatures of said
Mayor and City Clerk, who, by the execution of the certificates,
shall adopt as and for their own proper signatures their facsimile
signatures appearing on said coupons. Said certificates shall be
registrable as to principal in the manner and with the effect set
forth in the next section hereof.
Section 4. That the certificates an8 the coupons
to be thereto attached and the endorsements to appear on the back
thereof shall be in substantially the following form:
(Form of Certificate)
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF PALM BEACH
CITY OF DELRAY BEACH
UTILITIES TAX REVENUE CERTIFICATE SERIES 1962
Number $1,000
The City of Delray Beach in Palm Beach County,
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Florida, for value received hereby promises to pay to bearer, or if
this certificate is registered as to principal then to the registered
holder hereof, solely from the revenues hereinafter specified, the
sum of One Thousand Dollars ($1,000) on the first day of June,
19 , and to pay, solely from said revenues, interest on said sum
until paid at the rate of per cent (... %)
per annum, payable June l, 1963, and semi-annually thereafter on
the first days of June and December of each year, with interest Uue
on and prior to maturity hereof payable only upon presentation and
surrender of the annexed interest coupons as they severally become
due. Both principal hereof and interest hereon are payable in
lawful money of the United States of America at
in the City of
Certificates numbered 246 to 1,100, inclusive, of
the issue of which this certificateis one, are callable for
redemption prior to maturity at the option of the city of June l,
1973 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 of $35
for each certificate so redeemed on or prior to December l, 1977,
$30 for each certificate so redeemed thereafter and on or prior to
December l, 1981, $20 for each certificate so redeemed thereafter
and on or prior to December l, 1985 and $10 for each certificate
so redeemed thereafter prior to maturity. Notice of the call of
any certificate for redemption is to be given not less than thirty
(30) days prior to the date fixed for redemption by registered mail
to the bank at which the certificates are payable and by publication
of an appropriate notice 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
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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 the address shown on the registrar's registra-
tion books.
This certificate is one of an issue of
$1,100,O00 of like tenor and effect, except as to maturity (interest
rate) and option of redemption, issued pursuant to the Constitution
and Laws of Florida and a resolution adopted by the City
Council of said city on , 196~, for the purpose
of paying the cost of improvements and extensions to the sanitary
sewer plant and system of said city and paying all expenses
properly incident thereto and properly incident to the authoriza-
tion and issuance of the certificates of which this is one~
For the specific provisions governing the issuance of the
certificates of which this is one, including the rights of the
city to issue additional obligations on a parity and to amend
said resolution with the consent of the holders of seventy-five
per cent of all such certificates and parity obligations,
reference is hereby made to the aforementioned resolution.
This certificate and the issue of which it is
a part are payable solely, as to both principal and interest, from
the proceeds of the tax imposed by said city on the purchase of
certain utility services, including electricity, bottled gas
(natural or manufactured), and local telephone service in said
city, and it is provided in said resolution that, to the extent
necessary to pay principal of and interest on the certificates
payable therefrom and to carry out the provisions of said resolu-
tion, said tax shall be levied and collected in the largest amount
now permitted by law and in such increased amount as may hereafter
become permissible, and that said tax as it is now being levied
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will not be repealed or decreased while any of such certificates
remain outstanding. This certificate, including interest hereon, is
payable solely from the proceeds of said utilties tax and does not
cons~itute an indebtedness of the City of Delray Beach within the
meaning of any constitutional, statutory or charter provision or
limitation; however, the City of Delray Beach has reserved the
right to make any payment for the benefit of the certificates of
the issue of which this is one from any other legally available
source. It is expressly agreed by the holder of this certificate
that such holder shall never have the right to require or compel
the exercise of the ad valorem taxing power of said city or the
taxation or assessment of real estate in said city for the payment
of the principal of or interest on this certificate or the making
of any sinking fund, reserve or other payments provided for in the
above described resolution. It is further agreed between said city
and the holder of this certificate that this certificate and the
obligation evidenced thereby shall not constitute a lien upon any
property of or in the City of Delray Beach but shall constitute
a lien only on the revenues hereinabove in this paragraph described.
Under the provisions of Section 135 of the charter of
said city, this certificate shall constitute a negotiable instrument
within the meaning of the negotiable instruments law; however,
this certificate may be registered as to principal in accordance
with the provisions endorsed hereon.
It is hereby certified and recited that all acts,
conditions and things required by the Constitution and Laws of
Florida and the charter of said city to happen, exist, and be
performed precedent to and in the issuance of this certificate
have happened, exist and have been performed as so required.
This certificate is one of an issue of certificates
which were validated and confirmed by decree of the Circuit Court
of the Fifteenth Judicial Circuit of the State of Florida in and
for Palm Beach County rendered on , 1962.
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IN WITNESS WHEREOF said City of Delray Beach has
caused this certificate to be signed by the Mayor of said city,
attested by its Clerk and approved by its City Attorney (the
signatures of said and City Attorney being
by facsimile), and a facsimile of the corporate seal of said city
to be .imprinted hereon, and has caused the interest coupons
hereto at~ached to be executed with the facsimile signatures of
said Mayor and City Clerk, all as of the first day of December, 1962.
Mayor
Attest:
City clerk
Approved as to form, language and execution.
city Attorney
(Form of Coupon)
Numb e r $
On the first day of
unless the hereinafter mentioned certificate is then subject to
redemption and has been called for redemption and provision for
the redemption thereof duly made, the City of Delray Beach, Florida,
will pay to bearer at
in the City of , , the
amount shown hereon solely from the special fund referred to in
and for interest then due upon its Utilities Tax Revenue
Certificate, Series 1962, dated December l, 1962, and numbered .
Mayor
Attest:
Clerk
r
(Form of Registration Certificate)
The within certificate may be registered as to
principal on books kept by the
the City of Delray Beach, as Registrar, upon presentation to such
Registrar, who shall make notation of such registration in the
registration blank below, and this certificate may thereafter be
transferred only upon written assignment of the registered owner
or his attorney thereunto duly authorized or proved, such transfer
to be made on such books and endorsed thereon by the Registrar. If
so registered, this certificate may thereafter be transferred to
bearer and thereby transferability by delivery shall be restored
but this certificate shall again be subject to successive regis-
trations and transfers as before. The principal of this certificate
if registered, unless registered to bearer, shall be payable only
to the registered owner or his legal representatives~ Notwithstanding
the registration of this certificate as to principal the coupons
shall remain payable to bearer and shall continue to be transferable
by delivery.
Date of Signature of
Registration Name of Registered Owner Registrar
: :
: :
: :
: :
:
:
: :
: :
Section 5. That from and after the issuance of
any of the certificates, and continuing until the payment of all
certificates (including parity certificates) as to principal and
interest the proceeds of the utilities tax shall be and are
hereby pledged for the prompt payment of principal of and interest
on said certificates.
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Said utilities tax shall be collected diligently and
shall, as collected, be deposited in a special fund in a bank to
be designated from time to time by the City Council, which bank
shall be a member of the Federal Deposit Insurance Corporation.
Said fund, to be known as the "Utilities Tax Revenue Fund," shall
be held as a special trust account separate and apart from all
other city funds and shall be secured in the manner required by
law for the securing of public funds.
From the money in the Utilities Tax Revenue Fund the
city shall, on or before the 10th day of each month, beginning
with the month following delivery of the first of the certificates
herein authorized, transfer into a fund to be held by the
First National Bank of Delray Beach, Florida, and known as the
"City of Delray Beach Utilities Tax Certificates Principal and
Interest Redemption Fund" (hereinafter called the "Certificate
Fund") an amount equal to one-sixth of the interest payable
therefrom on the next succeeding interest payment date and,
beginning on June 10, 196~, one-twelfth of the principal payable
therefrom on the next succeeding principal payment date. Such
payments shall be increased in ever~y month whenever and to the
extent necessary to assure the availability of sufficient money
in the Certificate Fund to pay currently maturing principal and
interest payable therefrom. Such payments may be diminished or
eliminated only as permitted by the third following paragraph and
by the last paragraph of this section.
Money in the Certificate Fund shall be paid out solely
for the purpose of paying currently maturing principal of and
interest on the certificates without priority or distinction
among the various certificates (including parity certificates)
which may be outstanding. Said fund shall be held as a special
trust account, the beneficial interest in which shall be in the
holders of the certificates from time to time outstanding and shall
be secured to the fullest extent required or permitted by the laws
of the State of Florida relating to the securing of public funds.
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Money in the Certificate Fund shall be invested by the bank holding
said fund at the request of the city in direct obligations of the
United States of America maturing or redeemable at the option of the
holder at par in such manner that said obligations may be liquidated
at times and in amounts sufficient to make all required payments
promptly when due°
Ail accrued interest and premium, if any, received from
the purchasers of the certificates herein authorized plus an amount
equal to interest which will accrue on said certificates within
eighteen months after the delivery thereof (which period is hereby
estimated to be the length of time necessary for the construction
of the improvements and extensions to be made with the certificate
proceeds) shall be paid into the Certificate Fund upon the delivery
of the certificates herein authorized~
Whenever there shall be sufficient money in the
Certificate Fund and in the Reserve Fund for which provision is
hereinafter made to retire all outstanding certificates, further
payments into the Certificate Fund may cease except as may become
necessary to remedy subsequent deficiencies therein or losses
therefrom.
After the payments above required have been made in
each month, all deficiencies remaining from prior months shall
be remedied and then, beginning with the month following completion
of said improvements and extensions or the eiEhteenth month
following delivery of the certificates herein authorized, whichever
is earlier, the money remaining in the Utilities Tax Revenue Fund
shall, to the extent hereinafter prescribed, be paid into a separate
and special fund in the hands of the bank holding the Certificate
Fund to be known as the "City of Delray Beach Utilities Tax
Certificates Reserve Fund" (hereinafter called the "Reserve Fun~d"')~
Each monthly payment shall be made on or before the
tenth day of the month in an amount equal to one-sixtieth of the
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highest future annual principal and interest requirement of all
certificates herein authorized then outstanding and such payments
into said Reserve Pund shall continue to be made until the amount
in said fund shall equal the highest future annual principal and
interest requirement of all certificates herein authorized then
outstanding. Whenever a deficiency in such payments shall occur or
whenever the amount in the Reserve Fund falls below the amount then
required to be in said fund, such deficiency shall be made up from all
money in the Utilities Tax Revenue Fund which is not required for pay-
ments into the Certificate Pund. Upon the issuance of parity certifi-
cates the amount to which the Reserve Fund is to be accumulated shall
be increased to an amount not less than the highest future annual
principal and interest requirement of all certificates (including
parity certificates) outstanding and the rate of such accumulation
shall be adjusted to assure the accumulation of such amount within
sixty-one months after the issuance of such parity certificates.
Money in the Reserve Pund shall be used solely for
the purpose of paying currently maturing principal of and interest
on the certificates whenever and to the extent that there may be in-
sufficient money for the purpose in the Certificate Fund; provided
that upon the retirement of all outstanding certificates money in
the Reserve Fund may be used for any lawful purpose including payment
of redemption premiums. The Reserve Fund shall be secured to the
fullest extent required or permitted by the laws of the State of
Florida pertaining to the securing of public funds and shall, at the
request of the city, be invested in direct obligations o£ or obliga-
tions, the principal of and interest on which are unconditionally
guaranteed by the United States of America.
Whenever necessary the bank holding the Certificate
Fund and the Reserve Fund shall, without further instructions,
liquidate all investments necessary promptly to make all payments
of currently maturing principal and interest payable therefrom.
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In the absence of bad faith said bank shall not be responsible
for loss incurred upon the sale of any such investments on the
open market. All interest and profits derived from such invest-
ments shall be deposited in the Certificate Fund and, when that
fund is in its full required amount, shall be deposited in the
Reserve Fund. When both funds contain their maximum accumulation
such interest and profits may be used by the city for any lawful
corporate purpose.
After all payments above required have been made
into the Certificate Fund and the Reserve Fund any deficiencies
in payments into either or both of said funds shall be remedied,
and thereupon all money remaining in the Utilities Tax Revenue
Fund at the end of each month may be used by the city for
any lawful corporate purpose, including the payment of obliga-
tions junior in the pledge of utilities tax proceeds to the
certificates and the purchase of ~rtificates on the open market
at a price no higher than that at which said certificates may be
called for redemption on the next available redemption date. Any
certificates so purchased shall be cancelled and shall not be
reissued.
The city hereby reserves the right to make any
of the payments above required from any other legally available
source, and, to the extent that such payments shall have been made
when due, the corresponding payments from the proceeds of the
utilities tax may be diminished.
Section 6. That the City of Delray Beach hereby
covenants and agrees with the original purchasers of each issue
of certificates and with the successive holders of said certifi-
cates from time to time that so long as any certificates
remain unpaid as to either principal or interest:
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A. The city shall not repeal the Utilities
Tax Ordinance or decrease the utilities tax.
B. To the extent necessary to carry out the
provisions hereof, it shall increase the rate of such tax
up to the highest rate now permitted by law and to the
highest rate which may hereafter become permissible.
C. The city shall continue the imposition of
the utilities tax pursuant to the Utilities Tax Ordinance,
including every similar future ordinance which may be
adopted in lieu thereof, and shall allocate the proceeds
of said tax as herein provided.
D. The city shall enact every substitute or
supplemental ordinance which may for any reason become
legally necessary.
E. The city has legal and valid power to impose
and collect said utilities tax.
F. There is by the adoption of this resolution
and the delivery of each issue of certificates to the
respective purchasers thereof, vested in such purchasers
and all subsequent holders a contract right to the imposition,
collection and proper application Of the utilities tax which
will continue unimpaired until all of the certificates have
been paid in full, and which is not subject to repeal, impair-
ment or modification either by the city or by the Legislature
of the State of Florida~ except as provided in Section 8 hereof.
Go The city will keep proper books of record and
account covering the collection of the utilities tax and the
use made of the proceeds thereof and that all records with
respect thereto shall be available for inspection at all
reasonable times by the holders of any of the certificates.
Within sixty (60) days following the close of each fiscal year
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the'city will supply to any such holder who may have
so/~equested a written statement covering the receipt and
disposition of the proceeds of such tax during such
fiscal year.
Section 7. That all certificates shall enjoy complete
parity of lien on the revenues herein pledged to their payment
despite the fact that any of the certificates may be delivered at
an earlier date than any other of the certificates. The city
covenants and agrees that it will issue no other obligations of
any kind or nature payable from or enjoying a lien on or pledge
of the proceeds of the utilities tax unless such obligations are
issued in such manner as to be fully subordinate in all respects
to the certificates herein authorized.
The above provision is subject to the two following
exceptions:
(1) The certificates or any part thereof may be
refunded with the consent of the holders thereof (except that as to
maturing certificates or certificates which are then optional for
redemption and have been properly called for redemption, such
consent shall not be necessary) and the refunding certificates
so issued shall enjoy complete equality of lien with the portion
of the certificates which is not refunded, if any there be, and
the refunding certificates shall continue to enjoy whatever
priority of lien over subsequent issues may have been enjoyed
by the certificates refunded, provided however, that no
refunding certificate may mature at a date earlier or bear interest
at a rate higher than the corresponding certificate refunded
thereby without the consent of the holders of the unrefunded
portion of the certificates then outstanding.
(2) Additional certificates may also be issued on
a parity with the certificates herein authorized i~g all the
following conditions are met:
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(a) The utilities tax proceeds collected by the
city during twenty-four consecutive months of the last thirty
months immediately preceding the issuance of the additional
certificates have been equal to three times the highest future
annual principal and interest requirement of all certificates
then outstanding and the certificates so proposed to be issued,
(b) The payments required to be made into the
Certificate Fund and the Reserve Fund under the provisions of
this resolution must not be in default.
(c) The additional certificates must be payable
as to principal on June 1 of each year in which principal falls
due and payable as to interest on June 1 and December 1 of each
year except that the first interest due thereon may become due
one year from the date of the additional certificates.
Section 8. That the provisions of this resolution
shall constitute a contract between the city and the holder or
holders of the certificates from time to time, which shall not
be subject to change, variation or alteration except as provided
below, and which may be enforced by any holder of the certificates
or any part thereof by appropriate action in any court of competent
Jurisdiction.
The holders of seventy-five per cent (75~) in
principal amount of the certificates (including parity certificates)
at any time outstanding (not including in any case any certificates
which may then be held or owned by or for the account of the city,
but including such refunding certificates as may be issued for the
purpose of refunding any of the certificates if such refunding
certificates are not owned by the city) shall have the right
from time to time to consent to and approve the adoption by the
city of a resolution or resolutions modifying or amending any of the
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terms or provisions contained in this resolution, provided,
however, that this resolution may not be so modified or amended
in such manner as to:
(a) Make any change in the maturity of the
certificates.
(b) Make any change in the rate of interest
borne by any of the certificates.
(c) Reduce the amount of the Drincipal or
redemption premium payable on any certificate.
(d) Modify the terms of payment of principal
or of interest or of redemption premiums on the certifi-
cates or any of them or impose any conditions with respect
to such payment.
(e) Affect the rights of the holders of less
than all of the certificates then outstanding.
Whenever the city shall propose to amend or modify
this resolution under the provisions of this section, it shall
cause notice of the proposed amendment to be published one time
in a financial newspaper or journal published in the City of
New York, New York, or Chicago, Illinois. Such notice shall
briefly set forth the nature of the proposed amendment and
shall state that a copy of the proposed amendatory resolution is
on file in the office of the Clerk for public inspection.
Whenever at any time within one year from the date
of the publication of said notice there shall be filed in the
office of said Clerk an instrument or instruments executed by
the holders of at least seventy-five per cent (75%) in aggregate
principal amount of the certificates then outstanding as in this
section defined, which instrument or instruments shall refer to
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the proposed amendatory resolution described in said notice and
shall specifically consent to and approve the adoption thereof~
thereupon, but not otherwise, the City Council may adopt such
amendatory resolution and such resolution shall become effective.
If the holders of at least seventy-five per cent
(75%) in aggregate principal amount of the certificates outstanding
as in this section defined, at the time of the adoption of such
amendatory resolution, or the predecessors in title of such
holders, shall have consented to and approved the adoption thereof
as herein provided, no holder of any certificate whether or not such
holder shall have consented to or shall have revoked any consent
as in this section provided~ shall have any right or interest to
object to the adoption of such amendatory resolution or to object
to any of the terms or provisions therein contained or to the
operation thereof or to enjoin or restrain the city from taking any
action pursuant to the provisions thereof.
Any consent given by the holder of a certificate
pursuant to the provisions of this section shall be irrevocable
for a period of six months from the date of the publication of the
notice above provided for and shall be conclusive and binding upon
all future holders of the same certificate during such period. Such
consent may be revoked at any time after six months from the date
of the publication of such notice by the holder who gave such
consent or by a successor in title by filing notice of such revoca-
tion with the City Clerk~ but such revocation shall not be effective
if the holders of seventy-five per cent (75%) in aggregate
principal amount of the certificates outstanding as in this section
defined have, prior to the attempted revocation, consented to and
approved the amendatory resolution referred to in such revocation.
The fact and date of the execution of any instrument
under the provisions of this section may be proved by the certificate
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of any officer in any jurisdiction who by the laws thereof is
authorized to take acknowledgments of deeds within such jurisdic-
tion, that the person signing such instrument acknowledged before
him the execution thereof, or may be proved by an affidavit of a
witness to such execution sworn to before such officer.
The amount and numbers of the certificates held by any
person executing such instrument and the date of his holding the
same may be proved by a certificate executed by any responsible bank
or trust company showing that on the date therein mentioned such
person had on deposit with such bank or trust company the certifi-
cates described in such certificate.
Section 9. That the certificates herein authorized
shall be sold at one time or in blocks from time to time, pursuant
to resolution to be hereafter adopted by the City Council. So much
of the proceeds of sale as represents accrued interest, premium if
any and interest during construction as hereinbefore provided, shall
at the time of the delivery of the certificates to the purchaser be
paid into the Certificate Fund. So much of the remainder of the
proceeds of sale as is not required for the payment of incidental
fiscal, legal and engineering expenses which are due and owing at
the time of the issuance of the certificates shall be deposited in
a special trust account in a bank or banks in the City of Delray
Beach, Florida. Said bank or banks shall hold and dispose of said
proceeds in accordance with the terms of a letter which shall be
directed to said bank or banks and executed by the Mayor and City
Clerk of the City of Delray Beach.
Section 10. That John Ross Adams, 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 Beach County, for the validation of
said certificates, and the Mayor and City Clerk are authorized to
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sign any pleadings in such proceedings for and in behalf of the
City Council of the City of Delray Beach.
Section ll. That if any section, paragraph, clause
or provision of this resolution or the application of any of the
pledged revenue to the payment of principal of and interest on the
certificates shall be held to be invalid or unenforceable for any
reason, the invalidity or unenforceability of such section,
paragraph, clause or provision or of the application of such pledged
revenue to the payment of such principal and interest, shall not
affect any of the remaining provisions of this resolution, or the
application of the remainder of such pledged revenue to the payment
of such principal and interest.
Section 1R. That all resolutions and orders, or parts
thereof, in conflict herewith are, to the extent of such conflict,
hereby repealed, and this resolution shall take immediate effect.
Adopted and approved ~'~r~~ J~'~-/~/
~ M~yo
Att es~ /' ? ·
The foregoing resolution and the forms of certificate
and interest coupon therein contained are hereby approved by me as to
form, language and execution this ~__~~~, 1962.
yCity Attorney
(Other business not pertinent to the above appears
in the minutes of the meeting.)
Pursuant to motion duly made and carried the
council adjourned.
Attest: '~
Cit
STATE OF FLORIDA
CO~ OF PALM BEACH
I, /~~/~ , do hereby
certify that I am the duly qualified and acting City Clerk of the
City of 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 ~~~~, 1962,
and of a resolution adopted at said meeting, as said minutes and
resolution are officially of record in my possession.
IN WITN~S ~EREOF.~ I have hereunto subscribed my
official signature and impressed.~ereon tha official seal of the
City of Delray Beach this ~/~day of.~~, 1962.
(SEAL)
MWM:bls
9/21/62
-23-
Affidavit of Publication
THE DALLY NEWS-JOURNAL
Published Daily
Delray Beach, Palm Beach Counfy, Florida
STATE OF FLORIDA
whg/6'~ oath says ~at ..~. is ~.......~f,~..~.~.../~
Delray Beach in Palm Beach County, Florida;
in the ........................................................................ Court,
was l~ublished in said ne..wspaper in the issue (s)
Affiant further says that the said Daily
News-Journal is a newspaper published at Delray
Beach, in said Palm Beach County, Florida, and
that the said newspaper has heretofore been eon-
tinuously published in said Palm Beach County,
Florida, daily and ha, s been entered as second
class mail matter at the post office in Delray
Beach, in said Palm Beach County, Florida, for
a period of one year next preceding the first
publication of the attached copy of a~lvefi~_se-
merit; and affiant further says that ......................~
has neither paid nor promised any person, firm
or corporation any discount, rebate, commission
or refuml for ethe p,p. ll~ose of securing this adver-
tisemeut for pulflieat, ibn in th.e~said ne, v~sl~ape.r.
and 'subss be,:, me
day Of~.~).~..~.~...~....., A.D.,19 ....~........2:7~,.'~
(SEAL) ./Jltotary Public
#0Tti!¥ PUPIl/~lll[ OF F[0RI01 11
Oil ~61illt~lDIl EXPIRES OCT. 25, 1966
Affidavit of Publication
THE DALLY NEWS-JOURNAL
Published Daily
Delray Beach~ Palm Beach County, Florida
STATE OF FLORIDA
COUNTY OF PALM BEACH
who~f~o~th s,~ys tl~at ~ .... is~../.~.~.~..,...-.
~~.'.-~. ........ of ~Daily
~ews-Jour~l, a daily newspaper published at
Delray Beach in Palm Beach Coun{y, ~orida;
/~Mthe ~ttaehed copy ~,a~e~iseme~.be~g a~
in ~ matter o~:~.~..~~.~/..,
in the ........................................................................ Court,
was ~[ed ~ s~d newspaper in the issue (s)
~fian~ fu~her says ~at the said Daily
News-Journal is a newspaper published at Delra7
Beach, ~ said Palm Beach County, Florida, and
that the said newapaper has heretofore been eon-
~nuously published ~ said Palm Beach County,
F~orida, daily and ha,s been entered as second
ela.ss mail matter at the pos~ office in Delray
Beach, in said Palm Beach County, Florida, for
a period of one year next preceding the
publication of {he attaehed copy of adv~e-
merit; and affiant fur~er says that .....
has neither paid nor prorated an~ person, tim
or eo~oration an7 discount, reba{e, commission
or refuad f~ ~pose of securing t~s adver-
fimmeat for~p~l~tion i'n ~ said~ewspaper.
Sworn ~ end 'subseri~d before me