85-AAAA A SERIES RESOLUTION AUTHORIZING THE SERIES OF BONDS TO BE
ISSUED UNDER SECTION 207 OF RESOLUTION NO. 85-~, ADOPTED BY
THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH,~ORIDA ON
NOVEMBER 19, 1985, AS AMENDED IN THE AGGREGATE PRINCIPAL
AMOUNT OF $2~,~?~3.7~FOR THE PURPOSE OF PROVIDING FUNDS,
TOGETHER WITH AA~OTHER AVAILABLE FUNDS, TO PAY THE
PRINCIPAL OF AND THE INTEREST ON THE OUTSTANDING BONDS (AS
DEFINED IN SAID RESOLUTION NO. 85-~_~, AS AMENDED) AND TO
PAY THE COST OF ACQUIRING AND CONSTRUCTING THE PROJECT (AS
DEFINED IN SAID RESOLUTION NO. 85-~_~, AS AMENDED); FIXING
THE DESIGNATION, THE DATE, THE MATURITIES OF THE SERIAL
BONDS, THE CURRENT iNTEREST BONDS, THE CAPITAL APPRECIATION
BONDS AND ACCRETED AMOUNTS PERTAINING THERETO, THE
REDEMPTION TIMES AND PRICES; DETERMINING THAT A NEGOTIATED
SALE IS IN THE BEST INTERESTS OF THE CITY; ACCEPTING THE
BOND PURCHASE CONTRACT ANDAWARDING THE BONDS TO THE
UNDERWRITERS THEREIN NAMED; SPECIFYING THE INTEREST RATE OF
EACH SUCH BOND AND DIRECTING THE AUTHENTICATION AND DELIVERY
OF SAID SERIES OF BONDS TO OR UPON THE ORDER OF THE
UNDERWRITERS HEREIN NAMED UPON PAYMENT OF THE PURCHASE PRICE
HEREIN SET FORTH; RATIFYING THE DISTRIBUTION OF THE
PRELIMINARY OFFICIAL STATEMENT RELATING TO THE BONDS AND ~
APPROVING THE FINAL OFFICIAL STATEMENT; AUTHORIZING THE
INSURING OF THE BONDS; PROVIDING FOR THE APPLICATION OF THE
BOND PROCEEDS; PROVIDING FOR THE DISPOSITION OF MONEYS HELD
IN THE FUNDS AND ACCOUNTS ESTABLISHED BY THE 1984 RESOLUTION
(AS DEFINED IN SAID RESOLUTION NO. 85-~, AS AMENDED)
APPROVING THE FORM OF THE ESCROW DEPOS~-~REEMENT;
APPOINTING THE ESCROW AGENT; ESTABLISHING THE REGU~AR RECORD
DATE; PROVIDINGFOR INSURER APPROVAL FOR CERTAIN A~TIONS TO
BE TAKEN UNDER RESOLUTION NO. 85-~, AS AMENDED;
AUTHORIZING CERTAIN PERSONS TO TA~CTION; PROVIDING FOR
SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council (the "City Council") of the City
of Boynton Beach, Florida (the "City") pursuant to authority
contained in Chapter 166, Florida Statutes and in the City-
Charter (collectively the "Act") adopted Resolution No. 85-~
on November 19, 1985, as amended (the "Resolution") authorizing
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the issuance of not eXceeding $20,000,000 Water and Sewer Utility
Revenue Bonds, Series 1985 of the City. for the purposes set forth
in the title hereto; and
WHEREAS, the City has determined to issue at this time
$~,~3~3~in aggregate principal amount of the Bonds (the
"Series 1985 Bonds") authorized in Section 207 of the Resolution
for the purposes set forth in the title hereto; and
WHEREAS, the Board has determined to fix the details of the
Series 1985 Bonds and to award the Series 1985 Bonds to the
underwriters herein named and to take such further action as set
forth in the title hereto; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA:
Section 1. Findinqs and Definitions. The Board hereby
adopts the findings contained in the preambles hereto and
specifies that capitalized terms used in this Series Resolution
shall have the same meanings as provided in the Resolutions.
Section 2. Authorization; Maturities; Current Interest
Bonds; Capital Appreciation Bonds; Payment of Principal and
Interest. There shall be issued as the first series of Bonds
under Section 207 of the Resolution $~i~7~J373~ater~. , and Sewer
Utility Revenue Bonds, Series 1985, of the City, dated
~0~ / , 1985, except that Capital Appreciation Bonds shall be
dated as of their date of delivery. $]~,./~; ~ of the Series
1985 Bonds shall be Serial Bonds and Current Interest Bonds
mauuring on November 1 in the years and amounts as follows:
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Year of Principal Year of Principal
Maturity Amount Maturity Amount
1986 $ SCS- 1994
1987 p,~ 1995
1988 ~ 1996
1989 ~73- 1997
1990 ~o 1998
1991 /od g' 1999
1992 -- 2000
1993 ;r3~O
$ ~.,(5~f3,7~'-of the Series 1985 Bonds shall be Serial Bonds
and Capital Appreciation Bonds maturing on November 1 in the
years and amounts as follows:
Year of Principal
Maturity Amount
2001 $
2003
2005
The Current Interest Bonds shall bear interest from their
date, payable on May 1, 1986 and semi-annually thereafter on
November 1 and May 1 and otherwise as provided in the Resolution
at the rates shown on and shall mature in accordance w'~th the
maturity schedule set forth in the Official Statement. The
Current Interest Bonds shall be issued as fully registered bonds
in the denomination of $5,000 each or any whole multiple thereof.
The Capital Appreciation Bonds shall bear interest from
their date payable upon redemption or at maturity in accordance
with the table of compounded amounts included in the Official
Statement and shall mature in accordance with the maturity
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schedule set forth in the Official Statement. The Capital
Appreciation Bonds shall be issued as fully registered bonds in
such denominations as set forth in the Official Statement.
The Series 1985 Bonds shall be numbered, preceded by the
letter "R" for Current Interest Bonds and "CR" for Capital
Appreciation Bonds. The principal of all Series 1985 Bonds shall
be payable at the principal office of the Bond Registrar upon the
presentation and surrender of such Bonds as the same shall become
due and payable. The interest on Current Interest Bonds shall be
paid by check mailed to the person in whose name such Bond is
registered at the close of business on the Regular Record Date
for such interest next preceding such Interest Payment Date. The
interest on Capital Appreciation Bonds shall be payable upon
presentation and surrender of such Bonds at the principal office
of the Bond Registrar upon redemption or at maturity.
Section 3. Optional Redemption. The Current Interest Bonds
maturing in the years 1986 to 19~, inclusive, shall not be
subject to redemption prior to thelr stated dates of m~turity.
The Current Interest Bonds shall be subject to redemption, at the
option of the City, in whole on any date not earlier than
November 1, 19~, or in part on any Interest Payment Date not
earlier than November 1, 199 din inverse order of their
maturities and by lot wi'thin a maturity if less than a full
maturity at the following redemption prices (expressed as a
percentage of the principal amount) plus accrued interest to the
redemption date:
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Redempti on
Redemption Dates Prices
Io /
The Capital Appreciation Bonds shall be subject to
redemption, at the option of the City, in whole on any date not
earlier than November 1, 199d'~or in part on any Interest Payment
Date not earlier than November 1, 19~%'~in inverse order of their
maturities and by lot within a maturity if less than a full
maturity upon payment of the Accreted Amounts shown for the date
of redemption in the Official Statement plus a premium equal to
~ of the Accreted Amount if redeemed on November 1, 19~3~
such premium being reduced by ! 7o on each subsequent November
1 and without premium if redeemed on or after November 1, ;D~.
Section ~. Negotiated Sale. The City has determJ~ed that a
negotiated rather than a public sale of the Series 1985 Bonds is
in the best interests of the City for the reasons that:
(a) an advance refunding of outstanding
indebtedness is a complex procedure that is
difficult and confusing to present mathematically
to prospective public sale bidders, and
(b) in the present uncertain period caused by
proposed changes in Federal tax law, the City requires
the specific attention to structuring and marketing
afforded by underwriters of a negotiated offering.
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Section 5. Acceptance of Bond Purchase Contract and Award
of the Series 1985 Bonds. The Bond Purchase Contract in the form
presented at this meeting is hereby accepted and the Mayor, the
City Manager and the City Clerk are hereby authorized to execute
the same on behalf of the City, their execution with such
completions, additions and modifications as required being
conclusive evidence of the City's acceptance of the same. The
Series 1985 Bonds are hereby awarded to the underwriters listed
in the Bond Purchase Contract at the purchase price of
and accrued interest from ~L / , 1985~ for ~
Series 1985 Bonds bearing interest and pursuant to the terms and
provisions contained in the Bond Purchase Contract. The Bond
Registrar is hereby authorized and directed to authenticate the
Series 1985 Bonds and the City Manager is hereby authorized and
directed to deliver the-Series 1985 Bonds to or upon the order of
the underwriters listed in the Bond Purchase Contract upon the
payment to the City Manager of the purchase price therefor.
Section 6. Preliminary and Final Official Statement. The
Preliminary Official Statement, dated November L~,1985 with
respect to the Series 1985 Bonds in the form presented at this
meeting is hereby approved and the previous distribution of the
same in connection with the marketing of the Series 1985 Bonds is
hereby ratified, approved and confirmed. The Final Official
Statement in the form presented at this meeting and dated
November 26, 1985 is hereby approved and the Mayor and the City
Manager are hereby authorized to execute the same on behalf of
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the City, their execution with such completions, additions and
modifications as required being conclusive evidence of the City's
approval of the same.
Section 7. Insurance of the Series 1985 Bonds. The Mayor
and the City Manager are hereby authorized and directed to make
all necessary arrangements to insure the Series 1985 Bonds with
the Municipal Bond Insurance Association ("MBIA") as contemplated
in the Final Official Statement.
Section 8. Application of the Series 1985 Bond Proceeds.
The proceeds of the Series 1985 Bonds, together with the accrued
interest thereon, shall be applied by the City Manager,
simultaneously with the issuance of the Series 1985 Bonds, as
follows:
. (a) the accrued interest shall be
deposited ~n the Bond Service Account,
(b) an amount sufficient for the purpose
shall be deposited with the Escrow Agent and
applied to the purchase of direct obligations of
the United States of America, the principal of and
the interest on which when due, together with cash
deposited therein, will enable the Escrow Agent to
pay and/or redeem the Outstanding Bonds in accordance
with the Escrow Deposit Agreement,
(c) an amount required, together with any
other moneys deposited therein, to make the amount
to the credit of the Reserve Account equal to the
Reserve Account Requirement on account of the Series
1985 Bonds shall be deposited in the Reserve Account,
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(d) an amount equal to the insurance premium
payable to MBIA for the insurance of the Series 1985
Bonds shall be paid to MBIA,
(e) an amount equal to the financing expenses
attributable to the issuance of the Series 1985 Bonds
shall be deposited in a special bank account by the
City Manager and applied to the payment of such
expenses, and
(f) the balance of such proceeds shall be
deposited in the Construction Fund.
Section 9. Disposition of Moneys Held Under the 1984
Resolution. Upo~ provision having been made for the payment of
the Outstanding Bonds ~within the meaning of Article XI of the
1984 Resolution as provided for in the Escrow Deposit Agreement
the moneys in the various Funds and Accounts created under the
1984 Resolution shall be transferred as follows:
1984 Resolution
Bond Service Account
Mandatory Redemption Account
Reserve Account
Renewal and Replacement Fund
General Reserve Fund
Section 10. Escrow Deposit Agreement; Appointment of Escrow
Agent. The Escrow Deposit Agreement in the form presented at
this meeting is hereby approved and the Mayor and the City Clerk
are hereby authorized and directed to execute the same on behalf
of the City, their execution with such completions, additions and
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modifications as required being conclusive evidence of the City's
approval of the same. Barnett Banks Trust Company, N.A.,
Jacksonville, Florida is hereby appointed the Escrow Agent to
perform the duties thereof under the Escrow Deposit Agreement.
Section 11. Regular Record Date. The Regular Record Date
for the Series 1985 Bonds shall be a date fifteen Business Days
prior to-each Interest Payment Date.
Section 12. Insurer Approvals. As provided for in Section
703 of the Resolution, the City hereby covenants that no Variable
Rate Indebtedness shall be issued by the City without the
approval of the Insurer of the Series 1985 Bonds.
Section 13. Severability. If any one or more of the
provisions of this Series Resolution shall for any reason be held
to be illegal or invalid, such illegality or invalidity shall not
affect any other provisions of this Series Resolution, but this
Series Resolution shall be construed and enforced as if such
illegal or invalid provisions had not been contained therein.
Section 14. The-officers, agents and employees of the City
and the officers and agents of the Bond Registrar are hereby
authorized and directed to do all acts and things, including the
execution, delivery and recordation of any-required financing
statements, termination statements or continuation statements,
required of them by the provision of the Series 1985 Bonds, the
Escrow Deposit Agreement and the Bond Purchase Contract for the
full, punctual and complete performance of the terms, covenants,
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provisions and agreements of the same and also to do all acts and
things required of them by the provisions of this Series
Resolution.
-Section 15. The Mayor, the City Clerk and the City Manager,
or any of them, are further authorized and directed (without
limitation except as may be expressly set forth herein) to take
such action and to execute and deliver any such documents, deeds,
certificates, undertakings., agreements or other instruments,
including expressly the Series 1985 Bonds, as they, with the
advice of counsel, may deem necessary and appropriate in order to
effect the transactions contemplated by the Series 1985 Bonds,
the Resolution, the Escrow Deposit Agreement and the Bond
Purchase Contract.
Section 16. This Series Resolution becomes effective
immediately upon its passage.
PASSED AND ADOPTED this 26th day of November, 1985.'
CITY OF BOYNTON BEACH
Ma~or
Vice Mayor
ATTEST
~itf~lerk
(SEAL)
Councilman
Councilma~
I HEREBY CERTIFY that I
have approved the form and
correctness of this Resolution.
Attorney
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