85-KREsonuTio
A RESOLUTION OF THE CITY CDUNCIL OF THE CITY
OF BOYNTON BEACH, FLORIDA, SUPPORTING THE
SOUTHEAST FLORIDA PLAN.
WHEREAS, the Florida Legislature requested a plan for the develop-
ment of a comprehensive public university presence in Southeast Florida; and
WHEREAS, the Board of Regents approved and suhnitted the Southeast
Florida Plan to the Legislature on January 15, 1985; and
WHEREAS, the Southeast Florida Plan details a systematic and coor-
dinated effort to accelerate the expansion of Florida Atlantic University
and Florida International University; and
WHEREAS, the Southeast Florida Plan would provide a comprehensive
public university presence in Southeast Florida; and
WHEREAS the continued economic development of the area is depen-
dent upon the teaching, research and public service provided by a ~re-
hensive state university presence; and
WHEREAS, the economic expansion of the entire state is dependent
upon establishing a nationally respected university systsm to make Florida
competitive with other states in attracting industries.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA, ~IAT:
Section 1. The City Council of the City of Boynton Beach hereby
urges the Legislature and the Governor to take all possible measures to
ensure the funding and implementation of the Southeast Florida Plan.
PASSED and ADOPTED this~ day of .~~-~ ,
1985.
CITY OF BOYNTON BEACH, FLORIDA
· ~lce Mayor
c~cll Member
ATTEST: ,~
City c~e~k '
(CorpOrate Seal )
Member
RESOLUTION NO. 85-J
A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE, PURSUANT TO
PART II OF CHAPTER 159, FLORIDA STATUTES, AS AMENDED, OF NOT
EXCEEDING $9,500,000 AGGREGATE PRINCIPAL AMOUNT OF THE CITY
OF BOYNTON BEACH INDUSTRIAL DEVELOPMENT REVENUE BONDS
(BOYNTON COMMERCENTER PROJECT), FOR THE PURPOSE OF PAYING
ALL OR A PORTION OF THE COST OF THE ACQUISTION, CONSTRUCTION
AND INSTALLATION BY BOYNTON COMMERCENTER GENERAL PARTNERSHIP
OF A CAPITAL PROJECT CONSISTING OF A WAREHOUSE AND
DISTRIBUTION FACILITY FOR LEASE TO ONE OR MORE ENTITIES TO
BE APPROVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA; PROVIDING THAT SUCH REVENUE BONDS SHALL NOT
CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OF THE CITY OF
BOYNTON BEACH OR OF THE STATE OF FLORIDA OR OF ANY POLITICAL
SUBDIVISION THEREOF BUT SHALL BE PAYABLE SOLELY FROM THE
REVENUES AND PROCEEDS PROVIDED THEREFOR; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN INSTALLMENT
PURCHASE CONTRACT PROVIDING FOR THE SALE OF SAID CAPITAL
PROJECT TO BOYNTON COMMERCENTER GENERAL PARTNERSHIP AND FOR
THE DELIVERY BY A BANK, INSURANCE COMPANY OR FINANCIAL
INSTITUTION OF A LETTER OF CREDIT OR OF ANOTHER CREDIT
ENHANCEMENT FACILITY AS DESCRIBED THEREIN; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE
SECURING SAID REVENUE BONDS; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A MORTGAGE AND SECURITY AGREEMENT
GRANTING TO THE CITY A FIRST LIEN ON AND A FIRST SECURITY
INTEREST IN THE PROJECT AND THE SITE THEREOF; APPROVING THE
FORMS OF A GUARANTY AGREEMENT AND AN ASSIGNMENT OF LEASES
AND RENTS; AN~ AUTHORIZING PROCEEDINGS VALIDATING SAID
REVENUE BONDS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA:
Section 1. The City Council' of The City of Boynton Beach,
Florida (herein called the "City Council"), has found and
determined and does hereby declare that:
(a) The City of Boynton Beach (herein called the
"Issuer") is authorized by the Florida Industrial
Development Financing Act, which as codified and amended
appears as Part II of Chapter 159, Florida Statutes (herein
called the "Act"), to finance and refinance capital
projects, including industrial and manufacturing plants and
warehouse and distribution facilities for the purposes of
promoting and fostering the economic development of The City
of Boynton Beach, Florida and otherwise contributing to the
welfare and economic development of the State of Florida and
its people; to issue revenue bonds payable solely from
revenues derived from the sale, operation or leasing of such
capital projects or other payments received under financing
agreements with respect thereto; and to provide for the
issuance of revenue refunding bonds for the purpose of
refunding any bonds then outstanding which shall have been
issued under the provisions of the Act, including the
payment of any redemption premium thereon and any interest
accrued or to accrue to the date of redemption of such bonds
and for constructing improvements, additions, extensions, or
enlargements of the project in connection with which the
bonds to be refunded shall have been issued'and for paying
the cost of any additional project;
(b) The Issuer has arranged with Boynton Commercenter
General Partnership, a general partnership organized and
existing under the laws of the State of Florida (herein
called the "Partnership"), for the acquisition, construction
and installation (herein called "Acquisition") by the
o
Partnership, on the Project Site described in Exhibit B to
the Contract hereinafter mentioned, of the buildings and
machinery and equipment described in Exhibit A to the
Contract (herein called the "Project"), for lease by the
Partnership to, and for use by, the Tenants (hereinafter
mentioned) as warehouse and distribution facilities, which
project will be of the character of project permitted by,
and accomplish the purpose of, the Act;
(c) The Issuer will enter into an Installment Purchase
Contract (herein called the "Contract") with the Partner-
ship, pursuant to wh~ich the Issuer will sell the Project to
the Partnership, and the Partnership will purchase the
Project from the Issuer, and pursuant to which the Partner-
ship will agree to pay the purchase price of the Project and
interest thereon in installments in the amounts, due on the
dates required for the Issuer to cause payment to be made to
the owners of the Bonds hereinafter mentioned of the
principal of and premium, if any, and interest on the Bonds,
whether at maturity, upon redemption or acceleration or
otherwise (herein called the "Purchase Price Installments");
and the Issuer has determined that it is desirable and in
the public interest for the Issuer to sell the Project to
the Partnership under the Contract;
(d) The Contract, in accordance with and as required
by the Act, provides for the payment by the Partnership of
the Purchase Price Installments in amounts sufficient to pay
the principal of and premium, if any, and interest on the
Bonds as the same shall become due and payable, and the
Contract further obligates the Partnership to pay the cost
of maintaining, repairing and operating the Project;
(e) To secure the Partnership's obligation to pay the
Purchase Price Installments, the Partnership will enter into
a Mortgage and Security Agreement (herein called the
"Mortgage"), whereby the Partnership will grant to the
Issuer, subject to Permitted Emcumbrances (as defined in the
Mortgage), a first mortgage lien on and first security
interest in the property described in Exhibit A to the
Mortgage (herein called the "Mortgaged Property"), on a
parity with the mortgage lien on and security interest to be
granted by the Partnership to the Bank hereinafter mentioned
pursuant to the Bank Mortgage (as defined in the Contract);
(f) As provided in Section 8.1 of the Contract, the
Partnership will lease all or portions of the Project to the
Tenants and for the purposes, and under leases, to be
approved by the City Council in a resolution or resolutions
to be adopted by the City Council prior to the execution and
delivery by the Partnership of each such lease;
(g) As further security for the Partnership's
obligations under the Contract, the Partnership will assign
to the Issuer all of the leases and the Partnership's rights
thereunder, to the extent and as provided in an Assignment
of Leases and Rents (herein called the "Lease Assignment"),
from the Partnership to the Issuer;
(h) As additional security for the Partnership's
obligations under the Contract, the Partnership will cause
to be delivered to the Issuer a Guaranty Agreement from
Wayne and Susan Gerl and Iraj and Etane Motazedi (herein
called the "Guarantors") to the Issuer (herein called the
W'Guaranty"), pursuant to which the Guarantors, jointly and
severally, will guarantee the prompt and full payment when
due of all amounts to be paid by the Partnership under the
Contract, and pursuant to which the Guarantors will, if
requested by the Bank, execute and deliver to the Issuer a
mortgage and security agreement (herein called the "Guaranty
Mortgage") granting to the Issuer a second mortgage lien on
and a second security interest in certain properties owned
by the Guarantors;
(i) The Issuer will enter into a Trust Indenture
(herein called the "Indenture"), between the Issuer and a
national banking association or a bank or trust company
organized under the laws of one of the states of the United
States of America and acceptable to the Issuer and the
Partnership (herein called the "Trustee"), to secure the
payment of the Bonds issued thereunder;
(j) The revenues and proceeds to be derived under the
Contract will be adequate to pay the principal of and
premium, if any, and interest on the Bonds;
(k) The Contract provides that for the Series 1985
Bonds hereinafter authorized, the Partnership will cause to
be delivered to the Trustee an irrevocable letter of credit
(herein called, together with any Alternate Letter of
Credit, as defined in the Contract, the "Letter of Credit")
obligating the issuer of the Letter of Credit (herein called
the "Bank") to pay to the Trustee upon request and in
accordance with the terms thereof up to (i) an amount equal
to the aggregate principal amoun~ of the Series 1985 Bonds
then outstanding (A) to pay the principal of such Series
1985 Bonds when due, whether at maturity, upon redemption,
acceleration or otherwise, (B) to enable the Trustee or
the Tender Agent (as defined in the Indenture) to pay the
purchase price or portion thereof equal to the principal
amount of such Bonds delivered to the Trustee or the Tender
Agent and not remarketed and (C) to enable the Partnership
to pay the purchase price or portion thereof of Series 1985
Bonds to be purchased by the Partnership and not remarketed
pursuant to the Indenture, (ii) an amount equal to accrued
interest on the Series 1985 Bonds (A) to pay interest on the
Series 1985 Bonds, (B) to enable the Trustee or the Tender
Agent to pay the portion of the purchase price equal to
accrued interest, if any, on Series 1985 Bonds delivered to
the Trustee or the Tender Agent for purchase and (C) to
enable the Partnership to pay the portion of Series 1985
Bonds purchased by the Partnership pursuant to the
Indenture, and (iii) possibly, an amount equal to the
premium, if any, payable on the Series 1985 Bonds; and
(1) Pursuant to a Reimbursement Agreement, between the
Partnership and the Bank, the Partnership will be obligated
to reimburse the Bank for all amounts drawn under the Letter
of Credit by the Trustee or the Tender Agent and will secure
its obligations by executing and delivering to the Bank the
Bank Mortgage and the Bank Assignment (each as defined in
the Contract).
Section 2. For the purposes of paying all or a portion of
the cost of the Project (including among such costs, a deposit to
the Debt Service Reserve Fund created by the Indenture), the
issuance and sale of revenue bonds of the Issuer (herein called
the "Series 1985 Bonds" and, together with any additional bonds
issued under the Indenture, the "Bonds") under the authority of
the ACt, in the aggregate principal amount of not exceeding Nine
Million Five Hundred Thousand Dollars ($9,500,000) are hereby
authorized. The Series 1985 Bonds shall be sold at public or
private sales in such total amount, at one time or in such series
from time to time and in such principal amounts, and for such
price or prices consistent with the Act and Florida law as shall
be determined by subsequent resolution or resolutions of the City
Council. The Series 1985 Bonds of each series shall be
designated "The City of Boynton Beach Industrial Development
Revenue Bonds (Boynton Commercenter Project)", shall have such
series designations, shall be dated, shall bear interest until
their payment on such dates and at such rate or rates, not
exceeding the maximum rate permitted by law, including variable
and floating rates determined by third parties (appointed by the
Partnership or the Issuer) on the basis of an index to be
approved by the Issuer or solely on the basis of prevailing
market conditions, shall consist of serial Bonds and term Bonds
or of serial or term Bonds only, maturing at such time or times
(not later than forty (40) years from their date), shall be
subject to redemption at such times and prices, and shall have
such mandatory sinking fund redemption requirements, if any, and
such mandatory purchase provisions, all as shall be determined by
the City Council by resolution or resolutions adopted prior to
the issuance of the Series 1985 Bonds of each series. The
proceeds of the Series 1985 Bonds herein authorized shall be
applied to the payment of the Cost of Acquisition of the Project,
including a deposit to the Debt Service Reserve Fund and
reimbursement to the Partnership for any Cost of the Project
heretofore or hereafter paid by the Partnership from its own
funds or from proceeds of temporary loans obtained by the
Partnership after June 12, 1984 to pay a portion of the Cost of
the Project.
The Issuer, from time to time, under the conditions,
limitations and restrictions set forth in the Indenture, may
issue additional series of Bonds for the purpose of paying all or
any portion of the cost of completing the Acquisition of the
Project, the cost of repairing, replacing or restoring the
Project in the event of damage, destruction or Eminent Domain (as
defined in the Contract) if the net proceeds of any insurance or
award are insufficient, and the cost of any additions,
alterations or improvements to the Project, and Bonds for the
purpose of refunding all or any of the Bonds of any series issued
under the Indenture.
The Series 1985 Bonds shall be substantially in the form set
forth in the Indenture with such appropriate variations,
omissions or insertions as are permitted or required by the
Indenture, and may have endorsed thereon such legends or text as
may be necessary or appropriate to conform to any applicable
rules and regulations of any governmental authority or any usage
or requirement of law with respect thereto.
The Series 1985 Bonds shall be registered, shall be payable
at the places and in the manner, shall be in such denominations,
shall bear interest, shall be executed, authenticated and
delivered, shall be secured by a letter or letters of credit, a
line or lines of credit or such other credit enhancement facility
12.
and shall have such further details all as provided in the
Indenture or as shall be fixed by resolution or resolutions of
the City Council adopted prior to the issuance of the Series 1985
Bonds of each series.
The Series 1985 Bonds and the premium, if any, and interest
thereon shall not be deemed to constitute a debt, liability or
obligation of the Issuer or of the State of Florida or any
political subdivision thereof or a pledge of the faith and credit
of the Issuer or of the State of Florida, or any political
subdivision thereof but shall be payable solely from the revenues
provided therefor. The Issuer shall not be obligated to pay the
Series 1985 Bonds or the premium, if any, or the interest thereon
except from the Purchase Price Installments, the Series 1985
Bonds, payments under the Letter of Credit, funds derived from
enforcement of the Mortgage, the Lease Assignment, the Guaranty
and the Guaranty Mortgage and other revenues and proceeds derived
from the sale, operation or leasing of the Project, and neither
the faith and credit nor any taxing power of the Issuer or of the
State of Florida or of any political subdivision thereof is to be
pledged to the payment of the principal of or the premium, if
any, of interest on the Series 1985 Bonds.
Section 3. In order to secure the payment of the principal
of and premium, if any, and interest on the Series 1985 Bonds,
according to their tenor, purport and effect, and in order to
secure the performance and observance of all of the covenants,
agreements and conditions in the Series 1985 Bonds, the execution
and delivery of the Indenture by and between the Issuer and the
Trustee are hereby authorized, and the Indenture shall be
substantially in the form hereinafter provided and shall be
executed and deliverd in the manner there~n set forth.
The Indenture hereinabove authorized to be executed and
delivered shall be substantially in the form presented to the
City Council at the meeting of the City Council at which this
resolution is adopted and as filed in the records of the Issuer
[Indenture proof 1/28/85], subject to such changes, insertions
and omissions and such filling in of blanks therein as may be
approved and made in such form of Indenture by the officers of
the Issuer executing the same pursuant to this Section, and the
execution of the Indenture for and on behalf of the Issuer by the
Mayor or Vice Mayor of the Issuer with the official seal of the
Issuer impressed thereon and attested by the Clerk or any Deputy
Clerk shall be conclusive evidence of any such approval.
Section 4. As authorized by and in conformity with the Act,
it is desirable and in the public interest that the Project be
sold by the Issuer to the Partnership pursuant to the Contract,
and the execution and delivery of the Contract by and between the
Issuer and the Partnership are hereby approved and authorized.
The Contract shall be substantially in the form presented to the
City Council at the meeting of the City Council at which this
resolution is adopted and as filed in the records of the Issuer
14.
[Contract proof 1/28/85], subject to such changes, insertions and
omissions and such filling in of blanks therein as may be
approved and made in such form of Contract by the officers of the
Issuer executing the same pursuant to this Section, and the
execution of the Contract for and on behalf of the Issuer by the
Mayor or Vice Mayor of the Issuer with the official seal of the
Issuer impressed thereon and attested by the Clerk or any Deputy
Clerk shall be conclusive evidence of any such approval.
Section 5. The forms of the Mortgage and of the Lease
Assignment from the Partnership to the Issuer and the form of the
Guaranty from the Guarantors to the Issuer are hereby approved,
and the execution and delivery of each of the Mortgage, the Lease
Assignment and the Guaranty in substantially the forms of the
Mortgage, the Lease Assignment and Guaranty presented to the City
Council at this meeting [Mortgage proof 1/28/85; Lease Assignment
proof 1/28/85 and Guaranty proof 1/28/85] are hereby authorized,
subject to such changes, additions, omissions and filling in of
blanks therein as may be approved and made in such form of
Mortgage, Lease Assignment or Guaranty by the officers of the
Issuer executing the Indenture, the execution and delivery of the
Indenture by such officers being conclusive evidence of any such
approval of the final forms of the Mortgage, the Lease Assignment
and the Guaranty.
Section 6. The officers, employees and agents of the Issuer
are hereby authorized and directed to do all acts and things
15.
required therein by the provisions of the Series 1985 Bonds
authorized by this resolution and by the provisions of the
Indenture, the Mortgage, the Guaranty, the Lease Assignment, the
Guaranty Mortgage, the Letter of Credit and the Contract, for the
full, punctual and complete performance of all the terms,
covenants, provisions and agreements of the Series 1985 Bonds,
the Indenture, the Mortgage, the Guaranty, the Letter of Credit
and the Contract, and also to do all acts and things required of
them by the provisions of this resolution.
Section 7. The City Council hereby determines that the
criteria and requirements of Section 159.29 of the Act have been
or will be complied with - to wit:
(a) The Project is appropriate to the needs and
circumstances of, and will make a significant contribution
to the economic growth of the Issuer and Palm Beach County;
will preserve and provide ganinful employment; and will
serve a public purpose by fostering economic development and
improving the general welfare of the State of Florida and
its people;
(b) Taking into account the Letter of Credit, the
Guaranty and the Lease Assignment, the Projec~ is to be sold
to a financially responsible entity which is fully capable
and willing to fulfill its obligations under the Contract
and the Mortgage, including the obligation {o pay the
Purchase Price Installments in the amounts and at the times
required to provide for the timely paymen5 of the principal
of premium, if any, and interest on the Series 1985 Bonds,
the obligation to operate, repair and maintain the Project
at its own expense, and to serve the purposes of the Act and
such other obligations and responsibilities imposed under
the Contract and the Mortgage;
(c) The Issuer and the other local agencies in Palm
Beach County will be able to cope satisfactorily with the
impact of the Project and will be able to provide, or cause
to be provided when needed, the public facilities, including
utilities and public services, that will be necessary for
the construction, operation, repair and maintenance of the
Project and on account of any increases in population or
other circumstances resulting therefrom;
(d) Adequate provision is made in the Contract and in
the Mortgage and will be made in each of the Leases for the
operation, repair and maintenance of the Project at the
expense of the Partnership and the Tenants, and in the
Contract for the payment by the Partnership of the Purchase
Price Installments sufficient to pay the principal of
premium, if any, and the interest on the Bonds; and
(e) Taking into account that the Partnership will be
required to lease the Project to Tenants approved by the
Issuer, the costs, including the costs of a reserve for debt
service, to be paid from the proceeds of the Series 1985
Bonds are "costs" of a "project" within the meaning of the
Act.
Section 8. The Issuer hereby determines that the Project to
be financed with the proceeds of the Series 1985 Bonds will
create new job opportunities, will provide a net increase in
capital investment in The City of Boynton Beach; and will foster
economic development in The City of Boynton Beach, that issuing
revenue bonds to pay the Cost of the Project will serve a public
purposed and that it is in the public interest to facilitate the
financing of a warehouse and distribution facility by the
issuance of non-recourse, revenue bonds of the Issuer.
Section 9. In case any one or more of the provisions of
this resolution, the Indenture, the Mortgage, the Guaranty, the
Letter of Credit, the Lease Assignment, the Guaranty Mortgage or
the Contract or of the Series 1985 Bonds shall for any reason be
held to be illegal or invalid, such illegality or invalidity
shall not affect any other provisions of this resolution, the
Indenture, the Mortgage, the Guaranty, the Lease Assignment or
the Contract, and the Series 1985 Bonds shall be construed and
enforced as if such illegal or invalid provision had not been
contained therein.
Section 10. The Series 1985 Bonds are to be issued and this
resolution is adopted and the Indenture, the Mortgage, the
Guaranty, the Lease Assignment and the Contract Shall be executed
18.
with the intent that the laws of the State of Florida shall
govern their construction.
Section 11. The proper offiCers of the Issuer are hereby
authorized and directed to initiate appropriate proceedings for
the validation of the Series 1985 Bonds provided to be issued
under this resolution.
Section 12. This resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED this 5th day of February, 1985.
CITY OF BOYNTON BEACH, FLORIDA
ATTEST:
MAYOR
CIL MEMBERTM -
(Seal)
19.
STATE OF FLORIDA
COUNTY OF PALM BEACH
I, Betty S. Boroni, City Clerk of The City of Boynton Beach,
Florida, do hereby certify that the foregoing is a true copy of a
resolution adopted by the City Council of The City of Boynton
Beach at a regular meeting held on the 5th day of February, 1985:
SUBJECT:
"A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE, PURSUANT TO
PART II OF CHAPTER 159, FLORIDA STATUTES, AS AMENDED, OF NOT
EXCEEDING $9,500,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF
THE BOYNTON BEACH INDUSTRIAL DEVELOPMENT REVENUE BONDS
(BOYNTON COMMERCENTER PROJECT), FOR THE PURPOSE OF PAYING
ALL OR A PORTION OF THE COST OF THE ACQUISTION, CONSTRUCTION
AND INSTALLATION BY BOYNTON COMMERCENTER GENERAL PARTNERSHIP
OF A CAPITAL PROJECT CONSISTING OF A WAREHOUSE AND
DISTRIBUTION FACILITY FOR LEASE TO ONE OR MORE ENTITIES TO
BE APPROVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA; PROVIDING THAT SUCH REVENUE BONDS SHALL NOT
CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OF THE CITY OF
BOYNTON BEACH OR OF THE STATE OF FLORIDA OR OF ANY POLITICAL
SUBDIVISION THEREOF BUT SHALL BE PAYABLE SOLELY FROM THE
REVENUES AND PROCEEDS PROVIDED THEREFOR; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN INSTALLMENT
PURCHASE CONTRACT PROVIDING FOR THE SALE OF SAID CAPITAL
PROJECT TO BOYNTON COMMERCENTER GENERAL PARTNERSHIP AND FOR
THE DELIVERY BY A BANK, INSURANCE COMPANY OR FINANCIAL
INSTITUTION OF A LETTER OF CREDIT OR OF ANOTHER CREDIT
ENHANCEMENT FACILITY AS DESCRIBED THEREIN; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE
SECURING SAID REVENUE BONDS; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A MORTGAGE AND SECURITY AGREEMENT
GRANTING TO THE CITY A FIRST LIEN ON AND A FIRST SECURITY
INTEREST IN THE PROJECT AND THE SITE THEREOF; APPROVING THE
FORMS OF A GUARANTY AGREEMENT AND AN ASSIGNMENT OF LEASES
AND RENTS; AND AUTHORIZING PROCEEDINGS VALIDATING SAID
REVENUE BONDS",
WITNESS my hand and the official seal of the City Council of
The City of Boynton Beach, this 5th day of February, 1985, in
Boynton Beach, Florida.
/City Clerk
February 5, 1985
7:~'30 ~"~ C~lock P.M.
The City Council of The City of Boynton Beach, Florida met
in open public session at its regular meeting place at the
City Hall , in The City of Boynton Beach, Florida, at
7:30 o'clock P. M. on February 5, 1985, with the Mayor
presiding, and the following City Council members present:
Vice Mayor Robert Ferreil, Councilman Nick Cassandra, Councilman
Also present: James R. Warnke, & Councilman Samuel L..Wright
After the meeting had been duly called to order, a
resolution entitled:
"A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE, PURSUANT TO
PART II OF CHAPTER 159, FLORIDA STATUTES, AS AMENDED, OF NOT
EXCEEDING $9,500,000 AGGREGATE PRINCIPAL AMOUNT OF THE CITY
OF BOYNTON BEACH INDUSTRIAL DEVELOPMENT REVENUE BONDS
(BOYNTON COMMERCENTER PROJECT), FOR THE PURPOSE OF PAYING
ALL OR A PORTION OF THE COST OF THE ACQUISTION, CONSTRUCTION
AND INSTALLATION BY BOYNTON COMMERCENTER GENERAL PARTNERSHIP
OF A CAPITAL PROJECT CONSISTING OF A WAREHOUSE AND DISTRIBU-
TION FACILITY FOK LEASE TO ONE OR MORE ENTITIES TO BE
APPROVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH,
FLORIDA; PROVIDING THAT SUCH REVENUE BONDS SHALL NOT CONSTI-
TUTE A DEBT, LIABILITY OR OBLIGATION OF THE ~ITY OF BOYNTON
BEACH OR OF THE STATE OF FLORIDA OR OF ANY POLITICAL SUB-
DIVISION THEREOF BUT SHALL BE PAYABLE SOLELY FROM THE REVE-
NUES AND PROCEEDS PROVIDED THEREFOR; APPROVING AND AUTHORIZ-
ING THE EXECUTION AND DELIVERY OF AN INSTALLMENT PURCHASE
CONTRACT PROVIDING FOR THE SALE OF SAID CAPITAL PROJECT TO
BOYNTON COMMERCENTER GENERAL.PARTNERSHIP AND FOR THE
DELIVERY BY A BANK, INSURANCE COMPANY OR FINANCIAL
INSTITUTION OF A LETTER OF CREDIT OR OF ANOTHER CREDIT
ENHANCEMENT FACILITY AS DESCRIBED THEREIN; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE
SECURING SAID REVENUE BONDS; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A MORTGAGE AND SECURITY AGREEMENT
GRANTING TO THE CITY A FIRST LIEN ON AND A FIRST SECURITY
INTEREST IN THE PROJECT AND THE SITE THEREOF; APPROVING THE
FORMS OF A GUARANTY AGREEMENT AND AN ASSIGNMENT OF LEASES
AND RENTS; AND AUTHORIZING PROCEEDINGS VALIDATING SAID
REVENUE BONDS",
was introduced in written form by City Attorney. Pursuant to
motion made by City Council Member Ferrell and seconded by
City Council Member Wriqht , the foregoing resolution was
adopted by the following vote:
Ayes: 5
Nays: 0
The resolution was thereupon signed by the Mayor, attested
by the Clerk, and declared to be in effect.
Pursuant to motion duly made and carried, the meeting was
adjourned.
(Seal)
ATTEST:
City Clerk
o
STATE OF FLORIDA
COUNTY OF PALM BEACH
I, Betty S. Boroni, do hereby certify that I am the duly
elected, qualified and acting City Clerk of The City of Boynton
Beach, Florida.
I further certify that the above and foregoing constitutes a
true and complete copy of certain extracts of the minutes of a
regular meeting of the City Council of The City of Boynton Beach,
Florida held on February 5, 1985, insofar as the same relate to
the adoption of the resolution therein described, as said minutes
are officially of record in my possession.
IN WITNESS WHEREOF, I have hereunto subscribed by signature
and impressed hereon the official seal of said City this 5th day
of February, 1985.
[SEAL]
City Clerk
o