84-HHHHA RESOLUTION AMENDING RESOLUTION NO. 84-TTT, ADOPTED
BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH,
FLORIDA ON SEPTEMBER 5, 19.84 AND RESOLUTIONS NO.
84-XXX AND NO. 84-YYY, ADOPTED ON OCTOBER 9, 1984
TO MAKE CERTAIN TECHNICAL CORRECTIONS ASSOCIATED
WITH THE RESERVE ACCOUNT FOR THE RECREATIONAL
FACILITIES REVENUE BONDS, SERIES 1984; TO CLARIFY THE
PLEDGE OF DESIGNATED REVENUES; TO CLARIFY THE REDEMP-
TION PRICE ON SUCH BONDS DURING CERTAIN PERIODS AND
TO DESCRIBE THE APPLICATION OF CERTAIN FUNDS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON
BEACH, FLORIDA;
Section 1. Resolution No. 84-TTT, adopted by the City
Council of the City of Boynton Beach, Florida on September
5~ 1984 is hereby amended as follows:
(a) In Section 101, delete the definition of "Reserve
Account Deposit Requirement" and insert a new definition to
read as follows:
"'Reserve Account Deposit Requirement' shall mean
in each of the twenty-four successive months
beginning with the month following the month in
which the BOnds are issued under Section 207 of
this Resolution an amount equal to one-twenty-
fourth (1/24) of the difference between the
Reserve Account Requirement and the amount de-
posited to the credit of the Reserve Account on
the date on which the Bonds are issued (provided,
however, that the City shall receive a credit each
month towards such requirement for interest having
accrued in such month on funds previously deposited
by the City in the Reserve Account), until the
amount on deposit therein is equal to the Reserve
Account Requirement, and shall mean in each of the
twelve successive months beginning with the month
following any month in which any amount shall have
been withdrawn from the Reserve-Account an amount
equal to one-twelfth (1/12) of the deficiency
created by such withdrawal until~such deficiency
is made up."
(b) In Section 504, delete subparagraph (d) in the
third paragraph and insert the new subparagraph (d) as
follows:
"(d) beginning in the month following the month in
which the Bonds are issued under Section 207 of
this Resolution and in each of the succeeding
twenty-three months an amount equal to the Reserve
Account Deposit Requirement;
(c) In the fifteenth line of Section 514, delete the
words "charge against" and insert "lien upon" in place
thereof.
To theextent that such amendments conflict With provisions
of Resolution No. 84~XXX, such provisions of Resolution No.
84-XXXare hereby repealed.
Section 2. Resolution No. 84-YYY, adopted by the City
Council of the City of Boynton Beach, Florida on October 9,
1984 is hereby amended as follows:
(a) In Section 5, change the following dates under the
heading "Redemption Period (Dates Inclusive)"
(1)
Delete "11/1/95" and insert "4/30/96" in
its place;
(2)
Delete "11/1/96" and insert "4/30/97" in its
place;
(3)
Delete "11/1/97" and insert "4/30/98" in its
place.
(b) In Section 6, delete "$133,000" and insert "$187,763.
(c) Delete Section 7 and insert the following paragraph
in place thereof:
"Simultaneously with the delivery of the Series
1984 Bonds, the sum of $481,374.42 presently on
deposit in the Reserve Account under the Original
Resolution shall be deposited to the credit of the
Escrow Fund under the Escrow Deposit Agreement;
$119,763 of the Funds presently on deposit in the
Sinking Fund under the Original Resolution shall
be deposited to the credit of the Reserve Account
for the Series 1984 Bonds; the sum of $168,999.50
representing the remainder of the funds on deposit
in the Sinking Fund under the Original Resolution
shall be deposited to the credit of the Renewal
and Replacement Fund under the Original Resolution."
PASSED AND ADOPTED THIS 7T~%- DAY OF NOVE~.~-ER~,
(SEAL)
City' Clerk
Mayor
Councilman
~ouncilma~r7
Couh~il~an
I Hereby Certify That I Have Approved
The Form And Correctness Of This
Resolution.
City Attorney