76-HHRESOLUTION NO. 76-HH
A RESOLUTION OF THE CITY OF BOYNTON BEACH
FIXING THE MATURITIES AND REDEMPTION PROVISIONS
FOR $3, 900.;~000 WATER AND SEWER REVENUE BONDS,
SE 1RIES 1975B.
WHEREAS, by Resolution adopted by the City Council of the City
of Boynton Beach, Florida, on January 6, 1975, the City authorized the
issuance of $6, 500,000 Water and Sewer Revenue Bonds, Series 1975,
to provide for financing the cost of the acquisition and construction of water
and sewer improvements; and
WHEREAS, said Bonds have been validated by a judgment of the
Circuit Court for Palm Beach County, and the time for taking an appeal
from said judgment has expire~t~; and
WHEREAS, $2,600, 000 principal amount of said Bonds has heretofore
been sold and delivered; and
WHEREAS, the City Council deems it in the best interest of the City
to sell an additional $3, 900, 000 principal amount of said Bonds at this
time; and
WHEREAS, it is necessary to fix the maturities and redemption
provisions for said $3,900,000 Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1: Said $3, 900, 000 Series B Bonds shall be dated February 1,
1975, shall be numbered from one (1) upward and shall mature serially,
in numerical order, on February 1 of each year, in the years and amounts
as follows:
YEAR AMOUNT
YEAR AMOUNT
1978 40,000 1992 $120,000
1979 45,000 1993 130,000
1980 50,000 1994 140,000
1981 55, 000 1995 150,000
1982 60,000 1996 160,000
1983 65, 000 1997 175,000
1984 65, 000 1998 185, 000
1985 70, 000 1999 200,000
1986 80,000 2000 215,000
1987 85,000 2001 230,000
~:t~988 90,000 2002 250,000
1989 95,000 2003 270,000
1990 105,000 2004 290,000
1991 110,000 2005 370,000
Section 2: The redemption provisions for said Series 1975B Bonds
shall read as follows:
"The Series 197518 Bonds maturing in the years 1978 to 1986
inclusive, shall not be redeemable prior to maturity. The Series 1975B
Bonds maturing in [he years 1987 to 2005, inclusive, shall be redeemable
on or after February 1, 1986, at the option of the City, in whole on any date,
and in part on any interest payment date, in the inverse order of their
maturities, and if less than all of the Bonds of any one maturity shall be
called for redemption, the the particular Bonds to be redeemed shall be
selected by lot, at the principal amoun~ of the Bonds lo be redeemed plus
accrued interest to the date fixed for redemption, plus a premium one-fourth
of one per centum (1/g of 1%) of the par value ~hereof for each one year
period, or fraction [hereof, from the date fixed for redemption to the stated
date of malurity of the Bonds so called for redemption; such premium,
however, not ~o exceed three per censure (3~) of [he par value thereof."
S__ection_3: William R. Hough & Co. is hereby authorized and directed
to proceed with the revision of an Official Statement for said Bonds.
Section 4.: This Resolution shall take effect immediately upon its
adoption.
PASSED ~kND ADOPTED this /~ day of
1976.
CITY ~F BOYNTON BEACH, FLORIDA
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