Loading...
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 [ - / ~:~ ~ Vic%~ayo r ~ Council ~emb~/ Cou T: Council be r -2-