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75-NNRESOLUTION NO.~ 75- /~i A RESOLUTION AMENDING RESOLUTION NO. 75-A ENTITLED: "A RESOLUTION SUPPLEMENTING A RESOLUTION ENTITLED: · 'A RESOLUTION PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF EXTENSIONS, ADDITIONS AND IM- PROVEMENTS TO THE SEWER SYSTEM OF THE COMBINED WATER AND SEWER SYSTEM OF THE CITY OF BOYNTON BEACH FLORIDA; PROVIDING FOR THE ISSUANCE OF $6,000,000 REFUNDING AND IMPROVEMENT REVENUE BONDS OF SUCH CITY TO PROVIDE FOR THE REFUNDING OF CERTAIN OUTSTANDING REVENUE OBLIGATIONS OF THE CITY AND TO PAY THE COST OF SUCH EXTENSIONS, ADDITIONS AND IMPROVEMENTS; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS; AND PRO- VIDING FOR THE PAYMENT THEREOF; AND ~WLAKING CER- TAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE AND SALE OF SUCH BONDS;' AND PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING -$6,500,000 WATER AND SEWER REVENUE BONDS, SERIES 1975, OF SUCH CITY." BE IT RESOLVED BY THE CITY COUNCIL~OF THE CITY OF BOYNTON BEACH, FLORIDA: SECTION 1. Section 16 of Resolution No. 75-A, hereto- fore adopted on January 6, 1975 be and the same is hereby amended by changing the next to last paragraph of Subsection D-thereof to read as follows: "Any funds on deposit in the Construction Fund whichf in the opinion of the issuer, acting upon the recommendation of the con- sulting engineers, are not immediately necessary for expenditure, as hereinabove provided, may be invested and'reinvested in direct ob- ligations of the United States of America or in certificates of deposit in banks or trust companiest maturing in a period of 2 years or less. All such securities shall be held by the depository bankr and all income derived therefrom may either be retained in the' Construction Fund or used by the issuer for any lawful purpose of the. Water and-Sewer System." SECTION 2. Section 17 of said Resolution No. 75-A be and the same is hereby amended to read as follows: "SECTION 17. MODIFICATION OR AMENDMENT. No material modi- fication or amendment of this Resolution or of any resolution or ordinance amendatory hereof or supplemental hereto may be made without the consent in writing of the hOlders of two-thirds or more in the principal amount of the obligations ~hen outstanding; provided however, that no modification or amendment shall permit a Change in the maturity of such obligations or reduction in the rate of interest thereon or in the amount of the principal obligation thereof or af- fecting the promise of the issuer to pay the principal of and interes~ on the obligations as the same shall become due from the revenues of the Water and Sewer System or reduce the percentage of the holders of the obligations required to consent to any material modification or amendment hereof'without the consent of the holder ~or holders of all such obligations; provided, however; that no such modification or amendment shall allow or permit any acceleration of th~ payment of principal of or interest on the obligations upon any default in the payment thereof whether or not the hOlders of the obligations consent thereto." SECTION 3. immediately. This amendatory resolution shall take effect PASSED AND ADOPTED this day of June, 1975. ATTEST: City Clerk CITY OF BOYNTON BEACH, FLORIDA Mayor Council. Member -2-