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
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