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64-NNRESOLUTION NO. 64-NN w. m :,- ~ ~: THE R,.,SOLU ~IOlt AUTHORIZING AND DIRs~: I~.~G I"~ .... ~ ..... OF ~.~O~'~sYS HELD BY T~ TRUSTEE OF THE ~SE~VE~.~n~m~ FOR WATER ~EVENUE BONDS OF .TH~ CITY OF BOSTON BEACH, D,~TED ~' 1950. DEC~'~ER t, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BO!~TON BEACH, FLORIDA, that: SECTION 1. It is hereby ascertained, found and deter- mined as follows, that: A. The City of Bo~mton Beach, Florida '(hereinafter referred to as "City"), by Resolution adopted by the City Council o~ January $, 1951, authorized the issuance of .}228,000 Water Revenue Bonds, dated December l, 1950 (hereinafter called "1950 Bonds" and "1950 Resolution" respectively) for the purpose of~ the construction ~nd acquisition of additions, extensions, and improvements to the Water System, owned, operated and maintai'aed for the suPply and d~_strmsu~ion of water to the inhabitsa~ts of the City of Boynton Beach as well as the inhabitsmts of the Tov~n of Ocean Ridge pursuant to a franchise granted by the Town of Ocean Ridge to the City of BoFnton Beach for such purpose. B. Section 3.'07 (B) of the 1950 Resolution requires the City to establish a Reserve Account for the payment of prin- cipal ~nd interest on the 1950 Bonds ~nd such Section reads as follows: "The City shall also from ~ . t:n~ ~.'/ater System Revenue Fund deposi% -.-'~-~ ~_~_~ said Dank, as Trustee, in a Reserve Account in said Sinking Fund on the 15th day of ~iay ~nd the 15th ~ m~I- of Ucve~.d~er of each year, ~ ~mount e_,~.~ .o ~w...~ ver centv o; all m::ounts required to be~,~'.~ ..... ~,_ ~ ;~ring p~._.la ~ ~a] and interest on the Bonds ox s~ ~,~ .... ~ provi-~e~..~.. ...... L~ve'. lo further payments shall ba required to '~-c ~;. into s~=_d Reserve Account when there shall been 6~.~s ~ad therein, and as long ~ t~ere ....... s'=a]l remain ...... ~ ~_~' ~, an a~ouut equal to the -~'.]e~ ~oun~ which w~z~ ~ '~ ~"~?ed for ~ ~ e~ .... t~e payment of -~ rrlxg principal of and interes~ ox the Bonds then ..... ~ ...... ~ __. s~ .... ding year _.one}-s .x the Reserve Account shall be used only for Vhe pur2ose of the pay~uent of maturinj principal of or interest on the Bonds when vhe other moneys in the Sinkin.; Fund are insufficl. ~ therefor, and for no other purpose." C The City has, by Resolutio'a ~dop~ed by the City Council of July 30, . 1964 authorized the issuance of.i.o'~"~000,OO0.OO Refunding s~nd Improvement Revenue Bonds (hereinafter called "1964 Bonds") for the puroose,, amo~.~...o others; of refunding certain obligations of the City and said Resolution provides in Section I~-B (4) that the City shall, from the proceeds of the sale of the 1964 Bonds: ~ra'ns ...... to the i9f3 Trustee for deposit into the Reserve Account ~ ~+ ~ c~e~e= for the Ou+sv .... d~o 1950 Bonds the sum of ["~14L~ ..... . ~. o be apviied ;,,.~ such 1950 Trustoe all of such 0,'*~+ ~-'~ o ~.,,. .... ..~ 1950 Bonds.:; D.oec~_o.~° +~' ~ 3 ~,~.~ ~).,~ of *'~.~ 1950 ~so!ution for the investment of the moneys Xeld~ ~' ....... ~.,e g~zerv3 ==~v~.~'~ ........ for ~,,~ 0 Bond ~:d sxc_: ...... ~ ....... ds, ...... as follows: S ...... ±0~ the sckedule attacked :*e'~+- mates of ~ set forth '~ ..... ~t ' ~ upo.: _ s adcptzor,. PASSED AND A~PTED this 25th ~y ~ Septem~r, A.D. 1964. -2- CITY OF BOYNTON BEACH, FLORIDA, (corporate Sea~)~/~ ~ // . Councilm ~ y Clerk/ C0Unc~man Come.man -3-