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.
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CITY OF BOYNTON BEACH, FLORIDA,
(corporate Sea~)~/~ ~
// . Councilm
~ y Clerk/ C0Unc~man
Come.man
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