Loading...
04-17-61cRESOLUTION PRESCRIBING FORM AND AUTHORIZING EXECUTION OF 1960 WATER REVENUE BOND TRUST FUND AGREEMENT. WHEREAS, by Resolution duly adopted on January 11, 1961, the CITY OF BOYNTON BEACH authorized the issuance of $1, 370, 000.00 Water Revenue Bonds Series 1960; and WHEREAS, said Resolution provides the certain net revenues received from the operation of the municipal water system shall be deposited by the City with a Trustee, in a Trust Fund to be known as "THE 1960 WATEt REVENUE BOND FUND" in order to insure the application of such revenues to the purposes provded in the aforesaid Resolution; and WHEREAS, said Resolution further provides that the City and the Trustee named shall enter into a Trust Fund Agreement concerning the application of said funds, which agreement shall be in a form t o be determine by Resolution; and WHEREAS, the ATLANTIC NATIONAL BANK OF WEST PALM BEACH, WEST PALM BEACH, FLORIDA. has agreed to act as Trustee of said "1960 WATER REVENUE BOND FUND"; NOW, THEREFORE, BE IT RES OL'FED BY THE CITY ~UNCII OF THE CITY OF BOYNTON BEACH, FLORIDA: Section 1: That pursuant to Resolution heretofore adopted on January 11, 1961, authorizing the issuance and sale of $1, 370, 000. 00 Water Revenue Bonds Series 1960 of the CITY OF BOYNTON BEACH, FLORIDA, a Trust Agreement shall be entered into by and between the CITY OF BOYNTC BEACH, FLORIDA, and the ATLANTIC NATIONAL BANK OF WEST PALM BEACH, WEST PALM BEACH~ FLORIDA, as Trustee of the 1960 Water Revenue Bond Fund. Section 2: That said Trust Agreement shsd]_ be executed on behalf of the City by the Mayor, and the corporate seal of the City shall be affixed thereto and attested by the City Clerk md said Officers be and they hereby are authorized to execute and deliver said Trust Agreement without further authority from this Council. Section 3: That said Trust Agreememt shall be executed prior to the execution and delivery of any of said $1, 370, 000. 00 Water Revenue Bonds Series 1960, and said 1960 Water Revenue Bond Fund Trust Agreement shall be in the form and language of the instrument annexec the form of which Agreement is hereby hereto and made a part hereof, approve d. Section 4: That this Resolution shall take effect immediately PASSED and ADOPTED this 17th day of April, A. D. 1961. (CORPORATE SEAL) ATTEST~ CITY Mayor Vihe Mayor Councilman ? ~Councilman -2- TRUST AGREEMENT This Indenture, made and entered into this day of , A. D. 1961, by and between the CITY OF BOYNTON BEACH, a political subdivision of the State of Florida, located in Palm Beach County, Florida, hereinafter called "CITY" and the ATLANTIC NATIONAL BANK OF WEST PALM BEACH, WEST PALM BEACH, "TRUSTEE", FLORIDA, hereinafter called WIT NESS ET H: WHEREAS, the City has heretofore authorized the issuance of $1, 370, 000. 00 Water Revenue Bonds Series 1960, hereinafter called "BONDS" by a Resolution duly adopted on January- 1t, 1961, hereinafter called "RESOLUTION,~ and WHEREAS, the City by said Resolution established a "1960 WATER REVENUE BOND F~JND'' into which certain net revenues from the operation of the municipal water system are to be deposited, all in accordance with the terms and provisions of said Resolution; and WHEREAS, the ATLANTIC NATIONAL BANK OF WEST PALM BEACH, WEST PALM BEACH, FLORIDA, has heretofore been selected as the Trustee of said "1960 WATER REVENUE BOND FUND" and said Trustee has agreed to accept the deposit of said Trust FUnd in accordance with this Agree- ment and the l%esolution; and WHEREAS, a true a~d correct copy of the above referred to Resolution is attached hereto and hereby made a part hereof; and WHEREAS, it is considered advisable and in the best interest of the City, the Trustee, and the holders of said bonds that the terms of said trust be reduced to writing; NOW, THE.~%EFO~E, it is a~reed b~' and between the Cit~ and Trustee as follows: SECTION 1: That there is hereb~? created a 1 960 WATER REVENUE ~ND FUND c~sist~ ~ ce~ain nei revenues to ~ ~i~d from t~ o~raiion of t~ Cit)~ of Boynton ~ach municip~ water system as more ~icularly set fo~h i~ the ~solution of the City ~d January attac~d ~to. ~~ ~: That ~ ATLANTI~ NATIO~A~ BAN~ ~F ~ST PALM BEACH, WEST PALM BEACH, FLO~DA, ~ ~nd it is hereby ap0otnted T~stee ~ said 1960 WATER REVERE BOND TRUST FUND to ~ ~nd ~rform all acts r~i~d of said T~e in said ~solu~ion in strict ac~r~ce t~i~ A~ment and the pro. aloha of said ~solution r~lati~ said Trust ~nd as mo~ pa~icularl~ s~t fo~h in ~ion 3. ~ (D)(3) t~r~of. SE~ION 3: The Truste~ shall ~ protected and sh~l liabilit)' ~ acting or procem~ng in g~d faith u~n any voucher, cervical, check, resolulion, notice, telegram, r~quest, cogent, statement, ~fida~t, ~d, or ot~r ~r for which it s~l in g~d faith ~li~ve to ~nuin~ and to ha~ ~sn passed or mi~d b~' thru proof ~fic~rs, agents or employmms ~ th~ City or to h~ ~n ~m~d ~d ~is~d ~rsuani to any ~ t~ ~o~sl~s ~ t~s Agrs~m~nt, ~nd lhe T~m~ sh~ ~ ~r no ~ty to make ~y ~mttgation or ~qui~ as to any ~ai~me~s con~a~d, or matters ~fer~d to ~ ~y such sta~nt, ~t may ac~ ~nd r~ly u~n the sam~ as ~nclusi~ e~n~ ~ the truth ~d ac~rscy of such ~atem~nts, and the T~mt~ sh~l ~ ~li~v~d ~ ~1 ~s~nsibflity ~th r~s~ct to m ac~r~n~ with this A~m~nt, Th~ T~st~ sh~ not ~ un~r any liability for an~g arising ~t ~ this A~ment, exe~ for its o~ ~gli- gmnc~, lack of good faith or ~1 mis~n~. SE~ION 4: Th~ T~st~ may in good faith buy, $~H, o~, hold and dina1 ~ ~y of staid ~1, 3T0, 000. 00 Wa~r ~nu~ ~n~ ~s 1960 issued ~rm~t to ~ mttm~d ~moluti~ ~d may jo~ in ~y action ~ieh ~y ~nd -2- holder may be entitled to take with '[~i~e effect as if the Trustee were not a party to this Agreement. The Trustee may also engage in or be interested in any financial or other trans~ction with the Cit~~ or holder or holders of said bonds secured hereby or other obligations of the Cit}, as freely as ff it were not a party to this Agreet~ent. SECTION 5: The City may at any time, pursuant to the terms of the attached Resolution select another bsnk as the de~sitory for the Trust Fund provided for herein, l~rovided there is delivered to the Trustee herein, or an:¥ successor bank, at least si×t~, (60) days notice, before such substitu-- tion. Likewise, the bank ma~· request the transfer of the remaining balance of said Trust Fund to some other bank b), giving sixty (60) days notice in writing to the City requesting such transfer. SECTION' 6: This Agreement shall be deemed to have been and is made for the benefit of tae holders from time to time of the $1, 370, 000. 00 Water Revenue Bonde Series 1960 issued pursuant to the errs. chad Resolution and same shall be enforcible by any of the holders thereof in the manner pro- vialed in said Resolution. SECTION 7: In addition to the other payments provided to be made by said Resolution and this Agreement from the 1960 W~ter Revenue Bond Trust Fund, the Trustee shall be paid ~ just compensation for its services rendered during the term of this Agreement, which compensation, it is agreed by the parties shall be the sum of $300. 00 ~er annum, payable on eacn anniversar~~ date of this contract. SECTION 8: Subject to the lien of the Trustee for its proper fees and expenses, the holders of said bonds issued pursuant to the attached Resolution shall have a lien on all funds deposited in the 1960 Water Revenue Bond Fund account until paid out and applied in accordance with the terms of this Agreement and attached Resolution. -3- IN WITNESS WHEREOF the parties hereto have caused tht~ Agreen~ent to be executed by their proper corporate officers and their re- spective seals affixed hereto the day and year first above written. Witnes ses: ~As to Cit~" CITY OF BOYNTON BEACH, FLORIDA 13Y Mayor "CITY" ATTEST: City Clerk (CORPORATE SEAL) "As to Trustee" ATLANTIC NATIONAL BANK OF WEST PALM BEACH By. Vice President and Trust Officer "TRUSTEE" (CORPORATE SEAL) City Attorney -4-