R92-18RESOLUTION NO . ~92-/8
A RESOLUTION OF THE CITY COMMISSION OF BOYNTON
BEACH, FLORIDA, AMENDING RESOLUTION NO. 92-9,
ADOPTED JANUARY 15, 1992; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on January 15, 1992, the City Commission of Boynton
Beach, Florida (the "Issuer") adopted Resolution No. 92-9 (the
"Award Resolution") authorizing the issuance of the Issuer's
General Obligation Refunding Bonds, Series 1992 in the aggregate
principal amount of $10,075,000 (the "Bonds"); and
WHEREAS, $1,560,000 aggregate principal amount of the Bonds
mature November 1, 2009, and it is necessary and desirable to
provide for the mandatory redemption of a portion of the Bonds of
such maturity in the years 2005 through 2009, inclusive;
NOW, THEREFORE, be it resolved by the City Commission of the
City of Boynton Beach, Florida:
Section 1. Section 3 of Resolution No. 92-9 of the Issuer,
adopted January 15, 1992, is amended by adding thereto subsection
(c) to provide as follows:
(c) The Bonds maturing November 1, 2009 (the "Term Bonds"), shall
be subject to mandatory redemption in part by the Issuer, at a
redemption price equal to the unpaid principal amount thereof,
plus accrued interest thereon to the redemption date, on November
1 in such years and in such principal amounts as set forth below:
Year
Mandatory Redemption
Reuuirement
2005 $ 790~000
2006 $ 175,000
2007 $ 190,000
2008 $ 195,000
2009 (maturity) $ 210,000
If prior to any November 1 the Issuer shall purchase for
cancellation or redeem Term Bonds in excess of the aggregate
mandatory redemption requirement for such Term Bonds to but not
including such November 1, such excess of Term Bonds so purchased
or redeemed and not previously applied as a credit pursuant to
this Section 3(c) shall be credited over such of the remaining
mandatory redemption dates for such Term Bonds as the Issuer shall
determine, and shall reduce the ~mount of Term Bonds otherwise
subject to redemption and due ~espectively, on such date(s).
Provided, however, that no such excess shall be credited to the
amount of term bonds subject to mandatory redemption on a
particular November 1 after the selection of Term Bonds to be
redeemed on such date has been made.
Section 2. Except as amended hereby, Resolution 92-9 shall remain
in full force and effect.
Section 3. Effective Date. This Resolution shall take effect
immediately upon its adoption.
PASSED. AND APPROVED this 21st day of January, 1992.
_.(OFFICIAL $~
~TTEST:-
CITY OF BOYNTON BEACH, FLORIDA
Its Mayor
-2-
5659M