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Ordinance 069 Recreation Facilities Bonds - IssuanceU n U u ORDINANCE NO. 69 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $1,430,000 RECREATIONAL FACILITIES BONDS OF THE VILLAGE OF NORTH PALM BEACH, PROVIDING FOR THE LEVY OF TAXES AND OTF~ER SECURITY FOFt THE PAYMENT THEREOF AND PROVIDING FOR THE SALE OF SUCH BONDS. -~ WHEREAS at a meeting of the Council held on June 24, 1961, there was adopted Ordinance Number 6`.i providing for a special election to be held in the Village of North Palm Beaach on July 25, 1961, oh a proposition involving the issuance of $1,430,000 Recreational Facilities Bonds; and WHEREAS said election was duly and legally called and conducted_ and proper notice thereof givers and the results thereof were canvassed by the Council on July 26, 1961, and it was determined that the proposition of the issuance of the Recreational Facilities Bonds, in the amount of $1,430,000 had carried by a vote of 601 for and 80 against and 4 mutilated ballots; and WHEREAS it has heretofore been determined and is hereby found and declared that the votes cast in favor of the proposition to issue said bonds at said special election was equal to more than a majority of the total votes cast for and against the same and that more than a majority .of the freeholders who were then qualified electors of said village participated in said election and voted on said proposition, and that by the proceedings aforesaid the issuance of such bonds of said Village of North Palm Beach has been duly authorized and approved; and WHEREAS it is desired to provide for the issuance of said bonds pursuant to the charter of said village and laws and Constitution of Florida, and to provide for the levy of taxes and other securitiy to pay the same, and to provide for the sale of said bonds; NOW, THEREFORE, Be It Ordained by the Village Council of North Palm Beach, Florida, as follows: Section 1. That for the purpose of paying the cost of acquiring through purchase and construct:Lon a building, facilities, equipment, and grounds for public recreationa:L purposes, including golf and swimming, there are hereby authorized to be issued the negotiable bonds of said village in the prinicpal amount of $1,430,000, which bonds shall be known as Recreational Facilities Bonds. The bonds shall be dated July 1, 1961, shall be numbered 1 to 1430, inclusive, shall be in the denomination of $1,000 each, shall be payable as to both principal and interest in lawful money of the United States of America at a bank or banks to be determined at the time of the sale thereof, and shall bear interest at such rate not greater than 4-3/4% per cent per annum as may be determined at the time of the sale thereof, which interest shall be payable January 1, 1962, and semiannually thereafter on the first days of January and July in each year until the payment of principal. . Ordinance No. 69 Fage 2. Said bonds shall mature serially in numerical order on July 1 of __ each year as follows: Bond Numbers Amount Year _ 1 to 30 $30,000 1964 _- 31 to 65 35,000 1965 66 to 100 35,000 1966 101 to 135 35,000 1967 136 to 175 40,000 1968 ' 176 to 215 40,000 1969 216 to 25~ 40,000 1970 256 to 300 45,000 1971 301 to 345 45,000 1972 346 to 395 50,000 _ 1973 -- 396 to 445 50,000 1974 446 to 500 55,000 1975 501 to 555 55,000 1976 556 to 610 55,000 1977 - 611 to 670 60,000 _ _ 1978 - 671 to 730 60,000 _ 1979 731 to 795 65,000 1980 796 to 860 65,000 1981 861 to 930 70,000 1982 931 to 1000 70,000 1983 - 1001 to 1080 80,000 1984 1081 to 1165 85,000 1985 -- 1166 to 1250 85,000 1986 1251 to 1340 :90,000 1987 1341 to 1430 90,000 1988 Bonds numbered 346 to 1, 430, inclusive, shall be-callable for redemption by said village prior to maturity in inverse ri~ical order on July 1, 1972, and on any interest payment date thereafter at the principal amount thereof plus accrued inter est to the date fixed for redemption and a premium of $2. 50 for each unexpir es six month period from the date of call to the date of maturity of each b ond so redeemed prior to maturity, which premium however shall in no event exceed $47.50 for eac h bond so redeemed. Notice of the call of any bond fo r redemption is to be given not less than thirty (30) days prior to the red emption date by public ation of an appropriate notice in a financial newspaper or journal published in the City of New York, • New York, or Chicago, Illinois, one time not less than thirty (30) days Prior to the date fixed for redemption, and by sending a simi lar notice by re- -- gistered mail to the paying agent not less than thirty (30) days in advance of such date. Any bond which the village has determine d so to redeem and as to the redemption of which proper notice has been given as above provided, must be surrendered by the holder thereof at the paying agent bank on or-after the date so fixed for redemption, and if funds are made and kept available with the paying agent for the redemption price, such bond shall not thereafter _ _ ' bear interest. Each of said bonds shall be signed by the Mayor and attested by the Village Clerk of said village, and the corporate seal of the village shall be affixed to each of such bonds, and the interest accruing on such bonds on and prior to maturity shall be evidenced by coupons thereto _ attached, maturing on the several days when such interest matures, said coupons to be signed with the facsimile signatures of said Mayor and Village Clerk, which officials by the execution of said bonds shall adopt as and for their respective proper signatures their respective facsimile signatures appearing on said coupons. Section 2. That such bonds and coupons and the endorsements to r1 u appear thereon shall be in substantially the following form: (Form of Bond) UNITELI STATES OF AMERICA STATE OF FLORIDA COUNTY OF PALM BEACH VILLAGE OF NORTH PALM BEACH RECREATIONAL FACILITIES BOND Number $1,000 KNOW ALL MEN BY THESE PRESENTS, that the Village of North Palm Beach, in Palm Beach County, Florida, hereby acknowledges its_el,f to owe and for value received promises to pay to bearer the sum of One Thousand Dollars ($1,000) on the first day of July, 19_, with interest thereon from the date hereof until paid at the rate of per cent per annum, payable Januarv 1, 1962, and s_emi- annually thereafter on the first days of January and July in each year, such interest as may accrue on and prior to maturity of this bond to be payable on presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal hereof and interest hereon are payable in lawful money of the United States of America at in the For the prompt payment of this bond, both principal and interest, as the same respectively become due, and the levy of taxes sufficient therefor, the full faith, credit and resources of the Village of North Palm Beach are hereby irrevocably pledged. This bond and the series of which this bond is one are issued by ' the Village of North Palm Beach for the purpose of paying the cost of acquiring through purchase and construction a building, facilities, equip- ment, and grounds for public recreational facilities, including golf and swimming, pursuant to Ordinance Number 69 duly adopted by its Village • Council on Auoust 15 1961, in full compliance with the pertinent pro- visions of the Constitution and Laws of the State of Florida, and the issuance of this bond has been duly authorized by a .majority of , the votes cast at a special election duly called and held £or that purpose on July 25, 19b1, in said village, in which a majority of the freeholders who were then qualified electors residing therein participated. This bond and the issue of which it is one are payable_ ' as to both principal and interest from taxes levied on all property in said village taxable for such purpose, as provided in the afore- mentioned ordinance. Bonds numbered 346 too 1430, inclusive, of the issue of which -this bond is one are callable for redemption by said village prior ta_ maturity in inverse numerical order, on July 1, 1972, and on any interest payment date thereafter, at the principal amount thereof plus accrued interest to the date fixed for redemption and a premium of $2.50 for each unexpired six month period from the date of call to the date of maturity of each bond so redeemed prior to maturity, which premium how- ever shall in no event exceed $47.50 for each bond so redeemed. Notice of the call of any bond for redemption is to be given not less than thirty (30) days prior to the redemption date by publication of an appro- priate notice in a financial newspaper or journal published in the City of New York, or Chicago, Illinois, one time not less than thirty (30) days prior to the date fixed for fedemption, and by sending a similar notice ' by registered mail to the paying agent not less than thirty (30) days in advance of such date. Any band which the village has determined so to redeem and as to the redemption of which proper notice has been given as above provided must be surrendered by the holder thereof at the paying agent bank on or after the date so fixed for redemption, and if funds are made and kept available with the paying-agent for the redemption price, such bond shall not thereafter bear interest. It is certified that this bond is authorized by and is issued pursuant to and in conformity with the requirements of the Constitution • and Statutes of the State of Florida, and it is hereby further certified and recited that all conditions, acts and things required by law to exist, or to be done precedent to and in the issuing of this bond did exist, have ' happened, been done and performed in regular and due form and time as re- quired by law, that the indebtedness of said Village of North Palm Beach, including this bond, does not exceed any limitation imposed by law, and that provision has been made for the collection of a direct annual tax on all property in said Village of North Palm Beach taxable for such purpose which will be sufficient to pay interest hereon as it falls due,-and also to pay and discharge the principal hereof at maturity. -This bond and the series of which it is one were validated and confirmed by decree of the Circuit Court of the Fifteenth Judicial Circuit of Florida, in and for Palm Beach County, rendered on 19 n u 0 IN TESTIMONY WHEREOF, said Village of North Palm Beach has caused this bond to be signed by the Mayor of said village and attested by the Village Clerk thereof, and its corporate seal to be hereto affixed, and the coupons hereto attached to be executed with the facsimile signatures of said Mayor and Village Clerk, all as of the first day of July, 1961. yor u Attest: Village Clerk (Form of Coupon) • Number $ On the first day of 19 unless the heren- after mentioned bond has beers theretofore properly called for redemption and provision for the redemption thereof duly made, the Village of North Palm Beach, Palm Beach Count}r, Florida, will pay to bearer Dollars ($ ) in lawful money of the United States of America at in the City o£ for interest due that day on ' its Recreational Facilities Bond, dated July 1, 1961, and numbered __ yor Attest: Village Clerk Section 3. That from and after the date upon which any part of the Recreational facilities acquired with the proceeds of said bonds becomes revenue producing, said facilities, hereinafter sometimes referred to as "the system", shall be operated on the basis of a fiscal year commencing on November 1 of each year and ending on the last day of October of the next ' succeeding year, and on that basis all income and revenues of every nature derived from the operation of the system shall be set. aside into a separate and special fund, which fund is hereinafter sometimes referred to as the "Revenue Fund". There shall be first paid from the moneys in the Revenue Fund ' from time to time as needed the reasonable and necessary expenses of operat- ing and maintaining the system, including improvements, replacements and capital additions to the systf=m not exceeding at any one time the sum of $1000, have been paid not less than 25~ of the remaining moneys in the • Revenue Fund shall be set aside in each fiscal year into a separate and special fund to be known as the "Reserve Operation Fund", until there is in said fund the sum of not lass than $40,000. Money in said fund shall- only be used for making improvements, replacements and capital additions ' to the system exceeding at any one time the sum of $1000. The minimum amount required to be in said Reserve Operation Fund during any fiscal year may be increased by the Village Council by appropriate proceediDg at the time the budget for the system for such fiscal year is adopted. All, or any part, of the money remaining in the Revenue Fund at the end of each fiscal year, after all payments hereinabove required to be made therefrom have been made, shall, in the discretion of the Village Council, be used, so far as is legally possible, to pay the principal of or the interest falling due on the Recreational Facilities Bonds herein authorized, or be deposited in a fund, to be hereafter created, and the moneys in said fund to be used solely for capital improvements, replace- ments, extensions or additions to any recreational facilities now, or here- after owned by the Village, including but not limited to the recreational facilities acquired with the proceeds of the bonds herein authorized. Money in the Reserve Operation Fund may, in the discretion of the Village Council, be invested in direct obligations of the United States ' of America, maturing not later than two years from date of purchase, in which event the gbligations so acquired shall be held to the credit of said fund. A11 payments into the Revenue Fund and the Reserve Operation Fund, as created as aforesaid, shall be made into the First American Bank of North Palm Beach, Florida, or such other bank as may be designated from time to time by the Village Council of the Village of North Palm Beach, provided that any such bank be a member of the Federal Deposit Insurance Corporation and that all funds so deposited be secured as required for Municipal funds under the laws of the State of Florida. Such fund shall be held by the said bank or banks in separate accounts to be paid out only for the purposes and under the circumstances herein provided. ' It shall be the duty of said bank or banks on June 15 and December. here- in the Revenue Fund ilable mone it , y any ava 15 of each year to transm inafter created, for the payment of principal of or interest on the Recrea- tional Facilities Bonds herein authorized, to the paying agent bank for the payment of principal, interest and applicable redemption premiums fall- ing due on the next July 1 ar January 1, as the case may be, upon the written instructions of the Village Council. Section 4. That in order to provide for the payment o£ the interest on said bonds as it falls due and also to pay and discharge the principal thereof at maturity, there shall be and there is hereby levied upon all the • taxable property within said Village of North Palm Beach a continuing-- annual tax sufficient for that purpose over and above all other taxes authorized or limited by law. The proceeds of said tax when collected shall be kept in a sinking fund which is hereby created and said funds shall be used for the payment of said principal and interest and for no other purpose whatsoever. Principal or interest falling due on such bonds at any time when there are not sufficient funds on hand from the foregoing tax levy to pay ' the same shall be paid from current funds, and reimbursement therefor - shall be made out of the taxes hereby levied when the same shall be collected. The continuing annual tax levied hereby shall be abated in any . year to the extent to which there are available from other sources funds sufficient to pay the principal, interest and applicable redemption pre- miums falling due during any such year when any of said bonds are out- standing and unpaid. The paying agent bank is hereby authorized, to the extent that money has been actually paid to said bank by the depository bank, herein provided, prior to any January 1 or July 1 of any year, to pay principal of and interest .on and applicable redemption premiums falling due on any January 1 or July 1 on the Recreational Facilities Bonds herein authorized, from such moneys, in lieu of the moneys arising from the continuing annual tax levied by this ordinance. Section 5. That the full faith, credit and resources of said Village of North Palm Beach shall be and are hereby pledged for the full and prompt payment of the interest on and principal of the bonds herein authorised, and that the direct annual tax hereinbefore provided to pay such bonds shall be levied upon all taxable property, except only such property as may be exempt from taxation under the provisions of the Con- • stitution and Laws of the State of Florida which are in force and effect at the time of the issuance of such bonds. Provision shall be included and made in the annual budget and tax levy for the levy of the taxes here- inbefore provided. __ Section 6. That the bonds herein authorized shall be sold in such manner and upon such terms as the Council may by resolution direct, how- ever at not less than 95 and accrued interest. The proceeds thereof, e - clusive of accrued interest, shall be.applied to the purposes for which ' the bonds are herein authorized. All sums received as accrued interest shall be held apart and used to pay the interest first thereafter becoming due on said bonds. Section 7. That the provisions of this ordinance shall constitute • a contract between North Palm Beach and the holder or holders of the bonds herein authorized to be issued, and that after the issuance of any of such bonds no change, variation, or alteration of any kind in the provisions of this ordinance shall be made in any manner until such time as all 0£ said bonds issued hereunder and interest due thereon have been paid in full. Section 8. That C. Robert Burns, Village Attorney, is hereby authorized and directed to .take appropriate proceedings in the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County for the validat_on of said bonds. ' Section 9. That if any section, paragraph, clause or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this ordinance. Section 10. That a1:L ordinances, resolutions and orders, or parts thereof, in conflict with thE> provisions of this ordinance are, to the extent of such conflict, hereby repealed. Section 11. That this ordinance become effective immediately upon its adoption. FIRST READING the 15th day of August, 1961. SECOND AND FINRL REA1]ING AND PASSAGE the 15th day of August, 1961. ~e~/'~ /res~~ Mayor Attest: `.T~tS~u+~ C~So,r. Village Clerk Councilman Emery •J. Newell Councilman • Louis J. Aiello, Jr. , Councilman Charles M. Bowman Councilman ' Frank J. Hahn