Loading...
RESOLUTION 38_87 NOV 1987RESOLUTION N0. 38-87 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF TWO $5,000 REPLACEMENT IMPROVEMENT REVENUE BONDS, SERIES 1981, LIATED MARCH 1, 1981, NOS. 227 AND 2281 AND PROVIDING AN EFFECTIVE DATE. ' WHEREAS, the Village Council of the Village of North Palm Beach, Florida (the "Village"), has heretofore delivered to the purchaser thereof, $1,170,000 Improvement Revenue Bonds, Series 1981, dated March 1, 1981 ..,(the "Bonds"), in the denomina- tion of $5,000 each and WHEREAS, the Village reoeived formal notification that 2 Bonds, bearing Nos. 227 and 228, maturing November 1, 1994, bearing interest at the rate of 10.108 per annum, with coupons maturing November 1, 1986, and on.each interest payment date thereafter attached, have been lost, stolen or destroyed (the "Lost Bonds")~ and WHEREAS, the owner of the Lost Bonds has formally requested that the Village cause a replacement ~therefor~ and WHEREAS, the Village is empowered under Section 10 of that resolution entitled: "A RESOLUTION PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF MUNICIPAL CAPITAL It7PROVEMENTS FOR THE VILLAGE OF NORTH PALM BEACH, FLORIDA= PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $1,250,000 IMPROVEMENT REVENUE BONDS, SERIES 1981, OF SUCH VILLAGE TO PAY THE COST OF SUCH PROJECTS PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BOND6~ PROVIDING FOR THE PAYMENT THEREOF- AND MAKING CERTAIN OTHER COVENANTS AND AGREE- MENTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS." adopted by the Village on November 24, 1980 (the "Resolution"), which Resolution authorized the issuance of the Lost Bonds, to issue and deliver replacement Bonds of like tenor as the Lost ' Bonds upon compliance with the conditions stated thereint and WHEREAS, the Village has received a "Proof of Loss," attached hereto as Exhibit "A," as to the Lost Bonds, executed by B. McKinney, Merrill Lynch, Pierce, Fenner & Smith Inc., New York, New York ("Merrill Lynch")~ and -1- WHEREAS, the Village has been furnished a "Bond of I~ L__. indemnity," attached hereto as Exhibit "B," by whose terms the Village will be indemnified as to any loss resulting from sub- sequent payment of the Lost Bonds or interest thereont now therefore, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTfi PALM BEACH, FLORIDA: SECTION 1. AFFIDAVIT OF. LOSS= INDEMNITY. The "Proof of o Loss" and the "Bond of Indemnity," furnished 1n connection with the Lost Bonds, all as described in the preambles hereof, are hereby determined to be satisfactory to the Village. SECTION 2. AUTHORIZATION OF REPLACEMENT BONDS. There it is hereby authorized to be issued in lieu of and substitution for the Lost Bonds, the following de ac ribed replacement Bondss 2 IMPROVEMENT REVENUE BOND6, SERIES 1981, dated March 1, 1981, numbered 227 and 228, in the denomination of $5,000 each, bearing interest at the rate of 10.108 per annum (payab.le semi- annually on May 1 and November 1), and maturing on November 1, 1994, with coupons due November 1, 1986, and on each interest payment date thereafter attached. SECTION 3. EXECUTION OF REPLACEMENT BOND6. The repla- cement Bonds shall bear the facsimile signature of the Mayor of the Village and shall be signed manually by the Village Clerk of the Village. The facsimile signatures of the Mayor and Village Clerk shall be imprinted on the coupons attached to the replace- ment Bonds. A facsimile of the corporate seal of the Village shall be imprinted on the replacement Bonds. The validation cer- tificate printed on the replacement Bonds shall bear the fac- simile signature of such Mayor. SECTION 4. DISTINGUISHING FEATURES OF REPLACEMENT 1 BONDS. The replacement Bonds and coupons shall bear on the face thereof the word "REPLACEMENT" immediately before or above the serial number of the replacement Bonds and coupons, and the bor- ders may be printed in a color other than the color of the bor- dens of the Lost Bonds. SECTION 5. PAYMENT OF EXPENSES. All fees, costa and -2- expenses paid or incurred by the Village in the issuance of the replacement Bonds shall be borne by Pferrill Lynch. SECTION 6. DELIVERY OF REPLACEMENT BOND6. The Mayor 1 and Director of Finance of the Village are hereby authorized to cause such replacement Bonds to be prepared and to execute and deliver the replacement Bonds to Merrill Lynch upon being~indem- nified and reimbursed for all costs or charges paid or incurred by the Village in conjunction with such replacement. SECTION 7. COPY OF RESOLUTION TO PAYING AGENT. The Mayor of the Village shall cause a copy of this resolution to be delivered to the paying agent for the Bonds. SECTION 8. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. DULY ADOPTED THIS 12th DAY OF -NOVEMBER r 1987. VILLAGE OF NORTH PALM BEACHr FLORI!]4 r ~~9tirr UC'.cp.~ :~ MAYOR ATTESTt VILLAGE CLERK '` ,. -3-