1975-54 Authorizing the Acquisition of Recreational Equipment~_
RESOLUTION NO. 54-75
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A RESOLUTION AUTHORIZING THE ACQUISITON OF
RECREATIONAL EQUIPMENT FOR THE GOLF COURSE OF
T}IE.VILLAGE OF NORTH PALM BEACH, FLORIDA;
PROVIDING FOR THE ISSUANCE OF NOT EXCEED-
ING $210,000 IMPROVEMENT REVENUE BONDS,
SERIES 1975 OF SUCH VILLAGE TO PAY THE COST
OF SUCH PROJECT; PROVIDING FOR T}IF. RIGHTS
OF THE }IOLDERS OF SUCH BONDS; PROVIDING
I'OR THE PAYMENT THEREOF; AND MAKING CERTAIN
OTHER COVENANTS AND AGREEMENTS IN CONNECTION
WI'l}I T}IE ISSUANCE OF SUCH BONDS.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTfi PALM BEACH, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution
is adopted pursuant to Chapter 31481, Laws of Florida, Extraordinary
Session, 1955-56, as amended and supplemented, Chapter 166, Part II,
Florida Statutes and other applicable provisions of law.
SECTION 2. DEFINITIONS. The following terms shall have
the following meanings herein, unless the text otherwise expressly
requires:
I'lorida.
A. "Issuer" shall mean the Village of North Palm Beach,
B. "Act" shall mean Chapter 31481, Laws of Florida,
Extraordinary Session, 1955-56, as amended and supplemented and
Chapter 166, Part II, Florida Statutes.
C. "Obligations" shall mean the $210,000 Improvement
Revenue Bonds, Series 1975 herein authorized to be issued, together
with any additional parity obligations hereafter issued under the
terms, conditions and limitations contained herein.
n. "}[older of obligations" or "obligation holders" or any
similar term shall mean any person who shall be the bearer or owner
of any outstanding obligation or obligations registered to bearer, or
not registered or the registered owner of any such obligation or ob-
ligations which shall at the time be registered other than to bearer.
E. "Franchise tax" shall mean any and all moneys received
I.ry the Village from the Florida Power and Light Company, its legal
representatives, successors or assigns under the franchise granted
pursuant to ordinance duly enacted on July 22, 1957, and any and all
moneys received by the Village from the Florida Power and Light Company,)
its legal representatives,. successors or assigns, under any extension
or renewal of said franchise or from any new franchise granting the
right to supply electric energy to the Village or its inhabitants.
F. "Excise taxes" shall mean the franchise tax.
G. "Par.ity obligations" shall mean the outstanding
Improvement Revenue Bonds, of the issuer dated May 1, 1968, and
the Improvement Revenue Bonds, Series 1972 of the issuer dated
November 1, 1971 payable from the excise taxes.
,~ }i. "Fiscal year" shall mean the period commencing on
+J~L of each year and ending on the succeeding ~embBr3YJ,
I. words importing singular number shall include the plural
number in each case and vice versa, and words importing persons shall
include firms and corporations.
SECTION 3. FINDINGS.' It is hereby ascertained, determined
and declared that:
A. The issuer now owns, operates and maintains a municipal
' golf course and related facilities for the benefit of its inhabitants.
B. It is desirable and in the best interests of the health
and welfare of the inhabitants of the issuer that the issuer purchase
golf carts and construct or acquire a golf cart shed for said municipal
golf course (hereinafter called "project").
C. The issuer will derive rental fees from the rental
of such golf carts.
D. Pursuant to 'law, the issuer on July 22, 1957, under
authority of an ordinance duly enacted, entered into an agreement
with the Florida Power and Light Company for a period of thirty (30)
years from date whereby the issuer would receive the franchise tax
by reason of having granted to the Florida Power and Light Company
' the right to supply electric services to the issuer or its inhabitants.
E. (1) The revenues derived from the operation of the
project are not now pledged or encumbered in any manner.
(1.) The proceeds from the excise taxes are not now pledged
or. encumbered in any manner, except to the prior payments therefrom
of the. principal of and interest on'the parity obligations.
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F. The estimated revenues to be derived from the operation
of. the project and the proceeds of the excise taxes will be sufficient
to pay all. of the principal of and interest on the obligations to
be issued tereunder, as the same become due, and to make all required
sinking fund, reserve or other payments.
G. The principal of and interest on the obligations and
all required sinking fund, reserve and other payments shall be payable
solely from the revenues derived from the operation of the project
and from the proceeds of the excise taxes, as herein provided. The
issuer shall never be required to levy ad valorem taxes on any
property therein to pay the principal of and interest on the obliga-
tions or to make any of the required sinking fund, reserve or other
payments and such .obligations shall not constitute a lien upon any
property of or iri the issuer.
SECTION 4. AUTHORIZATION OF ACQUISITION AND CONSTRUCTION
OF' PROJECT. There is hereby authorized the acquisition and construc-
tion of the project. The cost of such project, may include, but
need not be limited to, the acquisition of any lands or interest
therein or any other properties deemed necessary or convenient
therefor; engineering, architectural, legal and financing expenses;
expenses for estimates of costs and of revenues; expenses for
plans, specifications and surveys; the fees of fiscal agents,
financial advisors or consultants; administrative expenses relating
solely to the construction and acquisition of the project; the
capitalization of interest for a reasonable period after the issuance
of the obligations; the creation and establishment of reasonable
reserves for debt service; and such other costs and expenses as may
he necessary or incidental to the .financing herein authorized and
the construction and acquisition of the project and the placing of
same i.n operation.
SECTION 5. RESOLUTION TO CONSTITUTE CONTRACT. In consider-
ation of the acceptance of the obligations authorized to be issued
hereunder by those who shall hold the same from time to time, this
resolution shall. be deemed to be and shall constitute a contract
}->etween the issuer. and such holders. The covenants and agreements
herein set forth to be performed by the issuer shall be for the
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equal. benefit, protection and security of the legal holders of any
and all of such obligations and the coupons attached thereto, all
of which shall be of equal rank and without preference, priority or
distinction of any of the obligations or coupons over any other
i.ltereof, except as expressly provided therein and herein.
1 SECTION 6. AUTHORIZATION OF OBLIGATIONS. Subject and
pursuant to the provisions hereof, obligations of the issuer to be
}:noun as "Improvement Revenue Bonds, Series 1975", herein sometimes
referred to as "obligations", are authorized to be issued in the
aggregate principal amount of not exceeding Two Hundred Ten Thousand
Dollars ($210,000).
SECTION 7. DESCRIPTION OF OBLIGATIONS. The obligations
shall be dated October 1, 1975; shall be numbered consecutively
from one upward; shall be in the denomination of $5,000 each; shall
bear interest at such rate or rates not exceeding the maximum rate
fixed by the Act or by other applicable law, the actual rate or
rates to be determined by the governing body of the issuer upon the
sale of the obligations; such interest to be payable semi-annually
April 1 and October 1 of each year; and shall mature serially in
numer ica l or der, on October 1 in the ye ars an d amounts as follows:
YEAR AMOUNT
1976 $20,000
1977 20,000
1978 30,000
1.979 30,000
1980 30,000
1981 40,000
1982 40,000
Such obligations shall be issued in coupon form; shall be
payable to bearer unless registered as hereinafter provided; shall be
payable with respect to both principal and interest at a bank or
banY.s to be subsequently determined by the issuer prior to the de-
livery of the obligations; shall be payable in lawful money of the
Uni-ted States of America; and shall bear interest from their date,
pay.-able in accordance with and upon surrender of the appurtenant
interest coupons as they severally mature.
SECTION 8. EXECUTION OF OBLIGATIONS AND COUPONS. The
obligations shall be executed in the name of the issuer by the Mayor
and countersigned and attested•by the Village Clerk, and its corporate
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seal or a facsimile thereof shall be affixed thereto or reproduced
thereon. .The facsimile signatures of the Mayor or the Village Clerk
may be imprinted or reproduced on the obligations, provided that at
].east one signature required to be placed thereon shall be manually
sribscribed. In case any officer whose signature shall appear on any
' of the obligations shall cease to be such officer before the
delivery of such obligations, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes the same as
if he had remained in office until such delivery. The obligations
may be signed and sealed on behalf of the issuer by such person who
at the actual time of the execution of such obligations shall hold
the proper office with the issuer, although at the date of such
obligations such person may not have held such office or may not
have been so authorized. '
The coupons attached to the obligations shall be authenti-
cated with the facsimile signatures of any present or future Mayor
and Village Clerk of the issuer, and the validation certificate on the
' obligations shall be executed with the facsimile signature of the
bfayor. The issuer may adopt and use for such purposes the facsimile
signatures of any persons who shall have held such offices at any time
on or after the date of the obligations notwithstanding that they
may have ceased to be such officers at the time such obligations shall
be actually delivered.
SECTION 9. NEGOTIABILITY AND REGISTRATION. The obligations
and the coupons appertaining thereto shall be and shall have all of
tkre qualities and incidents of negotiable instruments under the law
merchant and the Laws of the State of Florida, and each successive
holder, in accepting any of such obligations or the coupons appertain-
ing thereto, shall be conclusively deemed to have agreed that such
obligations shall be and have all of the qualities and incidents of
neyotiable instruments under the law merchant and the Laws of the
State of Florida.
4'he obli.yati.ons may be registered at the option of the
holder as to principal only at the office of the Village Clerk, as
?cegist,rar, or such other Registrar: as may be hereafter duly appointed,
such reyistration to be noted on the back of the obligations in the
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space provided therefor. After such registration as to principal
only, no transfer of the obligations shall be valid unless made
at such office by written assignment of the registered owner, or
by kris duly authorized attorney in a form satisfactory to the
Registrar, and similarly noted on the obligations, but the obligations
' may be discharged from registration by being in like manner trans-
ferred to bearer and thereupon transferability by delivery shall be
restored. At the option of the holder, the obligations may thereafter
again from time to time be registered or transferred to bearer as
before. Such registration as to principal .only shall not affect the
negotiability of the. coupons which shall continue to pass by delivery.
SECTION 10. OBLIGATIONS MUTILATED, DESTROYED, STOLEN OR
LOST. In case any obligation shall become mutilated, or be destroyed,
stolen or lost, the issuer may in its discretion issue and deliver a
new obligation with all unmatured coupons. attached, if any, of like
tenor as the obligation and attached coupons, if any, so mutilated,
destroyed, stolen or lost, in exchange and substitution for such
' mutilated obligation, upon surrender and cancellation of such mutilated
obligation and attached coupons, if any, or in lieu of and substitution
for the obligation and attached coupons, if any, destroyed, stolen or
lost, and upon the holder furnishing the issuer proof of his ownership
thereof and satisfactory indemnity and complying with such other
reasonable regulations and conditions as the issuer may prescribe and
paying such expenses as the issuer may incur. All obligations and
coupons so surrendered shall be cancelled. If any such obligation or
coupon shall have matured or be about to mature, instead of
issuing a substitute obligation or coupon, the issuer may pay the .
s=m~e, upon being indemnified as aforesaid, and if such obligation
or coupon be lost, stolen or destroyed, without surrender thereof.
All such duplicate obligations and coupons issued pursuant
to this section shall constitute original, additional contractual
obligations on the part of the issuer whether or not the lost, stolen
or destroyed obligations or coupons be at any time found by anyone,
and such duplicate obligations and coupons shall be entitled to equal
and proportionate benefits and rights as to lien on and source and
security for. payment from the funds, as hereinafter pledged, to the
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same extent as all other obligations and coupons issued hereunder.
SECTION 11. PROVISIONS FOR REDEMPTION. The obligations
may be redeemable prior fo their stated dates of maturity, at the
option of the issuer, in whole or in part, but in inverse numerical
order if less than all, on any interest payment date, at the price
of par and accrued interest to the date of redemption; provided
that written notice of such prior redemption shall be given as
follows:
Notice of such redemption (i) shall be published at least
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once at least thirty (30) days prior to the redemption date in a
financial journal-published in the Borough of Manhattan,. City and
State of New York, (ii) shall be filed with the paying agents, and
(iii) shall be mailed, postage prepaid, to all registered owners of
obligations to be redeemed at their addresses as they appear on the
registration books hereinabove provided for. Interest shall cease
to accrue on any obligation duly, called for prior redemption on the
redemption date, if payment thereof has been duly provided.
SECTION 12. FORM OF OBLIGATIONS AND COUPONS. The obliga-
tions, the interest coupons
cate of validation shall be
with such omissions, insert
and desirable and which are
are subsequently authorized
ttie obligations:
No.
to be attached thereto, and the certifi-
in substantially the following form,
ions and variations as may be necessary
herein authorized or. permitted or which
or permitted prior to the issuance of~
$5,000
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF PALM BEACH
VILLAGE OF tdORTH PALM BEACH
IDIPROVEMENT REVENUE BOND
SEP.IES 1975
KNOW ALL MEN BY Tf{ESE PRESENTS that the Village of North
Palm Beach, Florida, (hereinafter called "Village"), for value
received, hereby promises to pay to the bearer, or if this bond be
registered, to the registered holder as herein provided on the
first day of October, 19 from the special funds hereinafter
mentioned, the principal sum of
FIVE THOUSAND DOLLARS
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`~
L__J
and to pay solely from such special funds, interest thereon from the
date hereof at the rate of per centum (___~) per
annum until payment of the principal sum, such interest to the ma-
turity hereof being payable semi-annually on the first day of April
and the first day of October in each year upon the presentation and
surrender of the annexed coupons as they severally fall due. Both
principal. of and interest on this bond are payable in lawful money
of the United States of America at ,
or, at the option of the holder at
This bond is one of an authorized issue of bonds in the
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aggregate principal amount of $210,000 of like date, tenor and ef-
fect, except as to number, interest rate and date of maturity,
issued to finance the cost of the acquisition of recreational equipment
for the municipal golf course (hereinafter called "project"), under
the authority of and in full compliance with the Constitution and
Statutes of the State of Florida,, including particularly Chapter
31.481, Latas of Florida, Extraordinary Session 1955-56, as amended
and supplemented, Chapter 166, Part II, Florida Statutes and other
applicable provisions of law, and a resolution duly adopted by the
Village on the day of
1975, (hereinafter
called "Resolution"), and is subject to all the terms and conditions
of such Resolution.
This bond and the coupons appertaining thereto are payable.
solely from and secured by a lien upon and pledge of the revenues
derived by the Village from the operation of the project and a lien
upon and pledge of the proceeds of the franchise tax (hereinafter
czxlled "excise taxes"), in the manner provided in the Resolution.
The lien of the holders of the bonds of this issue on the
proceeds of the excise taxes is junior and subordinate to the lien
i:hereon of the holders of certain outstanding revenue bonds of the
Village described in the Resolution as parity obligations.
The bonds of this issue are subject to redemption prior
to their stated dates of maturity, at the option of the Village, in
whole or in part, but in inverse numerical order if less than all, on
any interest payment date, at the price of par and accrued interest
to the date of redemption.
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Notice of such redemption shall be given in the manner
required by the Resolution..
'P}ris bond does not constitute an indebtedness of the Village
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within t:he meaning of any constitutional or statutory provision or
l.i_rnitation, and it is expressly agreed by the holder of this bond and
the coupons appertaining thereto that such holder shall never have
the right to require or compel the exercise of the ad valorem taxing
power of the Village for the payment of the principal of and interest on~
this bond or the making of any sinking fund, reserve or other payments
provided for in the Resolution.
It is further agreed between the Village and the holder of
this bond that this bond and the obligation evidenced thereby shall
not constitute a lien upon the project or any part thereof, or on
any other property of or in the Village, but shall constitute a lien
on the revenues derived from the operation of the project and on
the excise taxes in the manner provided in the Resolution.
The Village in the Resolution has covenanted and agreed
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with the holders of the bonds of this issue to levy and collect the
excise taxes at such rates, not exceeding the maximum rate permitted
by law, to the extent necessary to pay, together with the revenues
derived from the project., as the same shall become due, the principal
of and interest on the bonds of this issue and on any other bonds or
other obligations payable from the excise taxes and to make all
reserve, sinking fund and other payments provided for in the Resolu-
tion, and that the rates of such .excise taxes shall not be reduced
so as to be insufficient to provide adequate revenues for such purposes;I
and the Village has entered into certain further covenants with the
holders of the bonds of this issue for the terms of which reference
is made to the Resolution.
It is hereby certified and recited that all acts, conditions
and things required to exist, to happen and to be performed precedent
to and i.n the issuance of this bond, exist, have happened and have
been performed in regular and due form and time as required by the
Laws and Constitution of the State of Florida applicable thereto, and
Chat the issuance of the bonds of this issue does not violate any
constitutional. or statutory limitation or provision.
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This bond, and the coupons appertaining thereto are and have
all the qualities and incidents of a negotiable instrument under the
]aw merchant and the Laws of the State of Florida.
This bond, may be registered as to principal only in
IJ~
accordance with the provisions endorsed hereon.
IN WITNESS WHEREOF, the Village of North Palm Beach, I'lorida,
has issued this bond and has caused the same to be signed by its
Mayor and attested and countersigned by its Village Clerk, either
manually or with their facsimile signatures, and the corporate seal
of said Village or a facsimile thereof to be affixed, impressed,
imprinted, lithographed or reproduced hereon and the interest
coupons hereto attached to be executed with the facsimile signatures
of such officers all as of the first day of October, 1975.
VILLAGE OF NORTH PALM BEACH, FLORIDA
(SEAL)
ATTESTED AND COUNTERSIGNED
Mayor
Village ClerY.
FORD? OF COUPON
~~
No.
On the first day of
19 unless the bond
to tohich this coupon is attached is callable and has been duly called
for prior redemption and provision duly made for the payment. thereof,
t:he Village of North Palm Beach, Florida, caill pay t-o the bearer at
or, at the option of the
holder, at,
from the special
funds described in the bond to which this coupon is attached, the
amount shown hereon in lawful money of the United States of America,
upon presentation and surrender of this coupon, being six months'
interest then due in its Improvement Revenue Bond, Series ].975, dated
October 1, 1975, No
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1
(SEAh)
A'T'TESTED AND COUNTERSIGNED
VILLAGE OF NORTH PALM BEACH, FLORIDA
Mayor
Village Clerk
VALIDATION CERTIFICATE
This bond is one of a series of bonds which were validated
and confirmed by judgment of the Circuit Court for Palm Beach County,
Florida rendered on the day of
1975.
Mayor
PROVISION FOR REGISTRATION
This bond may be registered as to principal only in the
name of the holder on the books to be kept by the Village Clerk as
Registrar, or such other Registrar as may be hereafter duly appointed,
such registration being noted hereon by such Registrar in the regis-
tration blank below, after which no transfer shall be valid unless
made by written assignment on said books by the registered holder or
attorney duly authorized and similarly noted in the registration
blank below, but it may be discharged from registration by being
transferred to bearer, after which it shall be transferable by de-
livery, but it may be again registered as before. Such registration
shall not restrain the negotiability of the coupons by delivery.
UA1'L: OF IN WHOSE NAME
}ZI.G1 STRA'L'ION RF.GI STERED
_i~_.
SIGNATURE OF
HI;GISTRAR
SECTION 13. OBLIGATIONS NOT DEBT OF ISSUER. Neither the
obliyations nor coupons shall be or constitute general obligations
or indebtedness of the issuer as "bonds" within the meaning of the
Constitution of Florida, but shall be payable solely from and
secured by a lien upon and a pledge of the special funds as herein
provided. No holder or holders of any obligations issued hereunder
or of any coupons appertaining thereto shall ever have the right to
compel the exercise of the ad valorem taxing power of the issuer or
taxation in any form of any real property therein to pay. such obli-
gations or the interest thereon or be entitled to payment of such
principal and interest from any other funds of the issuer except from
the special funds.in the manner provided herein.
SECTION 14. PLEDGE OF REVENUES. The payment of the
principal of and interest on the obligations shall be secured forth-
with equally and ratably by an irrevocable prior pledge of and lien on
the revenues derived from the operation of the project and the
issuer does hereby irrevocably pledge such revenues from the project
to the payment of the principal of and interest on the obligations,
fo.r reserves therefor and for all other required payments.
SECTION 15, PLEDGE OF EXCISE TAXES. The payment of the
principal of and interest on the obligations shall be additionally
secured forthwith equally and ratably by a pledge of and a lien
upon the proceeds received by the issuer from the excise taxes, as
hereinafter provided, subject only to the prior lien upon such excise
taxes of the parity obligations, and the issuer does hereby irrev-
ocably pledge such funds to the payment of the principal of and
interest on the obligations, for reserves therefor and for al.l
other required payments.
SECTION 16. COVENANTS OF THF. ISSUER. For as long as any of
the, principal of and interest on any of the obligations shall be out-
standing and unpaid or until there shall have been set apart in the
Sin}:iny Fund, herein established, including the Reserve Account therein
a sum sufficient to pay cvhen due the entire principal of the obli-
yations remaining unpaid, together with interest accrued'or to accrue
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thereon, the issuer covenants with the holders of any and all obliga-
t:ions as follows:
A. REVENUE FUND. The entire revenues derived from the
1
operation of the project shall upon receipt thereof be deposited in
the "Improvement Revenue Fund", (hereinafter called "Revenue Fund"),
hereby created. Such Revenue Fund shall constitute a trust fund
for the purposes herein provided, and shall be kept separate and
distinct from all other funds of the issuer and used only for the
purposes and in the manner herein provided.
R. EXCISE TAXES FUND. All of the proceeds of the excise
taxes, as soon as the same are collected by the issuer, shall be forth-
with deposited into a fund to be known as the "Franchise Tax Fund",
heretofore created and established for the benefit of the parity
obligations. Such Franchise Tax Fund shall constitute a trust fund
for the purposes herein provided, and shall be kept separate and
distinct from all other funds of, the issuer and used first to make
all payments required by the proceedings which authorized the issuance
of the parity obligations and thereafter only for the purposes and
in the manner herein provided.
C. DISPOSITION OF REVENUES. All revenues at any time
remaining on deposit in the Revenue Fund shall be disposed of on or
before the fifteenth (15th) day of each month, commencing in the month
immediately following the delivery of the obligations only in the
following manner and in the following order of priority:
(1) From the moneys in the Revenue Fund, the issuer
shall first deposit into a separate fund which is hereby created
and designated "Improvement Revenue Bonds, Series 1975 Sinking
Fun.l" (hereinafter called "Sinking Fund"), such sums as will be suf-
f_ici.ent to pay one-sixth (1/6) of all interest becoming due on the
obligations on the next semi-annual interest payment date and one-
twelfth (1/12) of all principal maturing on the obligations on the next
maturity date. All such payments, as provided above, shal.J. include an
emiount sufficient to pay the fees and charges of the paying agents.
Such monthly payments shall be increased proportionately to the extent
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required to pay principal and interest bacoming due during the first
fiscal year, after making allowance for the amounts of money, if
any, which will be deposited in the Sinking Fund out of proceeds
from the sale of the obligations.
' (7.) The issuer shall, from the proceeds of the sale of
said obligations, deposit in a Reserve Account in said Sinking
F'uncl, the sum of $10,000. Thereafter, from the revenues available
after making the payments required in (1) above, there shall be
deposited into such Reserve Account such sums or all of such moneys
to continue to maintain said Reserve Account in the amount of $10,000.
No further payments shall be required to be made into such Reserve
Account as long as there shall remain on deposit therein the sum of
$10,000.
Any withdrawals from the Reserve Account shall be subsequent
restored from the first moneys available in the Revenue Fund after all
required current payments for the Sinking Fund, including all
' deficiencies for prior payments, have been made in full.
Moneys in the Reserve Account shall be used only for the
purpose of the payment of maturing principal of or interest on the
obligations when the other moneys in the Sinking Fund are insufficient
therefor, and for no other purpose.
The issuer shall ,not be required tq make any further pay-
ments into the Sinking Fund or into the Reserve Account in the
Sinking Fund when the aggregate amount of moneys in both the Sinking
Fund and the Reserve Account are at least equal to the aggregate
principal amount of obligations then outstanding, plus the amount
of interest then due or thereafter to become due on such obligations
th_n outstanding.
' (3) Whenever by reason of the insufficiency of moneys on
deposit in the Revenue Fund, the issuer is not able to make promptly
the current monthly payments hereinabove required to be made into the
Si.nki.ng Fund and Reserve Account, there shall be paid from the amount
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of excise taxes on deposit in the Franchise Tax Fund whatever sums
are necessary to cure such existing deficit. Whenever all of the
above required current payments have been made into the Sinking Fund
and Reserve Account, the balance of any moneys on deposit in the
F'r_anchise Tax Fund may be withdrawn and used by the issuer for any
]awful purpose. The use of the excise taxes as above provided
shall be at all times subject to the prior lien thereon of the
outstanding parity obligations.
(4) Revenues may next be used to pay the costs of operat-
ing and maintaining the project.
(5) The balance of any moneys remaining in the Revenue
Fund after the above required payments have been made, may be used
for the purchase and redemption of the obligations or for any lawful
purpose..
(6) 'Phe Revenue Fund, the Franchise Tax Fund, the Sinking
Fund-and the Reserve Account, and any other special funds herein
' established and created shall constitute trust funds for the purposes
provided herein for such funds. All such funds shall be continuously
secured in the manner by which the deposit of public funds are
authorized to be secured by the Laws of the State of Florida.
Moneys on deposit in the Sinking Fund and in the Reserve Account
may be invested and reinvested only in direct obligations of the
United States of America or placed in time deposits in banks or
trust companies represented by certificates of deposit and continuously
secured as provided by the Laws of the State of Florida maturing
not later than the date on which the moneys therein will be needed
in the case of the Sinking Fund and three (3) years i.n case of the
Reserve Account. Any and all income received by the issuer from
' such investments shall be deposited into the Sinking Fund. Dloneys
in the Revenue Fund and the Franchise Tax Fun d shall not be invested
at any time.
P. LEVY OF EXCISE TAXES. The issuer will not repeal fire
ordinance now i.n effect levying the excise taxes and will not amend
or modify said ordinance in any manner so as to impair or adversely
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affect the power and obligation of the issuer to levy and collect
such excise taxes or impair or adversely affect in any manner the
pledge of such excise taxes made herein or the rights of the holders
of the obligations. The issuer shall be unconditionally and ir-
revocably obligated, so long as any of the obligations or the inter-
est thereon are outstanding and unpaid, to levy and collect such
excise taxes, at the maximum rates permitted by law, to the extent
necessary to pay the principal of and interest on the parity obliga-
tions and on the herein authorized obligations and to make the
other payments provided for herein. This provision shall not be con-
strued to prevent reasonable revisions of the rates of such excise
taxes as long as. the proceeds of such excise taxes to be collected
by the issuer in each year thereafter, together with the net revenues,
will be sufficient to pay the. principal of and interest on the obli-
gations as the same become due and to make all Sinking Fund, Reserve
Account and other payments herein required in such year.
E. EXCISE TAXES NOT SUBJECT TO REPEAL. The issuer has full
power to irrevocably pledge such excise taxes to the payment of the
principal of and interest on the obligations, and the pledging of such
excise taxes in the manner provided herein shall not be subject to re-
peal, modification or impairment by any subsequent ordinance, reso-
lution or other proceedings of the governing body of the issuer or by
any subsequent act of the Legislature of Florida.
F. ISSUANCE OF OTHER OBLIGATIONS. The issuer will not
issue any other obligations, except additional obligations payable
from the excise taxes on a parity with the parity obligations,
payable from the revenues of the project or from the excise taxes,
nor voluntarily create or cause to be created any debt, lien,
pledge, assignment, encumbrance or other charge having priority to
or being on a parity with the lien of the obligations and the
interest thereon, upcn said revenues or excise taxes. Except for
such additional obligations payable on a parity from the excise taxes
with the parity obligations, any other obligations issued by the
issuer in addition to the obligations herein authorized payable
from such revenues and excise taxes; shall contain an express
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statement that such obligations are junior and subordinate in all
respects to the obligations, herein authorized, as to lien on and
source and 'security for payment from such revenues and such excise
taxes.
SECTION 17. APPLICATION OF PROCEEDS OF OBLIGATIONS. All
moneys received from the sale of the obligations shall be deposited
by the issuer in a special account in a bank or trust company and
applied by the issuer as follows:
A. All accrued interest on the obligations shall be de-
posited in the Sinking Fund.
B. The issuer shall next use the moneys in said special
account to pay all engineering fees, legal fees, fees of financial
advisors, cost of the issuance of the obligations, and all other
similar costs incurred in connection with the acquisition and
construction of the project and the issuance of the obligations to
finance the cost thereof.
C. The sum of $10,000 shall be deposited in the Reserve
' 1'+ccount in the Sinking Fund, herein created and established, to be
used solely for the purposes of said Reserve Account.
D. A special fund is hereby created, established and
designate3 as the "Improvement Construction Fund-1975" (herein
called the "1975 Construction Fund"). There shall be paid into the
1975 Construction Fund the balance of the moneys remaining after
making all the deposits and payments provided for in paragraphs A,
B and C above.
Such fund shall be kept separate and apart from all other
accounts of the issuer, and the moneys on deposit therein shall be
withdrawn, used and applied by the issuer solely to the payment of
t.:~e cost of the project and purposes incidental thereto, as herein-
' above described and set forth. If for any reason such proceeds or
any part thereof are not necessary for or are not applied to the
payment of such cost, then the unapplied proceeds shall be deposited
by the issuer in the Reserve Account in the Sinking Fund. All such
proceeds shall be and constitute trust funds for such purposes, and
there is hereby created a lien upon 'such moneys until so applied in
favor of the holders of the obligations.
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Any funds on deposit in the 1975 Construction Fund which, in
r_
the opinion of the issuer, are not immediately necessary for expenditur
as hereinabove provided, may be invested in direct obligations of
the United States of America or placed in time deposits of banks or
trust companies represented by certificates of deposit fully secured
as provided by law maturing in a period of ninety-one (91) days or
less. All such securities shall be held by the depository bank and
all income derived therefrom shall be deposited in the Sinking
Fund.
All expenditures or disbursements from the 1975 Construction
E'und shall be made only after such expenditures or disbursements
shall have been approved in writing by the issuer.
SECTION 18. MODIFICATION OR AMENDMENT. No material
1
modification or amendment of this resolution or of any ordinance
or resolution amendatory hereof or supplemental hereto may be made
without the consent in writing of the holders of two-thirds or more
in the principal amount of the obligations then outstanding; provid-
ing however, that no modification or amendment shall permit a change
in the maturity of such obligations or a reduction in the rate of
interest thereon or in the amount of the principal obligation there-
of or affecting the promise of the issuer to pay the principal of anti
interest on the obligations as the same shall become due from the
revenues of the project and from the proceeds of the excise taxes
or reduce the percentage of the holders of the obligations required
to consent to any material modification or amendment hereof without
the consent of the holder or holders of all such obligations.
SECTION 19. SEVERABILITY OF INVALID PROVISIONS. If any
1
one or more of the covenants, agreements or provisions herein contained
shall be held contrary to any express provision of law or contrary
to the policy of express law, though not expressly prohibited, or
against public policy, or shall for any reason whatsoever be held
invalid, then such covenants, agreements or. provisions shall be
null and void and shall be deemed separable from the remai.ni.ng
covenants, agreements or provisions and shall i.n no way affect the
validity of any of the other provisions hereof or of the obligations
or coupons issued hereunder.
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SECTION 20. SALE OF OBLIGATIONS. The obligations shall
be issued and sold in such manner and at such price or prices con-
sistent with the Act, all at one time or in installments from time
to time, as shall be hereafter determined by the governing body of
the issuer.
' SECTION 21. VALIDATION AUTHORIZED. The attorney for the
issuer is authorized and directed to prepare and file proceedings
to validate the obligations in the manner provided by law.
SECTION 22. REPEALING CLAUSE. .All resolutions or parts
thereof of the issuer in conflict with the provisions herein con-
tained are, to the extent of such conflict, hereby superseded and
repealed.
SECTION 23. ARBITRAGE. No use will be made of the
proceeds of the obligations which would cause the same to be
"arbitrage bonds" within the meaning of the Internal Revenue Code.
The issuer at all times while the obligations and interest thereon
are outstanding will comply with the requirements of Section 103(d)
of the Internal Revenue Code and any valid and applicable rules
and regulations of the Internal Revenue Service.
SECTION 24. EFFECTIVE DATE. This resolution shall take
effect immediately upon its final passage as provided by lava.
~;tIU;\
,~~ ~ ?~ ~G~~~'
r~AYOx
A1~'rsr:
~~~
i
't ~ E-~,-~. ~, ~c~~~,---
Villa~e C]erk
-].9-
,.,,
CFi?;'1'IPICA'['E G[•' 3°~:7itDIVG OFFICER
The undersigned [:ar.?,a'~ CERTIFIES fiat:
1_.SHe is the duly appointed, quali.ied, and acting
_ Village Clerk of the'Villa~e of North Palm Beach
(ir•:c•in cal.].oc? the ___ Village }, and 1=°^cer of the
?-C':O rd `i t~O1"C'Oi, 7. r.C 1']di r,g the fllnU teS OL 1tS Droceedings;
' 2. Tire annexe6 cony of extracts fro;n t`a mi;.utes o°
'}~^ ite~ular__ meeting of the Sri{lauP C~,,,,r;;
held on the 25th- day of September 1975 is
~1 true, corre^t, anti compared copy of the whole of the original
re,inutes of said r,,~etiag on file and o= reccrd insofar as the
s=n.i^ rel~tc to the resolution referred to in said extracts =.nd
to the other matters referred to therein;
3. Sr, id tweeting was duly convened itt cor._°orraity with
all al)Dllcable recuire:~ents; a Draper qugrum was- present through-
out. sic'. meeting and tee resolution he reinafte. mentioned was
duly UrCDOb"d, considered, and adopted in confo_rnity o;it`1 aDDli-
cable requirements: and all other requirements and Droceedings
in~•id^nt to the proffer adoption of said resolution have been du1_v
fulfi'_led, carried out, and otherwise observed;
4. SHE is duly authorized to execute this Certificate;
and
5, The copy of the resolution annexed hereto entitled:
A RESOLUTION AUTHORIZING THE ACQUISITION OF RECREATIONAL
EQUIPMENT FOR THE GOLF COURSE OF THE .VILLAGE OF NORTH PAL44
BEACH, FLORIDA; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING
$210,000 Ift1PROVEMENT REVENUE BONDS, SERIES 1975 OF SUCH
VILLAGE TO PAY THE COST OF SUCH PROJECT; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF SUCH BONDS; PROVIDfiTG FOR THE
PAyn,~g[gT THER.F.O?:; ANTa MAKING CERTAIN OTHER COVENANTS AND
AGREE6IENTS I\T CONNECTION KITH THE ISSUANCE OF SUCH BONDS.
is ~. tale,
reCc::~~d .te
ipc~ Z~I1U, ': :`
or auoroved
Village __
correct, and ccmpared ceuy of the original
in SF:1d Cia LaCtS and a5 Llnally adOptCd at
th:: extent required by law, as therea_`ter
try +.he proper officer or of;:icers of the _
which resolution is on file
resolution
said cleet-
duly sin^d
and of record.
{lI ~ ['.i~,:,:i mV hand "and t}:e Sezll Of the _ Villap8 ,
~ni.~ 25th day o': _ September 1975 .
1 ~/
•~~, ,
Dolores R. 1Valker, Village Clsrlc _