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
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WHEREAS, the Village has been furnished a "Bond of
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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
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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
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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
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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
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~~9tirr UC'.cp.~ :~
MAYOR
ATTESTt
VILLAGE CLERK '`
,.
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