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HomeMy Public PortalAboutRES 84/01RESOLUTION 84 -1 A RESOLUTION AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE TOWN OF GULFSTREAM, FLORIDA, TO FINANCE THE COST OF CONSTRUCTION AND EQUIPPING OF ADMINISTRATIVE COMPLEX PROJECTS CONSISTING OF AN ADMINISTRATIVE COMPLEX AND REPAYMENT OF AN EXISTING LOAN UPON THE PROPERTY WHERE THE ADMINISTRATIVE COMPLEX WILL BE LOCATED, CONSTRUCTION, EQUIPPING AND /OR IMPROVEMENT OF PUBLIC WORKS PROJECTS CONSISTING OF ROAD IMPROVEMENT, DRAINAGE AND PAVING, WATER SYSTEM PROJECTS CONSISTING OF THE REPAYMENT OF AN EXISTING LOAN UPON THE GULFSTREAM WATER SYSTEM AND CONSTRUCTION, EQUIPPING AND /OR IMPROVEMENT OF THE TOWN WATER SYSTEM, AND OF CANAL PROJECTS CONSISTING OF MAINTENANCE AND IMPROVEMENT OF THE TOWN'S CANALS; PROVIDING FOR AND CALLING FOUR BOND REFERENDA OF THE QUALIFIED ELECTORS RESIDING IN THE TOWN TO BE HELD ON MARCH 13, 1984, ON THE QUESTION OF THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR EACH OF SUCH PURPOSES; PROVIDING FOR PROPER NOTICE OF SUCH REFERENDA; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULFSTREAM, FLORIDA: Section 1. Authority for this Resolution. This Resolution is adopted pur- suant to Chapter 166, Part III, Florida Statutes, Sections 100.201 through 100.351, Florida Statutes, and other applicable provisions of law (hereinafter collectively referred to as the "Act "). Section 2. Authorization of Bonds. (a) Administrative Complex Bonds. Subject and pursuant to the provisions hereof, General Obligation Bonds ( "Bonds ") of the Town of Gulfstream, Florida, are authorized to be issued in the aggregate principal amount of not exceeding Nine Hundred Five Thousand Dollars ($905,000) to finance the following projects (the "Administrative Complex Projects "): construction and equipping of projects consisting of an administrative complex and repayment of an existing loan upon the property where the administrative complex will be located, a more particular description of which is on file in the office of the Town Clerk. The moneys received and interest earned from the issuance of the Bonds will be used for such purpose. The Bonds shall be secured by the full faith, credit, and taxing power of the Town. None of the Bonds shall be issued for a longer term than thirty (30) years from their date of issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. Both principal of and interest on the Bonds, and redemption premiums, if any, shall be payable at the office of the paying agent to be named by the Town prior to the sale of the Bonds. LK L -01 /23 /84 -221 A -1568 -1- Rev.01/26/84 Rev.02/03/84 The Bonds shall be issued pursuant to authority granted under this Resolution and the Act, but only after approval at the bond referendum hereinafter called and subsequent enactment of an authorizing resolution or ordinance by the Town Commission. (b) Public Works Bonds. Subject and pursuant to the provisions hereof, General Obligation Bonds ('Bonds ") of the Town of Gulfstream, Florida, are authorized to be issued in the aggregate principal amount of not exceeding Four Hundred Twenty Thousand Dollars ($420,000) to finance the following projects (the "Public Works Projects "): construction, equipping and /or improvement of public works projects consisting of road improvement, drainage and paving, a more particular description of which is on file in the office of the Town Clerk. The moneys received and interest earned from the issuance of the Bonds will be used for such purpose. The Bonds shall be secured by the full faith, credit, and taxing power of the Town. None of the Bonds shall be issued for a longer term than thirty (30) years from their date of issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. Both principal of and interest on the Bonds, and redemption premiums, if any, shall be payable at the office of the paying agent to be named by the Town prior to the sale of the Bonds. The Bonds shall be issued pursuant to authority granted under this Resolution and the Act, but only after approval at the bond referendum hereinafter called and subsequent enactment of an authorizing resolution or ordinance by the Town Commission. (c) Water System Bonds. Subject and pursuant to the provisions hereof, General Obligation Bonds ('Bonds ") of the Town of Gulfstream, Florida, are authorized to be issued in the aggregate principal amount of not exceeding Three Hundred Five Thousand Dollars ($305,000) to finance the following projects (the "Water System Projects "): repayment of an existing loan upon the Gulfstream water system and construction, equipping and /or improvement of the Town water system, a more particular description of which is on file in the office of the Town Clerk. The moneys received and interest earned from the issuance of the Bonds will be used for such purpose. The Bonds shall be secured by the full faith, credit, and taxing power of the Town. None of the Bonds shall be issued for a longer term than thirty (30) years from their date of issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. Both principal of and interest on the Bonds, and redemption premiums, if any, shall be payable at the office of the paying agent to be named by the Town prior to the sale of the Bonds. LKL- 01/26/84 -221A -1568 -2- The Bonds shall be issued pursuant to authority granted under this Resolution and the Act, but only after approval at the bond referendum hereinafter called and subsequent enactment of an authorizing resolution or ordinance by the Town Commission. (d) Canal Projects Bonds. Subject and pursuant to the provisions hereof, General Obligation Bonds ( "Bonds ") of the Town of Gulfstream, Florida, are authorized to be issued in the aggregate principal amount of not exceeding Ninety Seven Thousand Five Hundred Dollars ($97,500) to finance the following projects (the "Canal Projects "): maintenance and improvement of the Town's canals, a more particular description of which is on file in the office of the Town Clerk. Such amount represents approximately 30% of the cost of the project, the remainder of which shall be paid by property owners directly abutting the canals to be improved. The moneys received and interest earned from the issuance of the Bonds will be used for such purpose. The Bonds shall be secured by the full faith, credit, and taxing power of the Town. None of the Bonds shall be issued for a longer term than thirty (30) years from their date of issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. Both principal of and interest on the Bonds, and redemption premiums, if any, shall be payable at the office of the paying agent to be named by the Town prior to the sale of the Bonds. The Bonds shall be issued pursuant to authority granted under this Resolution and the Act, but only after approval at the bond referendum hereinafter called and subsequent enactment of an authorizing resolution or ordinance by the Town Commission. Section 3. Bond Referenda. (a) Administrative Complex Bonds. A bond referendum of the qualified electors residing in the Town is hereby called to be held on March 13, 1984, to determine whether or not the issuance of the Bonds in an aggregate amount of not exceeding Nine Hundred Five Thousand Dollars ($905,000) shall be approved by such qualified electors to finance the cost of the Administrative Complex Project. All qualified electors residing in the Town shall be entitled and permitted to vote in the bond referendum. The places of voting and the inspectors and clerks for the bond referendum shall be designated as provided by the Supervisor of Elections of Palm Beach County, and by applicable State law. The polls will be open at the voting places from 7:00 o'clock A.M. until 7:00 P.M. o'clock on the same day. (b) Public Works Bonds. A bond referendum of the qualified electors residing in the Town is hereby called to be held on March 13, 1984, to determine whether or not the issuance of the Bonds in an aggregate amount of not exceeding Four Hundred Twenty LKL- 02/03/84 -221A -1568 -3- Thousand Dollars ($420,000) shall be approved by such qualified electors to finance the cost of the Public Works Projects. All qualified electors residing in the Town shall be entitled and permitted to vote in the bond referendum. The places of voting and the inspectors and clerks for the bond referendum shall be designated as provided by the Supervisor of Elections of Palm Beach County, and by applicable State law. The polls will be open at the voting places from 7:00 o'clock A.M. until 7:00 P.M. o'clock on the same day. (c) Water System Bonds. A bond referendum of the qualified electors residing in the Town is hereby called to be held on March 13, 1984, to determine whether or not the issuance of the Bonds in an aggregate amount of not exceeding Three Hundred Five Thousand Dollars ($305,000) shall be approved by such qualified electors to finance the cost of the Water System Projects. All qualified electors residing in the Town shall be entitled and permitted to vote in the bond referendum. The places of voting and the inspectors and clerks for the bond referendum shall be designated as provided by the Supervisor of Elections of Palm Beach County, and by applicable State law. The polls will be open at the voting places from 7:00 o'clock A.M. until 7:00 P.M. o'clock on the same day. (d) Canal Bonds. A bond referendum of the qualified electors residing in the Town is hereby called to be held on March 13, 1984, to determine whether or not the issuance of the Bonds in an aggregate amount of not exceeding Ninety Seven Thousand Five Hundred Dollars ($97,500) shall be approved by such qualified electors to finance the cost of the Canal Projects. All qualified electors residing in the Town shall be entitled and permitted to vote in the bond referendum. The places of voting and the inspectors and clerks for the bond referendum shall be designated as provided by the Supervisor of Elections of Palm Beach County, and by applicable State law. The polls will be open at the voting places from 7:00 o'clock A.M. until 7:00 P.M. o'clock on the same day. Section 4. Official Ballot. The form of ballot for voting in each bond referendum shall be in substantially the following form: (a) Administrative Complex Bonds. LKL- 02/03/84 -221A -1568 -4- OFFICIAL BALLOT TOWN OF GULFSTREAM, FLORIDA, ADMINISTRATIVE COMPLEX BOND REFERENDUM March 13, 1984 Shall there be issued not exceeding $905,000 principal amount of General Obligation Bonds of the Town of Gulfstream, Florida, bearing interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the bonds, maturing not later than thirty (30) years from the date of issuance thereof, secured by the full faith, credit and taxing power of the Town of Gulfstream, Florida, for the purpose of financing the construction and equipping of projects consisting of an administrative complex and repayment of an existing loan upon the property where the administrative complex will be located, a more particular descrip- tion of which is on file in the office of the Town Clerk? For Bonds Against Bonds (b) Public Works Bonds. OFFICIAL BALLOT TOWN OF GULFSTREAM, FLORIDA, PUBLIC WORKS BOND REFERENDUM March 13, 1984 Shall there be issued not exceeding $420,000 principal amount of General Obligation Bonds of the Town of Gulfstream, Florida, bearing interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the bonds, maturing not later than thirty (30) years from the date of issuance thereof, secured by the full faith, credit and taxing power of the Town of Gulfstream, Florida, for the purpose of financing the construction, equipping and /or improvement of public works projects consisting LKL- 02/03/84 -221A -1568 -5- of road improvement, drainage and paving, a more particular description of which is on file in the office of the Town Clerk? For Bonds Against Bonds (c) Water System Bonds. OFFICIAL BALLOT TOWN OF GULFSTREAM, FLORIDA, WATER SYSTEM BOND REFERENDUM March 13, 1984 Shall there be issued not exceeding $305,000 principal amount of General Obligation Bonds of the Town of Gulfstream, Florida, bearing interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the bonds, maturing not later than thirty (30) years from the date of issuance thereof, secured by the full faith, credit and taxing power of the Town of Gulfstream, Florida, for the purpose of financing the repayment of an existing loan upon the Gulfstream water system and construc- tion, equipping and /or improvement of the Town water system, a more particular description of which is on file in the office of the Town Clerk? For Bonds Against Bonds (d) Canal Bonds. OFFICIAL BALLOT TOWN OF GULFSTREAM, FLORIDA, CANAL BOND REFERENDUM March 13, 1984 Shall there be issued not exceeding $97,500 principal amount of General Obligation Bonds of the Town of Gulfstream, Florida, LKL- 02/03/84 -221A -1568 -6- bearing interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the bonds, maturing not later than thirty (30) years from the date of issuance thereof, secured by the full faith, credit and taxing power of the Town of Gulfstream, Florida, for the purpose of financing the maintenance and improvement of the Town's canals, a more particular descrip- tion of which is on file in the office of the Town Clerk? Such amount represents approximately 30% of the cost of the project, the remainder of which shall be paid by property owners directly abutting the canals to be improved. For Bonds Against Bonds The voting system shall be so arranged that the voter may vote "For Bonds" or "Against Bonds" in each referendum separately. Section 5. Absentee Voting. The form of ballot to be used in each referendum for absentee voters shall be in substantially the forms provided in Section 4 above. Section 6. Printing of Ballots. The Town Clerk is authorized and directed to cause to be printed on plain white paper a sufficient number of the aforesaid ballots for use of absentee electors entitled to cast such ballots in each referendum, and shall also cause to be printed sample ballots and deliver them to the Inspectors and Clerks on or before the date and time for the opening of the polls for each bond referendum for the voting places at which the voting system is used; and further is authorized and directed to cause to be printed on plain white paper and delivered in accordance with law the official ballots for use in such voting system, and to make all appropriate arrangements for the conducting of each bond referendum. Section 7. Referendum Procedure. Each bond referendum shall be held and conducted in the manner prescribed by law for holding general elections, except as herein provided. The Inspectors and Clerks at each polling place and the Supervisor of Elections shall canvass the vote and make due returns of same without delay to the Town Clerk. Such returns shall show the number of qualified electors who voted at each bond referendum separately and the number of votes cast respectively for and against approval of each issue of Bonds separately. The return of the Inspectors and Clerks shall, within LKL- 02/03/84 -221A -1568 -7- twenty -four (24) hours after the close of the polls, be canvassed by the Town Commission, which shall declare and certify the results of each bond referendum. Section 8. Referendum Results. If a majority of the votes cast at either referendum shall be "For Bonds ", the Bonds described in such referendum shall be approved, and then such Bonds, the issuance of which shall be thereby approved, shall be issued as shall be provided by the Town Commission. If less than a majority of the votes cast at either referendum shall be "For Bonds ", the Bonds described in such referendum shall be defeated, and no Bonds for the purposes described in such referendum shall be issued, but the defeat of either Bond issue shall not prevent the issuance of Bonds for the purposes described in the referendum which is approved. Section 9. Notice of Bond Referendum. At least 30 days' notice of each bond referendum shall be published in a daily newspaper of general circulation in the Town of Gulf Stream, Florida, at least twice, once in the fifth week and once in the third week prior to the week in which the referendum is held, in the form attached hereto as Exhibit A and in the manner provided in Section 100.342, Florida Statutes. Section 10. Severability. In the event that any word, clause, phrase, sentence, or paragraph hereof shall be held invalid by any court of competent jurisdiction, such holding shall not affect any other word, clause, phrase, sentence, or paragraph hereof. Section 11. Repealing Clause. All resolutions or other actions taken by the Town Commission in conflict or inconsistent herewith hereby are repealed insofar as there is conflict or inconsistency. Section 12. Effective Date. This Resolution shall take effect immediately upon its adoption, this 27th day of January , 1984. ATTEST: — TOWN CLE LKL- 02/03/84 -221A -1568 -8- EXHIBIT A NOTICE OF BOND REFERENDUM FOR ADMINISTRATIVE COMPLEX PROJECTS TOWN OF GULFSTREAM, FLORIDA MARCH 13, 1984 To be Held on Tuesday, March 13, 1984, as Provided by a Resolution of the Town Commission of the Town of Gulfstream, Florida, adopted on January 27, 1984. Notice is hereby given that a bond referendum will be held in the Town of Gulfstream, Florida, as a part of the Presidential Preference Primary Election on Tuesday, March 13, 1984. The bond referendum will be held to determine whether there shall be issued General Obligation Bonds of the Town of Gulfstream, Florida, maturing not later than thirty (30) years from the date of issuance, bearing interest at a rate not exceeding the maximum rate permitted by law at the time of sale of the bonds, and pledging the full faith, credit and taxing power of the Town for the following projects: Construction and equipping of projects consisting of an administrative complex and repayment of an existing loan upon the property where the administrative complex will be located, a more particular description of which is on file in the office of the Town Clerk. in an amount not exceeding $905,000. All qualified electors residing in the Town shall be entitled to vote in the bond referendum. NOTICE OF BOND REFERENDUM FOR PUBLIC WORKS PROJECTS TOWN OF GULFSTREAM, FLORIDA MARCH 13, 1984 To be Held on Tuesday, March 13, 1984, as Provided by a Resolution of the Town Commission of the Town of Gulfstream, Florida, adopted on January 27, 1984. Notice is hereby given that a bond referendum will be held in the Town of Gulfstream, Florida, as a part of the Presidential Preference Primary Election on Tuesday, March 13, 1984. The bond referendum will be held to determine whether there shall be issued General Obligation Bonds of the Town of Gulf Stream, Florida, maturing not later than thirty (30) years from the date of issuance, bearing interest at a rate LKL- 01/26/84 -221A -1568 -9- not exceeding the maximum rate permitted by law at the time of sale of the bonds, and pledging the full faith, credit and taxing power of the Town for the following projects: Construction, equipping and /or improvement of public works projects con- sisting of road improvement, drainage and paving, a more particular descrip- tion of which is on file in the office of the Town Clerk. in an amount not exceeding $420,000. All qualified electors residing in the Town shall be entitled to vote in the bond referendum. NOTICE OF BOND REFERENDUM FOR WATER SYSTEM PROJECTS TOWN OF GULFSTREAM, FLORIDA MARCH 13, 1984 To be Held on Tuesday, March 13, 1984, as Provided by a Resolution of the Town Commission of the Town of Gulfstream, Florida, adopted on January 27, 1984. Notice is hereby given that a bond referendum will be held in the Town of Gulfstream, Florida, as a part of the Presidential Preference Primary Election on Tuesday, March 13, 1984. The bond referendum will be held to determine whether there shall be issued General Obligation Bonds of the Town of Gulfstream, Florida, maturing not later than thirty (30) years from the date of issuance, bearing interest at a rate not exceeding the maximum rate permitted by law at the time of sale of the bonds, and pledging the full faith, credit and taxing power of the Town for the following projects: Repayment of an existing loan upon the Gulfstream water system and construction, equipping and /or improvement of the Town water system, a more particular description of which is on file in the office of the Town Clerk. in an amount not exceeding $305,000. All qualified electors residing in the Town shall be entitled to vote in the bond referendum. LKL- 01/26/84 -221A -1568 -10- NOTICE OF BOND REFERENDUM FOR CANAL PROJECTS TOWN OF GULFSTREAM, FLORIDA MARCH 13, 1984 To be Held on Tuesday, March 13, 1984, as Provided by a Resolution of the Town Commission of the Town of Gulfstream, Florida, adopted on January 27, 1984. Notice is hereby given that a bond referendum will be held in the Town of Gulfstream, Florida, as a part of the Presidential Preference Primary Election on Tuesday, March 13, 1984. The bond referendum will be held to determine whether there shall be issued General Obligation Bonds of the Town of Gulfstream, Florida, maturing not later than thirty (30) years from the date of issuance, bearing interest at a rate not exceeding the maximum rate permitted by law at the time of sale of the bonds, and pledging the full faith, credit and taxing power of the Town for the following projects: Maintenance and improvement the Town's canals, a more particular description of which is on file in the office of the Town Clerk. in an amount not exceeding $97,500, which amount represents approximately 30% of the cost of the project, the remainder of which shall be paid by property owners directly abutting the canals to be improved. All qualified electors residing in the Town shall be entitled to vote in the bond referendum. Barbara Gwynn Town Clerk Town of Gulfstream, Florida LKL- 02/03/84 -221 A -1568 -11-