HomeMy Public PortalAbout04/13/1984There will be a
Meeting of the Town Commission
of
THE TOWN OF GULF STREAM, FLORIDA
AT THE TOWN HALL
Friday,April 13F 19 84 , at 9 A.M.
Deputy Town Clerk.
c�
C.1
COMMISSIONERS
William F. Koch, Jr., Mayor
Joel Hunler, Vice Mayor
Alan I. Armour
Roberl J. Dixeon
Brian Pfeiffer
Roll Call
TOWN OF GULF STREAM
PALM BEACH COUNTY, FLORIDA
Approval of Minutes: January 27, 1984 Ccnvdssion Meeting (Special)
k4sA March 9, 1984 Regular Camllssion Meeting
Financial Reports, March 1984
(AZ Presentation of Police Reports
(3. Second and Final Reading of Ordinance No. 84 -1
0 Update on Dredging - Resolution #84 -2
�0 ^7
(7) Bond Issue Report= Resolution #84 -3
Resolution #84 -4
8. Second and Final Reading of Ordinance #84 -2
9. Discuss Resolution #84 -5 Re: "Municipal Sunset Iaw11.
10. Presentation of Town Planning Board Report-
A. A request by Anthony Pugliese for location of a spa on
property described by metes and bounds and located at
1511 No. Ocean Blvd ( Former Kenneth Allen Residence).
B. A request by George Patterson for site plan review on
property described as lots 29 & 30 Gulf Stream Properties
and located at 3268 N. Ocean Blvd.
11. C Rvents and Recommendations from Commission Members.
12. Public requests or comments from the floor.
13. Adjournment.
MAIL ADDRESS
246 SEA ROAD
GULF STREAM, FLORIDA
13444
TEL.: GULF STREAM
2765116
Town Manager
TOWN cammiSSION M=ING
WILLIAM E. GWYNN
Deputy Town Clerk
BARBARA GWYNN
APRIL 13, 1984
Chief of Police
AGENDA
JAMES GREER
Approval of Minutes: January 27, 1984 Ccnvdssion Meeting (Special)
k4sA March 9, 1984 Regular Camllssion Meeting
Financial Reports, March 1984
(AZ Presentation of Police Reports
(3. Second and Final Reading of Ordinance No. 84 -1
0 Update on Dredging - Resolution #84 -2
�0 ^7
(7) Bond Issue Report= Resolution #84 -3
Resolution #84 -4
8. Second and Final Reading of Ordinance #84 -2
9. Discuss Resolution #84 -5 Re: "Municipal Sunset Iaw11.
10. Presentation of Town Planning Board Report-
A. A request by Anthony Pugliese for location of a spa on
property described by metes and bounds and located at
1511 No. Ocean Blvd ( Former Kenneth Allen Residence).
B. A request by George Patterson for site plan review on
property described as lots 29 & 30 Gulf Stream Properties
and located at 3268 N. Ocean Blvd.
11. C Rvents and Recommendations from Commission Members.
12. Public requests or comments from the floor.
13. Adjournment.
COMMISSIONERS
William F. Koch, Jr., Mayor
Joel Hunter, Vice Mayor
Alan I. Armour
Robert J. Dixson
Brian Pfeiffer
1
2
3
4.
5.
6.
TOWN OF GULF STREAM
PALM BEACH COUNTY, FLORIDA
TOWN COMMISSION MEETING
APRIL 13, 1984
MINUTES
Roll Call
PrPCPnt
William Koch, Mayor
Joel Hunter, Vice Mayor
Brian Pfeifler, Commissioner
Alan Armour, Commissioner
Robert Dixson, Commissioner
MAIL ADDRESS
246 SEA ROAD
GULF STREAM, FLORIDA
33444
TEL.: GULF STREAM
2765116
Town Manager
WILLIAM E. GWYNN
Deputy Town Clark
BARBARA GWYNN
Chief of Police
JAMES GREER
Others Present
William Gwynn, Town Manager
Gene Caputo, Asst Town Mgr.
Barbara Gwynn, Town Clerk
James Greer, Chief of Police
John Randolph, Town Attorney
William Mayer, Chairman,
Planning Brd.
Approval of Minutes: January 27, 1984 Commission Meeting (Special)
March 9, 1984 Regular Commission Meeting
The minutes of both meetings were approved as submitted.
Financial Reports, March 1984.
Mr. Gwynn presented the March financial report which was received and
filed.
Presentation of Police Reports
Chief Greer presented the police report for March which was received
and filed. Mr. Dixson read a letter of commendation to Ihe Police
Department.
Second and Final Reading of Ordinance No. 84 -1
Upon a motion by Mr. Armour and second by Mr. Pfeifler, the Commission
unanimously approved Ordinance 84 -1 by title only.
Update on Dredging - Resolution 1184 -2
Mr. Pfeifler moved for the approval of Resolution 84 -2, seconded by
Mr. Hunter, and unanimously approved by the Commission.
Mr. Randolph explained to the Commission the steps which now must be
followed in the dredging process.
Minutes - April 13, 1984
Town Commission Meeting
Page 2
7. Bond Issue Report - Resolution 1184 -3
Resolution 1184 -4
Upon a motion by Mr. Pfeifler and second by Mr. Armour, the Commission
unanimously approved both Resolutions.
Mr. Tony Soviero of William R. Hough & Co. presented a draft of a letter
which could be sent to the residents regarding sale of the bonds. He
also gave a validation schedule of the forthcoming events regarding the
sale.
Mr. Soviero also asked that his contract with the Town be approved. Mr.
Pfeifler moved to approve the contract, Mr. Dixson seconded and the
Commission unanimously approved.
Mr. Gwynn read a letter from James Butkus giving the current status of
the bond issue projects. Mayor Koch stated that all the projects will
move ahead as fast as possible.
The Commission set a meeting for May 4, 1984 to meet with Mr. Butkus, at
which time he will present his report and proposals on the projects.
8. Second and Final Reading of Ordinance 1184 -2
Motion by Mr. Pfeifler, second by Mr. Hunter to approve by title only,
unanimously passed.
9. Discuss Resolution 1184 -5 Re: "Municipal Sunset Law"
After a brief discussion as to the impact of the proposed law, Mr.
Pfeifler moved to approve the Resolution and send to the Legislative
Deligation, second by Mr. Dixson and unanimously approved.
10. Presentation of Town Planning Board Report.
A. A: requestbj Anthony Pugliese for location of a spa on property
described by metes and bounds and located at 1511 No. Ocean Blvd.
(Former Kenneth Allen Residence).
B. A request by George Patterson for site plan review on property
described as lots 29 & 30 Gulf Stream Properties and located at
3268 No. Ocean Blvd.
Following a brief presentation by Mr. Mayer of the Planning Board,
both requests were unanimously approved upon a motion by Mr. Armour
and second by Mr. Hunter.
11. Comments and Recommendations from Commission Members.
Minutes - April 13, 1984
Town Commission Meeting
Page 3
The Commission discussed the purchase of the canal crossing water pipe
from the Gulf Stream Club. A motion was made by Mr. Pfeifler, second by
Mr. Armour, to approve the purchase based on the engineers report and
recommendations and to authorize the Mayor to work out a deal with the
Club. The Commission unanimously approved the action.
12. Public requests or comments from the floor.
None.
13. Adjournment.
There being no further business, the Meeting was adjourned at 10:45 A.M.
Eugene A. aputo
Assistant Town Manager
19 11 R1, W k040 Ad •„•.-
MONTH OF APRIL, 1984
OPERATING ACCOUNT
Balances 3/31/84 $ 22,625.44
Deposits 96,530.86
Withdrawals 82,285.94
Balances 4/30/84 $ 36,870.36
Invested Surplus - General Fund 159,233.91
Invested Surplus - Water Fund 57,685.51
Invested Funds - Police Dept. (Boat Sale) 18,644.56
Loans Payable - Barnett Bank 60,860.01
Loans Payable - Sun Bank ( Phipps Property) 265,000.00
Receipts
Transfer from Money Market Account
$ 50,000.00
Taxes - Real Estate
13,561.14
Emergency Medical Services
800.00
Fines
240.00
Licenses
240.33
Water
25,362.16
Trash
4,401.00
Cigarette Tax
166.91
Other
88.13
Permits
1,169.00
Cable T.V. Franchise
502.19
Total
$ 96,530.86
FINANCIAL REPORT Page 2. Cont.
CHECKS DRAWN ON OPERATING ACCOUNT, April, 1984
#2595
Town of Gulf Stream Payroll
Employee Payroll $
8,227.29
96
Sun Bank
W/H
1,992.40
97
Fla. Div of Retirement
S/S
1,573.09
98
Fla. Man. Health Trust Fd.
Employee Health Ins. - April
1,992.19
99
James Greer
Meetings, Police Chief Asso.
30.00
2600
Gene Caputo
Ass't to Manager- April
1,000.00
O1
P.B. Cty Solid Waste Auth.
Trash Disposal
230.21
02
Hands
Office Supplies
110.23
03
So. Bell Telephone
T.H. & P.D.
208.73
04
Eastern Armed Robbery Conf.
Membership - P.D.
10.00
05
Pierce Tire Co., Inc.
Sanitation Dept.
15.00
06
Delta Petroleum Ind. Inc.
New Gas Pump
900.00
07
Delray Carwash
P.D.
29.25
08
Ahn. Gwynn
Car Allowance
200.00
09
So. Bell Telephone
Sanitation
28.96
10
Wm. Gwynn
Accounting - March
185.00
11
Kirk Materials
Trash Pick -up- reimbursed
591.50
12
Easy Pay Tire
Police Dept.
30.00
13
Paragon Cleaners
P.D.
98.00
14
VOID
15
John Buchan
Reimbursed for School
178.30
16
Bo-Del
Printing
138.95
17
Boynton Auto Supply Inc.
Police Dept.
179.69
18
City of Delray Beach
Paramedic Service Per Agreement
1,925.00
19
Fla. Power and Light
T.H.
283.73
20
Fairchild - Lowell Corp
P.D.
13.00
21
Dennis Fronrath
Repair to Trash Truck
2,261.56
22
Mobile Communications
Answering Service
51.00
23
Town of Ocean Ridge
Second Qtr -Fire Contract
3,250.00
24
Post Buckley
Engineering service(Consultant)
1,919.93
25
Ocean City Lumber
P.D. -T.H.
68.70
26
Universal Beach Service
Removal of Haitian Boat
225.00
27
Purity Uniform Ser
Sanitation
104.50
28
Delray News Journal
Ad - Ordinances
21.00
29
Radio Shack
Balance on intercom P.D. -T.C.
53.27
30
Barnett Bank
Interest on loan
1,251.80
31
U.S. Post Office
Stamps - Dredging
101.84
32
Town of Gulf Stream
Payroll
8,446.06
33
Sun Bank
W/H
1,995.10
34
Fla. Div. of Retirement
S/S
1,605.62
35
Bo-Del
Printing
138.95
36
Fla. Mun. Health Trust Fund
Employee Health Ins. May
1,821.92
37
Dept. of Adm. Div. of Retire.
S/S
32.14
38
Dennis Fronrath
Sanitation Dept. Truck past.
41.77
39
Arthur V. Strock
Engineering charge - Dredging
10,301.26
40
Cash
Replenish Petty Cash Box
48.84
41
County Sanitation
Garbage disposal- May
4,572.00
42
P.B. Cty Health Dept.
Water Fee
25.00
43
Crystal Rock Water
T.H.
30.00
44
So. Bell Telephone
P.D.
206.45
45
P. B. Cty Bldg Dept.
Review Building Plans
690.75
FINANCIAL REPORT Page 3. Cont.
CHECKS DRAWN ON OPERATING ACCOUNT, Aptil, 1984
2646
Adjusto
Auto coverage adjustment
$ 276.00
47
Sun Bank
Interest on Loan (Phipps Prop.)
3,428.61
48
City of Delray Beach
Water - 3/5 -4/4
14,056.04
49
Fla. Pacer and Light
Street Lights
909.50
50
Fairchild - Lowell Corp
P.D.
28.30
51
Gulf Oil Corp
Gas
898.07
52
Johnston, Sasser etc.
Legal Services
2,377.41
53
James B. Lundy
Reimbursed for School fees
156.00
54
So. Fla. Chapter PRIMA
Membership Town Manager
15.00
55
Broward P.B. Tractor Co.Sanitation
Dept.
60.56
56
I.D.S. Pension Fund
Employee pension fund - April
645.47
Total
$82,285.94
CHECKS DRAWN ON PAYROLL ACCOUNT, April, 1984
1164
Sigrid Helmes
4/1 - 4/13
$ 454.80
65
James Greer
It "
961.81
66
Chas. Bunner
485.59
67
Joseph Stocks
578.81
68
John Buchan
632.17
69
Robt. Druien
539.32
70
Antonio Rodriguez
573.90
71
James Lundy
568.40
72
Gerald Schunck
605.50
73
Earl Johnson
725.17
74
Herbert Hatton
557.30
75
Clarence Sova
556.26
76
James Colebrook
412.76
77
Ddn. Q,7ynn
575.50
78
Sigrid Helmes
4/14 - 4/27
454.80
79
Jim Greer
if if
961.81
80
Chas. Bunner
485.59
81
Joseph Stocks
" "
685.88
82
John Buchan
"
687.57
83
Robert Druien
"
539.32
84
Antonio Rodriguez
573.90
85
James Lundy
568.40
86
Gerald Schunck
661.80
87
Earl Johnson
it IF
725.17
88
Herbert Hatton
IF "
557.30
89
Clarence Sova
It "
556.26
90
James Colebrook
of "
412.76
91
William Gwynn
It "
575.50
Total $ 16,673.35
0kei4ikN 90) W9 11Aa&IWIN Dr.'SI
CASH 1984 1984
MAY MAY thru JULY
Hank Balances - Beginning of Period $ 36,870 $ 36,870
Add: Receipts 55,000 185,000
Sub Totals $ 91,870 $221,870
Less: Expenditures 70,000 210,000
Bank Balances - End of Period $ 21,870 $ 11,870
Beginning of Period
Money Market Accounts (Gen'l) $109,234 $109,234
Money Market Accounts (Water) 57,685 57,685
Total IiEE 919 166 919
End of Period
Money Market Accounts (Gen'l) $ 84,234 $34,234
Money Market Accounts (Water) 57,685 57,685
Total liii —919 lal 919
Barnet Bank $ 60,860 $60,860
Sun Bank (Phipps Loan) 265,000 265,000
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A
POLICE ACTIVITY
KNM OF Anril 19 L
REPORTED CRIMES
ALARMS 36
1.
Theft - 2
MEDICAL 6
2.
Violation Town Code - 3
3.
Indecent Exposure
FIRE 1
4.
Trespass - 2
5.
Vandalism - 3
6.
1NVFSTIGATICNS
7.
PENDING 1 (Hudson)
S.
9.
ACCIDENT
10.
INVFSTIGAT'IONS 2
11.
12.
13.
ARRESTS
14.
Trespass
15.
MISDEMEANOR 3 - Indecent Exposure
Vandalism
POLICE SERVICE CALLS
FECANY 0
1•
Suspicious Persons - 4
DWI n
2.
Attempt to Locate (Civil Assist)
3.
Assist other Departments - 3
TRAFFIC 42
4.
Lost property - 4
5.
Traffic
6•
Suspicious Incident - 4
7.
Civil.Assists - 5
B.
Found Property - 2
9.
Juvenile problem
10.
Death Investigation
11.
Animal Complaint - 4
12•
Information Only - 4
13.
Police Service
14.
Suspicious Vehicle - 2
15.
Disturbance - 3
TOTAL CALLS FOR THE MONTH
William li. HouQ11 & Co.
1111 I IRST AMERICAN BUILDING
SUITE 1116
IOF II. %V ISL
vI1T PRI \IULNI
7111 US. IIIGIIWAY ONE
RTRInI NT MANALiR
MUST OFFICE BOX I4nos
ANT NONY C SOVIERII
NORTH PALM BEATA]. FI ORIDA 11108
vIFE PR1Ub1'N,
11051 RIR 11I11
JUDY M. RO UI.Is
•
NI I'R 11 MAIM
June 14, 1983
Honorable Mayor and Town Commission Members
Town of Gulf Stream
246 Sea Road
Gulf Stream, Florida 33444
Attention: William E. Gwynn, Town Manager
Honorable Mayor and Members of the Commission:
William R. Hough & Co. is pleased to submit to the Town Commission
the following proposed agreement under which William R. Hough & Co.
will serve as investment banker or financial consultant 'to the Town
Commission of the Town of Gulf Stream, Florida (the "Town ") in connection
with such proposed capital improvements financing as may hereafter be
authorized by the Commission.
1. INTRODUCTION
This Agreement between the Town and William R. Hough & Co. concerns
the services to'be rendered by William R. Hough & Co. to the Town,
compensation for such services, and related expenses for the proposed
issuance and sale of the Town's Bonds.
2.' SERVICES TO BE PERFORMED BY WILLIAM R. HOUGH & CO. AS INVESTMENT
BANKER
A. William R. Hough & Co. will assist the Commission, the Town
Manager, and Town Attorney in developing a Financing Plan or
Plans for consideration of, and approval by, the Commission.
B. Upon acceptance of a Financing Plan by the Commission, William R.
Hough & Co., after consultation with appropriate Town officials,
will prepare and submit to the Town Attorney and Bond Counsel
for the Town, all of the information and details necessary for
preparation of the Authorizing Resolution, validation papers
and other documents required for the successful issuance and .
sale of the Bonds.
C. Assist the Town Attorney with the validation proceedings and
attend the validation hearing, if requested, to testify for
the Town.
5TAITE. COUNTY ANU MONICIPAI. BONDS
nnlllll0l II lid11gh & CP
lown or Gulf Stream
June 14, 1983
Page Two
D. In cooperation with the appropriate Town officials, William R.
(lough & Co. will prepare Official Statement(s) fully describing
the proposed Bonds. Hough and the Town agree to use due
diligence to determine and disclose all material facts affecting
the Bond Issue in the Official Statement(s).
E. Supply the necessary information and consult with the two major
bond rating agencies, .possible if desirable, to obtain the best
rating on the Bonds.
F. After validation of the Bonds and the expiration of the appeal
period, William R. Hough & Co. will submit a firm purchase proposal
to the Town for the purchase of the Bonds. Such proposal will
set forth the purchase Pi-ice and the terms and conditions of the
sale of the Bonds. This proposal will be accompanied by a good
faith check in the amount of 2% of -the par value of the Issue.
The proposal will specify the time allowed for the Town to accept
or reject the proposal. At the time of submission of such proposal,
Hough will present to the Town evidence of the fairness of the
proposal, together with data on comparable bond issues being marketed
at that time. Hough and the Town hereby agree to attempt to
negotiate, in good faith, satisfactory terms for the sale of the
Bonds. It is clearly understood that if the Town sells the Bonds
to Hough in accordance with this paragraph, Hough will not be
paid any fee as financial advisor since its compensation with
respect to this financing is intended to b'e solely through
purchasing and selling the Bonds at a profit. The usual components
and underwriter's profit will be fully disclosed an rchase proposal
d negotiated
to the satisfaction of the Town at the time the pu
is presented. These components include: Management Fee, Under-
writer's Expenses, Average Takedown (selling concessions) and
Underwriter's Risk Profit.
G. If the purchase proposal is accepted by the Town, William R.
Hough & Co. will:
(1) Arrange for the printing, signing.and delivery of the Bonds;
(2) Provide the Town with a final Amortization Schedule for the
Bond Issue; and
(3) Prepare an annual report on the Bonds which will be made
available to institutional holders of the Bonds and other
interested parties.
If the Town Commission and Hough do not agree upon the purchase
proposal, the Town shall sell the Bonds by either direct place-
ment or by competitive public sale with William R. Hough & Co.
acting as Financial Advisor.
Town of Gulf Stream
June lh, 1983
Page Three
3. ADDITIONAL SERVICES TO BE PERFORMED BY WILLIAM R. HOUGH & CO. AS
FINANCIAL ADVISOR
As Financial Advisor, William R. (lough & Co. will:
A. Prepare a comprehensive Official Statement for the issue acceptable
to the Commission;
B. In cooperation with the Town Attorney and Bond Counsel, prepare
the Notice of Sale for the issue;
C. Arrange for insertion of the necessary advertisements of the
Notice of Sale in the Daily Bond Buyer; .
D. Print and distribute the Official Statement to a large list of
Municipal Bond Underwriters and potential institutional purchasers,
and generally promote the sale of the issue;
E. Submit a bid for the Bonds at public sale, unless specifically
requested by the Town not to do so;
F.. Assist the Town at the time of the sale in checking all bids
as to compliance with bid specifications, and make a recommend-
ation as to the award of the Bonds in the best interests of the
Town;
G. Arrange for the printing, signing and delivery of the Bonds with
the approval of the Town; and
H. Provide the Town with the final Amortization Schedule for the
issue.
EXPENSES
Expenses incident to the issuance of the Bonds, excluding the travel
and communications expenses of William R. Hough & Co., will be paid
by the Town.
COMEPNSATI
A.' As Financial Advisor, William R. Hough & Co. shall be entitled
to compensation as specified in the attached fee schedule. For
issues in, excess of $5,000,000, the fiscal fee shall not exceed
$2.00 per $1,000 par amount of Bonds.
B. If the Town receives a comforming bid for the Bonds complying
with bid specifications, and decides not to issue the Bonds,
William R. Hough & Co. will be paid the appropriate financial
consulting fee.
N
Town of Gulf Stream
June 14, 1983
Page Four
C. If the Bonds are sold to an agency of the United States Govern-
ment or to the State of Florida or an agency thereof, William R.
Hough & Co. will be paid the appropriate financial consulting fee.
4. DIRECT PLACEMENT BY WILLIAM R. HOUGH & CO. AS AGENT FOR THE TOWN
A. At the direction of the Commission, William R. Hough & Co. will
directly place the Bonds with insititutional and other investors.
B. The fee for direct placement service will be negotiated at the
time of the direct placement, on terms acceptable to the
Commission. The placement fee is for services beyond those
ordinarily performed by a Financial Advisor, and would be in
addition to a Financial. Advisor's fee.
5. DURATION OF THIS AGREEMENT
A. This Agreement will remain in effect until terminated by either
party upon 60 days' prior written notice.
B. Any party failing to meet the terms of this Agreement will pay
all expenses and attorney's fees incurred by tl6 other party as
a result of any defaults. !
ACCEPTED BY:
TOWN OF GULF STREAM, FLORIDA
tle:
— ATTEST:
Respe; ay�submi -ttel,
ILLIAM,12_.H6GI CO. \l
ntho, oviero
Vice President
Approved as to form and correctness
this
day of June, 1983.
Flo n C.
Randolph, Totan "Attorney
William H. Hough & Co
THE FIRST AMERICAN BUILDING
JOE B. (VISE
SUITE 306
VICE PRESIDENT
RESIDENT MANALER
701 U.S. HIGHWAY ONE
POST OFFICE BOX 14095
ANTHONY C. SOVIERO
VICE PRESIDENT
NORTH PALM BEACH, FLORIDA 33408
JUDY 117. ROULIS
(305) 848.8111
REPRESENTATIVE
D- R -A -F -T
TO: ALL RESIDENTS, TOWN OF GULFSTREAM
RE: TOWN OF GULFSTREAM GENERAL OBLIGATION BONDS
FROM: WILLIAM R. HOUGH & CO.
DATE: APRIL 12, 1984
In mid -June of this year, William R. Hough & Co, expects to underwrite
an estimated $1,610,000 Town of Gulfstream General Obligation Bonds.
The Bonds are tax -free municipals, secured by the full faith and credit
and taxing power of the Town of Gulfstream. These various purpose Bonds were
recently approved by referendum.
We anticipate a minimum of an "A" rating on the Bonds by Moody's
Investors Service and /or Standard & Poor's Corporation. The Bonds will be
issued in fully registered form, in the denomination of $5,000 each and will
mature serially from approximately 1985 through the year 2000, bearing
interest at prevailing market rates, subject to the approval of the Town.
These securities will be made available to Town residents on a first -
come, first- served basis. No sales commission will be charged to the purch-
asers of the Bonds.
Any individuals who might be interested in purchasing any of these Bonds
are requested to contact Ms. Judy Roulis at 305/848 -8111 or 305/427 -5577; or
Terry Hornsby or Ken Barrett at 800/282 -6523 between June 11 and June 13 for
further details.
%TAPE. COUNTY AND MUNICIPAL BONDS
POLICE ACTIVITY
MONTH OF February 19��
REBORED
CRTMES
ALARMS
23
1.
Obstructing Officer - 2
MEDICAL
2
2.
Illegal Aliens
3.
FIRE
4.
5.
6.
INVESTIGATIONS
7.
PENDING
1 .(Hudson)
8.
9.
ACCIDENT
10.
INVESTIGATIONS
0
11.
12.
13.
STS
(Stimmler)
3(ROdriguez')
15.
MISDEMEANOR
POLICE SERVICE CALLS
FELONY
7 (ArAi i guez)
1•
Suspicious Incidents - 3
DWI
2•
Suspicious Vehicles - 3
3•
Suspicious Persons - 4
TRAFFIC
is
4.
Information Only - 4
5.
Violation Town Ordinance - 3
Other - 23 Haitains
(Illegal
6.
Unwanted Guest
aliens)
7.
Public Assist /Police Service - 2
8.
Juvenile (truant from Delray)
9.
Animal Complaints - 6
10.
Civil Assist - 4
11.
AOD /Ocean Ridge P.D. - 2
12.
ADD /Delray Beach P.D. - 2
13.
AOD /Marine Patrol (dead turtle)
14.
Lost Property
15.
Traffic Complaints - 2
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ti ra ORDINANCE NO.: 84 -1
II
AN ORDINANCE OF THE TOWN COMMISSION OF THE
TOWN OF GULF STREAM, PALM BEACH COUNTY, FLORIDA
AUTHORIZING THE LEVYING AND COLLECTING OF
SPECIAL ASSESSMENTS AGAINST PROPERTY BENEFITED
BY IMPROVEMENT PROJECTS AUTHORIZED BY THE
TOWN COMMISSION RELATING TO THE CONSTRUCTION,
IMPROVEMENT OR REPAIR OF STREETS OR OTHER
PUBLIC WAYS WITHIN THE TOWN; THE CONSTRUCTION,
IMPROVEMENT OR REPAIR OF SEWERS, STORM SEWER
DRAINS OR DITCHES; THE CONSTRUCTION, IMPROVEMENT,
REPAIR OR DREDGING OF ANY CANALS USED FOR
DRAINAGE OR FOR TRANSPORTATION, OR FOR THE
CONSTRUCTION, IMPROVEMENT OR REPAIR OF ANY
OTHER FACILITY AUTHORIZED BY THE COMMISSION
OR BY FLORIDA STATUTE; PROVIDING FOR THE
ADOPTION OF CHAPTER 170 FLORIDA STATUTES
RELATING TO THE METHODS OF ADOPTING AND AUTHORIZING
SAID ASSESSMENTS; PROVIDING FOR SEVERABILITY;
PROVIDING FOR REPEAL OF ORDINANCES IN CONFLICT
HEREWITH; PROVIDING FOR CODIFICATION; PROVIDING
AN EFFECTIVE DATE.
BE IT ORDAINED BY THE TOWN COMMISSION OF THE TOWN OF
I
iGULF STREAM, FLORIDA, as follows:
Section 1. Whenever the Commission of the Town of
(Gulf Stream shall decide to construct, improve or repair any
,'street, road, or public way within the Town, or to construct,
(improve or repair any sewer, drain or drainage ditch within the
ITown or to construct, improve, repair or dredge any canals within
the Town used for drainage or for transportation, or whenever
11the Town Commission shall determine to make any other local municipa
(improvements authorized by law, said Commission may provide for
the a
p yment of all or any part of the costs of any such improvements
by levying and collecting special assessments on the abutting,
adjoining, contiguous, or other specially benefited property.
Section 2. The method of prorating special assessments
:shall be determined according to the front footage of the respective
iproperties specially benefited by said improvement or by such
i
,other method as the Commission may prescribe.
Section 3. When the Commission determines to make
any public improvements as authorized herein, it shall so declare
by resolution. The Commission hereby adopts those provisions
of Chapter 170 of the Florida Statutes, not inconsistent herewith,
as to the method and manner of adopting resolutions, notifying
3rtected property owners, providing for c ilication, providing
!for an equalizing board and other sections thereof.
Section 4. If any section, paragraph, clause, phrase
or term of this Ordinance be declared invalid, the same shall
not operate to invalidate any other provisions.
Sect_on5. All ordinances or parts of ordinances in
conflict herewith are hereby repealed.
Section This Ordinance shall be codified and made
a part of the official Code of Ordinances of the Town of Gulf
Stream, Florida.
Sect 7. That this Ordinance shall be in full force
land effect from and after its passage and approval according
Ito law.
day of
PASSED AND ADOPTED ON �} _ READING this
(3 rk
���•�
1984.
rr
i
�d_ tL`��
ON
A'
ORDINANCE NO.: 84_2
AN ORDINANCE OF THE TOWN COMMISSION OF THE
PROHIBIBI
TOWN GULF STREAM, PALM BEACH COUNTY, FLORIDA
TING ANY PERSON FROM TAKING ANY DOG,
CAT, OR OTHER DOMESTIC PET UPON THE PUBLIC
BEACHES.
BE IT ORDAINED BY THE TOWN COMMISSION OF THE TOWN OF
GULF STREAM, FLORIDA, as follows;
Sect It shall be unlawful for an
take any do Y person to
g, cat or other domestic pet upon the public beaches
within the corporate limits of the Town of Gulf Stream.
Sect= The police department is hereby authorized
to post this regulation at any or all accesses to the public
beaches within the Town.
Section 3.
Any person found to be in violation of
this Ordinance shall be subject to the penalties set forth in
Section 1 -8, the general penalty section of the Town Code of
Ordinances.
Sect If any section, paragraph, clause, phrase
or term of this Ordinance be declared invalid, the same shall
not operate to invalidate any other provisions.
Section S. This Ordinance shall be codified and made
a part of the official Code of Ordinances of the Town of Gulf
Stream, Florida.
Sect That this Ordinance shall be in full force
ind effect from and after its passage and approval according
:o law.
PASSED AND ADOPTED ON
n READING this 3 �
ay of C�Vv;1 1984.
['TEST:
-r
ESOLUPION 84- 3
A RESOLUTION CANVASSING THE RESULTS OF THE VOTES
CAST IN THE BOND REFERENDUM FOR VARIOUS CAPITAL
PROJECTS WITHIN THE TOWN OF GULPSTREAM, FLORIDA,
HELD ON MARCH 13,1984; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Gulfstream, Florida, did, on January 27, 1984, duly
adopt a resolution calling a bond referendum in the Town of Gulfstream, Florida, to be
held on March 13, 1984, on the question of issuing General Obligation Bonds for various
capital projects within the Town; and
WHEREAS, the bond referendum was duly held and votes cast on March 13,
1984, the results of which have been canvassed; now therefore
BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF
GULFSTREAM, FLORIDA:
SECTION 1. As a result of the canvass of the votes cast in the bond
referendum held in the Town of Gulfstream, Florida, on March 13, 1984, it is determined
by the Town Commission that the votes cast in said bond referendum were as follows:
Proposition 1
That as a result of the aforesaid canvass, the referendum vote on the question:
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?
resulted as follows:
For Bonds
Against Bonds 112—
Proposition 2
Shall there be issued not exceeding $420,000 principal amount of
General Obligation Bonds of the Town of Gulfstream, Florida,
LKL -221A- 03/22/84 -1568 -I-
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
of road improvement, drainage and paving, a more particular
description of which is on file in the office of the Town Clerk?
resulted as follows:
For Bonds
Against Bonds
Proposition 3
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?
resulted as follows:
For Bonds
Against Bonds
Z
Z
E
6
C-,
Proposition 4
Shall there be issued not exceeding $97,500 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
LKL- 221A- 03/22/84 -1568 -2-
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.
resulted as follows.
For Bonds
7 7
Against Bonds
SECTION 2. As a result of the aforesaid canvass, the Town Commission does
hereby determine and declare that:
Proposition 1 was passed, the highest number of votes being for the Bonds.
Proposition 2 was passed, the highest number of votes being for the Bonds.
Proposition 3 was passed, the highest number of votes being for the Bonds.
Proposition 4 was passed, the highest number of votes being for the Bonds.
SEC'T'ION 3. This resolution shall take effect immediately upon its adoption,
this 13 day of ( 1984.
PASSED AND ADOPTED on 1o,j READING THIS lb DAY OF
• , 1984.
ATTEST:
NV
T N CLERK
LGilLj�
LKL -221A- 03/22/84 -1568 -3-
f"
II RESOLUTION NO. -
A RESOLUTION OF THE TOWN OF GULF STREAM,
PALM BEACH COUNTY, FLORIDA, PROVIDING FOR
THE DREDGING IMPROVEMENTS OF THE SEVEN PUBLIC
l
CANALS LOCATED WITHIN THE TOWN; DIRECTING
AND AUTHORIZING THE TOWN MANAGER TO PROCEED WITH
THE SAID IMPROVEMENTS AS PROVIDED BY LAW UNDER
I THE SUPERVISION OF THE TOWN OF GULF STREAM;
j FINDING AND DETERMINING THE TOTAL COST OF
IMPROVEMENTS COMPLETED, AND PROVIDING A METHOD
OF ASSESSMENT FOR SAID IMPROVEMENTS; PROVIDING
THAT THE TOWN OF GULF STREAM SHALL PAY THIRTY
(30 %) PERCENT OF THE TOTAL COST OF SAID IMPROVE -
MENTS AND THAT SEVENTY (70 %) PERCENT OF THE
TOTAL COST SHALL BE ASSESSED AGAINST THE PROPERTY
t ESPECIALLY BENEFITTING THEREBY; PROVIDING THAT
THE TOWN SHALL HAVE A LIEN FOR THE COST OF SUCH
ASSESSMENTS; AND PROVIDING FOR NOTICE TO THE
PERSONS INTERESTED IN THE PASSAGE OF THIS
RESOLUTION.
BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF
GULF STREAM, PALM BEACH COUNTY, FLORIDA, as follows:
SECTION 1. It is hereby found, determined, and
declared to be necessary in the interest of the health, safety,
and public welfare of the Town of Gulf Stream, Florida, that
the seven public canals within the Town be improved through
dredging.
SECTION 2. The Town of Gulf Stream as a whole
shall pay thirty (30 %) percent of the cost of said dredging
to a maximum of Ninety -seven Thousand Five Hundred Dollars
($97,500.00), and seventy (70 %) of the cost thereof shall
be assessed against the property especially benefitted thereby
on a distributed basis of common costs and canal front footage
costs.
SECTION 3. It is further declared and determined
by the Town Commission that the improvements described herein-
above shall take place under the supervision of the Town of
I
Gulf Stream through the direction of the Town Manager.
i SECTION 4. The Town Manager is hereby directed,
i;
upon publication of this Resolution and the Notice herein
provided for, to proceed with said work. Accurate records
of the cost of such improvements shall be kept.
SECTION 5. The Town Manager is hereby directed
to publish the following Notice in the Palm Beach Post -Times
I�
I
I
i!
once each week for three consecutive weeks, and to post a
copy thereof on the bulletin board in the Town Hall of the
Town of Gulf Stream, Florida, to wit:
TO ALL PERSONS, FIRMS, ASSOCIATIONS OR
CORPORATIONS OWNING OR HAVING AN INTEREST
IN THE PROPERTY IN THE TOWN OF GULF STREAM,
FLORIDA, WHICH ABUTS ANY OF THE SEVEN PUBLIC
CANALS WITHIN THE TOWN:
You and each of you will please take notice
that on the 13th day of April, 1984, the
Town Commission of the Town of Gulf Stream,
Florida, adopted a Resolution determining
and declaring it to be necessary in the
interest of health, safety, and public
welfare of the Town of Gulf Stream, Florida,
that the seven public canals within the Town
be dredged in accordance with the detailed
plans and specifications on file in the
Office of the Town Clerk and open to the
inspection of all persons interested.
Said work is to be performed under the
supervisions of the Town of Gulf Stream in
accordance with the provisions of the Town
Charter and the Ordinances pertaining thereto.
Thirty (30 %) percent of the total costs of
said dredging, to a maximum of $97,500.00,
shall be borne by the Town of Gulf Stream,
and seventy (70 %) percent shall be assessed
against the property especially benefitting
thereby on a distributed basis of common costs
and canal front footage costs.
Dated this 13th day of April, 1984.
W. R. Gwynn
Town Manager
PUBLISH: Palm Beach Post -Times
April 18, 25, and 31, 1984
SECTION 6. The Town of Gulf Stream shall pay
out of money available for such purpose the cost of said dredging,
and the Town of Gulf Stream as a whole shall bear thirty (30 %)
percent of the total cost thereof to a maximum of $97,500.00,
and seventy (70 %) percent shall be assessed against the property
especially benefitted thereby on a distribution basis of common
costs and canal front footage costs, all in accordance with
the plans and specifications as prepared by Arthur V. Strock
& Associates, Inc., on file in the office of the Town Clerk.
The overall estimated cost of the dredging project is $313,600.00,
of which the Town of Gulf Stream will pay $94,100.00, and
the property owners especially benefitted thereby shall pay
$299,500.00.
- 2 -
i
SECTION 7. Upon passage of this Resolution,
property assessments shall be paid in either of the following
ways to be determined by the property owner:
a. Payment of said assessment in full
within thirty (30) days of the date
of passage of this Resolution.
or,
b• Payment of said assessment in full
within one (1) year of the date of
passage of this Resolution, plus
interest at a rate to be determined
by the Town Commission, plus a twenty -
five ($25.00) Dollar administrative fee.
SECTION B. Upon the completion of said work,
the Town of Gulf Stream shall have a lien therefor against
each and every parcel of land so benefitted and assessed for
the payment of said assessments so made against the assessed
lands, in accordance with the provisions of the Town Code
and the general laws pertaining thereto.
SECTION 9. This Resolution shall take effect
immediately upon its passage and approval, as provided by
law.
PASSED AND ADOPTED in a regular, adjourned session
assembled this 13th day of April, 1984.
3 -
�7
7
Mayon
Vice Mayor
,f
p STYTUTING THE TOWN
COMMISSION OF THE TOWN OF
GULF STREAM, FLORIDA
RESOLUTION 84--5
A RESOLUTION OF THE TOWN COMMISSION
OF THE TOWN OF GULF STREAM, FLORIDA
OPPOSING THE "MUNICIPAL SUNSET LAW"
BEING PROPOSED BY THE STATE OF FLORIDA
COMMITTEE ON GROWTH MANAGEMENT
WHEREAS, the State of Florida Committee on Growth Management
is considering a bill known as the "Municipal Sunset Law" which, if
adopted, could eliminate most municipal governments with populations
under 5,000 and
WHEREAS, the government as established in the Town of Gulf
Stream is based on the philosophy that "government is best which is
closest to the people," and
WHEREAS, the adoption of the Municipal Sunset Law" will have
a devastating effect on those essential services now being provided to
the residents of small cities, towns, and villages within the State of
Florida.
NOW, THEREFORE, BE IT RESOLVED by the Town Commission of the
Town of Gulf Stream, Florida, that the Town hereby opposes the adoption
of a "Municipal Sunset Law" being proposed by the State of Florida
Committee on Growth Management, and
FURTHER RESOLVED that a copy of this Resolution be submitted
to each municipality in Palm Beach County, each member of the Palm Beach
County Legislative Delegation, the Palm Beach County Municipal League,
and Ehe Florida League of Cities.
PASSED AND ADOPTED in regular session assembled this 13th
day of April, 1984.
-A EST:
n� Q--L
TOWN CLERK
S"Td7I'I(l # 84 — 4
A RESOLUTION PROVIDING FOR THE ISSUANCE OF NOT EX-
CEEDING $1,727,500 GENERAL OBLIGATION BONDS OF THE
TOWN OF GULF STREAM, FLORIDA FOR THE PURPOSES OF
FINANCING 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 GULF STREAM 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; CONTAINING OTHER PROVISIONS RELATING
TO SUCH BONDS; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULF
STREAM, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted
pursuant to Chapter 166, Part II, Florida Statutes (1983); Sections 100.201 through
100.351, Florida Statutes; and other applicable provisions of law (hereinafter collectively
referred to as the "Act ").
SECTION 2. FINDINGS. It is hereby found, determined and declared as fol-
lows, that:
A. It is necessary, desirable, and in the best interest of the Town of Gulf
Stream, Florida and its inhabitants that general obligation bonds in an amount not
exceeding $1,727,500 be issued for the projects herein described, which amount is hereby
authorized to be expended for such purposes. The period of probable usefulness of the
property and improvements comprising the Project will be at least thirty years.
B. The issuance of such general obligation bonds was approved by a majority
of votes cast in four separate bond referenda held March 13, 1984, by the qualified
electors of the Town in the manner required by the Constitution and Statutes of the State
of Florida.
SECTION 3. DEFINITIONS. Unless the context otherwise requires, the terms
defined in this section shall have the meanings so specified. Words importing singular
C-0
number shall include the plural�#,m0W in each case and vice versa, and words importing'°
persons shall include firms and corporations.
A. "Bonds" shall mean the General Obligation Bonds herein authorized to be
issued.
B. "Mandatory Sinking Fund Installment" with respect to any Term Bonds,
shall mean an amount so designated which is established for the Term Bonds and which
LKL- 03/28/84 -221A
Rev.04 /11/84 -I-
r
shall be deposited in the Term Bonds Account within the Sinking Fund (hereinafter
established and defined) provided that the aggregate of such installments together with
interest to be earned on funds within the Term Bonds Account and retained in such
account for payment of the Term Bonds, shall equal the aggregate principal amount of
Term Bonds delivered on original issuance.
C. "Bond Service Requirement" for any Bond Year, as applied to the Bonds,
shall mean the sum of:
(1) The amount required to pay the interest becoming due on the Bonds
during such Bond Year, and principal of Bonds other than Term Bonds maturing in such
Bond Year, except to the extent that such interest shall have been provided by payments
into the Sinking Fund of investment income; and
(2) The Mandatory Sinking Fund Installment for the Term Bonds
coming due in such Bond Year. In computing the Bond Service Requirement for any Bond
Year for the Bonds, the Town shall assume that an amount of the Term Bonds equal to the
Mandatory Sinking Fund Installment for such Bond Year will be retired by purchase or
redemption in such Bond Year, or that payment of such amount of Term Bonds at maturity
will be fully provided for in such Bond Year. When determining the amount of principal of
and interest on Bonds which mature in any year, for purposes of this Resolution, the
stated maturity date of Term Bonds shall be disregarded, and the Mandatory Sinking Fund
Installment, if any, applicable to Term Bonds in such year shall be deemed to mature in
such year.
D. "Term Bonds" shall mean those Bonds, if any, stated to mature on one
date and which shall be subject to retirement by operation of the Term Bonds Account
established in the Sinking Fund.
E. 'Bond Year" shall mean the twelve month period ending on the anniver-
sary of the maturity dates of the Bonds.
F. 'Investment Securities" means any of the following, if and to the extent
that the same are legal for the investment of Municipal funds: (i) direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed by, the
United States of America; (ii) bonds, debentures, notes or participation certificates
issued by the Federal Banks for Cooperatives, the Federal Intermediate Credit Banks, the
Federal Home Loan Banks, the Export- Import Bank of the United States, the Federal Land
Banks, the Federal National Mortgage Association, the Government National Mortgage
Association, and direct and general obligations of any agency or instrumentality of the
United States of America not included in the foregoing listing; (iii) Public Housing Bonds
LKL- 03/26/84 -221A -2-
and Project Notes fully secured by contracts with the United States; (iv) full faith and
credit direct general obligations of any state, or unlimited tax direct obligations of any
Political subdivision thereof, to the payment of which the full faith and credit of such
Political subdivision is pledged, provided that at the time of purchase such obligations are
rated in either of the two highest rating categories by a nationally recognized bond rating
agency; (v) negotiable or non - negotiable certificates of deposit or time deposits issued by
any bank, trust company or national banking association which is a member of the Federal
Reserve System, provided that such certificates of deposit or time deposits shall
continuously be collaterally secured by investments listed under clauses (i) through (iii)
above having a market value at all times at least equal to such certificates of deposit or
time deposits; and NO repurchase agreements with any bank, trust company, or national
banking association insured by the Federal Deposit Insurance Corporation or with any
government bond dealer recognized as a primary dealer by the Federal Reserve Bank of
New York, which agreements are fully and continuously secured by obligations described
in clauses (i) through (iii) above having a market value at all times at least equal to such
repurchase agreements.
G. "Town" shall mean the Town of Gulf Stream, Florida.
H. "Project" shall mean, collectively, the following four separate projects:
1. Construction and equipping of projects consisting of an adminis-
trative complex and repayment of an existing loan upon the
property where the administrative complex will be located, at a
cost not exceeding $905,000.
2. Construction, equipping and /or improvement of public works
projects consisting of road improvements, drainage and paving, at a
cost not exceeding $420,000.
3. Repayment of an existing loan upon the Gulf Stream water system
and construction, equipping and /or improvement of the Town water
system, at a cost not exceeding $305,000.
4. Maintenance and improvement of the Town's canals, at a cost not
exceeding $97,500. 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.
Such projects described above shall also include other purposes appurtenant or
incidental thereto.
1. "Bond Registrar" or "Registrar" shall mean an officer of the Town or the
bank or trust company which the Town may from time to time designate to perform the
duties herein set forth for the Registrar of the Bonds.
LKL- 03/26/84 -221A _3_
J. "Paying Agent" shall mean an officer of the Town or the bank or trust
company which the Town may from time to time designate to serve as paying agent.
K. "Registered Owners" shall mean those persons whose names and
addresses appear on the registration books, at the point in time when registered ownership
is to be determined unless a contrary intent is clearly indicated by the context,
maintained by the Bond Registrar.
SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of
the acceptance of the Bonds 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 between the Town and such holders. The covenants and agreements herein set
forth to be performed by the Town shall be for the equal benefit, protection and security
of the legal holders of any and all of such Bonds, all of which shall be of equal rank and
without preference, priority or distinction of any of the Bonds over any other thereof,
except as expressly provided therein and herein.
SECTION 5. AUTHORIZATION OF BONDS. Subject and pursuant to the provi-
sions of this Resolution, Bonds of the Town to be known as "General Obligation Bonds ",
herein sometimes referred to as "Bonds ", are hereby authorized to be issued in the
aggregate principal amount of not exceeding One Million Seven Hundred Twenty -Seven
Thousand Five Hundred Dollars ($1,727,500) for the construction, acquisition and
equipping of the Project.
SECTION 6. DESCRIPTION OF BONDS. The Bonds shall be dated as of a date
to be fixed at the time of sale, shall be numbered consecutively from one upward in the
order of their maturities; shall be in the denomination of $5,000 each or integral multiples
thereof (except that one Bond may be in the denominations of $2,500 or $7,500); shall bear
interest at a rate not to exceed the maximum lawful rate per annum at the time of sale of
the Bonds, such interest to be payable semiannually on such, dates, and shall mature in
numerical order, Iowest numbers first, on such dates and in such years (but not to exceed
30 years from their date of issuance) and amounts as shall be fixed by subsequent
resolution of the Town adopted prior to sale.
The Bonds shall be issued in fully registered form, without coupons; shall be
payable with respect to both principal and interest upon presentation and surrender
thereof on the date fixed for maturity or redemption thereof at the office of the Bond
Registrar in lawful money of the United States of America; and shall bear interest from
such date, but not earlier than the date of the Bonds, as is fixed by subsequent resolution
of the Town, payable in accordance with and pursuant to the terms of the Bonds.
LKL- 04/11/84 -221A -4-
Interest on the Bonds shall be paid by check or draft mailed to the Registered
Owners, at their addresses as they appear on the Bond Register, at the close of business
on the 15th day of the month (whether or not a business day) next preceding the interest
payment date for the Bonds (the "Record Date "), irrespective of any transfer of the Bonds
subsequent to such Record Date and prior to such interest payment date, unless the Town
shall be in default in the payment of interest due on such interest payment date. In the
event of any such default, such defaulted interest shall be payable to the Registered
Owners at the close of business on a special record date for the payment of defaulted
interest as established by notice mailed to the persons in whose names such Bonds are
registered at the close of business on the fifth (5th) day preceding the date of mailing.
If the date for payment of the principal of, premium, if any, or interest on the
Bonds shall be a Saturday, Sunday, legal holiday or a day on which the banking institutions
in the city where the corporate trust office of the Paying Agent is located are authorized
by law or executive order to close, then the date for such payment shall be the next
succeeding day which is not a Saturday, Sunday or legal holiday or a day on which such
banking institutions are authorized to close, and payment on such date shall have the same
force and effect as if made on the nominal date of payment.
The Bonds may be issued or exchanged for Bonds in coupon form, payable to
bearer, in such form and with such attributes as the Town may provide by supplemental
resolutions, upon receipt of an opinion from a nationally recognized bond counsel that
such issuance or exchange will not cause interest on the Bonds to be includable in gross
income of the holder for federal income tax purposes.
SECTION 7. EXECUTION OF BONDS. The Bonds shall be executed in the
name of the Town by the Mayor and attested by the Town Clerk, and the corporate seal of
the Town or a facsimile thereof shall be affixed thereto or reproduced thereon. The
facsimile signatures of such offices shall be imprinted or reproduced on the Bonds. The
Certificate of Authentication of the Bond Registrar, hereinafter described, shall appear
on the Bonds, and no Bond shall be valid or obligatory for any purpose or be entitled to any
security or benefit under this Resolution unless such certificate shall have been duly
executed on such Bond. The authorized signature for the Bond Registrar shall at all times
be a manual signature. In case any officer whose signature shall apear on any Bonds shall
cease to be such officer before the delivery of such Bonds, 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. Any Bond may be signed and sealed on behalf of the Town by
such person who at the actual time of the execution of such Bonds shall hold the proper
LKL- 03/28/84 -221A _5_
office with the Town, although at the date of such Bonds such person may not have held
such office or may not have been so authorized.
The validation certificate on the Bonds shall be executed with the facsimile
signature of the Mayor. The Town may adopt and use for such purposes the facsimile
signature of any persons who shall have held such office at any time on or after the date
of adoption of this Resolution, notwithstanding that he may have ceased to be such officer
at the time the Bonds are actually delivered.
SECTION 8. NEGOTIABILITY AND REGISTRATION. A. NEGOTIABILITY.
The Bonds shall be and shall have all of the qualities and incidents of negotiable
instruments under the Uniform Commercial Code - Investment Securities of the State of
Florida, and each successive holder, in accepting any of the Bonds shall be conclusively
deemed to have agreed that such Bonds shall be and have all of the qualities and incidents
of negotiable instruments under the Uniform Commercial Code - Investment Securities of
the State of Florida.
B. REGISTRATION AND TRANSFER. There shall be a Bond Registrar for
the Bonds which shall be a bank or trust company located within or without the State of
Florida. The Bond Registrar shall maintain the registration books of the Town and be
responsible for the transfer and exchange of the Bonds. The Town shall, prior to the
proposed date of delivery of the Bonds, by resolution designate the bank to serve as a
Bond Registrar and Paying Agent. The Bond Registrar shall maintain the books for the
registration of the transfer and exchange of the Bonds in compliance with an agreement
to be executed between the Town and such bank as Bond Registrar on or prior to the date
of delivery of the Bonds. Such agreement shall set forth in detail the duties, rights and
responsibilities of the parties thereto.
The Bonds may be transferred upon the registration books, upon delivery to the
Registrar, together with written instructions as to the details for the transfer of such
Bonds, along with the social security or federal employer identification number of such
transferee and, if such transferee is a trust, the name and social security or federal
employer identification numbers of the settlor and beneficiaries of the trust, the date of
the trust and the name of the trustee. No transfer of any Bond shall be effective until
entered on the registration books maintained by the Registrar.
In all cases of the transfer of the Bond, the Registrar shall enter the transfer
of ownership in the registration books and shall authenticate and deliver in the name of
the transferee or transferees a new fully registered Bond or Bonds of authorized
denominations of the same maturity and interest rate for the aggregate principal amount
LKL- 03/28/84 -221A _6_
wi , the Registered Owner is entitled to receive at the earliest practicable time in
accordance with the provisions of this Resoluiton. Any Bond or Bonds shall be
exchangeable for a Bond or Bonds of the same maturity and interest rate, in any
authorized denomination, but in a principal amount equal to the unpaid principal amount
of the Bond or Bonds presented for exchange. Bonds to be exchanged shall be surrendered
at the principal office of the Registrar, and the Registrar shall deliver in exchange
therefor the Bond or Bonds which the Bondholder making the exchange shall be entitled to
receive. The Town or the Registrar may charge the Registered Owner of such Bond for
every such transfer or exchange, an amount sufficient to reimburse them for their
reasonable fees and for any tax, fee, or other governmental charge required to be paid
with respect to such transfer or exchange, and may require that such charge be paid
before any such new Bond shall be delivered.
All Bonds delivered upon transfer or exchange shall bear interest from such
date that neither gain nor loss in interest shall result from the transfer or exchange.
All Bonds presented for transfer, exchange, redemption or payment (if so
required by the Town), shall be accompanied by a written instrument or instruments of
transfer or authorization for exchange, in form and with guaranty of signature satis-
factory to the Town and the Registrar duly executed by the Registered Owner or by his
duly authorized attorney.
SECTION 9. BONDS, MUTILATED, DESTROYED, STOLEN OR LOST. In
case any Bond shall become mutilated, or be destroyed, stolen or lost, the Town may in its
discretion issue and deliver a new Bond of like tenor as the Bond so mutilated, destroyed,
stolen or lost, in exchange and substitution for such mutilated Bond, upon surrender and
cancellation of such mutilated Bond or in lieu of and substitution for the Bond destroyed,
stolen or lost, and upon the holder furnishing the Town proof of his ownership thereof and
satisfactory indemnity and complying with such other reasonable regulations and
conditions as the Town may prescribe and paying such expenses as the Town may incur.
All Bonds so surrendered shall be cancelled by the Town Clerk. If any such Bonds shall
have matured or be about to mature, instead of issuing a substitute Bond, the Town may
pay the same, upon being indemnified as aforesaid, and if such Bond be lost, stolen or
destroyed, without surrender thereof.
Any such duplicate Bonds issued pursuant to this section shall constitute
original, additional contractual obligations whether or not the lost, stolen or destroyed
Bonds be at any time found by anyone, and such duplicate Bonds 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 extent as all other Bonds issued hereunder.
LKL- 03/28/84 -221A _7_
SECTION 10. REDEMPTION PROVISIONS. The Bonds shall be redeemable
by operation of the Bond Amortization Fund or at the option of the Town, as provided by
subsequent resolution of the Town adopted prior to delivery of the Bonds. The Bonds in
denominations greater than $5,000 shall be deemed to be an equivalent number of Bonds
of the denomination of $5,000. In the event a Bond is of a denomination greater than
$5,000, a portion of such may be redeemed, but Bonds shall be redeemed only in the
principal amount of $5,000 or any integral multiple thereof (or, in the case of the single
Bond in the denominations of $2,500 or $7,500, shall be redeemed only in the principal
amount thereof). In the event any of the Bonds or portions thereof are redeemable as
aforesaid, notice thereof identifying the Bonds or portions thereof to be redeemed will be
given by the Registrar (who shall be the Paying Agent for the Bonds, or such other person,
firm or corporation as may from time to time be designated by the Town as the Registrar
for the Bonds) by mailing a copy of the redemption notice by first -class mail (postage
prepaid) not more than thirty (30) days and not less than fifteen (15) days prior to the date
fixed for redemption to the Registered Owner of each Bond to be redeemed in whole or in
part at the address shown on the registration books. Failure to give such notice by
mailing to any Registered Owner of Bonds, or any defect therein, shall not affect the
validity of any proceeding for the redemption of other Bonds. All Bonds or portions
thereof so called for redemption will cease to bear interest after the specified redemption
date provided funds for their redemption are on deposit at the place of payment at that
time.
Upon surrender of any Bond for redemption in part only, the Town shall issue
and deliver to the Registered Owner thereof, the costs of which shall be paid by the
Registered Owner, a new Bond or Bonds of authorized denominations in aggregate
principal amount equal to the unredeemed portion surrendered.
Whenever any Bonds shall be delivered to the Bond Registrar for cancellation,
upon payment of the principal amount thereof, or for replacement, transfer or exchange,
such Bonds shall be cancelled and, upon request of the Town, destroyed by the Bond
Registrar. Counterparts of the certificate of destruction evidencing any such destruction
shall be furnished to the Town.
SECTION 11. FORM OF BONDS AND COUPONS. The Bonds and the certifi-
cate of validation shall be in substantially the following form, with such omissions,
insertions and variations as may be necessary and desirable and authorized or permitted
by this Resolution or in any subsequent resolution adopted prior to the issuance thereof:
LKL- 04/11/84 -221A -8-
No.
(Form of 1984 Bond)
UNITED STATES OF AMERICA
STATE OF FLORIDA
TOWN OF GULF STREAM
E,
Rate of Int_ e_est Maturity Date Date of Original Issue
Cuslp
1984
Registered Holder:
Principal Amount:
KNOW ALL MEN BY THESE PRESENTS, that the Town of Gulf Stream,
Florida (hereinafter called "Town"), for value received, hereby promises to pay to the
Registered Holder identified above, or registered assigns, on the Maturity Date specified
above, the Principal Amount shown above, and to pay interest on said sum from the Date
of Original Issue of this Bond or from the most recent interest payment date to which
interest has been paid, at the rate of interest per annum set forth above until payment of
such sum, such interest being payable
It 1984, and semiannually
thereafter on the first day of
and the first day of of each
year. The principal of and premium, if any, on this Bond are payable upon presentation
and surrender hereof on the date fixed for maturity or redemption at the principal office
of
(the "paying agent ") in
or at the office designated for such payment of any
successor thereof. The interest on this Bond, when due and payable, shall be paid by
check or draft mailed to the person in whose name this Bond is registered, at his address
as it appears on the Bond Register, at the close of business on the 15th day of the month
(whether or not a business day) next preceding the interest payment date (the "Record
Date "), irrespective of any transfer of this Bond subsequent to such Record Date and prior
to such interest payment date, unless the Town shall be in default in payment of interest
due on such interest payment date. In the event of any such default, such defaulted
interest shall be payable to the person in whose name such Bond is registered at the close
of business on a special record date for the payment of defaulted interest as established
by notice mailed by the Registrar to the Registered Holder of the Bonds not less than
fifteen (15) days preceding such special record date. Such notice shall be mailed to the
LKL- 03/28/84 -221A
-9-
person in whose name such Bond is registered at the close of business on the fifth (5th)
day preceding the date of mailing. All amounts due hereunder shall be payable in any coin
or currency of the United States, which is, at the time of payment, legal tender for the
Payment of public or private debts.
This Bond is one of an authorized issue of Bonds in the aggregate principal
amount of $1,727,500, of like date, tenor and effect, except as to number, series, interest
rate, redemption provisions, and date of maturity, issued to finance the cost of
construction and equipping of projects consisting of (1) an administrative complex and
repayment of an existing loan upon the property where the administrative complex will be
located, at a cost not exceeding $905,000, (2) construction, equipping and /or improvement
of public works projects consisting of road improvements, drainage and paving, at a cost
not exceeding $420,000, (3) repayment of an existing loan upon the Gulf Stream water
system and construction, equipping and /or improvement of the Town water system, at a
cost not exceeding $305,000, and (4) maintenance and improvement of the Town's canals,
at a cost not exceeding $97,500, under the authority of and in full compliance with the
Constitution and Statutes of the State of Florida, including particularly Chapter 166, Part
II, Florida Statutes (1983); Section 100.201 through 100.351, Florida Statutes; and other
applicable provisions of law (hereinafter referred to as the "Act "); and a resolution duly
adopted by the Town Council of the Town on the — day of as
supplemented (hereinafter called "Resolution "), and is subject to all the terms 4'and
conditions of such Resolution.
It is hereby certified and recited that all acts, conditions and things required
to happen, exist and be performed, precedent to and in the issuance of this Bond, have
happened, exist, and have been performed in due time, form and manner as required by
the Constitution and laws of the State of Florida applicable thereto, that the issue of
Bonds of which this Bond is a part has been approved at an referendum held in accordance
With the Constitution and laws of the State of Florida in the Town on the 13th day of
March, 1984; that the total indebtedness of the Town, including the issue of Bonds of
which this Bond is one, does not exceed any constitutional, statutory or charter limitation;
and that provision has been duly made for the levy and collection of a direct annual tax,
without limitation as to rate or amount, upon all taxable property within the Town
sufficient to pay the principal of and interest on this Bond as the same shall become due,
which tax shall be levied and collected at the same time, and in the same manner, as
other ad valorem taxes of the Town are assessed, levied and collected. For the prompt
payment of the principal of and interest on the Bonds, the full faith, credit and taxing
power of the Town are irrevocably pledged.
LKL- 03/28/84 -221A -10-
(Insert redemption provisions)
Bonds in denominations greater than $5,000 shall be deemed to be an
equivalent number of Bonds of the denomination of $5,000. In the event a Bond is of a
denomination larger than $5,000, a portion of such may be redeemed, but Bonds shall be
redeemed only in the principal amount of $5,000 or any integral multiple thereof (or, in
the case of the single Bond in the denominations of $2,500 or $7,500, shall be redeemed
only in the principal amount thereof). In the event any of the Bonds or portions thereof
are called for redemption as aforesaid, notice thereof identifying the Bonds or portions
thereof to be redeemed will be given by the Registrar (who shall be the paying agent for
the Bonds, or such other person, firm or corporation as may from time to time be
designated by the Town as the Registrar for the Bonds) by mailing a copy of the
redemption notice by first -class mail (postage prepaid) not more than thirty (30) days and
not less than fifteen (15) days prior to the date fixed for redemption to the Registered
Holder of each Bond to be redeemed in whole or in part at the address shown on the
registration books. Failure to give such notice by mailing to any Registered Holder of
Bonds, or any defect therein, shall not affect the validity of any proceeding for the
redemption of other Bonds. All Bonds so called for redemption will cease to bear interest
after the specified redemption date provided funds for their redemption are on deposit at
the place of payment at that time. Upon surrender of any Bond for redemption in part
only, the Town shall issue and deliver to the Registered Holder thereof, the costs of which
shall be paid by the Registered Holder, a new Bond or Bonds of authorized denominations
in aggregate principal amount equal to the unredeemed portion surrendered.
If the date for payment of the principal of, premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in
the city where the corporate trust office of the paying agent is located are authorized by
law or executive order to close, then the date for such payment shall be the next
succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such
banking institutions are authorized to close, and payment on such date shall have the same
force and effect as if made on the nominal date of payment.
(To be inserted where appropriate on face of bond: "Reference is hereby made
to the further provisions of this Bond set forth on the reverse side hereof, and such
further provisions shall for all purposes have the same effect as if set forth on this side. ")
This Bond is and has all the qualities and incidents of a negotiable instrument
under the Uniform Commercial Code - Investment Securities of the State of Florida.
LKL- 04/11/84 -221A -11-
The Bonds are issued in the form of fully registered bonds without coupons in
denominations of $5000 or any integral multiple of $5000 (except that one Bond may be in
the denominations of $2,500 or $7,500 and may not be exchanged). Subject to the
limitations and upon payment of the charges provided in the Resolution, Bonds may be
exchanged for a like aggregate principal amount of Bonds of the same maturity or other
authorized denominations. This Bond is transferable by the Registered Holder hereof in
person or by his attorney duly authorized in writing, at the above - mentioned office of the
Registrar, but only in the manner, subject to the limitations and upon payment of the
charges provided in the Resolution, and upon surrender and cancellation of this Bond.
Upon such transfer a new Bond or Bonds of the same maturity and of authorized
denomination or denominations, for the same aggregate principal amount, will be issued to
the transferee in exchange therefor. Bonds may be transferred upon the registration
books upon delivery to the Registrar of the Bonds, accompanied by a written instrument
or instruments of transfer in form and with guaranty of signature satisfactory to the
Registrar, duly executed by the Registered Holder of the Bonds to be transferred or his
attorney -in -fact or legal representative, containing written instructions as to the details
of the transfer of such Bonds, along with the social security number or federal employer
identification number of such transferee and, if such transferee is a trust, the name and
social security or federal employer identification numbers of the settlor and beneficiaries
of the trust, the federal employer identification number and date of the trust and the
name of the trustee. In all cases of the transfer of a Bond, the Registrar shall enter the
transfer of ownership in the registration books and shall authenticate and deliver in the
name of the transferee or transferees a new fully registered Bond or Bonds of authorized
denominations of the same Maturity Date and Rate of Interest for the aggregate principal
amount which the Registered Holder is entitled to receive at the earliest practicable time
in accordance with the provisions of the Resolution. The Town or the Registrar may
charge the Registered Holder of such Bond for every such transfer or exchange of a Bond
an amount sufficient to reimburse them for their reasonable fees and any tax, fee, or
other governmental charge required to be paid with respect to such transfer or exchange
and may require that such charge be paid before any such new Bond shall be delivered.
The Town may deem and treat the Registered Holder hereof as the absolute
owner hereof (whether or not this Bond shall be overdue) for the purpose of receiving
payment of or on account of principal hereof and interest due hereon and for all other
purposes, and the Town shall not be affected by any notice to the contrary.
This Bond shall not be valid or become obligatory for any purpose or be
entitled to any security or benefit under the Resolution until the certificate of authenti-
cation hereon shall have been executed by the Bond Registrar.
LKL- 04/11/84 -221A -12-
IN WITNESS WHEREOF, the Town of Gulf Stream, Florida, has issued this
Bond and has caused the same to be signed by its Mayor and attested by its Town Clerk,
either manually or with their facsimile signatures, and the corporate seal of the Town or a
facsimile thereof to be affixed, impressed, imprinted, lithographed or reproduced hereon
all as of the _ day of , 1984.
TOWN OF GULF STREAM,
FLORIDA
(SEAL)
ATTESTED:
Mayor
Town Clerk
VALIDATION CERTIFICATE
This Bond is one of a issue of Bonds which were validated by judgment of the
Circuit Court for Palm Beach County, Florida, rendered on the_ day of
r
1984.
ayor
LKL- 03/28/84 -221A -13-
CERTIFICATE OF AUTHENTICATION OF BOND REGISTRAR
This Bond is one of the Issue of the within described Bonds. The Rate of Interest,
Maturity Date, Registered Holder and Principal Amount shown above are correct in all
respects and have been recorded, along with the applicable federal taxpayer identification
number and the address of the Registered Holder, in the Bond Register maintained at the
Principal offices of the undersigned.
By
Authorized Signature
Date of Authentication
The following abbreviations, when used in the inscription on the face of the
within Bond, shall be construed as though they were written out in full according to
applicable laws or regulations:
TEN COM - as tenants in
common
TEN ENT - as tenants by the
entireties
JT TEN - as joint tenants with
right of survivor-
ship and not as
tenants in common
UNIF GIF MIN ACT -
Custodian for Cust.
Minor
under Uniform Gifts to Minors Act
of
State
Additional abbreviations may also be used though not in list above.
LKL- 03/26/84 -221A -14-
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned
(the "Transferor "), hereby sells, assigns, and transfers unto
(Please insert name and Social Security or Federal Employer
Identification number of assignee) the within Bond and all rights thereunder, and hereby
irrevocably constitutes and appoints
(the "Transferee ") as attorney to register the transfer of the within Bond on
the books kept for registration thereof, with full power of substitution in the premises.
Date:
Signature Guaranteed:
NOTICE: Signatures must be guaranteed
by a member firm of the New York Stock
Exchange or a commercial bank or a trust
company.
NOTICE: No transfer will be registered and
no new Bond will be issued in the name of
the Transferee, unless the signature(s) to
this assignment corresponds with the name
as it appears upon the face of the within
Bond in every particular, without alteration
or enlargement or any change whatever and
the Social Security or Federal Employer
Identification Number of the Transferee is
supplied."
LKL- 03/26/84 -221A -15-
SECTION 12. PLEDGE OF FULL FAITH, CREDIT AND TAXING POWER.
For the prompt payment of the principal of and interest on the Bonds, the full faith,
credit and taxing power of the Town are irrevocably pledged.
SECTION 13. LEVY AND APPLICATION OF AD VALOREM TAX. There is
hereby created a Sinking Fund to be held and administered by the Town solely for the
purpose of retiring Bonds by purchase, redemption, or payment at maturity from funds or
proceeds of investments and paying interest thereon. In each year while any of such
Bonds are outstanding there shall be levied and collected a tax, without limitation as to
rate or amount, on all taxable property within the Town, sufficient in amount to pay into
the Sinking Fund the Bond Service Requirement as the same shall become due. The
proceeds of such tax shall be deposited into the Sinking Fund to pay the principal of and
interest on such Bonds and any Mandatory Sinking Fund Installments as the same shall
become due. Such tax shall be assessed, levied and collected in the same manner and at
the same time as other Town taxes are assessed, levied and collected.
Upon the sale of any Term Bonds, the Town shall, by resolution, establish the
amounts and maturities of Mandatory Sinking Fund Installments for such Term Bonds.
Mandatory Sinking Fund Installments deposited to the Sinking Fund shall be
held in a special account therein (herein referred to as the "Term Bonds Account ") and
shall be used for the open market purchase or the mandatory redemption of Term Bonds.
The funds and principal of and interest on investments in the Term Bonds
Account shall be applied exclusively for payment of Term Bonds, by purchase or
redemption, as applicable, and any excess shall be transferred to the Sinking Fund to make
up any deficiencies in required payments therein.
The Town shall not be required to make any further payments into the Sinking
Fund when the aggregate amount of money in the Sinking Fund is at least equal to the
total Bond Service Requirement for all Bond Years of the Bonds then outstanding, plus the
amount of redemption premium, if any, then due and thereafter to become due on such
Bonds then outstanding upon mandatory redemption of Term Bonds.
The Town shall pay from the Sinking Fund all expenses in connection with any
such purchase or redemption.
SECTION 14. APPLICATION OF PROCEEDS OF BONDS. All moneys re-
ceived from the sale of the Bonds shall be deposited by the Town in a special account of
the Town entitled 1984 General Obligation Bonds Construction Fund (the "Construction
Fund "), in a bank or trust company and applied by the Town as follows:
A. All accrued interest on the Bonds shall be deposited in the Sinking Fund.
LKL- 03/26/84 -221A -16-
B. At the option of the Town, an amount not exceeding interest on the
Bonds which will become due prior to the estimated receipt of sufficient proceeds of the
first ad valorem tax to be levied after issuance of the Bonds may be deposited in the
Sinking Fund.
C. The Town shall next use the moneys in the Construction Fund to pay all
engineering fees, legal fees, fees of financial advisors, costs of the issuance of the Bonds,
and all other similar costs incurred in connection with the Project and the issuance of the
Bonds to finance the cost thereof.
D. The balance of the moneys remaining in the Construction Fund after
making all the deposits and payments above provided for shall be kept separate and apart
from all other accounts of the Town, and the moneys on deposit therein shall be
withdrawn, used and applied by the Town solely to the payment of the cost of the Project,
as hereinabove described and set forth. Such funds shall be set apart in four separate sub -
accounts and applied for the separate purposes and in the separate amounts described in
paragraphs 1 to 4 of the definition of Project in Section 3H hereof. 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 in any of the three separate sub - accounts shall be
deposited by the Town in the Sinking Fund. All such proceeds shall be and constitute trust
funds for such purposes.
The holders of the Bonds issued hereunder shall have no responsibility for the
use of the proceeds of the Bonds, and the use of such Bond proceeds by the Town shall in
no way affect the rights of such Bondholders. The Town shall be irrevocably obligated to
continue to levy and collect the ad valorem taxes as provided herein and to pay the
principal of and interest on the Bonds notwithstanding any failure of the Town to use and
apply such Bond proceeds in the manner provided herein.
SECTION 15. FUNDS. The Sinking Fund and the Construction Fund shall
constitute trust funds for the purposes provided herein for such funds. The money in all
such funds shall be continuously secured in the same manner as deposits are authorized to
be secured by the laws of the State of Florida.
Moneys on deposit in the Sinking Fund and the Construction Fund may be
invested and reinvested in Investment Securities maturing prior to the date on which the
moneys therein will be needed.
The cash required to be accounted for in each of the funds and accounts
described in this Resolution may be deposited in a single bank account, provided that
adequate accounting records are maintained to reflect and control the restricted
LKL- 03/26/84 -221A -17-
allocation of the cash on deposit therein for the various purposes of such funds and
accounts as herein provided. The designation and establishment of the funds in and by this
Resolution shall not be construed to require the establishment of any completely
independent, self- balancing funds as such term is commonly defined and used in
governmental accounting, but rather is intended solely to constitute an earmarking of
certain tax revenues and assets of the Town for the purposes herein provided and to
establish certain priorities for application of such tax revenues and assets.
SECTION 16. MODIFICATION OR AMENDMENT. No material modification
or amendment of this Resolution or of any resolution amendatory hereof or supplemental
hereto may be made without the consent of the holders of two- thirds or more in the
principal amount of the Bonds then outstanding; provided, however, that no modification
or amendment shall permit a change in the maturity of such Bonds or a reduction in the
rate of interest thereon or in the amount of the principal obligation thereof or affecting
the promise of the Town to pay the principal of and interest on the Bonds as the same
shall become due pursuant to its pledge of the full faith, credit and taxing power of the
Town, or the promise of the Town to levy and collect ad valorem taxes for such payment
within the Town, or reduce the percentage of the holders of the Bonds required to consent
to any material modification or amendment hereof without the consent of the holder or
holders of all of such Bonds.
SECTION 17. DEFEASANCE. If at any time, the Town shall have paid, or
shall have made provision for payment of, the principal, interest, Mandatory Sinking Fund
Installments and redemption premiums, if any, with respect to the Bonds, then, and in that
event, all covenants and pledges made in this Resolution in favor of the holders of the
Bonds shall be no longer in effect. For purposes of the preceding sentence, deposit of
sufficient cash and /or direct obligations of the United States of America or obligations
fully guaranteed by the United States of America ( "Federal Securities ") or bank
certificates of deposit fully secured as to principal and interest by Federal Securities (or
deposit of any other securities or investments which may be authorized by law from time
to time and sufficient under such law to effect such a defeasance), none of which permit
redemption prior to maturity at the option of the obligor on a date earlier than the date
such funds will be needed, in irrevocable trust with a banking institution or trust company,
for the sole benefit of the bondholders shall be considered "provision for payment ". The
receipts when due of principal of and interest on such Federal Securities or bank
certificates of deposits shall be sufficient to make timely payment of the principal,
interest, Mandatory Sinking Fund Installments and redemption premiums, if any, on the
LKL- 03/26/64 -221A -18-
outstanding Bonds. Nothing herein shall be deemed to require the Town to call any of the
outstanding Bonds for redemption prior to maturity pursuant to any applicable optional
redemption provisions, or to impair the discretion of the Town in determining whether to
exercise any such option for early redemption.
SECTION 18. SEVERABH.ITY OF INVALID PROVISIONS. If any 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 remaining covenants, agreements or provisions hereof or of the Bonds
or coupons issued hereunder.
SECTION 19. SALE OF BONDS. The Bonds shall be issued and sold in such
manner and at such price or prices consistent with the Act, all at one time or in
installments from time to time, as shall be hereafter determined by the Town Commission
of the Town.
SECTION 20.
VALIDATION
AUTHORIZED.
The Town
Attorney
is
authorized and directed
to prepare and
file proceedings
to validate the
Bonds in
the
manner provided by law.
SECTION 21. EFFECTIVE DATE. This Resolution shall take effect imme-
diately upon its adoption. April 13, 1984.
4AY R
LKL- 03/26/84 -221A -19-