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Home My Public Portal About06/08/1984TOWN OF GULF STREAM PALM BEACH COUNTY, FLORIDA COMMISSIONERS William F. Koch, Jr., Mayor Joel Hunter, Vice Mayor Alan I. Armour Robert J. Dixtion Brian Pfeiffer A G E N D A June 8, 1984 1. Roll Call 2. Approval of Minutes: Regular Meeting May 11, 1984 Special Meeting May 30, 1984 3. Financial Reports, May 1984 4. Presentation of Police Reports 5. Discuss fines regarding false alarm calls. 1. Mara 2. Dent 6. Presentation of Town Planning and Zoning Board Report. a. P.B. #84 -6 A request by the Gulf Stream School for final site plan review on property located at 3600 Gulf Stream Road. MAIL ADDRESS 246 SEA ROAD GULF STREAM, FLORIDA 33444 TEL.: GULF STREAM 276-5116 Town Manager WILLIAM E. GWYNN Deputy Town Clerk BARBARA GWYNN Chief of Police JAMES GREER b. P.B. #84 -13 A request by George Patterson to amend an approved site plan for an addition to an existing single residence on property described as lots 29 and 30, Gulf Stream Properties and located at 3268 N. Ocean Blvd/ 7. Discuss Bond Issue. 8. Discuss dredging contract. 9. Discuss Engineer Contract, Post Buckley Schuh and Jernigan. 10. Resolution #84 -6 Re: Dual Taxation. 11. letter from Ernst & Whinny. Re: Audit contract for fiscal year 1983 -84 12. Comments and Recommendations from Commission Members. 13. Public requests or comments from floor. 14. Adjournment. TOWN OF GULF STREAM Present Others Present Mayor William Koch Vice Mayor Joel Hunter Commissioner Alan Armour Commissioner Robert Dixson William Gwynn, Town Manager Gene Caputo, Asst Town Manager Barbara Gwynn, Town Clerk James Greer, Police Chief John Randolph, Town Attorney William Mayer, Planning Board Chairman Clarence Sova, Public Works Superintendent 2. Approval of Minutes: Regular Meeting May 11, 1984 Special Meeting May 30, 1984 Mr. Hunter suggested that the May 30, 1984 minutes be amended to reflect the fact that three architectural firms were chosen for further consideration. They were Gamble, Gilroy, Martin, and Moul of Ft. Lauderdale, Peacock & Lewis, and Schweizer Associates, both of West Palm Beach. There were no other amendments to the minutes and were therefore approved as amended upon a motion by Mr. Hunter and second by Mr. Pfeifler. 3. Financial Reports, May 1984. Mr. Gwynn presented the financial report for the month of May, 1984 and reported that there were no significant transactions. He further stated that, upon review of the Town's budgetary and fiscal posture by the bond rating house, criticism was received 'due to .the lack of a contingency account. The Commission decided to further review this question at it's upcoming budget sessions. Upon a motion by Mr. Armour and second by Mr. Hunter the Commission unanimously approved the May Financial report, which is made a part of these minutes. 4. Presentation of Police Reports. 5. Discuss fines regarding false alarm calls. 1. Mara 2. Dent Chief Greer presented the Police Report for the month of May, 1984 which is a part of these minutes. He also reported on the unpaid fines for false alarm calls and the situation of Mr. Willard taking certain law enforcement functions into his own hands. Mr. Dixson suggested that it was time for the PALM BEACH COUNTY, FLORIDA COMMISSIONERS MAIL ADDRESS 246 SEA ROAD William F. Kock, Jr., Mayor GULF STREAM, FLORIDA Joel Hunter, Vice Mayor 73444 Alan I. Armour TOWN COMMISSION MEETING TEL: GULF STREAM Robert J. Dyson 2765116 Brian Pfeffer June 8, 1984 Town Manager WILLIAM E. GWYNN MINUTES Deputy Town Clark BARBARA GWYNN Chief of Police 1. Roll Call. JAMES GREER Present Others Present Mayor William Koch Vice Mayor Joel Hunter Commissioner Alan Armour Commissioner Robert Dixson William Gwynn, Town Manager Gene Caputo, Asst Town Manager Barbara Gwynn, Town Clerk James Greer, Police Chief John Randolph, Town Attorney William Mayer, Planning Board Chairman Clarence Sova, Public Works Superintendent 2. Approval of Minutes: Regular Meeting May 11, 1984 Special Meeting May 30, 1984 Mr. Hunter suggested that the May 30, 1984 minutes be amended to reflect the fact that three architectural firms were chosen for further consideration. They were Gamble, Gilroy, Martin, and Moul of Ft. Lauderdale, Peacock & Lewis, and Schweizer Associates, both of West Palm Beach. There were no other amendments to the minutes and were therefore approved as amended upon a motion by Mr. Hunter and second by Mr. Pfeifler. 3. Financial Reports, May 1984. Mr. Gwynn presented the financial report for the month of May, 1984 and reported that there were no significant transactions. He further stated that, upon review of the Town's budgetary and fiscal posture by the bond rating house, criticism was received 'due to .the lack of a contingency account. The Commission decided to further review this question at it's upcoming budget sessions. Upon a motion by Mr. Armour and second by Mr. Hunter the Commission unanimously approved the May Financial report, which is made a part of these minutes. 4. Presentation of Police Reports. 5. Discuss fines regarding false alarm calls. 1. Mara 2. Dent Chief Greer presented the Police Report for the month of May, 1984 which is a part of these minutes. He also reported on the unpaid fines for false alarm calls and the situation of Mr. Willard taking certain law enforcement functions into his own hands. Mr. Dixson suggested that it was time for the C Minutes Town Commission Meeting page 2 Town to take action on both these issues and refer to the Town Attorney for further and appropriate action. 6. Presentation of Town Planning and Zoning Board Report. a. P.B.#84 -6 A request by the Gulf Stream School for final site plan review on property located at 3600 Gulfstream Road. b. P.B.#84 -13 A request by George Patterson to amend an approved site plan for an addition to an existing single residence on property described as lots 29 and 30, Gulf Stream properties and located at 3268 No. Ocean Blvd. Mr. Mayer, Planning Board Chairman presented both items and stated that the CBoard recommended approval for both. Upon a motion by Mr. Armour and second by Mr. Dixson, both requests were unani- mously approved. 7. Discuss Bond Issue. Mayor Koch indicated that Gene Caputo would be in charge of coordinating the activities for the bond issue projects and will be providing the Commission with regular status reports. Tony Soviero, representing William R. Hough & Co., presented a status report on the sale of the bonds. He stated that the Town had received an A- rating and recommended that the Town obtain proper insurance so as to increase the rating to AAA. After considerable discussion regarding the method of sale for the bonds the Commission unanimously approved the passage of Resolution #84 -7 upon the motion of Mr. Armour and second by Mr. Pfeifler. 8. Discuss dredging contract. Mr. Armour presented a brief status report. He recommended the approval of the contract with Murphy Construction subject to the re- submittal of the contract incorporating the Town modifications. Upon a motion by Mr. Hunter and second by Mr. Armour, the Commission unanimously approved the recommendation. Mayor Koch referred the issue of the appeals board hearing to Mr. Randolph to establish a date. 9. Discuss Engineer Contract, Post Buckley,Schuh and Jernigan. After a brief presentation of the contract terms, the Commission unanimously approved the contract upon a motion by Mr. Armour and second by Mr. Hunter. I Minutes Town Commission Meeting page 3 10. Resolution 1184 -6 Re: Dual Taxation. Mr. Gwynn read Resolution 84 -6 by title only and upon a motion by Mr. Armour and second by Mr. Dixson, the Commission unanimously approved the resolution. 11. Letter from Ernst & Whinney. Re: Audit contract for fiscal year 1983 -84. Mr. Gwynn read the letter regarding the re- appointment of Ernst & Whinney. Mr. Hunter suggested that the firm be asked to clarify the recent comments of the bond rating agencies regarding the use of contingency funds. Following a brief discussion, Mr. Pfeifler moved to re- appoint the accounting firm of Ernst & Whinney, seconded by Mr. Hunter and unanimously passed by the Commission. 12. Comments and Recommendations from Commission Members. Mr. Dixson inquired about the tentative budget workshop schedule. Mr. Gwynn stated that he would like to set the first workshop for Monday, July 9, 1984, at 3:30 P.M. By agreement of the Commission the date and time were so established. 13. Public requests or comments from the floor. / Mr. Gwynn stated that the water rate increase from 6.61 per month to 8.48 per month would become effective on July 1, 1984. Mr. Caputo stated that one of the three architectural firms chosen for further consideration had withdrawn. He recommended that the Commission's fourth choice from the short - listing process, GBS Architects, be moved up on the list and included for further consideration. Upon a motion by Mr. Pfeifler and second by Mr. Armour, the Commission unanimously approved Mr. Caputo's recommendation and instructed him to contact GBS and invite them to the Special Commission Meeting to be held on July 9, 1984 for further interview and schematic concept presentation. 14. Adjournment. There being no further business, the meeting was adjourned at 11:00 A.M. Eugene A. C uto Assistant Town Manager TOWN OF GULF STREAM PALM BEACH COUNTY, FLORIDA COMMISSIONERS MAIL AOORESS 246 SEA R FLORICA O William F. Koch, Jr., Mayor GULF STR3 AAAM, REAM Joel Hunter, Vice Mayor Alan I. Armour TEL; GULF ST 276-6`16 Robert Town Man VYNN E O WILLIAM Clark Deputy To GyJVNN JUNE 19, 1984 BARBARA F. 'lice Chler of ER JAMES GRE TOWN COMMISSION SPECIAL MEETING AGENDA 1. Roll Call 2. Architects Presentations a. GBS Architects b. Peacock & Lewis c. Schweizer Associates 3. Adjourrurent There will be a �p�e i,� Meeting of the Town Commission of THE TOWN OF GULF STREAM, FLORIDA AT THE TOWN HALL Tuss,Q w t l y 19 Y (, at A.M. Deputy Town Clerk. o Q.cc`i� MONTH OF JUNE, 1984 Receints Transfer from Money Market Account $ 25,000.00 OPERATING ACCOUNT Balances 5/31/84 Elmrgency Medical Services $ 12,230.90 Deposits Licenses 232.88 72,082.84 Withdrawals Trash 7,785.00 66,068.86 Balances 6/30/84 Other $ 18,244.88 Invested Surplus - General Fund $ 86,499.13 Invested Surplus - Water Fund $ 58,516.52 Invested Funds - Police Dept. (Boat Sale) $ 18,784.23 Invested Funds - Dredging $ 172,692.84 Loans Payable - Barnett Bank $ 60,860.01 Loans Payable - Sun Bank ( Phipps Property) $ 265,000.00 Receints Transfer from Money Market Account $ 25,000.00 Twres 1,904.78 Elmrgency Medical Services 700.00 Fines 599.00 Licenses 232.88 Water 32,803.26 Trash 7,785.00 Cigarette Tax 187.57 Other 511.35 Permits 1,172.00 Fla. Revenue Sharing 717.00 Lot Cleaning 470.00 Total $ 72,082.84 1 FINANCIAL REPORT Page 2. Cont. CHECKS DRAWN ON OPERATING ACCOUNT, June 1984 #2710 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 Nancy Fuerstenau Town of Gulf Stream Fla Div. of Retirement Sun Bank John's Garden Center Crystal Water Co. P. B. County Solid Waste Cash Fairchild - Lowell Corp VOID Lawmen & Shooter Supply Lanier Business Products Palm Beach County Bldg. Wm. E. Gwynn Fla. Power and Light SouthernBell Atlantic Refrigeration Hands News Journal The Little Club Boynton Auto Supply Purity Uniform Ser. County Sanitation Executive Management Delray Carwash Easy pay Tire Stores Dr. Galanenea Ocean Ridge Gulf Service Billing Water Bills P/R Aoot. S/S W/H Sod -Place Au Soleil(Reimb.) T.H. Trash Disposal Replenish Petty Cash P.D. P.D. Maintenance Contract Review Building Plans Accounting T.H. - P.D. - Streets T.H. Sanit. P.D. Air /cond. repair T.H. T.H. Legal ads Drainage pump -Per Agreement P.D. P.D. Garbage Ser Comp. Plan - P.D. P.D. Cty Bldg Agree. P.D. Physical new officer P.D. Fla. Mun. Health Ins. June. IDS. Pension Plan- May Jacks' Camera Dept. P.D. Kirk Materials . Trash Pick -up Mobile Communication Answering service Marraren Sign Co. Signs -Water Dept. int. Inst. of Mun. Clerks - Annual membership Town Clerk Ocean City Lumber T.H. -Police -Sant. Streets Palm Beach Newspapers Public meeting Pierce Tire Co. Sanitation Clarence Sova Supplies Underwood Office Supplis T.H. P.D. Office supplies Postmaster 300 20G Stamps Gene Caputo June Wm. Gwynn Car allowance Town of Gulf Stream Payroll Fla. Division of Retirement S/S Sun Bank W/H James Lundy Reimbursement- School Gulf Oil Corp. Gas Sun First Nat'l IDS Pension Fairchild - Howell Bodel Printing City of Delray Town of Gulf Stream Kirk Materials Inc. Jerrys Print Shop Int. Loan June P.D. Envelopes Water Reimbursement Trash pick -up P.D. checking Acct. 200.00 7,741.34 1,449.71 1,793.40 165.00 62.00 331.99 43.24 37.80 12.00 210.00 672.75 280.00 1,378.34 274.08 121.00 46.12 5.25 586.69 102.95 83.60 4,572.00 525.00 27.00 186.50 10.00 17.95 1,821.92 562.31 13.09 1,151.00 51.00 228.90 35.00 359.97 313.41 15.00 98.72 82.94 60.00 1,000.00 200.00 8,608.90 1,602.89 1,942.20 68.73 1,830.37 1,963.90 562.31 152.90 138.95 13,372.76 281.06 1,794.00 35.00 FINANCIAL REPORT Page 3. Cont. CHECKS DRAWN ON OPERATING ACCOUNT, June 1984 #2766 County Sanitation Garbage -July $ 4,572.00 67 Southern Bell P.D. 214.51 68 City of Delray Beach Paramedic Service 175.00 69 Dennis Fronrath P.D. 100.06 70 Maurys Tool Chest Sanitation 11.00 71 Fla. Mun. Health Fund Employee health Ins. July 1,713.35 Total $ 66,068.86 CHECKS DRAWN ON PAYROLL ACCOUNT. #1223 Sigrid Helmes 5/26 -6/8 $ 454.80 24 James Greer " " 961.81 25 Charles Bunner It " 485.59 26 Joseph Stocks it " 627.21 27 John Buchan 632.17 28 Antonio Rodriguez 573.90 29 James Lundy 606.78 30 Earl Johnson 725.17 31 Herbert Hatton 557.30 32 Raymond Burtka 572.09 33 Clarence Sova 556.26 34 James Colebrook 412.76 35 Wm. Gwynn 575.50 36 Sigrid Helmes 6/9 -6/22 454.80 37 Sigrid Helmes 6/23 -7/6 Vacation 454.80 38 Greer 6/9 -6/22 961.81 39 Bunner 485.59 40 Stocks 627.21 41 Buchan 632.17 42 Rodriguez 573.90 43 Lundy 606.78 44 Johnson 725.17 45 Hatton 557.30 46 Burtka 572.09 47 Sava 556.26 48 Colebrook 412.76 49 " 6/23 -7/6 Vacation 412.76 50 Gwynn 6/9 - 6/22 575.50 Total $ 16,350.24 TOWN OF GULF STREAM CASH PROJECTION 1984 1984 CASH JULY JULY thru SEPTEMBER Bank Balances - Beginning of Period $ 12,231 $ 12,231 Add: Receipts 60,000 192,000 Sub Totals $ 72,231 $204,231 Less: Expenditures 68,000 200,000 Bank Balances - End of Period $ 4,231 $ 4,231 Beginning of Period Money Market Accounts (Gen'l) $ 86,499 $ 86,499 Money Market Accounts (Water) 58,517 58,517 Total $145,016 $145,016 End of Period Money Market Accounts (Gen'1) $ 56,499 - 0 - Money Market Accounts (Water) 58,517 58,517 Total $115,016 $ 58,517 INDEBTEDNESS Barnett Bank $ 60,860 $ 60,860 Sun Bank (Phipps Loan) 265,000 265,000 tp lzr O C m O O O O O O O 111 ul 0 0 O 111 •ri 0 J-1 Vl ro r I O 111 111 111 o 0 0 N r O O O N d) O w M o 0 o r o 0 0 o r o 0 0 0 0 O M O O O N O 0 0 0 N 0 0 O O 0 it M ID O O O M O d' O 111 N 00 O O m ru o W C d) ii N m M o v co N r-i r 1f1 d' 61 01 O �I W T r-I r-I <P V N O O H N IV r N N m jJ dP J m� N O O O O O O O O 111 ul 0 0 O 111 J-1 Vl O 111 111 111 o 0 0 N r O O O N d) O O N O1r 000IV 1 O O O -V m Cn o W C 1D N 01 0 r N o N 111 M m v a MM °r D 9 mw c rm P14 a z + J H H r N N lD 111 d' N '-I r. m C' N yE' (a 0 m WW d) dl O ri uY r r•i H o 01 d' N ri N dv lD W 7 A 41 1I1 m O m m M r 111 r N M 111 H 0 rn H M M r r f�a t/} CH I m T H O a O WW h yO yO�y pS E pWp� 7C W iJ O 00000 1 00 O 00 O 0 m O O O 0 0 0 0 111 0 0 O bl O N lD N N O M O m lD r O 111 111 N N I r N M M m fh iR N fh N 4} �I ' 1d D1 N M r I r M D1 O 0 00 0 Dl r M 0 01 m o 0 Dl N O N N m M J N Ol V) ri N 01 N O r 111 d' m d' N lD ry' H H H I r N N M r M ro ❑ a + o I I N Z ry N b iJ 4 m x W 1d }�J d) N r I ro E •H ri) r I O p [s] J�J N d1 W N •rl U 1d m N y4 goyg U) d) W N N 'H C W 14 U 4 I4 O a N I.1 �zz�z77 rH-I a d7 d) E d) +J d) r dJ d) E a d) W H P: •ri d)) •r01 +b+ C N N Y a ro U .•-I a waamHfzlEO 3H W O W H 2 0 Ir,w O O O U) o U) O O I O o U) 0 C0 0) O O O N O N 00 U) U) .rl 0) U) b O o m 0 0 m O U) O I, ro ri U) o N O a +1 A ri r-I 1D 0) N w - 0) N I U) r- 0) o 000001 0 00 00 0 0 1 p o 000ri ri 000Ln Ln Zo N O U) I, r d' m O N O I� U) N O H 0 O N d) r-I C ri C O O O d' O U) O O co m N r-I O O V' N N 0) U) 4J N ri N l0 r-I ri co CD 0+I I (M v} r? v} ra 7 to Co n i-I O O O U) o U) O O I O o U) 0 0) O O O N O N 00 U) U) I- U) b O o m 0 0 m O U) O I, N U) o N O +1 A ri r-I 1D 0) N N 0) N I U) r- 0) m co q N ri U) ri ri to ri 0 O Y g }) H I 1 O O O ro ri e> ri to o) U) U1 O U) 1 O m O N N ro 0) ri v r p 0 N ri U) co m O 'N 'a' O Co V' r o N o V O I, ri m m O U i-1 0 0 W r-1 0 0) N 1 U1 I- r C ry' ri m ri CD 0) m O ri N U) O m N ri U) ri ri w ri U VT 0. t? i? V} V} 4J v O U Co 0 g }) O 1 o O O I 1 O O O O O O O O O l b O OOOO O NO0) O) O 0) I r1 J C O m 1 1 m m L W ri r-i i U 1-1 ri l0 ru i E W vO � tC o V). V). v� h a O ri 1 O m 0) I I N CD r. ro Ln U1 N N N N U) n N O N N N o 0 0) 0 0) 0 d\ m m 0 0l O !` ri I OVP I. 1 FC r14 H rii ' 14 rml W r-i [A W a O E H a W i1 a m N rl a w W W U W ,C = iJ Ooy (D 0 U' U 1) U 4) (zC(zA� +i o ° ro.ii w M O H N 4 Id qy a I N ri rd W ❑ O N�7 m H W U a N 0 O i-7 a O t7 .+ 2z7j O D r�-I 4J E O H H H 'n� E .H zo o '1 4J ro 4 a b m m a� C. w W a W Cn vl cC 3 3 [a 3 aW m H H ON Ki a 0 .. C GULF STREAM GOLF CLUB DELRAY BEACH. FLORIDA 33444 June 7, 1984 Town of Gulf Stream 246 Sea Road Gulf Stream, F1. 33444 Attn: Mrs. Barbara Gwynn, Assistant Town Clerk Gentlemen: Reference your letter of June 1st regarding potential road damage to the Town of Gulf Stream please be advised that the Agreement this Club has with Central Florida Turf warrants that Central Florida Turf will "1. Repair any damage to Gulf Stream Roads and right of way or any property adjacent thereto or to water or sewer lines or power lines, such repairs to beumade immediately upon their detection. 2. Cleaning daily any spillage of soil or debris. 3. Maintain moderate speed of all work vehicles while on Golf View Road. 4. Restrict loaded vehicles on Golf View Road to an 8 a.m. to 5 p.m. schedule. Mr. Floyd, Chairman of the Green Committee, has indicated it is extremely doubtful that the contractor would agree to pay for road damage in lieu of repairing same and does not feel that he should approach the contractor with that idea. I might mention that we have taken special precaution by the employment of an engineer who represents an insurance company to recommend to us procedures which we intend to follow to reduce any possible problem that might occur. JWB:af You very truly, n James W. Briggs, CCM General Manager William R. Hough & Co_ THE FIRST AMERICAN BUILDING SUITE 506 701 U.S. HIGHWAY ONE POST OFFICE BOX 14095 NORTH PALM BEACH, FLORIDA 55408 (505) 848 -8111 June 8, 1984 CONTRACT TO PURCHASE $1,540,000 TOWN OF GULF STREAM, FLORIDA VARIOUS PURPOSE GENERAL OBLIGATION BONDS Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida Gentlemen: JOE B. WISE VICE PRESIDENT RESIDENT MANAGER ANTHONY C. SOVIERO VICE PRESIDENT JUDY M. ROULIS REPRESENTATIVE William R. Hough & Co., hereinafter referred to as the "Underwriter ", hereby offers to enter into the following agreement with you (the "Town "), which upon your acceptance of this offer will be binding upon you and upon the Underwriter. This offer is made subject to your acceptance of this Contract to Purchase by your execution on June 8, 1984. 1. Upon the terms and condition and upon the basis of the representations herein set forth, the Underwriter hereby agrees to purchase from you and you hereby agree to sell and deliver to the Underwriter all of the Various Purpose General Obligation Bonds, (the "Bonds "), in the aggregate principal amount set forth above at the price of 97% of the par value thereof, an amount of One Million Four Hundred Ninety Three Thousand Eight Hundred Dollars ($1,493,800) plus interest accrued therefrom to the date of closing. Such Bonds will be issued in fully registered form in the denomination of $5,000.00 or integral multiples thereof. The Bonds shall be dated June 1, 1984. The dates, interest rates and payment dates, years and amounts of maturities, and redemption provisions of the Bonds shall be as set forth on Schedule 1, attached hereto and as described in the Preliminary Official State- ment, dated June 8, 1984, attached hereto as Exhibit "A". The Bonds shall be issued and secured under and pursuant to Resolutions No. 84 -1 and 84 -4, as amended and supplemented. STATE. COUNTY AND MUNICIPAL BONDS Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida Page Two 2. As a condition of closing of the Bonds, you will deliver to the Underwriter, no later than the date of closing, an executed Final Official Statement relating to the Bonds in a form acceptable to the Underwriter and in substantially the form of the Official State- ment, attached hereto as Exhibit "C In addition to the foregoing,• you hereby ratify the use by the Under- writer of and confirm the information contained in the Preliminary Official Statement dated June 1, 1984, which is attached hereto as Exhibit "A ". You further represent that when delivered and paid for by the Underwriter in accordance with the provisions of this Contract to Purchase, the Bonds will have been duly authorized, executed and issued and will constitute legal, valid and binding obligations of the Town. It is understood that you will be relying on the opinion of Livermore, Klein & Lott, P.A., Jacksonville, Florida, with respect to this matter. 3. The Town agrees to pay all expenses incurred in the issuance of the Bonds, including out -of- pocket travel and communication expenses of the Underwriter. 4. On or before June 26, 1984, in Palm Beach County, and at such time and place as shall be mutually agreed upon by you and the Underwriter, the closing will take place and you will deliver to the Underwriter the Bonds in permanent form (all Bonds being printed or lithographed on steel engraved borders), duly executed, together with the other documents hereinafter mentioned; and the Underwriter will accept such delivery and pay the purchase price thereof in New York Clearing House Funds to the order of the Town. 5. The obligation of the Underwriter to take delivery of the Bonds is subject to the following: (a) A policy of insurance guaranteeing the payment of the principal of and interest on the bonds, when and as the same become due, from the Municipal Bond Insurance Association, and a rating of "AAA" from Standard & Poor's Corporation. The Town shall comply and continue to comply with all terms for the issuance of such policy imposed by the issuer thereof. (b) The undersigned shall have the right to cancel this agreement to purchase the Bonds by notifying William R.liouuh & Co. Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida Page Three you in writing of its intention to do so if, at any time prior to the Closing, if either (i) a decision by a court of the United States or the tax court of the United States shall be rendered, or a ruling, regulation (final, temporary or proposed), or official statement by or on behalf of the Treasury Department of the United States, the Internal Revenue Service or other governmental agency shall be made or legislation shall have been enacted by or favorably reported to either the House of Representatives or the Senate of the United. States with respect to Federal taxation upon revenues or other income of the general char- acter of the Bonds which materially affects the market price of the Bonds, or (ii) there shall have been a declaration of war by the United States, or there shall have .occurred a general banking moratorium by the United States or New York Authorities, or (iii) any event shall have occurred or shall exist which, in the opinion of the Underwriter, reasonably exercised makes untrue or incorrect, as of such time, in any material respect therein in order to make the statements and information contained therein not misleading as of such time; and (c) That at any time prior to the closing the Under- writer shall receive the following documents: (i) The unqualified approving legal and tax opinion of Livermore, Klein & Lott, Bond Counsel to the Town, dated as of the date of Closing, addressed to the Town, substantially in the form to be included as an appendix to the Preliminary Official Statement and in a form satisfactory to the Underwriter; (ii) The unqualified approving legal opinion of DeSantis, Cook, Gaskill & Silverman, counsel to the Underwriter; (iii) The unqualified approving legal opinion of John C. Randolph, Attorney for the Town; (iv) Such certificates, instruments, documents and proceedings as the Underwriter may reasonably request to evidence the truth and accuracy of the Preliminary and Final Official Statements William H. Hough & Co. Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida Page Four and the due performance of satisfaction by you at or prior to such date of all agreements then to be satisfied by you, in connection with the transactions contemplated hereby. The Town shall be given a minimum of seven (7) days to satisfy any request for said informa- tion. If the obligations of the Underwriter shall be terminated for any reason permitted by this Contract to Purchase, neither the Underwriter nor the Town shall be under further obligation hereunder except as hereinafter provided. 6. In accordance with Florida Statute 218.385, the Under- writer hereby discloses the information required on Exhibit "B" attached hereto. 7. Any notice or other communication to be given by you under this Contract to Purchase may be given by mailing or delivering the same to the office of the Mayor at the principal offices of the Town, and any such notice or other communication to be given to the Underwriter may be mailed or delivered to William R. Hough & Co., Suite 306, 701 U. S. Highway One, North Palm Beach, Florida 33408. 8. As evidence of the Underwriter's good faith under this Contract to Purchase, it delivers to you herewith a bank cashier's check payable to your order in the amount of Thirty One Thousand Dollars ($31,000). This check is to be held by you uncashed until the closing as security for the performance by the Underwriter of its obligation to accept delivery of and pay for the Bonds as herein provided. In the event the check shall be returned to the Underwriter at the time of delivery of the Bonds and the Underwriter shall pay the full purchase price of the Bonds as provided herein. The check shall be returned to the Underwriter should the Town not accept this offer, or should the Underwriter terminate its obligations hereunder as herein provided, or should the Town be unable to deliver the Bonds in accordance with the terms hereof. If the Underwriter shall fail to take delivery of the Bonds in accordance with the provisions of this Contract to Purchase, the check may be retained and cashed by the Town as and for full liquidated damages and neither party shall have any further rights against the other. No interest shall be paid by the Underwriter or by the Town upon said check. William R. Hough 8 Co. Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida Page Five 9. This Contract to Purchase is made solely for the benefit of the Town and the Underwriter and no other party or parties shall acquire or have any right here- under or by virtue hereof. All your representations and agreements in this Contract to Purchase shall remain operative and in full force and effect regard- less of any investigation made by or on behalf of the Underwriter and shall survive the delivery of the Bonds. ATTESTED: Town Cler RespectfylZy2isubinitted ,` WILL A � HOUGH & Co.,� 0 AnLnony L;, boviero Vice �r sident GULF STREAM, FLORIDA and approved this /4 G` Mayor Town of Gulf Stream, Florida This Contract to Purchase is approved as to form and correctness this 8th day of June, 1984. Own Attorney I l Wiiium HAlough 8 Cc Schedule 1 TOM OF GULF STREAM VARIOUS PURPOSE GENERAL OBLIGATION BONDS, SERIES 1984 (AAA SCALE) SEMIANNUAL DEBT SERVICE FROM 06/26/84 DATE PRINCIPAL RATE 12/01/84 155,000 9.750 06/01/85 70,000 6.500 12/01/85 170,000 10.000 06/01/86 75,000 7.000 12/01/86 185,000 10.100 06/01/87 80,000 7.250 12/01/87 25,000 10.200 06/01/88 85,000 7.750 12/01/88 06/01/89 95,000 8.250 12/01/89 06/01/90 100,000 8.500 12/01/90 06/01/91 110,000 8.750 12/01/91 06/01/92 120,000 9.000 12/01/92 06/01/93 130,000 9.250 12/01/93 06/01/94 140,000 9.500 12/01/94 06/01/95 155,000 9.750 12/01/95 06/01/96 170,000 10.000 12/01/96 06/01/97 185,000 10.100 12/01/97 06/01/98 25,000 10.200 TOTAL 1,540,000 ACCRUED THRU 06/26/84 NET COST AVERAGE COUPON 9.415 BOND YEARS 12,568.056 AVERAGE LIFE 8.161 59,254.13 68,811.25 66,536.25 66,536.25 63,911.25 63,911.25 61,011.25 61,011.25 57,717.50 57,717.50 53,798.75 53,798.75 49,548.75 49,548.75 44,736.25 44,736.25 39,336.25 39,336.25 33,323.75 33,323.75 26,673.75 26,673.75 19,117.50 19,117.50 10,617.50 10,617.50 1,275.00 1,275.00 1,183,272.88 0.00 1,183,272.88 59,254.13 138,811.25 66,536.25 141,536.25 63,911.25 143,911.25 61,011.25 146,011.25 57,717.50 152,717.50 53,798.75 153,798.75 49,548.75 159,548.75 44,736.25 164,736.25 39,336.25 169,336.25 33,323.75 173,323.75 26,673.75 181,673.75 19,117.50 189,117.50 10,617.50 195,617.50 1,275.00 26,275.00 2,723,272.88 0.00 2,723,272.88 fr_iif: 198,065.38 208,072.50 207,822.50 207,022.50 210,435.00 207,597.50 209,097.50 209,472.50 208,672.50 206,647.50 208,347.50 208,235.00 206,235.00 27,550.00 William H. Hough & Co. compliance with Subsection 218.385(4) Florida ( THE FIRST AMERICAN BUILDING JOE B. WISE SUITE 706 VICE PRESIDENT 1. FS DENT MANAGER 701 U.S. HIGHWAY ONE a) Travel and Out -of -Pocket ANTHONY C. 50VIERO POST OFFICE BOX 16095 VICE PRESIDENT NORTH PALM BEACH. FLORIDA 77608 c) Communications JUDY M, ROULIS (705) 868.8111 REPRESENTATIVE Honorable Mayor and Town Commission Town of Gulf Stream, Florida In compliance with Subsection 218.385(4) Florida Statutes, William R. Hough & Co., Underwriter, submits the following: 1. Itemized List of Estimated Expenses a) Travel and Out -of -Pocket $1,500 b) Underwriters Counsel 4,000 c) Communications 500 d) Fee to M.S.R.B., CUSIP and PSA 100 e) Clearance and Handling 800 f) Closing Expenses 450 g) Computer 350 2. No compensation is to be paid to anyone to act as an intermediary between the Town and the Underwriter. 3. The expected Underwriter's spread is $30 per $1,000 par value of the Bonds. 4. The expected Management Fee to be realized is $7.50 per $1,000 par value of the Bonds. 5. No fees or bonuses are to be paid by the Underwriter. 6. The Underwriter is: William R. Hough & Co. Suite 306, 701 U.S. Highway One North Palm Beach, Florida 33408 Phone: 305/848 -8111 ;TATE. COUNTY AND MUNICIPAL BONDS William H.Hough 8 Co. CITY OF GULF STREAM, FLORIDA PROOF THAT SAVINGS ON AAA SCALE IS GREATER THAN COST OF INSURANCE DELIVERY DATE 06/26/84 DISCOUNT RATE 10.00000000 % YEAR END "A —" "AAA" DIFFERENCE PRES VALUE 06/01/85 205,798.30 198,065.38 7,732.92 7,225.04 06/01/86 216,032.50 208,072.50 7,960.00 6,758.07 06/01/87 215,407.50 207,822.50 7,585.00 5,840.99 06/01/88 214,007.50 207,022.50 6,985.00 4,878.87 06/01/89 216,782.50 210,435.00 6,347.50 4,021.39 06/01/90 213,470.00 207,597.50 5,872.50 3,374.57 06/01/91 214,470.00 209,097.50 5,372.50 2,800.23 06/01/92 214,295.00 209,472.50 4,822.50 2,279.87 06/01/93 212,895.00 208,672.50 4,222.50 1,810.63 06/01/94 210,220.00 206,647.50 3,572.50 1,389.48 06/01/95 211,220.00 208,347.50 2,872.50 1,013.36 06/01/96 210,332.50 208,235.00 2,097.50 671.16 06/01/97 207,482.50 206,235.00 1,247.50 362.06 06/01/98 27,687.50 27,550.00 137.50 36.20 TOTAL 2,790,100.80 2,723,272.88 66,827.92 42,461.91 a N CU r L ro > r d U C N b g F +J 7 6 t0 V �+ �cm w •• S ZI ¢ l0 m 1 a ¢ + U N ¢ C CD =>< ' b H O m L >> to m u'l ror-v (D O S U I O CD i�4- N Q r l N cli •gym r I O KO L ti t0 ¢ I M � \O N ¢ L E }a - t0 H CIA tD yC co' 47 r r CO d N Ol Ol N 6 L Ol O O .� L- U- V+ 2 LL N > W w J CU cm U tF N ro C ¢ W O E ¢ H S 4J ¢ F- O N N C O ¢ d rN E N .0 w m O VR S i m 1 a ¢ + ¢ ¢ CD =>< ' Ln O m O to m u'l O (D O S U I O CD i�4- N Q r l N cli •gym r I O KO I r l O I I N L H CIA tD 4- F O Ln Q w nr .4Om VF CD i d ro O GJ r m CD m r m rl CD �I rl CD to r r N m Cn rn rn 0 0 0 0 0 o n C:, 0 CD 0 ll') O m O to O N L r Ot O t0 r r CO O CT Ql Cl Ot Ol O ti O I r l W CO I CO I CO I I l l CT I CT CT O O O O N 0 I 0 o to O cn o Ln o 0 0 tO O CD r CD N CD r O CD CD qv r CO CO CO Ot Ol Ot Ol O O O •--I e--1 r-1 i t r i t 0 tn r O N O CD Ln O iA O to O CD u'l O (D O O I O CD C%j N r l N cli 11') I r I O N l I r l O I I N tD r r r CO m N Ol Ol Ol Ol O O O 0�1I C7�1I O�1 0�1I �I Q�1I Q�1I '-II r-II �I NI rll 0�1I 0�1I �I �I NI AUTHORIZATION OF AND CERTIFICATION CONCERNING OFFICIAL STATEMENT Concurrently with the delivery of the Bonds, the Mayor of the Town of Gulf Stream will furnish his certificate to the effect that, to the best of his knowledge, the Official Statement, as of its date and as of the date of delivery of the Bonds, does not contain an untrue statement of a material fact and does not omit to state a material fact which should be included therein for the purpose for which the Official Statement is to be used, or which is necessary to make the statements contained therein, in the light of the circumstances in which they were made, not misleading. MISCELLANEOUS All forecasts, estimates and other statements in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Official Statement is not intended to be construed as a contract or agreement between the Town and the purchasers or holders of any of the Bonds. The execution and delivery of this Official Statement by its Mayor has been duly authorized by the Board of Town Commissioners. TOWN OF GULF STREAM, FLORIDA By: /s/ William F. Koch, Jr. Mayor -17- BOND RATING As noted on the cover page of this Official Statement, Standard and Poor's Corporation has given the Bonds the rating of AAA (MBIA Insured). Such rating reflects the views of Standard & Poor's and an explanation of the significance of such rating may be obtained only from the rating agency furnishing the same. There is no assurance that such rating may be continued for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in its judgment, circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds. PROPOSED CONSTITUTIONAL REFERENDUM A petition for an amendment to the Florida Constitution limiting revenues of the State of Florida and taxing units thereof for future fiscal years has received sufficient signatures to have the proposed amendment placed on the ballot in November, 1984. The proposed constitutional amendment provides that revenues received by the State of Florida and each taxing unit thereof for each fiscal period would be limited to 1980 -81 revenue dollars plus ad valorem taxes on subsequent new construction and annual adjustments of two- thirds of the Consumer Price Index percentage change. In addition, the maximum annual adjustment increase for ad valorem taxes would be 5 percent. The proposed amendment defines revenues as ad valorem taxes, other taxes and all other receipts; receipts of agencies and instrumentalities and proprietary and trust funds are included in the revenues of the State or other taxing units as appropriate. Revenue limits may be exceeded only with voter approval for specified purposes; amounts and periods. Since the proposed amendment specifically states that revenue limits may be "exceeded to the extent necessary to avoid impairment of obligations of contracts and bonds" existing on the effective date of the proposed amendment, the Town does not expect that its ability to make payments to the Holders of the Bonds would be adversely affected by the proposed amendment. On March 27, 1984, the Supreme Court of the State of Florida held that the proposed constitutional amendment must be removed from the November, 1984 election ballot. The proponents of the proposed constitutional amendment have filed suit in Federal Court seeking relief from the Florida Supreme Court's decision. Also they have indicated they will redraft the proposed amendment to comply with the Supreme Court decision and will attempt to have petitions signed by a sufficient number of voters in time to have the amendment placed on the November, 1984 ballot. In order to appear on the ballot there must be filed with the Secretary of State for the State of Florida at least 90 days before the election a petition containing a copy of the proposed amendment signed by a number of voters in each of one half of the congressional districts in the State, and of the State as a whole, equal to 8% of the votes cast in each of such districts and the State as a whole in the last preceding election in which presidential electors were chosen. In addition, there is no assurance that other amendments of a similar nature and effect will not be proposed for the November, 1984 election or any time thereafter. -16- UNDERWRITING The Underwriter has agreed to purchase the bonds from the Town at an aggregate discount of $ from the initial public offering prices set forth on the cover page of this Official Statement. The Underwriter will be obligated to purchase all the Bonds if any are purchased. Following the initial public offering, the public offering prices may be changed from time to time by the Underwriter. The Bonds may be offered and sold to certain dealers (including underwriters and other dealers depositing such Bonds into investment trusts) and others at prices lower than such public offering prices. VALIDATION The Bonds were validated by judgment of the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County, rendered on May 18, 1984, and the time for taking an appeal therefrom will expire on June 18, 1984. LEGALITY Legal matters incident to the validity of the Bonds including their authori- zation, issuance and sale by the Town are subject to the approval of Livermore, Klein & Lott, P.A., Jacksonville, Florida, Bond Counsel, whose approving opinion will be available at the time of delivery of the Bonds. Certain other legal matters will be passed on for the Town by their attorneys Johnston, Sasser, Randolph & Weaver, West Palm Beach, Florida. Certain legal matters, but not approval or authorization of the Bonds or their tax - exempt status will be passed on for the underwriters by their counsel, DeSantis, Cook, Gaskill & Silverman, North Palm Beach, Florida. TAX EXEMPTION In the opinion of Bond Counsel, the interest on the Bonds is exempt from all present Federal income taxation, and the Bonds and the income thereon are exempt from taxation under Florida law, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations. LITIGATION In the opinion of the Town Attorney, no legal proceedings are pending or threatened which materially affect the Town's ability to perform its obligations to the holders of the Bonds or materially affect the financial condition of the Town. There is no litigation or controversy of any nature now pending or threatened to restrain or enjoin the issuance, sale, execution or delivery of the Bonds or in any way contesting the validity of the Bonds or any proceedings of the Town taken with respect to the authorization, sale or issuance of said Bonds or the pledge or application of any money provided for the payment of the Bonds or having any significant effect upon the receipts of the ad valorem taxes pledged as security for the Bonds. -15- COMPARATIVE GROWTH Year Gulf Stream Population % Change Palm Beach Population County % Change 1950 163 - 114,688 - 1960 176 8.0 228,106 98.9 1970 408 132.0 348,993 53.0 1980 475 16.4 576,863 65.3 Source: 1980 U.S. Census Gulf Stream's growth rate should continue to increase at a diminishing rate. This projection is due primarily to its relatively low capacity for potential growth. The amount of vacant land available for future development repre- sents approximately 13% of the total land area, and the types of housing development allowed under the existing zoning mostly permits low density development. A major portion of the population in Gulf Stream is in the upper age groups. Thirty eight percent of the population is contained in the age category of 65 years or older. This is typical of many communities in Palm Beach County. School age children and people of younger parental age are extremely small in number when compared to the County. AGE DISTRIBUTION 35% Age 0 -5 5 -18 19 -34 35 -44 45 -54 55 -64 65+ Palm Beach County - I� -14- Gulf Stream - /// Transportation Several major airlines serve the Town through the Palm Beach International Airport, twenty minutes north of the Town in West Palm Beach, the Fort Lauderdale - Hollywood Airport, forty minutes south, and the Miami International Airport, a little over an hour's drive south of the Town. Lantana Airport, located five miles north of the Town, is a general aviation airport open to any non - commercial, non -jet aircraft and facilities include charter service, rental aircraft, flying school and repair and fuel facilities for small aircraft. Nearby Boca Raton Airport also offers non - commercial services. The Port of Palm Beach offers facilities for ocean transportation and barge transportation on the Intracoastal Waterway. Types of cargo handled at the port include cement, fuel oil, molasses and other general cargo. Passenger rail service to all major cities is provided by Amtrak and freight service is provided by the Seaboard Coast Line Railroad. Bus transportation is provided by Greyhound Bus Lines in Boynton Beach for long distance transportation, and local bus service is provided by the Palm Beach County Transportation Authority. This system permits riders to go from the northern portion of the county to Boca Raton, the southernmost city of Palm Beach County. Road and highway facilities are also excellent. State Road AIA passes through the heart of the Town. The Florida Turnpike, about six miles west of the Town, provides transportation to the north central part of the state and as far south as the entrance to the Florida Keys. Inter state 95 passes west of the Town in Boynton Beach and provides close -in alternative north -south transportation through the Town and throughout other areas of the southeastern coast of Florida. Economy The community characteristics of the Town depict a mature wealthy community characterized by professionals and retired persons. Per capita income is very high in Gulf Stream. As per the most recent Revenue Sharing data, per capita annual income in Gulf Stream is estimated at $40,314. This reveals that the Town has a per capita income considerably higher than the Palm Beach County mean of $8,903. Gulf Stream has one of the highest per capita incomes of all the municipalities in the County. This is coupled with a high increase in per capita income between 1970 and 1980. Population The population growth in Gulf Stream has run concurrent with that of Palm Beach County and the State of Florida. Although the Town did not experience the extreme growth typical of the County during the 1950's, its cumulative growth rate in the previous three decades reflects the advances made County- wide. However, Gulf Stream's present growth rate (1970 -1980) is increasing at a diminishing rate. -13- GENERAL INFORMATION Town of Gulf Stream, Florida Locational Setting The Town of Gulf Stream, comprising approximately one square mile of land area, is located in the southern portion of eastern Palm Beach County. Boynton Beach and an unincorporated section of the County bound the northern limits of the Town. Portions of Boynton Beach and Delray Beach are west and adjacent to Gulf Stream. Delray Beach also bounds the southern limits and the Atlantic Ocean lies directly east. Access to the Town is provided from the North and South by State Road AlA. For that portion of the Town located west of the Intracoastal Waterway, access is from U.S. Highway One. Governmental Services The Town of Gulf Stream has a commission - manager form of government. The Commissioners are elected for three year terms and continue in office until their terms expire and until their successors are elected and qualified. The Commission selects from among its members the Mayor and Vice Mayor. The Town staff consists of fifteen municipal employees. This includes ten sworn officers within the Police Department, and an administrative and public works staff of five. Protective Services Gulf Stream has its own Police Department and staffs 10 regular sworn officers, of which 1 to 3 are on duty at all times. The Town does not employ any part -time officers. A Civil Defense program is provided in the Town for the purpose of providing protection in times of emergency. The Program is directly coordinated with the Palm Beach County Civil Defense System through the Emergency Operations Plan which was prepared in cooperation with the Palm Beach County Civil Defense Department. Gulf Stream has contracted with the Town of Ocean Ridge Fire Department for the purpose of providing service and protection. The Fire Department is located at the Ocean Ridge Town Hall. The average response time for emergency service calls has been approximately five minutes. Public Buildings The public buildings in Gulf Stream consist of the Town Hall which is located at 246 Sea Road, a temporary police substation and a public works garage. The normal administrative activities are performed here and the Police Department also operates from this location. There are currently plans for expansion of the Town Hall and Police Department. -12- Total Assessed Valuation Total Taxable Valuation Population(1) Town of Gulf Stream $ 116,994,524 108,667,823 498 Ratio of Taxable Valuation - Town to County Ratio of Population - Town to County Palm Beach County $ 31,105,766,557 23,306,215,084 652,562 .4633% .0763% (1) 1983 Estimate - Bureau of Economic Research - University of Florida Debt Ratios Direct General Obligation Debt Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Assessed Valuation Direct and Overlapping General Obligation Debt Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Assessed Valuation Direct and Overlapping General Obligation Debt and Non -Self Supporting Revenue Debt Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Assessed Valuation Total Assessed Valuation per Capita Taxable Assessed Valuation per Capita -11- $ 1,540,000 $ 3,092.37 1.42% 1.32% $ 2,117,209 $ 4,251.42 1.95% 1.81% $ 2,135,041 $ 4,287.23 1.96% 1.82% $ 234,928.76 $ 218,208.48 TOWN OF GULF STREAM, FLORIDA (Adjusted to give effect to this Direct Debt Town of Guff Stream, Florida General Obligation Bonds (1) Total Direct Debt Overlapping Debt (2) DEBT STATEMENT SEPTEMBER 30, 1983 issue of $1,540,000* General Obligation Bonds.) General Non -Self Obligation Supporting Bonds Revenue Bonds $ 1,540,000 $ 1,540,000 palm Beach County Board of County Commissioners Courthouse and Jail Certificates of Indebtedness Dtd. 10 -1 -67 (5 mills Limited Tax Bonds) (.4663% of $3,510,000) $ 16,367 Beach Acquisition Bonds Dtd. 3 -1 -70 (.4663% of $4,455,000) $ 20,774 Beach and Park Acquisition and Improvement Bonds (.4663% of $47,495,000) $ 221,469 Criminal Justice Complexes (.4663% of $29,700,000) $ 138,491 Improvement Bonds, Series 1967 (.0763% of $1,670,000) $ 1,274 Public Improvement Revenue Bond Anticipation Notes (.0763% of $1,000,000) $ 763 Administrative Complex Revenue Bonds, Series 1981 (.0763% of $20,200,000) $ 15,413 Improvement Revenue Certificates, 1982 Series A (.0763% of $500,000) $ 382 Palm Beach County School District School District #1 School Bonds Dtd 2 -1 -65 (.4663% of $2,475,000) $ 11,541 6.50% Tax Anticipation Notes, Series 1983 due 5 -30 -84 (.4663% of $36,150,000) $ 168,567 Total Overlapping Debt $ 577,209 $ 17,832 Total Direct and Overlapping Debt $ 2,117,209 $ 17,832 (1) A bank loan in the amount of $265,000 and an 8.25% note in the amount of $60,860 is not included above in General Obligation Debt as these amounts will be paid from the proceeds of the Bonds. (2) Applicable portion of General Obligation Debt based upon ratio of Town's net taxable valuration to that of County; applicable portion of Non -Self Suppor- ting Debt based upon ratio of Town's 1983 population to that of the County. *Subject to change -10- SOURCES USES SOURCES AND USES OF FUNDS Par Amount of Bonds Estimated Earnings During Construction Total Sources Project Cost Capitalized Interest Issuance Expenses and Bond Discount Including Insurance Contingency Total Uses $1,540,000 40,000* $1,580,000 $1,390,000 80,000 100,000 10,000 $1,580,000 * Interest estimated at an average annual yield of 10% based upon proposed construction draw schedule. ESTIMATED DEBT SERVICE AMORTIZATION SCHEDULE Maturity Principal 6/1/85 6/1/86 6/1/87 6/1/88 6/1/89 6/1/90 6/1/91 6/1/92 6/1/93 6/1/94 6/1/95 6/1/96 6/1/97 6/1/98 $ 70,000 75,000 80,000 85,000 95,000 100,000 110,000 120,000 130,000 140,000 155,000 170,000 185,000 25,000 C� Total Interest Debt Service TOWN OF GULF STREAM, FLORIDA STATEMENT OF REVENUES AND EXPENDITURES GENERAL FUND FOR THE THREE YEARS ENDED SEPTEMBER 30 TOTAL REVENUES $ 588,510 $ 485,349 $ 346,302 EXPENDITURES General and Administrative 1983 1982 1981 REVENUES 288,080 246,345 199,712 Property taxes $ 411,620 $ 350,927 $ 214,326 Licenses and permits 19,285 15,357 14,657 Intergovernmental revenues 12,216 15,294 34,246 Charges for services 41,817 32,122 28,098 Fines and forfeitures 7,624 8,644 4,847 Franchise fees 46,885 45,411 40,841 Interest 10,655 8,936 8,293 Miscellaneous revenues 38,408 8,658 994 TOTAL REVENUES $ 588,510 $ 485,349 $ 346,302 EXPENDITURES General and Administrative $ 159,844 $ 111,501 $ 74,234 Police Department 288,080 246,345 199,712 Fire Protection 31,777 21,946 13,763 Streets 15,847 28,115 24,462 Sanitation 95,009 84,649 61,518 Capital Outlay 265,000 -0- 19,360 TOTAL EXPENDITURES $ 855,557 $ 492,556 $ 393,049 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Loan Proceeds Operating Transfers In TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $(267,047) $( 7,207) $( 46,747) $ 265,000 $ -0- $ -0- 31,966 1,900 2,400 $ 296,966 $ 1,900 $ 2,400 $ 29,919 $ (5,307) $ (44,347) SE Fiscal Year 1983 -1984 1982 -1983 1981 -1982 1980 -1981 1979 -1980 Fiscal Year 1983 -1984 1982 -1983 1981 -1982 1980 -1981 1979 -1980 TOWN OF GULF STREAM, FLORIDA ASSESSED VALUATIONS, TAXES LEVIED AND COLLECTED AND CURRENT MILLAGE LEVY Gross Assessed Value Including Homestead & Other Exempt Property $116,994,524 108,565,807 68,746,038 47,933,443 44,981,599 Taxes Levied $512,633 429,506 363,287 223,124 203,229 *Collections still in process Ad Valorem Tax Millage Rates Fiscal Town of Gulf Stream Year Operating 1983 -1984 4.7174 1982 -1983 4.2473 1981 -1982 5.7123 1980 -1981 4.9970 1979 -1980 4.7540 County Operating Debt Service 3.8267 .4222 3.9630 .2193 4.6526 .2835 6.8908 .4319 5.9457 .3713 Taxable Assessed Value Excluding Homestead & Other Exempt Prooerty $108,667,823 101,124,057 63,581,541 44,651,691 42,748,990 Collections Amount Percent 465,219 90.75%w- 411,620 95.84 350,927 96.60 214,326 96.06 195,450 96.17 School Board Operating Debt Service 5.3495 1.5834 4.8610 1.2721 5.6251 1.2941 6.4040 2.2260 6.7500 .2700 TOWN OF GULF STREAM, FLORIDA LARGEST TAXPAYERS AND AMOUNT OF TAXES PAID FOR 1983 Name of Taxpayer Gulf Stream Golf Club Summerset of Gulf Stream, Gulf Stream Little Club Westminster, Inc.(condo) Las Casitas, Inc.(condo) Gulf Stream Bath & Tennis Inc.(condo) Club Total Assessed Taxes Paid to Valuation Town of Gulf Stream -7- $3,942,032 $2,621,659 $2,347,806 $2,020,877 $1,446,760 $1,004,849 $17,885 $11,894 $10,652 $ 8,821 $ 5,997 $ 4,559 Disposition of Tax Collections Florida Statutes require Palm Beach County to distribute to each taxing authority the taxes collected at the rate of four times during the first two months after the tax roll becomes due and once per month thereafter. Upon receipt, the moneys representing debt service are to be credited to the Town debt service fund, a special accounting fund created and maintained pursuant to Florida Statutes and the resolution authorizing the Bonds. Debt service millage over and above millage limitations fixed by the Florida Constitution is authorized only for the payment of general obligation bonds, and any diversion of such tax collections to a purpose other than payment of the voted general obligation bonds would violate the Florida Constitution. Consistent with the above, the resolution authorizing the Bonds provides that the proceeds of all such taxes levied for the payment of the principal of and interest on the Bonds shall be deposited by the Town in a special fund known as the Sinking Fund and used solely for the payments of principal and interest on the Bonds. Summary The above constitutes a summary of the applicable provisions of tax statutes generally appearing in the Florida Statutes, but is qualified in its entirety by reference to such statutes themselves. An investment decision with respect to the Bonds should be based upon an actual reading of such statutes and upon appropriate legal advice. 52 Tax Collection All taxes are due and payable on November 1 of each year. The Palm Beach County Tax Collector has the duty of collecting all county, municipal and district taxes, which taxes become delinquent on April 1 following the year in which they are assessed. A discount is allowed to the taxpayer for early payment of his taxes as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes Delinquent All unpaid taxes upon real and personal property become delinquent on April 1 of the year following the year in which the taxes were assessed. Real property tax certificates bear interest at the rate of 18% per annum from that date until a tax certificate is sold, after which the interest is as bid by the buyer. If no tax certificate has been sold, the tax certificate is held by the County, and the County may apply for a tax deed. Personal property taxes bear interest at 18% per annum from April 1 until paid or barred under Chapter 95 of the Florida Statutes. All taxes imposed pursuant to the Constitution and Laws of Florida are a first lien on the property aginst which taxes have been assessed. Tax Certificates The Tax Collector advertises once each week for four weeks before June 1 of each year and sells tax certificates on all real property taxes due. At the time designated in the advertisement, the Tax Collector commences the sale of tax certificates on such real property for an amount equal to the unpaid taxes, interest, costs, and charges thereon at the lowest rate of interest. Tax Deeds At any time after two years have elapsed since April 1 of the year of the issuance of the tax certificate and before the expiration of seven years, the holder may apply for a tax deed. Two years after such April 1, the County must make application for a tax deed. Upon receipt of such applications a public sale is advertised and held unless the property is redeemed. Redemption of Land by Owners Redemption may be made by the owner of any land upon which a tax certificate has been sold. The owner may redeem the land at any time before a tax deed is issued by paying to the Tax Collector the amount of the certificate plus all taxes, interest, costs, charges, and omitted taxes from the date of the certificate to the date of redemption. -5- Property Valuation and Assessments Section 4 of Article VII of the Constitution of the State of Florida provides that "By general law regulations shall be prescribed which shall secure a just valuation of all real property for ad valorem taxation." The factors considered in arriving at a just valuation, as .set forth in Section 193.011, Florida Statutes, are: (1) the present cash value of the property; (2) the highest and best use to which the put in the immediate future and the (3 (4 (5 (6) (7) (8) the location of the property; the quantity or size of the property; the cost of the property and the improvements thereon; the condition of the property; the income from the property; and, property can be expected to be present use of the property; present replacement value of any the net proceeds of the sale of the property. All real property in the County is assessed at 100% of the just value by the Palm Beach County Property Appraiser, who is required to complete an assessment, as of January 1 of each year, of the value of all real property in the County no later than July 1 of each year. He is required to inspect physically the real property every three years to determine its just value. Homestead Exemption Every person who has the legal title or beneficial title in equity to real property in the State and who resides thereon and in good faith makes the same his or her permanent residence, or the permanent residence of another or others legally or naturally dependent upon such person, is entitled to an exemption from all taxation, except for assessments for special benefits, up to the assessed valuation of $25,000 on the residence and contiguous real property. An additional exemption of $10,000 is granted to such persons who are over 65 years of age. Tangible personal property is assessed at its just value. Tax Levy Florida law limits ad valorem tax millage levies for cities to 10 mills, except additional taxes may be levied as required for debt service upon approval of the electors. The Town's total millage levy for its fiscal year beginning October 1, 1983, is 4.7174 mills. M, 1: 4. Maintenance and improvement of the Town's canals at a cost of $97,000, which represents approximately 30% of the cost of the project. The remainder of the cost will be paid by property owners directly abutting the canals to be improved. These projects shall include other purposes appurtenant or incidental thereto, including costs and expenses associated with the issuance and sale of the Bonds. SECURITY The full faith, credit and taxing power of the Town are irrevocably pledged for the prompt payment of the principal of and interest on the Bonds. In each year while any of the 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, over and above all other taxes, sufficient to pay into the Sinking Fund the Bond Service Requirement as the same shall become due. Such tax shall be assessed, levied and collected in the same manner as other Town taxes. AD VALOREM TAX PROCEDURES Budget Process The annual budget process is conducted within the policy and management framework established by Gulf Stream's Town Commissioners. In the early Spring, the Board adopts a basic budget policy. During the next four months, the budget is being prepared and reviewed. The Town sets forth capital improvements to be made. On or before July 15 of each year, the Town Manager, as the Board of Town Commissioners' designated Budget Officer, submits to the Board a tentative budget for the ensuing fiscal year. The tentative budget includes proposed expenditures and the means of financing them. The Board requires such changes to be made as it deems necessary, provided that the budget remains in balance. Anytime after July 15, but prior to September 30, the Board certifies to the County Property Appraiser the millage rates to be shown on the Notices of Property Taxes, which are mailed to each taxpayer prior to public hearings held for the Board to adopt the tentative and final budgets. Budgetary preparation, notices, public hearings, and adoption are subject to Chapters 129 and 200 of the Florida Statutes. prior to October 1, the budget is legally enacted through passage of a resolution. After this, all changes to the final budget must be approved by the Board in accordance with Section 129.06 of the Florida Statutes. There is a process of review of appropriations and expenditures by the budget office and weekly monitoring to check incoming revenues against the budgeted revenues. Budgeting is used by management to functional activities during the year for the Governmental Fund Types are adopted accepted accounting principals. -3- monitor and evaluate programs and all funds of the Board. Budgets for on a basis consistent with generally commencing December 1, 1984, by check or by draft mailed to the registered owner by Sun Bank, National Association, as Registrar and Paying Agent. The principal of the Bonds and premium, if any, is payable to the registered owner thereof or his transferee upon presentation when due at the principal corporate trust office of Sun Bank, National Association, or its successor. Payment of the semiannual interest hereon shall be made by check or draft mailed to the person in whose name the Bond is registered at his address as it appears on the registration books maintained by the Registrar on behalf of the Town at the close of business on the fifteenth (15th) day of the month (whether or not a business day) next preceding each interest payment date (the "Record Date "), irrespective of any transfer or exchange of the Bonds subsequent to the 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 registered owner at the close of business on a special record date for the payment of such defaulted interest as established by notice mailed to the person in whose name the Bonds are registered at the close of business on the fifth (5th) day preceding the date of mailing. Redemption The Bonds maturing in the years 1985 through 1992, both inclusive, are not redeemable prior to their respective stated dates of maturity. The Bonds maturing on or after June 1, 1993 are subject to redemption, at the option of the Town, on June 1, 1992 and any interest payment date thereafter, in whole or in part (in inverse order of their maturities and by lot within a maturity) at the following redemption prices, plus accrued interest to the date of redemption: Redemption Period Redemption Price (Dates Inclusive) (percent of Principal Amount 6/1/92 and 12/1/92 103% 6/1/93 and 12/1/93 102% 6/1/94 and 12/1/94 101% 6/1/95 and thereafter 100% PURPOSE The Bonds are being issued for the financing of four separate projects as follows: 1. 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. 2. Construction, equipping and /or improvement of public works projects consisting of road improvements, drainage and paving. 3. Repayment of an existing loan upon the Gulf Stream water system and construction, equipping and /or improvement of the Town water system. -2- t I OFFICIAL STATEMENT $1,540,000* TOWN OF GULF STREAM, FLORIDA General Obligation Bonds INTRODUCTION The purpose of this Official Statement which includes the cover page, summary statement and the appendices is to provide information concerning the sale by the Town of Gulf Stream, Florida (the "Town "), of $1,540,000* principal amount of bonds designated General Obligation Bonds, dated June 1, 1984 (the "Bonds "). The Bonds are being issued under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particu- larly Chapter 166, Part II, Florida Statutes (1983); Section 100.201 through 100.351, Florida Statutes; Resolution No. 84 -4 duly adopted by the Town Council of Gulf Stream on April 13, 1984, as supplemented (the "Resolution ") and other applicable provisions of law. The issuance of the Bonds was approved by a majority of votes cast in four separate bond referenda held on March 13, 1984, by the qualified electors of the Town, in the manner required by the Constitution and Statutes of the State of Florida. The validity of the Bonds has been deter- mined by a final judgment of the Circuit Court of the Fifteenth Judicial Circuit Court of Florida in and for Palm Beach County rendered on May 18, 1984. The time of taking an appeal therefrom will expire on June 18, 1984. The references, excerpts and summaries of all documents referred to herein do not purport to be complete statements of the provisions of such documents, and reference is directed to all such documents for full and complete statements of all matters of fact relating to the Bonds, the security for the payment of the Bonds and the rights and obligations of the holders thereof. The attached Appendices A, B and C are integral parts of this Official Statement and must be read together with all of the statements herein contained. The Resolution authorizing the issuance of the Bonds is reproduced herein as Appendix A. Capitalized terms used but not defined herein have the same meaning as in the Resolution unless the context would clearly indicate otherwise. DESCRIPTION OF THE BONDS General The Bonds are being issued in the aggregate principal amount of $1,540,000 *, in fully registered form in the denominations of $5,000 and integral multiples thereof. The Bonds will be dated as of June 1, 1984 and will bear interest from that date and mature on the dates set forth on the cover page. Interest on the Bonds will be payable semiannually on June 1 and December 1 of each year, *Subject to change -1- No dealer, broker, salesman or other person has been authorized to make any representations, other than as contained in the Official Statement, and if given or made, such other information or representations must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solici- tation or sale. The information contained in this Official Statement has been obtained from public documents, records and other sources considered to be reliable and, while not guaranteed as to completeness or accuracy, is believed to be correct. Any statements in this Official Statement involving estimates, assumptions and matters of opinion, whether or not so expressly stated, are intended as such and not as representations of fact, and the Town expressly makes no representation that such estimates, assumptions and opinions will be realized or fulfilled. Any information, estimates, assumptions and matters of opinion contained in this Official Statement are subject to change without notice, and neither the delivery of this Official Statement, nor any sale made hereunder, shall under any circumstances, create any implication that there has been no change in the affairs of the Town since the date hereof. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITER MAY OVER - ALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCON- TINUED AT ANY TIME. TABLE OF CONTENTS Page Introduction ................................. ............................... -1- Description of the Bonds ..................... ............................... -1- Purpose ....................................... ............................... -2- Security .................................................................... -3- AdValorem Tax Procedures .................... ............................... -3- Assessed Valuations, Taxes Levied and Collected and Current Millage Levy.... -7- Largest Taxpayers and Amount of Taxes paid for 1983 ......................... -7- Statements of Revenues and Expenditures - General Fund ...................... -8- Sources and Uses of Funds .................... ............................... -9- Debt Service Amortization Schedule ........... ............................... -9- Town of Gulf Stream and Palm Beach County General Information ............... .12- Underwriting ................................................................ .17- Validation .................................................................. .15- Legality ..................................... ............................... .15- Tax Exemption ................................ ............................... .15- Litigation ...................................................................15- Bond Rating .................................. ............................... .16- Proposed Constitutional Referendum ........... ............................... .16- Authorization of and Certification Concerning Official Statement ............ .17- Miscellaneous ............................................................... .17- Appendix A - Authorizing Resolution Appendix B - Form of Legal Opinion Appendix C - Form of Insurance -ii- TOWN OF GULF STREAM, FLORIDA OFFICIALS William F. Koch Jr., Mayor Joel Hunter, Vice Mayor Alan I. Armour, Commissioner Robert J. Dixson, Commissioner Brian Pfeifler, Commissioner Town Manager and Finance Director William E. Gwynn Town Clerk Barbara Gwynn Town Attorney Johnston, Sasser, Randolph & Weaver West Palm Beach, Florida Town Auditors Ernst & Whinney West Palm Beach, Florida Engineers Post, Buckley, Schuh & Jernigan, Inc. Hollywood, Florida Bond Counsel Livermore, Klein & Lott, P.A. Jacksonville, Florida Underwriter's Counsel DeSantis, Cook, Gaskill & Silverman North Palm Beach, Florida -i- U V N — L r V c — ] c L m — q C • — L m L C L U O L O U C - a o L T } L L O 0 T + Z 6 0 L L } w L C w p C > > � c o � m ° v J EO io L E } 2 � U m 3L m o ± L m t O j C } O 'n A N _ + L � L L T w L L 4 L 3 � t c L c 2 2 m ° } � C 0 9 m } N L A 7 N L T C N N G C L C T 4 — O J C E 0 N �0L�+ 's S _ U m r T } m 0 c o a o - — r a�L L C L J + VI O U L p d O Y m N C S. E m 3� J 0 U t n } c + c PRELIMINARY OFFICIAL STATEMENT DATED JUNE 1, 1984 In the opinion of Bond Counsel, the interest on the Bonds is, under existing laws, regulations and judicial decisions, exempt from all Federal income taxation and the Bonds and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations. Rating: Standard & Poor's: AAA (MBIA Insured) $1,540,000 TOWN OF GULF STREAM, FLORIDA General Obligation Bonds Dated: June 1, 1984 Due: June 1, as shown below The General Obligation Bonds (the "Bonds ") are being issued to finance the cost of construction and equipping of various projects of the Town of Gulf Stream, (the "Town ") as more fully described herein. The issuance of the Bonds was approved by a majority of the qualified voters of the Town cast in four separate bond referenda held on March 13, 1984, in the manner required by the Constitution and Statutes of the State of Florida. The principal of and interest on the Bonds are payable from ad valorem taxes levied and collected without limitation as to rate or amount on all taxable property within the Town and the full faith, credit and taxing power of the Town is irrevocably pledged for the prompt payment of the principal of and interest on the Bonds. The Bonds are being issued as fully registered bonds in denominations of $5,000 and integral multiples thereof. Interest (first payment due December 1, 1984 and semiannually June 1 and December 1 thereafter) will be payable by check or draft mailed to the registered owner by Sun Bank, National Association, as Registrar and Paying Agent. Principal of the Bonds is payable to the registered owner or transferee upon presentation when due at the principal corporate trust office of Sun Bank, National Association. The Bonds will be subject to redemption prior to maturity as described herein. Maturities, Amounts, Interest Rates and Yield or Price Yield Interest Yield or Price Maturity Amount* Rate or Price 1992 $120,000 % 1993 130,000 1994 140,000 1995 155,000 1996 170,000 1997 185,000 1998 25,000 (Plus Accrued Interest) The Bonds are offered when, as and if issued and received by the Underwriters subject to the receipt of an unqualified opinion as to the validity of the Bonds by Livermore, Klein & Lott, P.A. Jacksonville, Florida, Bond Counsel. Certain other legal matters will be passed upon for the Town by Johnston, Sasser, Randolph & Weaver, West Palm Beach, Florida, Town Attorneys. Certain legal matters will be passed on for the Underwriters by their counsel, DeSantis, Cook, Gaskill & Silverman, North Palm Beach, Florida. It is expected that the Bonds in definitive form will be available for delivery in New York, New York on or about June 25, 1984. June 1, 1984 WILLIAM R. HOUGH & CO. Interest Maturity Amount* Rate 1985 $ 70,000 1986 75,000 1987 80,000 1988 85,000 1989 95,000 1990 100,000 1991 110,000 Yield Interest Yield or Price Maturity Amount* Rate or Price 1992 $120,000 % 1993 130,000 1994 140,000 1995 155,000 1996 170,000 1997 185,000 1998 25,000 (Plus Accrued Interest) The Bonds are offered when, as and if issued and received by the Underwriters subject to the receipt of an unqualified opinion as to the validity of the Bonds by Livermore, Klein & Lott, P.A. Jacksonville, Florida, Bond Counsel. Certain other legal matters will be passed upon for the Town by Johnston, Sasser, Randolph & Weaver, West Palm Beach, Florida, Town Attorneys. Certain legal matters will be passed on for the Underwriters by their counsel, DeSantis, Cook, Gaskill & Silverman, North Palm Beach, Florida. It is expected that the Bonds in definitive form will be available for delivery in New York, New York on or about June 25, 1984. June 1, 1984 WILLIAM R. HOUGH & CO. AUTHORIZATION OF AND CERTIFICATION CONCERNING OFFICIAL STATEMENT Concurrently with the delivery of the Bonds, the Mayor of the Town of Gulf Stream will furnish his certificate to the effect that, to the best of his knowledge, the Official Statement, as of its date and as of the date of delivery of the Bonds, does not contain an untrue statement of a material fact and does not omit to state a material fact which should be included therein for the purpose for which the Official Statement is to be used, or which is necessary to make the statements contained therein, in the light of the circumstances in which they were made, not misleading. MISCELLANEOUS All forecasts, estimates and other statements in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Official Statement is not intended to be construed as a contract or agreement between the Town and the purchasers or holders of any of the Bonds. The execution and delivery of this Official Statement by its Mayor has been duly authorized by the Board of Town Commissioners. TOWN OF GULF STREAM, FLORIDA By: /s/ William F. Koch, Jr. Mayor -17- BOND RATING As noted on the cover page of this Official Statement, Standard and poor's Corporation has given the Bonds the rating of AAA (MBIA Insured). Such rating reflects the views of Standard & Poor's and an explanation of the significance of such rating may be obtained only from the rating agency furnishing the same. There is no assurance that such rating may be continued for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in its judgment, circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds. PROPOSED CONSTITUTIONAL REFERENDUM A petition for an amendment to the Florida Constitution limiting revenues of the State of Florida and taxing units thereof for future fiscal years has received sufficient signatures to have the proposed amendment placed on the ballot in November, 1984. The proposed constitutional amendment provides that revenues received by the State of Florida and each taxing unit thereof for each fiscal period would be limited to 1980 -81 revenue dollars plus ad valorem taxes on subsequent new construction and annual adjustments of two- thirds of the Consumer Price Index percentage change. In addition, the maximum annual adjustment increase for ad valorem taxes would be 5 percent. The proposed amendment defines revenues as ad valorem taxes, other taxes and all other receipts; receipts of agencies and instrumentalities and proprietary and trust funds are included in the revenues of the State or other taxing units as appropriate. Revenue limits may be exceeded only with voter approval for specified purposes, amounts and periods. Since the proposed amendment specifically states that revenue limits may be "exceeded to the extent necessary to avoid impairment of obligations of contracts and bonds" existing on the effective date of the proposed amendment, the Town does not expect that its ability to make payments to the Holders of the Bonds would be adversely affected by the proposed amendment. On March 27, 1984, the Supreme Court of the State of Florida held that the proposed constitutional amendment must be removed from the November, 1984 election ballot. The proponents of the proposed constitutional amendment have filed suit in Federal Court seeking relief from the Florida Supreme Court's decision. Also they have indicated they will redraft the proposed amendment to comply with the Supreme Court decision and will attempt to have petitions signed by a sufficient number of voters in time to have the amendment placed on the November, 1984 ballot. In order to appear on the ballot there must be filed with the Secretary of State for the State of Florida at least 90 days before the election a petition containing a copy of the proposed amendment signed by a number of voters in each of one half of the congressional districts in the State, and of the State as a whole, equal to 8% of the votes cast in each of such districts and the State as a whole in the last preceding election in which presidential electors were chosen. In addition, there is no assurance that other amendments of a similar nature and effect will not be proposed for the November, 1984 election or any time thereafter. -16- UNDERWRITING The Underwriter has agreed to purchase the bonds from the Town at an aggre- gate discount of $46,200 from the initial public offering prices set forth on the cover page of this Official Statement. The Underwriter will be obligated to purchase all the Bonds if any are purchased. Following the initial public offering, the public offering prices may be changed from time to time by the Underwriter. The Bonds may be offered and sold to certain dealers (including underwriters and other dealers depositing such Bonds into investment trusts) and others at prices lower than such public offering prices. VALIDATION The Bonds were validated by judgment of the Circuit Court of the Fifteenth Judicial Circuit of Florida in and for Palm Beach County, rendered on May 18, 1984, and the time for taking an appeal therefrom will expire on June 18, 1984. LEGALITY Legal matters incident to the validity of the Bonds including their authori- zation, issuance and sale by the Town are subject to the approval of Livermore, Klein & Lott, P.A., Jacksonville, Florida, Bond Counsel, whose approving opinion will be available at the time of delivery of the Bonds. Certain other legal matters will be passed on for the Town by their attorneys Johnston, Sasser, Randolph & Weaver, West Palm Beach, Florida. Certain legal matters, but not approval or authorization of the Bonds or their tax - exempt status will be passed on for the underwriters by their counsel, DeSantis, Cook, Gaskill & Silverman, North Palm Beach, Florida. TAX EXEMPTION In the opinion of Bond Counsel, the interest on the Bonds is exempt from all present Federal income taxation, and the Bonds and the income thereon are exempt from taxation under Florida law, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations. LITIGATION In the opinion of the Town Attorney, no legal proceedings are pending or threatened which materially affect the Town's ability to perform its obligations to the holders of the Bonds or materially affect the financial condition of the Town. There is no litigation or controversy of any nature now pending or threatened to restrain or enjoin the issuance, sale, execution or delivery of the Bonds or in any way contesting the validity of the Bonds or any proceedings of the Town taken with respect to the authorization, sale or issuance of said Bonds or the pledge or application of any money provided for the payment of the Bonds or having any significant effect upon the receipts of the ad valorem taxes pledged as security for the Bonds. -15- COMPARATIVE GROWTH Year Gulf Stream Population % Change Palm Beach Population County % Change 1950 163 - 114,688 - 1960 176 8.0 228,106 98.9 1970 408 132.0 348,993 53.0 1980 475 16.4 576,863 65.3 Source: 1980 U.S. Census Gulf Stream's growth rate should continue to increase at a diminishing rate. This projection is due primarily to its relatively low capacity for potential growth. The amount of vacant land available for future development repre- sents approximately 13% of the total land area, and the types of housing development allowed under the existing zoning mostly permits low density development. A major portion of the population in Gulf Stream is in the upper age groups. Thirty eight percent of the population is contained in the age category of 65 years or older. This is typical of many communities in Palm Beach County. School age children and people of younger parental age are extremely small in number when compared to the County. AGE DISTRIBUTION 35% Age 0 -5 5 -18 19 -34 35 -44 45 -54 55 -64 65+ Palm Beach County - n -14- Gulf Stream - /// Transportation Several major airlines serve the Town through the Palm Beach International Airport, twenty minutes north of the Town in West Palm Beach, the Fort Lauderdale - Hollywood Airport, forty minutes south, and the Miami International Airport, a little over an hour's drive south of the Town. Lantana Airport, located five miles north of the Town, is a general aviation airport open to any non - commercial, non -jet aircraft and facilities include charter service, rental aircraft, flying school and repair and fuel facilities for small aircraft. Nearby Boca Raton Airport also offers non - commercial services. The Port of Palm Beach offers facilities for ocean transportation and barge transportation on the Intracoastal Waterway. Types of cargo handled at the port include cement, fuel oil, molasses and other general cargo. Passenger rail service to all major cities is provided by Amtrak and freight service is provided by the Seaboard Coast Line Railroad. Bus transportation is provided by Greyhound Bus Lines in Boynton Beach for long distance transportation, and local bus service is provided by the Palm Beach County Transportation Authority. This system permits riders to go from the northern portion of the county to Boca Raton, the southernmost city of Palm Beach County. Road and highway facilities are also excellent. State Road AlA passes through the heart of the Town. The Florida Turnpike, about six miles west of the Town, provides transportation to the north central part of the state and as far south as the entrance to the Florida Keys. Inter state 95 passes west of the Town in Boynton Beach and provides close -in alternative north -south transportation through the Town and throughout other areas of the southeastern coast of Florida. Economy The community characteristics of the Town depict a mature wealthy community characterized by professionals and retired persons. Per capita income is very high in Gulf Stream. As per the most recent Revenue Sharing data, per capita annual income in Gulf Stream is estimated at $40,314. This reveals that the Town has a per capita income considerably higher than the Palm Beach County mean of $8,903. Gulf Stream has one of the highest per capita incomes of all the municipalities in the County. This is coupled with a high increase in per capita income between 1970 and 1980. Population The population growth in Gulf Stream has run concurrent with that of Palm Beach County and the State of Florida. Although the Town did not experience the extreme growth typical of the County during the 1950's, its cumulative growth rate in the previous three decades reflects the advances made County- wide. However, Gulf Stream's present growth rate (1970 -1980) is increasing at a diminishing rate. -13- GENERAL INFORMATION Town of Gulf Stream, Florida Locational Setting The Town of Gulf Stream, comprising approximately one square mile of land area, is located in the southern portion of eastern Palm Beach County. Boynton Beach and an unincorporated section of the County bound the northern limits of the Town. Portions of Boynton Beach and Delray Beach are west and adjacent to Gulf Stream. Delray Beach also bounds the southern limits and the Atlantic Ocean lies directly east. Access to the Town is provided from the North and South by State Road Al A. For that portion of the Town located west of the Intracoastal Waterway, access is from U.S. Highway One. Governmental Services The Town of Gulf Stream has a commission - manager form of government. The Commissioners are elected for three year terms and continue in office until their terms expire and until their successors are elected and qualified. The Commission selects from among its members the Mayor and Vice Mayor. The Town staff consists of fifteen municipal employees. This includes ten sworn officers within the Police Department, and an administrative and public works staff of five. Protective Services Gulf Stream has its own Police Department and staffs 10 regular sworn officers, of which 1 to 3 are on duty at all times. The Town does not employ any part -time officers. A Civil Defense program is provided in the Town for the purpose of providing protection in times of emergency. The Program is directly coordinated with the Palm Beach County Civil Defense System through the Emergency Operations Plan which was prepared in cooperation with the Palm Beach County Civil Defense Department. Gulf Stream has contracted with the Town of Ocean Ridge Fire Department for the purpose of providing service and protection. The Fire Department is located at the Ocean Ridge Town Hall. The average response time for emergency service calls has been approximately five minutes. Public Buildings The public buildings in Gulf Stream consist of the Town Hall which is located at 246 Sea Road, a temporary police substation and a public works garage. The normal administrative activities are performed here and the Police Department also operates from this location. There are currently plans for expansion of the Town Hall and Police Department. -12- Total Assessed Valuation Total Taxable Valuation Population(1) Town of Gulf Stream $ 116,994,524 108,667,823 498 Ratio of Taxable Valuation - Town to County Ratio of Population - Town to County Palm Beach Count $ 31,105,766,557 23,306,215,084 652,562 .4633 %• .0763% (1) 1983 Estimate - Bureau of Economic Research - University of Florida Debt Ratios Direct General Obligation Debt Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Assessed Valuation Direct and Overlapping General Obligation Debt Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Assessed Valuation Direct and Overlapping General Obligation Debt and Non -Self Supporting Revenue Debt Per Capita As a Percent of Taxable Assessed Valuation As a Percent of Total Assessed Valuation Total Assessed Valuation per Capita Taxable Assessed Valuation per Capita -11- $ 1,540,000 $ 3,092.37 1.42% 1.32% $ 2,117,209 $ 4,251.42 1.95% 1.81% $ 2,135,041 $ 4,287.23 1.96% 1.82% $ 234,928.76 $ 218,208.48 TOWN OF GULF STREAM, FLORIDA DEBT STATEMENT SEPTEMBER 30, 1983 (Adjusted to give effect to this issue of $1,540,000 General Obligation Bonds.) General Non -Self Obligation Supporting Direct Debt Bonds Revenue Bonds Town off Stream, Florida General Obligation Bonds (1) $ 1,540,000 Total Direct Debt $ 1,540,000 Overlapping Debt (2) Palm Beach County Board of County Commissioners Courthouse and Jail Certificates of Indebtedness Dtd. 10 -1 -67 (5 mills Limited Tax Bonds) (.4663% of $3,510,000) $ 16,367 Beach Acquisition Bonds Dtd. 3 -1 -70 (.4663% of $4,455,000) $ 20,774 Beach and Park Acquisition and Improvement Bonds (.4663% of $47,495,000) $ 221,469 Criminal Justice Complexes (.4663% of $29,700,000) $ 138,491 Improvement Bonds, Series 1967 (.0763% of $1,670,000) $ 1,274 Public Improvement Revenue Bond Anticipation Notes (.0763% of $1,000,000) $ 763 Administrative Complex Revenue Bonds, Series 1981 (.0763% of $20,200,000) $ 15,413 Improvement Revenue Certificates, 1982 Series A (.0763% of $500,000) $ 382 Palm Beach County School District School District #1 School Bonds Dtd 2 -1 -65 (.4663% of $2,475,000) $ 11,541 6.50% Tax Anticipation Notes, Series 1983 due 5 -30 -84 (.4663% of $36,150,000) $ 168,567 Total Overlapping Debt $ 577,209 $ 17,832 Total Direct and Overlapping Debt $ 2,117,209 $ 17,832 (1) A bank loan in the amount of $265,000 and an 8.25% note in the amount of $60,860 is not included above in General Obligation Debt as these amounts will be paid from the proceeds of the Bonds. (2) Applicable portion of General Obligation Debt based upon ratio of Town's net taxable valuration to that of County; applicable portion of Non -Self Suppor- ting Debt based upon ratio of Town's 1983 population to that of the County. -10- SOURCES USES SOURCES AND USES OF FUNDS par Amount of Bonds Estimated Earnings During Construction Total Sources project Cost Capitalized Interest Issuance Expenses and Bond Discount Including Insurance Contingency Total Uses $1,540,000 40,000* $1,580,000 $1,390,000 80,000 100,000 10,000 $1,580,000 * Interest estimated at an average annual yield of 10% based upon proposed construction draw schedule. ESTIMATED DEBT SERVICE AMORTIZATION SCHEDULE ago Total Maturity Principal Interest Debt Service 6/1/85 $ 70,000 $68,811.25 $138,811.25 6/1/86 75,000 66,536.25 141,536.25 6/1/87 80,000 63,911.25 143,911.25 6/1/88 85,000 61,011.25 146,011.25 6/1/89 95,000 57,717.50 152,717.50 6/1/90 100,000 53,798.75 153,798.75 6/1/91 110,000 49,548.75 159,548.75 6/1/92 120,000 44,736.25 164,736.25 6/1/93 130,000 39,336.25 169,336.25 6/1/94 140,000 33,323.75 173,323.75 6/1/95 155,000 26,673.75 181,673.75 6/1/96 170,000 19,117.50 189,117.50 6/1/97 185,000 10,617.50 195,617.50 6/1/98 25,000 1,275.00 26,275.00 ago TOWN OF GULF STREAM, FLORIDA STATEMENT OF REVENUES AND EXPENDITURES GENERAL FUND FOR THE THREE YEARS ENDED SEPTEMBER 30 TOTAL REVENUES $ 588,510 $ 485,349 $ 346,302 EXPENDITURES 1983 1982 1981 REVENUES General and Administrative Property taxes $ 411,620 $ 350,927 $ 214,326 Licenses and permits 19,285 15,357 14,657 Intergovernmental revenues 12,216 15,294 34,246 Charges for services 41,817 32,122 28,098 Fines and forfeitures 7,624 8,644 4,847 Franchise fees 46,885 45,411 40,841 Interest 10,655 8,936 8,293 Miscellaneous revenues 38,408 8,658 994 TOTAL REVENUES $ 588,510 $ 485,349 $ 346,302 EXPENDITURES General and Administrative $ 159,844 $ 111,501 $ 74,234 Police Department 288,080 246,345 199,712 Fire Protection 31,777 21,946 13,763 Streets 15,847 28,115 24,462 Sanitation 95,009 84,649 61,518 Capital Outlay 265,000 -0- 19,360 TOTAL EXPENDITURES $ 855,557 $ 492,556 $ 393,049 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $(267,047) $( 7,207) $( 46,747) OTHER FINANCING SOURCES (USES) Loan Proceeds $ 265,000 $ -0- $ -0- Operating Transfers In 31,966 1,900 2,400 TOTAL OTHER FINANCING SOURCES (USES) $ 296,966 $ 1,900 $ 2,400 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ 29,919 $ (5,307) $ (44,347) 10 TOWN OF GULF STREAM, FLORIDA ASSESSED VALUATIONS, TAXES LEVIED AND COLLECTED AND CURRENT MILLAGE LEVY *Collections still in process Ad Valorem Tax Millage Rates Fiscal Gross Assessed Value Taxable Assessed Value Fiscal Year Including Homestead & Excluding Homestead & Fiscal Year Other Exempt Property Other Exem t ert 1983 -1984 $116,994,524 ;E2, 108,66,823 1982 -1983 108,565,807 101,124,057 1981 -1982 68,746,038 63,581,541 1980 -1981 47,933,443 44,651,691 1979 -1980 44,981,599 42,748,990 *Collections still in process Ad Valorem Tax Millage Rates Fiscal Town of Gulf Stream Collections Fiscal Year Taxes Levied Amount Percent 1983 -1984 512,633 $465,219 90.75 %* 1982 -1983 429,506 411,620 95.84 1981 -1982 363,287 350,927 96.60 1980 -1981 223,124 214,326 96.06 1979 -1980 203,229 195,450 96.17 *Collections still in process Ad Valorem Tax Millage Rates Fiscal Town of Gulf Stream County $17,885 School Board Year Operating Operating Debt Service Operating Debt Service 1983 -1984 4.7174 3.8267 .4222 5.3495 1.5834 1982 -1983 4.2473 3.9630 .2193 4.8610 1.2721 1981 -1982 5.7123 4.6526 .2835 5.6251 1.2941 1980 -1981 4.9970 6.8908 .4319 6.4040 2.2260 1979 -1980 4.7540 5.9457 .3713 6.7500 .2700 TOWN OF GULF STREAM, FLORIDA LARGEST TAXPAYERS AND AMOUNT OF TAXES PAID FOR 1983 Name of Taxpayer Total Assessed Taxes Paid to Valuation Town of Gulf Stream Gulf Stream Golf Club $3,942,032 $17,885 Summerset of Gulf Stream, Inc.(condo) $2,621,659 $11,894 Gulf Stream Little Club $2,347,806 $10,652 Westminster, Inc.(condo) $2,020,877 $ 8,821 Las Casitas, Inc.(condo) $1,446,760 $ 5,997 Gulf Stream Bath & Tennis Club $1,004,849 $ 4,559 -7- Disposition of Tax Collections Florida Statutes require Palm Beach County to distribute to each taxing authority the taxes collected at the rate of four times during the first two months after the tax roll becomes due and once per month thereafter. Upon receipt, the moneys representing debt service are to be credited to the Town debt service fund, a special accounting fund created and maintained pursuant to Florida Statutes and the resolution authorizing the Bonds. Debt service millage over and above millage limitations fixed by the Florida Constitution is authorized only for the payment of general obligation bonds, and any diversion of such tax collections to a purpose other than payment of the voted general obligation bonds would violate the Florida Constitution. Consistent with the above, the resolution authorizing the Bonds provides that the proceeds of all such taxes levied for the payment of the principal of and interest on the Bonds shall be deposited by the Town in a special fund known as the Sinking Fund and used solely for the payments of principal and interest on the Bonds. Summary The above constitutes a summary of the applicable provisions of tax statutes generally appearing in the Florida Statutes, but is qualified in its entirety by reference to such statutes themselves. An investment decision with respect to the Bonds should be based upon an actual reading of such statutes and upon appropriate legal advice. Tax Collection All taxes are due and payable on November 1 of each year. The Palm Beach County Tax Collector has the duty of collecting all county, municipal and district taxes, which taxes become delinquent on April 1 following the year in which they are assessed. A discount is allowed to the taxpayer for early payment of his taxes as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes Delinquent All unpaid taxes upon real and personal property become delinquent on April 1 of the year following the year in which the taxes were assessed. Real property tax certificates bear interest at the rate of 18% per annum from that date until a tax certificate is sold, after which the interest is as bid by the buyer. If no tax certificate has been sold, the tax certificate is held by the County, and the County may apply for a tax deed. Personal property taxes bear interest at 18% per annum from April 1 until paid or barred under Chapter 95 of the Florida Statutes. All taxes imposed pursuant to the Constitution and Laws of Florida are a first lien on the property aginst which taxes have been assessed. Tax Certificates The Tax Collector advertises once each week for four weeks before June 1 of each year and sells tax certificates on all real property taxes due. At the time designated in the advertisement, the Tax Collector commences the sale of tax certificates on such real property for an amount equal to the unpaid taxes, interest, costs, and charges thereon at the lowest rate of interest. Tax Deeds At any time after two years have elapsed since April 1 of the year of the issuance of the tax certificate and before the expiration of seven years, the holder may apply for a tax deed. Two years after such April 1, the County must make application for a tax deed. Upon receipt of such applications a public sale is advertised and held unless the property is redeemed. Redemption of Land by Owners Redemption may be made by the owner of any land upon which a tax certificate has been sold. The owner may redeem the land at any time before a tax deed is issued by paying to the Tax Collector the amount of the certificate plus all taxes, interest, costs, charges, and omitted taxes from the date of the certificate to the date of redemption. -5- Property Valuation and Assessments Section 4 of Article VII of the Constitution of the State of Florida provides that "By general law regulations shall be prescribed which shall secure a just valuation of all real property for ad valorem taxation." The factors considered in arriving at a just valuation, as set forth in Section 193.011, Florida Statutes, are: (1) the present cash value of the property; (2) the highest and best use to which the put in the immediate future and the (3) (4) (5) 6) 7) 8) the location of the property; the quantity or size of the property; the cost of the property and the improvements thereon; the condition of the property; the income from the property; and, property can be expected to be present use of the property; present replacement value of any the net proceeds of the sale of the property. All real property in the County is assessed at 100% of the just value by the Palm Beach County Property Appraiser, who is required to complete an assessment, as of January 1 of each year, of the value of all real property in the County no later than July 1 of each year. He is required to inspect physically the real property every three years to determine its just value. Homestead Exemption Every person who has the legal title or beneficial title in equity to real property in the State and who resides thereon and in good faith makes the same his or her permanent residence, or the permanent residence of another or others legally or naturally dependent upon such person, is entitled to an exemption from all taxation, except for assessments for special benefits, up to the assessed valuation of $25,000 on the residence and contiguous real property. An additional exemption of $10,000 is granted to such persons who are over 65 years of age. Tangible personal property is assessed at its just value. Tax Levy Florida law limits ad valorem tax millage levies for cities to 10 mills, except additional taxes may be levied as required for debt service upon approval of the electors. The Town's total millage levy for its fiscal year beginning October 1, 1983, is 4.7174 mills. -4- 4. Maintenance and improvement of the Town's canals at a cost of $97,000, which represents approximately 30% of the cost of the project. The remainder of the cost will be paid by property owners directly abutting the canals to be improved. These projects shall include other purposes appurtenant or incidental thereto, including costs and expenses associated with the issuance and sale of the Bonds. SECURITY The full faith, credit and taxing power of the Town are irrevocably pledged for the prompt payment of the principal of and interest on the Bonds. In each year while any of the 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, over and above all other taxes, sufficient to pay into the Sinking Fund the Bond Service Requirement as the same shall become due. Such tax shall be assessed, levied and collected in the same manner as other Town taxes. AD VALOREM TAX PROCEDURES Budget Process The annual budget process is conducted within the policy and management framework established by Gulf Stream's Town Commissioners. In the early Spring, the Board adopts a basic budget policy. During the next four months, the budget is being prepared and reviewed. The Town sets forth capital improvements to be made. On or before July 15 of each year, the Town Manager, as the Board of Town Commissioners' designated Budget Officer, submits to the Board a tentative budget for the ensuing fiscal year. The tentative budget includes proposed expenditures and the means of financing them. The Board requires such changes to be made as it deems necessary, provided that the budget remains in balance. Anytime after July 15, but prior to September 30, the Board certifies to the County Property Appraiser the millage rates to be shown on the Notices of Property Taxes, which are mailed to each taxpayer prior to public hearings held for the Board to adopt the tentative and final budgets. Budgetary preparation, notices, public hearings, and adoption are subject to Chapters 129 and 200 of the Florida Statutes. Prior to October 1, the budget is legally enacted through passage of a resolution. After this, all changes to the final budget must be approved by the Board in accordance with Section 129.06 of the Florida Statutes. There is a process of review of appropriations and expenditures by the budget office and weekly monitoring to check incoming revenues against the budgeted revenues. Budgeting is used by management to monitor and evaluate programs and functional activities during the year for all funds of the Board. Budgets for the Governmental Fund Types are adopted on a basis consistent with generally accepted accounting principals. -3- commencing December 1, 1984, by check or by draft mailed to the registered owner by Sun Bank, National Association, as Registrar and Paying Agent. The principal of the Bonds and premium, if any, is payable to the registered owner thereof or his transferee upon presentation when due at the principal corporate trust office of Sun Bank, National Association, or its successor. Payment of the semiannual interest hereon shall be made by check or draft mailed to the person in whose name the Bond is registered at his address as it appears on the registration books maintained by the Registrar on behalf of the Town at the close of business on the fifteenth (15th) day of the month (whether or not a business day) next preceding each interest payment date (the "Record Date "), irrespective of any transfer or exchange of the Bonds subsequent to the 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 registered owner at the close of business on a special record date for the payment of such defaulted interest as established by notice mailed to the person in whose name the Bonds are registered at the close of business on the fifth (5th) day preceding the date of mailing. Redemption The Bonds maturing in the years 1985 through 1992, both inclusive, are not redeemable prior to their respective stated dates of maturity. The Bonds maturing on or after June 1, 1993 are subject to redemption, at the option of the Town, on June 1, 1992 and any interest payment date thereafter, in whole or in part (in inverse order of their maturities and by lot within a maturity) at the following redemption prices, plus accrued interest to the date of redemption: Redemption Period Redemption Price (Dates Inclusive) percent of Principal Amount) 6/1/92 and 12/1/92 103% 6/1/93 and 12/1/93 102% 6/1/94 and 12/1/94 101% 6/1/95 and thereafter 100% PURPOSE The Bonds are being issued for the financing of four separate projects as follows: 1. 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. 2. Construction, equipping and /or improvement of public works projects consisting of road improvements, drainage and paving. 3. Repayment of an existing loan upon the Gulf Stream water system and construction, equipping and /or improvement of the Town water system. -2- OFFICIAL STATEMENT $1,540,000 TOWN OF GULF STREAM, FLORIDA General Obligation Bonds INTRODUCTION The purpose of this Official Statement which includes the cover page, summary statement and the appendices is to provide information concerning the sale by the Town of Gulf Stream, Florida (the "Town "), of $1,540,000* principal amount of bonds designated General Obligation Bonds, dated June 1, 1984 (the "Bonds "). The Bonds are being issued under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particu- larly Chapter 166, Part II, Florida Statutes (1983); Section 100.201 through 100.351, Florida Statutes; Resolution No. 84 -4 duly adopted by the Town Council of Gulf Stream on April 13, 1984, as supplemented (the "Resolution ") and other applicable provisions of law. The issuance of the Bonds was approved by a majority of votes cast in four separate bond referenda held on March 13, 1984, by the qualified electors of the Town, in the manner required by the Constitution and Statutes of the State of Florida. The validity of the Bonds has been deter- mined by a final judgment of the Circuit Court of the Fifteenth Judicial Circuit Court of Florida in and for Palm Beach County rendered on May 18, 1984. The time of taking an appeal therefrom will expire on June 18, 1984. The references, excerpts and summaries of all documents referred to herein do not purport to be complete statements of the provisions of such documents, and reference is directed to all such documents for full and complete statements of all matters of fact relating to the Bonds, the security for the payment of the Bonds and the rights and obligations of the holders thereof. The attached Appendices A, B and C are integral parts of this Official Statement and must be read together with all of the statements herein contained. The Resolution authorizing the issuance of the Bonds is reproduced herein as Appendix A. Capitalized terms used but not defined herein have the same meaning as in the Resolution unless the context would clearly indicate otherwise. DESCRIPTION OF THE BONDS General The Bonds are being issued in the aggregate principal amount of $1,540,000, in fully registered form in the denominations of $5,000 and integral multiples thereof. The Bonds will be dated as of June 1, 1984 and will bear interest from that date and mature on the dates set forth on the cover page. Interest on the Bonds will be payable semiannually on June 1 and December 1 of each year, -1- No dealer, broker, salesman or other person has been authorized to make any representations, other than as contained in the Official Statement, and if given or made, such other information or representations must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solici- tation or sale. The information contained in this Official Statement has been obtained from public documents, records and other sources considered to be reliable and, while not guaranteed as to completeness or accuracy, is believed to be correct. Any statements in this Official Statement involving estimates, assumptions and matters of opinion, whether or not so expressly stated, are intended as such and not as representations of fact, and the Town expressly makes no representation that such estimates, assumptions and opinions will be realized or fulfilled. Any information, estimates, assumptions and matters of opinion contained in this Official Statement are subject to change without notice, and neither the delivery of this Official Statement, nor any sale made hereunder, shall under any circumstances, create any implication that there has been no change in the affairs of the Town since the date hereof. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITER MAY OVER - ALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCON- TINUED AT ANY TIME. TABLE OF CONTENTS -ii- Page Introduction ................................ ....... ......................... -1- Description of the Bonds ..................... ............................... -1- Purpose ...................................... ............................... -2- Security .................................................................... -3- AdValorem Tax Procedures .................... ............................... -3- Assessed Valuations, Taxes Levied and Collected and Current Millage Levy.... -7- Largest Taxpayers and Amount of Taxes paid for 1983 ......................... -7- Statements of Revenues and Expenditures - General Fund ...................... -8- Sources and Uses of Funds .................... ............................... -9- Debt Service Amortization Schedule ........... ............................... -9- Town of Gulf Stream and Palm Beach County General Information ............... .12- Underwriting .................................................................17- Validation ...................................................................15- Legality .....................................................................15- Tax Exemption ................................ ............................... .15- Litigation ...................................................................15- Bond Rating ..................................................................16- Proposed Constitutional Referendum .......................................... .16- Authorization of and Certification Concerning Official Statement ............ .17- Miscellaneous ............................................................... .17- Appendix A - Authorizing Resolution Appendix B - Form of Legal Opinion Appendix C - Form of Insurance -ii- TOWN OF GULF STREAM, FLORIDA OFFICIALS William F. Koch Jr., Mayor Joel Hunter, Vice Mayor Alan I. Armour, Commissioner Robert J. Dixson, Commissioner Brian Pfeifler, Commissioner Town Manager and Finance Director William E. Gwynn Town Clerk Barbara Gwynn Town Attorney Johnston, Sasser, Randolph & Weaver West Palm Beach, Florida Town Auditors Ernst & Whinney West Palm Beach, Florida Engineers Post, Buckley, Schuh & Jernigan, Inc. Hollywood, Florida Bond Counsel Livermore, Klein &.Lott, P.A. Jacksonville, Florida Underwriter's Counsel DeSantis, Cook, Gaskill & Silverman North Palm Beach, Florida -i- In the opinion of Bond Counsel, the interest on the Bonds is, under existing laws, regulations and judicial decisions, exempt from all Federal income taxation and the Bonds and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations. Rating: Standard & Poor's: AAA (MBIA Insured) $1,540,000 TOWN OF GULF STREAM, FLORIDA General Obligation Bonds Dated: June 1, 1984 Due: June 1, as shown below The General Obligation Bonds (the "Bonds ") are being issued to finance the cost of construction and equipping of various projects of the Town of Gulf Stream, (the "Town ") as more fully described herein. The issuance of the Bonds was approved by a majority of the qualified voters of the Town cast in four separate bond referenda held on March 13, 1984, in the manner required by the Constitution and Statutes of the State of Florida. The principal of and interest on the Bonds are payable from ad valorem taxes levied and collected without limitation as to rate or amount on all taxable property within the Town and the full faith, credit and taxing power of the Town is irrevocably pledged for the prompt payment of the principal of and interest on the Bonds. The Bonds are being issued as fully registered bonds in denominations of $5,000 and integral multiples thereof. Interest (first payment due December 1, 1984 and semiannually June 1 and December 1 thereafter) will be payable by check or draft mailed to the registered owner by Sun Bank, National Association, as Registrar and Paying Agent. Principal of the Bonds is payable to the registered owner or transferee upon presentation when due at the principal corporate trust office of Sun Bank, National Association. The Bonds will be subject to redemption prior to maturity as described herein. (Plus Accrued Interest) The Bonds are offered when, as and if issued and received by the Underwriters subject to the receipt of an unqualified opinion as to the validity of the Bonds by Livermore, Klein & Lott, P.A. Jacksonville, Florida, Bond Counsel. Certain other legal matters will be passed upon for the Town by Johnston, Sasser, Randolph & Weaver, West Palm Beach, Florida, Town Attorneys. Certain legal matters will be passed on for the Underwriters by their counsel, DeSantis, Cook, Gaskill & Silverman, North Palm Beach, Florida. It is expected that the Bonds in definitive form will be available for delivery in New York, New York on or about June 25, 1984. June 1, 1984 WILLIAM R. HOUGH & CO. Maturities, Amounts, Interest Rates and Yield or Price Interest Interest Maturity Amount Rate Price Maturity Amount Rate Price 1985 $ 70,000 6.50% 100% 1992 $120,000 9.00% 100% 1986 75,000 7.00 100 1993 130,000 9.25 100 1987 80,000 7.25 100 1994 140,000 9.50 100 1988 85,000 7.75 100 1995 155,000 9.75 100 1989 95,000 8.25 100 1996 170,000 10.00 100 1990 100,000 8.50 100 1997 185,000 10.10 100 1991 110,000 8.75 100 1998 25,000 10.20 100 (Plus Accrued Interest) The Bonds are offered when, as and if issued and received by the Underwriters subject to the receipt of an unqualified opinion as to the validity of the Bonds by Livermore, Klein & Lott, P.A. Jacksonville, Florida, Bond Counsel. Certain other legal matters will be passed upon for the Town by Johnston, Sasser, Randolph & Weaver, West Palm Beach, Florida, Town Attorneys. Certain legal matters will be passed on for the Underwriters by their counsel, DeSantis, Cook, Gaskill & Silverman, North Palm Beach, Florida. It is expected that the Bonds in definitive form will be available for delivery in New York, New York on or about June 25, 1984. June 1, 1984 WILLIAM R. HOUGH & CO. N n En C Oc 0 n w m � a o• < m c � Q' y m » a m o c z N 0 Er N m r,, 3 0 r4" N �yV N b 117 a`3 c^ �o .6 0 o f° 0 0 n �' m �' o � m �. N � C Si � o CA N 0 1 ^ L m �' w d .m. C. w c<o n •< 3 o m a T m y, a c W �• o c m c y m V 0 n. 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CD i 1 Q' n o. �• -°i Q m Iii m m m A m tz 3 c N O IF �y dc_ ^ 0) 0 m n. m m N c��❑ m b7 o m o- S m a T b to fn m O o O C� + 0 N G O 2 5.m m m m U A Y O) m m o G7 N T r 2 v G mym j po ^COO a�6'z3 �3na� O E;xs 0 c�E Proof of Publication Vs. ................... .... ............................. .............. ...................... .... Filed in the Office of Clerk of Circuit Court By 19 .............. Clerk A C. ....- ...............--.......................---.............. ............................._. Complainant's Solicitor. EN Post, Buckley, Schuh & Jernigan, Inc. CONSCLTINC ENGINEERS and PLANNERS To Town of Gulf Stream 246 Sea Road Gulf Stream, Florida 33444 GENTLEMEN WE ARE SENDING YOU • Shop drawings • Copy of letter TRANSMITTAL . r 6r X11 1 RE ..it of a • Attached ❑ Under separate cover via the following items. • Prints ❑ Plans ❑ Samples ❑ Specifications • Change order R1( Othor - ac de&cri-b°rl bP_1_sad COPIES DATE NO, DESCRIPTION 1 6/11/84 Advertisement - Proof of Publication - Fort Lauderdale News 1 6/11/84 - - Palm Beach Post. THESE ARE TRANSMITTED as checked below: ❑ For approval ❑ Approved as submitted AFor your use ❑ Approved as noted ❑ As requested ❑ Returned for corrections ❑ For review and comment ❑ ❑ FOR BIDS DUE REMARKS: COPY TO • Resubmit copies for approval • Submit copies for distribution ❑ Return corrected prints 19 ❑ PRINTS RETURNED AFTER LOAN TO US I have enclosed "Proof of Publication" copies for your records. SIGNED - /t / Helen Zdmwalt °ORM NO CIS,070 03 If enclosures are riot as rioted kindly notify us at once 4 TOWN OF GULF STREAM PALM BEACH COUNTY, FLORIDA COMMISSIONERS MAIL ADDRESS 246 SEA ROAD William F. Koch, Jr., Mayor GULF STREAM, FLORIDA Joel Hunter, Vice Mayor 33444 Alan I. Armour TEL.: GULF STREAM Robert J. Orson 27 &5116 Brian Pieltier Town Manager WILLIAM E. GWYNN Deputy Town Clark BARBARA GWYNN Chief of Police JAMES GREER June 8, 1984 Please be advised that there will be a Special Town Co mission meeting june 19, 1984 at 9 A.M. at the Gulf Stream Town Hall, 246 Sea Road Gulf Stream, Fla. Should you have any questions, Please do not hesitate to contact me. Sincerely, Barbara Gwynn Town Clerk TOWN OF GULF STREAM 346 SEA ROAD GULF STREAM. FLORIDA 33444 TOWN OF GULF STREAM 246 SEA ROAD GULF STREAM. FLORIDA 33444 The Palm Beach Post Tines 313 N. E. 2nd AVe Delray Beach, Fla. 33444 The Sun Sentinel P.O. Box 14430 Ft. Lauderdale, Fla 33302 USA; USAF RESOLUTION NO. 84 -6 A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, FLORIDA, PETITIONING THE BOARD OF COUNTY COMMISSIONERS OF PALM BEACH COUNTY PURSUANT TO SECTION 125.01(6)(a) and (7) FLORIDA STATUTES (1979), TO PROVIDE RELIEF FROM TAXES UNLAWFULLY LEVIED UPON PROPERTY SITUATED WITHIN THE TOWN OF GULF STREAM TO FINANCE SERVICES RENDERED SPECIALLY FOR THE BENEFIT OF THE PROPERTY OR RESIDENTS IN UNINCORPORATED AREAS OF PALM BEACH COUNTY BY REMITTING TO THE TOWN OF GULF STREAM THE IDENTIFIED COST OF SUCH SERVICES LEVIED AND COLLECTED DURING THE 1978 -79, 1979 -80, 1980 -81, 1981 -82, 1982 -83, AND 1983 -84 FISCAL YEARS, AND BY FINANCING SUCH SERVICES FROM REVENUES DERIVED SPECIFICALLY FROM OR ON BEHALF OF A MUNICIPAL SERVICE TAXING UNIT, SPECIAL DISTRICT, UNINCORPORATED AREA, SERVICE AREA OR PROGRAM AREA, OR BY ANY OTHER LAWFUL METHOD, DURING THE 1984 -85 FISCAL YEAR; AND FOR OTHER PURPOSES. I WHEREAS, Section 125.01(6)(a), Florida Statutes (1979), establishes the method and procedure by which the governing body of a municipality may petition the Board of County Commissioner to develop an appropriate mechanism to finance services, programs and activities for the ensuing fiscal year rendered specially for the benefit of the property or residents in unincorporated li areas and financed from county -wide revenues; and WHEREAS, Section 125.01(7), Florida Statutes (1979), i iprohibits the use of county revenues to fund any service or project provided by the county where no real and substantial benefit accrues to the property or residents within a municipality or municipalities, except county revenues derived specifically from or on behalf of a municipal service taxing unit, special district, unincorporated area, service area or program area; and WHEREAS, the Town Commission of the Town of Gulf Stream, a municipality within Palm Beach County, Florida, hereby petitions the Board of County Commissioners of Palm Beach County to develop an appropriate mechanism to finance the activities and services identified herein of the Town of Gulf Stream either by taxes, special assessments, or service charges levied solely upon residents or property in the unincorporated areas of Palm Beach County, by the establishment of a municipal service taxing or benefit unit pursuant to Section 125.01(1)(q), Florida Statutes, or by remitting to the Town of Gulf Stream the identified costs of said services paid by the taxes levied upon property situated within the Town of Gulf Stream; and WHEREAS, the Board of County Commissioners of Palm Beach County is now engaged in activities preparatory to the adoption of its budget for the 1984 -85 fiscal year; and WHEREAS, the Town of Gulf Stream, Florida has, and does hereby find and determine that the services described in Section 1 below, now financed from county -wide revenues are rendered specifically for the beneift of the property or residents in the unincorporated areas and the property owners in the Town of Gulf Stream receive no real or substantial benefits from said services. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, FLORIDA, as follows: Section 1. That the Town Commission of the Town of Gulf Stream, Palm Beach County, Florida, pursuant to Section 125.01(6)(a) Florida Statutes (1979), does hereby petition the Board of County Commissioners of Palm Beach County, Florida, to remit to the Town of Gulf Stream the identified cost of the activities and services set forth below paid by the taxes levied upon property situated within the Town of Gulf Stream for the 1978 -79, 1979 -80, 1980 -81, 1981 -82, 1982 -83 and 1983 -84 fiscal years, said activities and services being rendered specially for the benefit of the property or residents in unincorporated areas of Palm Beach County and of no real or substantial benefit to the property in or residents of the Town of Gulf Stream, as follows: 1. Law enforcement rendered through the Sheriff's road patrol and detective divisions includign the overhead, communications and administration related thereto. 2. Construction and maintenance of neigh- borhood parks and recreation areas. 3. All services for the construction and maintenance of County roads and bridges not on the classified county road system - 2 - r- including but not limited to: (a) engineering, road and bridge administration services, designs and land acquisitions; (b) street signs, traffic signs, striping, signal installations, operation and maintenance. 4. Erection and maintenance of street identification signs. 5. Operation of the County Planning, Zoning and Building Department. 6. Construction and maintenance of sub- division street system. 7. Maintenance of shellrock roads. 8. Installation and maintenance of street lighting systems. 9. Construction and maintenance of storm drainage systems. 10 Administration of solid waste collection systems. 11. Administration of fire control tax districts. 12. Fire prevention code enforcement and fire control. 13. Administration of land development programs. 14. Planning, acquisition, construction, maintenance and operation of water and sanitary sewer utility systems. 15. General administration for the County commission including, but not limited to, the County Commission, County Attorney, County Administrator, Radio Communications System, and Finance Office. 16. Rural lot cleaning program. Section 2. That the Town Commission of the Town of Gulf Stream, Palm Beach County, Florida further petitions the Board of County Commissioners of Palm Beach County pursuant to Section 125.01(6)(a) and (7), Florida Statutes (1979), to finance the activities, programs and services set forth in Section 1 of this Resolution by taxes, special assessments or service charges levied or imposed solely upon residents or property in the unincorporated area of Palm Beach County; by the utilization of one or more municipal service taxing units to levy ad valorem taxes specifically upon property in the unincorporated area of Palm Beach County to finance those activities and services during the 1984 -85 fiscal year; or - 3 - by remitting the identified cost of service paid from revenues required to be expended on a county -wide basis to the Town of Gulf Stream, within six (6) months of the adoption of the county budget, in the proportion that the amount of County revenues collected within the Town of Gulf Stream bears to the total amount of county -wide revenues collected by the county, or by any other method prescribed by state law. Section 3. That the Town Clerk shall file a certified COPY of this Resolution with the Palm Beach County Clerk and shall have hand - delivered a copy to each of the County Commissioner of Palm Beach County, the County Administrator and the County Attorney. PASSED AND ADOPTED this & day of\ �e Y, , 1984. ATTEST: TOWN CLER;t `. \1__) - 4 - 4 AS AN TITUTING THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, FLORIDA RESOLUTION NO. 84 -7 A RESOLUTION AWARDING $1,540,000 GENERAL OBLIGATION BONDS OF THE TOWN OF GULF STREAM, FLORIDA; FIXING THE DATE, DENOMINATION, MATURITY, INTEREST RATES, INTEREST PAYMENT DATES, AND REDEMPTION PROVISIONS WITH RESPECT TO SUCH BONDS; AUTHORIZING OTHER ACTION IN CONNECTION WITH THE DELIVERY OF SUCH BONDS; DESIGNATING A PAYING AGENT AND REGISTRAR; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Town of Gulf Stream, Florida (the "Issuer "), has previously authorized the issuance of $10727,500 General Obligation Bonds of the Issuer; and WHEREAS, the Issuer hereby finds that only $1,540,000 of such Bonds will be needed to finance the projects which were approved and that the relatively small size of the financing requires that its terms be negotiated at private sale rather than offered by competitive bid at public sale in order to assure the most favorable terms in the bond market and, therefore, has determined to sell $1,540,000 principal amount of such Bonds (the "Bonds ") at private, negotiated sale; and WHEREAS, the Issuer has received a Contract to Purchase (the "Purchase Contract ") from William R. Hough & Co. (hereinafter called the "Underwriter "), the acceptance of which has been determined to be in its best interest; and WHEREAS, the Issuer desires to authorize use of the Preliminary Official Statement and final Official Statement and the taking of all other necessary action in connection with the delivery of the Bonds; now, therefore, BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULF S. REAM, FLORIDA: SECTION 1. AWARD OF BONDS. The Issuer hereby finds, determines and declares that the relatively small size of the issue requires that the bond issue be negotiated at private sale rather than offered by competitive bid at public sale in order to obtain the most favorable terms in the bond market. The negotiated sale of the principal amount of Bonds stated in the title of this resolution and in the Purchase Contract of the Underwriter is hereby authorized pursuant to Section 218.385, Florida Statutes. The offer in the form of the Purchase Contract, attached hereto as Exhibit "A" and made a part hereof, relating to the purchase of the Bonds is hereby accepted and such principal amount of Bonds are hereby awarded and sold to the Underwriter at the purchase price and upon the terms and conditions set forth in the Purchase Contract. The Issuer acknow- ledges receipt of the information required by Section 218.385, Florida Statutes, in connection with negotiated sale of bonds. A copy of the Underwriter's letter containing the required information is attached to the Purchase Contract as Exhibit "B ". LKL- 05/23/84 -221A -1568 -1- Rev.06 /06/84 SECTION 2. DESCRIPTION OF BONDS. The Bonds shall be issued in fully - registered form, shall be dated, shall be in such denominations, shall mature on such dates in the years and amounts and shall bear interest, payable on such dates, at the rates of interest all as set forth in the Official Statement hereinafter referred to in Section 4 hereof. SECTION 3. REDEMPTION PROVISIONS. The Bonds shall be subject to redemption prior to maturity upon the terms and in the manner provided in the Official Statement described in Section 4 hereof (the "Official Statement "). SECTION 4. APPROVAL OF OFFICIAL STATEMENT FOR BONDS. The use of the final Official Statement relating to the Bonds, with such revisions as shall be approved by the Mayor, such approval to be evidenced by his execution thereof, is hereby authorized and approved in connection with the marketing of the Bonds, and the proper officers of the Issuer are hereby authorized to execute the final Official Statement and to deliver same to the Underwriters. The use of the Preliminary Official Statement dated May 30, 1984, and attached to the Purchase Contract as Exhibit A, by the Underwriters is hereby ratified. SECTION 5. EXECUTION OF PURCHASE CONTRACT AND AUTHORI- ZATION OF ALL OTHER NECESSARY ACTION. The proper officers of the Issuer are hereby authorized and directed to execute and deliver the Purchase Contract and to execute the Bonds when prepared and deliver the same to the Underwriters upon payment of the purchase price pursuant to the conditions stated in the Purchase Contract. The Mayor, Town Clerk and Attorney for the Issuer, and Bond Counsel for the Issuer are each designated agents of the Issuer in connection with the issuance and delivery of the Bonds, and are authorized and empowered, collectively or individually, to take all action and steps to execute and deliver any and all instruments, documents or contracts on behalf of the Issuer which are necessary or desirable in connection with the execution and delivery of the Bonds and which are not inconsistent with the terms and provisions of this resolution and other actions relating to the Bonds heretofore taken by the Issuer. SECTION 6. DESIGNATION OF PAYING AGENT AND REGISTRAR. t n ,,0 =0� n„r. $ I. ,A , is hereby designated and approved as paying agent and registrar for the Bonds. SECTION 7. EFFECTIVE DATE. This resolution shall take effect immed- iately upon its adoption. LKL-06 /06/84 -221A -1568 -2- ATTEST: TOWN CLERK PASSED AND ADOPTED this ` day f / Y �i 1984. Cy ICl -C t. Lc.�c.� -3- L W SSION OF THE TOWN OF GULF STREAMr FLORIDA