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1971.07.28_TC_Minutes_SpecialMINUTES OF THE SPECIAL MEETING OF THE TOWN COMMISSION - July 28, 1971 A special meeting, called. for the purpose of further ,~~~~y1pf work in regard to the bond issue on the Improvement District #l, was held on July 28, 1971 at 7:05 P. M. Present were Mayor Horton, Comm. Joy and Comm. Jurisch, who again flew down from North Carolina. A Resolution ## 181, ratifying and adopting the assessment roll for Improvement District #1 in the Town of Highland. Beach, Florida, as equalized and revised., was read. Comm. Jurisch moved it be adopted, Comm. Joy seconded and the vote was unanimous. A Resolution ~# 182, authorizing the issuance of not exceeding $ 197,000. Improvement bonds, series #l, of the Town of Highland Beach, Florida; providing for the rights of the holders thereof; and pledging for the payment thereof the proceeds from special assessments, was read. Comm. Jurisch moved it be adopted. Comm. Joy seconded and the vote was unanimous. The meeting adjourned. at 7:10 P. M. APPROVE -, ~` ATTEST • '~ wn C erk f ~/ ~~ DATED : ~~ , jG , !9'7/ EXTRACTS FROM THE MINUTES OF A Special MEETING OF THE _ Town Commission a OF Town of Hi~h1,~Ld ~,~~h .' ~~}` ,<' HELD ON THE -28th DAY OF July. lg 71 The T awl C' o_ m~~ of Town of Highland Beach met in Special meeting at Town Ha11 ~' Town in the Q`,~,~ of Highland Beach Florida at 7:05 o'clock ~.M. on the 28th day of July , 1971 the place, hour, and date duly established 'for the hold- ing of such meeting. The Mavor called the meeting to order and on roll call the following answered present: Mavor L.'Y. Horton , Town Clerk L. W. Joy ,_ Commissioner F. R. Juri~sch , and the following were absent: Commissioner C. F. Hackman , Vice Mayor J. W. Vedder The mayor declared a quorum present. A Resolution entitled: No. 182 Authorizing t-he issuance of not exceeding $ 197,000.oo Improvement bonds, series No, one of the Town of Highland Beach, Florida; ~~roviding for the ~~ rights of the holders thereof; and pledging for the payment thereof the proceeds from special assessments.. was introduced.. by Mr. .~L3rt~.n..3~sLr„t~n . Said Resolutian was then read in Eull and discussed. and considered. Mr. Commissioner Jurisch then moved the adoption of Ll~e Resolution as introduced and read. Mr. Town Clerk Joy seU,~nded the motion, and, on roll call, the following voted "Aye" _L,..._Ys Horton L W Jov, F ,~ Jurist ~. anc~ the following voted "Nay" -*TpnP - ---- , The Mavor thereupon declared the motion car,~•ied and the Resolution adopted. as 'introduced and read. There being no further business to come before the mef.~~;ing, upon motion duly made and seconded, the meeting was ad;j~•,urned. ,...~ • ~ iA 7 ' ~~ . ; .. • • RESOLUTION N0. RESOLUTION AUTHORIZING THE ISSUANCE OF NOT , EXCEEDING $197,000.00 IMPROVEMENT BONDS, SERIES NO. ONE OF THE TO44N OF HIGHLAND BEACH, FLORIDA; PROVIDING FOR THE RIGHTS OF THE HOL- DERS THEREOF; AND PLEDGING FOR THE PAYMENT THEREOF THE PROCEEDS FRO:: SPECIAL ASSESSD.ENZ'S. BE IT RESOLVED by the Town Commission of the Town of Highland Beach, Florida, that: SECTION 1. It has heretofore been determined that it is necessary and desirable to make certain local sanitary sewer and storm drainage improvements within the area known as Improvement District No. One in the. Town of Highland Beach, Florida (hereinafter referred to as the "Town"}, consisting~of sewage collection lines, pumping stations, man holes, force mains, storm sewers and drains, including the installation of water mains, street paving and appur- '_ tenant facilities (hereinafter called the "project"}. SECTION 2. It is hereby found and determined as follows: A. The cost of the construction of the project in Im- provement District No. One will be paid by the issuance and delivery of the bonds herein authorized,, and, such cost shall include the amount required to pay interest during the period of construction and for one year thereafter and such other costs incurred pursuant to the provisions of Section 170.03, Florida Statutes. Such bonds shall be payable from the proceeds derived from the levy and collec- tion of special assessments against the property specially benefited. by the construction. of the project and such special assessments have been .levied against such property in proportion to the special and positive benefits to be received from the construction of such project . ., B. The eontract for the construction of such project has been f finally awarded. _. ~C..-.The assessment roll heretofore prepared by the Town's .". ~' ..r. Consulting Engineers imposes assessments upon the properties to be specially benefited:by the~propcsed project and~the amount of such . ~~° assessments as to each parcel .assessed does not exceed the amount .:by wY~ich such parcel is determined to be.benefited. The Town Com- •.tnission has heretofore equalized, adjusted and confirmed such as-.. . ~., sessments pursuant to the provisions of Chapter 170, Florida Stat- ._utes, Gnd each assessment shall be credited pro rata .with the difference between the amount originally confirmed and the portion of the actual cost o~ the improvernent which shall be financed through the, issuance of the bonds herein authorized. . . D. It is deemed necessary and desirable to pJ.edge the proceeds of the special assessments levied against the properties.- specially benefited by the project to the payment of the principal :~ ,. .~ .,~of and interest on the bonds herein authorized. E. The amount of the above described proceeds, as esti- mated, together with interest thereon and penalties, will be suf-- . ficient in the aggregate to pay the principal of and interest on ''the bonds herein authorized as the same become due, as provided in . this resolution. ~ . F~. The principal of and interest on the bonds to be is- sued pursuant to this resolution .and all other payments provided for will be paid solely from the proceeds of the special assess- ments,~including interest and penalties thereon., to the extent'.~~; that ,the same shall be lawfully levied and collected against all property.spe~cially benefited by the construction of the project. ~~ ~ .. The ,Town will trot tie auth®r~.zed to; Levy ad vale rein takes on any` real property therein to pay the principal of and interest on .the bonds herein authorized or to make any other payments provided ,~ _ -- .. tnent Bonds, Series No. One", herein sometimes referred to as "bonds", are. hereby authorized to be issued in the aggregate prin-- cipal amount of not exceeding One Hundred Ninety-Seven Thousand ti Dollars ($197,000.00). .~ . _ ~, ~. .. . .. _ _~ . - - ._ r. SECTION 5. Such bonds shall be dated. the first day of October, 1971 and shall be numbered consecutively beginning with number one (No. l), shall be in the denomination of $5,000 each, except Bonds Nos. 40 and 4I for $1,000 each, shall bear interest from the date thereof at a rate of not exceeding the maximum rate • per annum as permitted by applicable law, such interest to be pay- ' able semi-annually on April 1 and October 1 of each year, and shall mature on October 1, 1982. ,..Each of such bonds shall bear a certificate, signed by ~ :~, the facsimile signature of the Town Clerk, certifying that the aggregate amount of special assessment liens levied against the benefited property is at least equal to the aggregate amount of bonds issued hereunder. Town Commission; shall be payable ire lawful money of the United States of America; and shall bear interest from their. date payable in accordance with and upon surrender of the appurtenant coupons as tY~ey severally mature. .. ,.: .., , _ , ... ,. . . SECTION 7. The bonds shall be executed in the name• of the Town by the Mayor and countersigned and attested by the Clerk and ..the corporate seal of the Towri or a~ facsimile thereof ..shall be affixed thereto or reproduced thereon. The facsimile signatures of the Mayor and the Clerk may be inprinted or reproduced on~the bonds, provided that at least one signature required to be plzced • thereon shall be manually subscribed. In case•any one or more of the .officers who shall have signed or sealed any of the bonds shall cease to be such officer of the Town before the bonds so signed and sealed shall have been actually sold and delivered, such bonds may nevertheless be sold and delivered as herein pro- vided and may be issued as if the person who signed or sealed such bonds had not ceased to hold such office. Any bond may be signed and sealed on behalf of the Town by such person who, at the actual time of the execution of such .bond, shall hold .the proper office in the Town, although at the date of such bond such person may_not have held such office or may not have been so authorized. The coupons attached to the bonds shall be authenticated .. .. .,%. ,, ,. wi,tta the fac'simil~ s~.gna~ur~s of any pr~sont or future ~layox and - ~ „ ~ .. Clerk, and the validation certificate on said bonds shall be exe- cuted with. the facsimile signature of the tiayor. The Town may adopt arid• use for such. purposes the .facsimile signature of -,any person % SECTION ,. .destroyed, stolen and deliver a new tenor as the bond stroyed, stolen o: 9. In case any bond shall become mutilated or be or lost, the Town may in its discretion issue bond with all unmatured coupons attached of like and attached coupons, if any, so mutilated, de- lost, in exchange and substitution for such mutilated bond, upon surrender and cancellation of such mutilated bond and attached coupons, if any, or in lieu of and substitution for the bond and attached coupons, if any, destroyed, stolen or •~ lost, and upon the holder furnishing the Town proof of his owner- -ship thereof and satisfactory indemnity and complying with sucP, • other reasonable regulations and conditions as the Town may pze- scribe and paying such expenses as the Town my incur. All bonds .. .and coupons so surrendered shall be cancelled by the Clerk. Ii any such bonds or coupons shall have matured or be about to ~~~ •• Lure, instead of issuing a substitute bond or coupon, the Tow~~ may pay the same, upon being indemnified as aforesaid, and if such . . - :: ,. ,. _.. ;. ~. ' '. - ~ ~ . bond or coupon be lost, stolen or destroyed, wi~.hout surrender thereof . ~ ~ _ . _ .~. ~ ~ . to ° sued ursuant is ns d cou o .an ~onds . n ~ .such du .licate b P A P y ~ this section shall constitute original, additional contractual • obligations on the part .of the Town whether or not the lost, stolen '~cir destroyed bonds~or coupons be at any time found by anyone, and ..; ... such. duplicate bonds. and coupons shall be entitled, to equal and . proportionate benefits and .rights as to lien on and source and se- .. eurity for payment from the funds, as hereinafter pledged, to the ~~.. ,, same extent as-all other bonds and coupons issued hereunder. 'SECTION 10. The bonds shall be redeemable prior to ma- . ~ turity, at the option of the Town, in whole or in part.,. (by lot if ~• less than all), on any interest payment date after the issuance '; thereof at the price of par and accrued interest to the date of •redemption; provided, however, that a notice of such redemption .:shall have been published at least once in a newspaper of general circulation in the Town, and that the date of such publication shall be not less than tr:irty ' (30) days prior to the redemption date; .and, further, provided that written notice of such redemption shall also be given to the paying agent named in such bonds at least thirty {30) days before such redemption date. SECTION ll'.-The Town shall cause books for the registra- tion of the bonds to be kept by the Town Clerk as Registrar, or such other Registrar as may hereafter be appointed by the Town. At the option of the holder, any bond may be registered as to principal alone on 'such boo'~cs upon presentation thereof to the Registrar, who ., shall make notation of Such registration thereon. ~ A~~y bond r~ray b~ registered as to both principal and interest upon presentation there- of to the Registrar, accompanied by all unmatured coupons and all . matured coupons, if any, not theretofore paid •or•provided for, and , • ,the Registrar shall make notation of such registration thereon and detach therefrom. and retain in its custody alb. such coupons. Any • ~• bond registered as ~ao principal aJ.one or as to both principal and .`interest may thereafter be transferred only upon an assignment duly • executed by`~the registered owner or his attorney or legal repre-- ;, ".`sentative in such form as shall be satisfactory to the. Registrar, - ... 'such transfer to be made on such books and endorsed on the bond • • •by the Registrar. Unless such bond shall be registered as to both •~~ ~~principal and interest, such tran's.fer may be to bearer and thereby :`transferability by delivery, shall be restored, subject, however, to successive registrations and transfers as before, The princi- .pal of any bond registered as to principal alone, unless registered to bearer, and the principal of any bond registered as to both •. ~. .:principal and interest shall be payable only to•or upon the order • of the registered owner or his legal representative, but the cou- pons appertaining to any bond registered as to principal alone shall remain payable to bearer notwithstanding such registration. ~. - ~ Any bond registered as to both principal and interest may be reconverted into a coupon bond upon presentation thereof to the Registrar, .together with an instrument requesting such reconversion duly executed by the registered owner'or his attorney or legal re- - presentative and in-such form as shall be satisfactory to the Regis- tray Upon any such presentation the Registrar shall reattach to such .bond the coupons representing the interest to become due there- after on the bond to the date of maturity and interest then due and • '~~ ~ ••, unpaid, if'any, and 5ha~.l make notation thereon whether the bond is k registered as to principal alone or is payable. to bearer. The Town shall pay all costs of the first conversion or exchange of the Beach, in the County of Palm Beach, State of Florida .(hereinafter called "Town"), for ,value received, hereby promises to pay to the bearer hereof or, if this bond be registered, to the registered hol- der as herein provided, on the first day of October, 1982, solely from the special fund hereinafter described, the principal sum of Thousand Dollars ($ ~ and to pay solely from said special. fund interest thereon from the date of this bond until maturity at the rate of per centum ( /) per annum, payable semi--annually un the first days of April and October of each year '' upon presentation and surrender of the annexed coupons as they severally fall .due. Both principal and interest are payable at par in lawful: rnroney~ of the' united States of America at the r The honds of this issue are redeemable prior to maturity, at the option of the Town, in whole or in part, (by lot if less than all) on any interest payment date after the issuance hereof at the price of par and accrued interest to the date of redemption, provided that a notice of such redemption shall be given in the manner provided in the resolution, hereinafter described. This bond is one of an authorized issue of bonds in the aggregate amount of not exceeding $197,000.00 of like ,date, tenor. . ___._ and effect, except as to number and denomination issued to pay the cost and expenses of constructing local sanitary sewer and storm drainage improvements in Improvement District No. One in the Town, under the authority of and in full compliance with the Constitution and Laws of the State of Florida, including particularly Chapter 170, Florida Statutes, and Resolution Number , duly adopted by the Town Commission on the. day of ~ `,.1971 (herein referred to as the "resolution"), and is subject to all the terms and condi- tions of such resolution. This bond is payable solely from and secured by a prior lien on special assessments levied against benefited property to pay for said improvements, the interest thereon and penalties there- from. This bond does not constitute an indebtedness. of the Town within the meaning of any constitutional, statutory or charter pro- visions, and the holder hereof shall have no right to compel the exercise of •the taxing power of said Town for the payment of the principal of and interest on this bond, The Town, in such resolu- Lion, has covenanted and. agreed to enforce the collection of all special assessments levied against benefited property to pay for said local sanitary sewer and storm drainage improvements, to de-- posit into a special fund designated as "improvement Fund, Series -, No. One", all of the receipts derived from said special, rise srnents, interest thereon and penalties therefrom, and to pay this bond and the interest thereon from moneys on deposit in said fund in the man- ner provided by the resolution. ~. _ _ . , ~~. ,. ~ It •is hereby recited, warranted and certified that. alb. of the requirements of tha law have been. fully complied with by :,. .-. . the Token and. its ~ off iccrs ~ i:n the issuance of this bond and that . _ .all of ~L-he proceedings with reference ~to the making of said irn- . .~ . ~ _ , ' provements and the levying of said assessments have been regularly ~had.in compliance with, law;, and all of .the grerequi.sites to the ~~imposing of the assessment liens against the property benefited for said public improvements have been performed. . 'This bond and .the coupons appertaining thereto are and :.,.have all the qualities and incidents of ,negotiable instruments under the law merchant and the Laws of the State of Florida. . ,~ This bond may be registered as to principal only or as to principal and interest in accordance with the provisions en- :. . dorsed hereon. .. ~. ~ , IN WITNESS WHEREOF, the Town of Highland Beach, Florida, has issued this bond and has caused the same to be signed by its Mayor and attested and countersigned by its Clerk, either manually or with their facsimile signatures,-and the corporate seal of said Town or a facsimile thereof to be affixed, impressed, imprinted, lithographed or reproduced hereon and the interest coupons hereto attached to be executed with the facsimile signatures of such officers all as of the 1st day of October, 1971. ATTESTED AND COUNTERSIGNED: ,~ ', y Town Clerk TOWN OF HIGHLAND BEACH, FLORIDA Mayor r ,„ INTEREST COUPON ~ • Coupon No. $ '. ~; • On the first day of , A.D. 1.9,~, the Town of Highland Beach, Florida, will pay to the bearer -~ . Dollars ($ ) , in lawful money .o.f the United States of America at the Florida, from the special fund described in the bond to which this • coupon is attached, provided the bond to which this coupon is attached shall not have been heretofore paid in accordance with the terms thereof; being six months.' interest then due on its Im- provement Bond, Series No. One, dated the first day of October, A.D. 1971, No. . TOWN OF HIGHLAND BEACH, FLORIDA ATTESTED AND COUNTERSIGNED: Town Clerk Mayor VALIDATION CERTIFICATE This bond is one of a series of bonds which were validated and confirmed by judgment of the Circuit Court for Palm Beach County, Florida rendered on 1971. Mayor PROVISIONS FOR REGISTRATION This bond may be registered as to principal alone on the ;. i °, books of the'Town kepi. by~the Town Clerk under the within mentioned Resolution as Re ~.strar or such Re• g' gistrar as may hereafter be appointed, upon presentation hereof to the Registrar who shall make notation of such registration in tYie reg~st-rat.ion blank below, and this bond may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal re- presentative in such form as shall be satisfactory to the Registrar, such transfer to be made on such books and endorsed hereon by the Registrar. Unless this bond be registered as to both principal and ,. interest, such transfer may be to bearer and thereby transferability by delivery shall be restored, but this bond shall again be subject' to successive registrations and transfers as before. The principal of this bond, if registered, unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative. Notwithstanding the registration of this bond as to principal alone, the coupons shall remain payable to bearer and shall continue to be transferable by delivery. This bond may be registered as to both principal and interest upon presentation hereof to the Registrar who shall detach and retain in his custody all unmatured coupons and all matured coupons, if any, not thereto- fore paid or provided for, and shall make notation of such regis- tration as to both principal and interest in the registration blank below, and this bond may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Registrar, such transfer to be made on such books and endorsed here-- on by the Registrar; after such registration both the principal of and interest on this bond shall be payable only to or upon the order of the registered owner or his legal representative. This bond, if converted into a bond registered as to both principal and interest, ,.. may be reconverted i~tq a' coupon bond upon pxes~ntati.ar~ Y~ereof to the Registrar, accompanied by an instrument duly executed by the DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF ~- REGISTRATION REGISTERED REGISTRATIGN REGISTRAR STATE Or^ FLORIDA COUNTY OF PALM BEACH - , I, the undersigned, Clerk of the Town of Highland Beach, Florida, hereby certify that the aggregate amount of special. assess- rnent liens levied, the proceeds of which are pledged to the payment of the bonds of which this bond is one, are at least equal ,to the aggregate amount of the Improvement Bonds, Series No. One issued by the Town . •' ,.~ .{ } Town Clerk SECTION 13. Neither the bonds nor the coupons apper- twining thereto sha].1 be or constitute general obligations or . it~dcbtedness of the Town, ~zs "Uonds" .with it, t7ie mean~z;g .~•Cii t.h,e Constitution of Floric?a, , but -shall be payable . ~ so~.ely from and secured by a lien upon and ~ ~.pledc~e of the . ~ . ~ s~~ccial assessments, including all interest ~anci penalties•'therei'rom, gas herein provided. Noyholder or holders. of any bond. issued. here-- z~iricier, or of any coupon appertaining thereto, •shall ever have the ;. ~.xi.ght to compel the exercise of the ad valorem taxing power of the Town, or taxatioi7 in any form of, any real property therein, . to pay said bonds or the interest thereon, or •be entitled to pay- . meat of .such principal and interest from any other funds of the ... . .. ;.. _ :. .. Town . .: - ~.SLCTSOIQ 14. .The payment of the debt service of all the bonds is:ueci hereunder shall be secured forthwith equally and ratably by a pledge of and a prior lien upon the proceeds of ,the special. assessments, including interest and penalties thereon, levied and . ~ - ~•~collected against all propor::y specirilly benefited by the construe-- tion of the project. The Town does hereby irrevocably pledge s~?ch .proceeds to the payment of the principal of- and interest on the bonds issued pursuant to this resolution and to the payment into .. the 7.mprovemenL- Fund, Series No. Onc hereinafter created, at the times provided, the sums required to secure to the holders o~ the . bonds issued hereunder payment of the principal of: and interest .thereon at the maturity of the bonds so hold by them. . ~ - ,~, • ',SECT. ICON 15. For as long as any of the principal of Ind ,interest on aziy of the bonds shall bo outstanding and unpaid, or until ~t}:ere shall Nava been set apart in the Improvement Fund, Seric,~ No. One,' a .sum su~f~.cier.;; to pay whet-, clue, the entire prin- . ~ cipal of the bonus retraining unpaa:~c~; together with interest accrued or to accrue L-hcreon, the Town covenants wi.L-h the holder of any (2) Second, all moneys in the Improvement Fund not ~, needed for the payments provided in subsection (1) above. shall fort'nwith be used for the redemption of bonds on the first avail-- able interest payment date, at prices not exceeding par and accrued interest, after reserving sufficient moneys to pay interest to accrue during the next succeeding twelve (12) months. (3) After the principal of and interest on all the bonds shall have been paid, or. there shall have been set apart a sum sufficient to pay when due ,the entire principal of the bonds i ~, remaining unpaid and interest accrued or to accrue thereon, any . -~ moneys remaining on deposit to the credit of the Improvement Fund or thereafter deposited therein from the assessments and interest and penalties thereon shall. be withdrawn t}ierF~rom by the Town and .deposited to. the credit of its General Fund or used by the ', property to be foreclosed in the same method now or hereafter pro- vided by the law for the foreclosure of mortgages on real estate, or othert•~ise as provided by law. If said foreclosure be not promptly filed and prosecuted, then any bondholder may file and prosecute said foreclosure action in the name of the Town for the benefit of all outstanding or unpaid bonds and interest thereon. ' All moneys realized thereby shall be deposited in the Improvement i Fund and distributed as above provided. The Town further cove- Hants, at its expense, to furnish to any bondholder requesting the same, sixty.(60) days after the due date of each annual installment, a list of all. delincuer~t• installments, tQg~ther with an annual • ~ ~ ,~ . J audit of the Improvement Fund by a certified public accountant. ^ D. If any property shall be offered for sale for the .. _ rorl--payl;~c:ni: of ar~y ~.s:;::SSi11CI1u, inst-aXlr~e;it thereof or interest .•• ~oz- pcrialty thereon, and no person or persons shall purchase the _ ~'sar;:e for Gn' Gmount egi,al to the. full araount~ due on the assessments ' ,~ {pri.ncipal, ir~ter~st, -penaltie ~ and costs) , the said property .,~ .. . sh~-11 then be purchased in the name of the Town -for. an amount . equal to the balance due on t}1e assessm:nt (principal, interest,' . .. ~' pena7.ties and costa) , and said Town, shall receive in its corporate ~iarnc the title to said proper.'ty for ,the benefit of the holders of t}~e bonds. The Town shall 'have the power and sha1.1 • lease or se13 .. .. maid property, and deposit all of. the net. proceeds of any such . tease or sale into the.Tmprovement: Fund... Not less than ten {10~ eiays prior to -the filing of anS~ foreclosure action as herein grwided, the Totan shall cause ~•~ritten notice thereof to be mailed to any designated agents of the bonds. Not less than thirty (30) days - I prior to tale proposed sale of any lot or tract of land acquired by Foreclosure by the Town, it shall give written notice thereof to said representatives. The Town agrees than it shall be required to take the rnecis.ures provided by law for sale of property acquired by ~.t as trustee for the bondholders within thirty (30) clays after the receipt of the request therefor signed by fifteen per cent {15%) of the 'holders of the outstanding bonds. ~ ~ '. E. The Town will rot issue any other obligations pay- able fro;n the proceeds'of the special assessments herein pledged ono;: voluntarily create or cause to be created any debt, lien, ~, . pledge, assignment, encumbrance or other charge upon any of the moneys in the Imp.rovemcnt Furid.or upon such special assessments. ,~ - i - , ,. . ~. $ The Town shall '4:ecp books and recO~CdS O" the col- . lection of the special assessments,• including a12 interest thereon and penalties thereyrom; ~,~hich such books, records and accounts ' .:.hall be kept separate and apart from all other books, records and;accounts of the Town. The Town Attorney shall, at the. end - • • .• of ,each fiscal year, prepare . a written report setting forth t}ie 'collections received, the number, and amount of delinquencies, ~... .the proceedings ,taken to ,enforce collections and cure delinquen-. ~cies and an estimate of time for the conclusion of-such legal ~; -proceedings. Such reports'sYiall upon written request be mailed .. ,. ,... ~: .: . to the .bondholders. ~ - ~ -: SECTION l6. T}ie bonds may._be sold at~ public or pri-- vate~sale for not less than par and accrued interest or may be ~; delivered to the Contractor in full payment of his contract. 'SECTION 17. The moneys received from the sale of any or all of the bonds authorized and issued pursuant to this reso- Iution shah. be deposited and applied as follows: - - ~' A. A11 interest accrued and, to accrue for- not exceed- , ` ~ - r _ _ ^".,"'" .-.. ... ,.,. . ..r~ ing Fifteen months prom -the date of delivery shall be deposited in _.... ., m_....... ~.._ _. . , . _....~..._.~.....~_._,.,...,,__.,...,~,R_ ,...~.,. ~...~.,m..-~-,~-- ~the ~ImprovemPnt Fund~and used to pay the next maturing and subse- ~, ~,-- ,.., . _,~.-_ r. ~~-~.._.,.,.~.,~~ .. ~..._. quent interest due on the bonds. B. The TOwiZ hereby covenants that it will establish with ~ bank or trust company to be determined by subsequent resolution of the Town Commission, a separate account or accounts (herein collec~ tively called the ("Construction :account") into w~iich shall be depos- ited in the remaining proceeds from the sale of the bonds. Moneys in the Construction Account shall be expended only to pay the cost of :he_project only uyon written approval of the consulting engineers. .. Honeys ire the Construction Account s'nall be secured by ~~ the depository bate in the mat~t~er ~r~~e~c~.bcd ~y t~» st;~~ut~~ ~:~~~_ - .. ,~ dating to the securing of public funds. PThen the moneys on deposit in the Construction Account exceed the estimated disbursements on -15-- account of the project for the. next ninety (90) days, the Town ' ~ ;z-ay direct the depository ban]: to invest such excess funds in ~~ c?irect obligations of, or obligations the principal of and inter- 'es% on whic~~ are .guaranteed by, the United States Government or .placed in time deposits of banks or trust companies represented by • certificates of deposits secured as above provided, which shall ----~-.__..~.w._..._.~......_.,,,,,.... ;nature not later than ninety (90) days after the date of such investment and which shall be subject to redemption at any dime ~'by the folder thereof. The. earnings from any such investment . shall be deposited in the Construction Account. ~' . Any moneys remaining in the Construction Account afte r all costs of the .project have been paid shall be deposited in the :Improvement Fund for. the payment of the principal and interest of the bonds. All moneys deposited in said Construction Account shall .~ ~ . be and constitute a trust fund created for the purposes stated and there is hereby created a lien upon such fund in favor of the. ~~olders of the bon~3s until the moneys therein have been applied in accordance with this resolution. SFCTXON I8. No material modification or amendment of this resolution or of any resolution amendatory hereof or supple- ;rental hereto, may be made without the consent in writing of the :polders of sixty-seven per centum (67%) or more in principal amount . - ;i ®f the bonds then outstanding; provided, however, that no modifica- pion or amendment shall permit a change in the maturity of such bonds or a reduction in the rate of interest thereon, or in the amount of the principal gbligation or affecting the unconditional .. promise of the Town to levy and coYlec.t such special assessments, as herein provided, or to pay'the principal of and inter_ast on the bonds as tie same s1~a~.1 become due from the assessments, ox reduce such percentage of holders of such bonds, required above, for such ~ • i^ , ;i~. ~ .t ). L~ ail'. J t~:i8 i~Z aill~?ilCiau@ilt5~ W1.t~`~C7U% ~iE: ~:'~1li ~C'.li G t~3 ~;.I~~'. ~!(i i.!i~' ~ ., •. ~~~ ~~-~ €~~ 'si~~~~' bonds. .. '~ ~ •• ~. ~. ~~~~~XON 19. X£ any one or more of the covenants, agree-- . ~ ... ;_ ~ ~. .. :. .. '. . ~.. •~ '~~.. ~~}~§ ~~~' ~rgvsions of this rescilution, should be held contrary to ~ ' ~~y ~~~~:~cs provision of law or,c~ntrary to the policy of express ~~~-~~~~ ~~gi~~~ ~}gt expressly prohibited, or against public policy, .-•'gr ~~~1~ ~Bx ~n~ reason whatsoever be held invalid, then such cov- ~~~~~s~ ~gx'~e~~e;~ts ~ or provisions shall be null and void and s~za~.l - ~~.~~~Ii!ed ~e~a~~te .from the. remaining covenants, agreements or ~~vi~ons~ ~~d in no way affect the validity of all the other 'rAv~szons ~~ ~h,is resolution or of the bonds or coupons issued ~~ereu~derr - .. .. . ~ ~~ ~~~F!'~ON 20. The Town Attorney, be and he is .hereby • ~u~~}or~ed- ~r~d ~3irected to institute appropriate proceedings i.~ ~~e ~i,~cu.t court for Palm Beach County, Florida, for the valida-- ~~~~ 9~ ~a~ ~ag~ds, and the proper officers 'of the Town .are hereby ~.u~~©r~.W~d ~~ ~~erify on behalf of the Town any pleadings in such .-.. ~~'~~~~N 21. All resolutions or parts of resolutions in ~. ~9~€~.~.~~ ~e~ey~i~h are hereby repealed. ' ~FE~'ipN 22. This resolution -shall take effect immedi- • ~~~~.~ upon ~.ts adoption by the Town Co;nmission and approval by .i ._ ._ , Passed and adopted this 28th day of ~ ,,Iu1y , -1971, , ._, , . _. , ~ -~-,~ ` .; ,~"-~ ~~ ~. .. ,~ 1 Maycar _ _ . .. ~~ • 7-28-71 Attest:. , 1 r' J(_. ~ ~ ~~, Town Clerk4