1943-04 Refunding Bonds1 4
R E S 0 L U T 1 0 N
RESOLUTION PRESCRIBING THE NUMBERS AND DENOMINATIONS
OF CERTAIN REFUNDING BONDS, SERIES "A" AND %B41, ISSUS
Or 1942,, DATED JAWART 1, 1942, OF THE CITY Or OKEZ-
CHOBEE,FLORIDA, AND PROVIDING FOR THE PRINTING AND
DEPOSIT OF THE BONDS WITH THE ESCROW AGENT FOR DELIV-
ERY IN EXCHANGE FOR AND IN SATISFACTION Or OUTSTANDING
INDEBTED -NESS TO BE REFUNDED THEREBY; AND SUPPLEMENTING
RESOLUTIONS ADOPTED BY CITY COUNCIL OF SAID CITY ON
MAT 3, 1943, AND ON JULY 8, 1943.
BE IT RESOLVED BY THE CITY COUNCIL OF THIC CITY OF OKEE-
CHOBE9, FLORIDA, IN SESSION DULY ASSEMBLED:
Soction 1. That reference is hereby made to (a) Resolution adopted
�by this Council on May 3, 1943 '(hereinafter referred to as "Refunding Resolutionn
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,.authorizing the issuance of City of Okeechobee, Florida, Refunding Bonds issue of
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1942, dated January 1, 1942, for the purpose of refunding the outstanding funded
-indebtedness of the City; and (b) Resolution adopted on July 8, 1943, (hereinafter
,referred to as "Amendatory Resolution") amending and correcting certain portions
,,6f the Refunding Resolution so as to conform the same in all respects and partic-
1.
�Ulars with final decree rendered on the 6th day of July, 1943, by the Circuit
Court of Okeechobee County, Florida, validating and confirming refunding bonds
issue of 1942,dated January 1, 1942, Of said City of Okeechobee Florida, in
the total principal amount of $687,947.88, subdividing into two series as
follows: $419,615.03 Series A Bonds and $288,332.85 Series B Bonds. Said
Refunding Resolution,, as amended by siLid Amendatory Resolution, fully des -
scribes the outstanding indebtedness to be refunded (hereinafter referred to
aVoriginal indebtedness"), prescribes the forms and general terms of the re-
funding bonds prescribes that said bonds shall be numbered and be of denom-
inations as shall be prescribed by supplemental resolution of this Council,
and appoints the Atlantic National Bank of West Palm Beach, West Palm Beach,
Florida, (hereinafter referred to as "bank") to act in the capacity of Escrow
Agent for the purposes of making delivers of Refunding Bonds in exchange for
indebetedness to be refunded thereby, subject to delivery instructions to be
furnished by this Council at or about the time the bonds are deposited in es-
crow at the bank.
Section 2. (A) That the following schedules of bond numbers, denominationt i
and amounts be and the same are hereby declared and adopted as and for the
specifications of the City of Okeechobee, Florida, Refunding Bonds, Issue of
1942, dated January 1 1942, of the respective series identified, in the aggre-
gate principal amount of $687,000.00, to -wit:
Series Bond Numbers
(Inclusive) Denominations Amt.
1 to 410 $1,000.00 "$410, 000. 00
A (411 424 500.00 7,000.00 It
(425 444 100-00 2,000.00 1�
Total, Series A Bonds ....*..$419,000.00
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It,
445 to 704 itO00.00 2600000.00
705 0 714 500.00 5,000.00
715 744 100.00 3,000.00
Total, Series B Bonds . ................ ......... 268,000-00
AGGREGATE TOTAL AMOUNT, Series A & B Bonds ................... $687,000.N
W That the Refunding Bonds -as hereinabotre prescribed are hereby autho-
rized to *be printed and executed as soon after the adoption of this resolution
as may be, and promptly thereafter said executed bonds, with the interest
coupons thereto attached, shall be deposited with aforemettioned Bank, for
delivery to the holders of the outstanding indebtedness provided to be re-
funded thereby, in accordance with instructions hereinafter set forth.
(0) That the remaining $947.88 Refunding Bonds (of the authorized and
validated issue of $587,947.88 referred to in Section 1 hereof), to refund the
balance of the outstanding indebtedness deSCriDed in the aforesaid Refunding
Resolution as amended by the Amendatory Resolution, shall be issued at such
time and in such denominations and shall bear such numbers as may hereafter
be prescribed by resolution of this body.
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Section 3. That it is hereby found and recited as follows,*
(A) That Refunding Bonds of the description and In the amounts as stated
in Section I hereof, have been heretofore duly validated, and, in executed form
(except as to $947.88 of such bonds) will be presently deposited in escrow with
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,,sai.d Bank.
(B) That Instructions for the delivery of said Refunding Bonds in exchange
Jor itnd in satisfaction of outstanding indebtedness of the City are contained in
"the following portions hereof.
Section 4. That in order to give effect to the provisions of Section 12 of
,,the said Refunding Resolution, the Bank is hereby specifically instructed that,
�'in making deliveries of the Series A and Series B Refunding Bonds, the following
:,procedure shall be observed, to -wit:
(1) The Bank is hereby authorized and directed to deliver either Series A
Jior Series B Refunding Bonds, respectively, in exchange for and upon surrender of
amounts of outstanding bonds and evidences of indebtedness, interest accruals
thereon or upon presentation of proper releases of judgments (original indebted
ness) described in the said Refunding Resolution as amended by said Amendatory
,Resolutlon in excess of 45% of the par value of the Refunding Bonds, that is to say
for each $1,000.00 amounts of outstanding bonds and evidences of unpaid interest
�,accruals thereon or proper releases of judgments in the amount of $1,000.00 the
,,bank is hereby authorized to deliver in exchange therefor $550.00 of such Refund-
i;ing Bonds. The Bank shall cancel all evidences of outstanding principal and
accrued interest indebtedness aurrendered and forward same to the City Clerk of
this City, with proper reports including the particular refunding bonds delivered
'in exchange therefor and in exchanae for nrnnpr rpipappa r%f t'ho -il-iAly, on+ 4 �Acll_+--A
,Iness.
The Refunding Bonds being dated January 1, 1942, therefore all out-
standing bonds (except, of bourse, those which matured prior to that date), shoulds
11upon exchange have attached thereto all coupons evidencing Interest accruals from
;!January 1, 1942, to the maturity dates of the respective bonds, but, in the event
!,that any of the outstanding bonds are presented without any one or more -of such
'coupons, the Bank shall deliver in exchange therefor proper Refunding Bonds after
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having clipped therefrom interest coupons representing interest accruals for a
'Period of time identical to that represented by the coupons missing from said out -
'standing bonds. Any coupons so detached f rom Refunding Bonds shall be cancelled bv
the Bank and returned to the City with proper report covering such transaction.
(3) The Refunding Resolution provides for the issuance in exchange of Series
A and/or B ReftLnding Bonds, respectively, in lieu of any unpaid interest accruals
,to January 1, 1942, all principal bonded indebtedness of the City whether such
J� interest accruals are evidenced by matured coupons, accrued interest on bonds,
after maturity, or partial accrual of interest for less than a six months period
to January 1, 1942, on bonds which bear interest payable other than on January 1,
and June 1, or any or all such items. In effectuating such exchanges the Bank
shall proceed in the following manner:
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(a) Where interest coupons evidence a partial accrual
of interest for less than a six months period, there
shall be endorsed on the back ofeach such coupon the
words, "Interest to January 1, 1942, paid through ex-
change for Refunding Bond; remaining amount paid through
interest accruals on Refunding Bond exchanged for the
bond from wiiich this coupon detached. The Atlantic
National Bank of West Palm Beach, West Palm Beach,
Florida"; and there shall be endorsed on the face of
said coupons the words: "See Reverse Side."
(b) Where interest adjustments are made through ex-
change of Refunding Bonds for acefued interest on out-
standing bonds which matured prior to January 1. 1942,
there shall be endorsed on the back of each such matured
bond the following: "Interest from the maturity of this
bond to January 1, 1942, paid through the delivery of a
Refunding Bond. The Atlantic National Bank of West Palm
Beach, West Palm Beach, Florida."
(0) As to all accrued interest items handled in accordance
with the provisions of numbered paragraphs (a) and (b)
above, the Bank shall issue certificates describing such
accrued interest items so paid by exchange of Refunding
Bonds.
(4) Upon exchange all matured interest coupons attached to the Refunding
Bonds shall be clipped, collected and the proceeds paid to the order of the
respective bondholders entitled thereto, such payments to be made from funds
which the City will deposit with the Bank for that purpose.
Section 5. That this resolution shall be considered as supplemental to
the provisions of the aforesaid Refunding Resolution and Amendatory Resolution.
Section 6. That the City Clerk and Collector hereby instructed as follows:,
(A) To forward a certified copy of this resolution together with certified!!
copy of the Refunding Resolution and of the Amendatory Resolution, to thd said
Bank for Attention of Trust Department, which instruments shall constitute the
authority of the Bank to do and perform any and all acts and things necessary
accomplish the purpose herein expressed;
(B) To remit to the Trust Department of said Bank the requisite amount
of funds to take care of the payments provided to be made by said Bank as
referred to in Section 4 of this resolution;
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(0) To forward remittances to the Coupon Paying Division of the desig-
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nating paying agent named in the Refunding Bonds, at the appropriate time or
times, of the necessary and proper amounts of funds to provide for payment of ji
of interest coupons maturing January 1 1944, and semi-annually thereafter,
upon all Refunding Bonds of the identified issue which are delivered in ex-
change for and in satisfaction of outstanding indebtedness provided to be
refunded thereby;
(D) To forward to Thomas M. Cook & Company, West Palm Beach, Florida,
two (2) certified copies of this Resolution.
Section 7. That this resolution shall be in full force and effect from
and after its passage.
PASSED and ADOPTED in regular session of the City Council of the City of 0
Okeechobee, Florida, this 2nd day of August, A. D. 1943.
(SEAL)
ATTESTO* Alma Gross S. R. Raifenider
City Clerk President, Pro -Tem, City Council