7016-02
ORDINANCE NO. 7016-02
AN ORDINANCE AMENDING ORDINANCE NO. 6675-01 OF
THE CITY OF CLEARWATER, FLORIDA, ENTITLED: "AN
ORDINANCE PROVIDING FOR CITY OF CLEARWATER,
FLORIDA, REVENUE BONDS (SPRING TRAINING
FACILITY), SERIES 2001, TO BE ISSUED IN ONE OR MORE
SERIES; PROVIDING FOR THE PAYMENT OF THE BONDS
SOLELY FROM THE INTERLOCAL AGREEMENT
PAYMENTS TO BE MADE BY PINELLAS COUNTY,
FLORIDA AND REVENUES TO BE RECEIVED BY THE CITY
FROM THE STATE OF FLORIDA PURSUANT TO SECTION
288.1162, FLORIDA STATUTES; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF SUCH BONDS; MAKING
CERTAIN OTHER COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; PROVIDING CERTAIN OTHER
MATTERS IN CONNECTION THEREWITH; AND PROVIDING
AN EFFECTIVE DATE," IN ORDER TO PROVIDE FOR THE
USE OF CERTAIN REVENUES OF THE CITY TO PAY A
PORTION OF THE BOND DEBT SERVICE REQUIREMENTS
AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This Ordinance is enacted
pursuant to Chapter 166, Part II, Florida Statutes, the Charter of the City of Clearwater and
other applicable provisions of law.
SECTION 2. AMENDING ORDINANCE 6675-01. The following sections of
Ordinance 6675-01 are hereby amended to read as follows:
A. Section 2 is hereby amended by amending the following definitions to read as
follows:
"Pledged Revenues" shall mean collectively, (i) the County Payments,
(ii) the State Payments, (iii) any City revenues added as an additional
payment source for all or any portion of the annual debt service on the Bonds
or to support any insurance agreement to the extent required by the provider
of any municipal bond insurance for the Bonds as set forth in a supplemental
resolution adopted by the City prior to the issuance of the Bonds, and (iv)
Ordinance 7016-02
any investment income realized on any funds held under this Ordinance,
except the Rebate Fund.
B. Section 3(0) is hereby amended to read as follows:
D. No funds (including but not limited to ad valorem tax revenues of
the City) or property of the City (other than as set forth in a subsequent
resolution adopted by the City prior to the issuance of the Bonds) will be
pledged to the repayment of the Bonds, and no property of the City will be
pledged to secure the Bonds, and the Bonds will be secured solely by, and
repayable solely from the Pledged Revenues.
C. Section 15 is hereby amended to read as follows:
SECTION 15. PLEDGED REVENUES. Until payment has been pro-
vided for as herein permitted, the payment of the principal of and interest on
the Bonds shall be secured forthwith equally and ratably by an irrevocable
lien on the Pledged Revenues prior and superior to all other liens or
encumbrances on such Pledged Revenues and the Issuer does hereby
irrevocably pledge such Pledged Revenues to the payment of the principal of
and interest on the Bonds, the reserves therefor, and for all other required
payments. The Pledged Revenues shall immediately be subject to the lien of
this pledge without any physical delivery thereof or further act, and the lien of
this pledge shall be valid and binding as against all parties having claims of
any kind in tort, contract or otherwise against the Issuer. All funds and
accounts created pursuant hereto shall be held by the Financial Services
Administrator (or such other officer of the Issuer as shall be approved by the
City Commission) as trust funds for payment of the Bonds. In order to obtain
municipal bond insurance for the Bonds, the City, by subsequent resolution
adopted prior to the issuance of the Bonds, may pledge revenues of the City
as specified in such subsequent resolution, to provide for or to further secure
the payment of all or any portion of the annual debt service on the Bonds.
D. Section 16 is hereby amended to read as follows:
SECTION 16. CREATION OF FUNDS AND ACCOUNTS. There is
hereby created the following funds and accounts:
a. Revenue Fund, and within the Revenue Fund, the County
Payments Account, the State Payments Account, to the extent any City
revenues are pledged by subsequent resolution, the City Payments Account
and the Investment Account;
b. Construction Fund, and within the Construction Fund, a Project
Account and a Cost of Issuance Account;
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c. Debt Service Fund, and within the Debt Service Fund, an Interest
Account, a Principal Account, Bond Amortization Account and a Reserve
Account; and
d. Rebate Fund.
The designation and establishment of the various funds and accounts
in and by this Ordinance shall not be construed to require the establishment
of any completely independent, self-balancing funds as such term is
commonly defined and used in governmental accounting, but rather is
intended solely to constitute an earmarking of certain revenues and assets
for certain purposes and to establish certain priorities for application of such
revenues and assets as herein provided.
E. Section 17(A) is hereby amended to read as follows:
A. REVENUE FUND. The County Payments, the State Payments
and any City revenues shall upon receipt thereof be deposited in the County
Payment Account, the State Payment Account, or the City Payments
Account, respectively, in the Revenue Fund. Such Revenue Fund shall
constitute a trust fund for the purposes herein provided and shall be kept
separate and distinct from all other funds of the Issuer and used only for the
purposes and in the manner herein provided.
SECTION 3. PUBLIC NOTICE. Notice of the proposed enactment of this
Ordinance has been properly advertised in a newspaper of general circulation in
accordance with Chapter 166.041, Florida Statutes.
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11.111-
SECTION 4. EFFECTIVE DATE. The provisions of this Ordinance shall take
effect upon its enactment, as required by law.
PASSED ON FIRST READING
Au~ust 8
,2002
PASSED ON SECOND AND FINAL
READING AND ADOPTED.
August 22
,2002
~r~astoform:
Pamela K. Akin
City Attorney
Attest:
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. ~ ,.:.d. ~
t'cyn i '. E. Goudec;u -::. - ",
City Clerk ','.' ",
. .
.. .
Ordinance 7016-02
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