12/01/1988
PRELIMINARY AGENDA
Work Session - 9:00 A.M. - Monday, November 28, 1988
City Commission Meeting - 6:00 P.M. - Thursday, December 1,
Pin Awards
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Florida Showcase Awards
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1988
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;I North Greenwood Commercial District General Development Plan (CM)
CS CENTRAL SERVICES DEPARTMENT
. .
1. Purchase and installation of data communications line upgrade and monitoring system
Paradyne Corp, - $67,000; Whitman Computer Corp. - $6,077.50; Total-$73,077.50
(Consent B&C)
FIN FINANCE DEPARTMENT
~ First Reading, Ord. 4729-88 re Per.manent
Financing for Purchase of Cooper's Point
- authorizing a $415,000 loan from the
City of Gulf Breeze, municipal loan pool;
approve deposit of the proceeds into
the special development fund; authorize
repayment of principal and interest
from legally available open space and
recreation land impact fees (CM)
/
First Reading, Ord. 4728-88 re Permanent
Financing for Purchase of Vogel
Property - authorizing a $980,000 loan
from the City of Gulf Breeze Municipal
Loan Pool; approve deposit of proceeds
of loan into the special development
fund; authorize repayment of principal
and interest from legally available open
space and recreation land impact fees
(OM)
PR PARKS & RECREATION DEPARTMENT
1. Award contract for painting of Jack Rusaell Stadium. to National Bridge Painting,
$38,700, (Consent B&C)
PD POLICE DEPARTMENT
1. Renewal of agreement between City of
Clearwater and National Safety Council,
for fiscal year 1988/89 (Consent Agmt.)
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~. Motor Vehicle Towing and ~pound
Services (Consent B&C)
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PUBLIC WORKS DEPARTMENT
1.
Award contract for Petroleum Product
Storage Tanks at Fire Stations 45 and 49
to Petroleum Products Services, Inc.
$28,064 (88-34) (Consent B&C)
Marshall St. Advanced Pollution Control
Facility Project (CL 87056-2) - to SCE,
Inc. - $16,699,000 (Consent B&C)
~
3. Public Hearing and First Reading Ord.
4726-88 Vacation of 40-foot R.O.W.,
easement along N. side of Glen Ellen
Mobile Home Park, located in the SW 1/4
of the NE 1/4 of Sec. 17-29-16, (Glen
Ellen Mobile Home Park, Inc.) (88-13)
(PH)
TE TRAFFIC ENGINEERING DEPARTMENT
f.
Ashland Terrace closing at McMullen Booth Rd. - remove existing street and construct a
cul-de-sac, $17,000. (eM)
UT UTILITIES DEPARTMENT
;r. (Contd. from 11/17/80) Ord. No.4711-88 Relating to utility system, ~ending Secs. 50.02
through 50.07 and 50.09, Code of Ordinances, to establish definitions, provide for
responsibilities of owners and tenants, 'establish procedures for tenant accounts, and
increase deposits from tenants. (PH)
CLK CITY CLERK DEPARTMENT
1. Municipal Code Enforcement Board
appointment (1 member) (eM)
2. Neighborhood Advisory Committee
appointment (1 member) (CM)
3. Community Relatione Board appointment
(1 member) (CM)
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. POD PLANNING DEPARTMENT IJ:!~~Wti#~r'-"";ii1 ~l
;r.: Public Hearing and First Reading 9. Public Hearing and First Reading
The Oaks of Clearwater, Inc. Pri.vate Ord.4716-88 Zoning l\mendment from RS-4
Activity Bonds - interlocal agreement Single Family Residential to ALII
with Gulf Breeze Local Govt. Loan Pocl Aquatic Lands/Interior for property
Program for tax exempt financing (CM) Located w/in the Proposed Curl~
2. Petition for Annexation and RS-6 Zoning Heights Subdivision Z 88-23 (PH)
for property located at the SW corner of 10. Final Site Plan for City of Clearwater
Sharkey Rd. and Oakmount Rd., Lot 1, E. Advanced Pollution Control Facility
Oakmolmt Sub., Sec. 7-29-16, located on the S. side of Gulfwto-Bay
(Hardy) A 88-40 (Consent R&R) Blvd., E. of McMullen-Booth Rd.,
3. Petition for Annexation and RS-8 Zoning portion of M&B 31-02 and the E'ly 300
of a Single Family Lot at 2233 South ft. of Tract B, Myron A. Smiths Bayview
Lagoon Circle, Lot 158, Clearwater Manor Sub., Sec. 16-29-16, PSP 88-55
Sub., Sec. 6-29-16 (Mory) A 88-41 (Consent P&P)
(Consent R&R) / PrelimiIl~Ey__~!~_Plan for Pinellas
4. Petition for Annexation and RS-6 Zoning County' Util~tyBulldi!~g__(~xpanoion)
of a Single Family Lot located at 1228 l.ocEife~on .~~!3.~ si4e.of Court St.
Bell Dr., Lot 14, Canterbury Heights between Osceola ~Y-~.!..~P,~_J~-i,."~~9.~ Blvd.
Subdivision, Sec.24-29-15 (Lakis) Lot 2, BU;:;--2"and vacated alley on W;
A 88-42 (Consent R&R) Lots 1 and 2, Blk. 3; Lot 1, Bik. 4 and
5. Petition for Annexation, Limited Office vacated street E'ly; and Lot 2, Blk. 4;
Zoning (OL) and a Land Use Plan all in A.C. Turner's Sub.; and M&B
Amendment from Low Density Residential 13.10, Sec. 16-29-16 (Pinellas Co.
to Residential/Office for property Utility Dept.) PSP 88-56 (CMF&P)
located at 2147 N.E. Coachman.Rd.,a ~ Reconsideration of Dock Approvals for
portion of Lot 4, Hossell Acres ~ ' the Marina del Rey Townhouse
Subdivision, Sec. 12-29-15 (Mignone). Development Located on Sand Key, E. of
A 88-43,LUP 88-32 (Consent R&R) the Harbor Condos at 1581-1595 Gulf
6. Land Development Code amendment Blvd. (WSO)
pertaining to Subdivision Regulations 13. Computer Equipment. to Expand the System
and Requirements for Site Plans. LDCA of the Planning and Development
88-10 (Consent R&R) Department and Combine with Building
7. Land Development Code amendment to Division S~~LG~ - Whi~n Computer
permit Business Service Uses in the System $26,664.10, -Access Computer,
General Office Zoning District. Inc. $768, -Software Spectrum $1,147
LDCA 88-11 (Consent R&R) (Consent B&C)
8. Public Hearing and First Reading 14. (Contd. from 10/20/88) Public Hearing
Ords.4714-88,4715-88 Land Use Plan and First Reading Ords. 4689-89,4690-88
Amendment to change Residential/Office Petition for anneXation and (RS-2)
to Commercial/Tou.rist Facilities and a Single Family Residential zoning for h
Zoning Amendment to change General .54 acre parcel on N side of Main St.
Office COG) to Highway Commercial (CH) (S.R. 588) approx. 650 ft. W. of Abbey
for property located on the E side of Lake Rd.; portion of M&B 14-13, NE 1/4,
U.S. 19 on N side of private rd. Sec. 5-29-16 (Naedel) A 88-29 (PH)
entering Jennifer Office Complex, M&B
22.033, NW 1/4 Sec. 5-29-16 (Marks &
Gillis, Inc.) LUP 88-24 Z 88-22 (PH)
CA LEGAL DEPARTMENT
Second Reading Ordinances
~ Ord. No. 4654-88 - Land Use Plan
amendment from High Density
Residential to Public/Semi-Public on
property located on the W side of
Larbord Way approx. 150 ft. N of
inter~ection at Dolphin Pt.; part of
Lots 23, 24, and 25 Island Estates
Unit 5A (Lark Inves~ent, Inc.) LUP
I 88-15 (PH)
. Ord. No. 4655-88 Rezone property as
described in Ord.4654-88 from Multi-
Fam. Res. (RM-20) to Pub./Semi-
Pub.(P/SP) (Lark Investment, Inc.)
Z 88-17 (PH)
3. Ord. No.4699-88 Land Use Plan amendment
from Low Dens:l,ty Residential to
Public/Semi-Public on property located
on the E and W sides of Prospect Ave.,
N. of Magnolia Dr. consisting of
portions of Lots 12-23, Blk. C, and
Lots 36 and 37 and portions of Lots 35
and 38-42, Blk. D, Mt. Orange Revised
Subdivision' LUP 88-20 (Diocese of St.
Petersburg) (PH)
4. Ord. No.4700-88 Rezoning parts of Lots
12-23, Blk C, and Lots 36.and 37, and
parts of Lots 35 and 38-42, Blk D, Mt.
Orange Revised Subdivision, from
Single-Family Residpntial (RS-8) and
Multi-Family residential (RH-8) to
Public/Semi-Public Z 88-20 (Diocese of
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5. Ord. 4707-88 Land Use Plan Amendment
from Public/Semi-Public to Industrial
on Lot 17, Clearwater Industrial Park
LUP 88-23 (UPARC, Inc~) (PH)
6. Ord. No.47C8-88 Zoning Atlas mnendment
. from Public/Semi-Public (P/SP) to
Limited Industrial on property located
on the S. side of Calumet St., approx.
900 ft. W. of Belcher Rd., part of Lot
17, Clearwater Industrial Pk. (IL)
Z 88-21 (UPARC Inc.) (PH)
7. Ora. No.4709-88 Annexation of property
located on the E side of Belcher Rd.,
approx. 225 ft. N of S. Lagoon Circle,
consisting of parts of Lots 29 and 30,
Clearwa~er Manor. (Underwood) (PH)
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8. Ord. No.4710-88 Zoning property annexed'
in Ord.4709-88 as Si~gle-Fam. Res.'
(RS-8) A 88 33 (PH)
9. Ord. No.4717-88 Res Fire prevention
and protection, amending S~cs. 93.01,
93.21, 93.23, 93.26 and 93.28, Code of
Ordinances, to clarify fire chief's
duties 'and adopt Nat'l Fire Codes, 1988
Edition, wi certain amendments, and
providing for enforcement; repealing
Sec. 93.231, Code of Ordinances.
(PH)
First Reading Ordinances
1. Ord. 4730-88 Relating to solicitations to sell real or personal property or services
within City; amending Sees. 76.21,76~23 and 76.25, Code of Ordinances, relating to
applications for solicitors' permits and the revocation of such per.mits
Resolut.ions
1. Res. 88-59 Requesting Pinellas County
Board of County Commdssioners to cancel
and discharge certain tax liens upon
municipal property acquired for public
purposes, and to grant tax exemptions.
2. Res. 88-60 Assessing the owners of
property tbe costs of having mowed or
cleared the owner's lot.
Agreements, Deeds Ii: Easements
1. 10 ft. Water Main Easement agreement 3. 10 ft. Refuse collection and water main
between City of Clearwater and Pinellas installation and maintenance easement.
County - Unsubdivided Block 9, Jones .' .. NE 1/4 of the NE 1/4 of Sec. 17-29-16.
Subdivision cf Nicholson's Addition, (Clearwater Housing Authority)
Sec. 9-29-15. . '" ~.. 4. 4 ft. sidewalk easement Lots 2 and 3
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2. 7 ft. Sanitary sewer easement Lot 4, Chelsea West (RFC/Stevens)
Mosell Acres Subdivision (Koser)
OTHER CITY ATTORNEY ITEMS
1. Settlement Offer, City v. J&S Railroad Ties, Inc. a Florida corporation - $1,100.00.
Verbal Reports
Other Commission Action
,II
Adjourn
xxxxxxxxxxxxxxx
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CLEARWATER
NEIGHBORHOOD
HOUSING SERVICES
,--
P.O. BOX 11726
1380 So CiREENWooD AYE.
~W"TER. FLOIUDA34818 ,
(813) 442-41~S .
March 14, 1988
Mr. J~meR D. Sheeler, Coordinator
Department of Community ~evelopment
City of Clearwater
P. O. Box 4748
Clearwater, Florida 34618
MAR
1 6
1983
Dear Mr. Sheelor:
As you kno~. Clearwater NHS
with thi City
activities.
has maintained a relationship over
of Clearwater to conduct housing rehabilitation and
After sErving as the catalyst fer
Greenwood area, NUS has now undertaken this
North Greenwood. Through an agreement with
Reinvestment Corporation,
the past eight years
economic development
the revitalization of the South
demanding and worthwhile challenge in
the City of Clearwater and Neighborhood
Clearwater NHS has expanded its services to residents of
t~e North Greenwood Community. The expansion procp.ss was structured over an eight
month period in order to properly establish gonls and object~ves in addressing ehe
needs of the neighborhood. these needs include housing rehabilitation assistance
and economic development initiatives.
be successful in its neighborhood
problem ~ithin the commercial sector
in 1987 from Neighborhood
along North Greenwood
Since then, several organizations have
revitalizat1.on of the North Greenwood Avenue
the North Greenwood Association, Clearwater Neighborhood Housing
Clearwater Chamber of Commerce, Neighborhood Reinvestmenc and
this partn~rship has formad the North Greenwood
The Task Force members were recruited for their knowledge of
in var~ou8 skill areas. and their ability to represent the
Greenwood n.i8hbr~hood residents and business community.
joined forces in order
commercial
to work coward the
corridor. Included are
Services, Inc.,
~he City of Clearwater.
Economic Development Task Force.
North Greenwood, expertise
perspectives o~ the North
ths mission of the Task Force is to:
---
Oanalyz& the physical, economic and ~ocial conditions existing in the North
Groanwood commereial corridor;
-develop 2 consensus within the North Greenwood community regarding goals and
prioriti~8 for the area; and
.-A PARTNERSHIP IN NEIGHBORHOOD REVITALiZATlO~
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NORTH GREENWOOD
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GENERAL DEVELOPMENT PLAN
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NORTH GREENWOOD ECONOMIC DEVELOPMENT TASK FORCE
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CLEARWATER NEIGHBORHOOD HOUSING SERVICES, INC.
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NEIGHBORHOOD REINVESTMENT CORPORATION
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September 1988
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NORTH GREENWOOD GENERAL DEVELOPMENT PLAN
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PREFACE
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This General Development Plan follows an Inventory of Conditions and
a Market Study which are available as technical support documents.
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Copies of the Inventory of Conditions and the Market Study are available
from Cleanvater Neighborhood Housing Services.
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ALTERNATIVE ECONOMIC DEVELOPMENT STRATEGIES
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Three alternative economic development strategies emerged from the
inventory, market study, and goals development process. These alternative
strategies represented the range of choices in goals and priorities which were
discussed at a community meeting hosted by the Task Force/North Greenwood
Association on March 22nd, 1988. The alternative strategies were presented to
the Task Force at a meeting on April 27th, 1988, with a request that the Task
Force evaluate the alternative strategies and provide direction in the preparation
of the general development plan. The Task Force met and discussed alternative
strategies on April 27, May 5, and May 27, 1988.
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Alternative A
The neighborhood market strategy is based 011 the concept of North
Greenwood Avenue as a neighborhood business center. This strategy
would attempt to capitalize on the spending power of the immediate
neighborhood trade area, which consists of approximately 3300 people, by
capturing a larger share of neighborhood expenditures. Following this
strategy, new or expanded businesses would offer a wider array of goods
and services, but mainly convenience goods such as groceries and personal
services such as hair-cutting. Since a relatively narrow range of goods and
services is now offered on North Greenwood Avenue, this strategy would
hold out the potential for a somewhat wider of range of goods and
services. However, the market analysis indicates that future economic
potential in North Greenwood is restricted when serving only the neighbor.
hood trade area by the limited number of people, relatively low income
per capita, lack of population growth, market dominance of competing
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NORTH GREENJVOOD GENERAL DEVELOPMENT PLAN
LOCATION AND TYPES OF DEVELOPMENT
To encourage 'diversity of commercial activity on North Greenwood
Avenue there is a need to establish identifiable locations on North Greenwood
Avenue for more widely varying types of businesses. The perception of some
neighborhood residents that North Greenwood Avenue is primarily a location for
bars and restaurants inhibits sound growth of other types of businesses. If the
goal is to capture a greater proportion of neighborhood expenditures, than
locational opportunities must be provided for businesses offering a much wider
variety of goods and services. Retail stores and offices are needed for:
1. Convenience goods (foods, drugs, and sundries, laundry and dry cleaning,
haircu.tting, shoe repair).
2. Shopping goods (apparel, hardware, and appliances)
3. Professional services (banking, accounting/bookKeeping, real estate,'
insurance, legal).
4. A fast-food restaurant with good access and visibility from Jack Russell
Stadium.
5. Public/semi-public activities such as the fraternal organizations, social
services, churches, and cultural or educational buildings.
GENERAL LOCATIONAL OBJECfIVES
The Task Force has expressed a preference for a locational strategy that
is flexible and able to adjust to the needs of individual businesses. This strategy
is based on the premise that North Greenwood Avenue is a relatively small
commercial area characterized by small commercial lots, and businesses will need
flexibility to establish, to move, or to expand within the existing spatial con-
straints.
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NORTH GREENWOOD GENERAL DEVELOPMENT PLAN
SUPPORTING INFRASTRUCTURE
AND PHYSICAL IMPROVEMENTS
The recommended economic development strategy and land use concept
will be advanced by improvements which attract people to North Greenwood
Avenue. Therefore, improvements which enhance the environment for
pedestrians, by making it more comfortable, safe, convenient, and visually
pleasant, are essential.
See Appendix A for a list of specific improvements. TIle recommended
improvements include:
1.
Street trees.
Sh~de trees would improve the visual quality of North Greenwood Avenue,
be conducive to development of a better neighborhood image, and provide
comfort for pedestrians. An optimal program would maintain uniformity
in type and spacing of street trees, and provide noticeable shade for
pedestrians.
Difficulties to improving the tree cover exist. Electrical lines on the west
side of North Greenwood Avenue may interfere with the full growth of
street trees. Narrow sidewalks, minimal setbacks of some commercial
buildings, and the presence near the curb of a 12" water line, reduces the
number of suitable locations for street trees on the east side of Greenwood
Avenue. Moreover, the Task Force has determined that the alternative
of converting some of the roadway to widened sidewalks is not acceptable.
2.
Sidewalks.
Sidewalk deficiencies include: (1) long curb cuts which favor vehicles at tIle
expense of pedestrian safety, and (2) absence of sidewalks on some side-
11
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NORTH GREENWOOD GENERAL DEVELOPMENT PLAN
ZONING RECOMMENDATIONS
Zoning recommendations include amendments designed
investment by private enterprise on North Greenwood Avenue.
requirements and parking requirements would be reduced to stimulate
reinvestment in an inner city neighborhood characterized by small lots,
neighborhood businesses, and substantial walk-in traffic. These zoning
recommendations have emerged from the Task Force after consideration of
planning department proposals and implications of the market study.
to encourage
Dimensional
1. Adoption of a redevelopment overlay district with the following features.
Maximum Density:
16 dwelling units per acre.
Minimum Setbacks:
a.
From Greenwood Avenue:
30 feet from a defined center-
line of North Greenwood
Avenue.
b.
10 feet.
From side-streets:
c.
From a side property line:
None required.
d.
10 feet.
From a rear property line:
Maximum Height:
25 feet.
Minimum Open Space for the Lot:
15 percent.
Maximum Floor Area Ratio:
0.6.
OfT-Street Parking: Commercial and office uses permitted to reduce the
othenvise required number of parking spaces by 60
percent.
Substandard Lots: No properties are allowed to subdivide to an area of
less than 5000 square feet after this time.
16
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NORm GREENWOOD GENERAL DEVELOPMENT PLAN
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Economic Development Loan Program
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Potential improvements in the existing loan program which have been
identified include:
(1) Promotion of new applications.
(2) Provision of loans for property acquisition or improvement.
(3) Offering loans larger than $20,000.
(4) Assistance to borrowers in developing ongoing banking relation-
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New applications. The technical assistance program is intended to
introduce neighborhood residents and businesses to the loan program and
move potential applicants forward towards readiness for a successful loan
application.
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Loans for property acquisition and improvement. Loans for property
acquisition and improvements are necessary to address identified needs to
(1) provide larger commercial lots, (2) eliminate blight in the form of
dilapidated structures and improve deteriorating structures, (3) provide a
wider range of commercial structures including stores and offices, (4)
improve the appearance of businesses through facade improvements,
signage, and landscaping.
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"Piggy-back" loans larger than $20,000. The $20,000 maximum loan is
proving to be too low to meet the needs of existing businesses, and will be
inadequate to finance property acquisition and improvements. Larger
loans, which are necessary to achieve the objectives adopted by the Task
Force, can be achieved by combining loans from other sources, such as the
Tampa Bay Black Business Investment Corporation (which offers loans of
up to $200,000) or from local banks, with loans available through CNHS.
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Developing banking relationships. The loan program would be more useful
to many borrowers if it were structured to assist applicants to develop
ongoing banking relationships. Specific methods to accomplish this
objective need to be identified in cooperation with local bankers, and may
include designation of contact persons by the banks, and local bank
participation in loans. The goal would be to bring borrowers into regular
contact with local bankers from an early stage in the lending process, and
to continue that contact until the borrower becomes "bankable" in the eyes
of the lender.
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PUBLIC INVESTMENT
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Public investment encourages and assists small business by providing
community-wide amenities that are needed but are beyond the ability of anyone
business to provide. Public investment in street trees, sidewalks, and parking
encourages small business to make additional investments in the neighborhood.
The City of Clearwater is positioned to be lead agency in upgrading infrastructure
to improve the economic functioning of North Greenwood Avenue.
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Additional public capital investment of approximately $82,250 is needed
for parking.
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Notml GREENWOOD GENERAL DEVELOPMENI' PLAl'.'
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Elements and Materials:
Shutters, decorative columns and lights, metal or other compatible
roofing, planters, balconies with railings, roof overhangs, trellises,
captain's walks, and wrought iron.
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A basic building palette of concrete block and stucco with an alternate
of preservative-treated wood frame construction, supplemented with
durable and low maintenance materials such as standard colored
aluminum, fiberglass, treated wood and epoxy-coated substances which
tie into the style, character, textures, and colors suggested in these
guidelines.
Refuse facilities should be of a closed type and be consistent in color
and materials and screened.
Sign age:
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A neighborhood signage theme is encouraged to be applied consistently
along North Greenwood Avenue. Elements of the signage theme
include size, placement, color, lighting, and materials which are
attractive to pedestrians. Specifically:
1. A standard size compatible with the size and scale of
neighborhood businesses is preferred:
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HOBBIES & INTERESTS
Member: National Wildlife Federation
Member: National Audubon Society
Conservation Chair, Manatee County Chapter
1982 1985
Scuba diving, golf, sailing
REFERENCES
Patricia K. Glass, Manatee County Commissioner
p. O. BOX 1000, Bradenton, Florida 34206 (813) 748-4501
A. v. Ellis, County Administrator, Manatee County
p. O. Box 1000 Bradenton, Florida 34206 (813) 748-4501
Richard A. Wilford, Director, Manatee County Public Works
Caller Service 25010, Bradenton, Florida 34210 (813) 792-8811
Patrick K. Neal 3701 Cortez Road West, Bradenton, Florida 34210
(813) 756-0677
Additional references furnished upon request.
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7. As Acting Director of Phosphate Mining Regulation, prepared
testimony, negotiated and prepared settlement stipulations
to secure United States Bankruptcy Court approval of Beker
Phosphate, Inc. reorganization, resulting in County
acquisition of 10,000 acres of land in the Lake Manatee
Watershed for a purchase price of $11.5 million dollars.
8. Prepared the DNR application, testified before the Governor
and Cabinet sitting as the Land and Water Adjudicatory
Commission and lobbied the State Legislature to secure a
$4.6 million FY 87 State grant for 5.5 miles of beach
renourishment for Anna Maria Island.
9. Prepared County exhibits and testified before DER, SWFWMD,
EPA and USGS agencies to secure permits to construct a 12
mgd deep injection well for treated wastewater from the
South~est Regional Wastewater Treatment Plant. Testified in
Chapter 120 hearings to gain permit issuance for Florida
Department of Environmental Regulation construction permits
for the deepwell, now in final testing stages for an
operating permit.
10. Coordinated preparation of storm drainage assessments and
briefed Governor Bob Martinez on storm damagf!s resulting
from severe flooding through the County. Five days
following, Manatee County was declared a disaster area by
the Governor and received Federal Small Business
Administration Assistance for recovery.
11. Negotiated with Florida Department of Environmental
Regulation and Southwest Florida Water Management District
to obtain permits for 240 acre expansion to the County
sanitary landfill incorporating dredge and fill, wetland
mitigation, slurry cut off wall construction,
stormwater/leachate collection and treatment systems. This
expansion creates an additional 20 year capacity for solid
waste disposal.
12. Prepared and currently administers the West Coast Inland
Navigation District budget for Manatee County, resulting in
aQProximately $450,000 of dredging and navigational
improvements in eight different waterways, $100,000 of
assistance to local Coast Guard Auxiliary Flotilla's and
Sheriff's Department for boating safety and $150,000 in
environmental studies of water quality and Manatee habitat
identification studies in marine waters since 1985.
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19. County representative in managing the preparation of the
Army Corps of Engineers General Design Memorandum, plans and
specifications for the 5.5 mile beach renourishment of Anna
Maria Island, under a $200,000 matching grant from Manatee
County to the Corps of Engineers to accelerate work
previously scheduled in the Corps' FY 91 budget.
20. Assisted consultants in preparation of Transportation, Mass
Transit, Solid Waste, Wastewater, Water, Drainage
Conservation and Aquifer Protection Elements of the
Comprehensive Plan updates, set for Board of County
Commissioners adoption in November, 1988.
ACTING ASSISTAl~ COUNTY ADMINISTRATOR - July 1985 to July 1986
SIGNIFICANT ACCOMPLISHMENTS
1. Directed Highway, Utilities, Planning and Community Services
Departments in a coordinated neighborhood clean-up and
outreach campaign for Parrish, Florida, a low income,
unincorporated municipality in Manatee County. Code
inspection, code enforcement and subsequent public service
work in the n~ighborhood continues to create a community
betterment.
2. Directed the streamlining of the current planning
subdivision and development plat review process in the
Planning and Development Department to institute an
effective six to eight week reduction in interdepartmental
review procedures.
3. Worked with the ~lanning & Development Department, Health &
Rehabilitative Services, Human Services and Sheriff's office
to create a police substation, "community storefront" in the
Lincoln School minority area creating a government and law
presence in a high crime area while making government
services more accessible to those with limited mobility.
4 . W~rked with Planning & Development and Sher iff's off ice to
extend the code enforcement functions using uniformed
officers reporting to the Building inspector to Quadrant,
Systematic Area and Community Wide code inspection and
enforcement. These prog ram enhancements moved the code
enforcement function from a complaint only, selective
operation to a broader and more prog ramable action. The
program also gives high priority to communication with other
neighborhood service organizations.
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43. First Reading, Ord. 4729-88 re Pe~nent
Financing for Purchase of Cooper's Point
_ authorizing a $415,000 loan from the
City of Gulf Breeze municipal loan pool;
approve deposit of the proceeds into the
special development fund; authorize
repayment of principal and interest from
legally available open space and
recreation land ~pact fees (FIN)
44. Ashland Terrace closing at McMullen
Booth Rd. - ,remove existing street and
construct a cul-de-sac, $17,000. (TE)
45. ~~rshall St. Advanced Pollution Control
Facility Project (CL 87056-2) - to, SCE,
Inc. - $16,699,000 (PW)
46. Municipal Code Enforcement Board
appointment (1 member) (CLK)
47. Neighborhood Advisory Committee
appointment (1 Member) (CLK)
48. Community Relations Board appointment
(1 member) (CLK)
XII Other Pending Matters
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43. Ord. 4729-88 passed 1st reading.
44. Approved.
45. Approved.
46. Appointed William Zinzow.
47. Continued to next cycle.
48. Continued to next cycle.
XII. None.
CITY ATTORNEY REPORTS
XIII
First Reading Ordinances
49. Ord. 4730-88 passed 1st reading.
XIV Resolutions
50. Res. 88-59 adopted.
51. Res. 88-60 adopted.
52. Res. 88-61 adopted.
xv Other City Atto~ey Items
53. Withdrawn.
Item. The City Attorney reported the oral
arguments scheduled for 12/2 in the Sign
Code Case have been cancelled.
XVI City Manager reported a request had been
made by the County for City participation
in funding sampling being done in
Clearwater Harbor in preparing for the
appeal re dredging Dunedin\Pass. Item to
be scheduled for next Agenda. Also
reported request from .Save Dunedin Pass'
group for help in paying postage for
campaign. Concensus that this would be
inappropriate.
5
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49. Ord. 4730-88 Relating to solicitations
to sell real or personal property or
services within City; amending Secs.
76.21,76.23 and 76.25, Code of
Ordinances, relating to applications for
solicitors' permits and the revocation
of such permits.
50. Res. 88-59 Requesting Pinellas County
Board of County Commissioners to cancel
and discharge certain tax liens upon
municipal property acquired for public
purposes, and to grant tax exemptions.
51. Res. 88-60 Assessing the owners of
property the costs of having mowed or
cleared the owner's lot.
52. Res. 88-61 Amending City Commission
rules to schedule Public Hearings not
before 6:00 P.M. instead of 6:30 P.M.
53. Settlement Offer from J&S Railroad Ties,
Inc. in the case of City v. J&S Railroad
Ties, Inc.
XVI Verbal Reports
AGENDA
DECEMBER 1, 1988
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Agenda No.
Meeting Date: 12/1/88
MEMORANDUM TO: 1>",~
The City Commission ?f the City of Clearwater
SUBJECT:
North Greenwood Commercial District General Development Plan.
RECOMMENDATION:
City Commission review
the development plan and provide direction to staff.
[] And that the appropriate officials be authorized to execute same.
)
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BACKGROUND :
In the ~ummer of 1987 the Neighborhood Housing Services, Inc. was commissioned to prepare
an economic development plan for North Greenwood business properties. A task force was
subsequently selected to direct and focus the effort. The task force is comprised of NHS
~taff representatives, a corr~ercial real estate broker, a banker, North Greenwood
businessmen and residents, and city officials. In addition, a planning consultant and
architect were engaged in the effort.
The market strategy adopted by the task force is to capture a larger share of neighborhood
expenditures wi.thin the present trade area and, 'also, to recognize legitimate
opportunities to expand the trade area. Accordingly, the 'task force's recommendations are
designed to entice more shoppe.~s tnto this district. This is to be accomplished by
providing an alluring mix of sh(lpping opportunities within a safe, cohesive, attractive
busines~ environment.
A number of regulatory mea~ures are recommended to implement the plan. Code amendments
include the establishm~nt of a uniform 30 foot building setback from the centerline of
North Greenwood Avenue, a zero side yard setback, a 60% reduction in parking for
commercial and office uses, and a parking waiver for properties having an area less than
5,000 square feet where certain conditions exist. Two 20ning atlas amendments are
recommended: (1) the property at the southeast corner of Palm Bluff and Greenwood Avenue
is recommended to change from RM-24 to inclusion into the redevelopment district and (2)
the residential lots on the east side of Taft Street betweetl Carlton and Grant Streets are
recommended to change from Neighborhood Commercial to RM-16. In addition, a design review
board is proposed to judge the consistency of building plans with the design standards
recommended for the district.
Commission Disposition:
1. Approved as Recommended/Revised/Conditional
2. Continued to
dolc.o
Follow-up Action:
Submitted by:
Advert ised:
o Affected
Perties
Notified
of Meeting
Costs: N/A
Funding Source:
o Capitel Improve-
rnent Budget
o Opereting Budget
o Other
tQAttochments:
North
Greenwood
Commercial
District
General
Development
Plan
o None
City Maneger
Dote:
Pop e r:
fZJ Not Required
[] Not Required
Date a Sequential
Reference
OriginotinQ Department: ~
PLAN~HNG & DEVELOPMEHT
Appropriation Code
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1
. Agenda No.
M E MORA N DUM TO: t \l u ~ Meeting Date: 1.2/1/B8
The City Commission of the City of Clearwater
SUBJECT :
Petition for
Street.
Annexation and RS-2 zoning for a Portion of Property Located at 2944 Main
(Anne~ 88-29)
RECOMMENDATION:
City Commission approve the anneKation and RS-2 zonina of the subject property; and
approve Ordinances 4689-88 and 4690-88 on first reading.
j
[] And tha~ the appropriate officials be authorized to execute same.
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BACKGROUND :
The owner of property located at 2944
approximately 1/2 acre of a larger 2 acre
family residence. The smaller property to
single family residence under the requested
i'
Main Street is requesting annexation of
property presently developed with a single
be annexed is to be sold and developed with a
RS-2 zoning.
,':
The City ~ommission policy regarding annexation provides that all contiguous property
under orie ownership be annexed at the same time. The owner did not include all of the
property in the request because he keeps several farm animals. on the portion not included
in the request. carm animals are permitted on' the property under the jurisdiction of the
County, but are not allowed in single family zoning districts in Clearwater.
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The Planning and Zoning Board on October 4, 1988 unanimously (6-0) recommended approval
of the annexation and RS-2 zoning as requested.
The City Commission on October 20, 1988 continued this item to December 1, 1988 to give
the property owner an opportunity to pre~en~ &~ alternative request which would include
the entire 2 1/2 acre parcel under his ownership for annexation. A copy of the minutes
of that meeting pertaining to this issue are attached.
Since that date, the property owner has notified the City
property is no longer under his ownership and would
previously stated anneKation policy.
that the entire 2 1/2 acre
no longer be subject to the
Commission Disposition:
1. Approved as Recommended/Revised/Conditional
2. Continued to
dot.
Follow-up Action:
Submitted by:
[Xl Aff ected
Parties
Notified
ot Meeting
Cl Not Required
Drawing
Ordinances:
4689-88
4690-88
Minutes
Letter
Advertised:
Do te : 9/ 2 3/8 8
Costs: N/J\
Funding Source:
Cl Capital Improve-
ment Budqet
CJ Operating Budget
CJ Other
ClAttachments:
, I
City Manager
Po po r: CLW. SUN
eNol Rcaquircd
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Ori~incting Department: ~
rLANNING & DEVELOP~ffiNT
CJ None
Oote aSequential
Reference
Appropriation Code
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Page 2
Annex 88-29
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SUBJECT (Name of Project, etc.):
Annexation of a portion of prope~ty at 2944 Main, St.
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NAME OF PROPERTY OWNER(S): Mark G. Naedel
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NAME OF APPLICANT (S ) : Same As Owner
LOCATION OF PROPERTY: North side of Main St. app~oximately 650 feet west of Abbey Lake
Rd.
LEGAL DESCRIPTION OF PROPERTY: Po~tion of M&B 14-13, NE 1/4 Sec~ S-29S-16E
SIZE OF PROPERTY: .54 Acre
PROPOSED CITY LAND USE PLAN DESIGNATION(S): No Change
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EXISTING CITY LAND USE PLAl~ DESIGNATION(S): Low Density Residential
EXISTING COUNTY LAND USE PLAN DESIGNATION(S): Suburban Low Density Residential
EXISTING ZONING: AE (County)
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PROPOSED ZONING: RS-2 (Single Family Residential)
ADJACENT USES:
North:
South:
East:
West:
Single Family Residence
Vacant (Single Family Zoning)
Single F~ily Residence
Single Family Residence
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PROPOSED' ANNEXATION and ZONING
OWNER I MA.tc:.K G. N ~e. DE' \..
APPLICANT
. ZONING
FRO'~ COUNTY Are:
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PI.A.HHUIG and ZONING BOARD 10 OL.( f86
SeCTION IS TOWHSHIP 2..C\ S ~ANaE
o Sln~la Fernlly v:; \I~CA~T
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PROPERTY oeSCRIPTION
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.54 ACRES
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ORDINANCE NO. 4689-88
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
ANNEXING CERTAIN REAL PROPERTY LOCATED
ON THE NORTH SIDE OF MAn'{ STREET (ST A'rE ROAD 588),
APPROXIMATELY 650 FEET WEST OF ABBEY' LAKE ROAD,
PINELLAS COUNTY, FLORIDA, INTO THE CORPORATE
LIMITS OF THE CITY, AND REDEFINING THE BOUNDARY
LINES OF THE CITY TO INCLUDE SAID ADDITION;
PROVIDING AN EFFECTIVE DATE.
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WHEREAS, t~e City of Clearwater, Florida, received a petition from the owner
of the real property described herein requesting the City to annex the real property
described herein into the corporate limits of the City; and
WHEREAS, the City Commission, at a regular meeting held on September 15,
1988, voted to accept the petition and authorized the preparation of an ordinance to
annex the property; and
WHEREAS, the City Commission held a public hearing upon the proposed
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See Exhibit A attached hereto.
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annexation prior to or at the time of first reading of this ordinance; and
WHEREAS, all applicable requirements of Florida law, including the Local
Government Comprehensive Planning and Land Development Regulation Act and the
law relating to annexation, have been complied with in connection with this ordinance;
i '
NOW, THEREFORE, BE IT ORDAINED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA:
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Section 1. Pursuant to Section 171.044, Florida Statutes, the following described
property Is hereby annexed into the corporate limits of the City of Clearwater,
Florida, and the boundary lines of the City are redefined to include the rollowing:
. " ~ -
, Section 2. The City of Clearwater does hereby certify that tl1e measures
contained in this ordinance are consistent with the City's Comprehensive Plan and
individual elements thereof.
Section 3. The City Commission hereby accepts the dedication of all easemen ts,
streets, parks, plazas, plaC!e,9, rights-of-way and other dedications to the public which
have heretofore been made by plat, deed or user within the areas so annexed.
Section 4. The City Engineer, the City Clerk and the Planning Director are
dfrecte<l to include a.."1d show the property described herein upon the official maps and
records ot the City.
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Section 5. This ordinance shall take effect immediately upon its adoption. The
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City Clerk shall file one certified copy with the Clerk of the Circuit Court of PineIlas
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County, Florida, and shall file another certified copy with the Florida Department of
State within 30 days of adoption.
PASSED ON FIRST READING
PASSED ON SECO ND AND FIN AL
READING AND ADOPTED
Mayor-Com missioner
Attest:
City Clerk
Approved as to form
and correctness:
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.\ part of the Southeast 1/4 of the Northeast 1/4 of Section 5 t Township 29
South, Range 16 East, and more particularly described as [0110\'15:
Beginning at the Southeast corner of the northeast 1/4 of said Section 5,
thence North along the East line of said Section 5, a distance of 350.64
teet; thence N 8go49' W t along the North right-of-way of Ma.in Street, a',
distance of 608.0 feet to the POINT OF BEGINNING; thence N 00000' E,
parallel to the East line or said Section 5; a. distance of 173.00 feet; thence
N 89049' W, 135.0 feet; thence S 00000' W, 173.00 feet to the North r.ight-
of-way Une of, Main Street; thence S 89049' E, 135.0 feet to the POINT OF
BEGIN~ING.
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EXHIBIT A
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PROPOSED ANNEXATION and ZONING
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APPLICANT
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PROPERTY DESCRIPTION
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ZONING
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.54 ACRES
~AHHIHG and ZONINQ BOARD
SECTION 5 TOWNSHIP :z.q s
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ATI.AS PAGE
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ORDIN ANCE NO. 4690-88
OF THE CITY OF CLEARWATER, FLORIDA,
THE ZONING ATLAS OF THE CITY BY ZONING
CERTAIN EAL PROP~RTY L0CATED ON THE NORTH SIDE OF
MAIN STR ET (STATE ROAD 588), APPROXIMATELY 650 FEET
WEST OF BEEY LAKE ROAD, PINELLAS COUNTY, FLORIDA, AS
DESCRIBE MORE PARTICULARLY H:EREIN, UPON ANNEXATION
INTO TH CITY OF CLEARWA'I'ER, AS SINGLE-F AMIL Y
RESIDEN L (RS-2); PROVIDING A.N EFFECTIVE DATE.
WHEREAS, the ity Commission of the City of Clearwater held tl publi~ hea~ing
for the determinatio and estabUshmen t of a zoning classifi~atJon for the property
described herein prior to or at the ti me of first reading of this ordinance; and
WHEREAS, th amendment to the zoning atlas as set forth herein was
tentatively approved by the City Commission after its evaluation of all evidence
presented at the publl hearing; and
WHEREAS, an plicable requirements of the Local Government Comprehensive
Planning and Land evelopment Regvlation Act relating to amendments to land
development regulati ns have boen crornplled with in connection with the amendment
set forth In this ordin nee; and
WHEREAS, the mendment set forth in this ordinance is found to be reasonable,
proper and appropria t ;
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NOW, TH REFORE, BE IT ORDAlNED BY THE CITY. COMMISSION
OF THE or OF CLEARWATER:p FLORIDA: .
Seetion 1. The fonowing described property in Clearwater, Florida:p is here?y
zoned as indicated up n annexation, into the City of Clearwater, and the zoning atlas
of the City is amende accordingly:
Pro[)erty
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Zoning District
RS-2 - Slngle-Fa.mily Residential
See Exhibit A at a~hed hereto.
(A-88-29)
Section 2. The City Commission does hereby certify that this ordinance is
consistent with thQ Cl 's Comprehensive Plan.
Section 3. The lanning Direetol' ia directed to. revise the zoning atlas of the
City in acaordance wit the foregoing amendment.
Sectf(JR 4. This dinance shall take effect immediately upon adoption.
PASSED ON PIR READING
PASSED ON SEC t~D AND FINAL
READING AND OOPTED
Attest:
-. - Mayor-Commissioner
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OWNER I MA.tc.K .Gt. N~E.Ce'-
A.PPLICANT
PROPERTY DESCRIPTION
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CITY COLU"SSION
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Item #13 - Public Hearin~ & First Readin~ Ordina~ces 4689-88. 4690-88 - Petition
for Annexation and RS-2 (Sin~le Family Residential) ZoninR for a .54 acre parcel
located on the N side of Main St. (SR 588) apx. 650 ft. W of Abbey ~ake Rd.: a
portion of M&B 14-13, NE 1/4 Sec. 5-29-16 (Naedel) A 88-29. (PUD)
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The property is currently vacant and the request is made to permit the
development of a single family residence.
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The owner of this parcel owns the remainder of the M&B parcel. He has been
infor.med of City Commission policy regarding annexing all of conciguous property
under one ownership at the same time. However. he keeps several farm animals on
the parcel not included in this request that are permitted in the County but ~ould
not be permitted under city zoning and, therefore is requesting only a portion of
his property be annexed at this time.
Mark Naedel, owner of the property, explained he was concerned regarding his
ability to keep the one shetland pony and ~ix chickens he hes on the remainder of
his property should it be annexed into the City.
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Discussion
indicated, once
He indicated his
to the back by a
ensued regarding alternatives for the property. Mr. Naedel
the livestock is.removed from the property, he would be annexing.
plan for the property is to have three houses on it with access
20.5 foot wide driveway.
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Discussion ensued regarding the need to
Commission could make a decision regarding
Concerns were expressed that the driveway may
see the package as a whole before the
the total plan for the property.
not meet City standards.
Time frames associated with various alternatives for the c~ntinued processing
of this request were discussed.
Commissioner Regulski moved to continue this item to the meeting of Oecembe~
1, 1988. Motio~ was duly seconded and carried unanimously.
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Ite~~4 - Public Hearin~ & First ReadinR Ordinances 4691-88. 4692-88 - Peti~ion
~r Annexation and roM-a CMulti-Fam;Jv residential) Zonin~ for a .4 ac:e oa~cel
located on the N side of Nursery Rd. apx. 300 ft. E of Rosetree Ct.; a portion of
Lot 10, Pinellas Groves SW 1/4, Sec. 10-29-16 (Seacorp Development Group. Inc.)
A B a - 30 . (PUO )
The property is currently devel~ped with a Level II Group Care Facility ~i:h
13 cared-for individuals. The .":;:',equest' is being made to receive City se~er service
which is available to the property as well a~ C1ty qater and natural gas.
Mark Naedel, President of Seacorp Development Group, stated they do not o~~
the remainder of Lot 10.
.
In response to a question, the Planning Director indicated that an approval 0=
RS-8 zoning would render the existing use non-confo~ing, therefore, RM-8 has been
requested.
Commissioner Berfield moved to approve the requested annexation and zoning and
that the appropriate officials be authorized to execute same. Motion was duly
seconded and cxrried unanimously.
Book 41
343
10/20/88
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25 Octcl:~r 1988
Ms. Paula Harvey
Planning Director
! City Of Clearwater
P..O. Box 4748
I Clearwater, FL 34618
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IDea r Hs.' Hnrvey,
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RE:
Public Hearing and Firat Reading ORDS. 4689-88, 4690-88
Petition for AtlNEXATION AND RS-2 Zoning for .54 acre
parcel (Naedel) A 88-29 (pun)
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Pursuant to the above referenced request for the annexation
and the Commission's "Policy" as to annexation of all contiguous
properties owned by the same principals-
It was the original
application of the
family residence~
parcels.
intent of this request to facilitate the
"new owner" of this parcel to build a single,
Thus, I would not be the owner'of both
i. '
In order that we may have a final reading and vote on Nov. 3r~.
t1lis parcel is being deeded to a "land trust" \-lith Clcanvilt.er
attorney William L. Jennings designated as Trust~e. Subsequent
transfer of ownership will be at h~~~ discretion and control.
" ~fay I as}<: that the Commissioii please vote on thi:3 peti tion on.
:1 ro1ovember 3rd as originally filed.
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2944 SR 588 Main Street
'j Clearwater, FL 34619
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MEMORANDUM TO: fW"'3
The City Commission of the Cify of Clearwater
SUBJECT: Vacation Request 88-'13
Agenda No.
Meetl ng Date:
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12/1/88
Glen-Ellen Mobile Home Park
RECOMMENDATION: City Commission approve the vacation of an existing 40' \'lide
Right-of-Way Easement along the North sj e of Glen Ellen Mobile Home Park located in
the SW i of the NE i of Section 17 - 29 16, Pinellas County, Florida.
SUBJECT TO, retaining a drainage and uti ity easement over a portion of said easement,
Both the Right-oF-Way easement and the d ainage and utility easement being more par-
ticularly described in Ordinance No. 472 -88.
ALSO SUBJECT TO, the City gas line, with'n said easement, being relocated at the
applicant's cost to the satisfaction of he City's Utility Department.
and Pass Ordinance
No. 4726-88 on fir treading.
C And that the appropriate officials be authorized to execu1e some.
BACKGROUN D: An encroachment of ni
Way easement was discovered when the app
Mobile Home Park. The City has a gas Ii
yet forsees no future need for the remai
gesting that the entire 40' R.O.W. easem
drainage and utility easement wide enoug
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e (9) mobile homes into the 40' Right-of-
icant was in the process of selling the
e within the north portion of said easement
der of said easement and therefore is sug-
nt be vacated, subject to retaining a
to repair and maintain the gas line.
This petition has been reviewed by the v rious City Departments/Divisions concerned
with vacations, and there were no objections.
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Florida Power Corporation, General Telep one Company, and Vision Cable of Pinellas,
Inc., have no objection to this vacation.
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Commission Disposition: '
1. Approved as Recommended/Revisod/Conditional
2. Continued to
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FOllow-up Action:
dart'
Submitted by:
Advertised:
IAI Affected
orties
otified
o MeetinQ
Costs: N/A
Funding Source:
Cl Capital Improve-
ment 8udQet
t:J Operating BudQet
Cl Other
CJ A ttochments:
City Manager
OQte~
Paper: Ch'. Sun
Location Nap
Peti ti on, and
Ordinance
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Oate a SeQuentia I
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Orl9inatinQ Oepartme t: ~
Public Works/Engine ring
CJ None
Appropriation Code
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L.EEWARD ISLE
Port ion to
Drainage
be refoined os a
6 Utility Ease.
Portion of 40' R.O.W. E ese.
To be Vacated.
40 Acre Corner
North Line of
SW 1/4 of NE 1/4
40'
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40' R.O. W. E AS E
140
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I! "12
200'of West 1180'
1/4 of N E 1/4. of
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East
of S
Sec.
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SW 1/4 of N E 1/4 17- 29 "16
L E S5 '\he West 1180'
200'
GULF - TO BAY BLVD.
$out h Line of SW 1/4 ofN E 1/4 Sec. 17- 29 -16 ~
s. R, 60
This lLnot a Survey!
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II 8 -88
MJP
R eq. no. 8 8 " I 3
Portion of Right -of- Way
Easement to be Vacated.
Portion a1 Vacoted
to be retained n~ a
R.O.W. Ease.
Dr. a uti I. Ease.
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Vacation~R
Number 0
REQUEST
V oM CAT ION
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PRO C E S SIN G
SHE E T
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SEE ATTACHED COMMENTS
PLEASE REVIEW THIS VACATION IN TE~~S OF-YOUR PRESENT USE~~~D FUTURE NEED
FOR THE PROPERTY. INDICJ..TE fOUR COMHENTS' BELOlv:
TONNSHIP ~ RANGE I to
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REFERENCE ATLAS SHEET- NUMBER: ~. SECTION \1
1. E~:GINEERING DEPJI.RTMENT - REVIENED BY: J 4~
CO~1MENTS :
· .c.~.-/
DATE: 10/26/88
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2. PLM1NING & URBAN D~\TELOPMENT - REVIEWED BY:~,~ DATE: '0'0r
CO~1ENTS: 1/4J:-oJ/\~ .AiJ;-:.~ "f1~1 fr ~Slle.- ~~' rJo .id-
0- ~~ aJZ.;:4cr~ .............. ~ 1. -":"'5 ,,"*- ~ a-y-.,c.~ 4/-t..
~J 1J-:.s, ~.s ,.-,~ cri);~ .'" ~et.r-.I.:,-, 'f ,vi~.s ~:h-- ~'.s
~ ' ~ I ..,...0 ~e4....-. ~ ""de -.-t<.........
3.
,TRAFFIC ENGIN~ERING DEPARTl4ENT - REVIEh~D BY:
COl-1MEN'l'S: AJt'.; t18J ~{" TloAJ
4.
BUILDING INSPECTION DEP~~TMENT
COZ.t~NTS : 1 1A l
IVlJ 0\3...) 8t...\( <::':I~
~VIE\-mD BY :I!~
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DATE: I/-/-Sb i,
5.
REVIEWED BY.: - ...."41' ~ A~ --91''1.
... t-,e,/,/-iZi C/lF~r
Utilities Department has no objection.
DATE: 11..,/ - ,,'
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UTILITIES DEPART~ENT
COMMENTS:
The
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6. FIRE DEPARTMENT RE\TIEt'7ED BY:
CO!-t~NTS :
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tip () 13J 6-c. /1'" ,A/
-/lJcd-
DATE: 11#/"
7.
RETUP.N TO CITY ENGI!'!EER..
..
8. CI'l'Y C~ERJ< - FOR ADVERTISING OF NOTICE OF PUBLIC HEA...~ING.
ADVERTISING DJ..TES: AJ 0 II
PU3LI C HEARING n;; T~ : D eC
FINAL CO!>1!>1ISSION ACTION:. I
OROIN~'JCE NO.
,.,. B 9
,
~ 88
}.JOel 24- ~ 8~
,
&
1 ~~PROVED
D;A..TE OF :FIN~.L READI!-1G:
1
P~COP~ED IN O.~, BOOK:
PAGE:
~TTER 'TO PROPERTY O~'~n:R ;'.DVISI!':G OF CO:.:?LE:TIO~1 OF \"'ACATIO~:
V;;CATIO~: C~.RD FILE:
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ATTACHMENT
PUBLIC WORKS DEPARTMENT COMMENTS
VACATION REQUEST I' 88-13
At some time in the
road from Hampton
of David Avenue and
neighborhood. A 40
across the northern
possibility.
past the City was
Road to Bayview Avenue.
Elizabeth Avenue
ft. right-of-way
boundary of Glen
evidently
This would
and offered more traffic
easement was, several
Ellen Trailer Park to
contemplating a possible
have picked-up the
options in
years ago, obtained
allow for this
east-west
dead ends
that
Since that time
acceptance of easements
full connection
developments along
of narrower
from Hampton to Bayview
this route and the City'a allowance
widths and for lesser purposes has
imprac tical.
and
made
the
There now seems to be no
to not change the rights
real
from
reason not
right-of-way
to reduce the
to Drainage
width of this
and Utility.
easement
nor
Therefore, it is
question be vacated
12 ft. of the East
recommended
and that
190 feet be
that the 'entire
the North 15
retained as
40 ft. right-of-way
ft. of the West 219
Drainage and Utility
easement in
feet and the North
easement.
This
road
does
from
not affect our ability to
Hampton eastwardly across
pursue the establishment
the dead-end of David to
of an east-west
Elizabeth.
J~ e-;Lc..--
William C. Baker, Director of Public Works
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ORDIRANCE NO. 4726-88
AN ORDINANCE OF TilE CITY OF CLEARWATER, FLORIDA,
V ACATI~G A 40-FOOT RIGIIT-DP-W A Y EASEMENT LOCATED
AI.lONO THE NORTH SIDE OF A TRACT OF I,AND UNOWN AS
OI.lRN ELI.lEN TRAILER PARK, IIOCATED AT 2882 GULF-TO-BAY
nOUT,BVARD, PINELI.lAS COUN1'Y, FLORIDA, SUBJECT TO A
DRAINAOE AND UTILrry EASEMENT WHICH IS RETAINED OVER
A PORTION TltEREOF, PROVIDING AN EFFECfIVE DATE.
, '
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WHEREAS, it has been requested by Glen Ellen Mobile Horne Park, Inc., owner of
certain ren! property located in the City of Clearwater, Florida, that the City vacate
a certain rlght-ot-way ensement; and
WHEREAS, after proper public notice nnd public hearing thereon, the City
Commission finds that said easement is not neaessary nor required for municipal use
and It is deemed to be to the best Interest and advantage of the City and the general
public thnt the same be vacated; now therefore
BE rr ORDAINED BY THE Cl'rY COMMISSION OF THE CITY OF
CLEAR WATER, FLORIDA:
Section 1. The following:
'I'he north 40 feet ot the following described tracts:
The east 200 fect or the West 1,180 feet of the Southwest 1/4 of the
Northeast 1/4 of Section 17, Towmhip 29 South, Range 16 East, Pinellas
County, Florida, and
The Southwest 1/4 of the Northeast 1/4 of Section 17, Township 29 South,
Range 16 East, Plnellas County, Florida, less the West 1,180 feet thereof,
as recorded In O.R. Book 1162, Page 122, of the public records of Pinellas
County, Florida,
be and the same is hereby vacated, closed nnd released, and the City of Clearwater
hereby quitclaims and releases all of Its right, title and interest thereto to the personc;,
firms or corporations entitled thereto by law except that the City of Clearwater
hereby retnlns a drainage and utUlty ensement for the installation and maintenance of
any and all public utilities thereon over the following described tract:
Begin at the Northeast corner of the Southwest 1/4 of the Northeast 1/4 of
Section 17, Town.c;hlp 29 South, Range 16 East, and run South along the East
line of said Southwest 1/4 of the Northeast 1/4 12.0 feet; thence run West
along 8 Une 12 feet South of and parallel to the North line of the Southwest
1/4 or the Northeast 1/4 or said Section 17, 190.0 feet; thence run South
3.0 tcot, thence rim West along n line 15 feet South of and parallel to the
North line of the Southwest 1/4 or the Northeast 1/4 of said Section 17, to
a point on the West line or the En..~t 200 feet of the West 1,180 feet of the
Southwest 1/4 of the NortheRst 1/4 of said Section 17; thence run North
along sold West line to the North line of the Southwest 1/4 of the
Nortlu:mst 1/4 of said Sectlon 17; thence run East slang said North line to
the POINT OF BEGINNING.
Sectlon t. The CIty Clerk Is hereby directed to record this ordinance in the
Public Records or PlneU88 County, Florida.
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Section 3. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND
FINAL READING AND ADOPTED
Mayor-Commissioner
Attest:
City Clerk
Approved as to form
and correctness:
Ci ty Attorney
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Agenda No.
Meetl"9 Date: 12/1/88
MEMORANDUM TO: ~~b-~
The City Commission of the City of Clearwater
.
SUBJECT:
Land Use Plan Amendment from Residential/Office to Commercial/Tourist Facilities and a
Zoning Amendment from OG to CH for a Parcel to be Used by Ken Marks Ford Dealership.
(LUP 88-24, Z 88-22)
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RECOMMENDATION:
City Commission approve the Land Use Plan amendment
rezon~ng to CH on the subject property; and pass
reading.
to Commercial/Tourist Facilities and the
Ordinances 4714-88 and 4715-88 on first
[] And that the appropriate officials be authorized to execute same.
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BACKGROUND :
Ken Marks Ford on U.S. 19 North
immediately south of the existing
plat have been approved by the City
vehicle sales, display and storage.
is expanding its car sales operation onto property
dealership. A preliminary site plan and a preliminary
for the development as well as a conditional use for
One of the conditions of site plan and plat approval was the submission of an application to
reclassify the most eastern portion 'of the property to the Highway Commercial designation,
he same designation over the remainder of the property fronting U.S. 19. The proposed use
of the subject site is for storage of inventory vehicles for sale.
".. :
he Planning and Zoning Board on November 14, 1988 unanimously (6 to 0) recommended approval
f the Land Use Plan amendment to Commercial/Tourist Facilities and the rezoning to~CH.
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Commission Disposition:
1. Approved as Recommended/Revised/Conditional
2. Continued to
dat.
Follow-up Action:
Submitted by:
Advertised:
DoteP/l/88 &
11/10/88
Po l'J4! r: CLW. SUN
CJ Not Required
I3Zl Affected
Parties
Notifi ed
af Meeting
Costs: N/~
Funding Source:
I:J Capital Improve-
ment Budget
t:1 Operating Budget
Cl Other
C1Attachments:
Drawing
LPA Review
Ordinances:
4714-88
4715-88
City Manager
Cl Not Required
Dote a Sequential
Reference
Or1c:linatlnQ Deportment: fJr
PLANNING & DEVELOP~~NT
C1 None
Appropriation Code
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Page :2
LUP 88-24
Z S8-22
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'SUBJECT (Name of Project, etc.)
Land Use Plan amendment m1d Rezoning for Ken Marks Ford
NAME OF PROPERTY O~~R(S)
Marks & Gilliss, Inc.
NAME OF APPLICANTCS)
Same as owner
LOCATION OF
PROPERTY: East side of U.S. 19 on north side of private road enter.ing Jennifer
Office Complex
LEGAL DESCRIPTION OF PROPERTY:
M & B 22-033, NW 1/4 Sec. 5-2SS-16E
SIZE OF PROPERTY:
2.05 Acres
EXISTING CITY LAND USE PLAN DESIGNATION(S) Residential/Office
PROPOSED CITY LAND USE PLAN DESIGNATION(S) Commercial/Tourist Facilities
EXISTING COUNTY LAND USE PLAN DESIGNATION(S) Residential/Office
EXISTING ZONING:
OG (General Office)
PROPOSED ZONING:
CH (Highway Commercial)
1\DJACENT USES:
North:
South:
East:
West:
Vacant (zoned for office)
Office
Vacant (City ownEd open space)
Commercial (Ken Marks Ford Used Cars)
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PROPOSED LAND USE PLAN AMENDMENT and REZONING
OWNER
APPLICANT
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PROPERTY DESCRIPTION
'-LAND USE PLAN
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FROM 0 t=" s: l C. 5.
ZONING
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PLANNING and'ZONING BOARD ., 'S 98
SECTION 05" TOWNSHIP 2.q "t RANGE
6= aUSl~6~$ "::"A~A~\
'2. () er ACRES
CITY COUMISSION ''2. C' S 8
'6 E ATLAS PAGE C 15' AER.lA.'-25'"O
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CITY OF CLEARWATER
PLANNING AND ZONING BOARD
LPA REVIEW AND RECOmlENDATION
on an
AMENDMENT TO THE LAND USE gl.EMENT
of the
CLEARWATER COMPREHENSrVE PLAN
CASE NO. 88-24
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SUBJECT:
An LPA review and recommendation as to the relationship of the proposed
amendment to the Clearwater Comprehensive Land Use Plan, an e 1ement oF. the
Clearwater Comprehensive Plan. This review to be in conformance with the
Local Government Comprehensive Planning Act (LGCPA, Chapter 163.3161 ET.SEQ.,
Laws of Florida, as amended).
I.
PLANNING CONSIDERATIONS:
All LGCPA amendments are reviewed from two perspectives:
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1. Compliance with the requirements of the LGCPA; and
2. Conformance to the goals and policies as adopted.
The proposal would amend the Land Use Plan designation from' Residential/
Office to Commercial/Tourist Facilities for a 2.05 acre parcel located on the
north side of a private road within the Jennifer Office Complex approximately
750 feet east of u.S. 19.
The subject parcel is presently vacant. It is proposed to be used In
conjunction with the vehicle sales facility to the west.
The Burrounding uses are as follows: a vacant parcel proposed for offices
to the north, open space and offices to the east, offices to the south and an
existing vehicle sales use to the west.
If approved, the proposed amendment could result in the addition of between
2,077 and 2,502 vehicle trips per day which would access a priv8te road which
feeds directly onto u.s. 19. u.S. 19 carrie~ a Level of Service rating of "F"
in this area. A reduction of 0 to 2,428 gallons per day of potable water and
an equal reduction of wastewater requiring treatment could be expected. The
wastewater will flow to the Northeast Treatment Plant.
There are no environmental constraints existing on this property. There
are a few trees which sl\ould be protected at the time of site plan review.
ACTION OF THE LOCAL PLANNING AGENCY:
-... ~ ~
Paula Harvey, Secretary
Clearwater Planning and Zoning Board
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ORDINANCE NO. 4714-88
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
AMENDING THE LAND USB ELEMENT OF THE
COMPREHENSIVE PLAN OF 'rHE CITY, TO CHANGE THE
LAND USE DESIGNATION FOR CERTAIN REAL PROPERTY
LOCATED APPROXIMATELY 600 FEET EAST OF U.S.
HIGHWAY 19 AND APPROXIMATELY 600 FEET SOUTH OF
McCORMICK DRTVE, NORTH OF A PRIVATE ROAD WITHIN
THE JENNIFER OFFICE COMPLEX, WITHIN THE CITY OF
CLEARWATER, FROM RESIDENTIAL/OFFICE TO
COMMERClAL/l'OURIST FACILITIES; PROVIDING AN
EFFECTIVE DATE.
~.
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WHEREAS, all applicable requirements of the Local Government Comprehensive
Planning and Land Development Regulation Act (the Act) relating to amendments to
an adopted comprehensive plan or element thereot have been complied with in
connection with the amendment set torth in this ordinance; and
WHEREAS, the ar.lendment set torth in this ordinance Is fotmd to be reasonable,
proper and appropriate;
NOW, THEREFORE, BE rr ORDAINED BY THE CITY COMMISSION
OF THE Crry OF CLEARWATER, FLORIDA:
Section 1. Section 1 ot Ordinance No. 2019 (15 amended by changing the land use
category tor the hel'vinafter described property as tollows:
Pro~rty
See Exhibit A attached hereto.
(L.U.P. 88-24)
k.and Use Category
From: Residential/Oftice
TOt CommerciallTourist FacUities
Section 2. Th~ City Commission does h~~'8by certify that this ordinance is
consistent with the CitY's Comprehensive Plan and elements thereof adopted pursuant
to the Act.
Section 3. This ordinance sh811 take ertect Immediately upon adoption.
PASSED ON FIRST READING
PASSED ON SFCOND AND PINAL
READING AND ADOPTED
Mayor-Com missioner
Attest:
City Clerk
Approved as to form
and correctno9S1
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Com mence at the Northwest corner of Section 5, Township 29 South,
Range 18 East, PineUas County, Floridat thence along the North boundary
of Section 5, South 89046'15" East, 685.00 teet to the POINT OF
BEGINNrNO; thence continue SOI.1th 99048'15" East, 390.00 feet; thence
South 25"22'18" West, 182.67 teet; thence South 00"51'18" West, 99.64 tee~;
thence North 89046'15" West, 311.30 feet; thence North 00013'45" East,
285.00 feet, returning to the POINT OF BEGINNING.
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ORDINANCE NO. 4715-88
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
AMENDING THE ZONII~G ATLAS OF THE CITY BY REZONING
CERTAIN PROPERTY LOCATED APPRO XlMATEL Y 600 FEET
EAST OF U.S. HIGHWAY 19 AND APPROXIMATELY 600 FEET
SOUTH OF McCORMICK DRIVE, NORTH OF A PRIVATE ROAD
wrrmN THE JENNIFER OFFICE COMPLEX, PINELLAS COUNTY,
FLORIDA, AS DESCRmED MORE PARTICULARLY HEREIN, FROM
GENERAL OFFICE (OG) TO HIGHWAY COMMERCIAL (CH);
PROVIDING AN EFFECTIVE DATE.
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WHEREAS, the City Commission of the City of Clearwater held a public hearing
on a proposed change to the zoning atlas of the City affecting the property described
herein prior to or at the time of first reading of this ordinance; and
WHEREAS, the change to the zoning atlas as set forth herein was tentatively
approved by the City Com mission after its evaluation of all evidence presented at the
public hearing; and
WHEREAS, all applicable requirements of the Local Government Comprehensive
Planning and Land Development Regulation Act relating t~ amendments to the
development regulations of the City have been complied with in connection with the
amendment set forth in this ordinance; and
WHEREAS, the amendment set forth in this ordinance is fotmd to be reasonable,
proper and appropriate;
',:'
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF CLEAR WATER, FLORIDA:
Section 1. The following described property in Clearwater, Florida, is hereby
rezoned as indicated, and the zoning atlas of the City is amended accordingly:
Propert~
See Exhibit A attached hereto.
(Z-88-22)
Zoning District
From: General Office (OG),
.
To: Highway Commercial (CH)
Section 2. The City Commission does hereby certify that this ordinance is
consistent with the CitY's Comprehensive Plan.
~o.!!..!. The Planning Director is directed to revise the zoning atlas of the
City in accordance with the foregoing amendment.
Section.J. This ordinance shall take effeet immediately upon adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Attest:
Mayor-Com missioner
City Clerk
Approved as to form
and correctness.
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Agenda No.
M EM 0 AN 0 U M TO: \)\Al) - ~ Meeting Dote:12/1/88
The C ty Commission of the City of Clearw'ater
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f~om RS-4 to AL/! for a Parcel Located Within the Proposed Curlew Heights
(Z 88-23)
ATlON:
ity Commission approve the rezoning to AL/I on the subject property; and -pass~g!Ornance---
716-88 on firs reading.
[] And that the appropriate officials be authorized to execute same.
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pr perty has been identified as a wetland area which should be protected. As a
Commission approval on September 3, 1987 of the preliminary plat for the
Heights Subdivision south and east of the subject area, the applicant was
it a request to rezone the wetland area to ALII (Aquatic Lands/Interior).
e Planning
pproval of th
d Zoning Board on
rezoning to ALII.
(6 to
0) recommended
November
15,
1988 unanimously
The Plat is
that access
be recorded in accordance with the City Commission's direction
from 66th St.
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Commission isposltion:
1. Approved.. R comm.nded/Revised/Conditlonal
2. Continued to
Fot low-up Action:
Cl Attach m ents:
Costs: N /~
Funding Source:
C1 Capito I Improve-
ment 8udqet
CJ Operating Budget
CJ Other
r:zJ Affected
Parties
Notified
of Meeting
Submitted b :
Advertised:
11/1/88 &
Oatiilil/l0/88
Paper: CLW. SUN
o N~t Required
CJ Not Required
Drawing
Ordinance
4716-88
u
City Manager
Dote aSequential
Reference
Orl;inatinc; Oepartmen t:
PLANNING & DEVELOP~lliNT
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c.c. 12/1/88
Page 2
Z 88-23
SUBJECT (Name of Project, etc.);
Subdivision
Zoning amendment to AL/I of a portion of Curlew Heights
N~E OF PROPERTY OWNER(S): Toula and George Sempecos
NAME OF APPLICANT (S ) : Same as owner
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LOCATION OF PROPERTY: East of 66th Street and the west lot lines of proposed Curlew Heights
Subdivision
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LEGAL DESCRIPTION OF PROPERTY: Portion of M&B 33-04, Sec. 17-28S-16E
SIZE OF PROPERTY: 0.4375 Acre
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EXISTING CITY LAND USE PL~~ DESIGNATION(S): Low Density Residential
PROPOSED CITY LAND USE PLAN DESIGNATION (S ) : To be removed
EXISTING COUNTY LAND USE PLAN DESIGNATION(S): Low Density Residential
EXISTING ZONING: RS-4 (Single Family Residential)
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PROPOSED ZONING: AL/I (Aquatic Lands/Interior)
ADJACENT USES:
North:
South ;
East.:
West:
Single Family Residence ·
Vacant (proposed private drive and Fla. Power ROW)
Proposed Single Family Subdivision
Single Family Residence
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ORDINANCE NO. 4716-88
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
AMENDING THE ZONING ATLAS OF THE CITY BY REZ0NING
CERTAIN PROPERTY LOCATED APPROXIMATELY 2'lu FEET
EAST OF THE SOUTHERLY EXTENSION OF 6fJTH STREET AND
APPROXIMATELY 200 FEET SOUTH OF SOUTH LAKE SHORE
LANEp ALONG THE WESTERN BOUNDARY OF THE PROPOSED
CURLEW HEIGHTS SUBDIVISION, PINEL LAS COUN"ry, FLORIDA,
AS DESCRIBED MORE PARTICULARLY HEREIN, FROM SINGLE-
FAMIL Y RESIDENTIAL (RS-4) TO AQUATIC LANDS/INTERIOR
(ALII); PROVIDING AN EFFECTIVE DATE. .
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WHEREAS, the City Commission of the City of Clearwater held a public hearing
on a proposed change to the zoning atlas of the City affecting the property described
herein prior to or at the time of first reading of this ordinance; and
WHEREAS, the change to the zoning atlas as set forth herein was tentatively
approved by the City Commission after its evaluation of all evidence presented at the
public hearing; and
WHEREAS, all applicable requireI!.ents of the Local Government Comprehensive
Planning and Land Development R.egulation Act relating to amendments to the
development regulations ot L'le City have been complied with in connection with the
amendment set forth in this ordinance; &I1d
WHEREAS, the amendment set forth in this ordinance is found to be reasonable,
proper and appropriate;
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I~OW, THEREFORE, BE rr ORDAINED BY THE CITY COMMISSION
OF THE Crry OF CLEAR WATER, FLORIDA:
Section 1~ The following described property in Clearwater, Florida, is hereby
rezoned as indicated, and the ZOlling atlas of the City is amended accordingly:
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Zoning District
From: Sing1~Famny Residential (RS-4)
To: Aquatic Lands/Interior (ALII)
Section 2. The City Commission does hereby certify that this ordinance is
Property
See Exhibit A attached hereto.
(Z-88-23)
,.,'" '.
consistent with the City's Comprehensive Plan.
Section 3. The Planning Director is directed to revise the zoning atlas of the
City In accordance with the foregoing amendment.
Section 4. ThIs ordinance shall take effeet immediately upon adoption.
PASSED ON PIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Attest:
Mayor-Com missioner
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Approved as to form
and correetness:
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A parcel of land lying in the South 1/2 of the Southwest 1/4 'of the
Southwest 1/4 of the Southwest 1/4 of Section 17, Township 28 South,
Range 16 East, Pinel1as COWlty, Florida, being more particularly described
as follows:
Commence at the Southwest corner of Section 17, Township 28 South,
Range 16 East, Pinellas County, Florida, as a point of reference; run
thence N OO~4'40" W along the West line of said Section 17, 55.00 feet;
thence S 89OS4'54" E, 294.92 feet along a line 55.00 feet North of and
parallel to the South line of said Section 17 to the POINT OF BEGINNING;
thence N 00"24'40" W, 278.76 teet to a point lying on the southerly
boundary of Wynwoods Landing as recorded in Plat Book 88, Pages 36
through 39, of the public records of Pinellas County, Florida; thence
S 89OS4'24" E, 60.00 feet along the aforesaid south botmdary of Wynwoods
Landing; thance South along the East line of a wetland area 'through the
fallowing six courses: (1) S 08~9'45" E, 29.05 feat, (2) S 04OS8'54" E, 50.20
feet, (3) S 13OS2'46" E, 51.52 feet, (4) S 050j,S'15" W, 50.21 feet,
(5) S 07o:J4'04" W, 50.43 feet, (6) S 24~2'45" W, 54.S6 feet; thence
N 89OS4'54" W, 45.00 feet along a line 55.00 feet North of and parallel to
the South line of said SJction 17 to the POINT OF BEGINNING.
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PItOPERTY DESCRIPTION
FROM
ZONING
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PLANNING and ZONING IOARD
SE.CTION \7 TOWNSHIP 1. e s
I
CITY eOMMISSION
ATLAS PAGE HE '5 AE'R \ Al. 1
RANOE
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MEMORANDUM
RE:
'rhe Honorable Mayor and Members of the City Commission
M. A. Galbraith, Jr., City AttorneY..I/A.J._-/
Amendments to Ordinances
TO:
FROM:
DATE:
November 30, 1988
Because of the new Pinellas Planning Council legislation, it will be necessary to
amend some of the ordinances which are scheduled for second reading on Thursday,
December 1, to provide that the ordinances shall take effect "immediately upon
adoption, subject to the approval of the land use designation by the Pinellas County
Board of COlmty Commissioners."
This amendment will be necessary for the three ordinances amending the land
use element of the comprehensive plan. The corresponding zoning atlas amendments
will not be approved by the County Commission, but the ordinances will also need to
be amended as described below in order to coordinate the effective dates.
Each of the following amendments will
(Section 3 or Section 4, as appropriate), and will
comma and adding a phrase as indicated:
be to
consist
the effective date
of changing the
section
period to a
Agenda
Item No.
Ordinance No.
Add:
14
4654-88
subject to the approval of the land use
designation by the Pinellas County Board of
Cmmty Commissioners.
15 465';-'88 subject to the approval of the land use
designation as set forth in Ordinance No.
4654-88 by the Pinellas Cmmty Board of
County Com missioners.
~'6 4699-88 subject to the approval of the land use
designation by the Pinellas County Board of
Comty Com missioners.
vl'7 4700-88 subject to the approval of the land use
designation as set forth in Ordinance No.
4699-88 by the Pinellas County Board of
County Com missioners.
l-ts 4707-88 subject to the approval of the land use
designation by the Pinellas County Board of
Comty Com missioners.
vr9 4708-88 subject to the approval of the land use
designation as set forth in Ordinance No.
4707-88 by the Pinellas County Board of
County Commissioners.
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No C~'tt-
defiftee-e.EJo-thfl~pePgeA-wheHigfteeHhe-al;'~8~Pl either as J!!! owner or as the
tenant of the property ageM-t~e-ew..et"r-Aise-kptew".ae-Uat'~llfl-hll
* . . * .
"Rental unit" shan mean a premises leased by a tenant.
.'. .111 *
"Tenant" shan mean the person having the right of occupan~y of a premises
receiving utility services, other than the owner of the premises, whether the right of
occupancy is derived from a lease or otherwise.
. . * . *
'Sec. 50.03. Responsibility eWft~ pes~eMiNe for payment.
~ Owner. The ftn"Ilishing of water, gas, wastewater and sanitation services
bring a substantilu and valuable benefit to the land and premises. Tlle owner at'~aM
&P-e~.....ep of any premises serviced with water, gas, wastewater and sanitation
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(d~ Conditions precedent to final acceptance of application:
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(1) No application for mtt~M utility service shall be fi.nally accepte,d
from any !Y2Qlicant who is delinquent on any utility service charges, or et:t~eA'le!' with
respect to premises to which service has been discontinued for nonpaym ent of utility
charges a-MH.!. when such applicant et:t9'temet' owned;-mlllulgee t)f :restdee-e.~. the
premises during the period of time when the charges ~he-&m were incur~ed, until
such time as the charges are em. i~ paid. In cases where the premises is rental
property, the tenant is the customer, and the tenant has left owing' unpaid utility
charges, thE! account will be finaled and the deposit will be applied to the Wlpaid
charges. Owners and tenants who have incurred delinquent utility service charges
!hall be listed in an uncollected final bin listing to be maintained by the utility
department. An application for utility services shall not be accepted from any person
listpn in the uncollected final bin listing until the unpaid charges are paid.
~Ne-4Pt'Heatieft fer I'fulmcipal ~~ep~e-sft6ll be fiPl~aeee~ea
fMffl-8ft~!eI'i'lep-wh&-ie-tieHftt1tie~eft-afty-em-w*ft-pes~eeHe-My-~emise;
wti~&-e~el'ftei'-has-ertteped iftt&-4-ft8.'!Pft~emeM-with the-~eh
l'8.YPlle.a~emeP2f-Eepm te ae-~tffl!e&'bY' tJl!~".
i!.~ No application shall be .finally,accepted from any applicant etiM8mett
who is new, who has not receiVed any utility service from the city for the previous
twelve (12) months, or any present customer who has been delinquent in payment of a
bin two (2) or more times within the previous twelve (12) months, unless the applicant
etiHeHlep paYS.t. ifHltlvl!lftee with the application, the applicable utility service deposit
as provided in section 50.05.
(3~ The director of the utilities department may receive an application
-
for utility service and may provide commencement of the service applied for, aB:
subject to a cheek of utility ser-nce recorcB to determine whether the application Jlte
will ~ finally accepted aeeel't the-eppHeatieft. It it is determined that the
application esnnot be accepted, written notice of this fact shall be given to the
applicant, with not less than ten (10) days but not more than fifteen (15) days fOllowing
!!ceipt of the notice to correct the defect. If the defect is not con-ected within the
gme ~ovide~, service shall be discontinued without further notice.
- ,
Sec. 50.05. Deposit, fees, service charges and rate schedules.
(a) Generally. The city utilities department will furnish and install water and
gas service connections and tap the mains, as well as provide sanitation service, for
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KlFf HARGOR rO.'lNHJUSE
CONDO 48-38
ISLE OF
CLEARVlATER
CONDO. 52-44
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PROPOSED LAND USE PLAN AfJ1ENDi\ilENT and REZONING
OWHER
APPLICANT
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PROPERTY DESCRIPTION
-LAND USE PLAN ZONING PART t-O'T S "2.31 24 e z-c;
}-l1 G 14 0 e. N ~ \""t Y RM~O I Sl-A ~o E.STA.,.-eS
FROM SA
RE.s 1 0 E~Tl A l- Ut-J IT
TO pu~\-\ C. J ~E.M\ PIS?
Pu 'GU C. O.lq ACRES
PLJ.HHIHG Bnd ZONING BOARD CITY COtfJAISSIOtc
08
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ATLAS PAGEE 4 Ae.~\A.L 'Z.7
TOWNSHIP
RANGE
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ORDINANCE NO. 4699-88
AN ORDINANCE OF THE CITY OF CLEAR WATER, FLORIDA,
AMENDING THE LAND USE ELEMENT OF THE
COMPREHENSIVE PLAN OF THE CITY, TO CHANGE THE
LAND USE DESIGNATION FOR CERTAIN REAL PROPERTY
LOCATED ON THE EAST AND WEST SIDES OF PROSPECT
AVENUE NORTH OF MAGNOLIA DRIVE, CONSISTING OF
PORTIONS OF LOTS 12 THROUGH 23, BLOCK C, AND LOTS
36 AND 37 AND PORTIONS OF LOTS 35 AND 38 THROUGH
42, BLOCK D, MOUNT ORANGE REVISED SUBDIVISION,
WrrHIN THE CITY OF CLEARWATER, FROM LOW DENSITY
RESIDENTIAL TO PUBLIC/SEMI-PUBLIC; PROVIDING AN
EFFEGrIVE DATE.
WHEREAS, all applicable requirements ot the Local Government Comprehensive
Planning and Land Development Regulation Act (the Acrt) relating to amendments to
an adopted comprehensive plan or element thereof have been complied with in
connection with the amendment set forth in this ordinance; and
WHEREAS, the amendment set forth in this ordInance is found to be reasonable,
:..
proper and appropriate;
NOW, THEREFORE, BE rr ORDAINED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER, FLORIDA:
Section 1. Section 1 of Ordinance No. 2019 is amended by changing the land use
category for the hereinafter described property 88 follows:
Property
See Exhibit A attached hereto.
(L.U.P. 88-20)
.
Land Use Category
Prom: Low Density Residential
To: Public/Semi-Public
Section 2. The City Commission does hereby certify that this ordinance is
consistent with the CitY's Comprehe~h.e Plan and elements thereof adopted purSuant
to the .~ct.
Section 3. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FiNAL
READING AND ADOPTED
November 17, 1988
Attest:
Mayor-Com missioner
Ci ty Clerk
Approved as to form
and correctness:
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ORDINANCE NO. 4700-88
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
AMENDING THE ZONING ATLAS OF THE CITY BY REZONING
CERTAIN PROPERTY LOCATED ON THE EAST AND WEST SIDES
OF PROSPECT AVENUE NORTH OF MAGNOLIA DRIVE,
CONSISTING OF PORTIONS OF LOTS 12 THROUGH 23, BLOCK C,
AND LOTS 36 AND 37 AND PORTIONS OF LOTS 35 AND 38
THROUGH 42, BLOCK D, MOUNT ORANGE REVISED SUBDIVISION,
PINELLAS COUNTY, FLORIDA, AS DESCRmED MORE
PARTICULARLY HEREIN, FROM SINGLE-FAMILY RESIDEN'rIAL
(RS-8) AND MULTIPLE-F AMIL Y RESIDENTIAL (RM-8) TO
PUBLIC/SEMI-PUBLIC (P/SP); PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Clearwater held a public hearing
on a proposed change to the zoning atlas of the City affecting the property described
herein prior to or at the time of first reading of this ordinance; and
WHEREAS, the change to the zoning atlas as set forth herein was tentatively
approved by the City Commission after its evaluation of all evidence presented at the
public hearing; and
WHEREAS, all applicable requirements of the Local Government Comprehensive
Planning and Land Development Regulation Act relating to amendments to the
development regulations of the City have been complied with in connection with the
amendment set forth in this ordinance; and
WHEREAS, the ame~dment set forth in this ordinance is found to be reasonable,
proper and appropriate;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER, FLORIDA:
Section 1. The following described property in Clearwater, Florida, is hereby
rezoned as indicated, Md the zoning atlas of the City is am'ended accordingly:
Propert~
Zoning District
From: Single-Family Residential (RS-8) 9,nd
Multiple-Family Residential (RS-8)
To: Public/Semi-Public (P /SP)
See Exhibit A attached hereto.
(Z-88-20)
Section 2. The City Commission does hereby certify that this ordinance is
consistent with the City's Comprehensive Plan.
S_ection_~. The Planning Director is directed to revise the zoning atlas of the
City in accordance with the foregoing amendment.
Section 4. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING
P AaSED ON SECOND AND FIN AL
READING AND ADOPTED
November 17, 1988
Attest:
Mayor-Com missioner
City Cltirk
Approved as t
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City Attorney
l.:tness:
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ORDIN ANCE NO. 4"10'1-88
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
AMENDING THE LAND USE ELEMENT OF THE
COMPREHENSIVE PLAN OF THE CITY, TO CHANGE THE
LAND USE DESIGNATION FOR CERTAIN REAL PROPERTY
LOCATED ON THE SOUTH SIDE OF CALUMET STREET,
APPROXIMATELY 900 FEET WEST OF BELCHER ROAD,
WITHIN THE CITY OF CLEARWATER, CONSISTING OF A
. PORTION OF LOT 17, CLEARWATER INDUSTRIAL PARK,
FROM PUBLIC/SEMI-PUBLIC TO INDUSTRIAL; PROVIDING
AN EFF ECTIVE DATE.
WHEREAS, all applicable requirements of the Local Government Comprehensive
Planning and Land Development Regulation Act (the Act) relating to amendments to
an adopted comprehensive plan or element thereof have been complied with in
cOMection with the amendment set forth in this ordinance; and
WHEREAS, the amendment set forth in this ordinance is fotmd to be reasonable,
proper and appropriate;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER, FLORIDA:
Section 1. Section 1 of Ordinance No. 2019 is amended by changing the laald use
category for the hereinafter described propel'ty as follows:
Property
See Exhibit A attached hereto.
(L.U.P.88-23)
. Land Use Category
From: Public/Semi-Public
To: Industrial
Section 2. The City Commission does hereby ~ertify that thi.') ordinance is
consistent with the CitY's Comprehensive Plan and elements thereof adopted pursuant
to the Act.
Section 3. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READIN G
PASSED ON SECOND AND FINAL
READING AND ADOPTED
November 17, 1988
Mayor-Com missioner
Attest:
City Clerk
Approved as to form
and correctness:
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PROPOSED ANNEXATION and ZONING
OWNER
APPLICANT
A98.3~
UNOERWOOO) ~ ~ €. a At
ZONING
PROPERTY DESCRIPTION
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TO R S 8
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CITY COMMISSION
SECT'ON 0 6
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RANGE l6 E.
ATLAS PAGE 0 1'3 Ae.ttp At.. 26
TOW'tSH1_P 2Cl s
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ORDINANCE NO. 4717-88
AN ORDINANCE OF THE CITY OF CLEARWATER.1'
FLORIDA, RELATING TO FIRE PREVENTION ANu
PROTECTION; AMENDING SECTIONS 93.01, 93.21, 93.23,
93.26 AND 93.28, CODE OF ORDINANCES, TO CLARIFY
THE DUTIES OF THE FIRE CHIEF AND TO ADOPT THE
NATIONAL FIRE CODES, 1988 EDITION, WITH CERTAIN
AMENDMENTS THERETO AND PROVIDING FOR THE
ENFORCEMENT THEREOF; REPEALING SECTION 93.231,
CODE OF ORDINANCES, RELATING TO SMOKE
DETECTORS; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Pinellas County Construction Licensing Board has mandated that
all municipalities in the County of Pinellas adopt the 1988 edition of the Life Safety
Code, which is contained in the National Fire Codes published by the National Fire
Protection Association; and
WHEREAS, the City Commission desires to adopt rules and regulations to
improve public safety by promoting the control of tire hazards; regulating the installation,
use, and maintenance of equipment; regulating the use of structures, premises, and open
areas; providing for the abatement of tire hazards; and establishing responsibilities and
procedures tor enforcement of these rules and regulations; and
WHEREAS, the City Commission wishes to exercise the police powers of the
City for the preservation and protection of public health, peace, safety and welfare of its
citizens;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF CLEAR WATER, FLORIDA:
Section 1. Section 93.01, Code of Ordinances, is amended to read:
See. 93.01 Duties of Chief
(a) Generally. The duties of the chief of the fire department shall
be to have charge and control ol the lire department of the city and any
otl1er fire fighting assistance whose service may be olfered in the
extinguishment of fire and protection of the city from fire. The chief, or
the chief's, He; eP his duly authorized representative, shall order and
superintend the work of such company and shall from time to time make
such recommendations as may be lound necessary and he ~Im proper
for the better and more adequate protection of the city.
(b) ~ Chief to enforce state fire marshal's regulations. All rules
and regulations issued by the state fire marshall under authority of P.s. 5
833J5, shall be enforceable by the chief of the fire department, and the
chief of the fire department is hereby authorized to perform within the
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Section 3. Section 93.23, Code of Ordinances, is amended to read:
See. 93.23 Amendments. ;
Protection Association, 1988 HJ95 edition, is amended as follows:
~ Section 1-7.2 of NFPA 1, concerning the permitting of bonfires
and outdoor rubbish fires, is amended to include:
ill ~ Location restricted. No person shall kindle or maintain any
bonfire or outdoor rubbish fire or authorize any such tire to be kindled or
maintained on any privately-owned land unless the location is not less
than fifty (50) feet or some other distance approved by the Clearwater
Fire Department from any structure, e:id adequate provision is made to
prevent fire from spreading to any structure.
ill ~ A ttendance of open fires. A bonfire or outdoor rubbish
fire shall be constantly attended by 8 competent person until the fire is
extinguished. This person shall have a garden hose connected to a water
supply, or other fire extinguishing equipment readily available tor use.
ill ~ Chief may prohibit. The chief of the fire department
may.1ft his tHsePetteft prohibit any or all bonfires and outdoor rubbish fires
when atmospheric conditions or local circumstances make such fires
hazardous or constitute a public nuisance.
ill ~p.t1on 3-1JJO of NFPA 1 concerning the required access for
fire apparatus is amended to read:
All premises that the fire department may be called upon to protect
in case of fire shall be provided with suitable gates, access roads, and fire
lanes.
Pire lanes shall be at least twenty feet (6.1 m) in width with road
edge closest to the building at least ten feet (3.05 m) from the building.
Any dead-end road more than six hundred (600) feet (183 m) long shall be
provided with a turn-around at the closed end at least sixty feet (18.3 m)
in diameter.
The designation, use, and maintenance of fire lanes on private
property shall be accomplished as specified by the fire chief or tire
marshal.
It shall be unlawful for any person to park motor vehicles on, or
otherwise obstru~ any fire lane.
~ Section 4-2.1 of NFP A 249 concerning the number and location of
tire hydrants, is amended to read:
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Hydrants shall be provided in sufficient number and be located in a
manner that will enable the fire now needed to be delivered th;ough hose
Unes about any important structure. The fire now needed and the hydrant
location shall be determined by the fire chief or fire marshal but in no
case shall hose lengths be greater than 500 Ct. for single fami!I,
structures and 300 ft. for commercial structures.
A stdficieftt ftttlftbep el hydpaft~ shaH- be tftstalled M pre'ltde twe ~
!tPeal!ls foep eyepy pm ef the tft~PieP 01 eaeh bttildiftg fte~ eevePe8 by
!tue ~e ~P8tee~ft Me te ~peMe hese stPeam preteeYeft Eel' evepy
exteMp pm eE eaeh bttilding ey the 1:I!e ef the !eft!tftS 81 hese ft8pl'ft aHy
Htaehed te the' hydPants:- 'PltePe shaH- be 9tlEfic:ieft~ hydpaMs te
eefteentpate tlte Pet!JttiPed EiPe Sew abettt MY tfft(:teP'tut b6ildiaf WHit ne
Itese Hfte exeeediftr: t!tpee ItttftePed f99~ Ee~ 1ft !enp;the
Section 4. Section 93.26, Code of Ordinances, is amended to read:
See. 93.26. Appeal from denial of permit or decision based on codes.
(a) Where any person seeks rell~f from a decision of a fire official
enfor,~ing any or the provisions of this code, inCluding permits,
certificates, waivers, alternate materials, alternate methods, approvals,
cr variances or matters of Code interpretations, that person may request
reconsideration of the tire official's decision by appealing in writing t'!
the fire chief or fire marshal within 15 days of the receipt of the decision
stating the reasons why reUef is sought and what other decision the person
ie seeking. The fire chief or fire marshal shall, within ten days after
receiving a copy of the appeal in writing, hold a hearing and decide the
question aft!!r hearing testimony from all concerned persons. The fire
chief or'flre marshal shall render a written decision within five days after
the hearing is completed. Such hearing shall be an informal administrative
hearing.
(b) Any person seeking reUef from a decision of the fire chief or
fire marshal regarding provisions of this Article may appeal to the
_Clearwater Building Board of A~ustment and Appeals within 15 days after
receipt of written notice of the decision by the fire chief or fire marshal.
Any appeal to the Clearwater Building Board of Adjustment and Appeals
shall be in writing and directed to the tire chief or fire marshal. Copies
of the appeal shall be promptly transmitted to the Board by the fire chief
-4-
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Agenda No.
Meeting Date: 12/01/88
MEMORANDUM TO: ~b-'
The City Commission of the City of Clearwater
SUBJECT:
1989 NATIONAL SAFETY COUNCIL AGREEMENT
RECOM MENDA1"ION:
Renewal of the agreement between the City of Clearwater and ~he
National Safety Council, Pinellas County Chapter, Inc. for fiscal
year 1988/89.
iii And that th6 approprla1e officials be authorized to execute same.
BACKGROU NO:
The City of Clearwater has historically contr.ibuted monies to
certain non-profit organizations who in turn provide valuable
services to both the City and its residents. The National Safety
Council, Pinellas County Chapter is such an" organization.
As a result of such an agreement, the City is designated as a
member of the Council and maintains a representative (through the
Police Department) on its Board of Directors. The Council
provides safety training seminars, use of its extensive film and
research libraries, safety literature and much more.
The Safety Council has provided a valuable service to the "Arrest
Drunk Driving" Program as a participant in the program's Advisory
Board. In addition the Council has contributed greatl.y in the
distribution of City and department generated safety and traffic
related literature.
Although many departments may benefit from time to time by this
association, the Police Department and Risk Management maintain
a regular and close working relationship.
Budget Impact 1988/89: This agreement impacts the Police
Department's operating budget in the amount ~f $3,000.00. Monies
were requested and approved in line item llll~820, Aid to Private
Organization.
Commission Disposition:
1, Approved as Recommended/Revised/Conditional
2. Continued to
Follow-up Action:
dOf.
Submitted by:
Advertised:
C Affected
Parties
Notified
of Meeting
m Not Required
G'JAUachments:
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V Ci'ty Manager
Paper:
ot Required
Costs: $~. nn() ()()
Fundlno Source: ')1}l
a Capital Improve-
ment Budget
an Operafing Bud~et
CJ Other
Agreement
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Date:
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Dote a Sequential
Reference
Orlginatln; Depart~~b-"
Police Depart4~t ~
Appropriation Code
1() , 1111 A70/r:;~1 ONone
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4. The Agency further covenants and agrees to adhere to
and follow the affirmative action plan attached hereto and by
reference made a part hereof.
5. The Agency shall act as an independent contractor in
.n'
operating
,
the aforementioned services and shall be liable for,
and shall
,
indemnify, defend and hold the City harmless from all
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claims, suits, judgments or damages, costs and attorneys'
fees
arising from the operation of the aforementioned services during
the term of this contract, and shall provide adequate liability
insurance coverage at its expense.
6. The City agrees that, subject to the availability of
funds, payment trom the City to the Agency shall be made in one
payment of $3,000.00.
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7.
This Agreement shall be effective for a period of one
year beginning on October 1,
1988.
IN WITNESS WHEREOF, the parties hereto have executed t~is
Agreement on the day and year first above written.
t,."
NATIONAL
PINELLAS
SAFETY
COUNTY
COUNCIL,
CHAPTER,
INC.
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Executive 0 rector
By
~~~~
President
Witnesses:
~~~~~
~ '-P.~
As to Agency
CITY OF CLEARWATER, FLORIDA
By
City Manager
Attest:
Approved a~ to form and
correctnes~:
City Clerk
Countersigned: .
Mayor-Commissioner
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M EMORA,.N--DU M TO: C.S- \
The City Co.mmissi.on of the City of Clearwater
PURCHASE AND INSTALLATION OF DATA CO.~UNICATION
S U BJ ECT: MONITORING SYSTEM
Agenda No,
Meeting Dote:
12/01/88
1
RECOMMENDATION:
',r. '
Authori ze the purchase of 11 modem upgrades, 28 add: ti ona1 9600 baud modams, and the
"Entre" Ana 1ys is System from Paradyne Corp., Tampa, Flori da for $67,000 (Code Sect i on
42.23 [2] sole source provision) with lease purchase financing to be provided by General
Electric Capital Fleet Services, Inc.; and purchase two Unisys Computers and printers from
Whitman Computer Corp., St. Petersburg, Florida for $6,077.50 (Code Section 42.23 [4J
State Contract) to be lease purchase financed by General Electric Capital Fleet Services
in conjunction with the previously approved Engineering Department Unisys equipment
purchase.
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IS And thot the appropriate officials be authorized to execu'e some.
BACKGROUN 0:
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Data line'Monitoring System ,
The City of Clearwater uses telephone data communication lines to connect all outlying
use,'s to the A-4 and A-6 ~lai nframe Computer Sy'stems located in the City Hall Annex.
" ~;
Currently, Data Processing cannot monitor the condition of any data communication lines.
There is no way to determine that a line is degrading until the user calls to report that
it is not operational. This is an extremely disruptive situation for all the user
departments. The Police CAD System is not able to function under these circumstances, so
the Ci ty has been using separate fi ber-opti c 1 i nes (Di gita1) for the Pol ice CAD System.
These lines are monitored by GTE in Atlanta, Georgia, and cost the City approximately $900
per month. The install at i on of the Entre Syst~m wi 11 a,llow Data Process i ng to e1 imi nate
these fiber-optic lines and the associated expense. Additionally, Data Processing will be
able to monitor all City data communication lines and will be alerted when the quality of
the signal on a line starts to degrade. The Entre System will also analyze the prob1e~ so
that GTE can fix the line rapidly, with minimal user disruption. The new payroll system
requires on-line input from the various departments/divisions.
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Modem Purchases and Upgrades
In order to obtai n maximum benefi t of the Line moni to ri ng system and the new on-l i ne
payroll system presently being installed, all currently owned 9600 baud Paradyne moder:1s
will be upgraded to interface with the Entre Analysis system. These 11 units represent an
investment of approximately $16,500 and it is significantly more economical to upgrade
them (at a cost of $5,940) than to replace them.
All current 2400 baud data communication telephone lines (in Countryside Police
Substation, Main Police Station and City Hall) will be increased to a 9600 baud
transmission rate, and on-line access to the A-6 Computer (at a 9600 baud transmission
rate) for the Library, r~arina, Fire Department, Police Department, Garage and \later
Pollution Control will be added.
Equipment Acquisition
Paradyne is the sole source vendor for the Entre System, modem upgrades and new modems~
due to the proprietary nature of modem communications. Another vendor's monitoring system
would not be able to interface with the 11 modems already owned by the City. If we were
(continued on next page)
Commission Disposition: Follow-up Action:
1, Approved us Recommended/Revlsed/Condltion.1
2. Continued to
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Submitted by:
, . A-dvertlsed:
1
dal.
CIty Manager
00 f.:
Po 01 r:
Cl Affected
Parties
No ti fl ed
of MeeHng
costS:S73A077.5~
Funding Source:
Q Copital Improve-
ment Budget
C] Operoting Budget
a Ot her
lilAttochments:
Additional
Background
Dote a SeQuentiol
Reference
lINot Required XI Not Fhq\Jired
Originating Deportment:
Spec Sheet
Proposal
~ntral Services/Data Processing
Ap- propI'iotion Cod.
315-1~749 -
C] None
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CITY OF CLEARWATBR
INTEROFFICE CORRESPONDENCE SHEET
..
To: Laura Chase
From: David Little ~
Copies: Jim Albright
I,
Subject: Micro's for Entre' system
, ,
Date: October 17, 1,988
STYLE DESCRIPTION QTY PRICE TOTAL
3137::52 500/12 D+SKLESS 2 1537.25 3074.50
wI EGA CONTROL
F4773-00 1.2 KEG FLOPPY DRIVE 2 178.25 356.50
F5177-00 KEYBOARD 2 123.50 247.00
36J.C-00 EGA MONITOR 2 516.75 1033.50
TOTAL 4713..50
STYLE DESCRIPTION O'J:Y PRICE TOTAL
AP1329 MATRIX PRINTER 2 455.00 910.00
,F8337-00 PRINTER CABLE 2 29.25 59.50
B99Gl-16 INTERFACE CARD 2 26.00 52.00
89968-42 EMULATION CARD 2 35.75 71.50
TOTAL 1093.00
MSDOS 2 13&.50 273.00
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PROPOSAL "N
STANDALONE M:>DEWS
.
Unit Total Unit
Purchase Purchase Install Ins\all
~~ pecrriotion Q.tL Pricp ~ ~~ Is2la1
3442.A1. 9600 Standalone 28 2,050 57,400 200 200
100 Modem
2796-010 M?X OMC Upgrade 1 1 540 5,940 150 150
5506.05 Universal Hubbing 11 150 ',650 5 55
Device
5506-02 Port Hubbing 2 50 100 5 10
Adapter
5508-001 Analysis Entre , , ,195 ',195 200 Il 200
Software
5506.'00 Entre Adaptor Cable 2 50 100 N/C N/C
Totals 66,385 61:)
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Agenda No.
Meeting Date: 12/1/88
.., "
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'MEMORANDUM TO: -PR. \
The C~ty Com mission of the City of Clearwater
SUBJECT:
, . '~. '
JACK RUSSELL STADIUM PAINTING CONTRACT
, RECOM MENDATION: AWARD A CONTRACT FOR THE PAINTING OF JACK RUSSELL STADIU
TO NATIONAL BRIDGE PAINTING AT A COST OF $38,700, WHICH IS THE LOWEST MOST RE-
SPONSIVE AND RESPONSIBLE BID SUBMITTED IN ACCORDANCE WITH THE PLANS AND
SPECIFICATIONS.
IS And thot the appropriate offlclols be authorized to execute some.
BACKGROUND: Ten bids were solicited for this project. Of these ten, nine
contractors responded with bids while one contractor submitted a no bid. A
copy of the "Tabulation of Bids" and a copy of the "Bid Response Form" from
National Bridge Painting are attached.
During the 1988/89 budget hearings, the City's Building Main~enance Divisio
recommended that all of the steel structure at Jack Russell stadium be sand-
blasted and painted,including the Stadium's roof and light poles. The project I
was approved and $75,000are included to accomplish the work in the current
year's capi,tal improvement budget. Further, according to the agreement between
the Philadelphia Phillies and the City, this type maintenance to the Stadium
structure is the responsibility of the City.
Due to the nature of the project, a wide range of bids were received from a
high of $108,000 to the low of $38,700 submitted by National Bridge Painting.
Also, as shown on the attached "Bid Response Form", the project was divided
into nine phases. Phases 6 and 7 include painting the roof and all metal sur-
faces at a cost of $33,000 which is considerably less ~han the $75,000 orig-
inally budgeted. The savings resulted from the Building Maintenance Division
determining that the steel structures only need to be pressure cleaned,
scraped and brushed instead of sandblasted. While preparing specifications
to paint the steel structures, it was deemed desirable to also secure prices
for the painting of all masonry areas including the outside 'of the Stadium,
ticket booth, press box, etc. These areas need to be repainted and, as shown
on the "Bid Response Form", the cost will be $5,700.
The Building Maintenance Superintendent and the Director of Parks and
Recreation have reviewed the specifications with the contractor and recommend
that all nine phases of the project be awarded at the low bid price of $38,700.
Tel 88/89 Capital Improvement Budget includes sufficient funds for this
Commission Disposition: Follow-up Action:
Submitted by:
/"/
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~#_...... .....~..
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Advertised:
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' ',/ ,,; " ate:
__ :.: ....If' ~..:>'.~'--
CJ Affected
Parties
Notified
of MeetlnQ
Costs: $38.700 ICAttachments:
Fundino Source:~ 1. Tabu~ation
m Capital lmprove- o~ BJ.ds
ment Budget 2. BJ.d Response
, Form
Cl Operating Budget
Cl Other
City Manager
Paper:
Date a Sequential
Reference
o Not Requl red [:J Not Required
Originating Department,:, /) 1
qryv l tV
Parks & Recfeation
Cl None
Appropriation Code
315-1-3228
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BID RESPONSE FORK
(IFB
01-89)
Estimated
Quantity
Commodity
Description
1.
Job
PAINTING JACK RUSSELL STADIUM
Must be completed on or before
February 15, 1989.
.
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"
$ lle 00,,00
I
$ 150.00
$ '5bD..oO
$ 19Q~OO
$ 15D,00
$/~SOO,O()
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.
$-1.9 S'DO.OO
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$ 2>00 ..co
$ C:;;DCLOO
$ ~~,IDO,,'oD
IV.
V.
Exterior Masonry Areas, Firm Price
Exterior T-111 Wood
(Near Broadcasting Booth) "
Broadcasting Booth
(Interior)
Ticket Booth (Exterior)
Exterior Masonite (Face
of Refreshment Stand)
Underside of Stadium
Roof
Exterior Metal Surfaces
(Columns, Supports, ate) "
Window Casements and Doo~
Frames (Metal)
Wood Benches in Dug Outs "
"
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III.
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IX.
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FIRM TOTAL PRICE
Specifications
specifications
will be issued by Ed Voiland,
and Maintenance Division, as
for Scope of Work and Paint. Coating
attached~ additional specifications
Superintendent, Building
contractors apply.
For further information contact:
Ed Voiland, 813/462-6615
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SUMMARY FOR BID NO.
01-89
Bids Solicited
. . 12
.
. . 1 9
. 1.
. . . 1.
Bids Received
.
No Bids
.
No Response
.
"NO BID" SUMMARY
Brush Strokes
Largo. FL
insuffiecent time
to respond
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Agenda No.
Meeting Date: 12/01/88
MEMORANDUM TO: I'lJil
The City Com mission of the City of C lea rwater
SUBJECT:
Motor Vehicle Towing and Impound ServiceR
RECOMMENDATION: A, d
fiwar a contract to Weeks Towing and Automotive,
Inc., Clearwater, Florida to provide motor vehicle towing and impound
services during the period October 1,1988 thru September 30, 1991 at
rates specified on the attached Bid Tabulation 142-88, dated April 29,
1988, which is the most responsible bid submitted in accordance with
M A the..tisP~ct:i.fications. I f
\8lI nd T aT 'ne oppropr ate 0 flclals be authorized 1'0 execute same.
BACKGROU NO:
The City of Clearwater has contracted with private vendors to provide
towing and secure storage for those vehicles impounded or seized under
the law. This was to ensure that the City could provide a constant
level of acceptable security with a minimum of liability.
Prior to 1983, short term (one year) contracts we~e used. As contract
requirements increased so did the cost to the private vendor who
became reluctant to invest money, property and equipment. In 1983, in
an attempt to attract more bidders, the length of the contract was
extended to three (3) years and bidders were encouraged to quote
prices more in line with prevailing expenses and area towing rates.
The current contract has been extended while new contract
specifications were developed and quotes solicited.
Thirty-five (35) bids were solicited and four (4) were received. The low
response was due to the bid documents being sent to car dealers and other
businesses that do not provide this service. _ (Adj'Jstments to the bid request
procedure will alleviate the proble~ in the-iuture.) Two (2) bidders did
not fulfill the specifications requiting they be located north of Belleair Rd.
Both were located south of Belleair Rd. Response time as well as investigative
and public convenience would suffer. There are also state requirements regarding
how far a person has to travel to recover their vehicle.
On October 5, 1988, the two (2) remaining biddeLs were invited to
attend a pre-award conference to discuss the proposed contract in
detail. Representatives of both Weeks Towing and Automotive and
Jimm~ets Wrecker Service participated, Also participating was the
Review Committee consisting of members of the Police Department, Risk Management,
Commission Disposition: . Folio A ti
1. Approved., Recomm.ndtd/ReviIlCl/Conditlonal W-Up C on~
2. Continued to
Gilt"
Submitted by:
Advertised:
Oote:
Paper:
C Affected
Parties
Notified
of Me etlnq
Costs:
Fundlno Source:
C Capital Improve-
ment Budc;et
C OperatinQ BUdQet
C Other
City MonoQer
Dote a Sequential
Reference
C Not Required QHot Required
Orlglnatln~ Department:
Police Department
Approprlotlon Code
EaAttachments:
Bid Tabulation
142-88
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Agenda Item
Subject: Motor Vehicle Towing and In~ound Services
Page 2
Purchasing and the Legal Department. It was determined, at
Weeks Towing and Automotive, Inc. could comply with all the
proposed contract.
this meeting that only
provisions of the
The Review Committee recommends Weeks Towing and Automotive, Inc. receive this
award.
City code sets specific rates for towing services of this nature, The rates bid
by Weeks are different than those specified in Chapter 121. A proposed modification
to the Clearwater City Code, Chapter 121, is being prepared to conform with the
needs of this contract.
I:,
Budget impact 1988/89 - This contract does not impact the operating budget as this
is a charge back operation to the owner of the vehicle. If not claimed, the vendor
has a prescribed procedure to follow in accordance with Florida Statutes.
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MEMORANDUM TO: ~W' I
The City Commission of the tity
Agenda No.
Meeting Dote: 12 0 88
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of Clearwater
S U BJ ECT: PETROLEUM: PRODUCT STORAGE TANKS AT P'IRE STATIONS 45 AND 49 (88-34)
RECOM MENDATION: Award the contract for PETROLEUM PRODUCT STORAGE TANKS AT FIRE
STATIONS 45 and 49 (88-34) to PETROLEUM PRODUCTS SERVICES, INC. for the sum of
$28,064.00 which is the lowest responsive and responsible bid received in accordance
with the plans and specifications,
'/
[]: And that the appropriate officials be authorized to execute some.
BACKGROUND:
/,
In 1984, the State of Florida promulgated Department of Environmental Regulation rule
FAC 17-61 regulating underground petroleum storage tanks. A survey of the City fire
station facilities revealed that although the facilities did not fall under the
regulation's because they did not exceed the size threshold of 1,000 gallons, some of
the underground tanks had been in service in excess of 10 years and their integrity was
uncertain, Replacement and upgrading of these facilities was recommended by the
Environmental Management Division of the Public Works Department. In addition the
Federal governement is proposing to issue new legislation next year that would regulate
smaller capacity facilities,
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This project was designed to upgrade the facilities at Fire Station No, 45 and Fire
Station No, 49~ located at 610 Franklin Street and 520 Sky Harbor Drive, respectively.
Fire Station No, 45 - Remove the existing underground system and install three (3) 550
gallon underground storage tanks together with applicable dispensing system and monitoring
we 11 s ,
Fire Station No. 49 - Remove the exist.ing underground system and install one (1) 300
gallon skid-mounted above ground storage tank with associated diked impervious containment
area,
The Fire Chief concurs with hi
t s recommendation.
Additional funding for this pro' till b
$364 fro 315-1216 EMS C Jec w e provided by a first quarter transfer of
* 315-1-'217-638/5~6 apital Equipment to 315-1217, Facility Repair.
Commission Disposition:
1, Approved es Recommended/Revised/Conditiona'
2. Continued to
FOllOW-Up Action:
dat,
Submitted by:
Advertised':
,
~
~f': 10/24/88
.-papor~ 1/01/88
Clearwater Sun
C Not Required CJ Nor Requ!red
OrlC:Jlnatlng Deportment: '{?'f '-
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PUBLIC WORKS/ENGINEERING / FIRE
CJ Affected
Parties
Notified
of Meeting
Costs: S?R C'If..u
Funding Source:~
Em Capital Improve-
ment 8udQet
CJ Operoting 8ud;et
Cl Other
t1JAtfoehments:
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Tabulation of
Bids
Date a Sequential
Reference
Appropriotion Code
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A~enda No.
Meeting Date: 12/1/88
MEMORANDUM TO:
The City Commission of the City of Clearwater
S U 8 J ECTe Purchase of Computer Equipment to Expand the System of the Planning and
-Development and Combine it with the Building Division System.
RECOMMENDATION: Award contracts to purchase: 1) UNISYS computer hardware and
associated networking software from Whitman Computer Systems through State contract, cost
$26,664.10; 2) workstation monitors from Access Computer, Inc., cost $768.00; 3) applica-
tions software from Software Spectrum, $1,147.00; and authorize five (5) year lease
purchase of UNISYS hardware in.the amount of $25,074,10 through General Electric Capital
Fleet Services, Inc.
m And that the appropriate officials be authorized to execute same.
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BACKGROUN 0: Earlier this year the Department of Planning and Development was formed
by combining the Building Department and the Occupational License Division with the Departmen
of Planning and Urban Development. The purpose of this proposal is to expand the computer
network in the Department of Planning and Development to include additional functions and use
to increase the capacity of the file server in the Building Division and to establish a link
between that division and the other divisions in the department. A reconfiguration of the
money already hudgeted for computer acquisition by the two departments, then separate, will
provide for this expansion with no increase to the budget. Specifically, the eXpansion will
include: 1) the installation of two workstations in the Long Range Planning Division (project
#8501); 2) the installation of three workstations in the Development Code Administration
Division (project #8502); 3) the installation of two workstations. in the Community Developmen
Office (project #8503); and 4) the installation of three workstations in the Office of
Community Relations and the Administration Division (project #8504). Also included is an
additional daisy wheel printer for the Office of Comruunity Relations. Since the initial
installation of the system we have found that printer sharing has not been quite as effective
as we had expected. Therefore, the need for this item was previously unanticipated and so it
is not listed in the long range computerization plan.
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The existing file server in the Building p'ivision is rapidly approaching its storage capacity
of 40mb. The new file server will increase the storage capacity of that system to 219 mb
(project #8529). It will also include two netweok boards and the appropriate software to
tie the Building network in with the rest of the department. This will allow the expansion
of the Building system to include permitting functions performed by the Code Administration
~ivision as well as access to building information needed by management and other divisions.
Also anticipated is the automation of application processing functions such as land use plan
amendments, rezonings, annexations, variances, etc.
Functions which lend themselves to automation in the Long Range Planning Division include
anal ses of communit conditions, olicies and regulation, and particularly levels of
Commission Dhspolltion: FOllOW-Up Action:
1. Approwed.. RecommendedlRnieed/Conditional
2. CantllllUed to
dat,
Submitted by:
Advertised:
Oat.:
Paper:
C Affected
Parties
Notified
of Meetln9
Costs: $28. 579 .1Q UAtfachments:
Funding Source: Price List
rzJ Capital Improve- Amortization
menf Budget Schedule
6tl Operafing BudQet
DC Oth.rPin~ll~~ c.o
grant for Com. ReI.
Appropriation Code
(See above) 0 None
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Dot. as.quentiol
Reference
C Not A8qulred C Not "equired
OrlQinatinQ Oeportmsnt:
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Agenda Item "
Subject: Purchase of Computer Equipment to Expand the System of the Planning and
Department and Combine It iwth the Building Division System.
services. This will lead to ongoing monitoring of the levels of service required by new
development as mandated by the Local Government Comprehensive Planning and Land Development
Regulation Act of 1985. The Development Code Administration Division is charged with the
development of an inventory of nonconforming signs within the City as mandated by Section
134.015 of the City Code of Ordinances. The magnitude of this project requires an automated
approach. Computer expansion in the Community Development Office will provide ready computer
access to more personnel and thus help improve the timeliness of program management and allow
the financial activities of this division to be maintained on a more up to date basis.
Expansion in the Office of Community Relations will be used for case logging and write
will be linked to the Florida Human Rights Data Network.
The Data Processing Manager and Purchasing concur with this recommendation.
The hardware will be purchased through:
2) grant funds received by the Office
amount of $1,590.00 (181-1-9518-640),
of $768.00 (010-1-1400-640). Software
availa~le funds (010-01-1400-504).
1) lease purchase of $25,074.10 (315-1-4753-640)
of Community Relations from Pinellas County in the
and 3) current year's budgeted funds in the amount
totaling $1,147.00 will be purchased with currently
FY 88/89 Lease Purchase costs:
Principal..........$3,195.00
Interest...,........l,347.bo
Total..............$4,542.00
.. ('
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-~~..
....
------ --,
..
CITY OF CLEARWATER
ESTIMATED 5 YEAR LEASE PURCHASE AMORTIZATION SCHEDULE
Equipment Description:
Total Purchase Price:
First Payment Date:
Prime Rate:
Contract Rate:
$25,074
3/31/89
10.00%
7.48%
PRELIMINARY
ESTIMATE
,:' .... ____:,: ':" t:" . . ~ . "
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MEMORANDUM TO: ~CA\'}~f()
The City Commission of " the City of Clearwater
Agenda No,
Meeting Date:
" .'
12/1/88
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SUBJECT :
Final Site Plan for City of Clearwater Ea~t Advanced Pollution Control
the South Side of Gulf-to-Bay Blvd. East of McMullen-Booth Road.
Facility Located on
(PSP 88-55)
RECOMMENDATION:
City Commission approve the site plan for City of Clearwater Ea~t Advanced Pollut~on Control
Facility subject to the conditions listed on attached page 2.
[X] And ~~t the ~pp~opr.iate officials be authorized to execute same.
BACKGROUND :
The City is proposing to construct a new advanced pollution control facility in accordance
with federal regulations on the existing East Wastewater Treatment Plant property. The only
existing structure which will be retained is the one which houses the Fermentation/1st
Anoxic/2nd Anoxic operations. All other structures will be razed. This site plan was
reviewed by Q.R.C. on November 10, 1988 and their recommendation is provided on page 2.
Commission Disposition:
1. Approved as Recommanded/Revised/Conditional
2. Continued to
Follow-up Action:
dot"
Submitted by:
City Manager
Advertised:
Oote:
Paper:
CJ Affected
Parties
Notified
of Meeting
Costs: N/A
Funding Source:
CJ Capital Improve-
ment 8udget
c::J Operating 8udget
C1 Other
SJAttachments:
Drawing
Date a Sequential
Reference
IZINot Required 1XI Not Required
Ori91natinQ Department: ~t
PLANNING & DEVELO~1EN~
Appropriation Code
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C.C. 12/1/88
Page 2
PSP 88-55
SUBJECT
Control
(Name of Project, etc.): Site Plan for City of Clearwater East Advanced Pollution
Facility (Wastewater Treatment Plant)
N~ OF PROPERTY OWNER(S)
City of Clearwater
NAME OF APPLICANT(S):
Same as owner
LOCATION OF PROPERTY:
McMullen-Booth Road
On the south side of Gulf-to-Bay Blvd. approKimately 350 feet east of
LEGAL DESCRIPTION OF PROPERTY: A portion of M&B 31-02 and the easterly 300 feet of Tract B,
Myron A. Smiths Bayview Sub, Sec. 16-29S-16E
SIZE OF PROPERTY:
4.95 Acres
EXISTING CITY LAND USE PLAN DESIGNATION(S): Public/Semi-Public
PROPOSED CITY LAND USE PLAN DESIGNATION (S) N/C
EXISTING COUNTY LAND USE PLAN DESIGNATION(S) Public/Semi-Public
EXISTING ZONItI3:
P/SP (Public/Semi-Public)
PROPOSED ZONING:
N/C
ADJACENT USES:
North:
South:
East:
West:
Retail (gas station/convenience store) and Office
Old Tampa Bay
Beach Park
Undeveloped
RECOMMENDED CONDITIONS (BY D.R.C.)
1. Two (2) handicapped parking spaces must be provided and shown on the plan.
2. Sidewalks along Gulf-to-Bay Blvd. must be shown on the plan.
3. Public Works Department should coordinate a deceleration lane for this site with D.O.T.
4.
All two-way drives should be 24 feet in
such.
width.
All one-way
drives must
be signed as:
5.
The requisite initial building permits must
date of certification of the final site
occupancy IIIUIio"t be obtained wi thin three (3)
site plan.
be procured within six (6) months from the
plan and all requisite certificates of
years of date of certification of the final
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The City Commis
.
slon
l=1A~~~
of the City of Clearwater
Agenda No,
Meeting Date:
12/1/B8
MEMORANDUM TO:
SOBJECT:
Petition for Annexation and RS-6
~oarkey Road and Oakmount Road.
Zoning
for
a Lot Located at the Southwest Corner
of
(Annex 88-40)
RECOHMENOATION:
City Commission receive this request and refer it
public hearing.
'.
to the
City Clerk
to be
advertised for
[] And that the appropriate officials be authorized to execute same.
BACKGROUND :
The request is to annex
Road and Oakmount Road.
consistent with the Low
a lot located at the southwest corner of the intersection of Sharkey
The requested zoning is RS-6 (Single Family Residential) which is
Density Residential Land Use Plan classification on the property.
A ~ingle family residence
desires to connect
be annexed.
is proposed to be developed on the lot and the property owner
to City sewer. The lot is contiguous to the City limits and
eligible to
Commission Disposition:
1. Approved IS Recommended/Revised/Conditional
2. Continued to
Follow-up Action:
dot.
Submitted by:
City Manager
Advertised: r:J Affected Costs:~ EJAttochments:
Date: Parties Funding Source:
Notified CJ Capital Improve- Drawing
Paper: of Meeting ment BUdQet Petition
arNot Required 1XI Not Required CJ Operating Budget
CJ Other
Originating Department: .p~
Appropriation Code
PLANNING & URBAN DEVELOPMENT 0. None
Oote a Sequential
Reference
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Page 2
R&R C.C. 12/1/8a
lmnex 88-40
SUBJECT (Name of
Residential Zoninq)
Project,
etc. ) :
Petition
for
Annexation
and
RS-6
(Sinqle Family
NAME OF PROPERTY OWNER ( S) :
Gerald Hardy and Mary Jean Hardy
(his dauqhter)
NAME OF APPLICANT ( S ) :
Same as owner
LOCATION OF PROPERTY: 502 Oakrnount Rd.,
intersection of Sharkey Road and Oakmount Road
Located
on
the
~outhwest
corner of the
LEGAL DESCRIPTION OF PROPERTY:
Lot 1, Oakmount Sub., Sec. 7-29S-16E
SIZE OF PROPERTY:
.23 Acre
EXISTING CITY LAND OSE PLAN DESIGNATION(S): Low Density Residential
PROPOSED CITY LAND USE PLAN DESIGNATION (S): No change
EXISTING COUNTY LAND USE PLAN DESIGNATION(S): Low Density Residential
EXISTING ZONIN3:
R-3 (County)
PROPOSED ZONING:
RS-6 (Single Family Residential)
ADJACENT USES:
North:
South:
East :
West :
Vacant (proposed office)
Single family residence
Single family residence
Office
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CLEARWATER
,COUNTY
f
SHARKEY
RD,
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33'OS
ME-B 33-08
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G R4NG ER
DR,
PROPOSED ANNEXATION and ZONING
OWNER &-I A R D'I \ GEt .M ~
APPLICANT
" ZONING
-
FROM CO!JHT"i 'A.-3
TO 'RSs
PLANNING and ZONING BOARD
A86-40
PROPERTY DESCRIP'fION
LO'" , >>
OA~MOUNT SUe
0:2$ ACRES
CITY COMMISSION
07
. Single Family
SECTION
TOWNSHIP '2.q S
RANGE
\6
E
ATLAS PAGE F\~
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PETITION FOR ANNEXATION
~~~, 6a-4~
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City Commission
City of Clearwater
P.O. Box 4748
Clearwater, Florida
Commissioners:
'.;." \' "
.,.. " '..
"
We, the undersigned, being a11 owners of the described real
property, contiguous to the present boundaries of the City of
Clearwater, and situated in an unincorporated area of Pinellas County,
Florida, do hereby request that said property be annexed into the
corporate limits of the City of Clearwater, Florida.
We hereby further request thet said property be zoned and class~
ified under the Zoning Ordinance of the City of Clearwater, as set
forth on the following page.
Attached hereto is a current survey of the described property,
(if it is unplatted), together with a certificate of title from a
title company, a copy of the deed or a letter from a licensed attorney
setting forth the names of all persons, firms or corporations owning
any interest in the described property.
The undersigned have been advised of, understand and in consider-
ation of annexation, utility services, and other good and valuable
consideration" do hereby agree and convenant as follows:
1. all structures and improvements which are erected upon said
property subsequent to the date of this petition for annexation
shall comply with all applicable City of Clearwater regulations
and ordinances as set forth in the City Code of Ordinances;
2. to convey such recreation land, recreation facilities and open
space land dedication and/or fees in the amount and manner pre-
scribed by Division 2 and 3, Chapter 116, Article IV of the
Clearwater Code of Ordinances;
3. when any substandard abutting street or utilities are sub-
sequently upgraded by the City to meet City Standards, said
improvement will be done on an assessment basis, consistent
with City procedures therefore.
We, the undersigned hereby certify that we have read and examined
all of the statements and allegations in the foregoing Petition
including attachments and after being duly sworn, depose and say that
such statements are correct, complete and true and voluntarily made
with full knowledge thereof.
STATE OF FLORIDA )
COUNTY OF FINELLAS )
Subscribed and sworn to before me this .3 day of )1~U/t1- Y1-uJ 19fY
My Commission Expires:
. ,
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Notary
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MEMORANDUM TO: "'\.A~"'3
The City Commission of the City of Clearwater
Agenda No.
Meetl n9 Date:
12/1/88
"",-
SUBJECT I
Petition for:'
Circle.
Anne)(stion and
RS-8 Zoning
of a
Single Family
Lot at
2233 South Lagoon
(Annex 88-41)
" ,
,."" ""
RECOMMENDATION:
City Commission receive this request and refer it to the City Clerk to be
public hearing.
advertised for
[] And that the appropriate officials be authorized to execute same.
BACKGROUND :
The request is to annex property at 2233 South Lagoon Circle into the City of Clearwater.
The zoning applied for ~s RS-8 (Single Family Residential) which
Low Density Residential Land Use
is consistent
Plan classification on the property.
with the
The
lot
is
a
City
All
single family residence and the owner
sewer. The property is contiguous to
the required fees have been paid.
is desirous of
the City limits
developed with
connecting to the available
and eligible to be annexed.
Commission Disposition:
1. Approved II Recommended/Revised/Conditional
2. Continued to
Fol low-up Action:
dot.
Submitted by:
Advertised:
Oate:
ClAf1ected
Parties
Notified
of Meeting
~ Not Required
Costs: N/A
Funding Source:
CJ Capital Improve-
ment 8udQet
t:J Operating 8ud~et
CJ Ot her
SJ "bVirlh~ ent s:
Petition
City Manager
Paper:
l!I N~t Required
Dote aSeQuential
Reference
Orl;inatlng Department:
pr
Appropriation Code
PLANNING & URBAN DEVELOPMENT
CJ None
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C.C. 12/1/88 ,.">"p,,, '..... ..1... 'c'" ,",
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SUBJECT (Name of Project, etc.): Petition for
Family lot at 2233 South Lagoon Circle
Anne~ation and RS-8 Zoning of a Single
NAME OF PROPERTY OWNER(S)
Theo S. Mory, and Ruby Loraine Mory, his wife
NAME OF APPLICANT(S)
Same as owner
LOCATION OF PROPERTY:
east of Belcher Road,
Lagoon Circle
appro~imately 550 feet
On the south side of South
2233 South Lagoon Circle
LEGAL DESCRIPTION OF PROPERTY:
Lot 158, Clearwater Manor Sub., Sec. 6-29S-16E
SIZE OF PROPERTY:
.15 Acre
EXISTING CITY LAND USE PLAN DESIGNATION(S) Low Density Residential
""./J':)J .
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, . '. .".. .;~I",l"'" ..,. "~"".,'
PROPOSED CITY LAND USE PLAN DESIGNATION(S): No Change
EXISTING COUNTY LAND USE PLAN DESIGNATION(S) Low Density Residential
EXISTING ZONING:
R-3 (County)
PROPOSED ZONING:
RS-8 (Single Family Residential)
ADJACENT USES:
North:
South:
East:
West:
Single family
Vacant
Single family
Single family
residences
residences
residence
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PROPOSED ANNEXATION and ZONING
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PROPERTY DESCRIPTION
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PETITION FOR ANNEXATION
City Commission
City of Clearwater
P . 0 . Bo)C 4748
Clearwat~r, Fl~rida
Commissioners:
We, the undersigned, being a11 ~wners ~f the described real
pr~perty, contiguous to the present boundaries of the City of
Clearwater, and situAted to an unincorpurated area of Pinellas County,
Florida, do hereby request that said prvperty be annexed into the
corporate limits of the City of Clearwater. Florida.
We hereby further request that said property be zoned and class-
ified under the Zoning Ordinance of the City of Clearwat~r, as set
f~rth on the following page.
Attached hereto is a current survey of the described property,
(if it is unplatted), together with a certificate of title from a
title company, a copy ~f the deed or a letter from a licensed att~rney
setting forth the names of all persons, firms or corporations owning
any interest in the described property.
The undersigned have been ad~ised of, understand and in consider-
ation of annexation. utility services, and other good and valuable
consideration, do hereby agree and convenant as follows:'
1. all structures and improvements which are erected upon said
property subsequent to the date of this petition for annexation
shall comply with all applicable City of Clearwater regulations
and ,)rdinances as set forth in the City Code of Ordinances;
2. to convey such recr~ation land, recreation facilities and open
sp~ce land dedication and/or fees in the amount and manner pre-
scribed by Division 2 and 3, Chapter 116, Article IV of the
Clearwater Code of Ordinances;
3. when any substandard abutting street or utilities are sub-
sequently upgraded by the City to meet City Standards, said
improvement will be done on an assessment basis, consistent
with City procedures therefore.
We, the undersigned hereby certify that ~e have read and examined
all of tne statements and allegations in the foregoing Petition
including attachments and after being duly sworn, depose and say that
such statements are correct, complete and true and voluntarily made
with full knowledge thereof.
STATE OF FLORIDA )
COU~rY OF PINELLAS )
t:;~~
-
Subscrlb-ad and sworn to be fore me this 8~day of Nov'cM ~ elL
My Commission EKpires:
NOT4RY PtlALIC COTA T ..
1.1\' COI'I'~US!i/OU' EXP'R~j."J:LOF'IOI\.
.O~:lIO TN"'" NOTAflY"U"Io;C N, J 7. 189.2,
UHDI"W..ITC....
1988
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Page 2
R&R
Annex 88-42
SUBJECT (Name of
Family Lot Located
Project, etc.)
at 1228 Bell
Petition for
Drive.
Annexation and
RS-6 Zoning
of a
Single
NAME OF PROPERTY OWNER(S)
Emanuel
J.
Lakis
and Yvette
S.
Lakis,
his wife
NAME OF APPLICANT(S):
Same as owne r
LOCATION OF PROPERTY:
1228 Bell Drive,
Clearwater,
Florida
34624
"
LEGAL DESCRIPTION OF
PROPERTY:
Lot
14,
Canterbury Heights Subdivision,
Sec.
24-29S-15E
SIZE: OF
PROPERTY:
.55 Acre
EXISTING CITY L~ USE PLAN DESIGNATION(S):
Low Density Residential
PROPOSED CITY L1\ND USE PLAN DESIGNATION(S): Same
EXISTING COUNTY' LAND USE PLAN DESIGNATION(S): Urban Low Density Residential
EXISTING ZONING:
R-3 (County)
PROPOSED ZONING:
RS-6
ADJACENT USES:
~rth: Single Family Residence
South: County Owned Park and Open Space
East: Single Family Residences
West: Single Family Residences
i,
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SUBJECT (Name of Pr~ject,
Land Use Plan Amendment from
2147 N.E. Coachman Road.
C.C. 12/1/Sa
Page 2
R & R
Annex SS-43
LUP SS-32
NAME OF PROPERTY OWNER(S): Ralph and Lucille Mignone
etc.). Petition for Annexation, Limited Office Zoning and a
Low Oensity to ReSidential/Office for a Parcel Located at
NAME OF APPLICANT(S):
Sa."lIe as owner
LOCATION OF
PROPERTY:
2147 N.E. Coachman ROad, Located on the Southeast Side of N.E.
Coachman Road ApproXimately 1,250 Ft. Northeast of Orew St;
Portion of Lot 4, Mossell Acres Subdivision,
Sec. 12-29S-15E
LEGAL DESCRIPTION OF PROPERTY:
SIZE OF PROPERTY: .57 Acre
EXISTING CITY LAND USE PLAN DESIGNATION(Sj: Low Density Residential
PROPOSED CITY LAND USE PLAN DESIGNATION(Sj: Residential/Office
EXISTING COUNTY LAND USE PLAN DESIGNATION(Sj: Residential/Office
EXISTIN; ZONIN;: Pl (County)
PROPOSED ZONIN:;: OL
ADJACENT USES:
North:
South:
East:
West.:
Single Family Residential
Vacant and Mini-Storage
Offices and ChUrch
Offices and Residential
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PETITION FOR ANNEXATION
I\:.. ',."'\.. ').. t,,:,.'...j .~
.2..:q..;'. /.; 1\;\"2-'-' \ 4 v S
City Commission
City of Clearwater
P.O. BOK 4748
Clearwater, Florida
Commissioners:
We, the undersigned, being all owners of the described real property,
contiguous to the present boundaries of the City of Clearwater, and
situated in an unincorporated area of Pinellas County, Florida, do hereby
request that said property be annexed into the corporate limits of the City
of Clearwater, Florida.
We hereby further request that said property be zoned and classified
under the Zoning Ordinance of the City of Clearwater, ,as set forth on the
following page. .
Attached hereto is a current survey of the described property,
together with a certificate of title from a title company or a licensed
attorney setting forth the names of all persons, firms or corporations
owning any interest in the described property.
The undersigned have been advised of, understand and in consideration
of annexation, utility services, and other good and valuable consideration,
do hereby agree and convenant as follows:
1. all contiguous property under the ownership of the
petitioner(s) is included in this petition for annexation;
2. all structures and improvements which are erected upon said
property subsequent to the date of this petition for annex-
ation shall comply with all applicable City of Clearwater
regulations and ordinances as set forth ir the City Code of
Ordinances;
3. to convey such recreation land, recreation facilities and
open space land dedication and/or fees in the amount and
manner prescribed by Ordinance Nos. 3128-83 and 3129-83; and
4. when any substandard abutting street or utilities are
subsequently upgraded by the City to meet City Standards,
said improvement will be done on an assessment basis,
consistent with City procedures therefor.
We, the undersigned hereby certify that we have read and examined all
of the statements and allegations in the foregoing Petition including
attachments and after being duly sworn, depose and say that such statements
are correct, complete and true and voluntarily made with full knowledge
thereof.
STATE OF FLORIDA )
COUNTY OF PINELLAS )
Subscribed and sworn to before me this \S~ay' of ~~~~~~~
19 ;;;,c.
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My Com~ission Expires:
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NOTARY PUBLIC. STATE OF FLORIDA.
rt1y COMMISSION ~XPlilES: JAN. 17. 1992..
.....':lr~ TWill' N"T&"y PUB&.le Ulllll:RlVltlTl:ns.
July 7) 1983
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LAND USE PLAN AMENDMENT APPLICATION
DATE
August 29, 1988
---
NAME OF PROPERTY OWNER(S) ~alph & Lucille Mignone
ADDRESS 119 Cooper Street, Babylon, !:!.:...!.:~ 1702
,. ..-
PHONE 516-661-6782
REPRESENTATIVE (IF ANY)
Ronald Garraffa
::::; ..
ADDRESS
3449 Hyde Park Dr. Clearwater, Fla.
789-J234
PHONE
LEGAL DESCRIPTION OF PROPERTY (SUBJECT OF REQUEST)
Lot (4), Mosell Acres, Start at N.W. corner of Lot 4, go N. 53052'34" E. 200 ft.
~alonJ! \ol. line to the N.E. corner. then ~o South 36007'26" E. 2,iQ....f.t. alon~ the
East line, then go S. 53052' 34" W. 200 ft. to a point S.Westerly
then N.jbUU"lo' W.,250 ft. along said S.Westerly lot line of Lot
GENERAL LOCATION 2147 N.E. Coachman RQiUl.
line of Lot 4
4to the P.O.-a;--
Clearwater, Florida
ACREAGE
.57 acres (100' x 250')
PRESENT ZONING DISTRICT
Flood Zone C
_ ~l
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REQUESTP.O Z0NING DISTRICT ~ame as present
Note:
A separate application is required if tbe zoning district is
proposed to be changed.
PRESENT CLEARWATER COMPREHENSIVE LAND USE PLAN CLASSIFICATION_____
L~ w 1)e"'-J~ i"ty t<c.sJ'nc.. ",,"t"-1I~..<--
.
REQUESTED CLEARWATER COMPREHENSIVE LAND USE PLAN CLASSIFICATION
REASON FOR REQUEST
Annexation of land
~c.S\ De,..J\.).~L.. L ~ FF\.t.';-
PINELLAS COUNTY COMP~EHENSIVE LAND USE PLAN CLASSIFICATION
'4?<'S \ D c..,...iT'1 AL- ,~ FFI c. 'C. ~
IS THE REQUESTED LAND USE CATEGORY IN CONFORMANCE WITH THE PINELLAS
COUNTY LAND USE PLAN CLASSIFICATION? YES~___ NO
Note:
. County Land Use Plan amendments require the approval of the
Pinellas County Planning Council and the State of Florida
(Chapter 163 F.S.).
. State Growth Management Legislation limits final approval
of Land Use Plan amendments by the City Comnission to twice a
year.
~~~yfflcI-
Signa.ture)
Reviewed by:
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CITY OF CLEARWATER
DISCLOSURE OF INTEREST STATEMENT
PROPERTY OWNER(S):
Name: Ralph Mignone
Address: 119 Cooper St.
Babylon, N. Y. 11702
Name:
Address:
Lucille Mignone
119 Cooper St.
Babylon, N. Y.
.
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REPRESENTATIVE(S):
Name: Ronald Garraffa
AddLe.B: 3449 Hyde Park Dr.
Clearwater, Fla.
Name:
Addreso:
ANY OTHER PERSONS HAVING ANY OWNERSHIP INTEREST IN THE SUBJECT PROPERTY:
Interest Is: Contingent
Absolute
Name:
Specific Interest Held:
.
INDICATION AS TO WHETHER A CONTRACT EXISTS FOR SALE OF SUBJECT PROPERTY,
IF SO:
Contract Is: Contingent
All Parties To Contract:
Absolute
Name:
Name:
INDICATION AS TO WHETHER THERE ARE ANY OPTIONS TO PURCHASE SUBJECT PROPERTY,
IF SO:
All Parties To Option:
Name:
Name:
INDICATION AS TO WHETHER THERE ARE ANY MORTGAGES OR LIENS ON THE PROPERTY,
IF SO:
Mortgage Holder(s)
Name: Southeast Banks
2494 Bayshore Blvd.
Dunedin, Fla. 34698
Lien Bolder(s)
Name:
05/88
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MEMORANDUM TO: --p~\)..
The City Commission of the
Agenda No.
(, Meeting Date: .
City of Clearwater
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SUBJECT:
Amendment to the Land Development Code of Regulations Pertaining to Subdivision Regulations
and Requirements for Site Plans. (LDCA 88-10)
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RECOMMENDATION:
City Commission receive the request and direct the City Clerk to advertise for public
hearing.
[] And that the appropriate officials be authorized to execute same.
BACKGROUND:
The attached proposed ordinance has been drafted by the Legal Department at the request of
several operating departments to address problems that have come to their attention in the
implementation of the subdivision regulations and to clarify and make minor revisions to
those regulations and the requirements for information provided on site plans submitted to
the City.
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The major items addressed in the ordinance include the allowability of issuing building
permits on property required to be platted, clarification of proper personner responsible
for recording plats and approving subdivision improvement construction plans, financial
guarantees for subdivision improvements, consideration of proper provision for streets as a
criteria of site plan review and siting of dumpster locations as a requirement of
preliminary site plans.
:". >.
The changes have been reviewed by the Development Review Committee and are being forwarded
to the City Commission for their review at publiC hearing.
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Commission Disposition:
1. Approved II Recommended/Revised/Condition.'
2. Continued to
Follow-up Action:
dot.
City Manager
Date:
Paper:
r2I Not Requind
CJ Affected
Parties
Notified
of Meeting
IX! Not Required
Costs: N/A
Fundlno Source:
CJ Capital Improve-
ment 8udt;et
CJ Operating Budget
CJ Other
EJAttachments:
Proposed
Ordinance
Submitted by:
Advertised:
Date aSeCluential
Reference
Originating Department: pr
PLANNING & DEVELOPMEHT
Appropriation Code
Cl None
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October 28, 1988
ORDmANCE NO.
AN ORDINANCE OF THE Crry OF CLEARWATER, FLORIDA,
RELA TING TO SITE PLANS, SUBDIVISIONS AND CONDOMINIUM
PLATS; AMENDING SECTIONS 133.004, \33.009, 133.010, 133.015,
133.025, 133.033, 136.022, AND 137.010, CODE OF ORDINANCES,
AND CREATING SECTION 133.0095, CODE OF ORDINANCES,
RELATING TO PRELIMINARY PLATS, SUBDIVISION
CONSTRUCTION PLAN REVIEWS, REQUIRED IMPROVEMENTS,
AND THE FORM OF FINANCIAL GUARANTEES FOR REQUIRED
IMPROVEMENTS; AUTHORIZING THE ISSUANCE OF A BUILDING
PERMIT FOR ONE BUILDING FOI~LOWING CERTIFICA nON OF A
PRELIMINARY PLAT AND CERTIFICATION OF THE FINAL SITE
PLAN, IF REQUIRED, EXCEPT FOR TOWNHOUSE
DEVELOPMENTS; REQUIRING THE SUBDMDER TO BEAR THE
EXPENSE OF REQUIRED IMPROVEMENTS, AND PRESCRIBING
THE FORMS FOR FINANCIAL GUARANTEES FOR REQUIRED
IMPROVEMENTS; P~OVIDING THAT STREET DESIGN SHALL BE IN
ACCORDANCE wrrH CITY STANDARDS; DELETING A
REQUIREMENT FOR OUTDOOR LIGHTING; PROVIDING FOR THE
INCLUSION OF REFUSE COLLECTION FACILITIES IN
PRELIMINARY SITE PLANS; PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE crry OF
CLEARWATER, F~ORIDA:
Section 1. Subsection (d) of Section 133.004, Code of Ordinances, is amended,
and Subsection (f) is added to said section, to read:
Section 133.004. Applicability and Seope.
(d) Whenever any subdivision of land is proposed, and before any final site plan
approval or buUding permit for the deve10pm ent of or construction of any
improvement on fllieJ\ land proposed for subdivision is granted, the owner of the
property shall apply for and secure appro'~al from the city of a preliminary plat in
accordance with the 1"eYtew procedures an~:,~andards delineated in this chapter.!. &.9td
the approved ffMe preliminary plat'shall be certified by the city clerk!! constituting a
\'~ record of SlieR approval. Following certification of the preliminary plat, and
following certification of the final site plan when required pursuant to Section
137.010, a bufiding permit for one building may be i~ued for the property, except that
no buUding permit shaD. be issued for a townhouse development prior to the recording
of the final plat. However, PtlNhefmere; no certificate of occupancy/use shall be
issued by-the-etty for property proposed to be platted until the final plat is recorded
aHhe-eCrice-ol-the-clerk-ef-tlte-eetfftty-eeHf"l in accordance with the terms
contained herein.
(f) The--subdivi~~r shall bear the expense or the improvements required by this
chapter in aeeordanee with city standards, specifications and policies on ffie in the
office of the city engineer.
,
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(1)
All utility facilities and storm water drainage facilities which are required
to be installed underground;
(2) All curbs, gutters and base materials for all streets, whether public or
private; and
(3) All excavations for detention ponds and necessary open ditches.
(b)
be
completely
and
requi red
improvem ents
shall
ei ther
All
other
satisfactorily installed prior to the recording of the final plat or sec~ed by the
furnishing of an acceptable financial guarantee as described in Section 133.033(f)(3).
Section 4. Subsection (b) of Section 133.010, Code of Ordinances, is amended to
read:
Section 133.010. Final plat review.
(b) The final plat review and filing process shall be conducted according to the
r allowing:
(1) SUbsequent to submission and approval of the subdivision construction
representative of each city department ~ which the plat is forwarded -Hte-pia~d
aeee ftl ~Myiftr-~~ee!o!ift~fie~ shall, in tfieifo-f'esf)eetiYe-af'eas-ef-eKt'eritse:
a. Determine the completene..c:;s of the final plat end compliance with
.. ...'
the certified preliminary plat. .,';'"
b. Verify the accuracy of information provided.
c. Evaluate the degree of compliance with the technical requirements in
the design standards of this chapter and other applicable city and state requirements.
Those city departments reviewing f'eeetYiPlg the final plat hem-tne-eeee
e.t!miai3tra-teP shan, upon completion of their review, recommend to the city engineer
-iftdiea-tH}'eiP-Peeemmeftda.aeft-Eer approval or disapproval of the final plat eft-t},e
pNJees!ift&'-S1\eet.
(3) Following review of the final plat by appropriate city departments and
upon determination by the
complete,
city engineer eet!e-administratep that the final plat
consistent with the certified
preliminary plat and all
.
conditions of approval, and e:1se that!!! ettfteP acceptable financial guarantee eeettrity
bas been provided tor the satisfactory eompletion r:tl8.PaMeeift~ft~ iDstaBatieJli of all
accurate
and
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':i~Y1J&'l~~S~~~)e;.~:tf:;.t~ "'~:!.:b:;'lt.~f~~~~~tp~~~:-l~tt;~~~;t l~,j~ ti~~~~ff~~l, :~~~~;~;~~v.~,-. ~
requi red
site
improvements
of all
required
that
the
aettfM Installation
or
improvements has been satistactorDy completed by the applicant in accordance with
city specifications, the city engineer eede-edmirtiMfl!tM shall forward the final plat
tracing to the city manager for hi! signature.
(4)
Following signature by
the
city manager, the
city engineer eede
"
admtfttstra-te!' shall coordinate recording of the final plat at the office of the clerk of
the ci rcui t eel:ll'l-ty court.
(5) Any amendmel)t of a final plat other than those required by-erigiAtlflflg'
hem the office of the clerk of the circui t eetlft-ty court shall require a revised or
amended final plat to be prepared and reviewed consistent with the tt:rms contained in
this section for final plat review.
Section 5. Subsection (g) of Section 133.015, Code of Ordinances, is amended to
read:
Section 133.015. Street intersection and alignment.
(g) The design of streets shall be in accordance with city standards established
Reaewe.Y-gfflees-sAMl-ee-e.s-a~{H"e\'ee by the city engineer.
..
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Section 6.
Sul:6ections (b), (c) and (f) of Section 133.025, Code of Ordinances,
are am ended to read:
Section 133.025. Site work.
(b) No financial guarantee for required site improvements ~ef"lepmaftee-eeftd
shall be released, nor shall the era dedication})t public impl"ovements be accepted..!. until
grading has been completed and. stabilized, where required al:'~e.ete, by sodding or
planting in accordance with the approve~ subdivision constructions plans.
(c) The financial guarantee ~ef"fef'm8.ftee-eeHe shall include an am ount to insw-e
paf'tlfttee completion of all required improvements as shown .peE;tMeffieft-ts eeftta.HleEl
in the approved subdivision construction plans;-iflehtemg;-e'*-"&t-ftRffietH&;4Pee-
~!i:lftflftg';-f'e~r;ft-gpe.eHfl~f'e.iftage-retefttiert; si aewaH<s-e.AEI-~&tR eft si te4mt'f'evemel'l-B
t"e~ttiPed-ey-t:He-eHY .
(f) No cut trees, timber, debris, junk, rubbish, or other waste materials of any
kind shall be buried in any land, deposited in any water body, stream, wetland or
floodplan, or ~ deposited on any lot or street. RemoVal of such material same shall
be required during construction when so directed by the city or, al:6ent such direction,
shall be required prior to !!!! release of any financial guarantee ~et'fef'mMee heftc! or
acceptance of dedication of public improvements;-whiel\evet'-eeetl!"! fil'3t.
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Section 7. Subparagraph f. of Paragraph (2) is am ended and a new paragraph (3)
is added to Subsection (f) of Section 133.033, Code of Ordinances, and the introductory
language in Subsection (f) of Section 133.033 is amended to read:
I
Section 133.033. Submission requirements.
(f) Final plat. The final plat shall be suitable mawft for recording at the office
of the clerk of the circuit court eet!ft-ty el-efok. It shall be prepared and sealed by a land
surveyor registered by the state and shall conform with the requirements of Chapter
177, Florida Statutes. as the same may be amended from time to time, and the
,.
I
18
requirem ents of this subsection. ee-e!eaiiy-afts-l-egt5oly-thoa Wft-wHft-etaek-ffleta-
~ef'Hl fifte!\t-6t-a wiflg-fflk-er-vaffiy~e-~eeess-eft-a-geee-gt'aee-Hftel'\-floe.eiflg-et&tfi-ef-w*fi
a-stfttaeJ:e-pet"ffi a"eft~elaek-ef'8. ",4Rg-tftk-eft-a-s-taere-ease-fHm,a-ffitfflm tU'fl-ef-tH~ee
eft~het1Saft&1:Rs-t:9331-ffieRes-tfttek;-eea-tee-t1~eft-eem pIe ti ofi-wHfi-a-s1:ffia~~
ffi e.-tcrie1 te-f'f'eveftt-aalMg-8.R6-te-asst1f'e-~ef'ffi8.l'\el'\t-iegi~ ilitY;-ef"-a-fteftaeftef'lee-sea:1-e-
~t-eft-a-5ta~ee.se-ffiHl-maae-eY"1'hetegt"a~me-~eeesses-floem-e.-ffi:m-s cribing-teMed
f~esteHM-fi~e-tesflflg-solt1tiGHe-e.SStii"e-~ef'lffi 8.l\eney;-- M argaifleH:iftes, 5 tarseaf'd
ecrtifie8.tes-e.ftd-e.~prevei-4eflm9-Sfie:H-ee-~ee-el'\-4:fl~~wHft-e.-l'ef'm8.ftel\t bl~ek
Me. wiftg-ifl~- A print or pfi&tegre.~Me-e('~y-e.f-tfle erig-ifle:1-6t-e. wiflg-sfieH-ee-stdnfttMea
wHfi-tke-crigir\td-6f'8.wifl~ It shall be drawn at a scale of one inch equals fifty (50)
feet or other scale determined appropriate by the code administrator. The overall
sheet size of the plat shall be consistent with the standards established by the clerk of
the cir~uit eetfftty court for recording. Ea~h..sheet shall be provided with a one-inch
. ..
margin on each of three (3) sides:~'8hd a ttlree-inch margin on the left side of the plat
f or binding purposes. Wl'left-m ere-thftft-efte-5fieet-m tiS-t-ee-tlsee-te-e.eelfl'a-tely-pMtPay
-tfte--lal'\es-~~ee,eaefl-5fie~haH-sfiew-tfie-t'8.t"'t:te~f'-l'l.tfifl Bef'-eHhe-sheet-aHe-tfte
-t~a%-I'\t! m eet-ef-sfiee-ts-inelHeee,e.s-weH-as-elefli'ty4-ae~e-ffi a-teR-Hftes-te-sfiew-wfiet"e
eUler-sfteet-s-matefi-e!'-a~
(2) Documentation. €crtifieat~ The following documentation shall accompany
the final plat:
f. After a final plat has been approved, three (3) prints of as-built
drawings showing the improvements that have been constructed according to the
approved subdivision construction plans, and ep' a 'copy of the financial guarantee
seetiPH~aftgemeM for completion of !!quired improvements shall be ffied with the
city engineer eede-e.dmh\istf'a-ter before said plat sl1all be recorded.
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~3) Financial guarantee.
Unless all required improvements have been satisfactorily completed, an
acceptable financIal guarantee for required improvements shall accompany every plat
which is to be recorded to insure the actual satisfactory completion of construction of
all required impr-ovements within not more than two (2) years following the date of
.
recordin&:, or- one (1) year- i~sidewalks are the on1~ reauired improvement to be,.
completed following the date of recording. An acceptable financial guarantee for
required improvements shall be in an amount not less than the estimated cost of the
improvements, as approved by the city engineer, but may be reduced from time to
time in proportion to the work completed, and may take one of the following forms,
subject to the appr-oval of the city engineer and the city attorney:
a. Cash, to be held in escrow by the city; or
b. An irrevocable letter of credit written by a bank chartered by the State
of Flor-ida, or the United States government, or any other state of the United States if
the bank is author-ized to do business in the State of Florida, and acceptable to the
.!!.nance director. The letter of credit shall include, among other things, an expiration
date not earlier than one year from the date of issuance; a provision requiring the
}~~er of the letter of credit to give at least thirty (30) days' written notice to the city
prior to expiration or renewal of the letter; and a provision that the letter is
automatically renewed for a period of time equallin[ its original term if the required
notice is not given; or- ....
c. A surety bond issued by a surety company authorized to do business in
the State of Florida. The surety bond shall include, as a minimum, the provisions
required a.bove for letters bf credit.
Section 8. Paragraph (9) of Subsection (d) of Section 136.022, Code of
Ordinances, is am ended to read:
Section 136.022. Parking standards.
(d) Design standards. All parking lots shall be designed to meet the following ,
standards:
(9) If lighting is Dig~g-5l\~ee provided to illuminate any off-street parking
or other outdoor area, -ieaeiftg-Sl'flees-tH~ttSee-e.f..~ht. If ~e>\'idee, the lighting
shall be arranged and installed to defiect, shade and focus lights away from adjacent
properties.. 'ihe-ftetl~ype;-spfleiftg-aPltH!e~ec or ctfterr er e.~"Ht8ftde.P6-ffle.y
be-ftIPthef'-P~tec!-by-thHWldi~g-etree!er in rele. ti ~n-te-spee:iCit 3ite-efnu5i~i~ftS
Of t,pes or develepflleM-:
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Section 9. Paragraphs (1) and (4) of Subsection (g) and Subsection 0) of Section
137.010, Code of Ordinances, are amended to read:
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Section 137.010. Site plans.
(g) Design guidelines for site plan review.
It is the purpose and intent or these
design guidelines to supplement the standard requirements of the individual land use
'.
plan and zoning atlas classifications in a manner that recognizes the need to taUor the
land planning process to the unique features of each site, while preserving the right of
reasonable use of private property based upon the uses permitted under the land use
plan and zoning atlas classifications assigned to the property.
The following items
shall be given full consideration in the preparation and review of site plans required
under this section.
Furthermore, before 8.1"y final site plan is granted approval
(whether conditionally or unconditionally), it shall first be established that such plan is
consistent with the design guidelines of this section.
When it is determined that a
final site plan does not satisfactorily comport with one or m ore, in whole or in part, of
any of the deign criteria contained herein, the city shall have the authority to deny the
site plan. Design guidelines to be considered shall include, but are not limited to;. the
following:
(1)
code requirements. Site plans shall be consistent and in
Plan and
conformity \*lith all applicable rules and regulations of the city, c:>unty, and the state,
including but not limited to the following:
a.
City Charter.
... i"'
b. City Code of Ormhances, titles I to Xll.
c. City comprehensive plan and its constituent elements.
d.
Mis eeHaReetl9
resolutions, policies
and
city
ordinances,
Other
administrative directives.
e. County planning cOWlcil plans and regulations.
f. Applicable provisions of Florida Statutes and the Administrative
Code.
It shall be the objective of this guideline to assure compliance with all applicable
city, county and state requirements as a minimum criterion for further consideration
of a site plan.
(4) Streets, draina~e Braift8~e and utUities. Site plans shall be so designed as
to provide for streets, water supply, sewage disposal, refuse collection and surface
water retention.
Those specific factors to be evaluated in determining that these
measures have been adequately addressed include the follo\Ying:
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f. Location map.
g. Zoning district assigned to the property whi~h is the subject of the
site plan and to the properties adjacent eeftflgliettS thereto.
h. Identification of watercourses, wetlands, tree masses and specimen
trees, including description and location of understory, ground cover vegetation and
"
wildlife habitats or other environmentally unique areas.
i. Gross and net site area expressed in square feet and acres.
j. Number of units proposed, if any, and resulting net density.
k. Floor area devoted to each cateogry of use and floor area ratio.
1. Delineation in mapr~d form and computation of the area of the site
devoted to building coverage, open space for the lot, and open space for the front
yard, expressed in square feet and as a ~rcentage of the overall site.
m~ Number of parking spaces required (stated in relationship to the
applicable formula) and proposed.
n.
Location Seflefla!-leeatieft of all driveways, parking areas and curb
cuts.
~
o.
Lo~ation of all public and private easements and streets within and
adjacent to the site.
p. The location, size and height of all existing and proposed buildings
and structures on the site.
q. The location of existing pub~h: utilities.
r. Total paved vehieUlar use area (including but not limited to all paved
parking spaces and driveways), expressed in square feet.
s. Depiction (by shading or crosshatching) of required parking lot
interior landscape areas.
t. Total land area devoted to parking lot interiol' landscaping, expressed
in square f'eet and as a percentage of' the paved vehicular area.
u. Location ot all refuse collection faciliti es, including screening.
(2) Final site plan. All in1'ormation included on or submitted so as to
accompany the preliminary site plan, as it may have been adjusted and finalized, plus
the r ollowing:
a. The surveyed location, diameter at breast height and general type of
all existing trees with a diameter at bre&t height or tour (4) inches or more,
identifying those trees proposed to be removed and those to remain.
,
-9-
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b. Sufficient dimensions to enable a determination that all required
landscape areas are provided. (DetaUs regarding the location, size and species of plant
materials shall be provided on the landscape plan.)
c.
Provisions
off-site storm water drainage
for
both on-
and
detention related to the proposed developm ent.
d. Existing and proposed utilities, including size and location o( all
water lines, fire hydrants, sewer lines, manholes, and lift stations.
e. Existing (including official rec()rds book and page numbers) and
proposed utilities easements.
f. Existing one-foot contours or key spot elevations on the site, and
such off-site elevations as may be specifica,lly required and not otherwise available
which may affect the drainage or retention on the site.
g.
The
general use and developm ent
of internal spaces,
proposed
including all recreational and open space areas, plazas and major landscaped areas hy
ftUlction, and the general location and description of all proposed outdoor furniture
(such as seating, lighting, and telephones).
,
h. The location of all earth or water retaining walls, earth berms~: and
public and private sidewalks.
f:--'Ffle-ecfil'ii tieft-6.fttHeeafleR-M-e:H-i"efuse-eeHeeHeH-fllCili tics iReltttHflg
5ef'eefflflg~e-ee-~evi6e<<:k
!.:~
Phase lines, if development is to be constructed in phases.
j. IE-: Dimensions oI lot lines, .'s'treets, drives, building lines, building
. .~" '.
setbacks, building height, structural overhangs, and building separations.
k. h Shadow cast information if the proposed building is higher than any
immediately adjacent building or if the height of the building is greater than the
distance of the building to any lot line.
~ction 10. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND
FINAL READING AND ADOPTED
Attest:
.. Mayor-Commissioner
City Clerk
Approved as to form and correctness:
City Attorney
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Agenda No.
MeetIng Date:
MEMORANDUM TO: -PtA~"7
The City Commission of the City of Clearwater
SUBJECT :
Amendment to the
Zoning District.
Land Development Code to Permit Business Service Uses in the General Office
(LDCA 88-11)
RECOMMENDATION:
City Commission receive the request and direct the City Clerk to advertise for public
hearing.
[] And that the appropriate officials be authorized to execute same.
BACKGROUND :
"Business Service" is a use defined in the Land Development Code a follows:
An occupation or service requiring the utilization of a manual, mechanical or
specialized skill which involves neither the on-premises storage or use of heavy
machinery or equipment nor primarily the sale of merchandise or conveyance of a
product. Any producing, processing or assembling shall clearly be secondary and
incidental to the service or occupation. Business service uses may include offices
which rely upon the utilization of one or more commercial vehicles in the conduct of
the business or which have exterior equipment or facilities (e.g., broadca~~ing
antenna, satellite dishes) which are not ordinarily appurtenant to office usage.
This category of use shall include the following: plumbing contractor, electrical
contractor, lawn maintenance, lawn mower repair, appliance repair, recording and
broadcasting studios, and like uses. This category of use shall not include vehicle
service which is separately defined).
i
A request has been received by the owners of the Arbor Shoreline Office development on U.S. !
19 and zoned OG (General Office) to consider an amendment to the Code which would permit
them to lease space within the development to a radio broadcasting faCility. The attached
draft ordinance if approved would provide for this use and other business service uses to be
allowed as permitted uses within the OG (Gen~ral Office) zoning district.
Commission Disposition: .
1. Approved as Recommended/Revised/Conditional
2. Continued to
Follow-up Action:
dat.
Submitted by:
Advertised:
c:J Affected
Parties
Notffi ed
of Meeting
txJ Not Required
Costs: ll/A
Funding Source:
C1 Capitol Improve-
ment Budget
c::J Operating Budget
c::J Other
EJAttachmenfs:
Proposed
Ordinance
City Manager
Date:
Paper:
as Not Required
Oate a Sequential
Reference
Originating Deportment: .pp..
PLANNING & DEVELOPMENT
Appropriation Code
CJ None
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31
EASEMENT
FOR AND IN CONSIDERATION of the sum of One Dollar ($1.00) cash in hand
paid to them, the receipt of which is hereby acknowledged, and the benefits
to be derived therefrom,
H. JEROHE KOSER & JUDYTH M. COLBETH KOSER, HIS WIFE
does hereby grant and convey to the CITY OF CLEARWATER, FLORIDA, an easement
over, under and across the following described land, lying and being situate in
the County of Pinel1as, State of Florida, to-wit:
Seven
Wester1y:~feet of Northerly 185 feet of Southwest 1/2 of
Northwest 250 feet of Lot 4 MOSELL ACRES SUBDIVISION Plat
Book 24, Page 70.
This easement being for sanitary sewer purposes.
The CITY OF CLEARWATER, FLORIDA, shall have the right to enter upon the
above described premises and to construct, install and maintain thereon any
sanitary sewer lines and to inspect and alter such sanitary sewer lines from
time to time.
IN WITNESS WHEREOF, the parties
sealon this 4th day of November
her~to have set
-;l988.
their
hands
and
.
Signed, sealed and delivered
in tbe presence of:
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W NESS
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H. JER KOSER
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M. COLBETH KOSER /
c
STATE OF FLORIDA
COUNTY OF PlNELLAS
Before ~e personally appeared H. JERO~m KOSER & JUDYTH M. COLBETH
KOSER, HIS WIFE , to m~ well known and known to me to be the individuals
described in and who executed the foregoing instrument and acknowledged before
me that they executed the same for the purposes therein expressed.
WITNESS my hand and official seal this
A.D. 1988 .
tJ .rJ-'_
day of ND lit?"' hJ Se y
My Commission Expires:
~~ A. ~~~... J
NO TARyOUBLIC
- '-
. ..J: tlofmv Pv~nc. Jill" fI' "D.lda -
My Cgmmiss;~n Exrlr.J Oc', 27, 1991
loft4led TIorv r.." F.;" . llltl/fQIlW I,...
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MEMORANDUM TO: \)~~-,'
The City Commission of the City of Clearwater
Agenda No.
Meeting Dote:
12/1/88
SUBJBCT:
Preliminary Site Plan for Pinellas County Utility Building (Expansion)
Side of Court Street Between Osceola Avenue and Pierce Blvd.
Located on the North
(PSP 88-56)'
r .' '..,.
RECOMMENDATION:
City Commission review the preliminary
(Expansion) and authorize review of
subject to the conditions listed on page
site plan for Pinellas County Utility Building
a final site plan with final action by the D.R.C.
2.
[X] And that the appropriate officials be authorized to execute same.
BACKGROUND :
The Pinellas County Utility Department is proposing to expand its existing facilities on
the subject site with the construction of a 73,478 square foot four (4) story addition on
the north side of the existing 18,768 square foot two (2) story structure located on the
east side of the site, and the construction of a parking structure on the northwest portion
of the site. There will be a second floor plaza connecting the two structures. Other
details of the parking structure, such as height, dimensions, number of floors, layout of
the vehicular areas, etc. have not been given on the plan.
For the purpose of providing a view corridor to Clearwater Harbor and Clearwater Beach, the
UCca) zoning requires a minimum of 40% of the width of the property or in this case, 105
feet to be kept free of buildings. The existing structure meets this requirement, however,
with the construction of the building addition and new parking structure, there will be a
view corridor of approximately 15 feet, divided incrementally. This will require variance
approval by the Development Code Adjustment Board prior to review of a final site plan.
There will be four (4) points of access, one (entrance only) on Osceola Avenue, and three
driveways on Court Street (one labeled eKit only o~~the site plan).
Commission Disposition:
1. Approved I. Rtcammendad/Revisad/Conditional
2. Continued to
dot.
FOllow-up Action:
Submitted by:
Advertised:
City Manager
Oate:
Paper:
IZI Not Required
CJ Affected
Parties
Notified
of Meeting
aD Not Required
Costs: N/A
Fundi n~ Sou rce:
c:J Capitel Improve-
ment 8udget
c:J Operating 8udget
CJ Other
SJ~~t~!Rtrents:
Application
Date aSequential
Reference
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FOI. OFFICE USE ONLY
Submittal date
Receipt No.
C .C. Meeting.
App. No.
Atlas Pg.
CITr or (.LVldlADK: .:..: ~ ,~(.
'--O;velopment Cade Administration
City-Hall Annex. 10 South Missouri Ave.
,.-,-- P.O. Box 4748,
-.- _.~
Clearwater. FL 34618-4748
Phone: 462-6840
APPLlCATIOll FOR SIn PL.lR llEVIEW
Pinellas County
Applicant (owner of record): Uti 1 it Y De pt.
310 Court St.
'.
Phone (Area Code): ( 813)- 462
3588
State: FL
Zip:1..ii16
Address:
City: Clea rwa te r
Representative:
Donald L. Knapp, P.E.
Phone (Area Code): ( 813)- 462--3588
Address: 3 1 0 Co u r t St.
City: Clearwater.
State:_FL
Zip: 34616
Preparer of plan:
Aretier, Inc.
Professional Title: Architect
Address: 360 Central Ave. Swt.l2:)()CltY:5t. Petersburg State:
FL
Zi p: 33701
Phone (Area Code): (813)- 894 - 0129
Title of Site Plan/Project: Pinellas County Uti] i ty D~p;:!rtm~nt" Buildin2
General location of property: West side of Osceola. North of Court St.
Zoning:
Urban Center
Bayfront
Di tit ~ Downtown
s r c Land Use Plan Classification: Di!$trict
Develo1ment
& Over ay
Existing use of property:
Parkin2 Lot/Office Building
Proposed use of property:
Four-storv office and parkin~ deck
City Ordinances No.'s 3128-83 and 3129-83 require a parks and recreation impact fee to be
paid for all nonresidential projects over 1 acre in size and all residential developments.
Has this property complied with Ord. #3128-83 and 3129-831 Nn If yes, explain how and
when:
Assessed just value of property (attach verification):
.' ..
None
Most recent sales price (attach verifieation):
N/A
As of (date):
N/A
If variance and/or conditional uses are involved. explain (if more space is required.
attach separate she'et): Variance on view corridor
.
Fee for Site Plan Review:
1. Base charge for each site plan....................$300.00j
(a) For each acre or fraction thereof .............50.00
2. Revalidation ~f a Certified Site Plan...............50.00
3.
Site Plan Amendment.................................50.00
PlAHN't~G
DEPAImfi!1r
The applicant. by filing this application agrees be/sbe viII co.ply with Section 137.010
Site Plane of the City's Land Developaent Code.
Siauatare*: IV db-.. t:: ~Y'-
(Owner of Record)
*tf the application is signed by an individual otber thaa the property OttDer (e.g_ the
rep~e8entatiye), please attac~ a state.ent signed by the property owner authorizing this
:1adf.vidual ~o sign the application.
Revised 03/88
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ORDINANCE NO.
AN OR.DINANCE OF THB CITY COMMISSION OP THE CITY OP
CLEARWATER, PLORIDA, AUTHOR.IZING THE BORROWING OP
NOT BXCEBDING $38,000,000 PROM THE GULP BREBZE,
PLORIDA, LOCAL GOVERNMENT LOAN POOL PROGRAM TO
FlNANCB CBRTAIN" CAPITAL PROJECTS OP THB CITY;
AUTHORIZING THE SUBMISSION OF A LOAN APPLICATION;
AUTHOlUZING THE EXECUTION AND DELIVER. Y OF' A LOAN
AGREEMENT IN CONNECTION THEREWITH; AUTHORIZING THE
ISSUANCE OP A VARIABLE RATB NOTE TO EVIDBNCB THB
OBLIGATION OF THB GOVERNMENTAL ENTITY TO RlPAY SUCH
LOAN; AUTHORIZING THE PLEDGB OF CERTAIN REVENUES OF
THE GOVERNMBNTAL ENTITY TO SECURB THE RBPAYMENT OP
THE LOAN AND THE NOTE; FIXING THB TERM AND REPAYMENT
PR.OVISIONS THER-ROP; AUTHORIZING CBRTAIN OTHER
MATTBRS IN CONNECTION THBREWITH AND PROVIDING FOR AN
EFPBCTIVE DATE.
WHERBAS, the City of Clearwater, Florida (the "Borrower") is duly authorized
pursuant to the Constitution, Chapter 166, Florida Statutes, as amended, Chapter 159,
Florida Statutes, as amended, and other applicable provisions of law (collectively, the
"Act") to acquire and construct capital projects for the benefit of the citizens and
residents of the Borrower and to borrow money to facilitate financing of the costs of such
projects; and
WHERBAS, the City of Gulf Breeze, Florida, has heretofore established a loan
pool program (the "Program") for the purpose of financing certain capital projects of
participating local governmental entities situated in the State of Florida; and
WHEREAS, the Borrower has identified certain hereinafter defined capital
projects (such capital projects hereinafter collectively referred to as the "Projectsft)
which the Borrower wishes to finance from fUl)ds borro~ed from the Program; and
WHEREAS, such borrowed tu'~dS will be applied to the acquisition by The Oaks of
Clearwater, Inc., a Florida not-for-profit corporation (the "Corporation") on behalf of the
Borrower, of the Projects, consisting of adult congregate living facilities and related
nursing home facilities located within the territorial limits of the Borrower; and
WHBRBAS, under the provisions of the documents pursuant to which the Program
was established, the Borrower must submit its application (the "Loan Applicationft) for
such funds to The Mitsubistli Trust and Banking Corporation, acting through its Los
Angeles Agency (the "Credit Facility Issuerlt) for review and approval; and
WHEREAS, the Borrower wishes to approve the form of application, identify the
specific capital improvements constituting the Projects and provide for the terms and
security for the repayment of such funds to the Program; and
LKL-l1/16/88-266AA -2820
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WHEREAS, to evidence its obligation to repay the loan of funds from the
Program (the "Loan"), the Borrower will execute and deliver a Loan Agreement (the '~Loan
Agreement") and a multi-mode variable rate note (the "Governmental Unit Note"); and
WHBREAS, to secure its obligation to repay the Governmental Unit Note and the
loan of funds from the Program (the "Lot.n"), the Borrower wishes to pledge as security
for the Governmental Unit Note the Pledged Revenues, as defined in the Loan Agreement
(the "Pledged Revenues"); and
WHEREAS, the Borrower wishes to approve the form of Loan Agreement and
Governmental Unit Note and to authorize the officers and employees of the Borrower to
take all action necessary to obtain the proceeds of the Loan to apply the same to the
acquisition, by the Corporation, of the Projects and to complete the financing of the
Projects in the manner contemplated by the Loan Agreement, HOW, THEREFORB,
BB IT BNACTED by the City Commission of the City of Clearwater, Florida, as
follows:
Section 1. DEFINITIONS. Terms defined in the preambles hereof shall have
the meanings set forth therein. All capitalized terms used herein which are defined in the
Loan Agreement shall have the meanings assigned thereto in the Loan Agreement, unless
the context hereof affirmatively requires otherwise.
Section 2.
PINDIHG8.. It is hereby found, determined and declared that:
(A) The Plojects identified in the attached Loan Agreement constitute
capital projects within the meaning of the Act, and the acquisition and construction of
such Projects by the Corporation, on behalf of the Borrower, is necessary and desirable, is
in the public interest and will serve a proper public purpose.
(B) It is necessary and desirable and in the public interest that the
Projects be acquired and constructed at the earliest possible time; however, the Borrower
does not have the resources necessary to provide funding of the acquisition of such
Projects from currently available funds. ' ..
(C) The financing' '~f the costs of the Projects from funds borrowed
from the Program is in the best interest of the public and will enable the Projects to meet
a portion of the current public need for housing and care of the elderly.
. (D) Giving due regard to the ratio of the Corporation's current assets
to its current liabilities, net worth, earnings trends, coverage of all fixed charges, the
nature of its business and the industry in which its is involved, its inherent stability, and
all other factors determinative of the Corporation's capabilities, financial and otherwise,
of fulfilling its obligations consistently with the purpose of the Act, the Corporation is
financially responsible and fully capable and willing to fulfill its obligations under the
pro[:osed financing agreement (hereinafter defined) including the obligation to make
payments thereunder in the amounts and at the times required to pay all principal,
interest, and premium, it any, on the Loan and to make all other payments required
thereby, and the obligation to repair and maintain the Projects and its own expense, and
the Corporation is desirous of serving the purposes of the Act and is willing and capable of
LKL-l1/16/88-266AA-2820
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Application and to deliver the Loan Application to the City Manager of the City of Gulf
Breeze, Florida, as Administrator, and AmSouth Bank N.A., as Successor Trustee under
the Program. The provisions of the Loan Application, when executed and delivered by the
Borrower as authorized herein, shall be deemed a part of this instrument as fully and to
the same extent as if incorporated verbatim herein.
Section 5. AUTHORIZATION OF EXECUTION AND DBLIVERY OF LOAN
AGRHEMEtn'. The Loan Agreement, in subst&.~tially the form attached hereto as Exhibit
"B", including the Governmental Unit Note attached thereto, with such changes, altera-
tions and corrections as may be approved by the Mayor-Commissioner and City Manager
of the Borrower, such approval to be presumed by his execution thereof, is hereby
approved by the Borrower, and the Borrower hereby authorizes and directs said Mayor-
Commissioner and City Manager to execute, and the City Clerk of the Borrower to attest
under the seal of the Borrower, the Loan Agreement and the Governmental Unit Note and
to deliver to the Administrator and AmSouth Bank N.A., as Successor Trustee, the Loan
Agreement and the Governmental Unit Note, all of the provisions of which, when
executed ~nd delivered by the Borrower as authorized herein and by the Administrator and
the Trustee duly authorized, shall be deemed to be a part of this instrument as fully and
to the same extent as if incorporated verbatim herein.
1
Section 6. ISSUANCB OF' GOVERNMENTAL UNIT NOTE; SBCURITY. The
Loan shall be evidenced by the Governmental Unit Note, issued in the principal amount of
the Loan. The Mayor-Commissioner and City Manager of the City and the City Clerk ot
the City are hereby authorized to issue and deliver, and to attest, the Governmental Unit
Note against receipt of the proceeds of the Loan as provided in the Loan Agreement.. The
Governmental Unit Note shall have such terms and provisions, shall bear interest at such
rates, adjusted in such manner and payable at such times; and shall mature in such
amounts on such dates, all as are set forth in the Loan Agreement. Upon issuance, the
Govemmental Unit Note shall be secured by a lien upon and pledge of the Pledged
Revenues. The Borrower hereby pledges, and grants a lien upon, the Pledged Revenues, in
favor of the Governmental Unit Note, all in the manner set forth in the Loan Agreement
and the Governmental Unit Note.
Section 7. APPLICATION. OF LOAN'l-ROCBEOS. The proceeds of the Loan
shall be applied to the costs of a~quisition by the Corporation, or on behalf of the
Borrower, of the Projects, in the manner described in the Loan Agree mente The
appropriate officials of the Borrower are hereby authorized and directed to execute and
deliver, on behal~ of th2 Borrower, the Financing Agreement and such other instruments,
agreements or other documents necessary or desirable to effectuate the application of the
Loan Proceed.s for such purpose and the securing of the Pledged Revenues for the payment
of the Loan.
Section 8. NO PBIlSONAL LIABILITY. No covenant, stipulation, obligation
or agreement herein contained or contained in the Loan Agreement shall be deemed to be
a covenant, stipulation, obligation or agreement of any member, agent or employee of the
Borrower or its goveming body in his individual capacity, and neither the members of the
City Commission of the Borrower nor any official executing the Loan Agreement or
Governmental Unit Note shall be liable personally thereon or be subject to any personal
liability or accountability by reason of the issuance thereof.
LKL-ll/16/88-266AA-2820
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express provisions of law or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason whatsoever be held inyalid,
then such ~ovenants, agreements or provisions shall be null and void and shall be deemed
separab)~ from the remaining covenants, agreements or provisions and shall in no way
atfect the validity of any of the other provisions hereof or of the Loan Application, Loan
Agreement or Governmental Unit Note.
Section 16. NEGOTIATED SALE NECESSARY. It is hereby found, ascer-
tained, determined and declared by the Borrower that a negotiated borrowing under the
Program is in the best interest of the Borrower and is found to be necessary on the basis
of the following reasons as to which specific findings are hereby made:
(1) A competitive sale of the Note would in all probability not produce
better terms than a negotiated sale particularly in view of the timing of such an offering
and the current instability of the bond market.
(2) The Program offers borrowing
financing and sophisticated credit and liquidity
command in the market in a solitary financing.
with the economies of a large scale
structur'<~ .which the Borrower (!ould not
Section 1'1. AUTHORIZATION OP ALL OTHBR NECESSARY AC'rION. The
Mayor-Commissioner, City Manager, City Clerk and City Attorney' of the Borrower, and
Livermore Klein &: Lott, P .A., Bond Counsel, are designated agents of the Borrower in
connection with the issuance and delivery of the Governmental Unit Note and are
authorized and empowered, collectively or indiv~dually, to take all action and steps to
execute and deliver any and all instruments, documents or contracts on behalf of tt.e
Borrower whi(!h are necessary or desirable in connection with the exe(!ution and delivery
of the Governmental Unit Note and which are not inconsistent with the terms and
provisions of this resolution and other actions relating to the Governmental Unit Note
heretofore taken by the Borrower.
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LKL-ll/16/88-266AA -2820
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STATB OP PLORIDA
COUNTY OP PINBLLAS
I,
, City Clerk of the City Commission of
the City of Clearwater, Florida, do hereby certify that the above and foregoing is a true
and correct copy of an ordinance as the same was duly enacted and passed at a Regular
Meeting of the City Commission on the
day of
, 1988, and as
the same appears on record in my office.
day of
IN WITNESS WHEREOP, I hereunto set my hand and official seal this
, 1988.
CITY OP CLEARWATER, PLORIDA
By:
City Clerk
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LKL-l1/16/88-266AA-2820
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KUT AK ~OCK 8. C~.M?eELl ..:
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THE CITY OF CLEARWATER, FLORIDA
AND
OAKS OF CLEARWATER, INC.
AND
CITADEL MORTGAGE COMPANY
AND
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AmSOUTH BANK, N. A. ,
as Trustee
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SECONDARY LOAN AGREEMENT
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Dated as of December 1, 1988
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The interest of the City of Clearwater, Florida in this
Loan Aqreement has been assigned (except for rights to
indemni:ication, amounts payable under Sections 6.6, 8.11 and
8.12 hereof and all rights to receive notice provided herein)
pursuant to the dated as of the date
hereof from to
, and is Subject to the
se=urity interest of AmSOUTH Bank, N.A., as trustee.
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TABLE OF CONTENTS
and
(This Table
is only for
of
convenience
Contents is not a part
of reference.)
of
the
Agreement
Page
PARTIES
RECITALS
, , , ,
1
1
. . .
. . .
ARTICLE I
DEFINITIONS
a , . , , , , , , . , . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . .
3
ARTICLE II
INTENTIONS OF PARTIES;
AGREEMENT FOR THE BENEFIT OF
COMPLIANCE WITH
CONCURRENT TRANSACTIONS;
PAR~IES AND BONDOWNERS;
INDENTURE
Section 2.1 Intentions of the Parties . . .
Section 2.2 Concurrent Transactions . . . . . . . . .
Section 2.3 Agreement for the Benefit of Parties
and Bondowner s . . . , . . . . . . . . . . . . . . . , . . . . .
Section 2.4. Rights of City pursuant to GNMA Security
7
8
8
8
ARTIC~"III
REPRESENTATIONS'~ COVENANTS AND WARRANTIES
Section 3.1. Representations, Covenants and
Warranties of City . . . . . . . . . . . . . . . . . . . . . 10
Section 3.2. Representations, Covenants and
Warranties of Owner . . . . . . . . . . . . . . . . . . . . 10
Section 3.3. Representations, Covenants and
Warranties of Lender . . . . . . . . . . . . . . . . . . . 15
Section 3.4. Representations, Covenants and
Warranties of the Trustee . . . . . . . . . . . . . . 18
ARTICLE IV
PROJECT FINANCING
Section
4.1.
Making of Loan;
Proceeds
Disbursement of
in Undisbursed
Application of
Loan
. . . . . . . . . . . . .
. . . . . . . .. .
19
Section
4.2.
Loan; Security
Proceeds
Interest
. . . . . . . . .
19
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ARTICLE VIII
CONVEYANCE OF THE PROJECT
Section 8.l.
Section 8.2.
Section 8.3.
Conveyance of the Project ...
Manner of Conveyance .. ......
Escrowed Deed ..,............
. . .
. . .
. . .
. . .
. . .
. . .
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ARTICLE IX
MISCELLANEOUS
Section 9.1.
Section 9.2.
Section 9.3.
Section 9.4.
Section 9.5.
Notice ..................
,..............
Concerning Successors and Assigns......
Governing Law .................. · . . . . . . .
Amendnten t s ............,................
Section 9.6.
Section 9.7.
Section 9.8.
Section 9.9.
Section 9.10.
Section 9.ll.
Section 9.12.
Section 9.13.
Section 9.14.
Section 9.15.
Further Assurances and Corrective
Instr\lments ............................
Capt ions .............................,.
Sever abi 1 i ty ...........................
CO'Unterparts .......,..... t. . . · . . . . . . . . . .
Effective Date and Term ................
Ci ty IS Liabi Ii ty .......................
IndemIli ty ...................,..........
Exculpatory Provision..... ... ..........
No Personal Recourse ...................
Conflicting Provisions.... ... ...... ....
Notice of' Expectation of Obligation to
Make Certain Payments ..................
.,. ~
TESTIMONIUM ........... ....;..; . . . · . · . .
SIGNATURES AND SEALS. ..... ... ....
. . . . . . . . .
. . .
. . .
. . .
. . .
. . .
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. . . . . . . . .
. . .
EXHIBIT A--Promissory Note ... ..........
EXHIBIT B--Secondary Loan Note...... ...
. . .
. . .
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. . .
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secure the payment of the principal of and
the Bonds, the Sponsor is required, pursuant to
to deliver to the Trustee a Credit Facility
in the Indenture) (the "Credit Facility")
to which funds will be made available for the timely
the principal and interest on the Bonds.
6. For the purposes of providing the Bond Registrar
and Paying Agent (as defined in the Indenture) with funds for
the purchase at the principal amount thereof plus accrued
interest on Bonds in the weekly mode tendered to it for
payment pursuant to the Indenture, and not remarketed in
accordance with the provisions thereof, the Owner has entered
into a Standby Purchase Agreement dated as of December 1,
1988 (the "Liquidity Facility") with The Sumitomo Trust &
Banking Co., Ltd., acting through its Los Angeles Agency (the
"Liquidity Fa.::ility Issuer") and the Trustee, pursuant to
which the Liquidity Facility Issuer will agree to purchase
Bonds which are in the Weekly Mode as provided in the
Liquidity Facility, at the principal amount thereof (up to
the aggregate principal amount of Bonds outstanding),
together with accrued interest, to the extent that moneys are
not otherwise available therefor under the terms of the
Indenture.
7.
Loan and the
and refinancing
and
Exhibit "A"
be
GNMA
be
financed
Security
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8. As evidence of the Secondary Loan made
this Agreement, the Owner will execute and deliver
the principal amount of the Secondary Loan (the
form hereof is attached hereto as Exhibit 8. To
payment by the Owner of the Note, including the amowlts due
pursuant to Section hereof, the OWner has delivered to
the Issuer a Local Credit Enhancement, n~ely a
fully-modified mortgage-backed security (the "GNMA security")
guaranteed as to timely payment of the principal and interest
by the Government National Mortgage Association ("GNMA").
pursuant to
a note in
"Note") the
secure the
9. The Lender will use the proceeds of the Secondary
Loan paid to it by the Trustee to acquire the GNMA Security
to finance the Mortgage Loan (as defined below) to the Owner,
which Mortgage Loan will be used in connection with the
acquisition of the Project.
-2-
2132G
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the United States within HOD or any successor
any authorized representatives or agents thereof,
Secretary of HUn and his or her representatives
the laws of
entity and
including the
or agents.
"GNMA Acquisition Fund" means the fund by that name
established pursuant to the Indenture.
the Commitment to Guaranty
issued to the Lender by GNMA in
which GNMA commitment will include
guarantee the GNMA security.
"GNMA Commitment" means
Mortgage-Backed Securities
the amount of $
GNMA's obligation to
means the Guaranty Agreement
Lender and GNMA, providing fo~
issuance by the Lender of, and the guaranty by GNMA of
timely payment of the principal of and interest on, the
GNMA Security, in accordance with Section 306(g) of the
National Housing Act, and any modification or amendment of
such agreement, and any successor agreement thereto.
"GNMA Guaranty Agreement"
to be entered into between the
the
the
"GNMA Guide" means the GNMA Mortgage Backed Securities
Guide.
with
Act,
pass-through,
in
pursuant to
the provisions
the pr j,~1cipal
"GNMA Security" means the fully modified,
type one project loan certificate issued by the Lender
connection with the acqui~ition of the Project
the ~mA Guaranty Agreement in accordance
of Section 306(g) of the National Housing
of and interest on which is guaranteed as to timely payment
by GNMA, bearing interest at the rate, maturing and having
redemption provisions a~ set forth in this Financing
Agreement.
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the Department of Housing aad Urban
or the Secretary of Housing and Urban Dev~lopment
States or the authorized representative of such
"HUO" means
Develo]:)ment
of the United
Secretary.
the
be
"Last Date for Acquisition" means the last date on which
Trustee may purchase the GNMA Security, which date shall
1988.
"Loan Agreement" means the agreement between the
Trustee, Jackson C. Tuttle, city manager acting as
Administrator for the Sponsor, and the City, dated
December 1, 1988, to grant a loan in the amo~t of
$38,QOO,000 from the Sponsor to the City.
"Maximum Annua 1 Debt
the maximum amount of
Service" shall mean
principal, interest
as of
and other
any date,
amounts
-5-
2132G
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herein as set forth below. The proceeds of the Secondary
Loan shall be applied, pursuant to the provisions of this
Secondary Loan Agreement, to acquire the GNMA Security backed
by the Mortgage Loan to provide permanent financing of the
costs of the acquisition of the Project and to pay certain
costs incidental thereto. The Lender shall apply the Owner's
payments on the Mortgage Note to payments due under the GNMA
security. The principa'l of and interest on the GNMA Security
will be guaranteed as to timely payment by GNMA pursuant to
the GNMA Guaranty Agreement between the Lender and GNMA, in
accordance with Section 306(g) of the National Housing Act.
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Section 2.2. Concurrent Transactions. The Owner
represents that it has delivered to the Lender the Mortgage
Note in the original principal ~ount of $38,000,000, which
Mortgage Note is secured by the Mortgage. The FHA is to
provide FHA Coinsurance for the Mortgage Note, pursuant to
the FHA Commitment.
Section 2.3. Aqreement for the Benefit of Parties and
~ondowners. All covenants and agreements on tr.e part of the
Owner, the Lender, the Trustee and the City, as set forth in
this Secondary Loan Agreement, are hereby declared to be for
the benefit of the parties hereto, the Liquidity Facility
Issuer and of the owners of the Bonds.
The Trustee, in its name or in the name of the City,
may, for and on behalf of the owners of the Bonds, enforce
all rights of the City and all obligation& of the Owner and
the Lender under and pursuant to this Secondary Loan
Agreement, whether or not the Ci~y has pursued or attempted
to enforce any of such rights and obligations. In order to
effectuate the intentions'of the parties hereto, the Trustee
promptly will enforce all rights and obligations of the
Lender to cause the issuance of the GNMA Security under and
pursuant to the GNMA Commitment, the GNMA Guaranty Agr.eement
and this Secondary Loan Agreement, whether or not the Lender
has pursued or attempted to enforce any of such rights and
obligations, if such GNMA Security is not issued to the
Trustee in accordance with the terms of the Indenture and
this Secondary Loan Agreement.
Section 2.4. Riqhts of City pursuant to GNMA Security.
The City and the Trustee each acknowledges all of the
following:
(a) This Secondary Loan Agreement contemplates
that:
(i) the City will acquire from the Lender
only the GNMA Security, and will have only those
-8-
2132G
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rights and powers with respect to the Project which
are given to it by the terms of the GNMA Security,
the GNMA Guide, and GNMA regulations;
(ii) the Bonds will be collateralized not by
the Mortgage Loan but by the GNMA Security and a
pledge of the City's rights to receive the
principal and interest payable under the GNMA
Security; and
(iii) the Trustee will not receive any pledge
of the gross revenues of the Project or any assets
of the Project.
(b) The City and/or the Trustee, in the event of a
default under the Mortgage Loan, will have only those
remedies:
(i) to which the holder of the GNMA Security
is normally entitled under the GNMA Guide and GNMA
regulations; and
(ii) to which they are entitled under this
Secondary Loan Agreement.
(c) Under the terms of the GNMA Security, the GNMA
Guide and GNMA regulations, the only event which
constitutes a default under the GNMA Security is the
default of the issuer of such GN~~ Security to make a
sch&duled monthly payment of principal or interest to
the holder of such GNMA Security by the monthly payment
date in the month i:n whicp.,t'he corresponding installment
under the underlying. mortgage loan was due, or the
failure of such issuer to remit a principal prepayment
to the holder of such GNMA Security by the monthly
payment date following its receipt of such prepayment
from the OWner. The occurrence of an event of default
under the mortgage loan which underlies the GNMA
Security does not constitute an event of default under
the GNMA Security unless it results in the failure of
one of the foregoing payments to be made. Therefore,
the occurrence of a d~fault under the Mortgage Loan will
Aot by itself give rise to any remedies on the part of
the City or the Trustee.
(d) The Mortgage Note and Mortgage will be
assigned by the Lender to GNMA as part of the issuance
of the GNMA security and neither the City nor the
Trustee will receive any pledge or assignment of the
Mortgage Loan or the Mortgage.
-9-
2132G
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(b) The Owner agrees that during the term of this
Secondary Loan Agreement it will maintain its existence,
will continue to be qualified to transact business and
be in good standing under the laws of the State, will
not dissolve or otherwise dispose of all or
substantially all of its assets and will not consolidate
with or merge into another legal entity or permit one or
more other legal entities to consolidate with or merge
into it, provided that the Owner may, with the prior
written consent of HOD (if required) and the Lender
(which consent shall not be unreasonably withheld), and
without violating the agreement contained in this
subsection, consolidate with or merge into another legal
entity, or permit one or more legal entities to
consolidate with or merge into it, or sell or otherwise
transfer to another legal entity all or substantially
all of its assets as an entirety, so long as such other
legal entity is a SOl(c)(3) Organization which adopts in
writing all of the obligations of the Owner under this
Secondary Loan Agreement.
(c) Neither the execution and delivery of this
Secondary Loan Agreement or the consummation of the
transactions-contemplated hereby nor the fulfillment of
or compliance with the terms and conditions of this
Secondary Loan Agreement'conflicts with or results in a
breach of t.he terms, conditions or provisions of any
restriction or any agreement or instrument to which the
Owner is now a party or ~y which the Owner is bound, or
constitutes a default unde~ any of the foregoing, or
results in the creation or .~mposition of any lien,
charge or encumbran~e whatsoever upon any of the
property or assets .,af the Owner under the terms of any
instrument or agreement, except as provided herein, and
in the Indenture.
(d) There is no litigation or proceeding pending,
or to the knowledge of the Owner threatened, against the
Owner or any other person affecting in any manner
whatsoever the right of the Owner to execute this
Seconda~y Loan Agreement or the ability of the Owner to
make the payments required hereunder or thereunder or to
otherwise comply with the Owner's obligations contained
herein or therein.
(e) The information concerning the Project and the
owner submitted by the Owner to the Lender, the Sponsor
and is true and correct as of the
date of delivery of the Bonds and does not make any
untrue statement of a material fact or omit to state a
-11-
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(x) Immediately after the execution hereof, no
Event of Default shall exist hereunder nor shall there
exist any condition which with lapse of time, the giving
of notice, or both, would constitute an Event of Default
hereunder.
(y) The City is duly authorized and empowered
under the laws of the State of Florida, particularly
Chapter 166, Part II, Florida Statutes, and Chapter 159,
Florida Statutes, to enter into this Secondary Loan
Agreement and to pledge the sources hereinafter
mentioned to the repayment thereof, and to apply the
proceeds thereof to the payment of the Costs of the
Project.
1988, the City duly enacted
(the "Authorizing Ordinance")
borrowinq contemplated by the Loan
(z) On
Ordinance No.
authorizing the
Agreement.
(aa) Neither the City nor any person related to the
City will, pursuant to any arrangement, formal or
informal, purchase .any Bonds in an amount related to the
Loan from the Program to the Governmental Unit.
Section 3.3. Representations, Covenants and Warranties
of Lender. The Lender hereby represents, covenants and
warrants that:
(a) The Lender shall perform all acts. in the
manner prescribed in this S~condary Loan Agreement for
the purpose of assisting the City in the financing of a
loan by the Lender.~o the Owner to finance the
acquisition of the Project.
(b) During the term of this Secondary Loan
Agreement, the Lender shall (i) cause the Mortgage Note
and the Mortgage to be held by the custodian referred to
in the GNMA Guaranty Agreement from and after the
issuance of the GNMA Security; and (ii) maintain in full
force and effect the guaranty by GNMA of the timely
payment of amounts due under the GNMA Security. Nothing
contained in this Secondary Loan Agreement shall be
construed as to alter or dimini3h the obligations or
duties of the Lender to GNMA under the GNMA Guaranty
Agreement or the obligations or duties of the Lender to
FHA as mortgagee under the Mortgage Loan.
(c) In ~ccordance with the terms of this Secondary
Loan Agreement, the Lender shall:
-15-
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(a) The Trustee is a national banking association
duly existing, and with full power and authority to
enter into this Secondary Loan Agreement and perform its
obligations hereunder on behalf of the holders of the
Bonds.
(b) By prop~r action the Trustee has duly
authorized the execution and delivery of this Secondary
Loan Agreement and the Indenture.
ARTICLE IV
PROJECT FINANCING
Section 4.1. Making of Loan; A~plication of Loan
Proceeds. From the amounts on deposit in the Project Loan
Fund created under the Indenture, the City has borrowed the
sum of $38,000,000. The City hereby agrees to loan to the
OWner, and the Owner hereby agrees to repay, the sum of
$38,000,000. The Secondary Loan made hereby shall be repaid
in accordance with the Note and Section 4.3 hereof. The
OWner covenants that it shall use the proceeds of the
Secondary Loan solely for the purposes described in Section
hereof and that it shall not use the proceeds of the
Secondary Loan in a manner inconsistent with the
representations and covenants set forth in Sections and
hereof. .
Section 4.2. Disbursement of Loan; Security Interest in
Undisbursed Proceeds.
(a) Following the execution and delivery of this
Secondary Loan Aqre.~ment' and the Note (the "Closing"),
the Trustee shall 'disburse the fees and expenses of bond
counsel and the amount of expenses of the Administrator
to be reimbursed by the Owner at Closing to the Expense
Account created under the Indenture. The Trustee shall
disburse the Secondary Loan in accordance with this
Section 4.2 and Section of the Indenture, to a
special account established by the City as described in
paragraph (b) below.
(b) , The City agrees to establish and create with
JBANKt, and hereby does establish and create, a separate
trust fund to be known as the "Gulf Breeze Pooled
Financing Loan Program Proceeds FWld" (the "Loan
Proceeds Fund") which account shall be senarate and
distinct from all other funds and accounts of the City.
The proceeds of the Secondary Loan shall be deposited by
the City into the Loan Proceeds Fund for the benefit of
the OWner and applied, together with any income from
-19-
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investment thereof, to pay the costs of the Project, or
to pay debt service on the Note. Funds shall be
disbursed from the Loan Proceeds Fund pursuant to
requisitions in the form described in paragraph (c)
below.
(c) Disbursements from the Loan Proceeds Fund
shall be made upon the execution of a requisition signed
by an Authorized Officer of the Owner (1) stating the
name and address of the payee, the amount to be paid and
the purpose of the payment, (ii) certifying that the
mnount to be paid is for the Cost of the acquisition'
and/or construction of a qualified Project and is due
and payable, has not been the subject of any previous
requisition and is a proper charge against the Loan
Proceeds Fund pursuant to this Section 4.2, and (iii) in
the case of the final requisition, certifying that
payment of the Cost of acquisition and installation of
the Project is complete or that no more moneys remain in
the Loan Proceeds Fund. Any amounts to be disbursed
from the Loan Proceeds Fund representing capitalized
interest on a Loan disbursed in stages pursuant to this
paragraph shall be included in each requisition.
(d) Until disbursed in accordance with the
provisions o~ this Secondary Loan Agreement, the
proceeds on deposit in the Loan Proceeds Fund shall be
invested and reinvested upon written request of the
OWner in Investment Securities, as ~efined in the
Indenture. Any earnings on the investment of funds on
deposit in the Loan Proceeds Fund shall be credited to
such Fund and shall. be used'to pay authorized Costs of
the Pr oj ect . ,.... ,
(e) To secure the prompt payment of the Secondary
Loan and the performance by the Owner of its other
obligations hereunder, the Owner, to the full extent
permitted by law, hereby pledges to the City and hereby
qrants to the City a security i~terest in and agrees and
acknowledges that the City shall have and shall continue
to nave a security interest in the funds on deposit in
the Loan Proceeds Fund, subject to the use of such
proceeds in the manner described herein.
Section 4.3. Repayment of Secondary Loan. The
Secondary Loan shall be repaid in installments which shall
correspond in time and amount to the payments of principal
and interest on the Note and shall bear interest at the rates
determined by the Remarketing Agent in accordance with
Section 2.03 of the Indenture, and shall be payable at the
times payable on the Note, as follows:
-20-
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Section 4.7. Deliverv of the GNMA Security. The Owner
and the Lender agree to use their best efforts to deliver to
the Trustee the GNMA Security on or before the Last Date for
Acqui~ition. Neither the Owner nor the Lender has any reason
to believe that the GNMA Security will not be delivered to
the Trustee on or before the Last Date for Acquisition. Any
provision in any other document to the contrary notwith-
standing, the GNMA Security shall be delivered to and
registered in the name of the Trustee by the Last Date for
Acquisition.
Section 4.8. Acquisition of the GNMA Security. The
Trustee hereby agrees to acquire the GNMA Security; provided,
however, that the Trustee's obligation in such respect shall
be l,imi ted to the moneys available for such purpose in the
Loan Proceeds Fund, and provided further that the Issuer and
the Trustee shall not have any obligation to acquire the GNMA
Security unless there shall have been delivered to the
Trustee, along with the GNMA Security, on or before the Ilast
Date for Acquisition, the following:
(a) copies, certified by the Lender, of the
executed Mortgage Note, Mortgage, FHA Regulatory
Agreement and Title Insurance Policy;
(b) a certificate of the Owner dated not earlier
than the date of the Mortgage Loan, stating ~hat (i) the
conditions precedent to the acquisition of the Project
have been fulfilled, (ii) all the proceeds of the
Mortgage Loan have been applied to acquire the Project,
(iii) all representations and warranties of the Owner
set forth. in this S,econda.;ry"Loan Agreement remain true
and correct. in all ~aterial respects as of the date of
such certificate, and (iv) the O~er is in full
compliance with all covenants and undertakings of the
owner set forth in this Secondary Loan Agreement, as of
the date of such certificate;
(e) a certificate of the Lender as to the
commencement of the amortization of principal on the
Mortgage Loan, with the final payment of principal and
interest on the Mortgage Loan due on ;
and
(d) a prospectus relating to the GNMA Security to
be provided by the Lender.
Upon delivery of the foregoing to the Trustee, the Lender
shall be entitled to receive, as payment for the GNMA
Security, but solely from and to the ex~ent moneys are
available for such purpose, moneys contained in the Loan
-22-
2132G
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Proceeds Fund. Remaining
after acquisition of the GNMA
provided in the Indenture.
balances in the
Security
Loan Proceeds
shall be applied
Fund
as
Section 4.9.
and the Mortgage shall
Mortgage Loan shall be
conditions:
Mortqaqe Loan to Owner. The Mortgage
be in the form approved by HUn.
subject to the following terms
Note
The
and
The obligation to repay the Mortgage Loan
be evidenced by the Mortgage Note, which will:
secured by the Mortgage; (ii) be in the principal
amount set forth in the FHA Commitment; (iii) bear
interest at an interest rate equal to at least
per annum; (iv) be payable in level monthly installments
of principal and interest based on a -month
amortization schedule; (v) mature not later than
(with all principal not theretofore
being due and payable at that time); and, (vi)
amortization of principal no later than
_, 1989; and
(a)
shall
(i) be
%
,
paid
commence
(b) The Mortgage Loan shall be subject to
mandatory prepayment in whole in the event of the
involuntary' loss or substantial destruction of the
Project as a result of an unforeseen event or calamity
(eJg., fire, natural disaster or condemnation), in the
event that the Lender determines that the Project shall
not be reconstructed or restored, promptly upon receipt
of insurance proceeds or other compensation or, if there
are to be no such payments; promptly after the event
giving rise to the .involqntary loss or substantial
destruction of the Project, in an amount equal to the
then outstanding principal amount of the Mortgage Loan;
provided, however, that such prepayment shall not be
required in such circumstances. if the Project is being
reconstructed or replaced to substantially the same
condition as before the loss or destruction and the
Regulatory Agreement continues in full force and
FHA
effect.
Section 4.10. Obliqation of Owner to Make
Nothing ~n this Secondary Loan Agreement shall
to iJ"'.crease or alter the obligations of the Owner under the
Mortgage, the Mortgage Note, the FHA Regulatory Agreement or
any Mortgage Loan document.
Payments.
be construed
Section 4.11. Default by Owner under Mortqaqe Note,
Mortqaqe or FHA Requlatory Aqreement. The Lender shall
promptly give the Sponsor and the Trustee notice in writing
of any default by the Owner under the Mortgage Note,
Mortgage or the FHA Regulatory Agreement of which it
the
has
-23-
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or kn~wledge. If an Event of
hereof shall occur, the
the Issuer and the Trustee:
Default as defined .in
Lender shall forthwith
notice
Section
give to
(a) written notice of the Lender's intention, if
any, to acquire title to the Project through foreclosure
or other means and to file a claim for FHA Coinsurance
benefits; and
(b) written notice that the Lender has, within the
prescribed time, filed and is perfecting a claim for FHA
Coinsurance benefits; provided, however, that the Lender
shall be under no obligation to proceed to acquire title
to the Project or file and perfect a claim for FHA
Coinsurance benefits during any period of time in which
(i) the Lender shall, at its sole option, continue to
pay all installments of principal of and interest on the
GNMA Security, and (ii) FHA shall have extended the time
for the filing and perfection of a claim for FHA
Coinsurance benefits.
Section 4.12. Benefit of Bondholders and Enhancement
Provider; Compliance with Trust Indenture. This Secondary
Loan Agreement is executed in part to induce the purchase by
others of the Bonds and the execution and delivery by the
Liquidity Facility Issuer of the Liquidity Facility and,
accordingly, all covenants, agreements and representations on
the part of the City and the Owner, as set forth in this
Secondary Loan Agreement, are hereby declared to be for the
benefit of the holders from time to time of the Bonds and for
the benefit of the Liquidity Facility Issuer. The Owner
covenants and agrees toga all"' things within its power in
order to comply with and~to enable the Sponsor to comply with
all ~equirements and to fulfill and to enable the Sponsor to
fulfill all covenants of the Indenture.
Section 4.13. Defaults; Assi~~ent of City's Riqhts.
As the source of payment for the Bonds, the City will assign
to the Trustee all the City's rights under the Note and this
Secondary Loan Agreement (except for the rights of the
Sponsor, the Trustee, the Administrator, and the Independent
Contractor, if applicable, to receive payment of
administrative expenses, reports and indemnity against
claims, and the Sponsor's, Trustee's and Administrator's
rights to enforce remedies pursuant to Sections ,
and hereof). The Owner will make all payments required
under Sections , and hereof directly to the
Trustee without defense or setoff by reason of any dispute
between the Owner and the City.
-24-
2132G
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Section 4.14. Establishment of Revenue Fund and Sinking
Fund. The City has created and established the City of
Clearwater Gulf Rreeze Loan Program Revenue Fund (the
"Revenue Fundll). All Pledged Revenues received by the City
shall be deposited into the Revenue Fund as received and held
solely for the benefit of the holder of the Governmental Unit
Note. The 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 City and used only for
the purposes and in the manner herein provided. Moneys on
deposit in the Revenue Fund shall be invested in obligations
in which the Project Loan Fund may be invested under the
Indenture, and all investment earnings shall be retained
therein and used for the purposes thereof. Revenues shall be
applied and allocated on the fifteenth day of each month
(i) first, to a separate fund, which is hereby created and
designated the City of Clearwater Gulf Breeze Loan Program
Sinking Fund (hereinafter called "Sinking Fund") commencing
____ ' , and on the fifteenth day of each month
thereafter, in ~ounts sufficient to pay (a) one-sixth of the
interest on the Governmental Unit Note becoming due on the
next semi-annual interest payment date (or such greater
amount as.may be needed to accumulate such amount in equal
,monthly installments by the month prier to such 'interest
payment date) (b) one-twelfth of the principal of the
Governmenta~ Unit Note becoming due on the next annual
principal payment date (or such greater ~ount as may be
needed to accumulate such ~ount in equal monthly
installments by the ~onth prior to such principal payment
date) and (c) Reserve Payments, if any, when due, and any
amounts due with respect to any'Additional Bonds, (ii) next,
to the payment of any junior lieh obligations issued pursuant
to the provisions hereo,f-,and (iii) (thereafter, to the City
for any lawful purpose of the City.] The designation and
establishment of the Revenue Fund and Sinking Fund pursuant
to this Section 4.14 shall not be construed to require the
establishment of any completely independent, self-balancing
funGS as such term is commonly defined and used in
governmental accounting, but rather is intended solely to
constitute an earmarking of certain revenues of the City for
certain purposes and to establish certain priorities for
application of such revenues as herein provided.
ARTICtE V
ADDITIONAL COVENANTS AND AGREEMENTS
Section 5.1. Inspections. All equipment, buildings,
plans, offices, apparatus, devices, books, contracts,
records, documents and other papers relating to the Project
shall at all times be maintained in reasonable condition for
-25-
2132G
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employees and agents shall be protected in its or their
acting upon any paper or documents believed by it or them to
be genuine, and it or they may conclusively rely upon the
advice of counsel and may (but need not) require further
evidence of ~ny fact or matter before taking any action. No
recourse shall be had by the Owenr for any claims based on
the Indenture or this Secondary Loan Agreement against any
'member, officer, employee or agent of the Sponsor alleging
personal liability on the part of such person unless such
claims are based upon the bad faith, fraud or deceit of such
person. The Owner shall indemnify the Sponsor and any of its
members, officers, employees or agents and save them harmless
against any liability intended to be precluded by this
Section resulting from acts or omissions of the Owner or from
acts or omiss~ons of the Sponsor or any of its members,
officers, employees or agents in connection with any
necessary or reasonable acts taken pursuant to this Secondary
Loan Agreement, except for fraud, deceit or acts taken in bad
faith or which are negligent.
Seciton 5.4. Compliance With Laws. With respect to the
Project and any additions, alterations or improvements
thereto, the OWner will at all times comply with all
applicable re~irements of Federal and state laws and with
all applicable lawful requirements of any agency, hoard or
commission created under the laws of the State 'of Florida or
of any other duly constituted public authori~y; provided, .
however, that the Owner shall be deemed in compliance with
this Section 5.4 so long as it is contesting in good faith
any such requirement by appropr~ate legal proceedings.
Section 5.5. Assiqnment.. "No assignment or transfer of
title to the Project, except as provided in Article or
Section 3.2(b) hereof, shall be made unless (1) the Lender,
the City, the Trustee and HOD consent in writing to such
assignment or transfer, (2) the transferee or assignee, as
the case may be, assumes all the duties of the Owner under
this Secondary Loan Agreement and the Mortgage Loan Documents
by means of documentation satisfactory in form and substance
to the Lender, the City, the Trustee and Bond Counsel, and
(3) there is delivered to the Lender, the City, the Owner,
HOD and the Trustee an opinion of Independent Counsel to the
transferee or assignee, as the case may be, substantially to
the effect that any assumption of the duties of the Owner
referenced in (2) of this Section represents the valid,
binding and enforceable Obligation of such transferee or
assignee. Upon the assumption of the duties of the Owner by
a transferee or assignee as provided herein, the Owner shall
be released from all executory obligations so assumed.
Nothing contained in this Section shall be construed to
supersede any provisions regarding assignment and transfer of
the Project contained in the Mortgage Loan Documents.
-27-
2132G
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may, but shall not be obligated to, perform for the
account of the Owner any covenant or obligation in the
performance of which the OWner is in default, in which
event the Owner shall immediately reimburse the Sponsor
or the Trustee (or its assignee), as the case may be,
upon demand for all expenses incurred by the Sponsor or
the Trustee (or its assignee), as the case may be, in
the course of such performance, including.reasonable
counsel fees, with interest from the date of such
.expenditure at the Prime Rate of the Liquidity Facility
Issuer then in effect.
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(c) No action taken pursuant to this Section 6.4
shall relieve the Owner from its obligations purt,;l1ant to
Sections 6.3 and 6.3 hereof, all of which shall survive
any such action. The Sponsor or the Trustee (or its
assignee) may, and upon direction of the Lender shall,
take whatever action at law or in equity as may appear
necessary and desirable to collect the amounts then due
and thereafter to become due, or to enforce the
performance and observance of any obligation, agree~ent
or covenant of the Owner hereunder.
I
I
Section 6.5. Cumulative Riqhts. No remedy conferred
upon or reserved to the Sponsor', the Lender, the City or the
Trustee (or its assignee) by this Secondary Loan Agreement is
intended to be exclusive of any other ~vailable remeay or
remedies, but each and every such remedy shall be cumulative
and shall be in addition to every other remedy giv~n under
this Secondary Loan Agreement or now or hereafter existing at
law or in equity or by sta:cute. 'No waiver by the Sponsor,
the Lender, the City or the Trustee (or its assignee) of any
breach by the Owner of qny of its obligations, agreements or
covenants hereunder shall be deemed a waiver of any
subsequent breach, or a waiver of any other obligation,
agreement or covenant, and no delay or failure by the
Sponsor, the Lender, the City or the Trustee (or its
assignee) to exercise any right or power shall impair any
such right or power or shall be construed to be a waiver
thereof, but any such right and power may be exercised by the
Sponsor, the Lender, the City or the Trustee (or its
assignee) from time to time and as often as may be deemed
expedient.
Section 6.6. Discontinuance of Proceedinqs. In case
the Sponsor, the Lender, the City or the Trustee (or its
assignee) shall have proceeded to enforce any right under
this Secondary Loan Agreement and such proceedings shall have
been discontinued or abandoned for any reason or shall h~ve
been determined adversely to the Sponsor, the Lender, the
-32-
2132G
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City or the Trustee (or its assignee), then and in every such
case the Owner, the Sponsor, the Lender,. the City and the
Trustee (or its assignee) shall be restored respectively to
their several positions and rights hereunder, and all rights,
remedies and powers of the Owner, the Sponsor, the Lender,
the City and the Trustee (or its assignee) shall continue as
though no such proceeding had been taken.
Section 6.7. Notice of Default. The Owner shall give
the Trustee, the Lender, the Liquidity Facility Issuer, the
City and the Sponsor, a prompt written notice of any
condition or occurrence which constitutes an Event of Default
under Section 6.1 hereof immediately upon becoming aware of
the existence thereof.
ARTICLE VII
RIGHT TO TERMINATE
Section 7.1. Prepayment of GNMA securit~. The Gm1A
Security shall be subject to prepayment prior to maturlty, as
provided in Sections 7.2 and 7.3 hereof, E~cept for
prepayments as a result of a default on the Mortgage Note and
the payment of a claim for FHA Coinsurance, prepayment of the
GNMA Security may be made only in the event, and to the
extent, that there has been a corresponding prepayment of the
Mortgage Note by the Owner pursuant to the terms thereof, and
upon thirty (30) days' prior written notice by the Owner to
the Issuer and the Trustee, or such lesse~ notice as may be
required or reasonably implied by the provisions set forth
hereinafter. Except as otherwise provided in Section 7.2
hereof, all prepayments of the GNMA security shall be made at
a prepayment price of on~.hundred percent (100\) of the
principal amount, plus accrued interest to the prepayment
date.
Section 7.2. OPtional Prepayment, The GNMA security
shall be subject to prepayment on or after , 1998
from optional prepayments by the Owner under the Mortgage
Note, in each case plus accrued interest through the date of
prepayment of the GNMA Security, such prepayment of the GNMA
Security to occur on the first succeeding scheduled payment
date following receipt of such Mortgage I.oan prepayment.
Section 7.3. Mandatory Prepayment.
(a) The GNMA Security shall be subject to
prepayment in whole or in part, from prepayments under
the Mortgage Not~ ~rom such proceeds of inourance or
condemnation as are not applied to the rebuilding or
-33-
2132G
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restoration of the Project; provided that thirty (30)
days' prior written notice of the making of such
prepayment on the GNMA security shall be given, in this
instance, by the Lender.
(b) The GNMA security shall be subject to
prepayment, in whole or in part without notices, from
prepayments under the MQrtgage Note from the Owner while
under the supervision of a trustee in bankruptcy.
(c) The GNMA Security shall be subject to
prepayment, in whole or in part at any time without
notice, as a result of a default bv the Owner under the
Mortgage Loan, from the proceeds of the FHA Coinsurance
and funds of the Lender.
Section 7.4. Prepayments. It is hereby mutually agreed
that prepayments (including premium, if any) made on the
Mortgage Note by the Owner shall be paid to the Lender in
federal funds on the date such prepayment is permitted under
the Mortgage Note and that these moneys received by the
Lender, or other moneys to be used for such prepayment, will
~e immediately passed through to the Trustee, on the date
such prepayment is received from the Owner, as prepayments on
the GNMA security, for the redemption of the Bonds in a like
principal amount on any date set for ~he redemption of the
Bonds. In the event that there is a default by the Owner
under the Mortgage Loan which results, at the election of the
Lender, in a claim by the Lender for FHA Coinsurance benefits
from FHA, the Lender shall pay to the Trustee the proceeds of
the FHA Coinsurance on the date 'such proceeds are received
and also on such date shall pay"{o the Trustee from its own
funds such additional ~Ounts as may be necessary to redeem
the GNMA security in full. The GNMA Security shall be
credited by the Trustee with the amount of any prepayment on
the 15th day of the month in which such prepayment is made on
the Mortgage Note.
Unless the Owner otherwise advises the Lender, the
Issuer and the Trustee in writing, all principal paymer-~s
received by the Lender on the Mortgage Note shall be deemed
to be scheduled or required repayments (not prepayments) of
principal on the Mortgage Note, and the Lender shall pay such
~ounts to the Trustee on the GNMA Security as scheduled
repayments thereon. As more fully provided in the Mortgage
Note and the Mortgage, any prepayments of principal by the
owner thereunder which result in prepayments on the G~~
Security shall be applied proportionately as a credit against
all subsequent required payments of princip~l on the Mortgage
Note and Mortgage.
-34-
21320
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ARTICLE VIII
CONVEYANCE OF THE PROJECT
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Section 8.1. Conve ance of the pro'ect. The Owner
shall transfer and convey th~ "', t to the City in the
manner provided for in Sectio 2\ 2'; f this Secondary Loan
Agreement; provided, however, thae prior to such transfer and
conveyance, either:
(a) The City shall have paid the then applicable
Purchase Option Price; or
(b) The OWner shall have entirely paid the
Secondary Loan.
The City is hereby granted the option to terminate this
Secondary Loan Agreement and to purchase the Project upon
payment by the City of the then applicable Purchase Option
Price.
Section 8.2. Manner of Conveyance. At the closing of
any purc~ other conveyance of the Project pursuant to
Section~12.1 this Secondary Loan Agreement, the Owner and
the Trus~s all execute and deliver to the City all
necessary documents assigning, transferring and conveying
good and marketable title to the Project, as the Project then
exists, subject to the following: (i) Permitted
Encumbrances~ other than this Secondary Loan Agreement and
the Indenture and any Financing Statements, indicating the
City or the Owner as the debtor and the Owner or the Trustee
as secured party, filed to pe~fe~t any security interests
granted under the Seconda~y Loan Agreement or the Indenture;
(ii) all liens, encumbrances and restrictions created or
suffered to exist by the Owner or the Trustee as required or
permitted by this Secondary Loan Agreement or the Indenture
or arising as a result of any action taken or omitted to be
taken by the Owner or the Trustee as required or permitted by
this Secondary Loan Agreement or the Indenture; (iii) any
lien or encumbrance created by action of the City; and (iv)
those liens and encumbrances (if any) to which title to the
Site was subject when conveyed to the Owner.
Section 8.3. Escrowed Deed. In order to facilitate the
enforcement by the City of the obligation of the Owner to
convey the Project ~.th~ity under the circumstances
provided in Section~2.1 9~ this Secondary Loan Agreement,
the Owner shall deposlt 1n escrow with the Trustee,
concurrently with the delivery of the Certificates to the
Remarketinq Agent, a deed to the Project satisfactory to the
-35-
2132G
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Trustee shall, upon payment
all of the Secondary Loan
Lease, date and release
Purchase Option
Section
City for
City. The
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ARTICLE IX
MISCELLANEOUS
notices, certificates or
be sufficiently given
or mailed by
addressed as follows
Section 9.1. Notice.
other communications hereunder
and shall be deemed given when delivered
registered mail, postage prepaid,
if to the City:
City of Clearwater, Florida
112 South Osceola Avenue
Clearwater, Florida 33518
Attention: City Manager
if to the Trustee:
Am South Bank, N.A.
16th Floor
1900 5th Avenue, North
Birmingh~, Alabama 35203
Attention: Corporate Trust Administration
if to the Owner
Oaks of
[To be
I ad .
Clearwater,
provid~,~]
if to the Lender:
Citadel Mortgage Company
Suite 1100
100 NE Loop 410
One International Center
San Antonio, TX 18216
Attention: President
if to Sponsor:
City
City
Post
Gulf
Manager
of Gulf Breeze
Office Box 640
Breeze, Florida
32561
-36-
2132G
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Owner shall have failed to assume the defense of such action
aDd Shall have failed to employ counsel therefor satisfacto~
to the iDd~ified party within a reasonable tUne after
notice of commencement of such action. such reasonable fees
and expenses incurred by the indemnified party in conducting
its own. defense shall be borne by the Owner.
The duty of the Owner to defend with respect to each
agreement to indemnify under this Section shall conmence from
the time the claim is known of, and such duty shall exist and
continue regardless of the merits of the cla~.
In addition, the Owner aqrees that if it initiates any
action, suit or other proceeding with respect to any claim.
d~qd or request for relief. wbe~Jner judicial or
~indstrative. in which the IssueJ:' is named or joined as a
party. the OWner viII pay to and reimburse f 0 the Issuer the
full amount of all reasonable fees and expenses incurred by
tile Issuer with respect to the Issuer" 5 defense of or
participation in such action. suit or other proceedinq.
section 9.12. Exculpatory Provision. In the exercise
of ~ powers of the City and its officers, under the
Indenture and this Secondary Loan Agreement.. includinq
(without limiting the foreqoinq), the application of moneys"
the City shall not be accountable to the Owner or the Lender
for any a.ction taken or emitted by j.t or its officers in good
fai'th and believed by it or them 'to be authorized or within
1:beir di&cretion or rights or powers conferred 011 them. The
City and its officers Shall be protected in its or their
acting upon any paper or document believed by it or: them to
be qenuine, aDd it and they may.~onclusively rely upon the
advice of counsel and DlaJ',(but need not) requ.ire further
evidence of any fact or "mat.ter before taking any action.
section 9.13. 50 Personal Recourse. Neither any ~er
nor any officer, employee or agent of the Owner nor any
person executing 'this secondary Loan Agreament or the !lote
shall be personally liable on the Secondary Loan or the Bonds
by reason of 1:he issuance thereof.
Section 9.14. Conflictinq Provisions. To the extent
'that any provision in this secondary Loan Acgreement shall be
in conflict vi"th "the provisions ~f the alA Regulatory
Aqr8elWllt, the IlIortqaqe Hote. the PlortCjaqe. the Rational
Rousing Act or !HA or GNMA rules or requlat ions. the
provisions of such aqree=ents and documents. the National
Housing Ad: and FHA or GNMA rules or regulations shall qovern.
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EXHIBIT B
SECONDARY LOAN NOTE
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"Local Credit Enhancement" or "Local Letter" of Credit" means a credit
enhancement device acceptable in form and substance to the Credit Facility. Issuer"
secur"ing timely payment, including the amounts pursuant to Section 3.3 hereof.
"Maximum Annual Debt Ser"vice" shall mean as of any date, the maximum
amount of principal, interest and other amounts provided for hereunder coming due in any
year on the Loan and on any Additional Parity Bonds. In the case ot Additional Parity
Bonds bearing interest at a variable rate such amount shall be computed at the higher of
(i) 10% per annum or (Ii) the highest variable rate borne by such Bonds during the
preceding 24 months, provided that if no such Bonds are then outstanding, the highest rate
borne by variable rate obliptions the interest fate on which is computed according to the
same or a similar index as that to be used for the Additional Parity Bonds to be issued
shall be assumed. For the purpose of this definition, "inter"esttf on the Loan shall include
the Reserve Payment, if any, calculated as described in Section 3.5 hereof, for the
applicable period.
"Pledged Revenues" shall mean all payments received by the Governmental
Unit pursuant to a Loan A.~eement between the Governmental Unit and the Oaks of
Clearwater, Ince dated ~ of p 1988, securing repayment of the Loan
and the Governmental Unit Note, pursuant to Section 3.6(b) hereof.
"Prime Rate" shall have the meaning set forth in the Credit Facility
Agreement.
"Pro- Rata Share" shall mean the percentage. derived by dividing ~he outstand-
ing principal amount of the Governmental Unit's Loan by the sum of (l) the principal
amount of all loans outr.tanding plus (2) the amounts on deposit in the Project Loan Fund.
"Recycled Bond Proceeds" shall mean proceeds used to make Loans from the
Loan R.epayment Account under the Indenture..
"Reserve Payment" shall mean, for any period of calculation: (a) the Govern-
mental Unit's Pro-Rata Share of the annual f~~ and expenses of the Trustee, the Bond
Registrar and the Paying Agent in co.nnection' 'with the Bonds, and not attributable to the
default of any other Governmental ,Unit; (b) the Governmental Unit's Pro-Rata Share of
Non-Asset Bonds; and (c) fees of the Remarketing Agent incurred in connection with the
"marketing of Bonds described in Section 3.5 of this Loan Agreement. The amount of
such tees and expenses that the Governmental Unit shall be obligated to pay shall,
pursuant to Section 4.04 of the Indenture, be reduced proportionately by the amount of
investment earnings received on the funds held under the Indenture that are available to
pay such tees and expenses.
Following an event giving rise to the Governmental Unitts obligation to pay the
Reserve Payment, as described in the last paragraph of Section 3.5 hereof, the Financial
Advisor, on behalf of the Sponsor, shall determine not less often th&n each January 1 and
July 1 the estimated Reserve Payments, if any, and shall notify the Trustee snd the
Administrator of such determination. The Administrator shall cOlnpute the amount of the
Reserve Payment due with respect to the preceding six month period and shall notify the
Trustee, the Credit Pacllity Issuer and the Governmental Unit of such amount, which shall
be due and payable by the Governmental Unit within thirty (30) days of receipt of such
notice.
LKL-11/14/88-286AA-2818
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(d) Until disbursed in accordance with the provisio~ ot this Loan Agree-
ment, the proceeds 011 deposit in the Loan Proceeds Fund shall be invested and reinvested
by the Governmental Unit in Investment Securities, as defined in the Indenture. Any
earnings on the investment ~f funds on deposit in the Loan Proceeds Fund shall be
credited to such Fund and shall be used to pay authorized Costs ot the Project.
(e) To secure the prompt payment of the Loan and the performance by the
Govemmental Unit of its other obligations hereunder, the Governmental Unit, to the full
extent permitted by law, hereby pledges to the Sponsor and hereby grants to the Sponsor a
security interest in and agrees and acknowledges that the Sponsor shall have and shall
continue to have a security interest in the funds on deposit in the Loan Proceeds Fund,
SUbject to the use ot such proceeds in the manner described herein.
(f) Unless otherwise waived in writing by the Cred!t Facility Issuer for the
Bonds, each Local Credit Enhancement shall (i) be provided by a municipal bond insurer
rated not lower than "AAA" by Standard & Poor's Corporation or by Moody's Investors
Service, Inc., (Ii) unconditionally and irrevocably guarantee the full and complete payment
ot the principal ot and interest on such Loan and the related Governmental Unit Note, as
each such payment becomes due (other than by reason of acceleration or optional
prepayment) during the entire term of the Loan and foi." a period of 124 days following the
repayment in full of such Loan, and (Ui) provide that, if any payment of principal or
interest on such Loan or related Governmental Unit Note made to the Trustee by or on
behalf of the Governmental Unit is (other than from the proceeds ot such Local Credit
Bnhancement) is thereafter recovered from the Trustee or any Bondholder who received
the benefit of such payment (whether in respect of the payment of principal or interest or
purchue price ot the Bonds pursuant to the Indenture) pursuant to the Bankruptcy Code in
accordance with a tinal, nonappealable order by a court having competent jurisdiction,
such insurer will be held and bound under mlch Local Credit Enhancement to reimburse the
Tnlstee, or such Bondholder, as the case may be, for the amount of any such payment so
recovered.
SBCTlON 3.3 UPAYMBNT OP. LOAN. 111e Loan to be made to the
Governmental Unit for the Project 9hall be r~p8id in installments which shall correspond
in time and amount to the payment!:. ~f principal and interest on the Governmental Unit
Note and shall bear interest at the rites, and !hall be payable at the times payable on the
Governmental Unit Note, as follows:
(a) The interest on the outstanding principal amount of the Loan shall be
paid in semiannual installments on &.iie dst~s, at the rate and in the amounts shown on
Schedule 'T' .attached to the torm of the Governmental Unit Note. which is attached
hereto IS Exhibit "8". Principal on the Loan shall be payable in annual installments on the
data and in the amounts shown on 9uch Schedule "I". The tinal payment of the
Governmental Unit Note must be made not less than three busineu day' prior to
December 1, 2015 with immediately available tunds.
(b) As provided in tne Governmental Unit Note, in addition to the above
payments of principal and interest on the Loan, ar.y payment required to be made with
respect to the Loan which is received later than its due date, shall be8.l' interest from such
due date at a rate per annum equal to the higher of the interest on the Governmental Unit
Note or the Prime Rate, plus two percentum per annum (the "Default Rate"). In addition,
LKL-11/14/88-286AA -2818
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SECTION 3.6
SPECIAL OBlJGATION OF GOVERNMENTAL UNITS.
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SECTION 3.5 CONVERSION OF POllTION OP BONDS TO FIXED
BATH. (8) The Govemmental Unit hereby agrees to and directs the Sponsor to cause
Bonds in an amount equal to the Governmental Unit's pro-rata share of the ~um of the
Debt Service Reserve Fund Requirement and the Loan R.eserve Fund Requirement
($ ) (the "Reserve Bonds'') to be eonverted to a Fixed Rate Mode on
1, 1988 and throughout the term of the Loan at the end of eacl1 such Fixed R.ate Period.
On each date' of remarketing of such Reserve Bonds, the Trustee shall invest a like
amount of moneys on deposit in the Debt Service Reserve Fund and the Loan Reserve
Fund to be invested in compliance with Section 6.02 of the Indenture at a yield during
such Paed Rate Period at least 1.2596 in excess of the yield to be borne during such Fixed
Rate Period by the Reserve Bonds so converted. No such Fixed Rate Period shall exceed
five years without the consent of the Bank.
(b) The Governmental Unit hereby agrees and acknowledges that Bonds
related to the principal amount of each Loan Repayment will be converted to a Fixed
Rate for a Short Fixed Rate Period in accordance with Section 2.05(g) of the Indenture.
On each such date of remarketing of Bonds pursuant to said Section 2.05(g), the 11rustee
shall invest sufficient moneys on deposit in the Payment Account of the Loan Reserve
Fund representing a portion of the principal of the Loan Repayment, so as to produce the
amount necessary to pay the Purchase Price of such Bonds on the Mandator-y Purchase
Date at the conclusion of such Short Fixed Rate Period. In the event that for any reason
permitted under the Indenture 8. draw upon the Debt Service Reserve Fund results in 8.
liquidation of the investments made pursuant to this Section 3.5, the Governmental Unit
agrees to pay the Reserve Payment following such liquidation.
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(8) Each Credit Issuer may share with any other Credit Issuer any informa-
tion given to any of them by the Govef'Tlmental Unit, including without limitation financial
statements, and may also share such infol"mation with any participant of such Credit
Issuer, and any financial institution which is being solicited to become a participant of any
Credit L18uer. To the extent necessary to per,mit the foregoing, the Governmental Unit
hereby waives any privilege or right to confi~eRtia1ity, whether arising under statute or
otherwise it may have which would~therwise prohibit the foregoing sharillg ot informa-
tion. .'~. ,
(b) The Governmental Unit Note shall be secured by a lien upon and pledge
of the Pledged Revenues, and the Pledged Revenues are hereby pledied to secure
repayment of the Governmental Unit Note, as set forth in the Authorizi'l1g Ordinance.
The Govemm.ental Unit hereby represents and warrants that the pledge of the Pledged
Revenues to secu~e the Governmental Unit Note is valid, binding and enforceable and tnat
the Pledged Revenues are not otherwise subject to any ~ledge, lien or encumbrancet other
than IS has been heretofore disclosed to and expressly approved by the Credit Facility
Issuer m writing_ The Governmental Unit covenants that it will not cause or permit to
exist my pledge of or lien or encumbrlUlce upon the Pledged Reverlues wnich is prior in
right ot payment to that securing the Governmentsl Unit Note except as expressly
approved by the Credit Facility Issuel". The Governmental Unit covenants that it will not
cause or permit to exist any pledge of or lien or encumbrance upon the Pledged Revenues,
other than the pledge benefitting the Governmental Unit Note except for any Additional
Parity Bonds which may be issued In the manner permitted hereunder, and except for any
LKL-l1/14/88-266AA-2818
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ment, it will neither make nor cause to be made any investment or other use of the
proceeds of the Loan which would cause the Bonds to be "arbitrage bonds" under .Section
103 of the Internal Revenue Code of 1954, as amended, and any regulations thereunder,
and that it will comply with the requirements of such Section and regulations throughout
the term of the Bonds.
SECTION 3.9
DEFAULTS; ASSIGNMENT OF' SPONSOR'S RIGHTS.
(a) As the source of payment for the Bonds, the Sponsor will assign to the
T!"Ustee all the Sponsor's rights under the Governmental Unit Note and this Agreement
(t:xcept for the rights of the Sponsor, the Trustee, the Administrator~ and the Independent
Contractor, if applicable, to receive payment of administr~tive expenses, reports and
indemnity against claims, and the Sponsor's, Trustee's and Administrator's rights to
enforce remedies pursuant to Section 3.5, 4.1, 4.2 and 5.4 hereof). The Governmental
Unit (or the applicable Issuer of a Local Credit Enhancement, in the event of a default by
the Governmental Unit under Section 3.3, as to the amounts due thereunder) will make all
payments required under Sections 3.3, 3.4, 3.5 and 5.3 hereof directly to the Trustee
without defense or setoff by reason of any dispute between the Governmental Unit and
the Sponsor.
(b) The Indenture requires that the Credit Facility provide for payment of
the principal of and interest on the Bonds when due if other moneys available under the
Trust Indenture are insufficient therefor, and that rights to the payment of any principal
and/or interest paid by the Credit Facility Issuer shall be assigned to the Credit Facility
Issuer. Under certain circumstances provided in the Indenture, this Agreement and the
Governmental Unit Note may be assigned to an issuer of a. Local Credit Enhancement.
SECTION 3.10 COvENANT REGARDING PLEDGED REVENUBS. (a) The
Governmental Unit hereby covenants to take all lawful action necessary or required to
collect and receive the Pledged Revenues. The Governmental Unit covenants that it has
full P9wer to pledge the Pledged Revenues to the payment of the princi~al and interest on
the Governmental Unit Note and other amounts payable hereunde!' in the manner
described herein. , ..
(b) There is hereby creat~ and established the City of Clearwater Gulf Breeze
Loan Program Revenue Fund (the "Revenue Fund"). All Pledged Revenues received by the
Governmental Unit shall be deposited into the Revenue Fund as received and held solely
for the benefit of the holder of the Governmental Unit Note as provided in this Section
3. 1 o (b). The Revenue Fund shall constitute a trust fund for the purposes herein provided
and shall be I(ept separate and distinct trom all other funds of the Governmental Unit and
used only for the purposes and in the manner herp-in provided~ Moneys on deposit in the
Revenue Fund shall be Invested in obligations in which the Project Loan Fund may be
Invested under the Indenture or as otherwise may be permitted by the Credit Facility
Issuer, and all investment earnings shall be retained therein and used for the purposes
thereof. Revenues shall be applied and allocated on the fifteenth day of each month (1)
first, to a separate fund, which is hereby crea.ted and designated the City of Clearwater
Gulf Breeze Loan Program Sinking Fund (hereinafter called "Sinking Fund") commencing
, , and on the fifteenth day of each month thereafter, in amounts
sufficient to pay (a) one-sixth ot the interest on the Governmental Unit Note becoming
due on the next semi-annual interest payment date (or such, greater amount as may be
LKL-l1/14/88-266AA-2818
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needed to accumulate such amount in equal monthly installments by th~ month prior to
such interest payment date) (b) one-twelfth of the principal of the Governmental Unit
Note becoming due on the next annual principal payment date (or such greater amount as
may be needed to accumulate such amount in equal monthly installments by the month
prior to such principal payment date) and (c) R.eserve Payments, if any, when due, and any
amounts due with respect to any Additional Bonds, (ii) next, to the payment of any junior
lien, obligations issued pursuant to i;he provisions hereof and (Hi) thereafter, to the
Governmental Unit for any lawful purpose of the Governmental Unit. The designation and
establishment of the Revenue Fund and Sinking Fund pursuant to this Section 3.10 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 rattler is intended solely to constitute an earrrl&1'king. of certain revenues of the
Governmental Unit for certa.in purposes and to establish certain priorities for application .
of S"..1ch revenues as herein provided.
SECTION 3.11 ALTERNATE SECUIUTY FOil GOVERNMENTAL UNIT
NOTE. The Governmental Unit reserves the right to secure the Governmental Unit Note
with a substitute Local Credit Enhancement acceptable in form and substance to the
Credit Facility Issuer and the Administrator, and upon furnishing such Local Credit
Enhancement or other security, the pledge 'of and lien upon the Pledged Revenues in favor
of the Governmental Unit Note shall be released and discharged, in the manner and to the
enent specified by the Credit Facility Issuer in writing. In addition, the Governmental
Unit may provide for the defeasance of the lien of this Loan A.greement upon the Pledged
Revenues at any time provided it first provides the following to the Trustee and to the
Credit Facility Issu~r:
(a) Evidence that the Governmental Unit shall have paid, or shall have made
provision for payment of, all amounts payable under this Loan Agreement. For purposes
of the preceding sentence, depo:lit of direct obligations of tne United States of America
which are not subject to redemption" prior to maturity at the option of the obligor (or,
with th~ written approval of the Credit F.acility Issuer, deposit of Qny other securities or
investments which may be authorized by law from time to time and sufficent under such
law to effect such a defeasance) in irrevocabt~ trust with a banking institution or trust
company, for the sole benefit of the Sponsor,. the principal of and interest on which will be
sufficient to pay when due aU payments under this Loan Agreement, shall be considered
"provision for payment".
(b) An opinion of nationally recognized bond counsel acceptable to the
Sponsor and to the Credit Facility Issuer to the eff eat that, (1) the lien of the Loan
Agreement upon the Pledged Revenues has been defeased, and (ii) the transaction
resulting in such defeasance does not adversely affect the exemption from taxation of the
interest on the Bonds.
(c) Verification by an independent certified public accountant of sufficiency
of amounts deposited in escrow pursuant to paragral'h (a).
SECTION 3.12 iNTER LOCAL AGREEMENT. This Loan A.greement,
together with the Governmental Unit Note incorporated by reference herein, shall be
deemed to be an interlocal agreement with the Sponsor within the meaning of Chapter
163, Part I, Florida Statutes, and shall be filed of record in accordance with the provisions
of the Florida Interlocal Cooperation Act.
LKL-ll/14/88-266AA-2818
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ARTICLB IV
COVENANTS OF THE GOVERNMENTAL UNIT
SECTION 4:.1
REPORTS AND OPINIONS; INSPECTIONS.
(8) Until all amounts due under this Agt'eement have been paid in full, the
Governmental Unit shall deHver to the Sponsor, the Trustee and the Credit Issuers, within
ten days of the Governmental Unit's receipt thereof, an annual report prepared in
accordance with generally accepted accounting principles applicable to the Governmental
Unit, and certified by an independent certified public accountant (or accounting firm)
satisfactory to the Sponsor which shall include a balance sheet and income statement for
the prior fiscal year in reasonable detail. In addition, the Governmental Unit shall deliver ;..
to the Sponsor, the Trustee and the Credit Issuers within 50 days after the end of each -(-::
fiscal quarter: (1) a reasonable number of copies of the Governmental Unit's cumulative
monthly budget report; and (2) a certificate stating that no Event of Default hereunder /
has occurred and is continuing.
(b) The Governmental Unit shall deliver to the Sponsor, the Credit Facility
Issuer and the T~stee, not later than the 135th but not earlier than the 128th day'
following 0) in the case of a Loan secured by a Local Letter of Credit, the date of each '
Loan Payment pursuant to the terms of this Agreement (whether by. prepayment or
regularly scheduled payment) Or' (ii) as to Loans not so secured, upon the final payment -,
upon the Loan, a certifica.te of the Governmental Uni,t, or other evidence in form and .:-;
substance satisfactory to the Trustee, to the effect that, during the period ending 128
days following such payment, no bankruptcy, insolvency or similar proceeding has been
commenced by or against ttle Governmental Unit and that no other event has occurred
which wottld have constituted an event of default under Section S,1(!) of this Agreement
(except such as has been va.cated, dismis5ed or discharged by an order which is not subject
to further appeal). Notwithstanding the payment. in full of the Loan, the Governmental
Unit shall pay any charges incurred by the Sponsor or the Trustee in connection with any
payment under the Credit Facility by reason of .the Governmental Unit's failure to deliver
such certificate or evidence on a timely basis~ In addition, notwithstanding the payment
in full of the Loan, the Govemment81 Unit shall pay to any Substitute Credit Facility
Issuer an amount, if any, equal to the Credit Issuer Rate per annum on the amount which
was disbursed under the Credit Facility by reason of any payment to the holders of the
Bonds being deemed a Preference Payment (as defined in the Indenture).
(c) The Governmental Unit agrees to permit the Sponsor, the Trustee and
the Credit Issuers to examine, visit and inspect, at any reasonable time, the Project, and
the Governmental Unit's facilities, and a.ny accounts, books and records, including its
receipts, disbursementst contracts, investments and any other matters relating thereto
and to its financial standingt and to supply such reports and information as the Sponsor,
the Trustee or the Credit Issuers may reasonably require.
SBCTlON 4.2 IMMUNITY OF SPONSOR, In the exercise of the powers of
the Sponsor and its members, officers, employees and agents under the Indenture or this
Agreement incll!ding (without limiting the foregoing) the application of moneys and the
investment of funds, the Sponsor shall not be accountable to the Governmental Unit for
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any action taken or omitted with respect to the Project or this Agreement by it or its
members, officers, employees and agents in good faith and believed by it or them to be
authorized or within the discretion or rights or powp"''' conferred under this A~eement.
The Sponsor and its members, officers, employees and agents shall be protected in its or
their acting upon any paper or documents believed by it or them to be genuine, and it or
they may conclusively rely upon the advice of counsel and may (but need not) require
further evidence of any fact or matter before taking any action. No recourse shall be had
by the Governmental Unit for any claims based on the Indenture or this Agreement
against any member, officer, employee or agent of the Sponsor alleging personal liability
on the part of such person unless such claims are based upon the bad faith, fraud or deceit
of such person. The Governmental Unit shall indemnify the Sponsor and any of its
members, officers, employees or' agents and save them harmless against any liability
intended to be precluded by this Section resulting from acts or omissions of the
Governmental Unit or from acts or omissions of the Sponsor or any of its members,
officers, employees or agents in connection with any necessary or rea~onable acts taken
pursuant to this Agreement, except for fraud, deceit, or acts taken in bad faith or which
are negligent.
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SECTION 4.3 COMPLIANCE WITH LAWS. With respect to the Project and
any additions, alterations, or improvements thereto, the Governmental Unit will at all
times comply with all applicable requirements of Federal and state laws and with all
applicable lawful requirements of any agency, board, or commission created under the
laws of the State of Florida or of any other duly constituted public authority; provided,
however, that the governmental unit shall be deemed in compliance with this Section 4.3
so long as it is contesting in good faith any such requirement by appropriate legal
proce::~Hngs.
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SECTION 4.4 ISSUAlfCE 01' OTHBR OBLIGATIONS PAYABLE PROM
PLEDGED REVENUES. So long as the Governmental Unit Note remains Outst~nding and
unpaid, the Governmental Unit will not issue or con.c:;ent to the issuanCe! of any other
obligations, except under the conditions and in the manner provided herein, payable from
the Pledged Revenues or any portion thereof, nor voluntarily create or cause to be
created any debt, lien, pledge, assignment, en~9mbrance or other charge, having priority
to or being on a parity with the li~n of the' Governmental Unit Note and the interest
thereon, upon the Pledged Revenues~' Any other obligations issued by the Governmental
Unit in addition to the Governmental Unit Note or Additional Parity Bonds provided for in
Section 4.5 hereof, payable from the Pledged Revenues, shall contain an express
statement that such obligations are junior and subordinate in all respects to the
Governmental Unit Note, as to lien on and source and security ror payment from the
Pledged Rev~nues; provided, however, that the Governmental Unit may also grant to the
provider of a Local Credit Enhancement for the Governmental Unit Note or any provider
of Local Credit Enhancement with respect to any Additional Parity Bonds, a lien upon the
Pledged Revenues commensurate with the lien granted in respect ot such Additional
Parity Bonds, provided that the scheduled Maximum Annual Debt Service on the
reimbursement obligation under any such Local Credit Enhancement would meet the
requirements hereof, as appropriate, without regard to the Maximum Annual Debt Service
on such Additional Parity Bonds, as the case may be.
SECTION 405 ISSUANCE OF ADDITIONAL PARITY BONDS. No
Additional Parity Bonds, payable on a parity from the Pledged Revenues with the
LKL-ll/14/88-266AA-2818
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Governmental Unit Note shall be issued after the issuance of the Governmental Unit
Note, except for the construction a.nd acquisition of capital projects of t.he Governmental
Unit or for refunding purposes and except upon the conditions and in the manner provided
herein. In addition to the requirements for the issuance of additional parity bonds the'
Governmental Unit shall not issue Additional Parity Bonds unless it first complies with the
fallowing:
(1) There shall have been obtained and filed with the Governmental Unit a
certificate of an independent certified public accountant of suitable experience and
responsibility; (a) stating that the books and records of the Governmental Unit relating to
the collection and receipt of Pledged Revenues have been audited by him; (b) setting forth
the amount ot Pledged Revenues, as defined herein, received by the Governmental Unit
for any twelve consecutive months within the eighteen months immediately preceding the
date of delivery of such Additional Parity Bonds with respect to which the certificate is
made; (c) stating that the Pledged Revenues, received by the Governmental Unit for such
twelve month period equals at least times the Maximum Annual Debt Service on (i)
the Governmental Unit Note and all Additional Parity Bonds, if any, then outstanding and
(ii) the Additional Parity Bonds with respect to which the certificate is made.
(2) There shall have been prepa.red and filed with the Governmental Unit a
certificate of such independent certified public accountant estimating that the annual
budget of the Governmental Unit tor the current Fiscal Year in which the Additional
Parity Bonds will be issued, adjusted in accordance with sound accounting principles9 will
be sufficient to pay all expenses to be incurred in the operation of the Governmental Unit
and to pay the Maximum Annual Debt Service becoming due on (i) the Governmental Unit
Note and all Additional Parity Bonds, if any, then outstanding and (ii) the Additiopal
Parity Bonds with respect to whkh the certificate is made.
(3) The Governmfmtal Unit shall not be in default in performing any of the
covenants and obligations assumed hereunder, and all payments herein required to have
been made into the accounts and funds, as provided hereunder, shall have been made to
'the full extent required.
(4) No additional Parity Bonds' tie~ing interest at a variable rate shall be
issued while any portion of the Govemmental Unit Note shall remain outstanding without
the prior written consent of the Credit Facility Issuer..
SECTION 4.8 ADDmONAL COVENANTS. (8) The Governmental Unit
hereby agrees and covenants to comply with all terms 8.nd conditions of that certain Loan
Agreement between the Govermente.l Unit and 'l'he Oaks of Clearwater, Inc. dated as of
, 1988.
(b) The Governmental Unit will take all action legally available to it to
insure the receipt of the Pledged Revenues sufficient to make all payments in connection
with the Governmental Unit Note and the Loan, as and when the same become due, and
will te.ke no action which y-,ill impair or adversely affect its receipt of the Pledged
Revenues.
LKL-ll/14/88-268AA-2818
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Statutes, as amended, shall not, in and of itself, constitute a default under this Section
5.1(e); or
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(f) the failure of the Governmental Unit to provide a replacement for any
Local Letter of Credit required with respect to the Loan, which replacement has been
approved in writing by the Credit Facility Issuer, by the 15th day prior to the expiration
or non-renewal of the existing Local Letter of Credit.
SECTION 5.2 ACCELERATION. If an Event of Default as defined in
Section 5.1(a) or (e) hereof shall have occurred, or upon the 10th day prior to the
expiration, termination, or non-renewal of a Local' Letter pursuant to Section S.l(i)
hereof, the Loan and all other sums which the Governmental Unit is obligated ~o pay
under this Agreement shall, upon direction of the Credit Facility Issuer, become due and
payable immediately, and the Commitment shall terminate, without further notice to the
Governmental Unit. If any other Event of Default shall have occurred, the Trustee (as the
Sponsor's assignee, or any assignee of the Trustee or Co-Trustee, as may be the case)
shall, but only upon direction of the Credit Facility Issuer, by notiee in writing to the
Governmental Unit, declare the Loan and all other sums whieh the Governmental Unit is
obligated to pay hereunder to be due and payable immediately, and terminate the
Commitment. Upon any such acceleration whether automatically or by declaration,
anything in this Agreement contained to the contrary notwithstanding, there shall become
immediately due and payable, in addition to any other amounts tnen due from the
Governmental Unit hereunder, the sum of: (i) the outstanding principal of the Loan ; (it)
accrued and unpaid interest on the Loan; and (iii) all amounts which would be payable in
excess of th4! sum of: (x) the unpaid principal balance of the Governmental Unit Note plus
(y) accrued and unpaid interest thereon, in the event the Governmental Unit Note had
been prepaid in accordance with Section 3.4(b) hereof on the date of acceleration pursuant
to this Section 5~ 2.
SECTION 5..3
PAYMENT OF LOAN ON DEPAULT; SUIT THEREFOR.
(a) The Governmental Unit covenants that, in case default shall occur in the
payment of any sum payable by the Governmental Unit under Section 3.3 of this
Agreement as and when the same shall, becom'e due and payable, whether at maturity or
by acceleration or otherwise, then,' ti~n demand of the Sponsor, the Issuer of the Local
Credit Enhancement, the Credit Facility Issuer or the Trustee, but only upon c!ir~(rtion of
the Credit Facility Issuer, the Governmental Unit will pay to the Trustee (or its assignee)
an amount equal to the sum ot: (i) the amount described in Section 5.Z hereof; (il) any
other amount which the Governmental Unit is obligated to pay under this Agreement; and
(Iii) such fu~ther amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable comperulation to the Sponsor, the Trustee, their agents,
attorneys and counsel, and any expenses or liabilities incurred as a result of such default
by the Sponsor or the ':'rustee other than through gross negligence or bad faith.
(b) In case the Governm~ntal Unit shall fa.il forthwith to pay such amounts
when due and upon such demand, the Sponsor or the Trustee (or its assignee) shall be
entitled and empowered but only upon direction of the Credit Facility Issuer, to institute
any actions or proceedings at law or in equity for the collection of the sums 50 due and
unpaid, and may prosecute any such action or proceeding to judgment or final decree, and
may enforce any such judgment or final decree against the Governmental Unit and collect
in the manner provided by law.
LKL-ll/14/88-266AA-2818
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(c) In case any proceedings shall be pending for the bankruptcy or for the
reorganization of the Governmental Unit under the Federal bankruptcy laws or any other
applicable law, or in case a receiver or trustee shall have been appointed for the property
of the Governmental Unit, or in case any other similar judicial proceedings shall be
pending relating to the Governmental Unit or to the creditors or property of the
Governmental Unit, the Trustee (or its assignee) shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a cla.im or claims for the
whole amount of the Loan made to the Governmental Unit pursuant to this Agreement and
for interest owing and unpaid in respect thereof and to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to prosecute the claims of
the Trustee (or its assignee) in any such judicial proceedings relating to the Governmental
Unit, its creditors, or its property, and to collect and receive any m(meys or other
property payable or deliverable on any such claims, and to distribute the ~i1me after the
deduction of its charges and expen!ies. Any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized to make such payments to the Trustee (or its
assignee), and to pay to the Trustee (or its assignee) a.ny amount it requires for
compensation and expenses, including counsel fees it has incurred up to the date of such
distribution.
SECTION 5.4
OTHER REMEDIES.
(a) Whenever any Event of Default hereunder shall have occurred and be
continuing, whether ct' not all sums which the Governmental Unit is obligated to pay under
this Agreement shall have been declared to be immediately due and payable pursuant to
tl?-is Agreement, the Sponsor or the Trustee (or its assignee) shall, but only if directed by
the Credit Facility Issuer, take whatever action at law or in equity as may appear
necessary or desirable to collect the amounts payable by the Governmental Unit
hereunder, then du~ and thereafter to become due, or to enforce performance and
observance of any obligation, agreement or covenant of the Governmental Unit under this
Agreement, including the application of any undisbursed Loan proceeds to the reduction of
the outstanding balance of such Loan.
(b) Whenever any Event of Defaqlt hereunder shall have occurred and be
continuing, before or after declaring an acceieration pUl"Slumt to Section 5.2 hereof, the
Sponsor or the Trustee (or its assignee) may, but shall not be obligated to, perform for the
account of the Govemment8.1 Unit any covenant or obligation in the performance of which
the Governmental Unit is in default, in which event the Governmental Unit shall
immediately reimburse the Sponsor or the Trustee (or its assignee), as the case may be,
upon demand for all expenses incurred by the Sponsor or the Trustee (or its assignee), as
the case may: be, in the course of such performance, including reasonable counsel fees,
with interest from the date of such expenditure at the Prime Rate of the Liquidity
Facility Issuer then in effect.
(c) No action taken pursuant to this Section 5.4 shall relieve the Govern-
mental Unit from its obligations pursuant to Sections 3.3 and 5.3 hereof, all of which shall
survive any such action. The Sponsor or the Trustee (or its assignee) may, and upon
direction of the Credit Facility Issuer, shall take whatever action at law or in equity as
may appear necessary and desirable to collect the amounts then due and thereafter to
become due, or to enforce the pert'ormanc~ a.nd observance of any obligation, agreement
or covenant of the Governmental Unit hereunder.
LKL-ll/14/88-266AA-2818
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As to tile Bank:
The Mitsubishi Trust and Banking Corporation
acting through its Los Angeles Agency
911 Wilshire Blvd.
Suite 1615
Los Angeles, California 90017
SEC'TlON 6.4 ILLEGAL OR INY ALID PROvt~ONS DISREGARDED. In
case 1\ny provision of this Agreement shall for any reason be held invalid, illegal or
unenforceable in any respect, this Agreement shaJI be construed as if such pL'ovision had
never- been contained herein.
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SECTION 6.5 APPLICABLE LAW. This Agreement shall be deemed to be
a contract made in Florida and governed by Florida law.
SECTION 6.6 ASSIGNMENTS.. The Governmental Unit shall not assign this
Agreement or any interest at the Governmental Unit herein, either in whole or in part.
The Administrator on behalf of the Sporlsor tlereby assigns this Agreement and the
Governmental Unit Note attached hereto to the Trustee as provided in Section 3.9 hereof.
Except as provided in Section 3.9 hereof this Agreement shall be binding upon and shall
inure to the benefit of the successors and assigns of the parties hereto.
SECTION 6.1 AMENDMENTS. This Agreement may not be amended
except by an instrument in writing signed by the parties and with the consent of each
provider of a Local Letter at Credit, if any, and the Credit Facility Issuer, and, if such
am~ndment occurs after the issuance of the Bonds, with consent of the Trustee if 'required
by Section 8.03 of the Indenture.
SBCTlON 6.8 TEIU. OF AGREEMENT. This Agreement and the respect-
ive obligations of the parties hereto shall be in full force and effect from the date hereof
until the principal of and all interest on the Loan shall have been paid in full and the
Governmental Unit shall have complied with S~~;ion 4.1(b) hereof.
SECTION 6.9 HEADINGs. The captions or headings in this Agreement are
for convenience or reference only and shall not control or affect the meaning or
construction of any provision hereof.
SECTION 8.10 NOTICE OF EXPECTATION OP OBLIGATION TO MAKE
CBllTAIN PAYMRNTS. The Administrator shall promptly notify the Governmental Unit
by telephone, followed by written notice, whenever earnings are reasonably expected to
result in the Govemmental Unit's obligation to make a Reserve Payment.
SBCTION 8.11 SUPERSEDING CLAUSE. This Agreement is the entire final
agreement between the respective parties and supersedes all other agreementsi whether
written or oral, except that this Agre9ment is not intended to supersede or- displace any
interlocal agreement previously recorded in the publie records ot' the Sponsor and the
Governmental Unit except to the extent this Agreement is inconsistent therewith.
LKL-l1!14/88-286AA-2818
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SBCTION 8.12 LIMITATION Oll INVESTMBNT EARNINGS CREDIT. The
Governmental Unit will not receive as a credit against any payment due hereupder an
amount in excess of actual earnings on the Reserve Bonds converted to a Fixed Rafe Mode
pursuant to Section 3.5 hereof less (a) debt service on such Reserve Bonds, ami (b) fees of
the Remarketing Agent, the Trustee, Registrar and Paying Agent, and other applicable
expenses of the Program.
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IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have
caused this Agreement to be executed and delivel."ed as of the date first written a~ve.
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JACKSON C. TUTTLB, City Manager
Ad ministl."at or
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Trustee
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Corporate Trust Officer
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Vice President
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ACCEPTANCE or LOAN AGR.EBMENT
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The undersigned, as the Issuer of the Local Credit Enhancement referred to in
the foregoing instrument, hereby ~onsents and agrees to the provisions and terms of the
foregoing Loan Agreement.
IN WITNESS WHEREOF, the undersigned official of the Issuer of the Local
Credit Enhancement, baing duly authorized, has set his hand this day of
1988.
Issuer of Local Credit Enhancement
By~
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LKL-l1/14/88-286AA-2818
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EXHIBiT B
PROMISSORY NOTE
"
For value received9 the City of Clearwater, Florida, a municipal corporation
organized and existing under the laws of the State of Florida (the "Governmental Unit")
hereby promises to pay to the holder hereof or to its order, solely from the Pledged
Revenues hereafter mentioned the principal sum of Thirty Eight Million Dollars
($38,000,000), and to pay, solely from such sources, the following:
(a) The principal hereof shall be paid in annual installments in the amounts
and on the dates shown on Schedule "I" attached hereto.
(b) Interest on the unpaid principal balance hereof shall be paid in semi-
anr.ual installments in the amounts, at the rates and on the dates shown on Schedule "I",
all as described in the Loan Agreement of even date herewith between the City of Gulf
Breeze, Florida (the "Sponsorn) and the Governmental TJnit (the "Loan Agreement").
(c) In addition to such amounts specified in Schedule "1", the actual amounts
due in repayment of the Loan shall also include the Reserve Payment (as defined in the
Loan Agreement), if such Reserve Payment shall be due pursuant to the provisions of
Section 3.5 of the Loan Agreement.
Any payment required to be made with respect to the Loan which is received
later than its due date shall bear interest from such due date at a rate equal to the higher
of the rate of interest on this Note or the Prime Rate, plus two pereentum per annum (the
"Default Rate"). In addition, if an acceleration of the Loan is declared 'pursuant to
Section 5.2 of the Loan Agreement following an Event of Default pursuant to the Loan
Agremeent, the interest rate on this Note shall be increased to the Default Rate, and
certain additional amounts shall be payable, as provided in said Section 502.
As set forth in the Loan Agreement, 9. default of the Governmental Unit may
also result in a requirement that the Governmental Unit make certain additional payments
with respect to a portion of the Debt Service Reserve Fund or the Loan i:teserve Fund, as
defined in the Loan Agreement. . "
Notwithstanding anything othef'wise contained in this Note, the interest rate
on this Note (excluding any amounts which do not l.epresent charges for the use or
forebearance of money) shall not exceed twenty-five percent (25%) per annum or such
higher rate ~ may from time to time be permitted under applicable law; provided, that,
in the event the impositio,n of such Maximum Rate shall ever cause the amount payable on
this Note to be less than the amount of interest which would otherwise be computed
pursuant to the Loan Agreement, thIS Note shall thereafter bear interest at the Maximum
Rate until the earlier of (1) the final maturity of this Note or (2) such time as the total
amount of interest paid on this Note shall at such rate equals the amount of interest
which would have been payable on this Note without regard to any Maximum Rate.
All payments made hereunder shall be applied first to payment of accrued
interest on the unpaid principal balance hereof at the aforesaid rate, and then to
reduction of principal and payment of other amounts due hereunder.
LKL-l1/14/88-266AA-2818
-30-
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The principal hereof ..{'ond interest hereon shall be paid at such place as the
holders hereof may designate in writing.
This Note evidences a loan made to the Governmental Unit pursuant to the
,Loan Agreement dated as of '1988, to finance or refinance the
Governmental Unit's cost of acquisition and installation of the Project described in the
Loan Agreement (the "Project") and the Governmental Unit has executed this Note to
secure all payments due under said Loan Agreement. Such loan is being made by the City
of Gulf Breeze, Florida (the "Sponsor''), from the proceeds of its Local Government Loan
Program Floating Rate Demand Revenue Bonds, Series 1985E (the "Bonds"). The Bonds
are issued under a Trust Indenture dated as of December 1, 1985, as amended and restated
as of July 1, 1986, as further amended and supplemented (the nlndenture") between the
Sponsor and AmSouth Bank N.A., as Successor Trustee (the ''Trustee''). The Governmental
Unit's obligations hereunder are limited, special obligations payable solely from the
Pledged Revenues in the manner set forth in the Loan Agreement.
This Note, and all payments due in this Note do not constitute a general
indebtedness of the Governmental Unit, or a pledge of its faith, credit or taxing power
within the meaning of any constitutional or statutory provision or limitation. Neither the
State of Florida nor any political subdivision thereof nor the Governmental Unit shall be
obligated (I) to exercise its ad valorem taxing power or any other taxing power in any
form on any real or personal p'..-operty in the Governmental Unit to' pay the principal of
this Note, the interest thereon or other payments or costs incident thereto, or (2) to pay
the same from any other funds of the Governmental Unit except from the Pledged
Revenues. This Note and the indebtedness evidenced thereby shall not constitute a lien
, upon any property of the Governmental Unit, but shall constitute a lien only on the
Pledged Revenues, in the manner provided in the'Loan Agreement.
This Note may be paid prior to maturity in the manner and with the penalties
specified in Section 3.4 of the Loan Agreement. ·
The Govemmental Unit shall be in default hereunder upon: (i) the nonpayment
on or before the same is due of any payment' described in paragraphs (a) or (b) of this
Note, or (Ii) upon the occurrence o~ any other' Event of Default described in the Loan
Agreement which is not corrected within the applicable period therein specified, if any,
and after the giving of any required notice..
In the event of such default hereunder, the holder hereof shall have the
following rights or remedies: (i) the entire unpaid amount of the principal of this Note
and all other amounts which the Governmental Unit is obligated to pay under the Loan
Agreement, including but not limited to, those sums payable under Section 5.2 of the Loan
Agreement, shall become immedlately due and payable in full without notice to or demand
on the Governmental Unit of any kind and without presentation, demand or protest, all of
which are hereby waived; and (Ii) the holder may at its option exercise from time to time
any and all rights mtd remedies available to it under the Loan Agreement. No failure of
the holder hereof to exercise any right hereunder shall be construed as a waiver of the
right to exercise the same or any other right at any other time.
In addition to all other rights it may have, the holder hereof shall have the
following rights, each of which may be exercised at any time: (t) to pledge, transfer or
LKL-11/14/88-266AA-2818
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assign this Note in the manner prescribed herein or in the Loan Agreement and any
renewals, extensions and modifications her.eof, assigning therewith its rights in th!! Loan
Agreement in accordance with the terms thereot and any such pledgee, transferee or
assignee shall have all the rights of the holder hereof with respect to this Note and any
renewals, extensions and modifications hereof and of the Loan Agreement so assigned
therewith, and the holder hereof making such pledge, transfer or assignment shall be
thereafter relieved from any and all liability with respect, to the Loan Agreement so
assigned; (ii) to notify the Governmental Unit or any other persons obligated under the
Loan Agreement to make payment to the holder of this Note any amounts due or to
become due thereon; and (iii) to apply any amounts received under or pursuant to the Loan
Agreement against the principal of and interest on and other amounts payable under this
Note.
Upon the request of the holder hereof, this Note may be converted to a
registered obligation and the Governmental Unit shall maintain books for the registration
of the transfer and exchange of this Note in compliance with the Florida Registered
Public Obligations Act.
The terms and conditions of the Loan Agreement are made a part of this Note
as fully as if set forth in full herein. Except as otherwise provided herein, all capitalized
terms used herein which are defined in the Loan Agreement shall have the meanings set
forth in the Loan Agreement.
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LKL-ll/14/88-266AA-2818
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LKL-11!1./88-266 AA -2818
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GBNERAL CERTlPlCA TE
This certifIcate is made by the City of Clearwater, Florida (the
"Governmental Unit") to the City of Gulf Breeze, Florida (the "Sponsor"), AmSouth Bank
N.A., as Trustee and to Financial Guaranty Insurance Company (the "Credit Facility
[ssuer"), and to their respective counsel and bond counsel to the Sponsor, in connection
with a loan from the Sponsor to the Governmental Unit in the amount of $38,DOO,DOO (the
"Loan") from the proceeds of the Sponsor's $100,000,000 aggregate principal amount Local .
Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985E (the
"Bonds"). The Loan is evidenced by the Governmental Unit's promissory note of even date
herewith (the "Governmental Unit Note"). The Sponsor is making the Loan to the
Governmental Unit for the purpose of financing or refinancing the Governmental Unit's
cost of the acquisition and installation of certain qualified projects (the "Project"), as
more particularly described In Exhibit "A" attached to the Loa.n Agreement of even date
herewith (the "Loan Agreement") between the Sponsor and the Governmental Unit.
The Governmental Unit, by the undcnigned officers, hereby certifies that:
1. Th," Governmental Unit is a municipal corporation duly organized and
validly existing un~er the laws of the State of Florida. The Governmental Unit has full
power and legal right to enter into, and perform its obligations under, the Loan
Agreement and the Governmental Unit Note of even date herewith between the Sponsor
and the Governmental Unit.
2. Attached hereto as Exhibit "A-I" is a true, correct and complete
certified copy of the Authorizing Ordinance (as defined in the Loan Agreement) of the
governing body of the Governmental Unit, approving and authorizing the execution and
delivery of the Governmental Unit Note and the Loan Agreement. Such Authorizing
Ordinance was duly enacted in accordance with all procedural rules as specified in
Chapter 163, Plorida Statutes, Chapter 159, 'Florida Statutes and the Charter of the
Govemmental Unit. The Authorizing Ordinance has not been amended" modified or
repealed and, is In full force and effect on the date hereof.
3. The namcs of the members of the governing body of the Governmental
Unit, their respectIve orfices and the dates of expiration ot their respective terms of
office are as follows:
Heme
Title
Term Begins
Term Ends
4. Such of the above persons as are required by law to file oaths of office
and bonds or undertakings have duly fIled such oaths and filed such bonds or undertakings
in the amount and manner required by law.
LKL-l1/14/88-268AA-2818
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11. The Governmental Unit is not in breach of or in default under any
existing law, court or administrative regulation, decree, order, agreement, indenture,
mortgage, lease, sublease or other instrument to wi'lich it is a party or by whfch, it is
bound, and no event has occurred or is continuing which, with the passage of time or the
giving of notice, or both, would eonstitute a default or an event of default thereunder,
except for such minor breaches, defaults or potentia! defaults or events of default, if any,
which individually and in the aggregate would have no material adverse effect on the
Governmental Unit's financial condition, operations or properties.
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12. The execution and delivery, receipt and due performance by the Govern-
mental Unit of the Loan Agreement, the Governmental Unit Note, and the Loan
Doeuments hereafter described and compliance with the provisions thereof, do not and
will not conflict with or result in tl1e breach of any 'of the terms, conditions or provisions
of, or constitute a default under the Charter of the Governmental Unit, any existing
ordinance or resolution of the governing body of the Governmental Unit, any existing law,
court or administrative regulation, de~ree, o:'dei.~ or any agreement, indenture, lease or
other instrument to which the Governmeutltl Unit is a party or by which it or any of its
properties is bound.
13. There is no action, suit, proceeding, inquiry or investigation at law or in
equity before or by any court, public board or body pending or, to the knowledge of the
Governmental Unit after due inquiry, threatened against or affecting the Governmental
Unit, which has not been disclosed in writing to the Credit Facility Issuer, contesting the
due organization of the Governmental Unit, or wherein an unfavorable decision, ruling or
~'nding (i) would have Ii material adverse effect on the financial condition of the
Governmental Unit, the operation by the Governmental Unit of the Project, its f~cilities
and its other properties, or an adverse effect on the functioning of the Governmental Unit
or payment by the Governmental Unit of the amounts due under the Loan Agreement in
the manner and time required thereby, or the tax-exempt status of the Governmental Unit
. or the Governmental Unit Note, or (if) would have an adverse effect on the validity or
enforceability of the Governmental Unit Note, the Loan Agreement, or the Authorizing
Ordinance of the Governm~ntaf Unit authorizing the Governmental Unit Note and the
execution of other documents in connection therewith (the "Loan Documents'').
,.
14. No final judgment .lor the payment of money has been rendered against
the Governmental Unit, unless within 60 days from the entry thereof, (i) ~1Jch judgment
has been discharged or (ii) the Governmental Unit has taken and is diligently prosecuting
an appeal therefrom, or from tne order, decree or process, upon which or pursuant to
which such judgment wan granted or entered, and has caused the execution or levy under
sueb judgment, order, decree or process or the enforcement thereof to be stayed pending
the determination of such appeal, or (iii) the Governmental Unit has provided for the
payment or securing of such judgment ,n a manner satisfactory to the Credit Facility
Issuer.
15. The Governmental Unit has duly performed and complied with all the
obligations., agreements and conditions on its part to be performed or complied with at or
prior to the closing. Each of the representations, warranties and other information
contained in the Governmental Un.it's loan application is true and correct and does not
contain fAny untrue statement of 8. material fact or omit to state a material fact required
~o be stated therein or necessary to make the statements in such documents, in light of
LKL-1l/14/88-266AA-Z818
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and by a pledge -of the notes given by the governmental units evidencing such loans,
including the Governmental Unit Note. '
At a closing held today, the Governmental Unit has executed and delivered to
the Sponsor the Loan Agreement and the Governmental Unit Note.
As counsel for the Governmental Unit, [ have examined the originals or
certified copies of each of the agreements and instruments referred to above and
Ordinance No. duly enacted by the governing board of the Governmental Unit on
, 1938 (collectively, the "Ordinance"). I have also examined such
other documents and certificates, made such inquiries of officers and employees of the
Governmental Unit and others and considered such other matters of fact and questions of
law as I deemed necessary for the purpose of giving this opinion.
Based on the foregoing, I am of the opinion that:
1. The Governmental Unit is validly existing as a municipal corporation of
the State of Florida and ns.s full power and authority to conduct its operations, to adopt
the Ordinance, to enter into, execute and deliver the Loan Agreement and the Govern-
mental Unit Note, and to perform all acts necessary to effectuate and consummate the
transactions contElmplated thereby.
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2. The Ordinance has been duly enacted, and the Loan Agreement and the
Governmental Unit Note have been duly authorized, executed and delivered by the
Governmental Unit and constitute binding and enforceable agreements of the Governmen-
tal Unit in accordance with their, respective terms (SUbject as to enforcement of remedies
to any applicable bankruptcy, reorganization, insolvency, moratorium or other laws or
equitable principles affecting the enforcement or creditors' rights generally f:'Om time to
time in effect..) .
3.. The Governmental Unit is not in breach of or in default under any
existing law, court or administrative regulation, decree, order, agreement, indenture,
mortgage, lease, sublease or other instrument "to which it is & party or by which it is
bound, and no event has occurr'ed Or~'18 continuing which, with the passage of time or the
giving of notice, or both, would constitute a. default or an event of default thereunder,
except for such minor breaches, defaults or potential defaults or events of default, if any,
which individually and In the aggregate would ,have no material adverse effect on the
Governmental Unit's financial condition, operations or properties.
4.., The execution and delivery of the Loan Agreement and the Governmen-
tal Unit Note and complianc:e with the provbdons thereof, do not and will not conflict with
or result in the breach of any of the terms, conditions or p~visions of, or constitute a
default under, the ensbllng legislation and Charter of the Governmental Unit, any existing
ordinance or resolution of the governing body of the Governmental Unit, any existing law,
court or administrative regulation, decree, order or any agreement, indenture, lease or
other instrument to which the Governm~ntal Unit is a party or by which it or any of its
properties is bound.
5.. All requirements imposed by Section 183.01, Florida Statutes, as
amended, as preconditions to the effectiveness of the Loan Agreement as an interlocal
LKL-ll/14/88-286AA-2818
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agreement under such section have been met and the Loan Agreement constitutes a valid,
binding and enforceable interlocal agreement under the provisions of such Section. .
6. There is no action, suit, proceeding, inquiry or investigation at law or in
equity before or by any court, public board or body pending or, to our knowledge,
threatened against or affecting the Governmental Unit which has not been disclosed in
writing to the Credit Facility Issuer, nor, in' our opinion is there any meritorious basis
therefor, contesting the due organization of the Governmental Unit, or wherein an
unfavorable decision, ruling or finding (i) would have a material adverse effect on the
financial condition of the Governmental Unit, the operatiQn by the Governmental Unit of
the Project, its facilities and its other properties, or an adverse effect on the functioning
of.the Governmental Unit or payment by' the Governmental Unit of the amounts due under
the Loan Agreement in the manner and time required thereby, or (ii) would have an
adverse effect on the validity or enforceability of the Governmental Unit Note or the
Loan Agreement.
7. No final judgment for the payment of money has been rendered against
the Governmental Unit, unless within 60 days from the entry thereof, (i) such judgment
has been discharged or (ii) the Government Unit has taken and is diligently prosecuting an
appeal therefrom, or from the order, decree or process, upon which or pursuant to which
such judgment was granted or entered, and has caused the execution or levy under such
jUdgment, order, decreee or process or the enforcement thereof to be stayed pending the
determination of such appeal, or (ili) the Government~ Unit has provided for the payment
or securing of such judgmel1t in 8. manner satisfactory to the Credit Facility Issuer.
8. The Pledged Revenues described in the Loan Agreement have not been
pledged in whole or in part, directly or indirectly, fei:' the benefit of any obligations
previously issued by the Governmental Unit and are not subject to any other encumbrance,
other than as described in the Loan Agreement and in the Authorizing Ordinance.
9. We have no knowledge of any legislation adopted by the 1988 Session of
the Florida L~gislat'ure that re!tricts or otherwise adversely affects the Governmental
Unit's power to issue the Governmental Unit Not~ or its ability to provide for the payment
of the principal thereof and inte~~st thereon in tile manner provided in the Loan
Agreement and the Indenture. .
Verj truly yours,
(Governmental Unit counsel)
LKL-1l/14/88-268AA -2818
-42-
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L1VERMOR.E KLEIN 8 LOTT, P. A.
DANIEL U. L1VERMOIlE,JR.,
llICHAR.D E. KLEIN
llICHAR.D I. LOTT
PATRICIA I). LOTT
WILLIAM L. ZVA'R.A
W', LON ALLWOR.TH
A1TOltNEYS AT L>\W
1750 GULF LiFE TOWER.
JACKSONVILLE, FLORIDA 32207
TELEPHONE 904/399-0500
'"ELECOPY 904/308-0500
De~ember 1, 1988
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Mayor and City Commissioners
City of Clearwater, Florida
Re: City of Clearwater Loans from Gulf Breeze Pool
Ladies and Gentlemen:
At the City Commission's workshop session on November 28, a question was
raised regarding our firm's representative of either the City of Clearwater or the City of
Gulf Breeze, or both, with respect to our work on the three loan transactions currently pending
between the two cities.
To clarify the situation for us and for you, I have discussed this issue with my
partner, Richard Lott, who has had our firm's primary responsibility for the issuance of
the City or Gulf Breeze Bonds, and with representatives of the Gulf Breeze Pool. It
appears that, unknown to me on November 28, it has been the consistent position of the
City of Gulf Breeze that, with respect to loans from the Pool funds, each borrower should
retain its own bond counsel of its choice, and that the City of Gulf Breeze would not
require our services in connection with loans. It would be the responsibility of the
borrower's bond counsel in each case to prepare the loan documents, to render an opinion
that the loan would not cause interest on the City of Gulf Breeze Bonds to become
taxable, and to represent the borrower in its discussions with the entity providing credit
enhancement for the related Bonds (who must approve the loan). '
It thus appears that our proper role in connection wi th these loans is to a~t as
bond counsel for the City of Clearwater, as borrower, and it is in this capacity that we will
continue to act, unless advised that the City of Clearwater wishes to retain other bond
counsel. It is ac; Clearwater's bond counsel that the City of Clearwater's staff has
consistently requested that we act, to date, in connection with these loans, and we have
taken no action inconsistent with this position.
As a matter of information, we do act on a regular basis as bond counsel to the
City of Gulf Breeze in connection with any required legal services related to its Bonds (as
distinguished from its Pool loans). As the loan transactions are independent of the Bond
tra.nsactlons, neither our firm 1101' the City of Gulf Breeze has any concern that such
representation is inconsistent with our representation of borrowers from the Pool funds.
cc: Mr. Jackson C. Tuttle
City Manager, City of Gulf Breeze
Richard I. LoU
Sincerely,
iJ~ 1),i~, Vl'
Daniel U. Livermore, Jr. /
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Standby Bond Purchase and Revolving Credit Agreement dated as of April 1, 1988 (the
"tiquidity Facility") with COGB Liquidity Corporation and The Bank of Tokyo, Ltd., New
York Agency (collectively, the "Liquidity Facility Issuer") and the Trustee, pursuant to
which the Liquidity Facility Issuer will agree to purchase Bonds at the principal amount
ther60f (up to the aggregate principal amount of Bonds outstanding), together with
accrued interest, to the extent that moneys are not otherwise available therefor under the
terms of the Indenture.
(g) The Administrator has approved the Loan and has approved a commit-
ment (the "Commitment") to make a loan in the amount of $980,000 (the "Loan") for the
purpose of financing the original cost of acquisition of the project identified on Exhibit A
attached hereto, which shall hereinafter collectively be referred to as the "Project".
(h) As evidence of the Loan made pursuant to this Agreement, the Govern-
mental Unit will execute and deliver a note in the principal amount of the Loan in the
fo~m attached hereto as Exhibit B (the "Governmental Unit Note"). As security for the
Bonds, the Sponsor is assigning to the Trustee all its right, title and inte['est in the
Governmento.l Unit Note and this Agreement (except for the rights reserved by the
Sponsor as described in Section 3.9 hereof). Pursuant to the Indenture, the Governmental
Unit Note and this Agreement may be assigned by the Trustee to the Credit Facility
Issuer under the circumstances set forth therein.
SECTION 1.2
RF,PRESENTATIONS OF GOVERNMENTAL UNIT.
(a) The Governmental Unit is a municipal corporation of the State of
Florida, with full power and leg'w right to enter into this Agreement and perform its
obligations hereunder, and to finance the Project in the manner contemplated herein. The
Governmental Unit's actions in making and performing this Agreement have been duly
authorized by all necessary official action and will not violate or conflict with any
applicable pl'ovision of the Constitution, or law of the State of Florida or with any
ordinance, governmental rule or regulation, or with any agreement, instrument or other
document by which the Governmental Unit or its funds or properties are bound.
(b) The amount of the Loan, less anticipated investment earnings, does not
exceed the "Cost" of the Project (as defined in the Indenture).
(c) No portion of the proceeds of the Loan will be used to finance any
Project which is used in the trade or business of a person who is not an "exempt person" as
defined in Section l03(b)(3) of the Code.
(d) Immediately after the execution hereof, no Event of Default shall exist
hereunder nor shall there exist any condition which with lapse of time, the giving of
notice, or both, would constitute an Event of Default hereunder.
(e) The Governmental Unit is duly authorized and empowered under the laws
of the State of Florida, particularly Chapter 166, Part II, Florida Statutes, to enter into
this Agreement, to issue the Governmental Unit Note and to pledge the sources
hereinafter mentioned to the repayment thereof, and to apply the proceeds thereof to the
payment of the Costs of the Project.
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ARTICLE n
DEFINITIONS
SECTION 2.1 DEFINITIONS. The capitalized terms used herein which are
defined in the Indenture and in the Authorizing Ordinance shall have the meanings
assigned thereto in the Indenture and in the' Authorizing Ordinance, unless the context
hereof expressly requires otherwise. In addition, the following terms shall have the
meanings defined as follows:
"Additional Parity Bonds" shall mean Additional Parity Bonds issued under the
terms, conditions and provisions hereof.
"Anntlal Debt Scr"iiee Rcqt:liremeflt" shall meaft the debt 3enice comiflg due in
t-b~ applkable fiscal y-e-al' Oft the Go';erftmefltal Uftit Note, afty Additiefull Parity Bonds,
and eft Brty other inctbtedness isstled by the Covcrnfft!8tal Unit with a lieft en the Pledged
Re"Jeftttes. 18 Cfllctl18tift~ the Anft\:1e.l Debt Service Rcqtliremeflt, the ifltel'e3t rate Oft fl8Y
Vf.tri&ble rate il'\debtedae33 shall be deemed to be a fixed rate of ( 96) per
e:ftI'm!fti"
"Commitment" means the commitment of the Administrator to make the
Loen.
"Costs and Expenses of the Program" shall mean the fees and expenses of the
Trustee, the Liquidity Facility Issuer, the Credit Facility Issuer, the Remarketing Agent,
the Administrator, the Independent Contractor, the Registrar and Paying Agent, and the
Issuer, including the fees and expenses of general or special counsel to any of the
foregoing, and shall include, without limitation of the foregoing, all amounts provided in
Section 3.5 hereof.
"Cost" or "Costs" in connection with the acquisition and/or construction of any
Project, means any cost incurred or estimated to be incurred by the Governmental Unit
which is reasonable and necessary for carrying out all works and undertakings in providing
and constructing or acquiring such Project for the Governmental Unit, including the
construction of the Project, the cost of necessary studies, surveys, plans and specifica-
tions, architectural, engineering, legal or other special services, including the fees and
expenses of bond counsel, development, construction and reconstruction necessary or
useful in connection with the construction of the Project, the reasonable cost of financing
incurred by the Governmental Unit or the Sponsor in connection with the execution of the
Loan Agreement, or in the course of the acquisition and/or construction of the Project,
including reimbursement to the Administrator for its out-of-pOCket expenses and including
capitalized interest on any Loan disbursed in stages, and the cost of such other items as
may be reasonable and necessary for the acquisition and/or construction of the Project.
"Local Credit Enhancement" or "Local Letter of Credit" means a credit
enhancement device acceptable in form and substance to the Credit Facillty Issuer
securing timely payment of principal of and interest and premium, if any, on the
Governmental Unit Note.
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ARTICLE m
FINANCING THE PROJECT
SBCTION 3.1 MAKING OF LOAN; APPLICATION OF LOAN PROCEEDS.
From the amounts on deposit in the Project Loan Fund created under the Indenture, the
Governmental Unit hereby agrees to borrow and repay the sum of $980,000. The Loan
made hereby shall be repaid in accordance with the Governmental Unit Note and Section
3.3 hereof. The Governmental Unit covenants that it shall use the proceeds of the Loan
solely for the purposes described in Section 1.1(g) hereof and that it shall not use the
proceeds of the Loan in a manner inconsistent with the representations and covenants set
forth in Sections 1.2(c), 1.2(e) and 1.2(f) hereof.
SECTION 3.2
DISBURSED PROCEEDS.
DISBURSEMENT OF' LOAN; SECURITY INTEREST IN UN-
(8) Following the execution and delivery of this Agreement and the Govern-
mental Unit Note (the "Closing"), the Trustee shall disburse the fees and expenses of bond
counsel and the amount of expenses of the Administrator to be reimbursed from the
proceeds of the Loan to the Expense Account created under the Indenture. The Trustee
shall disburse the balance of the Loan, with the written approval of the Credit Facility
Issuer, to the Governmental Unit in reimbursement for the cost of acquisition of the
Project previously incurred by the Governmental Unit.
(b) The Governmental Unit agrees that, upon request of the Trustee or the
Administrator, it shall supply such documentation as the Trustee, the Administrator or the
Credit Facility Issuer may require to determine that the proceeds of the Loan have been
applied solely to payment of the Costs of the Project.
SECTION 3.3 REPAYMBNT OF LOAN. The Loan to be made to the
Governmental Unit for the Project shall be repaid in installments which shall correspond
in time and amount to the payments of principal and interest on the Governmental Unit
Note and shall bear interest at the rates, and shall be payable at the times payable on the
Governmental Unit Note, as follows:
(a) The principal of the Loan shall be paid in 120 installments on the dates
and in the amounts shown on "Schedule I" attached to the form of the Governmental Unit
Note, which is attached hereto as Exhibit "B", with all remaining principal, together with
any other amounts payable in connection therewith, due on January 1, 1999, or such later
date as the Credit Facility Issuer shall have approved in writing.
(b) The interest on and other amounts due in respect of the Loan shall be
paid commencing on the first day of February, 1989, and on the first day of each month
thereafter. The repayment amounts due in respect of all Loans to Governmental Units
shall be an amount determined by the Financial Advisor on behalf of the Sponsor,
sufficient to retire, over the life of the Loan, the Pro-Rata Share of Non-Asset Bonds, and
an amount sufficient to provide funds, which, as described in the immediately following
paragraph, together with the Governmental Units' Pro-Rata Share of amounts in the
Surplus Fund constituting income from the investment of certain funds established under
LKL-l1/16/88-267 AA-2821
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the Indenture will be sufficient1 to pay when due among other things, the Costs and
Expenses of the Program, the estimated interest (including Additional Interest, if any)
becoming due on the Bonds, taking into consideration the fact that such interest on all or
a portion of the Bonds will vary on a weekly basis pursuant to the Indenture; provided,
however, that if an acceleration of the Loan is declared pursuant to Section 5.2 hereof
following the occurrence of an EVf\nt of Default hereunder, the interest rate on the Loan
shall be increased to a rate per annum equal to the Prime Rate plus 296. Said interest
rate shall be based upon a year equal to 365/366 days for actual days elapsed and shall
change when said Prime Rate shall change. Notwithstanding anything otherwise contained
in this Agreement, the interest rate on the Loan shall not exceed twenty-five percent
(2596) per annum (exclusive of amounts charged for Costs and Expenses of the Program
which are not charges for the use or forbearance of money), or such higher rate as may
from time to time be permitted under applicable law and approved by the Credit Facility
Issuer (the "Maximum Rate"); provided, that, in the event the imposition of such Maximum
Rate shall ever cause the amount payable on the Governmental Unit Note to be less than
the amount of interest which would otherwise be computed pursuant to this Section 3.3,
the Governmental Unit Note shall thereafter bear interest at the Maximum Rate until the
earlier of (1) the final maturity of the Governmental Unit Note or (2) such time as the
total amount of interest paid on the Governmental Unit Note shall at such rate equals the
amount of interest which would have been payable on the Governmental Unit Note
pursuant to this Section 3.3 without regard to any Maximum Rate.
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The Financial Advisor, on behalf of the Sponsor, shall determine not less often
than each January 1 and July 1 the rate of interest on the Loan and the Pro-Rata Share of
the Costs and Expenses of the Program and the Non-Asset Bonds and shall notify the
Trustee and the Administrator of such determination. The Administrator shall c"mpute
the amount of each Governmental Unit's monthly payment and shall notify the Trustee
and the Governmental Unit, at least ten days prior to the first day of the mCinth in which
the new payment amount is to become effective, of the period (not exceeding six months)
for which such payment amount is to be in effect and the amount of each interest
payment which the Governmental Unit is required to make during such period. However,
if at any time the Trustee determines that such payment amount, together with other
funds available therefor, does not provide sufficient funds to pay interest on all Bonds and
to pay the Non-Asset Bonds, the interest becoming due on the Bonds (including Additional
Interest, if any, together with the annual fees and other amounts, if any, charged for or
due under the Credit Facility and Liquidity. Facility, together with other fees and
expenses relating to the Sponsor's multi-governmental loan program, the Trustee shall so
notify the Administrator and the Financial Advisor. The Financial Advisor, on behalf of
the Sponsor shall increase the payment amount on the Loan then in effect by an amount
sufficient to cure such deficiency by giving notice thereof to the Administrator. The
Administrator shall recompute the amount of the Governmental Unit's monthly payments
and shall give the Governmental Unit notice of a revised interest rate at least ten days
prior to the date such revised interest rate is to become effective, stating the period (not
exceeding six months) for which such revised interest rate is or additional payments are to
be in effect, and the amount of each interest payment which the Governmental Unit is
required to make during such period. The Administrator shall send to the Trustee and the
Credit Facility Isauer duplicate copies of each statement to the Governmental Unit
specifying the total payment due from the Governmental Unit for principal and interest
on the Loan, the respective amounts of principal and interest included in such total
payment, and the amount of any fees and expenses billed to the Governmental Unit on a
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monthly basis pursuant to Section 3.5 hereof. ,The Governmental Unit agrees that the
Sponsor has reserved the right to determine the extent to which investment income on the
funds esta.blished under the Indenture (including any income from the Project Loan Fund
prior to full disbursement of the Loan) may be applied in determining the amount payable
hereunder.
(c) As provided in the Governmental Unit Note, in addition to the above
payments of principal and interest on the Loan and the additional payments provided for
herein, any payment of principal and interest on the Loan which is received later than its
due date shall bear interest at a rate equal to the Prime Rate plus 2% per annum.
SECTION 3.4
PREP A YMENT OF LOAN.
The Governmental Unit may upon any Interest Payment Date on which the
Bonds may be redeemed or converted to another Mode at the option of the Sponsor and,
upon not less than 129 days prior written notice to the Sponsor, the Administrator and the
Trustee, prepay the outstanding principal of the Loan or any portion thereof in accordance
with the requirements of Section 4.04(b) of the Indenture. There shall also be paid as a
prepayment premium an amount equal to any premium payable to the holders of the Bonds
in connection with such prepayment.
SECTION 3.5
ADMINISTRATIVE EXPENSES.
(a) In determining the payments in respect of the Loans which all Govern-
mental Units with non-accelerated Loans shall pay in each month, there shall be included
an amount determined by the Administrator on behalf of the Sponsor to be sufficient to
pay when due the items referred to in Section 3.3, including without limitations:
(1) the annual fees and other amounts, if any, charged for or due (i) in
the case of Variable Rate Loans, under the Credit Facility (including additional surety
bond premiums, if any); (ii) under the Liquidity Facility, and (Iii) if this Loan Is funded
from Recycled Bond Proceeds the bond insurance premiums and additional surety bond
premiums, if any, related to Recycled Bond Proceeds for the Loan (which shall be paid in
full at Closing);
(2) the annual administrative fees of (i) the Sponsor, the Administra-
tor, and the Independent Contractor, if applicable, and (ii) the Trustee, the Bond Registrar
and Paying Agent and any other Paying Agent or Agents;
(3) the annual fee of the Remarketing Agent;
(4) cost of issuance of the Bonds allocable to the Loan as N' on-Asset
Bonds;
(5) the deferred Increased Cost Payments accrued to the date of
Closing of the Loan (which shall be recovered over a 12 month period); and
(6) the Governmental Unit's Pro-Rata Share of any amounts payable
pursuant to the Indenture as Increased Costs or Deferred Increased Costs.
LKL-llJ16/88-267 AA-2821
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The Administrator, on behalf of the Sponsor, shall determine such amount (concurrently
with the determination of the interest payments on the Loan pursuant to Section 3.3(b)
hereof) and shall notify the Governmental Unit at least ten days prior to the first day of
the period for which the new payment schedule is to become effective, of the period (not
exceeding six months) for which such payment schedule is to be in effect and the amount
of each payment which the Governmental Unit is required to make during such period.
However, if at any time the Administrator determines that such payments made by all
Governmental Units with non-accelerated Loans will not provide sufficient funds to pay
the amounts described in clauses (1) through (6) above, the Administrator, on behalf of the
Sponsor, shall revise the schedule of payments then in effect by giving the Governmental
Unit notice of revised schedule of payments, at least ten days prior to the date such
revised payment schedule is to become effective, stating the period (not exceeding six
months) for which such payment schedule is to be in effect and the amount of each
payment which the Governmental Unit is required to make during such period.
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(b) The Governmental Unit shall pay the amounts described in paragraph (a)
above to the Trustee, as the Sponsor's assignee of this Agreement; except as otherwise
provided in Section 3.9 hereof.
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(c) Any other amounts due from the Governmental Unit hereunder, including
closing costs related to the Loan and not paid at closing.
SECTION 306
SPHCrAL OBLIGATION OF GOVERNMENTAL UNITS..
(a) Each Credit Issuer ffi&Y share with any other Credit Issuer any informa-
tion given to any of them by the Governmental Unit, including without limitation financial
statements, and may also share such information with any participant of such Credit
Issuer, and any financial institution which is being solicited to become a participant of any
Credit Issuer. To the extent necessary to permit the foregoing, the Governmental Unit
hereby waives any privilege or right to confidentiality, whether arising under statute or
otherwise, it may have which would otherwise prohibit the foregoing sharing of informa-
tion.
(b) The Governmental Unit Note shall be secured by a lien upon and pledge
of the Pledged Revenues, and the Pledged Revenues are hereby pledged to secure
repayment of the Governruental Unit Note, as set forth in the Authorizing Ordinance.
The Governmental Unit hereby represents and warrants that the pledge of the Pledged
Revenues to secure the Governmental Unit Note is valid, binding and enforceable and that
the Pledged Revenues are not otherwise subject to any pledge, lien or encumbrance, other
than as has been heretofore disclosed to and expressly approved by the Credit Facility
Issuer in writing, such disclosure consisting of a first pledge and lien securing the
repayment of the Governmental Unit's Capital Improvement Revenue Bonds, Series 1984
(Ute "1984 Bonds") and a second pledge and lien securing repayment of the Governmental
Unit's Loan trom the Program in the amount of $415,000 (the "Parity Loan"). The
Governmentsl Unit covenants that it will not cause or permit to exist any pledge of or
lien or encumbrance upon the Pledged Revenues which is prior in right of payment to that
securing the Governmental Unit Note except as expressly approved by the Credit Facility
Issuer including, specifically, any further debt secured on a parity with the 1984 Bonds.
The Governmental Unit covenants that it will not cause or permit to exist any pledge of
or lien or encumbrance upon the Pledged Revenues, other than the pledge benefitting the
LKL-ll/16/88-267 AA-2821
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Governmental Unit Note, except for any Additional Parity Bonds or obligations secured by
a lien subordinate to the lien of the Governmental Unit Note which may be issued in the
manner permitted hereunder.
(c) Prior to each of its fiscal years, the Governmental Unit shall establish a
budget for such fiscal year which allocates a sufficient sum of Pledged Revenues to pay
all amounts reasonably anticipated by the Governmental Unit to be payable hereunder and
all amounts reasonably anticipated to be payable with respect to any Additional Parity
Bonds. In the event that the budgeted amounts prove insufficient to make said payments
the Governmental Unit shall as soon as practicable (but in any event prior to the
expiration of sixty days from such e'tlent) amend its budget so as to assure that sufficient
Pledged Revenues are available to at all times make said payments.
(d) The Loan and the Governmental Unit Note, and all payments due with
respect thereto, shall be a special obligation of the Governmental Unit, payable solely
from the Pledged Revenues as herein provided. The Loan and the Governmental Unit
Note do not constitute a general indebtedness of the Governmental Unit, or a pledge of its
faith, credit or taxing power within the meaning of any constitutional or statutory
provision or limitation. Neither the State of Florida nor any political subdivision thereof
nor the Governmental Unit shall be obligated (1) to exercise its ad valorem taxing power
or any other taxing power in any form on any real or personal property in the
Governmental Unit to pay the principal of the Loan and the Governmental Unit Note, the
interest thereon or other payments or costs incident thereto, or (2) to pay the same from
any other funds of the Governmental Unit except from the Pledged Revenues, all in the
manner provided herein. The acceptance of the Governmental Unit Note by the holder
from time to time thereof shall be deemed an agreement between the Governmental Unit
and such holder that the Governmental Unit Note and the indebtedness evidenced thereby
shall not constitute a lien upon any property of the Governmental Unit, but shall
constitute a lien only on the Pledged Revenues, in the manner herein provided.
(e) Subject to the provisions of the Florida Constitution, nothing herein
contained shall preclude the Governmental Unit from using any legally available funds, in
addition to the Pledged Revenues herein provided, which may come into its possession,
including but not limited to the proceeds of the Loan, contributions or grants, for the
purpose of payment of principal of and interest on the Loan.
SECTION 3.7 BENEFIT OF BONDHOLDERS AND ENHANCEMENT
PROVIDER; COMPLIANCE WITH TRUST INDENTURE. This Agreement is executed in
part to induce the purchase by others of the Bonds, the issuance by the Credit Facility
Issuer of the Credit Facility, the issuance of Local Credit Enhancement, if any, and the
execution and delivery by the Liquidity Facility Issuer of the Liquidity Facility e.nd,
accordingly, all covenants, agreements and representations on the part of the Govern-
mental Unit and the &ponsor, as set forth in this Agreement, are hereby declared to be for
the benefit of the holders from time to time of the Bonds, and for the benefit of each
Credit Issuer. The Governmental Unit covenants and agrees to do all things within its
power in order to comply with and to enable the Sponsor to comply with all requirements
and to fulfill and to enable the Sponsor to fulfill all covenants of the Indenture.
LKL-ll/16/88-267 AA-2821
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SECTION 3.8 BONDS NOT TO BECOME ARBITRAGB BONDS.
The Governmental Unit hereby covenants to the Sponsor and the holders of the
Bonds that, notwithstanding any other provision of this Agreement or any other instru-
ment, it will neither make nor cause to be made any investment or other use of the
proceeds of the Loan which would cause the Bonds to be "arbitrage bonds" under Section
103 of the Internal Revenue Code of 1954, as amended, and the regulations issued
thereunder, and that it will comply with the requirements of such Section and regulations
throughout the term of the Bonds.
Section 3.9
ASSIGNMENT OF SPONSOR'S RIGHTS.
(a) As the source of payment for the Bonds, the Sponsor will assign to the
Trustee all the Sponsor's rights under the Governmental Unit Note and this Agree ment
(except for the rights of the Sponsor, the Trustee, the Administrator and the Independent
Contractor, if applicable, to receive payment of administrative expenses, reports and
indemnity against claims, and the Sponsor's, Trustee's and Administrator's rights to
enforce remedies pursuant to Section 3.5, 4.1, 4.2 and 5.4 hereof). The Governmental
Unit will make all payments required under Sections 3.3, 3.4, 3.5 and 5.3 hereof directly
to the Trustee without defense or setoff by reason of any dispute between the
Governmental Unit and the Sponsor.
(b) The Indenture requires that the Credit Facility provide for payment of
the principal of and interest on the Bonds when due if other moneys available under the
Trust Indenture are insufficient therefor, and that rights to the payment of any principal
and/or interest paid by the Credit Facility Issuer shall be assigned to the Credit Facility
Issuer. Under certain circumstances provided in the Indenture, this Agreement and the
Governmental Unit Note may be assigned to a Credit Issuer or the issuer of a Local Letter
of Credit.
(c) Notwithstanding anything in this Agreement to the contrary, if amounts
due under the Governmental Unit Note and this Agreement are accelerated as described
in the Indenture, and the full amount of the Loan has not been disbursed pursuant to the
Commitment, the Trustee shall have no obligation to make any further disbursements of
the Loan and shall apply the same to pay the Governmental Unit Note.
SECTION 3.10. COVENANT REGARDING PLEDGBD R.EVENUES; RBVENUE
PUND. (a) The Governmental Unit hereby covenants to take all lawful action necessary
or required to collect and receive the Pledged Revenues. The Governmental Unit further
covenants that it has full power to pledge the Pledged Revenues to the payment of the
principal and interest and other amounts becoming due on the Governmental Unit Note.
(b) There is hereby created and established the City of Clearwater Gulf
Breeze Loan Program Revenue Fund (the "Revenue Fund"). After application for the
benefit of the 1984 Bonds as required under the ordinance authorizing issuance of the 1984
Bonds, all Pledged Revenues received by the Governmental Unit shall be deposited into
the Revenue Fund and held solely for the benefit of the holder of the Governmental Unit
Note and Additional Parity Bonds a.s provided in this Section 3.10(b). The Revenue Fund
shall constitute a trust fund for the purposes herein provided and shall be kept separate
and distinct from all other tunds of the Governmental Unit and used only for the purposes
and in the manner herein provided. Moneys on deposit in the Revenue Fund shall be
invested in obligations in which the Project Loan Fund may be invested under the
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Indenture or as otherwise may be permitted by the Credit Facility Issuer, and all
investment earnings shall be retained therein and used for the purposes thereof. Revenues
shall be applied and allocated on the fifteenth day of each month (i) first, to a separate
fund, which is hereby created and designated the City of Clearwater Gulf Breeze Loan
Program Sinking Fund (hereinafter called "Sinking Fund") commencing January 15, 1989,
in such amounts sufficient to pay the principal of and interest and other amounts
becoming due on the Governmental Unit Note on the first day of the following month, (ii)
next, on a parity with the pa,yments to be made pursuant to clause (i), to the payment of
amounts due in connection with any Additional Parity Bonds issued pursuant to the
provisions hereof, (Hi) next, to the payment of any junior lien obligations issued pursuant
to the provisions hereof, and (iv) thereafter, to the Governmental Unit for any lawful
purpose of the Governmental Unit. The designation and establishment of the Revenue
Fund and Sinking Fund pursuant to this Section 3.10 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 of the Governmental Unit for certain
purposes and to establish certain priorities for application of such revenues as herein
provided.
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SECTION 3.11 ALTERNATB SECURITY FOR GOVERNMENTAL UNIT
NOTH. The Governmental Unit reserves the right to secure the Governmental Unit Note
with a Locs.? (,~p.dit Enhancement acceptable in form and substance to the Credit Facility
Issuer and the Administrator, and upon furnishing such Local Credit Enhancement or other
security, the pledge of and lien upon the Pledged Revenues in favor of the Governmental
Unit Note sh~ be released and discharged, in the manner and to the extent specified by
the Credit Facility Issuer in writing. In addition, the Governmental Unit may provide for
the defeasance of the lien of this Loan Agreement upon the Pledged Revenues at any time
provided it first provides the following to the Trustee and to the Credit Facility Issuer:
(8) Evidence tha.t the Governmental Unit shall have paid, or shall have made
provision fo!:' payment of, all amounts payable under this Loan Agreement. For purposes
of the preceding sentence, deposit of dit'ect obligations of the United States of America
which are not subject to redemption prior to maturity at the option of the obligor (or,
with the written approval of the Credit Facility Issuer, deposit of any other securities or
investments which msy be authorized by law from time to time and sufficent under such
law to effect such a defeasance) in irrevocabl~ trust with a banking institution or trust
company, for the sole benefit of the Sponsor, the principal of and interest on which will be
sufficient to pay when due all payments under this Loan Agreement, shall be considered
"provision for payment".
(b) An opinion of nationally recognized bond counsel acceptable to the
Sponsor and to the Credit Facility Issuer to the effect that (i) the lien of the Loan
Agreement upon the Pledged Revenues has been defeased and (Ii) the transaction resulting
in such defeasance does not adversely affect the exemption from taxation of the interest
on the Bonds.
(c) Verification by an independent certified public accountant of sufficiency
of amounts deposited in escrow pursuant to paragraph (a).
LKL-ll/16/88-267 AA-2821
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ARTICLE IV
COVRNAtITS OF THE GOVERNMENTAL UNIT
SECTION 4.1
REPORTS AND OPINIONS; INSPECTIONS.
. (8) Until all amounts due under this Agreement have been paid in full, the
Governmental Unit shall deliver to the Sponsor, the Trustee and the Credit Issuers, within
ten days of the Governmental Unit's receipt thereof, an annual report prepared in
accordance with generally accepted accounting principles applicable to the Governmental
Unit, and certified by an independent certified public accountant (or accounting firm)
satisfactory to the Sponsor which shall include a balance sheet and income statement for
the prior fiscal year in reasonable detail. In addition, the Governmental Unit shall deliver
to the Sponsor, the Trustee and the Credit IssuersLllreqtlired requested by them, within
50 days after the end of each fiscal quarter: (i) a reasonable number of copies of the
Governmental Unit's unaudited financial statements for the prior fiscal quarter including
a balance sheet and income statement; and (it) a certificate stating that no Event of
Default hereunder has occurred and is continuing.
(b) The Governmental Unit shall deliver to the Sponsor, the Credit Facility
Issuer and the Trustee, not later than the 135th but not earlier than the 128th day
following (i) in the case of a Loan secured by a Local Letter of Credit, the date of each
Loan Payment pUl'Suant to the terms of this Agreement (whether by prepayment or
regularly scheduled payment) or (ii) as to Loans not so secured, upon the final payment
upon the Loan, a certificate of the Governmental Unit, or other evidence in form and
substance satisfactory to the Trustee, to the effect that, during the period ending 128
days following such payment, no bankruptcy, insolvency or similar proceeding has been
commenced by or against the Governmental Unit and that no other event has occurred
which would have constituted an event of default under Section 5.I(r) of this Agreement
(except such as has been vacated, dismissed or discharged by an order which is not subject
to further appeal). Notwithstanding the payment in full of the Loan, the Governmental
Unit shall pay any charges incurred by the Sponsor or the Trustee in connection with any
payment under the Credit Facility by reason of the Governmental Unit's failure to deliver
such certificate or evidence on '! timely basis. In addition, notwithstanding the payment
in full of the Loan, the Governmental Unit shall pay to any Substitute Credit Facility
Issuer an amount, if any, equal to the Credit Issuer Rate per annum on the amount which
was disbursed under the Credit Facility by reason of any payment to the holders of the
Bonds being deemed a Preference Payment (as defined in the Indenture).
(c) The Governmental Unit agrees to permit the Sponsor, the Trustee and
the Credit Issuers to examine, visit and inspect, at any reasonable time, the Project, and
the Governmental Unit's facilities, and any accounts, books and records, including its
receipts, disbursements, contre.cts, investments and any other matters relating thereto
and to its financial standing, and to supply such reports and information as the Sponsor,
the Trustee or the Credit Issuers may reasonably require.
SECTION 4.2 IMMUNITY OF' SPONSOR. In the exercise of the powers of
the Sponsor and its members, officers, employees and agents under the Indenture or this
Agreement including (without limiting the foregoing) the application of moneys and the
LKL-12/07/88-281 AA-2821
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investment of funds, the Sponsor shall not be accountable to the Governmental Unit for
any action taken or omitted with respect to the Project or this Agreement by it or its
members, officers, employees and agents in good faith and believed by it or them to be
authorized or within the discretion or rights or powers conferred under this Agreement.
The Sponsor and its members, officers, employees and agents shall be protected in its or
their acting upon any paper or documents believed by it or them to be genuine, and it or
they may conclusively rely upon the advice of counsel and may (but need not) l"equire
further evidence of any fact or matter before taking any action. No recourse shall be had
by the Governmental Unit for any claims based on the Indenture or this Agreement
against any member, officer, employee or agent of the Sponsor alleging personal liability
on the part of such person unless such claims are based upon the bad faith, fraud or deceit
of such person. The Governmental Unit shall indemnify the Sponsor and any of its
members, officers, employees or agents and save them harmless against any liability
intended to be precluded by this Section resulting from acts or omissions of the
Governmental Unit or from acts or omissions of the Sponsor or any of its members,
officers, employees or agents in connection with any necessary or reasonable acts taken
pursuant to this Agreement, except for fraud, deceit, or acts taken in bad faith or which
are negligent.
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SECTION 4.3 COMPLIANCE WITH LAWS. With respect to the Project and
any additions, alterations, or improvements thereto, the Governmental Unit will at all
times comply with all applicable requirements of Federal and stlite laws and with all
applicable lawful requiren.ents of any agency, board, or commission created under the
laws of the State of Florida or of any other duly constituted public authority; provided,
however, that the governmental unit shall be deemed in compliance with this Section 4.3
so long as it is contesting in good faith any such requirement by appropriate legal
proceedings.
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SBCTION 4.4 ISSUANCE OF OTHER OBLIGATIONS PAYABLE PROM
PLEDGED REVENUES. So long as the Governmental Unit Note remains Outstanding and
unpaid, the Governmental Unit will not issue or consent to the issuance of any other
obligations, ~xcept under the conditions and in the manner provided herein, payable from
the Pledged Revenues or any portion thereof, nor voluntarily create or cause to be
created any debt, lien, pledge, assignment, encumbrance or other charge, having priority
to or being on a parity with the lien of the Governmental Unit Note and the interest
thereon, upon the Pledged Revenues. Any other obligations issued by the Governmental
Unit in addition to the Governmental Unit Note or Additional Parity Bonds provided for in
Section 4.5 hereof, payable from the Pledged Revenues, shall contain an express
statement that such obligations are junior and subordinate in all respects to the
Governmental Unit Note, as to lien on and source and security for payment from the
Pledged Revenues; provided, however, that the Governmental Unit may also grant to the
provider of a Local Credit Enhancement for the Governmental Unit Note or any provider
of Local Credit Enhancement with respect to any Additional Pa!'ity Bonds, a lien upon the
Pledged Revenues commensurate with the lien granted in respect of such Additional
Parity Bonds, provided that the scheduled Maximum Annual Debt Service on the
reimbursement obligation under any such Local Credit Enhancement would meet the
requirements hereof, as appropriate, without regard to the Maximum Annual Debt Service
on such Additional Parity Bonds, 53 the case may be.
LKL-ll/30/88-267 AA-2821
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Governmental Unit, a receiver, trustee, examiner, liquidator or similar official shall be
appointed for the Governmental Unit, or a proceeding described in Section 5.1(f)(2) shall
be instituted against the Governmental Unit and such appointmen~ continues undischarged
or such proceeding continues undismisst:d or unstayed for a period of 30 consecutive days;
the mere declaration of a state of financial emergency under Section 218.503, Florida
Statutes, as amended, shall not, in and of itself, constitute a default under this Section
5.1(0; or
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(g) the failure of the Governmental Unit to provide a replacement fol" any
Local Lettel" of Credit required with respect to the Loan, which replacement has been
approved in writing by the Credit Facility Issuer, by the 15th day prior to the expiration
or non-renewal of the existing Local Letter of Credit.
SHCTIOt15.2 ACCELERATION. If an Event of Default as defined in
Section 5.1(8), (b), (e) or (f) hereof shall have occurred, or upon the 10th day prior to the
expiration, termination, or non-renewal of a Local Letter pursuant to Section 5.1(g)
hereof, the Loan and all other sums which the Governmental Unit is obligated to pay
under this Agreement shall, upon direction of the Credit Facility Issuer, become due and
payable immediately, and the Com mitment shall terminate, without further notice to the
Governmental Unit. If any other Event of Default shall have occurred, the Trustee (as the
Sponsor's assignee, or any assignee of the Trustee or Co-Trustee, as may be the case)
shall, but only upon direction of the Credit Facility Issuer, by notice in writing to the
Governmental Unit, declare the Loan and all other sums which the Governmental Unit is
obligated to pa.y hereunder to be due and payable immediately, and terminate the
Commitment. Upon any such acceleration whether automatically or by declaration,
anything in this Agreement contained to the contrary notwithstanding, there shall become
immediately due and payable, in addition to any other amounts then due from the
Governmental Unit hereunder, the sum of: (i) the outstanding principal of the Loan or pro
rata portion thereof, as the case may be; (ii) accrued and unpaid interest on the Loan or
pro rata portion thereof, as the case may be; and (iii) all amounts which '",ould be payable
in excess of the sum of: (x) the unpaid principal balance of the Governmental Unit Note
or pro rata portion thereoft as the case may be plus (y) accrued and unpaid interest
thereon, in the event the Governmental Unit Note had been prepaid in accordance with
dection 3.4(b) hereof on the date of acceleration pursuant to this Section 5.2.
SECTION 5.3
PAYMENT OF LOAN ON DEFAULT; SUIT THBRBFOR.
(a) The Governmental Unit covenants that, in case default shall occur
in the payment of any sum payable by the Governmental Unit under Section 3.3 of this
Agreement as and when the same shall become due and payable, whether at maturity or
by acceleration or otherwise, then, upon demand of the Sponsor, the Credit Facility Issuer
or the Trustee, but only upon direction of the Credit Facility Issuer, the Govel"nmental
Unit wlll pay to the Trustee (or its assignee) an amount equal to the sum of: (1) the
amount described in Section 5.2 hereof; (ii) all accrued interest on the Loan to the date
such payment is made; (Hi) all other amounts which the Governmental Unit is obligated to
pay under this Agreement; and (iv) such further amount as shall be sufficient to cover the
costs and expenses of collection, including a reasonable compensation to the Sponsor, the
Trustee, their agents, attorneys and counsel, and any expenses or liabilities incurred by
the Sponsor or the Trustee other than through gross negligence or bad faith.
LKL-l1/16/88-261 AA-2821
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(b) In case the Governmental Unit shall fail forthwith to pay sueh
amounts upon such demand, the Sponsor or the Trustee (or its assignee) shall be entitled
and empowered but only upon direction of the Credit Facility Issuer, to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or final decree, and may
enforce any such jud5tment or final decree against the Governmental Unit and collect in
the manner provided by law.
(c) In case any proceedings shall be pending for the bankruptcy or for
the reorganization of the Governmental Unit under the Federal bankruptcy laws or any
other applica.ble law, or in ca.se a receiver or trustee shall have been appointed for the
property of the Governmental Unit, or in case any other similar judicial proceedings shall
be pending relating to the Governmental Unit or to the creditors or property of the
Governmental Unit, the Trustee (or its assignee) shall be entitled snd empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or claims for the
whole amount of the Loan made to the Governmental Unit pursuant to this Agreement and
for interest owing and unpaid in respect thereof and to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to prosecute the claims of
the Trustee (or its assignee) in any such judicial proceedings relating to the Governmental
Unit, its creditors, or its property, and to collect and receive any moneys or other
property payable or deliverable on any such claims, and to distribute the same after the
deduction of its charges and expenses. Any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized to make such payments to the Trustee (or its
assignee), and to pay to the Trustee (or its assignee) any amount it requires for
compensation and expenses, including counsel fees it has incurred up to the date of such
distribution.
SECTION 5.4
OTHER REMHDlRS.
(8) Whenever any Event of Default hereunder shall have occurred and
be continuing, whether or not all sums which the Governmental Unit is obligated to pay
under this Agreement shall have been declared to be immediately due and payable
pursuant to this Agreement, the Sponsor or the Trustee (or its assignee) shall, but only if
directed by the Credit Facility Issuer, take whatever action at law or in equity as may
appear necessary or desirable to collect the amounts payable by the Governmental Unit
hereunder, then due and thereafter to become due, or to enforce performance and
obsel'vance of any obligation, agreement or covenant of the Governmental Unit under this
Agreement, including the application of any undisbursed Loan proceeds to the reduction of
the outstanding balance of such Loan.
(b) Whenever any Event of Default hereunder shall have occurred and
be continuing, before or after declaring an acceleration pursuant to Seeton 5.2 hereof, the
Sponsor or the Trustee (or its assignee) may, but shall not be obligated to, perform for the
account of the Governmental Unit any covenant or obligation in the performance of which
the Governmental Unit is in default, in which event the Governmental Unit shall
immediately reimburse the Sponsor or the Trustee (or its assignee), a.s the case may be,
upon demand fOl. a.ll expenses incurred by the Sponsor or the Trustee (or its assignee), as
the case may be, in the course of such performance, including reasonable counsel fees,
with interest from the date of such expenditure at the Prime Rate of the Liquidity
Facility Issuer then in effect. '
LKL-ll/16/88-267 AA-2821
-20-
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(c) No action taken pursuant to this Section 5.4 shall relieve the
Governmental Unit from its obligations pursuant to Sections 3.3, 3.5 and 5.3 hereof, aU of
which shall survive any such action. The Sponsor or the Trustee (or its assignee) may, and
upon direction of the Credit Facility Issuer, shall take whatever action at law or in equity
as may appear necessary and desirable to collect the amounts then due and thereafter to
become due, or to enforce the performance and observance of any obligation, agreement
or covenant of the Governmental Unit hereunder.
(d) Except as to the Sponsor's rights to indemnity and reports from the
Governmental Unit hereunder, the Sponsor shall not be deemed to have an exclusive right
to enforce the remedies described in this Section 5.4.
SECTION 5.5 CUMULATIVE RIGHTS. No remedy conferred upon or
reserved to the Sponsor, the Credit Facility Issuer or the Trustee (or its assignee) by this
Agreement is intended to be exclusive of any other available remedy or remedies, but
each and every such remedy shall be cumulative and shall be in addition to every other
remedy given under this Agreement or now or hereafter existing at law or in equity or by
statute. No waiver by the Sponsor, the Credit Facility Issuer or the Trustee (or its
assignee) of any breach by the Governmental Unit of any of its obligations, agreements or
covenants hereunder shall be deemed a waiver of any subsequent breach, or a waiver of
any other obligation, agreement or covenant, and no delay or failure by the Sponsor, the
Credit Facility Issuer or the Trustee (or its assignee) to exercise any right or power shall
impair any such right or power or shall be construed to be a waiver thereof, but any such
right and power may be exercised by the Sponsor, the Credit Facility Issuer or the Trustee
(or its assignee) from time to time and as often as may be deemed expedient.
SECTION 5.6 DISCONTINUANCE OF PROCBBDINGS. In case the
Sponsor, the Credit Facility Issuer or the Trustee (or its assignee) shall have proceeded to
enforce any right under this Agreement and such proceedings shall have been discontinued
or abandoned for any reason or shall have been determined adversely to the Sponsor, the
Credit Facility Issuer or the Trustee (or its assignee), then and in every such case the
Governmental Unit, the Sponsor, the Credit Facility Issuer and the Trustee (or its
assignee) shall be restored respectively to their several positions and rights hereunder, and
all rights, remedies and powers of the Govermental Unit, the Sponsor, the Credit Facility
Issuer and the Trustee (or its assignee) shall continue 8S though no such proceeding had
been taken.
SECTION 5.7 NOTICE OF DEFAULT. The Governmental Unit shall give
the Trustee, the Credit Facility Issuer, the Liquidity Facility Issuer, each Local Credit
Enhancement Issuer or provider of any Local Letter of Credit and the Sponsor, a prompt
written notice of any condition or occurrence which constitutes an Event of Default under
Section 5.1 hereof immediately upon becoming aware of tht! existence thereof.
LKL-11/16/88-267 AA-2821
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SUN BANK, NATIONAL ASSOCIATION
Trustee
By:
Corporate Trust Officer
Attest:
By:
Vice President
LKL-ll/16/88-26? AA-2821
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reduction of principal. In the event the full amount of this Note is not disbursed, the
payments of principal due hereunder shall be reduced ra.tably to reflect such reduction in
the principal amount due hereunder.
The principal hereof and interest hereon shall be paid at such place as the
holders hereof may designate in writing.
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This Note evidences a loan made to the Governmental Unit pursuant to the
Loan Agreement dated as of December 1, 198~, finance or refinance the Governmental
Unit's cost of acquisition and installation of the Project described in the Loan Agreement
(the "ProjectU) and the Governmental Unit has executed this Note to secure all payments
due under said Loan Agreement. Such loan is being made by the City of Gulf Breeze,
Florida (the "Sponsor"), from the proceeds of its Local Government Loan Program
Floating Rate Demand Revenue Bonds, Series 1985A (the "Bonds"). The Bonds are issued
under a Trust Indenture dated as of December 1, 1985, as amended and restated as of July
1, 1986, as further amended and supplemented (the "Indenture") between the Sponsor and
Sun Bank, National Association, as Trustee. The Governmental Unit's obligations
hereunder are limited, special obligations payable solely from the Pledged Revenues in the
manner set forth in the Loan Agreement.
This Note may be paid prior to maturity in the manner and with the penalties
specified in Section 3.4 of the Loan Agreement.
This Note, and all payments due in this Note does not constitute a general
indebtedness of the Governmental Unit, or a pledge of its faith, credit or taxing power
within the meaning of any constitutional or statutory provision or limitation. Neither the
State of Florida nor any political subdivision thereof nor the Governmental Unit shall be
obligated (1) to ....<ercise its ad valorem taxing power or any other taxing power in any
form eP 9.!l any real or personal property in the Governmental Unit to pay the principal of
this Note, the interest thereon or other payments or costs incident thereto, or (2) to pay
the same from any other funds of the Governmental Unit except from the Pledged
Revenues. This Note and the indebtedness evidenced thereby shall not constitute a lien
upon any property of the Governmental Unit, but shall constitute a lien only on the
Pledged Revenues, in the manner provided in the Loan Agreement.
The Governmental Unit shall be in defa.ult hereunder upon: (i) the nonpayment
on or before the date the same is due of any payment described in paragraph (a) or (b) of
this Note, or (ii) upon the occurrence of any other Event of Default described in the Loan
Agreement which is not corrected within the applicable period therein specified, if any,
and after the giving of any required notice.
In the event of such default hereunder, the holder hereof shall have the
following rights or remedies: (i) the entire unpaid amount of the principal of this Note
and all other amounts which the Governmental Unit is obligated to pay under the Loan
Agreement, including but not limited to, those sums payable under Section 5.2 or the Loan
Agreement, shall become immediately due and payable in full without notice to or demand
on the Governmental Unit of any kind and without presentation, demand or protest, all of
which are hereby waived; and (ii) the holder may at its option exercise from time to time
any and all rights and remedies available to it under the Loan Agreement. No failure of
the holder hereof to exercise any right hereunder shall be construed as a waiver of the
right to exercise the same or any other right at any other time.
LKL-12/07/88-267 AA-2821
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EXHIBIT C
GENBRAL CERTIFICA TB
This certificate is made by the City of Clearwater, Florida (the
"Governmental Unit") to City of Gulf Breeze, Florida (the "Sponsor"), Sun Bank, National
Association, as Trustee and to Financial Guaranty Insurance Company (the "Credit
Facility Issuer"), and to their respective counsel and bond counsel to thl;! Sponsor, in
connection with a loan from the Sponsor to the Governmental Unit in the amount of
~980,OOO (the "Loan") from the proceeds of the Sponsor's $100,000,000 aggregate principal
amount Local Government Loan Program Floating Rate Demand Revenue Bonds, Series
1985C (the "Bonds"). The Loan is evidenced by the Governmental Unit's promissory note
of even date herewith (the "Governmental Unit Note"). The Sponsor is making the Loan to
the Governmental Unit for the purpose of financing or refinancing the Governmental
Unit's cost of the acquisition and installation of certain qualified projects (the "Project"),
as more particularly described in Exhibit "A" attached to the Loan Agreement of even
date herewith (the "Loan Agreement") between the Sponsor and the Governmental Unit.
The Governmental Unit, by the undersigned officers, hereby certifies that:
1. The Governmental Unit is a municipal corporation duly organized and
validly existing under the laws of the State of Florida. The Governmental Unit has full
power and legal right to enter into, and perform its obligations under, the Loan
Agreement and the Governmental Unit Note of even date herewith between the Sponsor
and the Governmental Unit.
2. Attached hereto as Exhibit "A-1" is a true, correct and complete
certified copy of 8; resolution Ordinance No. 4728-88 of the l6'fern:ing body City
Commission of the Governmental Unit, approving and authorizing the execution and
delivery of the Governmental Unit Note and the Loan Agreement (the "Ordinance"l. Such
~ Ordinance was duly adopted enacted in accordance with all procedural rules as
specified in Chapter 166, Florida Statutes and, if applicable, the Charter of the
Governmental Unit. Said resolution Ordinance has not been amended, modified or
repealed and is in full force and effect on the date hereof.
3. The names of the members of the governing body of the Governmental
Unit, their respective offices and the dates of expiration of their respective terms of
office are as follows:
Name Title Term Begins Term Bnds
Rita Garvey Mayor-Com missioner April, 1987 April, 1990
James L. Berfield Commissioner April, 1986 April, 1989
Lee Regulski Commissioner April, 1987 April, 1990
Don Winner Commissioner April, 1987 April, 1990
William Nunamaker Com missioner April, 1987 April , 1989
4. Such of the above persons as are required by law to file oaths of office
and bonds or undertakings have duly filed such oaths and filed such bonds or undertakings
in the amount and manner required by law.
LKL-12/07/88-267 AA-2821
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5. Each of the below named individuals which have executed the Loan
Agreement and the Governmental Unit Note, and which will execute requisitions for
disbursement of the Loan, has been duly elected ~ as a member of the
governing body of the Governmental Unit in the case of the Ma or or has been dul
appointed as Cit Mana er b the overnin bod of the Governmental Unit in the case of
the City Manager, and is authorized to act for and on behalf of the Governmental Unit in
connection with the execution of such documents, and the signature set opposite the name
of such officer is a genuine specimen of such officer's signature:
Name
Office
Specimen Si~ature
Rita Garvey
Mayor
Ron H. Rabun
City Manager
6. We further certify that on , 1988, the Governmental Unit
Note was executed ~ by the manual signatures of the undersigned Mayor and
and attested b the Cit Clerk of the Governmental Unit.
7. We further certify that at the date of the Governmental Unit Note, and
on this date, such officers were and are the duly chosen, qualified and acting officers
authorized to execute the Governmental Unit Note.
8. The undersigned did, on , 1988, duly execute and attest!
respectively, on behalf of the Governmental Unit and deliver to the other parties thereto,
the Loan Agreement.
9. The Pledged Revenues described in the Loan Agreement have not been
pledged in whole or in part, directly or indirectly, for the benefit of any obligations
previously issued by the Governmental Unit and are not subject to any other encumbrance,
other than as has been disclosed to and approved by the Credit Facility Issuer pursuant to
the J.,oan Agreement.
10. (a) The portion of the Loan ~ financing the original cost of the
Governmental Unit's acquisition ~ of the Project ~ listed in Exhibit
"A" attached to the Loan Agreement, together with the estimated interest earnings on the
undisbursed portion of the Loan! does not exceed the actual cost of such acquisition aM!
in3tallatiol't.
Ebt 'fig an obUgatian
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in Exhibit "A" attached to the Loa" A.gr~e. mer'lt doc! r'lot exceed the otltstanding prindpe.l
ftmo~n~~nld, obligation or i"dcbtedfte3! 83 of the date hereof and, if the ir'lterc3t on
Stich obliption or indebtednC3! i3 ~xempt from fld~ral iftcorn~ tax, such obligation. or
irtdebtedness-t3"3ubject to prepayment or redemption on the date hereof.
LKL-12/07/88-267 AA-2821
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~ ill The Project identified in Exhibit "A" attached to the Loan
Agreement was Mtt acquired or pleced in service by the Governmental Unit prior to the
date hereof, but the funds used for such acquisition were loaned from other temporarily
available surplus funds of the Governmental Unit, and at the time such acquisition was
authorized, the governing body of the Governmental Unit expressly contemplated and
intended that such temporary funds be replenished from the proceeds of a longer-term
permanent loan such as the Loan.
(-d) ~ No portion of the Loan will be used to finance any Project
which is used in the trade or business of a person who is not an "exempt person" as defined
in Section 103(b)(3) of the Internal Revenue Code of 1954, as amended (as in effect on
December 31, 1985). In this regard the Governmental Unit further certifies that (i) not in
excess of ten percent (1096) of the net proceeds of the Governmental Unit Note will be
used for Private Business Use if, in addition, the payment of more than ten percent (1096)
of the principal or ten percent (1096) of the interest due on such Governmental Unit Note
during the term thereof is, under the terms of such Governmental Unit Note or any
underlying arrangement, directly or indirectly, secured by any interest in property used or
to be used for a Private Business Use or in payments in respect of property used or to be
used for a Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for a
Private Business Use; and (ii) that, in the event that both (A) in excess of five percent
(596) of the Net Proceeds of such Governmental Unit Note are used or have been used for
a Private Business Use, and (8) an amount in excess of five percent (596) of the principal
or five pereent (596) of the interest due on such Governmental Unit Note during the term
thereof is, under the terms of such Governmental Unit Note or any underlying arrange-
ment, directly or indirectly, secured by any interest in property used or to be used for said
Private Business Use or in payments in respect of property used or to be used for said
Private Business Use or is to be derived from payments, whether or not to the
Governmenta! Unit, in respect of property or borrowed money used or to be used for said
Private Business Use, then said excess over said five percent (596) of Net Proceeds of the
Govemmental Unit Note used for a Private Business Use has been or shall be used for a
Private Business Use related to the governmental use of the System Project.
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The term "Private Business Use" means use directly or indirectly in a trade or
business carried on by a natural person or in any activity carried on by a person other than
a natural person, excluding, however, use by a state or local governmental unit and use as
a member of the general public.
11. The Governmental Unit is not in breach of or in default under any
existing law, court or administrative regulation, decree, order, agreement, indenture,
mortgage, lease, sublease or other instrument to which it is a party or by which it is
bound, and no event has occurred or is continuing which, with the passage of time or the
giving of notice, or both, would constitute a default or an event of default thereunder,
except for such minor breaches, defaults or potential defaults or events of default, it any,
which individually and in the aggregate would have no material adverse effect on the
Governmental Unit's financial condition, operations or properties.
12. The execution and delivery, receipt and due performance by the Govern-
mental Unit of the Loan Agreement, the Governmental Unit Note, and the Loan
Documents hereafter described and compliance with the provisions thereof, do not and
LKL-12/07/88-261 AA-2821
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will not conflict with or result in the breach of any of the terms, conditions or provisions
of, or constitute a default under the Charter, any existing resolution or ordinance of the
Governmental Unit, any existing law, court or administrative regulation, decree, order or
any agreement, indentul'e, lease or other instrument to which the Governmental Unit is a
party or by which it or any of its properties is bound.
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13. There is no action, suit, proceeding, inquiry or investigation at law or in
equity before or by any court, public board or body pending or, to the knowledge of the
Governmental Unit after due inquiry, threatened against or affecting the Governmental
Unit, which has not been disclosed in writing to the Credit Facility Issuer, contesting the
due organization of the Governmental Unit, ()r wherein an unfavorable decision, ruling or
finding (i) would have a material adverse effect on the financial condition of the
Governmental Unit, the operation by the Governmental Unit of the Project, its facilities
and its other properties, or an adverse effect on the functioning of the Governmental Unit
or payment by the Governmental Unit of the amounts due under the Loan Agreement in
the manner and time required thereby, or the tax-exempt status of the Governmental Unit
or the Governmental Unit Note, or (ii) would have an adverse effect on the validity or
enforceability of the Governmental Unit Note, the Loan Agreement, or the r~301utioftS
Ordinance of the Governmental Unit authorizing the Governmental Unit Note and the
execution of other documents in connection therewith (the "Loan Documents").
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14. No final judgment for the payment of money has been rendered against
the Governmental Unit, unless within 60 days from the entry thereof, (i) such judgment
has been discharged or (ii) the Governmental Unit has taken and is diligently prosecuting
an appeal therefrom, or from the order, decree or process, upon which or pursuant to
which such judgment was granted or entered, and has caused the execution or levy under
such judgment, order, decree or process or the enforcement thereof to be stayed pending
the determination of such appeal, or (Hi) the Governmental Unit has provided for the
payment or securing of such judgment in a manner satisfactory to the Credit Facility
Issuer.
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15. The Governmental Unit has duly performed and complied with all the
obligations, agreements and conditions on its part to be performed or complied with at or
prior to the closing. Each of the representations, warranties and other information
contained in the the Governmental Unit's loan application is true and correct and does not
contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements in such documents, in light of
the circumstances under which they were made, not misleading and has not changed since
the date of the Governmental Unit's loan application. The Governmental Unit has
authorized, by all necessary action, the execution, delivery, receipt and due performance
of the Governmental Unit Note, the Loan Documents and any and all such other
agreements and documents as may be required to be ext!cuted, delivered and received by
the Governmental Unit to carry out, give effect to and consummate the transactions
contemplated by the Loan Agreement relating to the Governmental Unit Note, and such
authorization has not been modified, amended or repealed.
16. The Governmental Unit Note has been duly authorized pursuant to the
Loan Agreement and the Rt3ohstioft Ordinance in the forms delivered by the
Governmental Unit in connection with the issuance of the Governmental Unit Note on the
date hereof. The RC301\:ltiOft Ordinance was duly adopted enacted in accordance with all
L}~L-12/07/88-267 AA-2821
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EXIflBIT D
(Letterhead of Governmental Unit Counsel)
December
, 1988
City of Gulf Breeze
Gulf Breeze, Florida
Livermore Klein & LoU, P.A.
Jacksonville, Florida
Sun Bank, National Association
Orlando, Florida
Financial Guaranty Insurance
Company
New York, New York
Re: ~980,000 Loan from City of Gulf Bree2.:, Florida, Local Government
Loan Program to City of Clearwater, Florida
Ladies and Gentlemen:
As counsel for the City of Clearwater, Florida (the "Governmental Unit"), I am
delivering this opinion to you in connection with the consummation of a loan by City of
Gulf Breeze, Florida (the "Sponsor") to the Governmental Unit in the amount of ~980tOOO
(the "Loan") from the proceeds of the Sponsor's $100,000,000 Local Government Loan
Program Floating Rate Demand Revenue Bonds, Series 1985C (the "Bonds"). The Loan is
being made pursuant to a Loan Agreement of even date herewith (the "Loan Agreement")
between the Sponsor, the Governmental Unit, Sun Bank, National Association (the
"Trustee"), and Jackson C. Tuttle, City Manager (the "Administrator") to finance the
Governmental Unit's cost of the acquisition and installation of certain qualified projects
of the Governmental Unit (the "Project"). The Loan is evidenced by the Governmental
Unit's promissory note in the principal amount of ~980,OOO (the "Governmental Unit
Note"). As provided in the Loan Agreement, the Loan Agreement and the Governmental
Unit Note may be assigned to a credit facility issuer for the Bonds (the "Credit Facility
Issuer") under certain circumstances.
It has been represented to me that: (i) the Bonds were issued pursuant to
Chapter 125, Florida Statutes as amended, Chapter 166, Florida Statutes, as amended,
Chapter 163, Florida Statutes, as amended, Chapter 159, Part I, as amended, and other
applieable provisions of law for the purpose of financing and refinancing the cost of the
acquisition and iastallation of qualified projects in the State of Florida; (ii) the Sponsor
intends to lend the proceeds of the Bonds to elilrible governmental units by entering into a
loftn agreement with each participating governmental unit; (iii) it is intended that such
agreements, in the aR1"egate, will provide for the payment by the governmental units of
amounts sufficient to pay the principal of and interest on the Bonds and other costs
Incurred in connection with the Sponsor's loan pool program; and (iv) the Bonds are
secured by an assignment and pledge to Sun Bank, National Association, Orlando, Florida,
as trustee under a Trust Indenture dated as of December 1, 1985, as amended and restated
as of July 1, 1986, as further amended and supplemented (the "Indenture") of certain of
the Sponsor's rights under such loan agreements, including the Loan Agreement, and by a
pledge of the notes given by the governmental units evidencing such loans, includinlr the
Governmental Unit Note.
LKL-12/07/88-267 AA-2821
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At l:f. closing held tOday, the Governmental Unit has executed and delivered to
the Sponsor, the Loan Agreement and the Governmental Unit Note.
As counsel for the Governmental Unit, I have examined the originals or
certified copies of each of the agreements and instruments referred to above and a
resoh:ltioft Ordinance No. 4728-88 duly adopted enacted by the go";crniftg b6ard ~
Commission of the Governmental Unit on December 15, 1988 (collectively, the
"Rcsoh:ltion Ordinance"). I have also examined such other documents and certificates,
made such inquiries of officers and employees of the Governmental Unit and others and
considered such other matters of fact and questions of law as I deemed necessary for the
purpose of giving this opinion.
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Based on the foregoing, I am of the opinion that:
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1. The Governmental Unit is validly existing as a municipal corporation of
the State of Florida and has full power and authority to conduct its operations, to adopt
enact the Re301tltion Ordinance, to enter into, execute and deliver the Loan Agreement
and the Governmental Unit Note, and to perform all acts necessary to effectuate and
consummate the transactions contemplated thereby.
2. The RC3olution Ordinance has been duly adopted enacted, and the Loan
Agreement and the Governmental Unit Note have been duly authorized, executed and
delivered by the Governmental Unit and constitute binding and enforceable agreements of
the Governmental Unit in accordance with their respective terms (subject as to
enforcement of remedies to any applicable bankruptcy, reorganization, insolvency,
moratorium or other laws or equitable principles affecting the enforcement M of
creditors' rights generally from time to time in effect.)
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3. The Governmental Unit is not in breach of or in default under any
existing law, court or administrative regulation, decree, order, agreement, indenture,
mOl.tgage, lease, sublease or other instrument to which it is a party or by which it is
bound, and no event has occurred or is continuing which, with the passage of time or the
giving of notice, or both, would constitute a default or an event of default thereunder,
except for such minor breaches, defaults or potential defaults or events of default, if any,
which individually and in the aggregate would have no material adverse effect on the
Governmental Unit's financial condition, operations or properties.
4. The execution and delivery of the Loan Agreement and the Governmen-
tal Unit Note and compliance with the provisions thereof, do not and will not conflict with
or result in the breach of any of the terms, conditions or provisions of, or constitute a
default under, the enabling legislation and Charter of the Governmental Unit, any existing
ordinance or resolution of the governing body of the Governmental Unit, any existing law,
court or administrative regulation, decree, order or any agreement, indenture, lease or
other instrument to which the Governmental Unit is a party or by which it or any of its
properties is bound.
5. All requirements imposed by Section 163.01, Florida Statutes, as
amended, as preconditions to the effectiveness of the Loan Agreement as an interlocal
agreement under such section have been met and the Loan Agreement constitutes a valid,
binding and enforceable interlocal agreement under the provisions of such Section.
LKL-12/07/88-267 AA-2821
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Agenda No.
Meeting Dote:
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12/1/88
M'EMORANDUM TO: FIN-,
The City Com miss ion of the City of C I ea r'water
SU8JECT:
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Pennanent Financing for Vogel Property Purchase
RECOM MENDATION: Pass on first reading CXdinance No. 4728-88, which authorizes a
$980,000 loan fran the City of Gulf Breeze Municipal Loan Pool, to be repaid over ten years
in accordance with the repayment schedule attached to the agreement; approve deposit of the
proceeds of the lo~ into the special development fund to reimburse it for the temporary
interfund loan which was used to acquire the Vogel Prcperty in D3cember, 1986; and authorize
repayment of principal and interest to the extent possible, fran legally available. cpen space
and recreation land impact fees, with the balance of debt service to care frcm the
undesignated fund balance of the special development fund.
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c:a And thal theappropria1e officials be authorized to Gxecute sam e.
,BACKGROUN O~ November 20, 1986, the City Commission approved the purchase of 15.61
acres of land on Belcher Road fran Mr. and Mrs. t\P-lson Vogel for a total purchase price of
$1,475,834. Available impact fees totaling $499,381 v.ere applied to the purchase, with the
remaining $976,453 borrowed temporarily from the undesignated fund balance of the Special
revelopnent F\.1pd pending "satisfactory completion" of permanent financing. This loan was
included in our 1987 application to the First Florida Governmental Financing Cbrnmission
poc>led bond issue, but was pulled at the last minute because of City bond counsel concerns
relative to our $1,000,000 charter limitation on revenue bonds. Subsequent atten:Pts to
complete this financing with other loan pools were unsuccessful due to inability to negotiate,
mutually agreeable terms.
The City of Gllf Breeze Municipal IDan Pool is one of thQ ranaining pools. which I
was established under "pre-1986" tax law, and is consequently exempt fran the new arbitrage I
rebate requirements. '!he interest rate is variable, but has 'traditionally remained fixed for I
six nnnth intervals. '!he current effective interest rate is 6.4%. IDans may be prepaid with I'
advance notice as provided in Section 3.4 of the loan a:Jreement. Bond Counsel fees of $3,500 ,
will be included in the loan principal. Assuming the City is able to earn l~% more than the I!
variable rate on the loan, there will be an average savings of $7,350 per year over the 10 :
year life of the loan. "
If the Conmission chooses not to approve this loan for whatever reason, it will,:
be our recommendation to continue indefinitely the existing interfund loan from the ~
undesignated fund balance of the special developnent fund, to be repaid out of legally
available impact fees but only if and when they became available.
Commission OlsQositicn:
1. ApfU'OWd &I ReaomiMndIdIR..,fIld/Conditio...
2. Continued to
Fel low-up Action~
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Submitted by:
Advertised:
Dot,:
~oP":
C Affected
Pertles
Notffied
of Meetlnq
Costs:
Fundln~ Source:
o Ca~ital Improve-
ment Budqet
o Operotinq Sudc;et
o Otner
fiJA ttac:hm ents:
Ordinance No.
4728-88
Loan Agreement
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Oate a StQuentlcl
Ref.rence
CNot A.quina C Not Required
Oric;inctlnq OQpartmtJil:
Finan-~N
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Ap~ropriation Code
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Borrower as authorized herein, shall be deemed a part of this instrument as fully and to
the same extent as if incorporated verbatim herein.
Section 5. AUTHORIZATION OP EXECUTION AND DBLIVERY OP LOAN
AGREEMENT. The Loan Agreement, in substantially the form attached hereto as Exhibit
"B", including the Governmental Unit Note attached thereto, with such changes, altera-
tions and corrections as may be approved by the Mayor-Commissioner and City Manager
of the Borrower, such approval to be presumed by his execution thereof, is hereby
approved by the Borrower, and the Borrower hereby authorizes and directs said Mayor-
Commissioner and City Manager to execute, and the City Clerk of the Borrower to attest
under the seal of the Borrower, the Loan Agreement and the Governmental Unit Note and
to deliver to the Administrator and Sun Bank, National Association, as Trustee, the Loan
Agreement and the Governmental Unit Note, all of the provisions of which, when
executed and delivered by the Issuer as authorized herein and by the Administrator and
the Trustee duly authorized, shall be deemed to be a part of this instrument as fully and
to the same extent as if incorporated verbatim herein.
" "
Section 6. ISSUANCB OF GOVERNMENTAL UNIT NOTE; SECUKlTY. The
Loan shall be evidenced by the Governmental Unit Note, issued in the amount of $980,000.
The Mayor-Commissioner and City Manager of the City and the City Clerk of the City are
hereby authorized to issue and deliver, and to attest, the Governmental Unit Note against
receipt of the proceeds of the Loan as provided in the Agreement. The Governmental
Unit Note shall have such terms and provisions, shall bear interest at such rates, adjusted
in such manner and payable at such times, and shall mature in such amounts on such dates,
all as are set forth in the Loan Agreement. Up-on issuance, the Governmental Unit Note
shall be secured by a lien upon and. pledge of the Pledged Revenues. The Borrower hereby
pledges, and grants a lien upon, the Pledged Revenues, in favor of the Governmental Unit
Note, all in the manner set forth in the Loan Agree!l1ent and the Governmental Unit Note.
Section 1. NO PERSONAL LIABILITY. No covenant, stipulation, obligation
or agreement herein contained or contained in the Loan Agreement shall be deemed to be
a covenant, stipulation, obligation or agreement of any member, agent or employee of the
Borrower or its governing body in his individual capacity, and neither the members of the
City Commission of the Borrower nor any official executing the Loan Agreement or
Governmental Unit Note shall be liable personally thereon or be subject to any personal
liability or accountability by reason of the issuance thereof.
Section 8. NO TWllD PARTY BENEFICIARIES. Except as herein or in the
Loan Agreement otherwise expressly provided, nothing in this instrument or in the Loan
Agreement, expressed or implied, is intended or shall be construed to confer upon any
person, firm or corporation other than the Borrower, the Administrator, the Credit
Facility Issuer, the City of Gulf Breeze, Florida, and the Trustee any right, remedy or
claim, legal or equitable, under and by reason of this instrument or any provision thereof
or of the Loan Agreement, this instrument and the Loan Agreement intended to be and
being for the sole and exclusive benefit of the Borrower, the Administrator, the Credit
Facility Issuer, the City of Gulf Breeze, Florida, and the Trustee.
Section 9. PREREQUISITES PERFORMED. All acts, conditions and things
relating to the passage of this instru ment, to the execution of the Loan Applieation, to
the execution of the Loan Agreement and the Governmental Unit Note required by the
LKL-ll/16l88-267 AA-2821
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PROJECT
DESCRIPTION
TOTAL AMOUNT
OF FINANCING
ANTICIPATED DATE OF
PROCEEDS DISTRIBUTION
1. Citywide 800 MHZ
Radio Nets
Conununica,tion
System
4,558,000
Feb:cuary 1, 1987
2. Advance Refunding
of Campbell Note
Secured by ~ Cent
Sales Tax
Allocation
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February 1, 1987
3. City Garage and
Refurbishment Shop
6,332,000
June 30, 1987
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4. ECONOMIC DATA (continued)
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E. Gross and Taxable Sales (rounded to thousands of dollars)
Type ~f Sales
1984
1983
1982
1981
Gross Sales
Taxable Sales
Source.:
F. Building Activity
Activity 1985 1984 1983 1982 1981
Total Value ($1,000) 119,331 145,829 117,809 ,78 I 609 N/A
Single Family Unns 273 300 350 268 376
Multi-Family Units 621 1,148 1,452 495 628
Source: City of Clearwater Building Department
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5. TAX REVENUE DATA
A. Assessed Valuations. (Figures il1 Millions)
Year Just Value Exempt and lmm.me Values Taxable Value Annual Growth Rate
1975
1976 1,074 221 853 10.8%
1977 1,209 236 973 14.1\
1978 1,287 251 1,036 6.5%
1979 1,375 277 1,098 5.9%
1980 1,522 306 1,216 10.8%
1981 2,073 482 1,591 30.8%
1982 2,632 636 1,996 25.5%
1983 3,053 693. 2,-360 18.3%
1984 3,411 883 2,527 7.1%
S$W'.11
1985 3,661 924 2,737 8.3%
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5. TAX REVENUE DATA (continued)
8. Schedule of Property Taxes Levied and Collected
FIScal Year
Property Taxes Levied
% of Total Tax Colledions
to Tax Levy
Total Tax Collections
1976 4,649,832 4,683,141 100.72
1977 5,273,959 5,270,218 99.93
1978 5,648,756 5,633,335 99.73
1979 6,035,859 6,012,008 99.60
1960 7,494,991 7,476,450 99.75
1981 8,367,508 8,327,374 99.52
1982 9,670,373 9,649,710 99.78
'1983' 9,531,471 9,437,437 99.01
1ge4 10,957,983 10,929,306 99.74
1985 11,766,901 11,631,140 98.85
Source: City of Clearwater Comprehensive Annual Financial Report, September 30, 1985.
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7. OUTSTANDING DEBT: If the city has currently outstanding long-term (matu~ity of
more than one year form date of issuance) please provide the following information:
Name of Issue Arrount T of Debt Date of Date of Rating Rating
OutstarCl/'lQ G~raJ Revenue Issue Maturity Agency
($000) ObrJgalbn
As of 9/30/ 6
General Obligation 1/1/99 A+ Standard &
3,955,000 X 1971, 1978 Mood ~s
Bonds
Putilic Service Tax 12/1/98 AAA Standard &
7,155,000 X 8/27/85 Aaa Mood s
& Bridge Rev. Bonds
Water & Sewer 12/1/94 AAA Standard &
13,246,593 X 11/15/84
Revenue Bonds Aaa Mood s
Parking System 840,000 X 1/1/83 1/1/98 A- Standard &
Revenue Bonds
Gas System Revenue 7,030,000 X 1/1/84 9/1/2013 AAA Standard &
Bonds
Capital Improvement 576,000 X 11/16/84 11/16/941 None N/A
Revenue Bonds
Incinerator Revenue 190,000 X 2/27/63 2/1/89 N01'le N/A
Bonds
Clearwater Pass 358,937 X 6/30/82 6/30/89 None N/A
Dredge Note
Barnett Recreation 170,800 X 5/30/80 5/30/90 None N/A
Complex
Barnett ~apital 468,000 8/1/83 6/1/88 None N/A
Improve X
Bilgore Property 590,000 X 8/22/86 8/22/89 None N/A
Acquisition Notes
Community Developmp..t 1 660 000 X 8/1/86 8/1/06 None N/A
Bonds ' ,
8. FINANCIAL STATMENTS: Enclose audited financial statements for the City for
the past three fiscal years.
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TABLE OF CONTENTS
CITY OF GULP BREEZE, FLORIDA
LOCAL GOVERNMENT LOAN PROGRAM
LOAN AGREEMENT
Parties and Recitals
Section 1.1
Section 1.2
Section 1.3
Section 1.4
Section 1.5
Section 2.1
Section 3.1
Section 3.2
Section 3.3
Section 3.4
Seetion 3.5
Section 3.6
Section 3.7
Section 3.8
Section 3.9
Section 3.10
Section 3.11
Section 3.12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '.
ARTICLB I
BACKG ROUND AND REPRESENTATIONS
Background ....................... . . . . . . . . . . . . . . . . . . . . .
Representations of Governmental Unit . . . . . . . . ..... . . . . . . .
Sponsor Representations ..... . . . . . . . . . . . . . . . . . . . . .
Administrator Representations . . . . . . . . . . . . . . . . . . . ..... . . . . . . .
Trustee Representations ..... . . . . . . . . . . . . . . . . . . .
ARTICLE n
DEFINITIONS
Definitions .......... 0 . . · . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ARTICLB m
FINANCING THE PROJECT
Making of Loan; Application of Loan Proceeds ....................
Disbursement of Loan; Security Interest in
Undisbursed Proceeds. . . . ti :. · . · . . · . · · . . . . . . . . . . . . . .
Repayment of Loan · '. . . . . · . . . . . . · . . · . . . · . . · · . . . . . . . . . ·
Prepayment of Loan ... . . · . · . . · · · · · · . · . · . . . · . . · · · . . · . .
Administrative Expenses . · . . · . . . . · . . · . . · . . . · . . . . ·
Special Obligation of Governmental Units ..... . · . . . · . · . . · . . . . . .
Benefit of Bondholders and Enhancement Provider;
Compliance with Trust Indenture . . . · . . . · . . . . . · . . . . . . . . .
Bonds Not to Become Arbitrage Bonds . · . . . . . . · . .
Assignment of Sponsor's Rights ...... . . . . . . . . . . ·
Covenant Regarding Pledged Revenues;
Revenue Fund . . . · . . · . . . · . . . . . . . . . . . . . . . . · . . . · . · · . · . . .
Alternate Security for Governmental Unit Note
Interlocal Agreement ......................
..... ...
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2
3
3
3
4
6
6
6
8
8
9
11
11
11
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11
12
13
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Standby Bond Purchase and Revolving Credit Agreement dated as of April 1, 1988 (the
"Liquidity Facility") with COGB Liquidity Corporation and The Bank of Tokyo, Ltd., ~ew
York Agency (collectively, the "Liquidity Facility Issuer") and the Trustee, pursuant to
which the Liquidity Facility Issuer will agree to purchase Bonds at the principal amount
thereof (up to the aggregate principal amount of Bonds outstanding), together with
accrued interest, to the extent that moneys are not otherwise available therefor under the
terms of the Indenture.
(g) The Administrator has approved the Loan and has approved a commit-
ment (the "Commitment") to make a loan in the amount of $980,000 (the "Loan") for the
purpose of financing the original cost of acquisition of the project identified on Exhibit A
attached hereto, which shall hereinafter collectively be referred to as t~e "Project".
(h) As evidence of the Loan made pursuant to this Agreement, the Govern-
mental Unit will execute and deliver a note in the principal amount of the Loan in the
form attached hereto as Exhibit B (the "Governmental Unit Note"). As security for the
Bonds, the Sponsor is assigning to the Trustee all its right, title and interest in the
Governmental Unit Note and this Agreement (except for the rights reserved by the
Sponsor as described in Section 3.9 hereof). Pursuant to the Indenture, the Governmental
Unit Note and this Agreement may be assigned by the Trustee to the Credit Facility
Issuer under the circumstances set forth therein.
SECTION 1.2
REPRESENTATIONS OF GOVERNMENTAL UNIT.
(a) The Governmental Unit is a municipal corporation of the State of
Florida, with full power and legal right to enter into this Agreement and perform its
obligations hereunder, and to finance the Project in the manner contemplated herein. The
Governmental Unit's actions in making and performing this Agreement have been duly
authorized by all necessary official action and will not violate or conflict with any
applicable provision of the Constitution, or law of the State of Florida or with any
ordinance, governmental rule or regulation, or with any agreement, instrument or other
document by which the Governmental Unit or its funds or properties are bound.
(b) The amount of the Lo~n, less' an{icipated investment earnings, does not
ex(~eed the "Cost" of the Project (as defined in the Indenture).
(c) No portion of the proceeds of the Loan will be used to finance any
Project which is used in the trade or business of a person who is not an "exempt person" as
defined in Section 103(b)(3) of the Code.
(d) Immediately after the execution hereof, no Event of Default shall exist
hereunder nor shall there exist any condition which with lapse of time, the giving of
notice, or both, would constitute an Event of Default hereunder.
(e) The Governmental Unit is duly authorized and empowered under the laws
of the State of Florida, particularly Chapter 166, Part II, Florida Statutes, to enter into
this Agreement, to issue the Governmental Unit Note and to pledge the sources
hereinafter mentioned to the repayment thereof, and to apply the proceeds thereof to the
payment of the Costs of the Project.
LKL-l1!16/88-267 AA-2821
-2-
~_"_"",__"".""'J'~.ftO:l""'\~lil1tiMc;lf't I
ARTICLB n
DEFINITIONS
"
SECTION' 2.1
defined in the Indenture and in the
assigned thereto in the Indenture and
hereof expressly requires otherwise.
meanings defined as follows:
DEFINITIONS. The capitalized terms used herein which are
Authorizing Ordinance shall have the meanings
in the Authorizing Ordinance, unless the context
In addition, the following terms shall have the
"Additional Parity Bonds" shall mean 'Additional Parity Bonds issued under the
terms, conditions and provisions hereof.
"Annual Debt Service Requirement" shall mean the debt service coming due in
the applicable fiscal year on the Governmental Unit Note, any Additional Parity Bonds,
and on any other indebtedness issued by the Governmental Unit with a lien on the Pledged
Revenues. In calculating the Annual Debt Service Requirement, the interest rate on any
variable rate indebtedness shall be deemed to be a fixed r-ate of <_96) per
annum.
"Commitment" means the commitment of the Administrator to make the
Loan.
"Costs and Expenses of the Program" shall mean the fees and expenses of the
Trustee, the Liquidity Facility Issuer, the Credit Facility Issuer, the Remarketing Agent,
the Administrator, the Independent Contractor, the Registrar and Paying Agent, and the
Issuer, including the fees an.d expenses of general or special counsel to any of the
foregoing, ana shall include, without limitation of the foregoing, all amounts provided in
Section 3.5 hereof.
"Cost" or "Costs" in connection with the acquisition and/or eonstruction of any
Project, means any cost incurred or estimated to be incurred by the Governmental Unit
which is reasonable and necessary for carrying out. all works and undertakings in providing
and constructing or acquiring such Pr-oject for < the Governmental Unit, including the
construction of the Pr-oject, the cost 'of necessary studies, surveys, plans and specifica-
tions, architectural, engineering, legal or other special services, including the fees and
expenses of bond counsel, development, construction and reconstruction necessary or
useful in connection with the construction of the Project, the reasonable cost of financing
incurred by the Governmental Unit or the Sponsor in connection with the execution of the
Loan Agreement, or in the course of the aequisition and/or construetion of the Project,
including reimbursement to the Administrator for its out-of-pocket expenses and including
capitalized interest on any Loan disbursed in stages, and the cost of such other items as
may be reasonable and necessary for the acquisition and/or construction of the Project.
"Local Credit
enhancement deviee acceptable
securing timely payment of
Governmental Unit Note.
Enhancement"
in
principal
or "Local Letter
form and substance
of and interest
of Credit" means
to the Credit
and premium, if any,
a credit
Facility Issuer
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LKL-11/16/88-267 AA-2821
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"Maximum Annual Debt Service" shall mean as of any date, the maximum
amount of principal, interest and other amounts provided for hereunder coming due in.any
year on the Loan and on any Additional Parity Bonds. Such amount shall be computed at
the higher of (i) 1096 per annum or (ii)(A) the highest floating rate of interest borne by any
Variable Rate Loan during the preceeding 24 months or (B) if no such Variable Rate Loan
is then outstanding, the component of the Loan interest rate payable in respect of the
Governmental Unit's Pro-Rata Share of interest on the Bonds shall be computed assuming:
the highest rate borne by the Bonds during the preceding 24 months. In the case of
Additional Parity Bonds bearing interest at a variable rate such amount shall be computed
at the higher of (i) 1096 per annum or (ii) the highest variable rate borne by such Bonds
during the preceding 24 months, provided that if no such Bonds are then outstanding, the
highest rate borne by variable rate obligations the interest rate on which is computed
according to the same or a similar index as that to be used for the Additional Parity Bonds
to be issued shall be assumed. For the purpose of this definition, "interest" on the Loan
shall include that amount payable in respect of the Governmental Unit's Pro-Rata Share
of interest on the Bonds, Non-Asset Bonds amount, and Costs and Expenses of the
Program.
"Pledged Revenues" shall mean the proceeds of the local government half-cent
sales tax, as defined and described in, and distributed to, the Governmental Unit under,
Part VI, Chapter 218, Florida Statutes, securing repayment of the Loan and the
Governmental Unit Note, pursuant to Section 3.6(b) hereof.
"Pro- Rata Share" shall mean the percentage derived by dividing the principal
amount of the Governmental Units Loan by the sum of (1) the principal amount of all
loans outstanding plus (2) the amounts on deposit in the Project'Loan Fund.
"Recycled Bond Proceeds" shall mean proceeds used to make Loans from the
Loan Repayment Account under the Indenture.
LKL-11/16/88-267 AA-2821
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ARTICLE m
FINANCING THE PROJECT
SECTION 3.1 MAKING OF LOAN; APPLICATION OP LOAN PROCEED&
From the amounts on deposit in the Project Loan Fund created under the Indenture, the
Governmental Unit hereby agrees to borrow and repay the sum of $980,000. The Loan
made hereby shall be repaid in accordance with the Governmental Unit Note and Section
3.3 hereof. The Governmental Unit covenants that it shall use the proceeds of the Loan
solely for the purposes described in Section 1.1(~:) hereof and that it shall not use the
proceeds of the Loan in a manner inconsistent with the representations and covenants set
forth in Sections 1.2(c), 1.2(e) and 1.2(f) hereof.
SECTION 3.2
DISBURSED PROCEEDS.
DISBURSEMENT OF LOAN; SECURITY INTEREST IN UN-
(a) Following the execution and delivery of this Agreement and the Govern-
mental Unit Note (the "Closing"), the Trustee shall disburse the fees and expenses of bond
counsel and the amount of expenses of the Administrator to be reimbursed from the
proceeds of the Loan to the Expense Account created under the Indenture. The Trustee
shall disburse the balance of the Loan, with the written approval of the Credit Facility
Issuer, to the Governmental Unit in reimbursement for the cost of acquisition of the
Project previously incurred by the Governmental Unit.
(b) The Governmental Unit agrees that, upon request of the Trustee or t~e
Administrator, it shall supply such documentation as the Trustee, the Administrator or the
Credit Facility Issuer may require to determine that the proceeds of the Loan have been
applied solely to payment of the Costs of the Project.
SECTION 3.3 REPAYMENT OP LOAN. The Loan to be made to the
Governmental Unit for the Project shall be repaid in installments which shall correspond
in time and amount to the payments of principal. tlnd interest on the Governmental Unit
Note and shall bear interest at the rates, and shall be payable at the times payable on the
Governmental Unit Note, as follows: .' '
(a) The principal of the Loan shall be paid in 120 installments on the dates
and in the amounts shown on "Schedule In attached to the form of the Governmental Unit
Note, which is attached hereto as Exhibit "B", with all remaining principal, together with
any other amounts payable in connection therewith, due on January 1, 1999, or such later
date as the Credit Facility Issuer shall have approved in writing.
(b) The interest on and other amounts due in respect of the Loan shall be
paid commencing on the first day of February, 1989, and on the first day of each month
thereafter. The repayment amounts due in respect of aU Loans to Governmental Units
shall be an amount determined by the Financial Advisor on behalf or the Sponsor,
sufficient to retire, over the life of the Loan, the Pro-Rata Share of Non-Asset Bonds, and
an amount sufficient to provide funds, which, as described in the immediately following
paragraph, together with the Governmental Units' Pro-Rata Share of amounts in the
Surplus Fund constituting income from the investment of certain funds established under
LKL-ll/16/88-267 AA-2821
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the Indenture will be suffieient, to pay when due among other things, the Costs and
Expenses of the Program, the estimated interest (Including Additional Interest, if ,any)
becoming due on the Bonds, taking into consideration the fact that such interest on all or
a portion of the Bonds will vary on a weekly basis pursuant to the Indenture; provided,
however, that if an acceleration of the Loan is declared pursuant to Section 5.2 hereof
following the occurrence of an Event of Default hereunder, the interest rate on the Loan
shall be increased to a rate per annum equal to the Prime Rate plus 296. Said interest
rate shall be based upon a year equal to 365/366 days for actual days elapsed and shall
change when said Prime Rate shall change. Notwithstanding anything otherwise contained
in this Agreement, the interest rate on the Loan shall not exceed twenty-five percent
(2596) per annum (exclusive of amounts charged for Costs and Expenses of the Program
which are not charges for the use or forbearance of money), or such higher rate as may
from time to time be permitted under applicable law and approved by the Credit Facility
Issuer (the "Maximum Rate"); provided, that, in the event the imposition of such Maximum
Rate shall ever cause the amount payable on the Governmental Unit Note to be less than
the amount of interest which would otherwise be computed pursuant to this Section 3.3,
the Governmental Unit Note shall thereafter bear interest at the Maximum Rate until the
earlier of (1) the final maturity of the Governmental Unit Note or (2) such time as the
total amount of interest paid on the Governmental Unit Note shall at such rate equals the
amount of interest which would have been payable on the Governmental Unit Note
pursuant to this Section 3.3 without regard to any Maximum Rate.
The Financial Advisor, on behalf of the Sponsor, shall determine not less often
than each January 1 and July 1 the rate of interest on the Loan and the Pro-Rata Share of
the Costs and Expenses of the Program and the Non-Ass~t Bond~ and shall notify the
Trustee and the Administrator of such determination. The Administrator shall compute
the amount of each Governmental Unit's monthly payment and shall notify the Trustee
and the Governmental Unit, at least ten days prior to the firs~ day of the month in which
the new payment amount is to become effective, of the period (not exceeding six months)
for which such payment amount is to be in effect and the amount of each interest
payment which the Governmental Unit is required to make during such period. However,
if at any time the Trustee determines that such payment amount, together with other
funds available therefor, does not provide sufficient funds to pay interest on all Bonds and
to pay the Non-Asset Bonds, the intere.st becoming due on the Bonds (including Additional
Interest, if any, together with the annual fees and other amounts, if any, charged for or
due under the Credit Fc.cUlty and Liquidity Pacility, together with other fees and
expenses relating to the Sponsor's multi-governmental loan program, the Trustee shall so
notify the Administrator and the Financial Advisor. The Financial Advisor, on behalf of
the Sponsor shall increase the payment amount on the Loan then in effect by an amount
sufficient to cure such deficiency by giving notice thereof to the Administrator. The
Administrator shall recompute the amount of the Governmental Unit's monthly payments
and shall give the Governmental Unit notice of a revised interest rate at least ten days
prior to the date such revised interest rate is to become effective, stating the period (not
exceeding six months) for which such revised Interest rate is or additional payments are to
be In effect, and the amount of each Interest payment which the Governmental Unit is
required to make during such period. The Administrator shall gend to the Trustee and the
Credit Facility Issuer duplicate copies of each statement to the Governmental Unit
specifying the total payment due from the Governmental Unit for principal and interest
on the Loan, the respective amounts of principal and interest included in such total
payment, and the amount of any fees and expenses billed to the Governmental Unit on a
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The Administrator, on behalf of the Sponsor, shall determine such amount (concurrently
with the determination of the interest payments on the Loan pursuant to Section 3~3(b)
hereoO and shall notify the Governmental Unit at least ten days prior to the first day of
the period for which the new payment schedule is to become effective, of the period (not
exceeding six months) for which such payment schedule is to be in effect and the amount
of each payment which the Governmental Unit is required to make during such period.
However, if at any time the Administrator determ ines that such payments made by all
Governmental Units with non-accelerated Loans will not provide sufficient funds to pay
the amounts described in clauses (l) through (6) above, the Administrator, on behalf of the
Sponsor, shall revise the schedule of payments then in effect by giving the Governmental
Unit notice of revised schedule of payments, at least ten days prior to the date such
revised payment schedule is to become effective, stating the period (not exceeding six
months) for which such payment schedule is to be in effect and the amount of each
payment which the Governmental Unit is required to make during such period.
(b) The Governmental Unit shall pay the amounts described in paragraph (a)
above to the Trustee, as the Sponsor's assignee of this Agreement; except as otherwise
provided in Section 3.9 hereof.
(c) Any other amounts due from the Governmental Unit hereunder, including
closing costs related to the Loan and not paid at closing.
SECTION 3.6
SPECIAL OBLIGATION OF GOVERNMENTAL UNITS.
(a) Each Credit Issuer may share with any other Credit Issuer any informa-
tion given to any of them by the Governmental Unit, including without limitation financial
statements, and may also share such information with any participant of such Credit
Issuer, and any financial institution which is being solicited to become a participant of any
Credit Issuer. To the extent necessary to permit the foregoing, the Governmental Unit
hereby waives any privilege or right to confidentiality, whether arising under statute or
otherwise, it may have which would otherwise prohibit the foregoing sharing of informa-
tion.
.
(b) The Governmental Unit Note .snail be secured by a lien upon and pledge
of the Pledged Revenues, and the . Pledged Revenues are hereby pledged to secure
repayment of the Governmental Unit Note, as set forth in the Authorizing Ordinance.
The Governmental Unit hereby represents and warrants that the pledge of the Pledged
Revenues to secure the Governmental Unit Note is valid, binding and enforceable and that
the Pledged Revenues are not otherwise subject to any pledge, lien or encumbrance, other
than as has been heretofore disclosed to and expressly approved by the Credit Facility
Issuer in writing, such disclosure consisting of a first pledge and lien securing the
repayment of the Governmental Unit's Capital Improvement Revenue Bonds, Series 1984
(the 111984 Bonds") and a second pledge and lien securing repayment of the Governmental
Unit's Loan from the Program in the amount of $415,000 (the "Parity Loan"). The
Governmental Unit covenants that it will not cause or permit to exist any pledge of or
lien or encumbrance upon the Pledged Revenues which is prior in right of payment to that
securing the Governmental Unit Note except as expressly approved by the Credit Facility
Issuer including, specifically, any further debt secured on a parity with the 1984 Bonds.
The Governmental Unit covenants that it will not cause or perm it to exist any pledge of
or lien or encumbrance upon the Pledged Revenues, other than the pledge benefitting the
LKL-ll/1G/88-267 AA-2821
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Governmental Unit Note, except for any Additional Parity Bonds or obligations secured by
a lien subordinate to the lien of the Governmental Unit Note which may be issued in the
manner permitted hereunder.
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(c) Prior to each of its fiscal years, the Governmental Unit shall establish a
budget for such fiscal year which allocates a sufficient sum of Pledged Revenues to pay
an amounts reasonably anticipated by the Governmental Unit to be payable hereunder and
all amounts reasonably anticipated to be payable with respect to any Additional Parity
Bonds. In the event that the budgeted amounts prove insufficient to make said payments
the Governmental Unit shall as soon as practicable (but in any event prior to the
expiration of sixty days from such event) amend its budget so as to assure that sufficient
Pledged Revenues are available to at all times make said payments.
(d) The Loan and the 'iovernmental Unit Note, and all payments due with
respect thereto, shall be a special obligation of the Governmental Unit, payable solely
from the Pledged Revenues as herein provided. The Loan and the Governmental Unit
Note do not constitute a general indebtedness of the Governmental Unit, or a pledge of its
faith, credit or taxing power within the meaning of any constitutional or statutory
provision or limitation. Neither the State of Florida nor any political subdivision thereof
nor the Governmental Unit shall be obligated (1) to exercise its ad valorem taxing power
or any other taxing power in any form on any real or personal property in the
Governmental Unit to pay the principal of the Loan and the Governmental Unit Note, the
interest thereon or other payments or costs incident thereto, or (2) to pay the same from
any other funds of the Governmental Unit except from the Pledged Revenues, all in the
manner provided herein. The acceptance of the Governmental Unit Note by the holder
from time to time thereof shall be deemed an agreement between the Governmental Unit
and such holder that the Governmental Unit Note and the indebtedness evidenced thereby
shall not constitute a lien upon any property of the Governmental Unit, but shall
constitute a lien only on the Pledged Revenues, in the manner herein provided.
(e) Subject to the provisions of the Florida Constitution, nothing herein
contained shall preclude the Governmental Unit from using any legally available funds, in
addition to the Pledged Revenues herein provided, which may come into its possession,
including but not limited to the proceeds of the Loan, contributions or grants, for the
purpose of payment of principal of and' interest on the Loan.
SECTION 3.7 BENEFIT OF BONDHOLDERS AND ENHANCEMENT
PROVIDER; COMPLIANCE WITH TRUST INDENTURE. This Agreement is executed in
part to induce the purchase by others of the Bonds, the issuance by the Credit Facility
Issuer of the Credit Facility, the issuance of Local Credit Enhancement, if any, and the
execution and delivery by the Liquidity Facility Issuer of the Liquidity Facility and,
accordingly, all covenants, agreements and representations on the part of the Govern-
mental Unit and the Sponsor, as set forth in this Agreement, are hereby declared to be for
the benefit of the holders from time to time of the Bonds, and for the benefit of each
Credit Issuer. The Governmental Unit covenants and agrees to do all things within its
power in order to comply with and to enable the Sponsor to comply with all requirements
and to fulfill and to enable the Sponsor to fulfill all covenants of the Indenture.
LKL-ll/16/88-267 AA-2821
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SECTION 3.8
BONDS NOT TO BECOME ARBITRAGE BONDS.
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The Governmental Unit hereby covenants to the Sponsor and the holders of the
Bonds that, notwithstanding any other provision of this Agreement or any other instru-
ment, it will neither make nor cause to be made any investment or other use of the
proceeds of the Loan which would cause the Bonds to be "arbitrage bonds" under Section
103 of the Internal Revenue Code of 1954, as amended, and the regulations issued
thereunder, and that it will comply with the requirements of such Section and regulations
throughout the term of the Bonds.
Section 3.9
ASSIGNMENT OF SPONSOR'S RIGHTS.
(a) As the source of payment for the Bonds, the Sponsor will assign to the
Trustee all the Sponsor's rights under the Governmental Unit Note and this Agreement
(except for the rights of the Sponsor, the Trustee, the Administrator and the Independent
Contractor, if applicable, to receive payment of administrative expenses, reports and
indemnity aga.inst claims, and the Sponsor's, Trustee's and Administrator's rights to
enforce remedies pursuant to Section 3.5, 4.1, 4.2 and 5.4 hereof). The Governmental
Unit will make all payments required under Sections 3.3, 3.4, 3.5 and 5.3 hereof directly
to the Trustee without defense or setoff by reason of any dispute between the
Governmental Unit and the Sponsor.
(b) The Indenture requires that the Credit Facility provide for payment of
the principal of and interest on the Bonps when due if other moneys available under the
Trust Indenture are insufficient therefor, and that rights to the payment of any principal
and/or interest paid by the Credit Facility Issuer shall be assigned to the Credit Facility
Issuer. Under certain circumstances provided in the Indenture, this Agreement and the
Governmental Unit Note may be assigned to a Credit Issuer or the issuer of a Local Letter
of Credit.
(c) Notwithstanding anything in this Agreement to the contrary, if amounts
due under the Governmental Unit Note and this Agreement are accelerated as described
in the Indenture, and the full amount of the Loan has not been disbursed pursuant to the
Commitment, the Trustee shall have no obligati91l to make any further disbursements of
the Loan and shall apply the same to pay the Governmental Unit Note.
. .
SECTION 3.10. COVENANT REGARDING PLEDGED RBVENUES; REVENUE
FUND. (a) The Governmental Unit hereby covenants to take all lawful action necessary
or required to collect and receive the Pledged Revenues. The Governmental Unit further
covenants that it has full power to pledge the Pledged Revenues to the payment of the
principal and interest "and other amounts becoming due on the Governmental Unit Note.
(b) There is hereby created and established the City of Clearwater Gulf
Breeze Loan Program Revenue Fund (the "Revenue Fund"). After application for the
benefit of the 1984 Bonds as required under the ordinance authorizing issuance of the 1984
Bonds, all Pledged Revenues received by the Governmental Unit shall be deposited into
the Revenue Fund and held solely for the benefit of the holder of the Governmental Unit
Note and Additional Parity Bonds as provided in this Section 3.10(b). The 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 Governmental Unit and used only fOt" the purposes
and in the manner herein provided. Moneys on deposit in the Revenue Fund shall be
invested in obligations in which the Project Loan Fund may be invested under the
LKL-11/16/88-267 AA-2821
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Indenture or as otherwise may be permitted, by the Credit Facility Issuer, and all
investment earnings shall be retained therein and used for the purposes thereof. Revenues
shall be applied and allocated on the fifteenth day of each month (i) first, to a separate
fund, which. is hereby created and designated the City of Clearwater Gulf Breeze Loan
Program Sinking Fund (hereinafter called "Sinking Fund") commencing January 15, 1989,
in such amounts sufficient to pay the principal of and interest and other amounts
becoming due on the Governmental Unit Note on the first day of the following month, (ii)
next, on a parity with the payments to be made pursuant to clause (i), to the payment of
amounts due in connection with any Additional Parity Bonds issued pursuant to the
provisions hereof, (iii) next, to the payment of any junior lien obligations issued pursuant
to the provisions hereof, and (iv) thereafter, to the Governmental Unit for any lawful
purpose of the Governmental Unit. The designation and establishment of th~ Revenue
Fund and Sinking Fund pursuant to this Spction 3.10 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 of the Governmental Unit for certain
purposes and to establish certain priorities for application of such revenues as herein
provided.
SECTION 3.11 ALTERNATE SECURITY FOR GOVERNMENTAL UNIT
NOTE. The Governmental Unit reserves the right to secure the Governmental Unit Note
with a Local Credit Enhancement acceptable in form and substance to the Credit Facility
Issuer and the Administrator, and upon furnishing such Local Credit Enhancement or other
security, the pledge of and lien upon the Pledged Revenues in favor of the Governmental
Unit Note shall be released and discharged, in the manner and to the ey.tent specified by
the Credit Facility Issuer in writing. In addition, the Governmental Unit may provide for
the defeasance of the lien of this Loan Agreement upon the Pledged Revenues at any time
provided it first provides the following to the Trustee and to the Credit Facility Issuer:
(8) Evidence. that the Governmental Unit shall have paid, or shall have made
provision for payment of, all amounts payable under this Loan Agreement. For purposes
of the preceding sentence, deposit of direct obligations of the United States of America
which are not subject to redemption prior to ~aturity at the option of the obligor (or,
with the written approval of the Credit Facility Issuer, deposit of any other securities or
investments which may be authorized by law from time to time and sufficent under such
law to effect such a defeasance) in irrevocable trust with a banking institution or trust
company, for the sole benefit of the Sponsor, the principal of and interest on which will be
sufficient to pay when due all payments under this Loan Agreement, shall be considered
"provision for payment".
(b) An opinion of nationally recognized bond counsel acceptable to the
Sponsor and to the Credit Facility Issuer to the effect that (i) the lien of the Loan
Agreement upon the Pledged Revenues has been defeased and (ii) the transaction resulting
in such defeasance does not adversely affect the exemption from taxation of the interest
on the Bonds.
(c) Verification by an independent certified public accountant of sufficiency
of amounts deposited in escrow pursuant to paragraph (a).
LKL-ll/16/88-267 AA-2821
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ARTICLE IV ."
COVENANTS OF THE GOVERNMENTAL UNIT
SECTION 4.1
REPORTS AND OPINIONS; INSPECTIONS.
(a) Until all amounts due under this Agreement have been paid in full, the
Governmental Unit shall deliver to the Sponsor, the Trustee and the Credit Issuers, within
ten days of the Governmental Unit's receipt thereof, an annual report prepared in
accordance with generally accepted accounting principles' applicable to the Governmental
Unit, and certified by an independent certified public accountant (or accounting firm)
satisfactory to the Sponsor which shall include a balance sheet and income statement for
the prior fiscal year in reasonable detail. In addition, the Governmental Unit shall deliver
to the Sponsor, the Trustee and the Credit Issuers within 50 days after the end of each
fiscal quarter: (i) a reasonable number of copies of the Governmental Unit's unaudited
financial statements for the prior fiscal quarter including a balance sheet and income
statement; and (ii) a certificate stating that no Event of Default het'eunder has occurred
and is continuing.
(b) The Governmental Unit shall deliver to the Sponsot', the Ct'edit Facility
Issuer and the Trustee, not latet' than the 135th but not earlier than the 128th day
following (i) in the case of a Loan secured by a Local Letter of Credit, the date of each
Loan Payment pursuant to the terms of this Agreement (whether by prepayment or
regularly scheduled payment) or (ii) as to Loans not so secured, upon the final payment
upon the Loan, a certificate of the Governmental Unit, or other evidence in form and
substance satisfactory to the Trustee,> to the effect that, during .the period ending 128
days following such payment, no bankruptcy, insolvency or similar proceeding has been
commenced by or against the Governmental Unit and that no other event has occurred
which would have constituted an event of default under Seetion 5.1(f) of this Agreement
(except such as has been vacated, dismissed or discharged by an order which is not subject
to further appeal). Notwithstanding the payment in full of the Loan, the Governmental
Unit shall pay any charges incurred by the Spons9J: or the Trustee in connection with any
payment under the Credit Facility by reason of the Governmental Unit's failure to deliver
such certificate or evidence on a timely basis. In addition, notwithstanding the payment
in full of the Loan, the Governmental Unit shall pay to any Substitute Credit Facility
Issuer an amount, if any, equal to the Credit Issuer Rate per annum on the amount which
was disbursed under the Credit Facility by reason of any payment to the holders of the
Bonds being deemed a Preferenee Payment (as defined in the Indenture).
(c) The Governmental Unit agrees to permit the Sponsor, the Trustee and
the Credit Issuers to examine, visit and inspect, at any reasonable time, the Project, and
the Governmental Unit's facilities, and any accounts, books and records, including its
receipts, disbursements, contracts, investments and any other matters relating thereto
and to its financial standing, and to supply such reports and information as the Sponsor,
the Trustee or the Credit Issuers may reasonably require.
SECTION 4.2 IMMUNITY OF SPONSOR. In the exercise of the powers of
the Sponsor and its members, officers, employees and agents under the Indenture or this
Agreement including (without limiting the foregoing) the application of moneys and the
LKL-ll/16/88-267 AA-2821
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investment of funds, the Sponsor shall not be accountable to the Governmental Unit for
any action taken or omitted with respect to the Project or this Agreement by it Qr its
members, offieers, employees and agents in good faith and believed by it or them to be
authorized or within the discretion or rights or powers conferred under this Agreement.
The Sponsor and its members, officers, employees and agents shall be protected in its or
their acting upon any paper or documents believed by it or them to be genuine, and it or
they may conclusively rely upon the advice of counsel and may (but need not) require
further evidence of any fact or matter before taking any action. No recourse shall be had
by the Governmental Unit for any claims based on the Indenture or this Agreement
against any member, officer, employee or agent of the Sponsor alleging personal liability
on the part of such person unless such claims are based upon the bad faith, fraud or deceit
of such person. The Governmental Unit shall indemnify the Sponsor and any of its
members, offieers, employees or agents and save them harmless against any liability
intended to be precluded by this Section resulting from acts or omissions of the
Governmental Unit or from acts or omissions of the Sponsor or any of its members,
officers, employees or agents in connection with any necessary or reasonable acts taken
pursuant to this Agreement, except for fraud, deceit, or acts taken in bad faith or which
are negligent.
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SECTION 4.3 COMPLIANCE WITH LAWS. With respect to the Project and
any additions, alterations, or improvements thereto, the Governmental Unit will at all
times comply with all applicable requirements of Federal and state laws and with all
applieable lawful requirements of any agency, board, or commission ereated under the
laws of the State of Florida or of any other duly constituted public authority; provided,
however, that the governmental unit shall be deemed in compliance with this Section 4.3
so long as it is contesting in good faith any such. requirement by appropriate legal
proceedings.
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SECTION 4.4 ISSUANCE OF OTHER OBLIGATIONS PAYABLE FROM
PLEDGED REVENUES. So long as the Governmental Unit Note remains Outstanding and
unpaid, the Governmental Unit will not issue or consent to the issuance of any other
obligations, except under the conditions and in the manner provided herein, payable frotn
the Pledged Revenues or any portion thereof,. )lor voluntarily create or cause to be
created any debt, lien, pledge, assignment, encumbrance or other charge, having priority
to or being on a parity with the lien of the Governmental Unit Note and the interest
thereon, upon the Pledged Revenues. Any other obligations issued by the Governmental
Unit in addition to the Governmental Unit Note or Additional Parity Bonds provided for in
Section 4.5 hereof, payable from the Pledged Revenues, shall contain an express
statement that such obligations are junior and subordinate in all respects to the
Governmental Unit Note, as to lien on and source and security for payment from the
Pledged Revenues; provided, however, that the Governmental Unit may also grant to the
provider of a Local Credit Enhancement for the Governmental Unit Note or any provider
of Local Credit Enhancement with respect to any Additional Parity Bonds, a lien upon the
Pledged Revenues commensurate with the lien granted in respect of such Additional
Parity Bonds, provided that the scheduled Maximum Annual Debt Service on the
reimbursement obligation under any such Local Credit Enhancement would meet the
requirements hereof, as appropriate, without regard to the Maximum Annual Debt Service
on such Additional Parity Bonds, as the case may be.
LKL-ll/16/88-267 AA-2821
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SECTION 4.5 ISSUANCE OF ADDITIONAL PARITY BONDS. No
Additional Parity Bonds, payable on a parity from the Pledged Revenues with, the
Governmental Unit Note shall be issued after the issuance of the Governmental Unit
Note, except for the construction and acquisition of capital projects of the Governmental .
Unit or for refunding purposes and except upon the conditions and in the manner herein
provided:
(1) There shall have been obtained and filed with the Governmental Unit a
certificate of an independent certified public accountant of suitable experience and
responsibility; (a) stating that the books and records of the Governmental Unit relating to
the collection and receipt of Pledged Revenues have been audited by him; (b) setting forth
the amount of Pledged Revenues, as defined herein, received by the Governmental Unit
for any twelve consecutive months within the eighteen months immediately preceding the
date of delivery of such Additional Parity Bonds with respect to which the certificate is
made; (c) stating that the Pledged Revenues, received by the Governmental Unit for such
twelve month period equals at least 1.50 times the Maximum Annual Debt Service on (0
the Governmental Unit Note and all Additional Parity Bonds, if any, then outstanding and
(Ii) the Additional Parity Bonds with respect to which the certificate is made. Prior to
retirement or defeasance of the 1984 Bonds, such certificate shall state the amount of
Pledged Revenues received during the immediately preceding fiscal year and shall state
that the amount of such Pledged Revenues received for such fiscal year, less an amount
equal to Maximum Annual Debt Service coming due in any future year on the 1984 Bonds,
shall equal at least 1.50 times the Maximum Annual Debt Service on (i) the Governmental
Unit Note and all Additional Parity Bonds, if any, then outstanding, and (Ii) the Additional
Parity Bonds with respect to which the certificate is made.
(2) There shall have been prepared and filed with the Governmental Unit a
certificate of such independent certified public accountant estimating that the annual
budget of the Governmental Unit for the current Fiscal Year in which the Additional
Parity Bonds will be issued, adjusted in accordance with sound accounting principles, will
be sufficient to pay all expenses to be incurred in the operation of the Governmental Unit
and to pay the Maximum Annual Debt Service becoming due on (i) the 1984 Bonds, the
Governmental Unit Note and all Additional Parit.y.. Bonds, if any, then outstanding and (ii)
the Additional Parity Bonds with respe~t to which the certificate is made.
(3) The Governmental Unit shall not be in default in performing any of the
covenants and obligations assumed hereunder, and all payments herein required to have
been made into the accounts and funds, as provided hereunder, shall have been made to
the full extent required.
(4) No Additional Parity Bonds bearing interest at a variable rate shall be
issued while any portion of the Governmental Unit Note shall remain outstanding without
the prior written consent of the Credit Facility Issuer.
(5) Notwithstanding the foregoing, the Parity Loan, being made contempor-
aneously with the Loan made hereunder, shall for all purposes be deemed an Additional
Parity Bond, without compliance with any of the terms of this Section 4.5.
LKL-11/16/88-267 AA-2821
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SECTION 4.6
ADDITIONAL COVENANTS.
(A) NO PRIVATE USE. The Governmental Unit will take no action, or
permit or suffer any action or event, which will cause the Governmental Unit Note or the
Bonds to be an "Industrial Development Bond" or a "Consumer Loan Bond" within the
meaning of the Internal Revenue Code of 1954, as amended. No portion of the Project
will be used in the trade or business of any Person (including any governmental body or
public instrumentality) except the Governmental Unit, by lease, license or management
contract or otherwise. In this regard the Governmental Unit further certifies that (i) not
in excess of ten percent (1096) of the net proceeds of the Governmental Unit Note will be
used for Private Business Use if, in addition, the payment of more than ten percent (1096)
of the principal or ten percent (1096) of the interest due on such Governmental Unit Note
during the term thereof is, under the terms of such Governmental Unit Note or any
underlying arrangement, directly or indirectly, secured by any interest in property used or
to be used for a Private Business Use or in payments in respect of property used or to be
used for a Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for a
Private Business Use; and Oi) that, in the event that both (A) in excess of five percent
(5%) of the Net Proceeds of such Governmental Unit Note are used or have been used for
a Private Business Use, and (B) an amount in excess of five percent (596) of the principal
or five percent (5%) of the interest due on such Governmental Unit Note during the term
thereof is, under the terms of such Governmental Unit Note or any underlying arrange-
ment, directly or indirectly, secured by any interest in property used or to be used for said
Private Business Use or in payments in respect of property used or to be used for said
Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for said
Private Business Use, then said excess over said five percent (5%) of Net Proceeds of the
Governmental Unit Note used for a Private Business .Use has been or shall be used for a
Private Business Use related to the governmental use of the System.
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The term "Private Business Use" means use directly or indirectly in a trade or
business carried on by a natural person or in any ~ctivity carried on by a person other than
a natural person, excluding, however, use by a state or local governmental unit and use as
a member of the general public. . . .
LKL-l1/16/88-267 AA-2821
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Governmental Unit, a receiver, trustee, examiner, liquidator or similar official shall be
appointed for the Governmental Unit, or a proceeding described in Section 5.1(f)(2) ~hall
be instituted against the Governmental Unit and such appointment continues undischarged
or such proceeding continues undismissed or unstayed for a period of 30 consecutive days;
the mere declaration of a state of financial emergency under Section 218.503, Florida
Statutes, as amended, shall not, in and of itself, constitute a default under this Section
5.1(0; or
(g) the failure of the Governmental Unit to provide a replacement for any
Local Letter of Credit required with respect to the Loan, which replacement ha.s been
approved in writing by the Credit Facility Issuer, by the 15th day prior to the expiration
or non-renewal of the existing Local Letter of Credit.
SECTION 5.2 ACCELERATION. If an Event of Default as defined in
Seetion 5.1(a), (b), (e) or (f) hereof shall have occurred, or upon the 10th day prior to the
eq>iration, termination, or non-renewal of a Local Letter pursuant to Section 5.1(g)
hereof, the Loan and all other sums which the Governmental Unit is obligated to pay
under this Agreement shall, upon direction of the Credit Facility Issuer, become due and
payable immediately, and the Commitment shall terminate, without further notice to the
Governmental Unit. [f any other Event of Default shall have occurred, the Trustee (as the
Sponsor's assignee, or any assignee of the Trustee or Co-Trustee, as may be the ~ase)
shall, but only upon direetion of the Credit Facility Issuer, by noti~e in writing to the
Governmental Unit, declare the Loan and all other sums which the Governmental Unit is
obligated to pay hereunder to be due and payable immediately, and terminate the
Commitment. Upon any such acceleration whether automatically or by declaration,
anything in this Agreement contained to the contrary notwithstanding, there shall become
immediately due and payable, in addition to any other amounts then due [rom the
Governmental Unit hereunder, the sum of: (i) the outstanding principal of the Loan or pro
rata portion thereof, as the case may be; (ii) accrued and unpaid interest on the Loan or
pro rata portion thereof, as the case may be; and (iii) all amounts which would be payable
in excess of the sum of: (x) the unpaid principal balance of the Governmental Unit Note
or pro rata portion thereof, as the case may ,b.e plus (y) accrued and unpaid interest
thereon, in the event the Governmental Unit 'N' ote had been prepaid in accordance with
Section 3.4(b) hereof on the date of acceleration pursuant to this Section 5.2.
SBCTION" 5.3
PAYMENT OF LOA.N ON DEFAULT; SUIT THEREFOR.
-
(a) The Governmental Unit eovenants that, in case default shall occur
in the payment of any sum payable by the Governmental Unit under Section 3.3 of this
Agreement as and when the same shall become due and payable, whether at maturity or
by acceleration or otherwise, then, upon de mand of the Sponsor, the Credit Faeility Issuer
or the Trustee, but only upon direction of the Credit Facility issuer, the Governmental
Unit will pay to the Trustee (or its assignee), an amount equal to the sum of: (l) the
amount described in Section 5.2 hereof; (ii) all accrued interest on the Loan to the date
such payment is made; (Hi) all other amounts which the Governmental Unit is obligated to
pay under this Agreement; and (Iv) such further amount as shall be suffieient to ~over the
costs and expenses of l!ollection, including a reasonable compensation to the S!;)onsor, the
Trustee, their agents, attorneys and counsel, and anY' expenses or liabilities in~urred by
the Sponsor or the Trustee other than through gross negligenee or bad faith.
LKL-ll/16/88-267 AA-2821
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.'. (b) In case the Governmental Unit shall fail forthwith to pay such
amounts upon such demand, the Sponsor or the Trustee (or, its assignee) shall be entitled
and empowered but only upon direction of the Credit Facility Issuer, to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or final decree, and may
enforce any sueh judgment or final decree against the Governmental Unit and collect in
the manner provided by law.
(c) In case any proceedings shall be pending for the bankruptcy or for
the reorganization. of the Governmental Unit under the Federal bankruptcy laws or any
other applicable law, or in case a receiver or trustee shall have been appointed for the
property of the Governmental Unit, or in case any other similar judicial proceedings shall
be pending relating to the Governmental Unit or to the creditors or property of the
Governmental Un~~, the Trustee (or its assignee) shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or claims for the
whole amount of the Loan made to the Governmental Unit pursuant to this Agreement and
for'interest owing and unpaid in respect thereof and to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to prosecute the claims of
the Trustee (or its assignee) in any such judicial proceedings relating to the Governmental
Unit, its creditors, or its property, and to collect and receive any moneys or other
property payable or deliverable on any such claims, and to distribute the same after the
deduction of its charges and expenses. Any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized to make such payments to the Trustee (or its
assignee), and to pay to the Trustee (or its assignee) any amount it requires for
compensation and expenses, including counsel fees it has incurred up to the date of such
distribution.
SECTION 5..4
OTHER REMEDIES.
(a) Whenever any Event of Default hereunder shall have occurred and
be continuing, whether or not all sums which the Governmental Unit is obligated to pay
under this Agreement shall have been declared to be immediately due and payable
pursuant to this Agreement, the Sponsor or the .Trustee (or its assignee) shall, but only if
directed by the Credit Facility Issuer, take whatever action at law or in equity as may
appear necessary or desirable to collect the amounts payable by the Governmental Unit
hereunder, then due and thereafter to become due, or to enforce performance and
observance of any obligation, agreement or covenant of the Governmental Unit under this
Agreement, including the application of any undisbursed Loan proceeds to the reduction of
the outstanding balan~e of such Loan.
(b) Whenever any Event of Default hereunder shall have occurred and
be continuing, before or after declaring an acceleration pursuant to Secton 5.2 hereof, the
Sponsor or the Trustee (or its assignee) may, but shall not be obligated to, perform for the
account of the Governmental Unit any covenant or obligation in the performance of which
the Governmental Unit is in default, in which event the Governmental Unit shall
immediately reimburse the Sponsor or the Trustee (or its assignee), as the case may be,
upon demand for all expenses incurred by the Sponsor or the Trustee (or its assignee), as
the case may be, in the course of such performance, including reasonable counsel fees,
with interest from the date of such expenditure at the Prime Rate of the Liquidity
Facility Issuer then in effect.
LKL-l1/16/88-267 AA-2821
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(c) No action taken pursuant to this Section 5.4 shall relieve the
Governmental Unit from its obligations pursuant to Sections 3.3, 3.5 and 5.3 hereof., &:11 of
which shall survive any such action. The Sponsor or the Trustee (or its assignee) may, and
upon direction of the Credit Facility Issuer, shall take whatever action at law or in equity
as may appear necessary and desirable to collect the amounts then due and thereafter to
become due, or to enforce the performance and observance of any obligation, agreement
or covenant of the Governmental Unit hereunder.
(d) Except as to the Sponsor's rights to indemnity and reports from the
Governmental Unit hereunder, the Sponsor shall not be deemed to have an exclusive right
to enforce the remedies described in this Section 5.4.
SECTION 5.5 CUMULATIVE RIGHTS. No remedy conferred upon or
reserved to the Sponsor, the Credit Facility Issuer or the Trustee (or its assignee) by this
Agreement is intended to be exclusive of any other available remedy or remedies, but
each and every such remedy shall be cumulative and shall be in addition to every other
remedy given under this Agreement or now or hereafter existing at law or in equity or by
statute. No waiver by the Sponsor, the Credit Facility Issuer or the Trustee (or its
assignee) of any breach by the Governmental Unit of any of its obligations, agreements or
covenants hereunder shall be deemed a waiver of any subsequent breach, or a waiver of
any other obligation, agreement or covenant, and no delay or failure by the Sponsor, the
Credit Facility Issuer or the Trustee (or its assignee) to exercise any right or power shall
impair any such right or power or shall be construed to be a waiver thereof, but any such
right and power may be exercised by the Sponsor, the Credit Facility Issuer or the Trustee
(or its assignee) from time to time and as often as may be deemed expedient.
SECTION 5.6 DISCONTINUANCE OF PROCEEDINGS. In case the
Sponsor, the Credit Facility Issuer or the Trustee (or its assignee) shall have proceeded to
enforce any-right under this Agreement and such proceedings shall have been discontinued
or abandoned for any reason or shall have been determined adversely to the Sponsor, the
Credit Facility Issuer or the Trustee (or its assignee), then and in every such case the
Governmental Unit, the Sponsor, the Credit Facility Issuer and the Trustee (or its
assignee) shall be restored respectively to their se~eral positions and rights hereunder, and
all rights, remedies and powers of the ~overmeriitil Unit, the Sponsor, the Credit Facility
Issuer and the Trustee (or its assignee) shall continue as though no such proceeding had
been taken.
SECTION 5.7 NOTICE OF DEFAULT. The Governmental Unit shall give
the Trustee, th~ Credit Facility Issuer, the Liquidity Facility Issuer, each Local Credit
Enhancement Issuer or provider of any Local Letter of Credit and the Sponsor, a prompt
written notice of any condition or occurrence which constitutes an Event of Default under
Section 5.1 hereof immediately upon becoming aware of the existence thereof.
LKL-11/16/88-267 AA -2821
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As to the Credit Facility Issuer:
Financial Guaranty Insurance Company
175 Water Street, 15th Floor
New York, New York 10038
Atto: President
As to the Liquidity FacUity Issuer:
COGS Liquidity Facility
Blount Building
3 West Garden Street
Pensacola, Florida 32501
and
The Bank of Tokyo, Ltd.,
New York Agency
100 Broadway
New York, New York 10005
SECTION 6.4 ILLEGAL OR INVALID PROVISIONS DISREGARDED. In
case any provision of this Agreement shall for any reason be held invalid, illegal or
unenforceable in any respect, this Agreement shall be construed as if such provision had
never been contained herein.
SBCTION 6.5 APPLICABLE LAW. This Agreement shall be deemed to be
a contract made in Florida and governed by Florida law.
SECTION 6.6 ASSIGNMENTS. The Governmental Unit shall not assign this
Agreement or any interest of the Governmental Unit herein, either in whole or in part.
The Administrator on behalf of the Sponsor hereby assigns this Agreement and the
Governmental Unit Note attached hereto to the Trustee as provided in Section 3.9 hereof.
Except as provided in Section 3.9 hereof this Agreement shall be binding upon shall inure
to the benefit of the successors and assigns of the parties hereto.
SECTION 6.7 AMENDMENTS. This Agreement may not be amended
except by an instrument in writing signed by the parties and with the consent of each
provider of a Local Letter of Credit, if any, an~ ,.the Credit Facility Issuer, and, if such
amendment occurs after the issuance of the Bonds, with consent of the Trustee if required
by Section 8.03 of the Indenture. ' ..
SECTION 6.8 TERM OF' AGREEMENT. This Agreement and the respect-
ive obligations of the parties hereto shall be in full force and effect from the date hereof
until the principal of and all interest on the Loan shall have been paid in full and the
Governmental Unit shall have complied with Section 4.l(b) hereof.
SECTION 6.9 HEADINGS. The captions or headings in this Agreement are
for convenience of reference only and shall not control or affect the meaning or
construction of any provision hereof.
SECTION 6.10 SUPERSEDING CLAUSE. This Agreement is the entire final
agreement between the respective parties and supersedes all other agreements, whether
~ritten or oral, except that this Agreement is not intended to supersede or displace any
mterlocal agreement previously recorded in the public records of the Sponsor and the
Governmental Unit except to the extent this Agreement is inconsistent therewith.
LKL-l1/16/88-267 AA-2821
-23-
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CITY OF CLEARWATER, FLORIDA
Governmental Unit
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By: ,
Mayor-Co m missioner
(SEAL)
Attest: By:
City Manager
By:
City Clerk
Approved as to Form and Correctness:
City Attorney
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LKL-l1/16/88-267 AA-2821
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EXlflBIT B
PROMISSORY NOTH
For value received, the City of Clearwater, Florida, a municipal corporation
organized and existing under the laws of the State of Florida (the "Governmental Unit")
hereby promises to pay to the holder hereof or to its order, solely from the Pledged
Revenues hereafter mentioned the principal sum of Nine Hundred Eighty Thousand Dollars
($980,000) and to pay, solely from such sources, interest thereon from the date hereof, as
follows:
(a) The principal hereof shall be paid in monthly installments on the
dates and in the amounts shown on "Schedule I" attached hereto; and the entire unpaid
principal balance hereof, together with accrued interest thereon as provided below, shall
be due and payable in full as set forth on said "Schedule I"; and
(b) Interest on the unpaid principal balance hereof shall be paid on the
first day of February, 1989, and on the first day of each month thereafter, at a rate
determined from time to time by the Financial Advisor as defined in, and as described in
the Loan Agreement of even date herewith between the City of Gulf Breeze, Florida (the
"Sponsor") and the Governmental Unit (the "Loan Agreement"); provided, however, that (i)
if an acceleration of the Loan made pursuant to the Loan Agreement is declared following
the occurrence of an event of default under the Loan Agreement, the interest rate hereon
shall be increased to a rate per annum equal to the Prime Rate (as defined in the Loan
Agreement) plus 296. Said rate shall be based upon a 365/366 day year for the actual days
elapsed and shall change when and as said Prime Rate shall change. Notwithstanding
anything otherwise contained in this Note, the interest rate on this Note (excluding any
amounts which do not represent charges for the use or forebearance of money) shall not
exceed twenty-five percent (2596) per annum or such higher rate as may from time to
time be permitted under applicable law; provided, that, in the event the imposition of
such Maximum Rate shall ever cause the amount payable on this Note to be less than the
amount of interest which would otherwise be co~puted pursuant to the Loan Agreement,
this Note shall thereafter bear interest at the'Maximum Rate until the earlier of (1) the
final maturity of this Note or (2) such time as the total amount of interest paid on this
Note shall at such rate equals the amount of interest which would have been payable on
this Note pursuant to Section 3.3 of the Loan Agreement without regard to any Maximum
Rate.
The interest rate on this Note may be converted to a fixed rate under certain
circumstances described in the Loan Agreement.
In addition to the above payments of principal and interest, late payme,ts of
any amount due under this Note will bear interest at a rate per annum equal to t"he Prime
Rate plus 296. The payments described in paragraph (b), above, will include an amount
determined by the Administrator to be sufficient to pay certain fees described in Section
3.5(a) of the Loan Agree mente
All payments made hereunder shall be applied first to payment of accrued
interest on the unpaid principal balance hereof at the aforesaid rate, and then to
LKL-l1/16/88-267 AA-2821
-28-
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reduction of principal. In the event the full amount of this Note is not disbursed, the
payments of principal due hereunder shall be reduced ratably to reflect such reductiC!n in
the principal amount due hereunder.
The principal hereof and interest hereon shall be paid at such place as the
holders hereof may designate in writing.
This Note evidences a loan made to the Governmental Unit pursuant to the
Loan Agreement dated as of , 198_, to finance or refinance the Govern-
mental Unit's cost of acquisition and installation of the Project described in the Loan
Agreement (the "Project") and the Governmental Unit has executed this Note to secure all
payments due under said Loan Agreement. Such loan is being made by the City of Gulf
Breeze, Florida (the "Sponsor"), from the proceeds of its Local Government Loan Program
Ploating Rate Demand Revenue Bonds, Series 1985A (the "Bonds"). The Bonds are issued
under a Trust Indenture dated as of December 1, 1985, as amended and restated as of July
1, 1986, as further amended and supplemented (the "Indenture") between the Sponsor and
Sun Bank, National Association, as Trustee. The Governmental Unit's obligations
hereunder are limited, special obligations payable solely from the Pledged Revenues in the
manner set forth in the Loan Agreement.
This Note may be paid prior to maturity in the manner and with the penalties
specified in Section 3.4 of the Loan Agreement.
This Note, and all payments due in this Note does not constitute a general
indebtedness of the Governmental Unit, or a pledge of its faith, credit or taxing power
within the meaning of any constitutional or statutory provision or limitation. Neither the
State of Florida nor any political subdivision thereof nor the Governmental Unit shall be
obligated (1) to exercise its ad valorem taxing power or any other taxing power in any
form or any real or personal property in the Governmental Unit to pay the principal of
this Note, the interest thereon or other payments or costs incident thereto, or (2) to pay
the same from any other funds of the Governmental Unit except from the Pledged
Revenues. This Note and the indebtedness evidenced thereby shall not constitute a lien
upon any property of the Governmental Unit, b~t shall constitute a lien only on the
Pledged Revenues, in the manner provided in the 'Loan Agreement.
The Governmental Unit shall be in default hereunder upon: (i) the nonp'ayment
on or before the date the same is due of any payment described in paragraph (a) or (b) of
this Note, or (ii) upon the occurrence of any other Event of Default described in the Loan
Agreement which is not corrected within the applicable period therein specified, if any,
and after the giving of any required notice.
In the event of such default hereunder, the holder hereof shall have the
following rights or remedies: (i) the entire unpaid amount of the principal of this Note
and all other amounts which the Governmental Unit is obligated to pay under the Loan
Agreement, including but not limited to, those sums payable under Seetion 5.2 of the Loan
Agreement, shall become immediately due and payable in full without notice to or demand
on the Governmental Unit of any kind and without presentation, demand or protest, all of
which are hereby waived; and (Ii) the holder may at its option exereise from time to time
any and all rights and remedies available to it under the Loan Agreement. No failure of
the holder hereof to exercise any right hereunder shall be construed as a waiver of the
right to exercise the same or any other right at any other ti me.
LK14-11/16/88-261 AA-2821
-29-
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(d) No portion of the Loan will be used to finance any Project which is
used in the trade or business of a person who is not an "exempt person" as defined in
Section 103(b)(3) of the Internal Revenue Code of 1954, as amended (as in effec't on
December 31, 1985). In this regard the Governmental Unit further certifies that (i) not in
excess of ten percent (1096) of the net proceeds of the Governmental Unit Note will be
used for Private Business Use if, in addition, the payment of more than ten percent (1096)
of the principal or ten percent (1096) of the interest due on such Governmental Unit Note
during the term thereof is, under the terms of such Governmental Unit Note or any
underlying arrangement, directly or indirectly, secured by any interest in property used or
to be used for a Private Business Use or in payments in respect of property used or to be
used for a Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for a
Private Business Use; and (ii) that, in the event that both (A) in excess of five percent
(596) of the Net Proceeds of such Governmental Unit Note are used or have been used for
a Private Business Use, and (B) an amount in excess of five percent (596) of the principal
or five percent (596) of the interest due on such Governmental Unit Note during the term
thereof is, under the terms of such Governmental Unit Note or any underlying arrange-
ment, directly or indirectly, secured by any interest in property used or to be used for said
Private Business Use or in payments in respect of property used or to be used for said
Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for said
Private Business Use, then said excess over said five percent (596) of Net Proceeds of the
Governmental Unit Note used for a Private Business Use has been or shall be used for a
Private Business Use related to the governmental use of the System.
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The term "Private Business Use" means use directly or indirectly in a trade or
business carried on by a natural person or in any activity carried on by a person other than
a natural person, excluding, however, use by a state or local governmental unit and use as
a member' of the general public.
11. The Governmental Unit is not in breach of or in default under any
existing law, court or administrative regulation, decree, order, agreement, indenture,
mortgage, lease, sublease or other instrument to which it is a party or by which it is
bound, and no event has occurred or is continuing"which, with the passage of time or the
giving of notice, or both, would constitute a default or an event of default thereunder,
except for such minor breaches, defaults or potential defaults or events of default, if any,
which individually and in the aggregate would have no material adverse effect on the
Governmental Unit's financial condition, operations or properties.
12. The execution and delivery, receipt and due performance by the Govern-
mental Unit of the Loan Agreement, the Governmental Unit Note, and the Loan
Documents hereafter described and compliance with the provisions thereof, do not and
will not conflict with or result in the breach of any of the terms, conditions or provisions
of, or constitute a default under the Charter, any existing resolution or ordinance of the
Governmental Unit, any existing law, court or administrative regulation, decree, order or
any agreement, indenture, lease or other instrument to which the Governmental Unit is a
party or by which it or any of its properties is bound.
13. There is no action, suit, proceeding, inquiry or investigation at law or in
equity before or by any court, public board or body pending or, to the knowledge of the
LKL-ll/16/88-267 AA-2821
-35-
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Governmental Unit after due inquiry, threatened against or affecting the Governmental
Unit, which has not been disclosed in writing to the Credit Facility Issuer, contesting. the
due organization of the Governmental Unit, or wherein an unfavorable decision, ruling or
finding (i) would have a material adverse effect on the financial condition of the
Governmental Unit, the operation by the Governmental Unit of the Project, its facilities
and its other properties, or an adverse effect on the functioning of the Governmental Unit
or payment by the Governmental Unit of the amounts due under the Loan Agreement in
the manner and time required thereby, or the tax-exempt status of the Governmental Unit
or the Governmental Unit Note, or (ii) would have an adverse effect on the validity or
enforceability of the Governmental Unit Note, the Loan Agreement, or the resolutions of
the Governmental Unit authorizing the Governmental Unit Note and the execution of
other documents in connection therewith (the "Loan Documents").
14. No final judgment for the payment of money has been rendered against
the Governmental Unit, unless within 60 days from the entry thereof, (i) such judgment
has been discharged or (ii) the Governmental Unit has taken and is diligently prosecuting
an appeal therefrom, or from the order, decree or process, upon which or pursuant to
which such judgment was granted or entered, and has caused the execution or levy under
such judgment, order, decree or process or the enforcement thereof to be stayed pending
the determination of such appeal, or (Hi) the Governmental Unit has provided for the
payment or securing of such judgment in a manner satisfactory to the Credit Facility
Issuer.
15. The Governmental Unit has duly performed and complied with all the
obligations, agreements and conditions on its part to be performed or complied with at or
prior to the closing. Each of the representations, warranties and other information
contained in the the Governmental Unit's loan application is true and correct and does not
contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements in such documents, in light of
the circumstances under which they were made, not misleading and has not changed since
the date of the Governmental Unit's loan application. The Governmental Unit has
authorized, by all necessary action, the execution, delivery, receipt and due performance
of the Governmental Unit Note, the Loan Documents and any and all such other
agreements and documents as may be r.equired' to be executed, delivered and received by
the Governmental Unit to carry out, give effect to and consummate the transactions
contemplated by the Loan Agreement relating to the Governmental Unit Note, and such
authorization has not been modified, amended or repealed.
16. The Governmental Unit Note has been duly authorized pursuant to the
Loan Agreement and the Resolution in the forms delivered by the Governmental Unit in
connection with the issuance of the Governmental Unit Note on the date hereof. The
Resolution was duly adopted in accordance with all procedural rules applicable to the
Governmental Unit, and has not been the subject of repeal or modification since the date
of its adoption and is in full force and effect as of the date hereof.
17. To the best of our knowledge, no event affecting the Governmental Unit
has occurred since the date of the Governmental Unit's loan application which either
makes untrue or incorrect in any material respect as of the date of Closing any statement
or information contained in the Governmental Unit's loan application, and all of such
information contained in the Governmental Unit's loan application, including all financial
information contained therein, is true and correct as of the date hereof.
LKL-l1/16/88-267 AA-2821
-36-
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EXlDBlT D
(Letterhead of Governmental Unit Counsel)
"
, 1988
City of Gulf Breeze
Gulf Breeze, Florida
Livermore Klein & Lott, P.A.
Jacksonville, Florida
Sun Bank, National Association
Orlando, Florida
Financial Guaranty Insurance
Company
New York, New York
Re= $ Loan from City of Gulf Breeze, Florida, Local
Government Loan Program to
Ladies and Gentlemen:
As counsel for Florida (the "Governmental Unit"),
I am delivering this opinion to you in connection with the consummation of a loan by City
of Gulf Breeze, FIOl'ida (the "Sponsor") to the Governmental Unit in the amount of
$ _ (the "Loan") from the proceeds of the Sponsor's $100,000,000 Local Govern-
ment Loan Program Floating Rate Demand Revenue Bonds, Series 1985C (the "Bonds").
The Loan is being made pursuant to a Loan Agreement of even date herewith (the "Loan
Agreement") between the Sponsor, the Governmental Unit, Sun Bank, National Association
(the "Trustee"), and Jackson C. Tuttle, City Manager (the "Administrator") to 'finance the
Governmental Unit's cost of the acquisition and installation of certain qualified projects
of the Governmental Unit (the "Project"). The Loan is evidenced by the Governmental
Unit's promissory note in the principal amount of $ (the "Governmental Unit
Note"). As provided in the Loan Agreement, the Loan Agreement and the Governmental
Unit Note may be assigned to a credit facility issuer for the Bonds (the "Credit Facility
Issuer") under certain circumstances.
It has been represented to me that:. 0) the Bonds were issued pursuant to
Chapter 125, Florida Statutes as amended, Chapter 166, Florida Statutes, as amended,
Chapter 163, Florida Statutes, as amended, Chapter 159, Part I, as amended, and other
applicable provisions of law for the purpose of financing and refinancing the cost of the
acquisition and installation of qualified projects in the State of Florida; (ii) the Sponsor
intends to lend the proceeds of the Bonds to eligible governmental units by entering into a
loan agreement with each participating governmental unit; (ili) it is intended that such
agreements, in the aggregate, will provide for the payment by the governmental units of
amounts sufficient to pay the principal of and interest on the Bonds and other costs
incurred in connection with the Sponsor's loan pool program; and (iv) the Bonds are
secured by an assignment and pledge to Sun Bank, National Association, Orlando, Florida,
as trustee under a Trust Indenture dated as of December 1, 1985, as amended and restated
as of July 1, 1986, as further amended and supplemented (the "Indenture") of certain of
the Sponsor's rights under such loan agreements, including the Loan Agreement, and by a
pledge of the notes given by the governmental units evidencing such loans, including the
Governmental Unit Note.
LKL-11/16/88-267 AA-2821
-39-
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At a closing held today, the Governmental Unit has executed and delivered to
the Sponsor, the Loan Agreement and the Governmental Unit Note.
As counsel for the Governmental Unit, I have examined the originals or
certified copies of each of the agreements and instruments referred to above and a
resolution duly adopted by the governing board of the Governmental Unit on ,
1988 (collectively, the "Resolution"). I have also examined such other documents and
certificates, made such inquiries of officers and employees of the Governmental Unit and
others and considered such other matters of fact and questions of law as I deemed
necessary for the purpose of giving this opinion.
Based on the foregoing, I am of the opinion that:
1~ The Governmental Unit is validly existing as a
of the State of Florida and has full power and authority to conduct its
operations, to adopt the Resolution, to enter into, execute and deliver the Loan
Agreement and the Governmental Unit Note, and to perform all acts necessary to
effectuate and consummate the transactions contemplated thereby.
2. The Resolution has been duly adopted, and the Loan Agreement and the
Governmental Unit Note have been duly authorized, executed and delivered by the
Governmental Unit and constitute binding and enforceable agreements of the Governmen-
tal Unit in accordance with their respective terms (subject as to enforcement of remedies
to any applicable bankruptcy, reorganization, insolvency, moratorium or other laws or
, equitable principles affecting the enforcement or creditors' rights generally from time to
time in effect.)
3. The Governmental Unit is not in breach of or in default under any
existing law, court o~ administrative regulation, decree, order, agreement, indenture,
mortgage, lease, sublease or other instrument to which it is a party or by which it is
bound, and no event has occurred or is continuing which, with the passage of time or the
giving of notice, or both, would constitute a default or an event of default thereunder,
except for such minor breaches, defaults or potentjal defaults or events of default, if any,
which individually and in the aggregate would have no material adverse effect on the
Governmental Unit's financial condition, operations or properties.
4. The execution and delivery of the Loan Agreement and the Governmen-
tal Unit Note and compliance with the provisions thereof, do not and will not conflict with
or result in the breach of any of the terms, conditions or provisions of, or constitute a
default under, the enabling legislation and Charter of the Governmental Unit, any existing
ordinance or resolution of the governing body of the Governmental Unit, any existing law,
court or administrative regulation, decree, order or any agreement, indenture, lease or
other instrument to which the Governmental Unit is a party or by which it or any of its
properties is bound.
5. All requirements imposed by Section 163.01, Florida Statutes, as
amended, as preconditions to the effectiveness of the Loan Agreement as an interlocal
agreement under such section have been met and the Loan Agreement constitutes a valid,
binding and enforceable interlocal agreement under the provisions of such Section.
LKL-ll/16/88-267 AA-2821
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I M E M:A~'D-~d~-~'~~;''';'iN'~ ~ li;:rf~~'~:e:t?'~
The City Com mission of the City of C I eo rwoter
SUBJECT:
Pennanent Financ ing for. Coq)ers Point Purchase
RECOMMENOATION: Pass on first reading CXdinance No. 4729-88 which authorizes a
$415,000 loan fran the City of Q.llf Breeze rm.micipal loan pool, to be repaid over ten years
in accordance with the repayrrent schedule attached to the agreement; approve depcs it of the i
proceeds of the loan into the special development fund to reimburse it for the temporat.y I
in terfund loan which was used to acqu ire our portion of Cocpers Point in I:ecercDer, 1987 i and \
authorize repayment of principal and interest to the extent possible, from legally available
~n space and recreation land impact fees, with the balance of debt service to CCllre from the'
undesignated fund balance of the special develq;>ment fund. .\
I
r;a And that the approprlaie officials be authorized TO exftCu'e same. I
I
BACKGROUND: Q'l tecember 3, 1987, the City commission approved a city contribution ofl
$650,000 toward the coobined City/County purchase of Coopers Point. $240,000 of this anount i
was paid from available impact fees, with the remaining $410,000 borrowed temporarily from i
the undesignated fund balance of the special develcpment fund, pending "investigation" of :
long term financing. t' .
Terms of the prcposed loan agreement with the Ci ty of Gulf Breeze municipal \
loan pool are identical to those for the Vogel Prcperty purchase discussed in the preceding
agenda item. l?ond counsel fees of $2,500 will be included in the loan principal~Assumil'"XJ .'
the City is able to earn 1,% Jrore than the variable rate on the loan, there will be an
average savirgs of $3,075 per year over the 10 year life of the loan.
Should the Com:nission choose not to approve this loan, we will reccmnend that
you continue indefinitely the existing interfund loan, to be repaid out of legally available
impact fees but only when and if they becare available.
.. ""
Commission OISI'osition:
1. Approwtd u RlGi'IlftfMndedlR....uCoftdItJo...
2. Continued to
FOllOW-Up Action:
Submitted by:
Adv.rtised:
Dote:
Paoer:
C Affected
Partie.
Notified
of Meetlnq
Costs:
Fundln~ Sourc.:
C Capital Im~rove-
ment eud~.t
C O~era1in9 B\Jdc;et
C Ot"'I'
CZAttachments:
Ordinance No.
4729-88
Loan Agreement
City Manaqer
Octe a Sequential
R.feranct
C Not Required C Not Fit 'Quirect
Ortc;inatlnq OepartmAAt...
Finance .~~
I:] None
Appropriation Code
1
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ORDINANCE NO. 4729-88
'.
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
CLEARWATER, PLORIDA, AUTHORIZING THE BORROWING OP
$415,000 FROM THE GULP BR.EEZE, FLORIDA, LOCAL GOVERN-
MENT LOAN POOL PROGRAM TO FINANCE A CAPITAL PROJECT
OF THB CITY; AUTHORIZING THE SUBMISSION OF A LOAN
APPLICATION; AUTHORIZING THE EXECUTION AND DELIVERY
OF A LOAN AGREEMENT IN CONNECTION THEREWITH;
AUTHORIZING THE ISSUANCE OF A $415,000 V ARIABLE RATE
NOTE TO EVIDENCE THE OBLIGATION OP THE GOVERNMENTAL
ENTITY TO REPAY SUCH LOAN; AUTHORIZING THE PLEDGE OP
CERTAIN REVENUES OF THE GOVERNMENTAL ENTITY TO
SECURE THE REPAYMENT OF THE UOAN AND THE NOT~
P1XING THE TERM AND REPAYMENT PROVISIONS THEREOP;
AUTHORIZING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Clearwater, Florida (the "Borrower") is duly authorized
pursuant to the Constitution and Chapter 166, Florida Statutes, as amended, and Chapter
159, Florida Statutes, and other applicable provisions of law (collectively, the fiAct") to
acquire and construct capital projects for the benefit of the citizens and residents of the
Borrower and to borrow money to facilitate financing of the costs of such projects; and
WHEREAS, the City of Gulf Breeze, Florida, has heretofore established a loan
pool program (the "Program") for the purpose of financing certain capital projects of
participating local governmental entities situated in the State of Florida; and
WHEREAS, the Borrower has identified a capital project (referred to as the
"Project") which the Borrower wishes to finance from funds borrowed from the Program;
and
WHEREAS, under the provisions of the. documents pursuant to which the Program
was esta.blished, the Borrower must ~subniit 'its application (the "Loan Application") for
such funds to Financial Guaranty Insurance Company (the "Credit Facility Issuer") for
review and approval; and
WHEREAS, the Borrower wishes to approve the form of application,. identify the
specific capi~al improvement constituting the Project and provide for the terms and
security tor the repayment of such funds to the Program; and
WHBRBAS, to evidence its obligation to repay the loan of funds from the
Program (the "Loan''), the Borrower will execute and deliver a Loan Agreement (the
"Agreement") and a variable rate note (the "Governmental Unit Noten); and
WHBRB~ to secure its obligation to repay the Governmental Unit Note and the
loan of funds from the Program (the "Loan"), the Borrower wishes to pledge as security
for the Governmental Unit Note the Pledged Revenues, as defined in the Loan Agreement
(the "Pledged Revenues"); and
LKL-l1/16/88-268AA-2822
-1-
,;
._..:--__~~!l!'m""'J~fIl<l\...~_
WHEREAS, the Borrower wishes to approve the form of Agreement and
Govemmental Unit Note and to authorize the officers and employees of the Borrowf!r to
take all action necessary to obtain the proceeds of the Loan and complete the financing of
the Project in the manner contemplated by the Agreement, NOW, THEREFOR.E,
BE IT ENACTED by the City Commission of the City of Clearwater, Florida, as
follows:
Section 1. DEFINITIONS. Terms defined in the preambles hereof shall have
the meanings set forth therein. All capitalized terms used herein which are defined in the
Loan Agreement shall have the meanings assigned thereto in the Loan Agreement, unless
the context hereof affirmatively requires otherwise.
FINDINGS. It is hereby found, determined and declared that:
(A) The Project identified in the attached Loan Agreement constitutes
a capital project within the meaning' of the Aet, and the acquisition of such Project is
necessary and desirable, is in the public interest and will serve a proper public purpose.
Section 2.
(8) It was necessary and desirable and in the public interest that the
Project be acquired at the earliest possible time; accordingly, the Borrower has advanced
the funds necessary to pay for s\}ch Project from currently available funds, to be
reimbursed from the proceeds of the Governmental Unit Note.
(e) The long-term financing of the costs of the Project from funds
borrowed from the Program is in the best interest of the publie and will enable the
Borrower to complete the Project in a timely manner to meet the current public need.
(D) The estimated receipts of Pledged Revenues are sufficient to pay
the principal and interest and all other amounts payable with respect to the Loan and the
Governmental Unit Note.
(E) The Pledged Revenues ar~ not pledged, encumbered or hypothe-
cated by any resolution, agreement, indenture. 6i-dinance or other instrument to which the
Borrower is a party or by which it .is bound, except as otherwise set forth in the Loan
Agreement.
Section 3. PR.OJECT FINANCING AUTHORIZED. The cost of financing of
the Project, as described- herein, in the manner provided in the Loan Agreement
(hereinafter defined) is hereby authorized and approved, in the amount of $415,000.
Section 4. AUTHORIZATION OP FILING LOAN APPLICATION. The Loan
Application with respect to the Program, in substantially the form attached hereto as
Exhibit "A", with such changes, alterations and corrections as may be approved by the
Mayor-Commissioner or City Manager of the Borrower, such approval to be presumed by
his execution thereof, is hereby approved by the Borrower, and the Borrower hereby
authorizes and directs said Mayor-Commissioner or City Manager to execute the Loan
Application and to deliver the Loan Application to the City Manager of the City of Gulf
Breeze, Florida, as Administrator, and Sun Bank, National Association, as Trustee under
the Program. The provisions of the Loan Application, when executed and delivered by the
LKL-l1/16/88-268AA-2822
-2-
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-. Borrower as authorized herein, shall be deemed a part of this instrument as fully and to
the same extent as if incorporated verbati m herein.
Section 5. AUTHORIZATION OF EXBCUTION AND DELIVERY OF LOAN
AGREEMBNT. The Loan Agreement, in substantially the form attached hereto as Exhibit
"B", including the Governmental Unit Note attached thereto, with such changes, altera-
tions and corrections as may be approved by the Mayor-Commissioner and City Manager
of the Borrower, such approval to be presumed by his exeeution thereof, is hereby
approved by the Borrower, and the Borrower hereby authorizes and directs said Mayor-
Commissioner and City Manager to execute, and the City Clerk of the Borrower to attest
under the seal of the Borrower, the Loan Agreement and the Governmental Unit Note and
to deliver to the Administrator and Sun Bank, National A.ssociation, as Trustee, the Loan
Agreement and the Governmental Unit Note, all of the provisions of which, when
executed and delivered by the Issuer as authorized herein and by the Administrator and
the Trustee duly authorized, shall be deemed to be a part of this instrument as fully and
to the same extent as if incorporated verbatim herein.
Section 6. ISSUANCE OF GOVERNMENTAL UNIT NOTE; SECURITY. The
Loan shall be evidenced by the Governmental Unit Note, issued in the amount of $415,000.
The Mayor-Commissioner and City Manager of the City and the City Clerk of the City are
hereby authorized to issue and deliver, and to attest, the Governmental Unit Note against
receipt of the proceeds of the Loan as provided in the Agreement. The Governmental
Unit Note shall have such terms and provisions, shall bear interest at such rates, adjusted
in such manner and payable at such times, and shall mature in such amounts on such dates,
,all as are set forth in the Loan Agreement. Upon issuance, the Governmental Unit Note
shall be secured by a lien upon and pledge of the Pledged Revenues. The Borrower hereby
pledges', and grants a lien upon, the Pledged Revenues, in favor of the Governmental Unit
Note, all in the manner set forth in the Loan Agreement and the Governmental Unit Note.
I
I
,'. '
Section 1. NO PERSONAL LIABILITY. No covenant, stipulation, obligation
or agreement herein contained or contained in the Loan Agreement shall be deemed to be
a covenant, stipulation, obligation or agreement of any member, agent or employee of the
Borrower or its governing body in his individual' c.apacity, and neither the members of the
City Commission of the Borrower ~or any.official executing the Loan Agreement or
Governmental Unit Note shall be liable personally thereon or be subject to any personal
liability or accountability by reason of the issuance thereof.
Section 8. NO THIRD PARTY BBNBPIClARIES. Except as herein or in the
Loan Agreement otherwise expressly provided, nothing in this instrument or in the Losn
Agreement, expressed or implied, is Intended or shall be construed to confer upon any
person, firm or corporation otht!r than the Borrower, the Administrator, the Credi:
Facility Issuer, the City of Gulf Breeze, Florida, and the Trustee any right, remedy or
claim, legal or equitable, under and by reason of this instrument or any provision thereof
or of the Loan Agreement, this instrument and the Loan Agreement intended to be and
being for the sole and exclusive benefit of the Borrower, the Administrator, the Credit
Facility Issuer, the City of Gulf Breeze, Florida, and the Trustee.
Section 9. PREREQUISITES PERFORMED. All acts, conditions and thing'S
relating to the passage of this instrument, to the execution of the Loan Application, to
the execution of the Loan Agreement and the Governmental Unit Note required by the
LKL-l1/16/88-2G8AA-2822
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1. AMOUNT .AND USE OF BORROWING
PROJECT
DESCRIPTION
TOTAL AMOUNT
OF FINANCING
ANTICIPATED DATE OF
PROCEEDS DISTRIBUTION
SPECIFIC SOURCE
OF REPAYMENT,
1".
Citywide 800 MHZ
Radio Nets
COnmlunication
System
4,558,000
February 1, 1987
~ Cent Sales
Tax Allocation
2. Advance Refunding 5J.2,000 February 1, 1987 ~ Cent Sales
of Campbell Note Tax Allocation
Secured by ~ Cent
Sales Tax
Allocation
3. City Garage and 6,332,000 June 30, 1987 ~ Cent Sales
Refurbishment Shop Tax Allocation
4.
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3. DEMOGRAPHIC CAT 1-\
.
A. Population Totals and Forecasts: Please,provide population forlhe County and its three largest cities as
requested below.
Jurisd'lClbn
1970
Pinellas Count
522,329
St. Pet~rsburg
216,159
Clearwater
52,074
Largo
24,230
1980
1990 Forecast
1985- Estimate
728,531
927,303
780,002
238,647
N/A
240,562
85,528
95,330
106,186
:58,977
60,253
N/A:
SOURCE: US Census Bureau, University of Florida, Pinellas County Planning
Department, City of Clearwater Planning Department
B. Age Distribution of the City Population:
Age Categ'.)ry (Total)
0-14 years
15-24 years
25-44 years
45-64 years
55 & over
1970 1980 1985-Estimate Current
9,543 12,455 13,882
6,359 11,944 13,313
t'"
, .
8,687 19,031 21,212
12,517 19,812 22,083
14,968 22,286 24,840
Scu~e: us Census Bureau Data and Projections from Clearwater Planning
Department
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.,.,; :'it::"",.;. ';' ':,;,:;':'}'1;'.::;';.,'0:\:>':,,;;:<
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4. ECONOMIC DATA (continued)
E. Gross and Taxable Sales (rounded to thousands of dollars)
,..l~"{
".(~~
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Type of Sales
1984
Gross Sales
Taxable Sales
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F. Building Activity
ktivity
1985
1984
Total Value ($1,000)
119,331
145,829
Single Family Units
273
300
Multl-Famny Units
621
1,148
Source: City of Clearwater Building Department
.' ...
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1983
1983
117,809
1,452
350
~
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1982
1982
.78,609
268
495
1981
1981
N/A
376
628
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5. TAX REVENUE DATA
A. Assessed VaJuations , (Figures in Millions)
Year Just Value Exempt and ImrTl.lne Values Taxable Value Annual Growth Rate
1975
1976 1,074 221 853 10.8\
1977 1,209 235 973 14.1\
1978 1,287 251 1,036 6.5\
1979 1,375 277 1,098 5.9\
1980 1,522 306 1,219 10.8\
1981 2,073 482 1,591 30.8\
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1982 2,632 636 1,996 25.5\
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3,053 . 693 2,.360 18.3%
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1985 3,661 924 2,737 8.3%
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5. TAX REVENUE DATA (continued)
B. Schedule of Property Taxes Levied and Collected
FISCal 'Year
Property Taxes Levied
% of Total Tax Collections
to Tax Levy
Total Tax Collections
1976 4,649,832 4,683,141
1977 5,273,959 5,270,218
1978 5,648,756 5,633,335
1979 6,035,859 6,012,008
1960 7,494,991 7,476,450
1981 8,367,508 8,327,374
1982 9,670,373 9,649,710
1983 9,531,471 9,437,437
1924 10,957,983 0' 4-
10,929.,306
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1985 11,766,901 11,631,140
100.72
99.93
99.73
Sou~: City of Clearwater Comprehensive Annual Financial Report, September 30, 1985.
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7. ourST ANDING DEBT: If the city has currently outstanding long-term (maturity, of
more than one year form date of issuance) please provide the following information:
Name of Issue Amount T- of Debt Date of Date of Rating Rating
Outstan:fU'lg G~raJ Revenue Issue Maturity Agency
($000) Obrgatbn
As of 9/30/ 6
General Obligation' 1/1/99 A+ Standard &
3,955,nOO X 1971, 1978 Mood s
Bonds
Public Service Tax 8/27/85 12/1/98 AAA Standard,&
7,155,000 X
& Bridge Rev. Bonds Aaa Mood s
Water & Sewer AAA Standard &
13,246,593 X 11/15/84 12/1/94
Revenue Bonds Aaa Mood s
Parking System 840,000 X 1/1/83 1/1/98 A- Standard &
Revenue Bonds
Gas System Revenue 7,030,000 X 1/1/84 9/1/2013 AAA Standard &
Bonds
Capital Improvement 576,000 X 11/16/84 11/16/941 None N/A
Revenue Bonds
Incinerator Revenue +90,000 X 2/27/63 2/1/89 None N/A
Bonds
Clearwater Pass 358,937 X 6/30/82 6/30/89 None N/A
Dredge No e
Barnett Recreation 170,800 X 5/30/80 5/30/90 None N/A
Complex
Barnett ,Capital 468,000 X 8/1/83 8/1/88 None N/A
Improve
Bilgore Property 590,000 X 8/22/86 8/22/89 None N/A
Acquisition Notes
Community Developmp..t 1,660,000 X 8/1/86 8/1/06 None N/A
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the
FINANCIAL STATMENTS: Enclose
past three fiscal years.
audited
financial statements
for
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C I 1.' Y
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C LEA It lV A 'r E It
POST OFFICE BOX 4748
C LEA R W A 1 E R. F LOR IDA 3 4 6 1 8 . 4 7 4 8
Office of
Finance DIrector
462.6930.' .
September 27, 1988
Mr. Walt Parker
Government Credit Corporation
Post Office Box 948 '
Pensacola, Florida 32594
D~ar Walt:
Pursuant to our telephone conversation of September 21. please consider this letter
a request to reactivate our loan application for $976,453 to complete the purchase
of 15.61 acres of parkland known as the "Vogel" property. This purchase was
actually completed on December 23, 1986. for a total purchase price of $1.475.834.
Available impact fees totaling $499.381 were applied to the purchase, with the
remaining $976.453 borrowed temporarily from our own special development fund
pending completion of external financing. We have twice considered inclusion of
this project in the First Florida Governmental Financing Commission issues, but
both requests were withdrawn and the loan was not completed.
AU other parts of our original application remain unchanged. including the proposal
to secure the loan with a secondary lien on the 1/2 cent sales tax revenue. To
update our original estimates, actual revenue in tne fiscal year ended September 30,
1987 was $2,808,970. and collections for the 10 months ended July 31. 1988 were
$2,836.378. We would prefer a 10 year repaymen,t,.. schedule in the amount 0 f
$975.000 unless the exact amount of $97~,453 can be borrowed.
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I would also like to apply for a second loan under the same terms and donditlons.
relating to the City's participation in a February. 1988 joint City/County purchase
of an environmentally sensitive tract of land known 'as "Coopers Point." The total
purchase price of $1,950,000 was paid 2/3 by Pinellas County and 1/3 by the City,
and ownership in the property is shared in the same proportion. The City used
$240.000 of available impact fees and temporarily borrowed the remaining $410.000
from our Special Development Fund pending investigation of external finnncing. It
is this $410.000 that we would like to borrow. with repayment also scheduled over a
10 year period. ..
\Ve would propose to use our own bond counsel (Li vermore, Klein , LoU) end
would hope to complete both loans as soon as possible. Please let me know whnt
additional information or documentation you require. Thanks for your continued
assistance.
Sincerely,
~
Daniel. . Deignan. PA
Finane Director
"Equal Employment and Affirmative Action Employer"
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TABLE OP CONTENTS
CITY OP GULF BRBEZE, FLORIDA
LOCAL GOVHRNMENT LOAN PROGRAM
LOAN AGRBEMENT
pa.rties and Recitals ..... · . . . . . . · . . . . . . . . · . . . . · · . . . . . . . . . . . . · . . . . . . . · . . . · . . . .
ARTICLE I
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BACKGROUND AND REPRESENTATIONS
Section 1.1
Section 1.2
Section 1.3
Section 1.4
Section 1.5
Background ..................................................
Representations of Governmental Unit . . . . . . · . . . . . . . . . · . . .. · . · .
Sponsor Representations .......................................
Administrator Representations .................................
Trustee Representations ................................... · . . .
"
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ARTICLE U
DEFINITIONS
Section 2.1
Definitions .................................................. 4
ARTICLE ill
.
FINANCING THE PROJECT
Section 3.1
Section 3.2
Making of Loan; Application of Loan Proceeds .................... 6
Disbursement of Loan; Security (nterest in
Undisbursed Proceeds' .. . . · . . · . . . . . . . . · . . . . . . . . . . . · . . · . . . · . · . II' 6
Repayment of Loan ............................................. 6
Prepayment of Loan ........................................ II' 8
Administrative Expenses ............... . . . · . . . · · . · . . .. . . · . · . .. 8
Special Obligation of Governmental Units .............. .. · . · . . . . . 9
Benefit of Bondholders and Enhancement Provider;
Compliance with Trust Indenture . . . · · . . · . . . . · . . . . . . . . . . . · . · ... 11
Bonds Not to Become Arbitrage Bonds ........................... 11
Assignment of Sponsor's Rights ................................. 11
Covenant Regarding Pledged Revenues;
Revenue Fund .......................... . . . . . . . . . . . . . . · . · . . · .. 11
Alternate Security for Governmental Unit Note .. . . . · . . . . . . . · . . .. 12
Interlocal Agreement ......................................... 13
Section 3.3
Section 3.4
Section 3.5
Section 3.6
Section 3.7
Section 3.8
Section 3.9
Section 3.10
Section 3.11
Section 3.12
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ARTICLE IV
COVENANTS OF THE GOVERNMENTAL UNIT
Section 4.1 R.eports and Opinions; Inspections . . . . . . . . . . . . . . . . . . . . . . . . '14
Section 4.2 Immunity of Sponsor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Section 4.3 Compliance with Laws . . . . . . . . . . . . . . . 15
Section 4.4 Issuance of Other Obligations
Payable from Pledged Revenues . . . . . . . . . . . . . . . . . 15
Section 4.5 Issuance of Additional Parity Bonds . . . . . . . . . . . . . . . . 16
Section 4.6 Additional Covenants ........... . . . . . . . . . . . . . . . . . . . . . 11
ARTICLE V
EVENTS OF DEFAULT AND REMEDIES
Section 5.1 Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Section 5.2 Acceleration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Section 5.3 Payment of Loan on Default; Suit Therefor . . . . . . . . . . . . . 19
Section 5.4 Other Remedies . . . . . . . . . . . . . 20
Section 5.5 Cumulative Rights . . . . . . . . . . . . . . . 21
Section 5.6 Discontinuance of Proceedings . . . . . . . . . . . . . . 21
Section 5.7 Notice of Default .......... . . . . . . . . . . . . 21
ARTICLE VI
MISCELLANEOUS
Section &.1 Limitation of Liability . . . . . . . . . . . . . . . . . . . . . . . . . 22
Section 6.2 No Personal Recourse . . . . . . . . . . . . . . 22
Section 6.3 Notices ............ . . . . . . 22
Section 6.4 Illegal or Invalid Provisions Disregarded . . . . . . . . . . . . . . . . . . . 23
Section 6.5 Applicable Law . . . . . . . . . . . . . . . . . . . . . . . . . 23
"
Section 6.6 Assignments . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Section &.7 Amendments " 23
. . . .'.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 6.8 Term of Agreement . . . . . . . . . . . . . . . . . . . . . . . 23
Section 6.9 Headings ......... . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Section &.10 Superseding Clause . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Exhibit "A" Project Description . . . . . . . . . . . . . . . . . . . . 27
Exhibit "B" Promissory Note . . . . . . . . . . . . . . . . . . . . . . . . . . '28
Exhibit "c" General Certificate . . . . . . . . . . . . . . . . . . . . . . 33
Exhibit "D" Opinion of Governmental Unit Counsel . . . . . . . . . . . . . . . . . . . 39
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TIDS LOAN AGRBBMBNT, dated , 198_, between SUN
BANK, NATIONAL ASSOCIATION, Orlando, Florida, as Trustee for the holders of" the
Bonds (as defined herein), JACKSON C. TUTTLE, City Manager, acting on behalf of City
of Gulf Breeze, Florida (the "Administrator") and THB CITY OF CLEARWATBR,
FLORIDA, a municipal corporation organized and duly existing under the laws of the State
of Florida (the "Governmental Unit"), witnesseth as follows:
ARTICLB I
BACKGROUND AND RBPRBSBNTATIONS
SBCTION 1.1
BACKGROUND.
(a) The City of Gulf Breeze, a municipal corporation of the State of Florida,
as issuer of the Bonds hereinafter referred to as the "Sponsor", is authorized to exercise
those powers conferred by Chapters 166 and 163, Florida Statutes, as amended.
(b) The Sponsor has issued $100,000,000 aggregate principal amount of its
Local Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985 C
(the "Bonds") the proaeeds of which are to be used for the purpose of financing and
refinancing the cost of the acquisition and installation by "Governmental Units", as
hereinafter defined, of qualified Projects as described herein (the "Program"). The Bonds
are issued under and are secured by the Trust Indenture dated as of December 1, 1985, as
amended and restated as of July 1, 1986, as further amended and supplemented (the
"Indentu're") between the Sponsor and Sun Bank, National Association, Orlando, Florida, a,s
Trustee (the "Trustee"). Except as otherwise provided herein, all capitalized terms used
herein which are defined in the Indenture shall have the meanings set forth in the
Indenture.
(c) Pursuant to the Indenture, the Sponsor has caused the net proceeds of
the Bonds to be deposited with the Trustee, to be used to make loans to Governmental
Units for the financing or refinancing of the Projects.
," ..
(d) Under the Indenture/' the Sponsor has pledged, for the security and
repayment of the Bonds, inter alia, the amounts to be received in repayment of the Loans,
in the manner set forth. in the Indenture.
(e) For the additional security for the payment of the principal of the Bonds,
the Sponsor has caused to be delivered to the Trustee a Bond Insurance Policy (the "Credit
Facility") initially issued by Financial Guaranty Insurance Company (which, together with
any issuer of a substitute Credit Facility, is referred to as the "Credit Facility Issuer")
pursuant to which it has agreed to make available funds for the timely payment of the
principal and interest on the Bonds (the Credit Facility and any substhute Credit Facility
as defined in the Indenture hereinafter referred to as the "Credit Facility").
(f) For the purpose of providing the Bond Registrar and Paying Agent (as
defined in the Indenture) with funds for the purchase at the principal amount thereof plus
accrued interest on Bonds tendered to it for payment pursuant to the Indenture, and not
remarketed in accordance with the provisions thereof, the Sponsor has entered into a
LKL-ll/16/88-268AA -2822
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Standby Bond Purchase and Revolving Credit Agreement dated as of April 1, 1988 (the
"Liquidity Facility") with COGB Liquidity Corporation and The Bank of Tokyo, Ltd., New
York Agency (collectively, the "Liquidity Facility Issuer") and the Trustee, pursuant to
which the Liquidity Facility Issuer will agree to purchase Bonds at the principal amount
thereof (up to the aggregate principal amount of Bonds outstanding), together with
accrued interest, to the extent that moneys are not otherwise available therefor under the
terms of the Indenture.
(g) The Administrator has approved the Loan and has approved a commit-
ment (the "Commitment") to make a loan in the amount of $415,000 (the "Loan") for the
purpose of financing the original cost of acquisition of the project identified on Exhibit A
attached hereto, which shall hereinafter collectively be referred to as the "Project".
(h) As evidence of the Loan made pursuant to this Agreement, the Govern-
mental Unit will execute and deliver a note in the principal amount of the Loan in the
form attached hereto as Exhibit B (the "Governmental Unit Note"). As security for the
Bonds, the Sponsor is assigning to the Trustee all its right, title and interest in the
Governmental Unit Note and this Agreement (except for the rights reserved by the
Sponsor as described in Section 3.9 hereof). Pursuant to the Indenture, the Governmental
Unit Note and this Agreement may be assigned by the Trustee to the Credit Facility
Issuer under the circumstances set forth therein.
SECTION 1.2
REPRESENTATIONS OP GOVERNMENTAL UNIT.
(a) The Governmental Unit is a municipal corporation of the State of
Florida, with full power and legal right to enter into this Agreement and perform its
obligations hereunder, and to finance the Project in the manner contemplated herein. The
Governmental Unit's actions in making and performing this Agreement have been duly
authorized by all necessary official action and will not violate or conflict with any
applicable provision of the Constitution, or law of the State of Florida or with any
ordinance, governmental rule or regulation, or with any agreement, instrument or other
document by which the Governmental Unit or its funds or properties are bound.
, "
(b) The amount of the LO,an, less' anticipated investment earnings, does not
exceed the "Cost" of the Project (as defined in the Indenture).
(c) No portion of the proceeds of the ~oan will be used to finance any
Project which is used in the trade or business of a person who is not an "exempt person" as
defined in Section 103(b)(3) of the Code.
(d) immediately after the execution hereof, no Event of Default shall exist
hereunder nor shall there exist any condition which with lapse of time, the giving of
notice, or both, wo~ld constitute an Event of Default hereunder.
(e) The Governmental Unit is duly authorized and empowered under the laws
of the State of Florida, particularly Chapter 166, Part II, Florida Statutes, to enter into
this Agreement, to issue the Governmental Unit Note and to pledge: the sources
hereinafter mentioned to the repayment thereof, and to apply the proceeds thereof to the
payment of the Costs of the Project.
LKL-l1/16/88-268AA-2822
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ARTICLE ill
FINANCING THE PROJECT
SBCTION 3.1 MAKING OF LOAN; APPLICATION OF LOAN PROCEEDS.
From the amounts on deposit in the Project Loan Fund created under the Indenture, the
Governmental Unit hereby agrees to borrow and repay the sum of $415,000. The Loan
made hereby shall be repaid in accordance with the Governmental Unit Note and Section
3.3 hereof. The Governmental Unit covenants that it shall use the proceeds of the Loan
solely for the purposes described in Section lo1(g) hereof and that it shall not use the
proceeds of the Loan in a manner inconsistent with the representations and covenants set
forth in Sections 1.2(c), 1.2(e) and 1.2(f) hereof.
SBCTION 3.2
DISBURSBD PROCEBDS.
DISBURSBMENT OF LOAN; SBCURITY INTERBST IN UN-
(a) Following the execution and delivery of this Agreement and the Govern-
mental Unit Note (the "Closinglt), the Trustee shall disburse the fees and expenses of bond
counsel and the amount of expenses of the Administrator to be reimbursed from the
proceeds of the Loan to the Expense Account created under the Indenture. The Trustee
shall disburse the balance of the Loan, with the written approval of the Credit Facility
Issuer, to the Governmental Unit in reimbursement for the cost of acquisition of the
Project previously incurred by the Governmental Unit.
(b) The Governmental Unit agrees that, upon request of the Trustee or the
Administrator, it shall supply such documentation as the Trustee, the Administrator or the
Credit Facility Issuer may require to determine that the proceeds of the Loan have been
applied solely to payment of the Costs of the Project.
SBCTION 3.3 RBP A YMBNT OF LOAN. The Loan to be made to the
Governmental Unit for the Project shall be repaid in installments which shall correspond
in time and amount to the payments of principal and interest on the Governmental Unit
Note and shall bear interest at the rates, and shaj( be payable at the times payable on the
Governmental Unit Note, as follows: . r:'
(a) The principal of the Loan shall be paid in 120 installments on the dates
and in the amounts shown on "Schedule I" attached to the form of the Governmental Unit
Note, which is attached hereto as Exhibit "B", with all remaining principal, together with
any other amounts payable in connection therewith, due on January 1, 1999, or such later
date as the Credit Facility Issuer shall have approved in writing.
(b) The interest on and other amounts due in respect of the Loan shall be
paid commencing on the first day of February, 1989, and on the first day of each month
thereafter. The repayment amounts due in respect of all Loans to Governmental Units
shall be an amount determined by the Financial Advisor on behalf of the Sponsor,
sufficient to retire, over the life of the Loan, the Pro-Rata Share of Non-Asset Bonds, and
an amount sufficient to provide funds, which, as described in the immediately following
paragraph, together with the Governmental Units' Pro-Rata Share of amounts in the
Surplus Fund constituting income from the investment of certain funds established under
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the Indenture will be sufficient, to pay when due among other things, the Costs and
Expenses of the Program, the estimated interest (including Additional Interest, if any)
becoming due on the Bonds, taking into consideration the fact that such interest on all or
a portion of the Bonc"s will vary on a weekly basis pursuant to the Indenture; provided,
bow ever, that if an acceleration of the Loan is dec'lared pursuant to Section 5.2 hereof
following the occurrence of an Event of Default hereunder, the interest rate on the Loan
shall be increased to a rate per annum equal to the Prime Rate plus 296. Said interest
rate shall be based upon a year equal to 365/366 days for actual days elapsed and shall
change when said Prime Rate shall change. Notwithstanding anything otherwise contained
in this Agreement, the interest rate on the Loan shall not exceed twenty-five percent
(2596) per annum (exclusive of amounts charged for Costs and Expenses of the Program
which are not charges for the use or forbearance of money), or such higher rate as may
from time to time be permitted under applicable law and approved by the Credit Facility
Issuer (the "Maximum Rate"); provided, that, in the event the imposition of such Maximum
Rate shall ever cause the amount payable on the Governmental Unit Note to be less than
the amount of interest which would otherwise be computed pursuant to this Section 3.3,
the Governmental Unit Note shall thereafter bear interest at the Maximum Rate until the
earlier of (1) the final maturity of the Governmental Unit Note or (2) such time as the
total amount of interest paid on the Governmental Unit Note shall at such rate equals the
amount of interest which would have been payable on the Governmental Unit Note
pursuant to this Section 3.3 without regard to any Maximum Rate.
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The Financial Advisor, on behalf of the Sponsor, shall determine not less often
than each January 1 and July 1 the rate of interest on the Loan and the Pro-Rata Share of
the Costs and Expenses of the Program and the Non-Asset Bonds and shall notify the
Trustee and the Administrator of such determination. The Administrator shall compute
the amount of each Governmental Unit's monthly payment and shall notify the Trustee
and the Governmental Unit, at least ten days prior to the first day of the month in which
the new payment amount is to become effective, of the period (not exceeding six months)
for which such payment amount is to be in effect and the amount of each interest
payment which the Governmental Unit is required to make during such period. However,
if at any time the Trustee determines that such payment amount, together with other
funds available therefor, does not provide sufficie:n,t funds to pay interest on all Bonds and
to pay the Non-Asset Bonds, the interef?t becoming due on the Bonds (including Additional
, Interest, if any, together with the anRtial fees and other amounts, if any, charged for or
due under the Credit, Facility and Liquidity Facility, together with other fees and
expenses relating to the Sponsor's multi-governmental loan program, the Trustee shall so
notify the Administrator and the Financial Advisor. The Financial Advisor, on behalf of
the Sponsor shall increase the payment amount on the Loan then in effect by an amount
sufficient to cure such deficiency by giving notice thereof to the Administrator. The
Administrator shall recompute the amount of the Governmental Unit's monthly payments
and shall give the Governmental Unit notice of a revised interest rate at least ten days
prior to the date such revised interest rate is to become effective, stating the period (not
exceeding six months) for which such revised interest rate is or additional payments are to
be in effect, and the amount of each interest payment which the Governmental Unit is
required to make during such period. The Administrator shall send to the Trustee and the
Credit Facility Issuer duplicate copies of each statement to the Governmental Unit
specifying the total payment due from the Governmental Unit for principal and interest
on the Loan, the respective amounts of principal and interest included in such total
payment, and the amount of any fees and expenses billed to the Governmental Unit on a
LKL-ll/16/88-268AA-2822
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monthly basis pursuant to Section 3.5 hereof. The Governmental Unit agrees that the
Sponsor has reserved the right to determine the extent to which investment income on- the
funds established under the Indenture (including any income from the Project Loan Fund
prior to full disbursement of the Loan) may be applied in determining the amount payable
hereunder.
(c) As provided in the Governmental Unit Note, in addition to the above
payments of principal and interest on the Loan and the additional payments provided for
herein, any payment of principal and interest on the Loan which is received later than its
due date shall bear interest at a rate equal to the Prime Rate plus 296 per annum.
SECTION 3.4
PREPAYMENT OF LOAN.
The Governmental Unit may upon any Interest Payment Date on which the
Bonds may be redeemed or converted to another Mode at the option of the Sponsor and,
upon not less than 129 days prior written notice to the Sponsor, the Administrator and the
Trustee, prepay the outstanding principal of the Loan or any portion thereof in accordance
with the requirements of Section 4.04(b) of the Indenture. There shall also be paid as a
prepayment premium an amount equal to any premium payable to the holders of the Bonds
in connection with such prepayment. '
SECTION 3.5
ADMINISTRATIVE EXPENSES.
(a) In determining the payments in respect of the Loans which all Govern-
mental Units with non-accelerated Loans shall pay in each month, there shall be included
an amount determined by the Administrator on behalf of the Sponsor to be sufficient to
pay when due the items referred to in Section 3.3, including without limitations:
(1) the annual fees and other amounts, if any, charged for or due (i) in
the case of Variable Rate Loans, under the Credit Facility (including additional ~urety
bond premiums, if any); (ii) under the Liquidity Facility, and (Hi) if this Loan is funded
from Recycled Bond Proceeds the bond insurance premiums and additional surety bond
premiums, if any, related to Recycled Bond Pro~eeds for the Loan (which shall be paid in
full at Closing);
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(2) the annual administrative fees of (i) the Sponsor, the Administra-
tor, and the Independent Contractor, if applicable, and (ii) the Trustee, the Bond Registrar
and Paying Agent and any other Paying Agent or Agents;
(3) the annual fee of the Remarketing Agent;
(4) cost of issuance of the Bonds allocable to the Loan as Non-Asset
Bonds;
(5) the deferred Increased Cost Payments accrued to the date of
Closing of the Loan (which shall be recovered over a 12 month period); and
(6) the Governmental Unit's Pro-Rata Share of any amounts payable
pursuant to the Indenture as Increased Costs or Deferred Increased Costs.
LKL-11/16/88-268AA-2822
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The Administrator, on behalf of the Sponsor, shall determine such amount (concurrently
with the determination of the interest payments on the Loan pursuant to Section 3~3(b)
hereof) and shall notify the Governmental Unit at least ten days prior to the first day of
the period for which the new payment schedule is to become effective, of the period (not
exceeding six months) for which such payment schedule is to be in effect and the amount
of each payment which the Governmental Unit is required to make during such period.
However, if at any time the Administrator determines that such payments made by all
Governmental Units with non-accelerated Loans will not provide sufficient funds to pay
the amounts described in clauses (1) through (6) above, the Administrator, on behalf of the
Sponsor, shall revise the schedule of payments then in effect by giving the Governmental
Unit notice of revised schedule of payments, at least ten days prior to the date such
revised payment schedule is to become effective, stating the period (not exceeding six
months) for which such payment schedule is to be in effect and the amount of each
payment which the Governmental Unit is required to make during such period.
(b) The Governmental Unit shall pay the amounts described in paragraph (a)
above to the Trustee, as the Sponsor's assignee of this Agreement; except as otherwise
provided in Section 3.9 hereof.
(c) Any other amounts due from the Governmental Unit hereunder, including
closing costs related to the Loan and not paid at closing.
SBCTION 3.6
SPECIAL OBLIGATION OF GOVERNMENTAL UNITS.
(a) Each Credit Issuer may share with any other Credit Issuer any informa-
tion given to any of them by the Governmental Unit, including without limitation financial
statements, and may also share such information with any participant of such Credit
Issuer, and any financial institution which is being solicit~d to become a participant of any
Credit Issuer. To the extent necessa1.-y to permit the foregoing, the Governmental Unit
hereby waives any privilege or right to confidentiality, whether arising under statute or
otherwise, it may have which would otherwise prohibit the foregoing sharing ot informa-
tion.
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(b) The Governmental Unit Note 'shall be secured by a lien upon and pledge
of the Pledged Revenues, and the' Pledged Revenues are hereby pledged to secure
repayment of the Governmental Unit Note, as set forth in the Authorizing Ordinance.
The Governmental Unit hereby represents and warrants that the pledge of the Pledged
,Revenues to secure the Governmental Unit Note is valid, binding and enforceable and that
the Pledged Revenues are not otherwise subject to any pledge, lien or encumbrance, other
than as has been heretofore disclosed to and expressly approved by the Credit Facility
Issuer in writing, such disclosure consisting of a first pledge and lien securing the
repayment of the Governmental Unit's Capital Improvement Revenue Bonds, Series 1984
(the "1984 Bonds") and a second pledge and lien securing repayment of the Governmental
Unit's Loan from the Program in the amount of $980,000 (the "Parity Loan"). The
Governmental Unit covenants that it will not cause or permit to exist any pledge of or
lien or encumbrance upon the Pledged Revenues which is prior in right of payment to that
securing the Governmental Unit Note except as expressly approved by the Credit Facility
Issuer including, specifically, any further debt secured on a parity with the 1984 Bonds.
The Governmental Unit covenants that it will not cause or permit to exist any pledge of
or lien or encumbrance upon the Pledged Revenues, other than the pledge benefitting the
LKL-ll/16/88-268AA-2822
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Governmental Unit Note, except for any Additional Parity Bonds or obligations secured by
a lien subordinate to the lien of the Governmental Unit Note which may be issued in' the
manner permitted hereunder.
(c) Prior to each of its fiscal years, the Governmental Unit shall establish a
budget for such fiscal year which allocates a sufficient sum of Pledged Revenues to pay
all amounts res.sonably anticipated by the Governmental Unit to be payable hereunder and
all amounts reasonably anticipated to be payable with respect to any Additional Parity
Bonds. In the event that the budgeted amounts prove insufficient to make said payments
the Governmental Unit shall as soon as practicable "Dut in any event prior to the
expiration of sixty days from such event) amend its budget so as to assure that sufficient
Pledged Revenues are available to at all times make said payments.
(d) The Loan and the Governmental Unit Note, and all payments due with
respect thereto, shall be a special obligation of the Governmental Unit, payable solely
from the Pledged Revenues as herein provided. The Loan and the Governmental Unit
Note do not constitute a general indebtedness of the Governmental Unit, or a pledge of its
faith, credit or taxing power within the meaning of any constitutional or statutory
provision or limitation. Neither the State of Florida nor any political subdivision thereof
nor the Governmental Unit shall be obligated (1) to exercise its ad valorem taxing power
or any other taxing power in any form on any real or personal property in the
Governmental Unit to pay the principal of the Loan and the Governmental Unit Note, the
interest thereon or other payments or costs incident thereto, or (2) to pay the same from
any other funds of the Governmental Unit except from the Pledged Revenues, all in the
manner provided herein. The acceptance of the Governmental Unit Note by the holder
from time to time thereof shall be deemed an agreement between the Governmental Unit
and such holder that the Governmental Unit Note and the indebtedness evidenced thereby
shall not constitute a lien upon any property of the Governmental Unit, but shall
constitute a lien only on the Pledged Revenues, in the manner herein provided.
(e) Subject to the provisions of the Florida Consti~ution, nothing herein
contained shall preclude the Governmental Unit from using any legally a.vailable funds, in
addition to the Pledged Revenues herein provided, which may come into its possession,
including but not limited to the proce.eds of th'e Loan, contributions or grants, for the
purpose of payment of principal of and interest on the Loan.
SECTION 3.'1 BENEFIT OF BONDHOLDERS AND ENHANCBMENT
PROVIDER; COMPLIANCE WITH TRUST INDENTURE. This Agreement is executed in
part to induce the purchase by others of the Bonds, the issuance by the Credit Facility
Issuer of the Credit Facility, the issuance of Local Credit Enhancement, if any, and the
execution and delivery by the Liquidity Facility Issuer of the Liquidity Facility and,
accordingly, all covenants, agreements and representations on the part of the Govern-
mental Unit and the Sponsor, as set forth in this Agreement, are hereby declared to be for
the benefit of the holders from time to time of the Bonds, and for the benefit of each
Credit Issuer. The Governmental Unit covenants and agrees to do all things within its
power in order to comply with and to enable the Sponsor to comply with all requirements
and to fulfill and to enable the Sponsor to fulfill all covenants of the Indenture.
LKL-ll/16/88-268AA -2822
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SECTION 3.8
BONDS NOT TO BBCOME ARBITRAGE BONDS.
The Governmental Unit hereby covenants to the Sponsor and the holders of the
Bonds that, notwithstanding any other provision of this Agreement or any other instru-
ment, it will neither make nor cause to be made any investment or other use of the
proceeds of the Loan which would cause the Bonds to be "arbitrage bonds" under Section
103 of the Internal Revenue Code of 1954, as amended, and the regulations issued
thereunder, and that it will comply with the requirements of such Section and regulations
throughout the term of the Bonds.
Section 3.9
ASSIGNMENT OF SPONSOR'S RIGHTS.
(a) As the source of payment for the Bonds, the Sponsor will assign to the
Trustee all the Sponsor's rights under the Governmental Unit Note ".ad this Agreement
(except for the rights of the Sponsor, the Trustee, the Administrator and the Independent
Contractor, if applicable, to receive payment of administrative expenses, reports and
indemnity against claims, and the Sponsor's, Trustee's and Administrator's rights to
enforce remedies pursuant to Section 3.5, 4.1, 4.2 and 5.4 hereof). The Governmental
Unit will make all payments required under Sections 3.3, 3.4, 3.5 and 5.3 hereof directly
to the Trustee without defense or setoff by reason of any dispute between the
Governmental Unit and the Sponsor.
(b) The Indenture requires that the Credit Facility provide for payment of
the principal of and interest on the Bonds when due if other moneys available under the
Trust Indenture are insufficient therefor, and that rights to the payment of any principal
and/or interest paid by the Credit Facility Issuer shall be assigned to the Credit Facility
Issuer. Under certain circumstances provided in the Indenture, this Agreement and the
Governmental Unit Note may be assigned to a Credit Issuer or the issuer of a Local Letter
of Credit.
(c) Notwithstanding anything in this Agreement to the contrary, if amounts
due under the Governmental Unit Note and this Agreement are accelerated as described
in the Indenture, and the full amount of the L08;n..has not been disbursed pursuant to the
Commitment, the Trustee shall have nC) obligation to make any further disbursements of
the Loan and shall apply the same to pB:y' the Governmental Unit Note.
SBCTION 3.10. COVENANT REGARDING PLEDGBD REVENUES; REVENUE
PUND. (a) The Governmental Unit hereby covenants to take all lawful action necessary
or required to collect and receive the Pledged Revenues. '}'he Governmental Unit further ·
covenants that it has full power to pledge the Pledged Revenues to the payment of the
principal and interest and other amounts becoming due on the Governmental Unit Note.
(b) There is hereby created and established the City of Clearwater Gulf
Breeze Loan Program Revenue Fund (the "Revenue Fund"). After application for the
benefit of the 1984 Bonds as required under the ordinance authorizing issuance of the 1984
Bonds, all Pledged Revenues received by the Governmental Unit shall be deposited into
the Revenue Fund and held solely for the benefit of the holder of the Governmental Unit
Note and Additional Parity Bonds as provided in this Section 3.10(b). The 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 Governmental Unit and used only for the purposes
LKL-l1/16/88-268AA-2822
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and in the manner herein provided. Moneys on deposit in the Revenue Fund shall be
invested in obligations in which the Project Loan Fund may be invested under' the
Indenture or as otherwise may be permitted b~T the Credit Facility Issuer, and all
investment earnings shall be retained therein and used for the purposes thereof. Revenues
shall be applied and allocated on the fifteenth day of each month (i) first, to a separate
fund, which is hereby created and designated the City of Clearwater Gulf Breeze Loan
Program Sinking Fund (hereinafter called "Sinking Fund") commencing January 15, 1989,
in such amounts sufficient to pay the principal of and interest and other amounts
becoming due on the Governmental Unit Note on the first day of the following month, (ii)
next, on a parity with the payments to be made pursuant to clause (i), to the payment of
amounts due in connection with any Additional Parity Bonds issued pursuant to the
provisions hereof, (iii) next, to the payment of any junior lien obligations issued pursuant
to the provisions hereof, and (iv) thereafter, to the Governmental Unit for any lawful
purpose of the Governmental Unit. The designation and establishment of the Revenue
Fund and Sinking Fund pursuant to this Section 3.10 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 of the Governmental Unit for certain
purposes and to establish certain priorities for application of such revenues as herein
provided.
SBCTION 3.11 ALTERNATE SECURITY FOR GOVERNMENTAL UNIT
NOTE. The Governmental Unit reserves the right to secure the Governmental Unit Note
with a Local Credit Enhancement acceptable in form and substance to the Credit Facility
Issuer and the Administrator, and upon furnishing such Local Credit Enhancement or other
security, the pledge of and lien upon the Pledged Revenues in favor of the Governmental
Unit Note shall be released and discharged, in the manner and to the extent specified by
the Credit Facility Issuer in writing. In addition, the Governmental Unit may provide for
the defeasance of the lien' of this Loan Agreement upon the Pledged Revenues at any time
provided it first provides the following to the Trustee and to the Credit Facility Issuer:
(a) Evidence that the Governmental Unit shall have paid, or shall have made
provision for payment of, all amounts payable under this Loan Agreement. For purposes
of the preceding sentence, deposit of direct obligations of the United States of America
which are not subject to redemption '~rior to maturity at the option of the obligor (or,
with the written approval of the Credit Facility Issuer, deposit of any other securities or
investments which may be authorized by law from time to tim,e and sufficent under such
law to effect such a defeasance) in irrevocable trust with a banking institution or trust
company, for the sole benefit of the Sponsor, the principal of and interest on which will be
sufficient to pay when due all payments under this Loan Agreement, shall be considered
"provision for payment".
(b) An opinio,n of 17"tionally recognized bond counsel acceptable to the
Sponsor and to the Credit Facility Issuer to the effect that (i) the lien of the Loan
Agreement upon the Pledged Revenues has been defeased and (ii) the transaction resulting
in such defeasance does not adversely affect the exemption from taxation of the interest
on the Bonds.
(c) Verification by an independent certified public accountant of sufficiency
of amounts deposited in escrow pursuant to paragraph (a).
LKL-l1/16/88-268AA -2822
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ARTICLE IV
COVENANTS OF THB GOVERNMENTAL UNIT
SBCTION 4.1
RBPORTS AND OPINIONS; INSPECTIONS.
(a) Until all amounts due under this Agreement have been paid in full, the
Governmental Unit shall deliver to the Sponsor, the Trustee and the Credit Issuers, within
ten days of the Governmental Unit's receipt thereof, an annual report prepared in
accordance with generally accepted accounting principles applicable to the Governmental
Unit, and certified by an independent certified public accountant (or accounting firm)
satisfactory to the Sponsor which shall include a balance sheet and income statement for
the prior fiscal year in reasonable detail. In addition, the Governmental Unit shall deliver
to the Sponsor, the Trustee and the Credit Issuers within 50 days after the end of each
fiscal quarter: (i) a reasonable number of copies of the Governmental Unit's unaudited
financial statements, for the prior fiscal quarter including a balance sheet and income
statement; and (ii) a certificate stating that no Event of Default hereunder has occurred
and is continuing.
(b) The Governmental Unit shall deliver to the Sponsor, the Credit Facility
Issuer and the Trustee, not later than the 135th but not earlier than the 128th day
following (i) in the case of a Loan secured by a Local Letter of Credit, the date of each
Loan Payment pursuant to the terms of this Agreem\.!nt (whether by prepayment or
regularly scheduled payment) or (ii) as to Loans not so secured, upon the final payment
upon the Loan, a certificate of the Governmental Unit, or other evidence in form and
substance satisfactory to the Trustee, to the effect that, during the period ending 128
days following such payment, no bankruptcy, insolvency or similar proceeding has been
commenced by or against the Governmental Unit and that no other event has c1ccurred
which would have constituted an event of default under Section 5.1(f) of this Agreement
(except such as has been vacated, dismissed or discharged by an order which is not subject
to furt1.er appeal). Notwithstanding the payment in full of the Loan, the Governmental
Unit shall pay any charges incurred by the Sponsol' or the Trustee in connect ion with any
payment' under the Credit Facility by reason or the Governmental Unit's failure to deliver
such certificate or evidence on a timely basis. In addition, notwithstanding the payment
in full of the Loan, the Governmental Unit shall pay to any Substitute Credit Facility
Issuer an amount, if any, equal to the Credit Issuer Rate per annum on the amount which
was disbursed under the Credit Facility by. reason of any payment to the holders of the
Bonds being deemed a Preference Payment (as defined in the Indenture).
(c) The Governmental Unit agrees to permit the Sponsor, the Trustee and
the Credit Issuers to examine, visit and inspect, at any reasonable time, the Project, and
the Governmental Unit's facilities, and any accounts, books and records, including its
receipts, disbursements, contracts, investments and any other matters relating thereto
and to its financial standing, and to supply such reports and information as the Sponsor,
the Trustee or the Credit Issuers may reasonably require.
SBCTION 4.2 IMMUNITY OF SPONSOR. In the exercise of the powers of
the Sponsor and its members, officers, employees and agents under the Indenture or this
Agreement including (without limiting the foregoing) the application of moneys and the
LKL-l1/16/88-268AA-2822
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investment of funds, the Sponsor shall not be accountable to the Governmental Uni't- for
any action taken or omitted with respe~t to the Project or this Agreement by it or its
members, officers, employees and agents in good faith and believed by it or them to be
authorized or within the dis~retion or rights or powers ~onferred under this Agreement.
The Sponsor and its members, offi~ers, employees and agents shall be protected in its or
their acting upon any paper or documents believed by it or them to be genuine, and it or
they may conclusively rely upon the advice of counsel and may (but need not) require
further evidence of any fact or matter before taking any a~tion. No recourse shall be had
by the Governmental Unit for any chdms based on the Indenture or this Agreement
against any member, officer, employee or agent of the Sponsor alleging personal liability
on the part of such person unless such ~laims are based upon the bad faith, fraud or deceit '
of such person. The Governmental Unit shall indemnify the Sponsor and any of its
members, officers, employees or agents and save them harmless against any liability
intended to be precluded by this Section resulting from acts or omissions of the
Governmental Unit or from acts or omissions of the Sponsor or any of its members,
officers, employees or agents in connection with any necessary or reasonable acts taken
pursuant to this Agreement, except for fraud, deceit, or acts taken in bad faith or whic:h
are negligent.
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SECTION 4.3 COMPLIANCE WITH LAWS. With respect to the Project and
any additions, alterations, or improvements thereto, the Governmental Unit will at all
times comply with all applicable requirements of Federal and state laws and with all
applicable lawful requirements of any agency, board, or commission created under the
laws of the State of Florida or of any other duly constituted publi~ authority; provided,
however, that the governmental unit shall be deemed in complian~e with this Section 4.3
so long as it is contesting in good faith any such requirement by appropriate legal
proceedings.
SBCTION 4.4 ISSUANCE OF OTHER OBLIGATIONS PAYABLE PROM
PLBDGBD RBVENUES. So long as the Governmental Unit N'ote remains Outstanding and
unpaid, the Governmental Unit will not issue or consent to the issuance of any other
obligations, except under the conditions and in the manner provided herein, payable fro m
the Pledged Revenues or any portion thereof,.Jl()r voluntarily create or cause to be
created any debt, lien, pledge, assignrri~nt, enc'umbrance or other charge, having priority
to or being on a parity with the lien "of the Governmental Unit Note and the interest
thereon, upon the Pledged Revenues. Any other obligations issued by the Governmental
Unit in addition to the Governmental Unit Note or Additional Parity Bonds provided for in
Section 4.5 hereof, payable from the Pledged Revenues, shall contain an express
statement that such obligations are junior and subordinate in all respects to the
Governmental Unit Note, as to lien on and source and security for payment from the
Pledged Revenues; provided, however, that the Governmental Unit may also grant to the
provider of a Local Credit Enhancement for the Governmental Unit N'ote or any provider
of Local Credit Enhancement with respect to any Additional Parity Bonds, a lien upon the
Pledged Revenues commensurate with the lien granted in respect of such Additional
Parity Bonds, provided that the scheduled Maximum Annual Debt Service on the
reimbursement obligation under any such Local Credit Enhancement would meet the
requirements hereof, as appropriate, without regard to the Maximum Annual Debt Service
on such Additional Parity Bonds, as the case may be.
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SBCTION 4.5 ISSUANCE OF ADDITIONAL PARITY BONDS. No
Additional Parity Bonds, payable on a parity lrom the Pledged Revenues with' the
Govemmental Unit Note shall be issued after the issuance of the Governmental Unit
Note, except for the construction and acquisition of capital projects of the Governmental
Unit or for refunding purposes and except upon the conditions and in the manner herein
provided:
(1) There shall have been obtained and filed with the Governmental Unit a
certificate of an independent certified public accountant of suitable experience and
responsibility; (a) stating that the booles and records of the Governmental Unit relating to
the collection and receipt of Pledged Revenues have been audited by him; (b) setting forth
the amount of Pledged Revenues, as defined herein, received by the Governmental Unit
for any twelve consecutive months within the eighteen months im mediately preceding the
date of delivery of such Additional Parity Bonds with respect to which the certificate is
made; (c) stating that the Pledged Revenues, recJived by the Governmental Unit for such
twelve month period equals at least 1.50 times the Maximum Annual Debt Service on (i)
the Governmental Unit Note and all Additional Parity Bonds, if any, then outstanding and
(ii) the Additional Parity Bonds with respect to which the certificate is made. Prior to
retirement or defeasance of the 1984 Bonds, such certificate shall state the amount of
Pledged Revenues received during the immediately preceding fiscal year and shall state
that the amount of such Pledged Revenues received for such fiscal year, less an amount
equal to Maximum Annual Debt Service coming due in any future year on the 1984 Bonds,
shall equal at least 1.50 times the Maximum Annual Debt Service on (i) the Governmental
Unit Note and all Additional Parity Bonds, if any, then outstanding, and (ii) the Additional
Parity Bonds with respect to which the certificate is made.
(2) There shall have been prepared and filed with the Governmental Unit a
certificate of such independent certified public accountant estimating that the annual
budget of the Governmental Unit for the current Fiscal Year in which the Additional
Parity Bonds will be issued, adjusted in accordance with sound accounting principles, will
be sufficient to pay all expenses to Oe incurred in the operation of the Governmental Unit
and to pay the Maximum Annual Debt Service becoming due on (i) the 1984 Bonds, the
Governmental Unit Note and all Additional Parity,.Bonds, if any, then outstanding and (ii)
the Additional Parity Bonds with respee:t tc! which the certificate is made.
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(3) The Governmental Unit shall not be in default in performing any of the
covenants and obligations assumed hereunder, and all payments herein required to have
been made into the accounts and funds, as provided hereunder, shall have been made to
the full extent required.
(4) No Additional Parity Bonds bearing interest at a variable rate shall be
issued while any portion of the Governmental Unit Note shall remain outstanding without
the prior written consent of the Credit Facility Issuer.
(5) Notwithstanding the foregoing, the Parity Loan, being made contempor-
aneously with the Loan made hereunder, shall for all purposes be deemed an Additional
Parity Bond, without compliance with any of the terms of this Section 4.5.
LKL-l1/16/88-268AA -2822
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SECTION 4.6
ADDITIONAL COVENANTS.
(A) NO PRIV A TE USE. The Governmental Unit will take no action, or
permit or suffer any action or event, which ,will cause the Gover~mental Unit Note or the
Bonds to be an "Industrial Development Bond" or a "Consumer Loan Bond" within the
meaning of the Internal Revenue Code of 1954, as amended. No portion of the Project
will be used in the trade or business of any Person (including any governmental body or
public instrumentality) except the Governmental Unit, by lease, license or mana,gement
contract or otherwise. In this regard the Governmental Unit further certifies that (i) not
in excess of ten percent (1096) of the net proceeds of the Governmental Unit Note will be
used for Private Business Use if, in addition, the payment of more than ten percent (1096)
of the principal or ten percent (1096) of the interest due on such Governmental Unit Note
during the term thereof is, under the terms of such Governmental Unit Note or any
underlying arrangement, directly or indirectly, secured by any interest in property used or
to be used for a Private Business Use or in payments in respect of property used or to be
used for a Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for a
Private Business Use; and (ii) that, in the event that both (A) in excess of five percent
(596) of the Net Proceeds of such Governmental Unit Note are used or have been used for
a Private Business Use, and (B) an amount in excess of five percent (596) of the principal
or five percent (596) of the interest due on such Governmental Unit Note during the term
thereof is, under the terms of such Governmental Unit Note or any underlying arrange-
ment, directly or indirectly, secured by any interest in property used or to be used for said
Private Business Use or in payments in respect of property used or to be used for said
Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for said
Private Business Use, then said excess over said five percent (596) of Net Proceeds of the
Governmental Unit Note used for a Private Business Use has been or shall be used for a
Private Business Use related to the governmental use of the System.
The term "Private Business Use" means use directly or indirectly in a trade or
business carried on by a natural person or in any activity carried on by a person other than
a natural person, excluding, however, use by a 5t,ate or local governmental unit and use as
a member of the general public.
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ARTICLB V
EVENTS OF DEFAULT AND RBMEDIES
SBCTION 5.1 BVENTS OF DEFAULT. Each of the following events is
hereby defined as, and declared to i,):: and shall ~onstitute, an "Event of Default":
(a) failure by the Governmental Unit to make any payment required to
be made pursuant to Section 3.3 or 3.5(a) or (b) hereof on or before the date the same is
due; or
(b) failure by the Governmental Unit to make any payment required to
be made pursuant to Section 3.5(~) hereof within 30 days after the same is due; or
(c) with the exceptions of those covenants set forth in Sections 3.3 and
3.5 hereof, failure by the Governmental Unit to observe and perform any other covenant,
condition or agreement on its part to be observed or performed under this Agreement for
a pel'iod of 30 days after written notice spe~ifying such failure and requesting that it be
remedied is given to the Governmental Unit by the Sponsor, the Credit Facility Issuer or
the Trustee; or
(d) if any of the representations, warranties or certifications of the
Governmental Unit under Se~tion 1.2 hereof or otherwise made or delivered in connection
herewith or pursuant to the Indenture shall prove to be false or misleading in any material
respect; or
(e) (1) the Governmental Unit shall make an assignment for the
benefit of creditors, (2) the Governmental Unit shall apply for or seek, the appointment of
a receiver, custodian, trustee, examiner, liquidator or similar official for it or any
substantial part of its property, (3) the Governmental Unit shall fail to file an answer or
other pleading denying the material allegations of any pro~eeding filed against it
des~ribed under Section 5.l(f)(2), (4) the Govel'nmental Unit shall take any action to
authorize or effect any of the actions',set forth' in Sections 5.1(e) or 5.I(f) or (5) fail to
contest in good faith any appointment 'or proceeding described in Sections 5.l(e) or 5,l(f),
(6) without the application, or approval or consent of the Governmental Unit, a receiver,
trustee, examiner, liquidator, or similar offi~ial shall be appointed for any substantial part
of the Governmental Unit's property and such appointment shall continue undischa.rged or
such proceedings shall continue undismissed or unstayed for a period of 30 consecutive
days, or (7) the Governmental Unit shall be in a state of financial emergency as defined in
Section 218.503, Florida Statutes, as amended, or any suc~essor statute thereto; 01"
(f) (1) the Governmental Unit shall be adjudicated a bankrupt or
become subject to an order for relief under federal bankruptcy law, (2) the Governmental
Unit shall institute any proceedings seeking an order for relief under federal bankruptcy
law or seeking to be adjudicated a bankrupt or insolvent. or seeking dissolution, winding
up, liquidation, reorganization, arrangement, adjustment or ~omposition of it or its debts
under any law relating to bankruptcy or insolvency, (3) there shall be appointed a receiver,
liquidator or similar official for the Governmental Unit under any law relating to
bankruptcy or inSOlvency, or (4) without the application, approval or consent of the
LKL-l1/16/88-268AA -2822
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Governmental Unit, a receiver, trustee, examiner, liquidator or similar official shall be
appointed for the Governmental Unit, or a proceeding described in Section 5.1(f)(2) shall
be instituted against the Governmental Unit and such appointment continues undischarged
or such proceeding continues undismissed or unstayed for a period of 30 consecutive days;
the mere declaration of a state of financial emergency under Section 218.503, Florida
Statutes, as amended, shall not, in and of itself, constitute a default under this Section
5.1(0; or
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(g) the failure of the Governmental Unit to provide a replacement for any
Local Letter of Credit required with respect to the Loan, which replacement has been
approved in writing by the Credit Facility Issuer, by the 15th day prior to the expiration
or non-renewal of the existing Local Letter of Credit.
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SECTION 5.2 ACCELERATION. If an Event of Default as defined in
Section 5.1(a), (b), (e) or (f) hereof shall have occurred, or upon the 10th day prior to the
expiration, termination, or non-renewal of a Local Letter pursuant to Section 5.1(g)
hereof, the Loan and all other sums which the Governmental Unit is obligated to pay
under this Agreement shall, upon direction of the Credit Facility Issuer, become due and
payable immediately, and the Commitment shall terminate, without further notice to the
Governmental Unit. If any other Event Ol~ Default shall have occurred, the Trustee (as the
Sponsor's assignee, or any assignee of the Trustee or Co-Trustee, as may be the case)
shall, but only upon direction of the Credit Facility Issuer, by notice in writing to the
Governmental Unit, declare the Loan and all other sums which the Governmental Unit is
obligated to pay hereunder to be due and payable immediately, and terminate the
Commitment. Upon any such acceleration whether automatically or by declaration,
anything in this Agreement contained to the contrary notwithstanding, there shall become
immediately due and payable, in addition to bony other amounts then due from the
Governmental Unit hereunder, the sum of: (i) the outstanding principal of the Loan or pro
rata portion thereof, as the C!8.se may be; (ii) accrued and unpaid interest on the Loan or
pro rata portion thereof, as the case may be; and (iii) all amounts which would be payable
in excess of the sum of: (x) the unpaid principal balance of the Governmental Unit Note
or pro rata portion thereof, as the case may be plus (y) accrued and unpaid interest
thereon, in the event the Governmental Unit N~t$! had been prepaid in accordance with
Section 3.4(b) hereof on the date of acc~leration pursuant to this Section 5.2.
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SECTION 5.3
PAYMENT OF LOAN ON DEFAULT; SUIT THBREFOR.
(a) The Governmental Unit covenants that, in case default shall occur
in the payment of any sum payable by the Governmental Unit under Section 3.3 of this
Agreement as and when the same shall bet:ome due and payable, whether at maturity or
by acceleration or otherwise, then, upon demand of the Sponsor, the Credit Facility Issuer
or the Trustee, but only upon direction of the Credit Facility Issuer, the Governmental
Unit will pay to the Trustee (or its assignee) an amount equal to the sum of: (1) the
amount described in Section 5.2 hereof; (ii) all accrued interest on the Loan to the date
such payment is made; (iU) all other amounts which the Governmental Unit is obligated to
pay under this Agreement; and (iv) such further amount as shall be sufficient to cover the
costs and expenses of collection, including a reasonable compensation to the Sponsor, the
Trustee, their agents, attorneys and counsel, and any expenses or liabilities incurred by
the Sponsor or the Trustee other than through gross negligence or bad faith.
LKL-11/16/88-268AA-2822
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(b) In case the Governmental Unit shall fail forthwith to pay such
amounts upon such demand, the Sponsor or the Trustee (or its assignee) shall be entitled
and empowered but only upon direction of the Credit Facility Issuer, to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Governmental Unit and collect in
the manner provided by law.
(c) In case any proceedings shall be pending for the bankruptcy or for
the reorganization of the Governmental Unit under the Federal bankruptcy laws or any
other applicable law, or in case a receiver or trustee shall have been appointed for the
property of the Governmental Unit, or in case any other similar judicial proceedings shall
be pending relating to the Governmental Unit or to the creditors or property of the
Governmental Unit, the Trustee (or its assignee) shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or claims for the
whole amount of the Loan made to the Governmental Unit pursuant to this Agreement and
for interest owing and unpaid in respect thereof and to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to prosecute the claims of
the Trustee (or its assignee) in any such judicial proceedings relating to the Governmental
Unit, its creditors, or its property, and to collect and receive any moneys or other
property payable or deliverable on any such clai ms, and to distribute the same after the
deduction of its charges and expenses. Any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized to make such payments to the Trustee (or its
assignee), and to pay to the Trustee (or its assignee) any amount it requires for
compensation and expenses, including cQunsel fees it has incurred up to the date of such
distribution.
SECTION 5.4
OTHER REMEDIES.
(a) Whenever any Event of Default hereunder shall have occurred and
be continuing, whether or not all sums which the Governmental Unit is ob~igated to .pay
under this Agreement shall have been declared to be immediately due and payable
pursuant to this Agreement, the Sponsor or the Trl1stee (or its assignee) shall, but only if
directed by the Credit Facility Issuer" take whatever action at law or in equity as may
appear necessary or desirable to colle<:!t the amounts payable by the Governmental Unit
hereunder, then due and thereafter to become due, or to enforce performance and
observance of any obligation, agreement or covenant of the GoveL'"nmental Unit under this
Agreement, including the application of any undisbursed Loan proceeds to the reduction of
the outstanding balance of such Loan.
(b) Whenever any Event of Default hereunder shall have occurred and
be continuing, before or after declaring an acceleration pursuant to Secton 5.2 hereof, the
Sponsor or the Trustee (oJ,' its assignee) may, but shall not be obligated to, perform for the
account of the Governmental Unit any covenant or obligation in the performance of which
the Governmental Unit is in default, in which event the Governmental Unit shall
immediately reimburse the Sponsor or the Trustee (or its assignee), as the case may be,
upon demand for all expenses incurred by the Sponsor or the Trustee (or its assignee), as
the case may be, in the course of such performance, including reasonable counsel fees,
with interest from the date of such expenditure at the Prime Rate of the Liquidity
Facility Issuer then in effect.
LKL-l1/16/88-268AA -2822
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(c) No action taken pursuant to this Section 5.4 shall relieve the
Governmental Unit from its obligations pursuant to Sections 3.3, 3.5 and 5.3 hereof, all of
which shall survive any such action. The Sponsor or the Trustee (or its assignee) may, and
upon direction of the Credit Facility Issuer, shall take whatever action at law or in equity
as may appear necessary and desirable to collect the amounts then due and thereafter to
become due, or to enforce the performance and observance of any obligation, agreement
or covenant of the Governmental Unit hereunder.
(d) Except as to the Spons')r's rights to indemnity and reports from the
Governmental Unit hereunder, the Sponsor shall not be deemed to have an exclusive right
to enforce the remedies described in this Section 5.4.
SECTION 5.5 CUMULATIVE RIGHTS. No remedy conferred upon or
reserved to the Sponsor, the Credit Facility Issuer or the Trustee (or its assignee) by this
Agreement is intended to be exclusive of any other available remedy or remedies, but
each and every such remedy shall be cumulative and shall be in addition to every other
remedy given under this Agreement or now or hereafter existing at law or in equity or by
statute. No waiver by the Sponsor, the Credit Facility Issuer or the Trustee (or its
assignee) of any breach by the Governmental Unit of any of its obligations, agreements or
covenants hereunder shall be deemed a waiver of any subsequent breach, or a waiver of
any other obligation, agreement or covenant, and no delay or failure by the Sponsor, the
Credit Facility Issuer or the Trustee (or its assignee) to exercise any right or power shall
impair any such right or power or shall be construed to be a waiver thereof, but any such
right and power may be exercised by the Sponsor, the Credit Facility Issuer or the Trustee
(or its assignee) from time to time and as often as may be deemed expedient.
SECTION 5.6 DISCONTINUANCE OF PROCEEDINGS. In case the
Sponsor, the Credit Facility Issuer or the Trustee (or its assignee) shall have proceeded to
enforce any right under this Agreement and such proceedings shall have been discontinued
or abandoned for any reason or shall have been determined adversely to the Sponsor, the
Credit Facility Issuer or the Trustee (or its assignee), then and in every such case the
Governmental Unit, the Sponsor, the Credit Facility Issuer and the Trustee (or its
assignee) shall be restored respectively to their sev.eral positions and rights hereunder, and
all rights, remedies and powers of the Govermental Unit, the Sponsor, the Credit Facility
Issuer and the Trustee (or its assignee) shall continue as though no such proceeding had
. been taken.
SECTION 5.7 NOTICE OF DEFAULT. The Governmental Unit shall give
the Trustee, the Credit Facility Issuer, the Liquidity Facility Issuer, each Local Credit
Enhancement Issuer or provider of any Local Letter of Credit and the Sponsor, a prompt
written notice of any condition or occurrence which constitutes an Event of Default under
Section 5.1 hereof immediately upon becoming aware of the existence thereof.
LKL-l1/16/88-268AA -2822
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CITY OF CLEARWATER, FLORIDA
Governmental Unit
By:
Mayor-Com missioner
(SEAL)
Attest:
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City Manager
By:
City Clerk
Approved as to Form and Correctness:
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SUN' BANK, NATIONAL ASSOCIATION
Trustee
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By:
Vice President
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reduction of principal. In the event the full amount of this Note is not disbursed, the
payments of principal due hereunder shall be reduced ratably to reflect such reduction in
the principal amount due hereunder.
The principal hereof and interest hereon shall be paid at such place as the
holders hereof may designate In writing.
This Note evidences a loan made to the Governmental Unit pursuant to the
Loan Agreement dated as of , 198_, to finance or refinance the Govern-
mental Unit's cost of acquisition and installation of the Project described in the Loan
Agreement (the "Project") and the Governmental Unit has executed this Note to secure all
payments due under said Loan Agreement. Such loan is being made by the City of Gulf
Breeze. Florida (the "Sponsor"), from the proceeds of its Local Government Loan Program
Floating Rate Demand Revenue Bonds, Series 1985A (the "Bonds"). The Bonds are issued
under a Trust Indenture dated as of December I, 1985, as amended and restated as of July
1. 1988, as further amended and supplemented (the "Indenture") between the Sponsor and
,Sun Bank, National Association, as Trustee. The Governmental Unit's obligations
hereunder are limited, special obligations payable solely from the Pledged Revenues in the
manner set forth in the Loan Agreement.
This Note may be paid prior to maturity in the manner and with the penalties
specified In Section 3.4 of the Loan Agreement.
Ttis Note, and all payments uue in this Note does not constitute a general
indebtedness of the Governmental Unit, or a pledge of its faith, credit or taxing power
within the meaning of any constitutional or statutory provision or limitation. Neither the
State of Florida nor any political subdivision thereof nor the Governmental Unit sha.ll be
obligated (1) to exercise its ad valorem taxing power or any other taxing power in any
form or any real or personal property in the Governmental Unit to pay the principal of
this Note, the interest thereon or other payments or costs incident thereto, or (2) to pay
the same from any other funds of the Governmental Unit except from the Pledged
Revenues. This Note and the indebtedness evidenced thereby shall not constitute a lien
upon any property of the Governmental Unit, ba.at shall constitute a lien only on the
Pledged Revenues, in the manner provided in the 'Loan Agreement.
. .'
The Governmental Unit shall be in default hereunder upon: (I) the nonpayment
on or before the date the same is due ot any payment described in paragraph (a) or (b) of
this Note, or (Ii) upon the occurrence of any other Event of Default described in the Loa.n
Agreement which Is not corrected within the applicable period therein specified, if any,
and after the giving of any required notice.
In the event of such default hereunder, the holder hereof shall have the
following rights or remedies: (I) the entire unpaid amount of the principal of this Note
and all other amounts which the Governmental Unit is obligated to pay under the Loan
Agreement, Including but not limited to, those sums payable under Section 5.2 of the Loan
Agreement, shall become immediately due and payable In full without notice to or demand
on the Governmental Unit of any kind and without presentation, demand or protest, all of
wb\ch are hereby waived; and (iI) the holder may at its option exercise from time to time
any and all rights and remedies available to It under the Loan Agreement. No failure of
the holder hereof to exercise any right hereunder shall be construed as a waiver of the
right to exercise the same or any other right at any other time.
LKL-ll/16/88-268AA-2822
-29-
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(d) No portion of the Loan will be used to finance any Project which is
used in the trade or business of a person who is not an "exempt person" as defined in
Section 103(b)(3) of the Internal Revenue Code of 1954, as amended (as in effect on
December 31, 1985). In this regard the Governmental Unit further certifies that (i) not in
excess of ten percent (1096) of the net proceeds of the Governmental Unit Note will be
used for Private Business Use if, in addition, the payment of more than ten percent (1096)
of the principal or ten percent (1096) of the interest due on such Governmental Unit Note
during the term thereof is, under the terms of such Governmental Unit Note or any
underlying arrangement, directly or indirectly, secured by any interest in property used or
to be used for a Private Business Use or in payments in respect of property used or to be
used for a Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for a
Private Business Use; and (il) that, in thp. event that both (A) in excess of five percent
(596) of the Net Proceeds of such Governmental Unit Note are used or have been used for
a Private Business Use, and (B) an amount in excess of five percent (596) of the principal
or five percent (596) of the interest due on such Governmental Unit Note during the term
thereof is, under the terms of such Guvernmental Unit Note or any underlying arrange-
ment, directly or indirectly, secured by any interest in property used or to be used for said
Private Business Use or in payments in respect of pl~operty used or to be used for said
Private Business Use or is to be derived from payments, whether or not to the
Governmental Unit, in respect of property or borrowed money used or to be used for said
Private Business Use, then said ex.~ess over said five percent (596) of Net Proceeds of the
'Governmental Unit Note used for a Private Business Use has been or shall be used for a
Private Business Use related to the governmental use of the System.
The term "Private Business Use" means use directly or indirectly in a trade or
'business carried on by a natural person or in any activity carried on by a person other than
a natural person, excluding, however, use by a state or local governmental unit and use as
a member of the general public.
11. The Governmental Unit is not in breach of or in default under any
existing law, court or administrative regulation, decree, ord~r, agreement, indenture,
mortgage, lease, sublease or other instrument t9" which it is a party or by which it is
bound, and no event has occurred or is',continuin'g which, with the passage of time or the
giving of notice, or both, would consti'tute a default or an event of default thereunder,
except for such minor breaches, defaults or potential defaults or events of default, if any,
which individually and in the aggregate would have no material adverse effect on the
Governmental Unit's financial condition, operations or properties.
12. The execution and delivery, receipt and due performance by the Govern-
mental Unit of the Loan Agreement, the Governmental Unit Note, and the Loan
Documents hereafter described and compliance with the prov2sions ther'eof, do not and
will not conflict with or result in the breach of any of the terms, t!onditions or provisions
ot, or constitute a default under the Charter, any existing resolutio:' or ordinance of the
Governmental Unit, any existing law, court or administrative regulatil)n, decree, order or
any agreement, indenture, lease or other instrument to which the Governmental Unit is a
party or by which it or any of its properties is bound.
13. There is no action, suit, proceeding, inquiry or investigation at law or in
equity before or by any court, public board or body pending or, to the knowledge of the
LKL-l1/16/88-268AA -2822
-35-
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Governmental Unit after due inquiry, threatened against or affecting the Governmental
Unit, which has not been disclosed in writing to the Credit Facility Issuer, contesting the
due organization of the Governmental Unit, or wherein an unfavorable decision, ruling or
finding (i) would have a material adverse effect on the financial condition of the
Governmental Unit, the operation by the Governmental Unit of the Project, its facilities
and its other properties, or an adverse effect on the functioning of the Governmental Unit
or payment by the Governmental Unit of the amounts due under the Loan Agreement in
the manner and time required thereby, or the tax-exempt status of the Governmental Unit
or the Governmental Unit Note, or (ii) would have an adverse effect on the validity or
enforceability of the Governmental Unit Note, the Loan Agreement, or the resolutions of
the Governmental Unit authorizing the Governmental Unit Note and the execution of
other documents in connection therewith (the "Loan Documents").
14. No final judgment for the payment of money has been rendered against
the Governmental Unit, unless within 60 Gays from the entry thereof, (i) such judgment
has been discharged or (ii) the Governmental Unit has taken and is diligently prosecuting
an appeal therefrom, or from the order, decree or process, upon which or pursuant to
which such judgment was granted or entered, and has caused the execution or levy under
such judgment, order, decree or process or the enforcement thereof to be stayed pending
the determination of such appeal, or (Hi) the Governmental Unit has provided for the
payment or securing of such judgment in a manner satisfactory to the Credit Facility
Issuer.
15. The Governmental Unit has duly performed and complied with all the
obligations, agreements and conditions on its pal't to be performed or complied with at or
prior to the closing. Each of the representations, warranties and other information
contained in the the Governmental Unit's loan application is true and correct and does not
contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements in such docu ments, in light of
the circumstances under which they were made, not misleading and has not changed since
the date of the Governmental Unit's loan application. The Governmental Unit has
authorized, by all necessary action, the execution, delivery, receipt and due performance
of the Governmental Unit Note, the Loan Do~uments and any and all such other
agreements and documents as may be r.equired "to be executed, delivered and received by
the Governmental Unit to carry out; ,'give effect to and 'consummate the transactions
contemplated by the Loan Agreement relating to the Governmental Unit Note, and such
authorization has not been mOdified, amended or repealed.
16. The Governmental Unit Note has been duly authorized pursuant to the
Loan Agreement and the Resolution in the forms delivered by the Governmental Unit in
connection with the issuance of the Governmental Unit Note on the date hereof. The
Resolution was duly adopted in accordance with all procedural rules applicable to the
Governmental Unit, and has not been the subject of repeal or modifica.tion since the date
of its adoption and is in full force and effect as of the date hereof.
17. To the best of our knowledge, no event affecting the Governmental Unit
has occurred since the date of the Governmental Unit's loan application which either
makes untrue or incorrect in any material respect as of the date of Closing any statement
or information contained in the Governmental Unit's loan application, and all of such
information contained in the Governmental Unit's loan application, including all financial
information contained therein, is true and correct as of the date hereof.
LKL-l1/16/88-268AA-2822
-36-
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AQenda No.
Meeting Date: 12/01/88
MEMORANDUM TO: rE--1
The City Commission of the City of Clearwater
SUBJECT: ASHLAND TERRACE CLOSING
RECOM MENDATION: Approve the closing of Ashland Terrace at McMullen-Booth Rd. by
removing the existing street, and constructing a cul-de-sac at a cost of $17>>000.
g And that the appropriate officials be authorized to execuie same.
BACKGROUND:
The Ashland Heigl1ts Home Owners Association, Inc. met on October 27, 1988 and voted to
request the City Commission approve closing Ashland Terrace at McMullen-Booth Rd.
This request is based on the fact that there have been problems with outside traffic using
the residential streets in Ashland Heights Subdivision to shorten trips between Landmark
Drive and McMullen-Booth Rd. Traffic counts made in February>> 1988>> for t~o weekdays~
measured daily volumes of 1,008 and 986 on Ashland Terrace and 1>>132 and 1>>191 on
Waterford Dr. This indicates approximately three-fourths of t~e traffic is cut-through
traffic.
The vote of the Home Owners Association was based on ,the understanding tl1at the cost of
the construction of the cul-de-sac will be bourne by the City and the cost of construction
of a wall and any landscaping will be borne by the Home Owners. The City's cost is
estimated to be $17,000. It is the City's intention to provide for pedestrian and bicycle
traffic to ,Landmark Dr. at this location.
{Ii' (lIlt,:, \-,..\\~,
One alternative considered by staff was the constFuction of an adequate turn around and
installation of a traffic barricade at ~n approximate cost of $6~OOO. We are recommending
the cul-de-sac closure as this is what the residents of Ashland Heights are requesting.
The Director of Traffic Engineering and Director of Public Works concur in the recommendati
and distribution of cost.
The available balance in the City-wide Intersection Improvement Capital Project is
sufficient to provide funds.
Commission Disposition:
1. Approved II Recomm.nded/RnIIedlConditional
2. Continued to
dllt,
FOllOW-Up Action:
Submitted by: Advertised: t:J Affected Costs: S17.000. CAttachmen1s:
Dote: Parties Fundino Source:
Notified 6D Capital Improve-
City Manager Po".r: of Meetlno ment Budget
CHot R.quired C Not Required C Operating Bud;et
CJ OthGf
Date a Sequential Originating Oepartmen t:
App-ropriation Code
Reference Traffic Engineering 315-1-2551-637/5 It] NOrle
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Agenda No.
ME MORA N D IJ M TO: l' W ').... Meeting Dote: 12/01/88
The City Com mission of the City of C lea rwater
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S U 8 J E C T : Marshall St. Advanced Pollution Control Facility
R ECOM MEN OATIO N: Award the Marshall St. Advanced Pollution Control Facility Project
to SCE, Incorporated, in the amount of $16.699.000, being the lowest and best bid received in
accordance with the Plans and Specifications.
CL 87056-2
BACKGROU NO:
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I8lAnd that the appropriate officials be authorized to execute same.
The Marshall St. Advanced Pollution Control Facility Project consists of the
conversion of the existing secondary wastewater treatment plant to a five-stage
Bardenpho Process. This is a patented process which removes both phosphorous
and nitrogen without dependence on chemical additives which most other A WT
processes require. The proposed pollution control facility will be capable of
providing advanced wastewater treatment as required by the Grizzle-Figg
Legislation which was passed in 1987. The project involves modifications and
replacement of existing tanks, new structures including additional tankage, a
maintenance building, filtration and sludge handling facilities, influent pump, station
with headworks, grit removal system, odor control facility and disinfection system.
When completed, the plant will be capable of removing pollutants including
suspended solids, BOD, nitrogen and phosphorous to levels required by Florida
Law.
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The contract amount is within the scope of the estimated costs of related
Capital Improvement projects presented in the Bond Issue.
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Commission Disposition:
1. Approved as Recommended/Revised/Conditional
2. Continued to
FOllow-up Action:
datlt
Submitted by: Advertised:
.,
,.", .-'''' _ /~ < Oate: 9/6/88 &
"-,:'~ :)~. ..;/ '-~~;; . .:t~ 9114/88
"... . Paper:
City Manager Clearwater Sun
C Not Required
CJ Affected
Parties
Notified
of Meeting
C!Nor Required
Costs: $.16.699.000 aAttac:hments:
Funding Source: ~ Bid Tab with
13 Capital Improve- Brlley, Wild Be
ment Budget Assoc. Cover Lett
r:l Operating Budget
CJ Ot her
Originating Department: . \, U
Dote a Sequential UI..M
Reference Public Works
Aopropriation Code
3.43-1-6626-63BL535 CJ Non e
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FOR COMMISSION MEETING
December 1. 1988
APPOINTMENTS
Agenda
H
'-
BOARDs Community Relations Board
TERMs 3 years
APPOINTED BY: City Commission
FINANCIAL DISCLOSURE: Required
RESIDENCY REQUIREMENT: City of Clearwater
(2 Pinellas County Residents)
MEMBERS: 13
CHAIRPERSON(S): Rev. Herbert Freitag
MEETING DATES: As called (4/yr.)
PLACE: Commission Chambers
APPTS. NEEDED: 1
DATE APPTS: TO BE MADE: 12/01/88
'.
THE FOLLOWlNG ADVISORY BOARD MEMBER(S) HAVE TERMS walCH EXPIRE AND NOW REQUIRE EITHER
REAPPOINTMENT FOR A NEW TERM OF REPLACEMENT BY A NEW APPOINTEE.
NRme-Address-Phone
Date of
Original
Appointment
Attendance
Record
Willingness
-1:.0 Serve
1.
Pat Ruel
(Real Estate Sales)
1985
N/A
No
THE FOLLOWlNG NAMES ARE BEING SUBMITTED FOR CONSIDERATION TO FILL THE ABOVE VACANCIES:
SPECIAL QUALIFICATIONS: 1 representative from each of the following: Retail Merchandising
Mgmt; Industrial Mgmt.; Real Estate Sales; Property Leasing; Mortgage Financing & Law
Enforcement. (There may be 2 from Pinellas County under Clearwater jurisdiction).
Name-Address-Phone
Submitted Bv
Comments-Related Experience. Etc.
1.
Richa~d A. Fitzgerald
2686 Brattle Lane
Clearwater, 33519
H: 786-6295
(At-Large)
self
Retired Colonel Military Police
Corp. US Army
2.
Jack Wilson
2019 Del Betmar Rd.
Clearwater, 33575
H: 461-3914
(Retail Merchandising Mgmt.)
self
Self-employed/Printing Company
3.
Barbara Jill Presler
1932 Sever Drive
Clearwater, 34624
H: 442-5400
(At-Large)
School Teacher
Human Relations Commdssion
Deerfield, IL (Mayor Apptd.)
self
4.
Barbara Knight
830 Gulfview S., #104
Clearwater, 34630
H: 443-1784-
(At-Large)
Past Red Cross Project Director
Retired from Area Agency on Dying
self
5.
Gay Louise McGill
1877 Dawn Drive
Clearwater, 34623
H: 441-3059
(Mortgage Financing)
Banker (served 6 yrs. Community
Relations Bd., past chairperson)
self
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on f) 7 It 3 rG , 7 6 3
QUn.ClAIM DIID
lllis €luit-Clithn j)~td, ExC'cu'('c/lllls :t~
clll}' of ""5~
, A. D. 19 B 7 . by
stevens Designer Homes, a FloI"ida general partnership,
firs' par'}', '0
Cily of CleaI"water
ll"losc"os'of[lccacldtrssls P. O. Box 4748, Clearwater, Florida
33518-474B
IIre-1II111 'IntI)':
(\\'I,r",r, u.rd h.....in 111.. lr,ml "'i,.1 ,url\" IIlId "Irrnnd parly" 111,,11 inrlu.!. ,illtlular IIId 1,Iural, heill, Ir~.1
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10 .rlmlll or rt'lulrrl,)
lflfitncssdh, ""1(11 "Ip. $nhlfitsl purly, {or mill III C'ollsidrrofluII of ,11(" lillm 0/ $10.00
III Ilolul "niel IJ}' IIIC' IHlI,( $C'r,orlll rorly, "10 r(!crl", wllrr('of Is 'IN('IJ)' actnorc,'C'clr,rcl, clops 'IrrC'I,y rC'nlts.., rC'-
frosr. n IIll clull-dolm Wllo "IP. snlel secorlCl parry forc!ftrr, oil Ilu! rig'I', litle, ira 'I'rC!sf, claim and demand u",iclt
"ll' $ll(cl {Irs' par'y ',05 'n amlla ,/IC? fallowlllO clescrll)('(1 '0', ,,1C'cl' or parerl oJ lnllel, silual(', h'ino and beiliU
Irt "Ic COlmly 0/ Pincllas Srnfcof Florida ,Io.mil:
PROPOSe\) RIGHI or WAY FOR SOUTH HALF OF UNION STREET
East,
more
Northeast ~ of
29 Soulh, Range
County, Florida and
as follows:
^ slrip of lnnd lying within the
Northwesl k of Sect.ion 5, Township
Clearwater, Pinellas
pnrLicuJaI"ly described
t.he
16
being
The NorLh 30.00 feet
I of Lhe NorlllwesL !
of
of
the
said
Northeast !
Sect.ion 5.
Northeast
of
t.he
.--
;;;-
-
if"
..,":'
. ..-n1","'~D;; [) ~ . ~
11' \1111\0. ~ .. -' ....' 01 CASH c~ c' u..;o :. ,,;'
~~ 11) R ~ 'f \;~. '.I.A'~"~'- .
_---/. - ,', . 'V- (~C ...~ lJl,C'JiU',ft:lf1 -, ,... :',:':
dll n"'~ _D..~~-..:. 41 OS .::=;S_ f ' CJ:~'" h,I' ,L' ,'. "'\ -- (.
~F9 rM'''rqf'--'--~ ,\3 lilt K~:;::~'~" ~,~ ',(. (,l ;:~: ~:., .~-:J
u 4F r l\"IlI'tv .......' ~..
'ee ,,,....,,,,.... ...-............. -=- ~,~,
.1'; PIg _ __ -=--:-o/' H00qBBG GEM ~5-1fj8 ~~,-
41 PIC L 0 $J;?-~J _ Total .' ~S_, ~~) 91 ~ ;:>
T'Jtm r (/ JiOC srfll1P5 2
y J CA;H A"T.lEI~~~:~:
1 1~ d "lJ ld CHANCE:
II iillJt an to nO "10 snntco 'orrn", rr willi flU and singular Ille nrrur1conanc(,$ du.rcun'o
"('/011111110 or In an}'wlso <<""erlalnlno, anel all "lit 1'510'1', rigll', tille, h,'mesl. liC'n, ('Cluily and claim wllel.
$Orl'N of tllO solei (irsl "orl)', euIler In lalt1 or ('Clulfy, 10 "IC~ only propcr 1151', "(,I\('fil and belloof of Ihe salrl
$('('011(1 ,'orry !arC'llcr.
$G.55
$9.55
SO.QQ
, .
,..
,~
,.
...
"
...
.
:.-:
\~
r...
~1,
(o..
,
,.
:Sb:29
$9,55
In'Witness 1.lIh~lfeDf, TIle' said firs' ,Jnrl)' 'Ins ,~ioll('cl one' liraf"cl II,rs(' prC'srr s 1'1(0 Iloy Clm' )'cor
firs' "'JUlle wri/lell.
Siu'" ".1,,/ .",1 ,'rl~ "'"."c, ./:
,..J..~.:....~"......~ ~
._..... ......... ..................... I....... ......... ..... ...... ..1.... ... .... ..... ...... ..... I."
STI\TE OF {jm~TD^. ./~
COllNTY 0 'f:T ';/'''/
~
}
.IIi", duly .u.ho,;"d ;. .h, s~~~" ~u~;~: '
In me known;;zo br t pl'rlon drlcribrd in ~ who r:lCreuted thr (orrsoing instrument
IlI'rore me that t'Xecuted the aame,
~~ II
A'? my ~~:"~:i7~d" ...1 ;n .b. Coont, ~~d..>..~~..~;:.~.::
Notary Pubr,c Sf 'P .: .
No" Commi.uion E ~ e, 01 Flor;JJ }
&o.d.4 n.. '10 lfPUf:j Apri 5. '991 ',,'
, hi". Il....:._ I " " .. . - . ~
..... --'
In~
acknowlrd!led
fJ"J 71/1 Jmlnl/llc,,' 1'1'(l'nmlll)':
A,Mrnl
t,~
S
, . .
Billy E. 5tevf'ns
Slcvens Delligncr
P. O. Box 911
Safety Harhor,
EXHIBIT
Homes
rlorida
A
3469)
:~~~,J !'t::rz~~~~/[;';;lr>,~:r~~~;;~~t:;":::Y;:;~':' ',,' v,
,-.
, "
,~,,:~' ~'-"~';:};:;<':;';i:i;~,t' :;,~:~;",!:f,: ?;::r:~")~;t~+f~~~~'}
" .';':'
".,\:
'it:: '\',' ""'_
;'" ..
'~";'~'/'.":~ ;\~ ,:-1' ..:."~, .
,
.' '
.:
"
. 0< ;n
~ ,.,
-:~M
:z: ::J -=
~lI)e
Otic!:
:it::lO
~~~
ti iii .
n:;)~~
;;~cr.:<
15~~
~~
,,.,
() M
_::; M
~ t;/ .!!
'.. I.. . .."
~ :.; .:'r.:
~ _!5 ;J ~
..:. ..~
C. ':. ,;~ .
hI " I,
~~ : ~ ~
-'. ~ f1
~' , 'r'" ~
,,'~ . .....
~'. (. M
r.c: ,: ~:" .:~
~ ow; C' U
, ,
" . ... ..... _. hr .:.. '':~ (.~!'J :',:' ':'.~:~~ ; ..~~Jo;::,~~~..~\'t\t..;-:;.:,:{~:~...<~;....:; .,1'',.:.'11';; .;.... f~,..._.... _,_. '.._<.
w."."" 0... (P,_ . Cor,.)
88025986
,
.Uw/(! /ld.1{
IUlti~ Jftt~~lmftMrtt
f). 6 11: day o! January
, .1. ]). 19 8 8
"",,.,.,.,,. ,It," /tn,i". lA, I,rm """"'v" IItnll j"r.r..", 1M Itri". ",,"ol\n/ ,.'prr""'nli,.,,,
.''''/':''.''''6 nitti/f)" n..,;{,u "1 thl' "_/Iftli,,, /Ku.tin A,.,."tn: 'M U'" (If Ut,. 'intuIt" numb,ft.
,,,..1/ i..,I"", ''', "',un . a.." ,,,, plll....1 ,,,, .i",,,ln,.; ,,,, ,.... ..I .."V"..",,. ,ltnll i"rlu",
nil "",I,,...
jUrtlurrtt JOHN H. HARLAND COMPANY,
(1 r(}rporation c;,~i:;fin [f ullder the laws of the State of
huuln!! its pl'indpal plrtce o{business in the COl.tntyof
Stnte of Georgia party of the first pa,rt,
a Florida municipal corporation,
.,..,
m
tr.J
:r'" "
I~'
~
n.
...
: ,
and
C~AR~AT~~,
Georgia, and
Fulton
a,nd CITY OF
..t:..
1:'1
#.)
4!
d3
4F
~....
K
..
., J # ....
c.:.:> ....
of th.e C01.tnt.!I of pinellas and State of Florida co 1- t.
party of the ,w~c()n.d part, 112 S. Osceola Ave., Clearwater, PI. 34616. .
lUifttpnHrth. that the sltid party o{ the first part, {or and in consideration o{
thesUlnof TEN AND NO/lOa ($10.00) -:---- ------- Dollars,
to it in hand paid by the sai(l party of the second part, the receipt whereof is hereby
ncknowledged, has granted, bargained a,nd sold to the sa.id party of the second part
forever, the' {oll,(JudnJ! described land, situate, lying and being in the County of
.^~r~ ~'J}_SI"" pinellas State of Florida, to wit: 001'1
...~ IL.'~ ~.:.~:4- 15 15958u,': 40
S 14. y d.__ . it) 10
.t ,.1
TOTAL
l;l9
T-'-
:2::
1. O~FB8
10 . ~(1
11,825.1)1)
11,835.50 CUK
JO
.. SEE LEGAL
1,=aXES". ~() \
' . {(." IC
SUBJECT to easements,
and real estate taxes
restrictions and reservations of record
for the year 1988 and subsequent years.
DESCRIPTION ATTACHED AS EXHIBIT
IlAII
.A
~L~ struQtyres , improvements on the subject lands are conveyed in lias
t~e ~~~~~~E~~sW~ihTr~y~l~~;f~ig~dw~~~~r~:es, expressed or implied,except
./1nd the said pa7.ty of the first pa7.t does hereby {ully W(L7'ra,nt the title to said la7td,
and will defend the sante against the lawful clain~s of all pel'sons wh07nSOel1el'.
..'"
. 3h~ lWliturn.n 'ilm11rr.ellf, the said party of the first part has
....'<', ,:~ O./~" . 'caused these presents to be si~ned in its name by its President,
,.:...,.:.;., and its corporate seal to be affixed, attested by its
, : .,,',:" '.' ..., ',' , .i ':' the day and year above written.
" 1 ' '_0
'. (qorpCf7ate : 0.- JOHN H. HARLAND COMPANY
, ,,:'i: ,,; ; Seal) ,;' : I f-I
.~tt~st:. :i z')\fA~ BY~~
Z~~~ . Ul1h Drlturrrll-- 11 lIilllr Vrrl1fllCr: President.
~ ~4-- _.,n..,,,,. Tn..... s../.{J:~'/i..;.t/)
$....... -........,... Inl'ftlllib1e T.. rat
K.r~~{i'erk Pinellas COtmly
Iy'~...,~", ~'" I<..........io.u.e Ooputy 0'0'.
. ,
~tntt nf ~mf:Km GEORGIA }
mount" of FULTON tA.t..k.a.Lt--
]J I-lrrrhy <!lrrttfy. 'T/laton/hitl .:J..,t,rfvdayof January, A.D.1988,
l)(',fore m,e pCNu)1Ially appeared ~~ g. u.J~ -an4-
4--../ X I.N"q '-C./ ~'1'-7 President and- ~.;V~ S~~JC'r;;~,
respectively of JOHN H. Ul1\RL1\ND COHPANY, ---------- , a corpo ' ,tion
lI11r!r,r the lall/.I{ of tlle Slat.e vf Georgia , to 71l,C known to e the
perSOll,'1 cle!u'rihe(/ in aud who e.w3cn/.cd t.he foregoing convcyance to
CITY OF CLEARWATER
a"d !wl1crall!l (l('l,'uolllledgcd tile (',w'('ntio1l. thereof to be their free act and deed as
.c:ur.h nIP.ccr.II, for (he lI!W.C: a1ld lHUI)()!~C~ t.hcrein nwntionccl; and tTzut they affz,xed
t.hr,rr,to thr. 0111 (';ol .c:ral o! .~aid corporation, and the said in..~trrunent is the act and
d r.et! of said r(}rJ1(}r(~ f'ioU,.
1t1lh11'11Il ''';'~1J.-:r!!nf,jl1-''tC. and C]iJ',('ial .~eal at
in 1.11('. co,,~'}ffr::P~R.~~t~ ~~~ and Stat,f', of:BlRJillfl, the day and
year last (fIN. 'ii, .\-tl'\'" ~GEORGIA
,- ~. A ~/
~.o~G\ i -c". _, .
t G~ I -,' -~
.,'" . ",I t;) .JIotary Public . ~ t
ac " b1q ....., ,PllfJ:'::~~~':;",.l .My Com,mission Expires 1, 191)
I(() tv .
o
EXHIBIT B
':-""" '
. /'".
.. "
..~><
~n: 0
u. en
-J
UW
c..'
u::
u..
o
I-
U)
o
a..
0
"1'
r-
~
Yo
C
~
. ~'o
..::
.0;: ~ ~
~
- -
~ < c;
t..: ... ;
..
~ (; ..
C1
a.
..... 0
r-:; a-
c.'
>,
0
ex)
"'1'"
,....
-..,.
co,
P.J' C":)
,.... ..-
-q- r r:
q
--;v)
"'1,- .
,
. t .
Jil 6 7 9 I PG 0 8 ~~.~o ~O"M ~
WARRI<NTY OU:D
r
~
88173364
lhis Jnd~fllurc, .1Iade I1ris i'it dau 01 ~L.4tA--
.D~lwttn EDWYN L. LEE AND CmTIUA S. LEE, IlIS WIFE
. A. D. 19 J'I'.
olllle Counly 01 PINELLJ\S
part y of lire first pari, and
whose mailillg address is P.O.
and Slate of FLORIDA
CITY OF CLEARWATER
BOX 4748, CLEARWATER, FLORIDA 34618-4748
.
.
01 lire County of
FLORIDA
and Slale of
,l&ilncssclh, that 'lie sa/il pari Y
ONE ($1.00) t .
and lIu/uulJle cOllsiclcraliolls to theM ill Irntld paid, lire rcceipf wllerrol is hereby ac/muwl.
edgl'd, IleNe grrmtcd, [/orguilli'd. sotd ulld cOTwl'Yl'd. alld by 'hr..~c prcst'lIls does. grant. bar.
gaill, sell, CO/I/JCY cwd (,ollfirm "/lfo Ihe said IJtlrly 01 'he ucolld purf cllld their llcirs
alld ns,~;gllS forever, all thai ('rrla;1I parcel vf Jand IY;/l9 cmd bri/lg ill till' Coulfly of
alld Slalc of FLORIDA ' ,mure Jlarticularly drscribed ClS fullolUs:
PINELLAS
pari y ollhe sC'('olld pari,
;11 l'Oll.'ddr.rcrlioll of the $wn of
olllle first pari, for nlld
Vollars, alld uther !loud
The East Seven (7') feet of Lot 16, Block 6 "PINE CREST SUBDIVISION"
as per Plat Book 1, Page 66, Public Records ~f PinellBs County, Florida.
-'
L1-
1~0224S~ SPB 07-18-88
01 DED-LEE
DOC STAHPS
2
II UCORDIRQ
c.a I nQ ):JD
(' c k'
." JlC / q ;. ,l.c)
nts
trTF
.IG
./e
f.
t
f
'.
i
!
,S-')
J. ......._... ........................
A.
~l JrflDf\'T fI,!, ,
fU'.c
.... ... '. .,
Il~ _",> 5:~
In
'1 ....ul1'l'~lIlJ Tn rl.
' :u _~.~,"'''' . .,
Jf1r '-. .
"t --...- ~~
....-.- ~
JEll ...'-..... ---r
m4J.~i:~/.>
~ ';"'-
-.r-"
en ~rT1:t>
c- ';::::0:2:3
....".-.,; c: P':;:J:r-
r' rr1
r ro:':1("T1
J.... .,,%,
0) (J) ~ :T'J
n:oo
-u ~~g~
:.3: '--en
~ ::j -1 r-
~(")~
.'10::1=
.r.- r' c:: rn
U1 ' :0 :T.'
.-,
TOTAL:
CASH AnT.TENDERED:
tHANGE:
-
-4
~":N' ~z)Clt
THIS DEED, FOR RIGHT-OF-WAY PURPOSES ONLY.
u.
Jogclhcr Wit/I all /Ill'
tillf'. illkrcsf aud rstalc.
,
,
trJlCmcllts, Ilrrrditu1J1e/lts "lid aPPurlcllam'('S, with ClJery Pfivilcgr, dgM,
dowrr a/ld I'ight of dOU1(~r, rcvrl'sioJl, rrmoil/der alld roseml'Jlt thereto
belollgillg or ill 11llYl/1i.H~ up/lrr/U;II;II!J: To t1auc and to l101d ,"(' wille in let': simple forever.
of tilt lirst pori does
IClllIfullll sr.i::ed of
courllOJlt willr the wid party 01 the
fire said prl'lllisl'.\'. tJwl lhl'Y are free from
ami tll(lt good ri81lC Dnd lmv.
of tJll' fir.~llmrt do es llC'rp.b)' full)' tvorrant
'/1(' lntrful drlim.~ 0/ till /lC'l'.\(m~ w!rom.<;oevcr.
And 11Ie ..wid IJCI rl y
5rcolld part IIwl they
all ('II(,lIl11"r(lll('c',~
f,,1 (lII,IIo,.ilY It) ,1:(.// t!ac' ,~rr"'('; amltl", ...aid /1(11't y
tll(' lillc' to ,';uic1/mu/. wll/lfill l/t'/flnd Il/(l ,~III1J(' IIJ{"ill.H
In {(lilness ~WhCl'Cof, Ihe said perri ies
o{ the first pari Ita ve
laereUlrlo set their
/rand 8
amI .~,.(rl
lIlr clay Cllld yc'c., crl/Ol/(, writ I c'll,
Sr'OIl(',I, ualrd and c/('/;llcrrd ill Oil 1" sellft':
.4Z.L~ .............~................
~ ~() ~'
.....Y!..~.'. ~,.. .'Z. 21!...t.... ~J.7::~.... ........ ........
~~~....~L~.__. ~
.l, kl7.r~"LEE-S.':'''''Y'''''~''''''''_.'' ~
~tiTR.l..n ~. r' . ' '., ' ~
~
.................... ....... .............. .... ...........---........-. ~
....,.... '.............................................-.-............. m
.... .... ..._. .0....... ..0....... ... ..... .... -... .... ..,.. ..,.,..,. ,.... ......... '. ....... .... ....
.,......... ... ................ ......... '." .......... '. ..... ......... ......-.. ... ..... ... '
EXHIBIT C
301LI- 3
,t.:'"''
)',,"
, .,!
"'(,'
: .
on 6 7 9 \ p~ 0 8 ~J \
I~
..
!Hntc of . FLOR IDA
(County of PINELLAS
] 11 CI'cbU lted if U' Tllal Oil ,Iii. ""f' "./",. III", ,," 0 1Jir:"" II "I r ,," 11"lI"i:",1 ill II", S/tJI C ,,/v,p'.
sni d tin d in. tIll! COWl I)' %resnitl to lalel! nr.lmolU[(!,(S/lwn ts, IJCrSorwl1)' up I'rwrcrl
EDWYN L. LEE AND CYNTHIA S. LEE, "IS WIFE
W ffU! lowlvlI to OP. tlte pt?rson B
tlescriot!tl in nrltl wIll> executed tllC? fOr(!going i'lslrWIIC!f11 mid
th cy uclwowlntlsccllJl!fort! /fit! tlltlL t/lt!y' C"'CClltCtl tllC! Stlrtle.
~8illl es s (0)' hand 0,,,1 "f/ici/ll ,p./ll ill II,. r."ttll If ,,/III S /n'C 1/1.,' /1/ /I,c,aid litis fl d--
clo)' () I
9""A.JL-
, A. D. 1988
vt. -'.'~. 711, ..'I.lI"1~"'" ..:..: . ..:.
No/(lr)' Public. .
My c()mmi.~.~inn expires
~I'
~1l1!n\' fUr.l ir. ~;fH rr I'~""\'
1('( f.tI::t::~'.I":1 I '.i', I''', ,~,:";1
Do:m~o 11l~\\J ~~'~:,r.'.l ~::,;, [1:.J.
."
n ~ ~
).. l'11
~ '='
~ :C
~ to<
~ :2: ~
0- n tool
V\ H . ~
~ ~
., t< ~ :a
~ tot >
~ 0 t2S ~ 3:
~ ~ n
0 ~ 0
~ n ~ Q\ :: "1\
~ to4 ~ 0
0 ~~... :a
t:S ~ 3:
r> >- \...~
~ 2: ..
~ ~ ~
~ ~
-, > ::= ~
~ H
~ .-! >
-, ~
0
~ ~ tn ~
~ ~
t=1 ~l17
tz1
....
,~
\
'JI~'.':'" .
''"
... 'f"-'~ ,. -f ' ,
!~~,: -1]."-: ':"::::;~;:;'I]'lp~~~~;t~'~~f:1~'rs:.'rJ/. .:.~,l;'1:t::~,:',::;~?jS~ /-~~~>'~~~. .'
. ;~:~ ". '..
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