6802-01
.
.
.
~..'
ORDINANCE NO. 6802-01
AN ORDINANCE AMENDING ORDINANCE NO. 6352-99 OF
THE CITY OF CLEARWATER, FLORIDA, ENTITLED: AN
ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
AUTHORIZING INFRASTRUCTURE SALES TAX REVENUE
BONDS, SERIES [TO BE DETERMINED] TO FINANCE OR
REFINANCE THE COST OF DESIGN, ACQUISITION,
CONSTRUCTION OR RECONSTRUCTION OF CERTAIN
IMPROVEMENTS WITHIN THE CITY OF CLEARWATER,
PLEDGING THE REVENUES OF THE INFRASTRUCTURE
SALES TAX REVENUES FOR THE PAYMENT OF THE DEBT
SERVICE ON THE BONDS; PROVIDING FOR THE RIGHTS
OF THE HOLDERS OF SUCH BONDS; MAKING OTHER
COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This Ordinance is enacted
pursuant to Chapter 166, Part II, Florida Statutes, the Charter of the City of Clearwater and other
applicable provisions of law.
SECTION 2. AMENDING ORDINANCE 6352-99. Section 20(G)(1)(c) of
Ordinance 6352-99 is hereby amended to read as follows:
(1) There shall have been obtained and filed with the Clerk a
certificate of the Finance Director stating: (a) that the books and records of the
Issuer relative to the Pledged Revenues have been reviewed; (b) setting forth the
amount of the adjusted Pledged Revenues derived for any consecutive twelve (12)
months out of the preceding twenty-four (24) months preceding the date of
issuance of the proposed Additional Parity Obligations adjusted as herein below
provided; (c) that the aggregate amount of such Pledged Revenues, as adjusted
pursuant to paragraph 2 below, is equal to not less than 125% of the Maximum
Bond Service Requirement becoming due in any Bond Year thereafter on (i) all
obligations issued under this Ordinance, if any, then Outstanding, and (ii) on the
Additional Parity Obligations with respect to which such certificate is made.
SECTION 3. AMENDING ORDINANCE 6352-99. Section 20(G)(2) of Ordinance
6352-99 is hereby amended to read as follows:
.
.
.
.
~ '
(2) Upon recommendations of the Finance Director and to the extent
adopted in a subsequent resolution of the Issuer, if there is an estimated increase
in Sales Tax Revenues to be received by the Issuer as a result of a change in law
to provide for additional Sales Tax Revenues to be distributed to the Issuer or an
amendment to the Interlocal Agreements increasing the amount of Sales Tax
Revenues to be distributed to the Issuer, then the Sales Tas Revenues portion of
Pledged Revenues certified pursuant to paragraph I (b) of this Section shall be
increased by the average annual additional Sales Tax Revenues to be distributed
as if such excess Sales Tax Revenues were in fact distributed during the
applicable twelve month period.
SECTION 4. RATING REQUIREMENTS. This Ordinance may be supplemented by
subsequent resolution adopted by the City Commission prior to the issuance of the Bonds in
order to increase the coverage requirement specified in Section 20(G)(1)(c) of the Ordinance in
order to receive a rating of A or higher on the Bonds.
SECTION 5. PUBLIC NOTICE. Notice of the proposed enactment of this Ordinance
has been properly advertised in a newspaper of general circulation in accordance with Chapter
166.041, Florida Statutes.
SECTION 6. EFFECTIVE DATE. The provisions of this Ordinance shall take effect
upon its enactment, as required by law.
PASSED ON FIRST READING
May 3, 2001
PASSED ON SECOND AND FINAL
READING AND ADOPTED AS AMENDED
May 17. 2001
Approved as to form:
Attest:
~. Akin, City Attorney