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89-40 "'~'~>"':'.~' <'....I' --:-.,~.t..,.l":~.~:'~ ''":~'';:''t.~'''~'7'.."'';,,-.,'''~.L'''''''cj,~'''''~~~'., ....1-;- ..,..... \~>:: ~ .'>"~.."~~..'''1};.~,'~~.~~',' .1.~,~:,..-.~,..\".:..~~v...~-:-~t~"It-"'~IZ?:. . .:~.. '+l-'!7~"l;~c:~:~...\l~"'('P~"\~' ~f:." ,.'.' ;:~!~~L~.:"'/' :."!:=~; '."'!i~~~'~~1\.~-" ~'.~ t.:"'"..~:. ~.~ ~..;tt!~"":. '~' . <of ~. ' ~ . ,lor' I . ..;.t \ .....~ '1' L ~,;. '. ~'""""''''' ~. . ~ "'1\' ~..;;; ~.n ...~ f:'." , , . , ':;'" l~ 11' 1.;- l'.: ~ . f; t.. I':!!\ ~ @ Exhibit A $2,500,000 CITY OP CLEARWATER, FLORIDA CENTER FOUNDATION PROJECT REVENUE BONDS, SERIES 1989 BOND PURCHASE AGREEMENT August 17, 1989 The Center Foundation, Inc. Clearwater, Florida City of Clearwater Clearwater, Florida Dear Sirs: William R. Hough & Co. (the "UnderwriterU), offers to enter into this Bond Purchase AlJ1'eement with the City of Clearwater, Florida (the "IssuerU) and The Center Foundation, Inc. (the "Corporation"), subject to your acceptance at or prior to 11:59 p. m., Eastern time, on the date hereof, or such later time to which the Underwriter shall agree. Capitalized terms used herein shall have the same meaning as attributed to such terms in the IndentUre. (1) Introduction. The Issuer is authorized to issue $2,500,000 aggregate principal amount of its Center Poundation Project Revenue Bonds, Series 1989, dated August 1, 1989 (the "Bonds"), in accDrdance with the authority contained in Chapter 166, Part II, Florida Statutes (the "Act"). The Bonds will be issued pursuant to a Trust Indenture dated as of August 1, 1989 (the "Indenture"), between the Issuer and First Plorlda Bank, N.A., Tampa, Florida, as trustee (the "Trustee"), and will mature on the dates and will bear interest at the rate set forth in the Indenture. The proceedS of the Bonds will be used to make a loan to The Center Foundation, Inc., a Florida not-for-proflt corporation (the "Corporation"), to provide financing for the acquisition, construction and eqUipping of the Project described In the Indenture (the "Project"), to be operated by the Corporation on land owned by the City and leased to the Corporation for such purpose. (2) Purchase, Sale and Delivery of Bonds. On the basis of the representa- tions, warranties and alJ1'eements contained herein, but subject to the terms and conditions herein set forth, the Underwriter hereby agrees to purchase from the Issuer, and the Issuer hereby agrees to sell to the Underwriter the Bonds at a purchase price of $ , plus accrued interest. The Issuer will deliver the Bonds to the Underwriter for the account of the Underwriter against payment of the purchase price therefor In immediateiy available funds at the office of William R. Hough & Co., 100 Second Avenue South, Suite 800, St. LKL-O 8/26/89-2 8 OC C-282 5 Rev.08/03/89 -1- ....,..;..;., !l~\.."-:'..~'h:,"'w ~Q. . , oft " . ~ I~ ~\;~ . ~ ~rt'~":o: ^:~~)~"f ,...... ;i"W~-.III!'(i "'J",,,,:-t~. /?,1J;~l';w ~~'\~~"Ii'HI\'t:4~i)"""'f.l'''':':t.'I/.~\'''''''' ~ ,~O?'i ........ I."r).~.~ ~I ,.... '"":"'" . r""~""-,\ ,"'>t" ,:.~.... .:.."'o\"~;:,""~~,,,,,,'-W\.'" 0 ',~I ~. ~ -I',.,f ... ~ l;t .... ~f~~~" ">i~J: ,;.j;~~!;"'::~:"'!i:~"",> :" ~;~< .',':,::, :,. .....::..'::t.J ;;,,:;:/,:, .' .. . .'i "....".~. '." ", .:,::"'T-"""':,~. ,~i:'" ",;<.' .. ":',t~~~.."'" ,."'~~~' ,"'x~''.''~J'''\',~~: t' '.;. >~ {~ ~',t~:'j~i0\1(.~:~:;~~;~~..)\:'1'i~:f:t)~!:~~~~,N~:~a;~~.~;:.;',i~:!K~\;::;:~";~;~:'~;'i;t~~;';411~fit.~~,1~\I{~',~~):'i.;t';;~'j;i :;\.:; t~ ,: :',2~~i,l.;\I;;~'\:;";11/{*tr, f .4', "I ,I..., , '.~~ };: .' ~,~\JL~~ /.~,lit~:../~~..t~ 0X~;j,t':r~".~ ~J:~:f:-6't? 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""'''''''' -'.. . j '::1"" .,c~- h0::fJ::~r!;h~}~,::tf.:;!:P.l~J!);y,y:}~.~.;~':~,:::;'::~;\:;::~/,:r~ :>-tF}l'Y" ~~; ; :<[ :~!':'.:.:!.;i r;':/:'~:,' ',} ,~' ,(,:::~ ;r'. .;;i :'::<~f/;t~ q,~~.r.~:~\:% .~~l~,>~,> ,', \~2 ~~i~;'~f~wl-t~iJ~'~~T~4:"i~', )l';\/':;;::~f:"~~:'~> t::,!{; II.'.:./.:.~'\':: 1 -':::'r.:" \"', "!. o".,t..t';., ':' '.'~ :.":;''-:-t:,A:\/ 0; ~::/;'~, :^,~ ~",,/',;{.l/;W:~'~;I,:';:\{i/:0;I;;'\:;;~" '~' . ;. ,~#,I~r,\;":,.~'l.~':, /..! \..~ ~'I,-~"""r"':,''', :.\.... \~~:.f.::..l~..r.'~:.\.., 1,." < ~~'~~~,.:'-:.. :-,:"',,<'~~ ltl'!t'l~:~"" l, .~-, ;,.., ?i'\'\I::;-::.,,~:.~_~I...f~"dll.:;-I~~"'''''~>~~f1'tl:~:'''j'.v;.dl,l~:~~~~'~:1.:;1~\ %. ~? rl'~' l ::',;"'" if'I' :~''i-:~ ~'/.,,> ,~, ~{l).:t!"';~~~"~~~",<~~/~'i ~~:~/~L.: ; .:::~'; '/-:J. D. ;~ ~. ~." : ; . : l'. ,', ~ . \I,.~I t ::. "< ,\:.~ !.~.l/ J ./'.~' ,..',:-' ~ .:"" ~?,.~, ~f~/ttt~.l;'~ :~";:; ~~~'1;~4~q~ ,~~~.t\f~';f~~:.{.\..w~\ .;J:(>.."~'''~'~kt l/...t."(t...i!-"'V('~~ ."..... ~ "~.1~.~..t-:...+. ....... ;.v..... _~.'"". ~'... ,:. ( ~"lo .'.,.. i-.,.'1 " ...."';..}.............~;.,...~t~.";.~""1 'J:.t~ J.....~" "'rr....,/4~~.o)Li".,~..~.'t''1}~r('/tr \Yt i~~:;:~lli:. ~~ ~}l~ ~ \~~~t.\~'t;:~<~!\:l. : >. ;. ~ ~.:. ~ ~~ !.'?~.p ~:~:~'f"...,l~'.~' ~,':i ,;)I,.l"<~. '~.'. .i ~ I <~f: H:' ;,~, ',;.'I~..,' 1 l..' ~,t~) ~:~'J'f ': :''';1 '_ '.~ IJ,: ' ~ ;~. ,':{" .:.1 /{~,\ ./:..'.1~~-At~?t.!-rlli ::.7>;i,~i~ ~~..~{.~!~~r:,.~~ :'?..\.,\.(!I:(..J:""f.',...J..~~f'.I.1 ,... I. -.: . ~il("'l:....Ln., ':.t", , "~i""I'.;'~ . ;<. <".... ~ll. .. 1 r ..~ ;~i.""I\ \"Jf~ J....-.\......J"'1FJ.;:,i'"f~.t......t1t.~...~4~'j- Ht\}:().~...:; ~ ....J~i~\~:.H.'i..jp'.;1'1,. F..' ".1, I".-'f~'" ...~ :].....1"]1.1'1' J'''i.//:~.' ."~' ~I ."~~"l' .,>f~"... > \1. .l'", :.-.....~I~'~"\.r'~..l...: }~f~I(.'tt.)4;...-)).h.:t..JI..,.:';i'~~'t~1b~~.H"~.. I.~ ,;.: .~:<r.,.,~.:.*~;:~:.~.,,:t ',;:;'j""':, :~.;-! '/:, .: ','-.:. "", >;; !:":"~'.~' ,:;.J~~.~~):~;::::::.:;..:~~:T~:l:::..:;: ',: ;, '.:;; '.':' '.' ,:: ': ,:': ; ;"':. ~ ',~:'.::'; :..:',::~:~:~t:~{i,;7~~i1:r~;1(s.a~;~~e.~~~;~~.~;~: 0. . .... Q Petersburg, Florida 33301 (II Bond Counsel"), at 10:00 a.m., Eastern time, on August 22, 1989, or at such other time not later than seven business days thereafter as the Underwriter and the Issuer shall mutually agree (such time being hereinafter referred to as the I'Closing' or ttClosing DateH). The Bonds so to be delivered will be delivered as fUlly registered Bonds in the denominations of $5,000 or any integral multiple thereof. The Obligation ot the Issuer to issue, sell, and deliver the Bonds to the Underwriter as provided herein is subject to the condition that, on or prior to the Closing Date, all proceedings and related matters in connection with the authorization, issuance, sale and delivery of the Bonds shall have been completed in a manner satisfactory to the Issuer. the City Attorney and Bond Counsel and such parties shall have been furnished with such documents and information as they may have reasonably requested. (3) Issuer Documents. On or prior to the Closing Date, the Underwriter shall have received the originals or certified or other copies acceptable to the Under- writer of the (ollowlng': (a) The Indenture, duly executed by the lssuer and the Trustee. (b) The Loan and Security Agreement (the "Loan Agreement"), duly executed by the Issuer and the Corporation. (c) The Promissory Note (the "Promissory Note") duly executed by the Corporation and endol"Sed by the Issuer to the Trustee. Agreement; Cd) The Collateral Pledge Agreements, as described in the Loan (e) Certified copies of Ordinance No. 4792-89 (the "Ordinance"), and Resolution No. 89-_ (the "Resolutlonll), authorizing the issuance of the Bonds and the execution of the Indenture and the Loan Agreement and awarding the Bonds to the Underwriter. (f) The Articles of Incorporation, By-Laws, and a Certificate of Good Standing of the Corporation. (g) Opinions of Bond Counsel, the Attorney for the Issuer, the Attorney for the Corporation, and the Attorneys for the Trustee in form acceptable to the Underwriter. (h) the Underwriter. Copies of such other documents as may be reasonably requested by (4) Representations and Warranties. I. ISSUER The Issuer represents and warrants to the Underwriter (and it shall be a condition ot the oblfgatfon ot the Underwrltel' to purchase and accept delivery of the Bonds at the Closing that the Issuer shall so repr~sent and warrant) that: LK L-OS/03/89-2 SOC C-28 2 S -2- --~- -- ---------~---_._--~---~-_.- ..,--- . ~.t'!:W'i~ ~~ .t~"""J....,~~..._t,...;,_...4t;:'t~,,,,,,~,,,,~,~,~.::tt~" O;'-~"'"..t,...~t!"~...J.l~.......~.~~~~~.M.:.":' ";.. '--',. .~./o.,.l,:'~\.' .~'~ '.~.~q:"'~~~.'l'J:'~.'O:. -..\. . ~i,.!~~ c ,~r '. ..,. ,,1~r'T"""'''.,:,>,.' "... ,........~......,j~.. ".,-k":>.i1_.:.:'<' -:'....,'~"",.......n-..,..~ ......1 >'.....~~ J"........j.........~~~.~~~~. · .' ,d',' . . .':. .::~: ~.,;~:~:;.;~ "'I'?;;<~:"~:";' .~,. ~: .~'~;;;'; ~:~~.;~it~::.. .~~:;::1'::/~"""'\';'il'~':' ' ': .',. -... .... " :.,. "" ,,: '. ',,( :: :'.; :,\.""',, J.~';"\ ,;,,~;~~.~?fi~,::. ,:;. ':' ;~:~,~.. :~~~~;~J;,~jl; ;~: ~~~.' " , . .~ ( . ) ,t.~.~~)J:'.~~~. 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".:>~.;.;. ;i;':!l?:r X~i~,:~.1I;F~{:.~t.;\,~;;S;/ }~}~~\t~/~rr;:f.~.~~~~f{ "':l't'l;S'~t~:~'t \'~'~~~'f ::...l~':~~ ;;I.i>:t. ~ "'~~ ~~';.~f.) ;.":.:<"l? '"" .,{I} :1: ..;;...~ 1 1:;f.f~ ~ ~i'\....~~. .~.f,~!!J'~ ') \ ~~ c'1. 4.:. o o (1) The Issuer has not been notified of any listing or proposed listing by the Internal Revenue Service to the effect that the Issuer is a bond issuer whose arbitrage certifications may not be relied upon. (j) The statements and Information contained in the Official State- ment under the caption "Lease With City of Clearwater" are, and wlll be at the Date of Closing, true, correct and complete In all material respects and the Official Statement does not make any untrue statement of a material fact relating to the Issuer or omit to state a material fact relating to the Issuer that is necessary to make the statements and information therein, in the light of the circumstances under which they were made, not misleading, it being understood that the Issuer is not making any representation as to the truth, accuracy or completeness of the Official Statement, other than the statements and information contained in the Official Statement under the aforesaid caption. Any certificate signed by an authorized officer of the Issuer and delivered to the Underwriter shall be deemed a representation and warranty by the Issuer to the Underwriter as to the statements made therein. (k) The officers of the Issuer executing the Issuer Documents are duly and properly in office and fUlly authorized to execute the same and all proceedings of the Issuer relating to the approval and authorization of the Issuer Documents and the issuance and sale of the Bonds were conducted at duly convened meetings of the Issuer, with respect to which all notices were duly given to the public and at which meetings quorums were at all material times present and the Issuer Documents and the Bonds have been duly authorized and at Closing will have been duly executed and delivered by the Issuer. (1) The Issuer will cooperate with the Underwriter, at the expense of the Underwriter, in taking all necessary action for the qualification of the Bonds for offer and sale, the determination of the eligibility of the Bonds for investment under the laws of such jurisdictions as the Underwriter designates and the continuation of such qualification in effect so long as required for distribution of the Bonds; provided, however, that the Issuer shall not be required to register as a dealer or broker in any such jurisdiction or to file written consent to suit or to service of process in any jurisdiction or become subject to the service of process in any jurisdiction. (m) Except as disclosed in the Official Statement, the Issuer Is not in default, and has not been In default since December 31, 1975, in the payment of principal of or interest on any of its indebtedness for borrowed money or under any instrument under or subject to which any indebtedness has been incurred. To the knowledge of the undersigned officers of the Issuer, no event has occurred and is continuing under the provisions of any such instrument that, with the lapse of time or the giving of notice or both, would constitute an event of default under any such instrument. D. Corporation The Corporation represents, warrants and covenants to the Issuer and the Underwriter that: (a) The statements and information contained in the Official State- ment relating to the Corporation and the Project under the captions "The Center L KL-08/03/8 9-28 OCC-282 5 -4- .':'......... ..' , ~ I ': ~ t...';~.. . ~ "' M.V' tJF ~ .....J/.. . i ,t" . . ~ ... . ' .,.1 . 0 I. .~, t I ,r" '1" .:"' i.:i~'. .' \ J. ,. I , jl. ~"..-. :~:'~. . "~:. "'....... r:' "",'J:.~~:"l': ,:~ -;\''-~''f' '~":..~'~~ ~ t.. '". ;"'j '.C '.~~:'" '" ;" To::. ..:~..... .,;'-"'. ......;;":"':':..., ' ': ,~ .'. .,' of..' .:""":"':~:c ~~ '" ~.".., :' ~ .....~-. ....,.. t: . - .' , -;. -.. I . 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'. .;,~; ~~~:,:, I '; ~~: >, ". :.: .'1 :,: I: .~~., :'~~.'. ) >:'::1 1 ~ ~ t .<~...' ~' ". ,(:-J "~'.::'-'':':~ l ~lLr~~/ ~t~;:'~~I~'1 c~ ~:.:.... .{i.q:1i~i~J~;j'(.\~/:: ~','"-". ;l.:?,~....:<~;;~t;f~.. ," t~~~:;, J,';' rf~l;~tu~.;\.~!::! .;i~~::'f ?;~~~r:K{~~~~:('~!,'~\\:.\: '::..': ",,:. :i'.~:>T .:.;,: ,':',:: ',.\ .:::' <: , / :}~:'.;Ji~;' ( (':/~~~ -",:.: :.:\'~'.:,.; "I;;:" ~Y:;>;'<,.~:T:,::: '.:, :rr-"~~~~';:;~i~~k:~1~-~i~~~~S~1~,!~r~:f.~:;[ri.':~(~:" . '~.<" r '. ,~~. I.~ < _ '.:. "/':!iI.:.~::~~~~,~:I.,' :,. ';''1, 'u' " ..' 'f ~ - .... , .' ~. .1', "~''-Ll .....H:;.~'.:. >.or;~~-;'::~i:t-I.\,'\~r~;f~:r.l ~ ~ o \,;,;;.;I (5) Conditions to Obihtattons of Underwriter. The obligation of the Under- writer to purchase and pay for the Bonds wlll be subject to the accuracy of the representations and warranties of the Issuer and the Corporation here tn, to the accuracy of the representations and warranties made by the Corporation pursuant to the Loan Agreement, to the accuracy of statements to be made on behalf of the Issuer and the Corporation, to the performance by the Issuer and the Corporation of their obligations hereunder and under the documents to which each Is a party and to the following additional conditions precedent: (a) At the time of Closing; m the Issuer Documents and the Corporation Documents, respectIvely, shall be In tull lorce and etl'ect and shall not have been amended, modified or supplemented except as may have been agreed to by the Underwriter; (U) each of the representations, warranties and covenants of the AuthorJty and the CorporatIon contained in Section (4) herein, respectively, shall be true, complete and correct In all material respects as if then made; (iii) the Issuer shall have duly adopted, and there shall be in full force and effect, such resolutions as, in the opinion of Bond Counsel to the Issuer, shall be necessary in connection with the transactions contemplated thereby; and (tv) the issuer and the Corporation shall have performed, or caused to have been performed all obligations under, or specified in, this Bond Purchase Agreement at or prior to the Closing. (b) The market price or marketability of the Bonds, at the initial offering prices set forth in the Official Statement, shall not have been materially adversely affected, in the sole judgment of the Underwriter, by reason of any of the following events: (I) (A) Legislation shall have been enacted by the Congress, or recommended to the ConlJ1'ess for passage by the President of the UnIted States or the U.s. Department of the Treasury or the Internal Revenue Service or any member of the United States Congross, or favorably repol"ted tor passage to either House ot the Congress by any Committee of such House to which such legislation has been referred for consideration, or (B) a decision shall have been rendered by a court estabUshed under Article III of the Constitution of the United States, or the United States Tax Court, or (C) an order, ruHng, regulation or communication (including a press release) shall have been issued by the Department of the Treasury of the United States or the Internal Revenue Service, In each case relerred to In clauses (A), (B) and '(C), with the purpose or effect, and reasonable likelihOOd, directly or indirectly, of imposing federal income taxation upon interest to be received by the registered owners of the Bonds; (It) any UtigatJon shall be instituted, pending or threatened to restrain or enjoin the Issuance or sale of the Bonds or In any way contesting or affecting any authority or security for or the validity of the Bonds, or the existence or power of the Issuer. LK L-O 8/0 3/89-28 OCC-28 25 -7- ~.~'t~:--': l .?:'~"":~i1~I.,~: j~.,~,".~..1't"nr:"'~''':. :,j~. ~ ,~r:~~"""'I:",:~, ~.;." .' ,....~..; "'. :, f ~~,~. t,..t "" ,.~ o,t ".:..~,. ~~'\.~.'f..:..n-':<;""'i""r.,.....,::.,t-.~.".1.'.'~~.r'I";'~~.'.,'''':":~'.'~.~t.....r.'.,.""..' ..1--(....,..~,'.'.'- ,".F~""'. ~~'';i.~ '.;1' _'tt. ..... .~ 11 " f" :L,,-~;..~'o::"'.~l::',.;';~."<;'+.:. ",:,.. \..~ 0; : .11';'04 " o".q ~', i. ~ ~ ~. ~, k ~ ., ' t I; ~ ~"I ~ <:J...7'" (12) Execution of Counterparts. This Bond Purchase Agr ""'ment may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. (13) Severability. If any provision of this Bond Purchase Agreement shaH be held or deemed to be or shall, in fact, be Illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative, or unenforceable to any extent whatsoever. (14) Effectiveness. This Bond Purchase Agreement shall become effective upon the execution of the acceptance hereof by the Issuer and the Corporation. Very truly yours, WILLlAM R. HOUGH & CO. By: Approved as to Form and Correctness: CITY OF CLEARWATER, FLORIDA By: City Attorney Mayor-Com missioner Accepted on August 17, 1989 by the Issuer Attest: City Clerk (SBAL) Accepted on August 17, 1989 by the Corporation THE CENTER FOUNDATION, INC. (SEAL) By: President Attest. Secretary LKL-O 8/03/89-2 8 0 C C-2 825 -12- @'" ;fj~'<' , " ' ~ '<!;I SCHEDULE I DISCLOSURE STATEMENT (A> An itemized list setting forth the nature and estimated amounts or expenses to be incurred by us in connection with the issuance of the $2,500,000 City of Clearwater, Florida Center Foundation Project Revenue Bonds, Series 1989 (the "Bondsll) Is attached hereto. (B) No compensation was paid to any finders, as defined In Florida Statutes 218.386, as amended, in connection with the Issuance of the Bonds. . The total gross spread will There wfll be no other compensation (C) The Management fee will be $ be $ per $1,000 of Bonds issued. received by, the Underwriter. (D) No other fee, bonus or other compensation Is to be paid by the Underwriter in connection with the Bonds Issue to any person not regularly employed or retained by it. (E) The name and address or the Underwriter is set forth below: WilHam R. Hough & Co. 100 Second Avenue South Suite 800 St; Petersburg, Florida 33701 WILLIAM R. HOUGH &: CO. By: Dated: August 17, 1989 Its: LKL-08/03/89-280 CC-2 825 -13- , '. . I e : .. ,c LKL~08/28/89~2 80CC-2 825 (j) EXPENSES 1\ -14- ,. I -.' , " ~.. , ~ ,~~ .,- . t. ." :." ".' t..,,". '. ':~!f~u". ,., ~'.~ '.~~''''',,~;'~:~'~+:~''/.''.l;"'''~'~''''~~ ~ .'~' "~', ~:;:;:;:,~ ~~:::,~~,~~:,~~~~.:r~r'."~,' ~,. '~f. .""~'~:. '" : ',," '.", :, . , . ~:'::~,.r- ': " " . "" .~, , . '. ,.' ~... . . . _" ...., <:' .;~; ,'l~j';} "<"l"l ,:~.":t.:l'\~~;~"t;~i~'i~~~j}~;(:'.,;,s',~,,,~ " l.r" '~r,\<.~.:;....~}~~;~:}j~'l;'ol",~,;;,':"."''-''"~,,,~ ;;l. \>..:.~:: ,. I ~ ',':i)'Li;' "I~, " '. ,\"":\..~.,' . :.:';t~:~:~: ~;~ I~ I. ~., ,.,':.,:~~~".:::~,..:.~:;j\r+Jt.rll.."j<".~.~tj.~~{~f',1;.1~':'t~~ ...~k~1.JY~r?;Q.~\ ~ '1'('-,~~,'~~A'r.'jf",,'~',~\.,J,..~~,-'-'r....":"~."',1"~",;,". .', . '\.,,' '. ',., ,"~ . '.' .' .~'.'~r. -"":':,1; ", ,'. 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'\.~,;~] tin !:; 'a'- Is"! 1 U~! s:::j.i Ili:l .:tn .1 i:a lit ~!E oj j!O_ "'~~ ~j;J f~]t . -Ii as 11 :~ fa.j.. i! a.. $2,500,000 CI1Y OF CLEARWATER, FLORIDA Center Foundation Project Revenue Bonds, Series 1989 Dated: August 1, 1989 Due: August 1 as shown below The $2,500,000 Center Foundation Project Revenue Bonds, Series 1989 (the "Bonds"), will be Issued In tully regbtered fonn, in denominations of $5.000 each or any integral multiple thereof. Interest on the Bonds is payable semJannually each February 1 and August 1. commencing February 1, 1990, by check or draft mailed to the registered owners shown on the registration books maintained by First Florida Bank, Tampa, Florida, as Bond Registrar and Paying Agent. Principal of and premium, if any, on the Bonds will be payable to the registered owner or his legal representative upon presentation and surrender when due at the principal corporate ttU5t office of the Paying Agent. The Bonds are issued under and secured by a Trust Indenture dated as of August I, 1989 by and between the Issuer and First Florida Bank, N.A.. as Tnutcc whereby the Issuer and the Trustee have agreed that the Trustee shall receive the proceeds from the sale of the Bonds and disburse the same for the costs of the construction and equipping of the Project. and the hsuer has assigned to the Tnutcc, as security for the payment of the principal and interest on the Bonds (and the fccs, expenses and advances of the Trustcc) all payments due from The Center Foundation, Inc. under a Loan and Security Agreement dated as of August 1, 1989 and certain other moneys Incl~dlng Capital Campaign Pledges. the Collateral Pledge of the Long Trust. and the Collateral Pledge of the Fisher Endowment Fund, all as further described herein. The Bonds arc being issued to provide a portion of the funds for the construction of an educational and recreational facUity to be used by the City of Oearwater Recreation Department. Oearwater For Youth Ine., rhe Upper Pinellas Association of Retarded Citizens. Inc. ("UPARC'),SL Petersburg Junior College and other programs whJch serve the citizens of Oearwater and the surrounding area. The Projec:t. located on a 15.5 acre site on North Belcher Road in Oearwater, will be a public facUity within a campus or park-like setting. 1HE BONDS SHALL NOT BE DEEMED TO CONS1'l11JTE TIlE DEBT OR PLEDGE OF TIlE FULL FArm AND CREDIT OF TIlE CI1Y. TIlE STATE OF FLORIDA, OR ANY POLmCAL SUBDMSION TIlEREOF WIlliIN TIlE MEANING OF ANY CONS1TI1JTIONAL.LEGISLA TIVEOR CHAPTER PROVISION OR LIMITATION. AND TIlE REGISTERED OWNERS lHEREOF SHALL NEVER HAVE THE RIOIIT, DIRECl1. Y OR INDJRECl1. Y. TO REQUIRE OR COMPEL TIlE EXEROSE OF TIlE AD VALOREMTAXlNG POWER OF THE CITY OR ANY oTIlEa POLmCAL SUBDMSION OF TIlE STATE OF FLORIDA OR TAXATION IN ANY FORM IN ANY REAL OR PERSONAL PROPERTY FOR 1lJE PAYMENT TIiEREOF. Prlndpal Interest Price Ym Amount 8m or Yield 1990 $ 500,000 1991 500,000 1992 1.500,000 The Bond.s (W oJftrrd wlsln. IU and if Wutd and rttrivtd by the Undmwittr; and subJ<<t to the approving opinion 4J to the /qallly of 1M BondJ by Livmnort Kldn " Loll. PAl Jaclcsonvllk, F/orldD, Bond C~L Certain Iqal matttr.f wiLl be pa.ss<<J upon for the CIIy by M. A. GatbrtJlth, Jr., Esq., City Attomty, and for the COI'pOI'QtloII by Johnson, Blaktty, Popt, Bokor, Ruppel &- Bunu. P.A., CJearwattr; F1orldt1. COUIIJtl to 1M CorponttiDtt. II is exp<<tM tJuJl the Bonds will be ava/lab/ejOr dt/Jvoy in N~ ytri; N~ York on or about AUBWt 22. 1989. William R. Hough & Co. 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'.:.:.' t:\::.;~ ~:.,.. \~~~j~:~l~~f..'\~"~~~<t~ g':'{4l::~~;:;'.~r 1~i",tJ.~~~~:~:i~~,i~:~1~ '" z. fR;~!f~~~P";jl.i.-(\~~';>:"~~f"'\~l: !jft"}!l~;~~t,,~),l~':' ,or .: ';,:". ~",. ~",,:, '". .~ I',..~:::, ,J. .'! ~'I ("..~;/\.,,~'-::. :r~;. ~.I~:H;""':~'t:,~!,..J.:.t~\..~...r~j~"\~~~~;;f.'i)}~~i-~~"':J1,t.--':'11f':~'~"'~1~:; ",r~~ 1,...l?\P:1't~~J::"~~~~ ~~~;..{\ ::~~'(~i:;~"\l~.'~'< r:-. l,~..' :f' N. .., ]". I~'p' ~ ...~ ~ . l ~. ~ / ": ..' "', ;': ~ \'. .' .' ./. ',~~ <~ ". :."l ;>t" t f/;\ .."~;4 't' \..... ~:' ,r:;.:J ,~~ p~""i\l~.\~~J.\ :'-:/"~;, ~~"I:.:r, \."'~:~I.}~:~~"'I;":~'.i(}.~~I'I.: 1 ,.1<.', " ~("i '" ,:....T ',~~. ;:.~~ ~~J~~'4J.": .~.>.".~ '.':: ~~ . r" :. . W ;,>:: ..,.~ ',', ..;, :,,' .~..t:' : \,..'. ~tA.~'l'~~' ~"~''''~~n ~~:~~,/..~.~;:::~~:/.::t~ 'i';:i.r<::::~:~tf!:,,~ti~~'~~~- r/'.:J ~-'-~' ,~. -@:;::1 1',.:,\ :',:'P. V ...,. OVer 12,000 square feet for UPARC support services . including financial, computer. health. transportation, and food services support. Outdoor recreational facilities. including practice fields for football and soccer; jogging; fitness and bike trails. Two major league baseball fields. located nearby on a 14 acre site. Administrative offices for partic::ipating agencies, with adequate parking. LEASE WITH CITY OF CLEARWATER The Center Foundation. Ine. (formerly known as Oearwater Youth Recreation Center, Inc.), a Aorida non'profit corporation. on December 29. 1986, entered into a lease with the City for the subject property for an initial term of 15 years at an annual rent of $1.00 per year for the express purpose of allowing The Center Foundation, Ine. to construct the above referenced facility. The Lease Agreement is set out in full in Appendix L DESCRIPI10N OF TIlE BONDS The Bonds are issuable only in fully registered form in denominations of S5,OOO principal amount or any integral multiple thereof. The Bonds will be dated as of August 1, 1989 and shall bear interest at the rates and shall mature on the dates set forth on the front cover of this Official Statement. Interdt on the Bonds will be paid on each FeblUlU}' 1 and August I, commencing February I, 1990. The principal on the Bonds will be payable upon presentation and surrender thereof at the principal corporate trust office of First Florida Bank. Tampa. Florida. as Bond Registrar and Paying Agent. Interest on the Bonds will be paid by check or draft mailed to the registered owner, at his address as it appears on the registration books maintained by the Reghtrar at the close of business on the 15th day of the month (whether or not a business day) next preceding the interest payment date (the "Record Datc"). REDEMPTION PROVISIONS ODUonal RedemoUon The Bonds are not subjed to optional redemption prior to maturity except from unexpended bond proceeds. JledcmDtlon at Par I'rom Uncxuended Bond Proceeds In the C'lent there are tunds remaining in the Construction Fund which the Construction Manager has certified are not needed fot consttUction of the Project, the Trus.tce !ohall deposit weh amounts In the Debt Service Fund and may, at the option of the Issuer, at the direction of the Corporation. use said c:xcess tunds to pun:Jwc or redeem the Bonds prior to maturity in whole or in part in chronological order of maturity, and by lot within a mnturity if less than aU, at any time. at the principal amount of the Bonds to be redeemed plus accrued interest to the date of redemption. 1"lotlce or RedemDtfon Notice at redemption of Bonds from unexpended bond proceeds shaJJ be given by the Registrar by malling a notice of redemption not less than thirty (30) days. but not more than sixty (60) days, before the date fixed for redemption, to the Owners of the Bonds at their addrCS5Cs as they appear on the registration books kept by the Registrar at the close of business on the Business Day next preceding the date such notice is mailed. Failure of the owner of any of the Bonds which arc to be redeemed to receive any such notice shall n~t affect the validity of the proceedings tor the redemption of the Bonds for which proper notice has been gtven. 2 o ~ e SECURITY The Bonds arc issued under and secured by an Indenture dated as of August'I, 1989 by and between the Issuer and First Florida Bank, N. A., as Trostec whereby the Issuer and the Trwtee have agreed that the TlUStee shall receive the proceeds from the s:>le of the Bonds and disburse the same for the costs of the construction and equipping of the Project; and the Issuer has assigned to the Trustee, as securitY for the payment of the principal and Interest on the Bonds (and the fees. expenses and advanccs of the Trustee) (1) all payments due from the Corporation under a Loan and Security Agreement, which are required to be made at the times and in the amounts necessary to pay principal and Interest on the Bonds, which payment! are secured by a security interest in Capital Campaign Pledges. the Collateral Pledge of the Long Trost, and the Collateral Pledge of the Fisher Endowment, and (2) the proceeds of the Bonds. money held under the Indenture. ~ld the income from investment thereof, subject to applications as required by the Loan Agreement and the Indenture. CSDltal CamDalm Pledll.e! The Corporation has secured, in writing, Capital Campaign Pledges from various corporations and individuals in support of the Project. These contributiol15 are pledged as security to the Bonds and will be transferred to the Tnlstce for deposit in the Revenue Fund when received. The chart below lists the aggregate pledges that have been !CCUred for payment of debt service in years 1990. 1991 and 1992. Also Included arc pledges to be received after July 31, 1992- Capital Campaign Pledaes as at May 31. 1989 Due by 1LJ1 1990 1991 1992 Due after 1992 Total Pledges $ 613,461 6SS,283 744,884 132.050 $2.145.678 In addition to the pledges listed above, the Corporation Iw already received $8,179,234 in contributions through May 31, 1989. The proceeds of tbe5c pledges lncIude $l.500,OOOln land that has been leased to the Corporation by the City of Oearwater tor $1.00 per year, $2,900,000 received in grants from the State of Florida, appromnately $1,800,000 rccc:ived in the tonn of a gift of the Fisher Endowment and $922,791.00 received from the RE. Long Trwt. Major supportcn that have already contributed money and/or have pledged money to 111c Center Foundation in<:lude: Barnett Bank of Pincllas County. Flnt Florida Bank; First National Bank: of OCBJWater, Republic Bank; NCNB. Sun Bank; and Sr. Petersbul1I: TImes. In addition, other companies and lndlvlduals in the community have pledged money in support of the Project. 3 .~:':'~ . .t;-..}'t~.,;~t:' .~yt:1~~'+ ~~>~{""'''-:1"t>;'':,,:~~::...~ ~:.', '0-:''' . ............... . '. \' <, :::'"-"'1 '-, -'" ;, ~ ~,.~ .....- ",'" '..... .... 'f Collateral Pledllc of the H.E. Lene Tntst The H.E. Long Trust is pledged to the Trustee as security for the payment of the Bonds and consists of the following assets: Fund Balance as of Mav 31. 1989 Barnett BanI<: Checking Account #1263137753 Interest Rate: None Ratin~ (where aDO /cable) $ 100.00 $ 6,346.02 5113,302.00 AaaJAAA $117,940.00 AaaJAAA $117.940.00 AaaJAAA SllO,230,OO AI/A+ 5232.942.00 AaaJAAA 5115.992.80 Aaa/AAA Shearson Lehman Hutton Money Market Account #804-0S209.11-0l0 E:1timore Consolld,d Public Tmnfovement Bonds terest Rate: 11.6" Call Date: 411192 Inter Mountain p~er Allencv Power SUDDlv Revenue Bonds nterest Rate: 14 l) Call Date: 111192 rter Mountain ~rer Allencv Power SunDlv Revenue Bonds nterest Rate: 4 Call Date: 111192 Orellon Veterans w~are Bonds Interest Rate: 11.15" Due Date: 211192 ~Orida Board 9f Ed~ation Bonds nrerest Rare: 12.15 Call Date: 6/1192 rrew Jersev En~ Conservation Bonds nterest Rare: . % Due Date: 4/1192 1l1G abow bond values do noc reDact Inten:$l receivable Total: $814.792,82 The Corporation has entered into a Collateral Pled~e Agreement pledging the H.E. Long Tl11St with First Florida Barile. N.A.. as Trmtee, whereby the Corporanon grants, assIgnS, pledges, transfers. mortgages, grants a lien on and security interest in, and confinns unto First Florida Bank, NA. the Investments held in the Long Trust. Under the Agreement. First Florida Bank, NA. agrees to hold the collateral and to apply the collateral as provided in each of such instruments. Please refer to Appendix G for.::1 copy of the Collateral Pledge Agreement Pledging the Long Trust. The Long Trmt is a charitable remainder annuity trust wherein Harris E. Long and Shirley T. Long. as scnlors, transferred to The Center Foundation. Inc., as Trustee, 5922,192.00 in cash on June 30. 1988. The Trmtce agreed to {lay in equal quarterly installments the sum of S22.800.00 from net income and, to the extent that net income 15 insufficient. from principal to Harris E. Long, as beneficl3IY. for his Iffe, and after his death. to Shirley Long. as benefici3IY. for her life; Dcovlded. however. that the annuIty shall terminate as to all be~eC:la~~ on AD~;lI J'R' Any net income of the ttust in excess of the prescribed annuity amount shal a ed to pnnclp n the taxable year received. As of the end of the quarterly period precc:dlng the earlier of: (I) April 1, 1992: or' (jj) the death of the survivor of Harris E. Long and Shirley Lon~ payment of the annuity to the then beneficiary shall terminate and. the then trust estate shall be distnbuted to The Center Foundation, Inc. 4 A ~ @ Collateral Pledl!t or the Fisher Enllowment The Fisher Endowment Fund consists of the following assets: Fund Balances or ~alu'rs as of M~ 31. 1989 (unless at erwl5e mdlcate ) ~ameuaa~ . oney ar et Account #1263102960 Interest Rate: 5.40% ~'rs State Bank ertllcate of eposit #0102684416 Interest Rate: 8.40% Term: 1 year - due 12116/89 acate of OCQosit #29D-02S-1327063 Interest Rate: 833% Term: 1 year - due 12/31189 ~mwe Fedf~1 rt cate 0 cl!oslt #3260794. Interest 'Rate: 8.75% Term: 1 year - due 11117/89 frmettaaM oney ar et Account #1262835332 Mortgage Account ~...nL1.ehman. Hutton ~2-11-o11 Coast Saving! - CD Interest Rate: 10.0% Term: 6 months - due 10110/89 Farwest Savings Bank Intt:rest Rate: 9.55% Term: 6 month5 . due 1116189 Landmark Savin~ Interest Rate: 9.70% Term: 6 month5 . due 11113/89 Northeast Savings Interest Rate: 9.75% Term: 9 month5 . due 216190 Coast Savings Bank Interest Rate: 9.70% Term: 9 montfu - due 2114190 $ 23,501.04 $ 100,000,00 $ 102, 125.25 $ 100,000.00 $ 420.00 ~illlam ~ ~~tfj. ccount 4 . Treasury Notes) Interest Rate: .875% Term: due 10131189 $ 5,087.05 $ 81,100.00 $ 80,000.00 $ 35,000.00 $ 15,000.00 $ 61,100.00 $ 199.552.14 · Values do not include accrued Interest. (1) On June 1. 1987", the Fisher Endowment held a 42% interest In the Mortgage Receivable. In December of 1981j, the percentage Interest in the Mortgage Receivable increased to 71%. The COJIl.oratlon has also entered Into a Collateral Pledge Agreement for the Fisher Endowment Fund with First Florida Bank. N.A., as Trustee, whereby the Corporation g(ants, assigJU, pledges, transfers, mortgages. granu a lien on and securlW interest In the [nvestments in the Fisher Endowment Fund. Under the Agr:eement, First Florida Bank. N.A.. as Trustee, agrees to hold the collateral and to apply the funds Invested In each of such instruments to the repayment of the Bonds as necessary, Please refer to Appendix F for a copy !Jf the Collateral Pledge Agreement Pledging the Fisher Endowment Fund. Jih ~ no~ation SWff S 4, per s c, as of close July 6. 1989) ~ 71% (Appraised Market Value as of February ZS, 1989HI) Total: $ 7,312.50 , $1,202,882.00 52.0t 3.079.98 5 ijtf.r:'I' """~';'I.~~+~""""~\ '<'~'."~:"'''''''~ii;~t'.,~"..., ."'...'..:. ,.' c:,...."..,..".."~..,;..'.-..".,i".~~,....:."-:"v..:.:,l>':':"i.iIAI' '-. "'." ' ""'.n~ ~~.h ~ l'ij~i:'i~" ':i;~ ,!~ g' ''';:l~~ . ,~r:.. ".~: ,,,,:,. ~ '. '",:, "~"'" . r, . . ,. ,Jo-"!-!,4~.. 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":'V"';.'~""r..' .f"':""t.I..:~,~<oO""""'r":\~;~~-l"_J~J\1~:';l'f~j;~~:;~,t:l:.'''!~;''_..-.........-.rtc~ ~':"1..."..~.... ~~::. "~,.:<'..~.;t.. I. ,c ~ ,.~,.q'~~~;\;;:..~.ll::;,....~~.{:;:;,~.::"/.;.~~: ~,:Li-tS~;r'~?~,..~ .. .'::: 1. 1/;1\: . " e (I " , , ' ': :, .; ':' ~. "~: :~.. \ ;r., p '.., ",' ~ ~ ,. . . .. . . IT" . ~ ..', ,. PLAN OF OPERATION . . , , .' : Once the Project has been completed. the budget Ibted below has been plqared to' allow tor. the !)peratfon of the facUlty. The rcvenues used to support the operating ~nscs or tho facUlty will come from .- .', Interest earnings ,from' the Endowment Fund. user fees. and contritiutiolU from participating sponsors: , Further,' UP ARC will JlBY for the portion of operating ~nscs that arc directly allocated to their services. ' I, ; The schCdule provided' below, includes a line item breakdown of the anticipated sources of rcvcnue and the . . ,;~.,;.: ;'".~. .'. ::.~. operating expenses to IUD ~ Project. . :\\::;;~':!':=i. < . Amotml, 'r '.. " :::.>'.,'.:,.....'.,.' :-", ,.Initial ($2.000,000@ 8%), .. ,l .' ", ~"~::'> :)',"'-' : >;,.Incrcue ($I,OOO,OOO@ 8"9&) ': <;'.~' '; .<,". ,~'; .~.:., 'UPARC (allocated direct expenses) , ,'.,:,::" "':', ': "~ponsors'and contn'budons. :. i, " '.' ' ': POol chemJcaJs donation in kind ".:::~ ,>',..:>" .; :;,O:~~~~cUse sales (net) 'y' ',' ~ Uacr;F~ -." ':'.':.. ": . ','.:, ,,' " ,'>',Pool and locker !acillties,' '.::::',:~.:.'>,..... '." "" :'::': :"~:=~~:, , ' ':t':<' ':'.. ' ;';:' ".',". ..! ~, Ball~lda ,(two qencles at 521.000 and $5,000), :l;;C~;l'~'<0;~i;~OOUR~ . .' '. . . ,',c:.,~',:" :.: ,.,,';; ,";.',:.ii', Reccptionlst..,Pront Desk . :g;::~,:(;;?:~:.};':;; '.::),:".:' ': :" ,~e~~::::::~id ABenclc3 . ,:'J'\ ;'",>.n 'i.,".." ":""MalnterUncc and Security '- \?~~..:i':,::',',:~<:~:. "'..:' ."::'r, :' ;' :,; '".':' :'VobJDt~n ' ,', ~)~;;'i':",' j, " " J, . '" ': .~~~~ ~~:06.;:x ~e~~ds i,);I;&h::,~;;:r::;: : ,VOIU;:; .. . ..;, '.-"""~,,, ,.. -' ."~ '," '. Benefits @ 2Ol)l; /i:~' :..:J~~~/~r~~~:~ ~"I(n:.~<].l.:' ~.>,:,"",.:; >~.. ':':; I . '.. ','., if ." t.,. .t,., - ,,' ,,' I.." 11 tal Empl ::~(:i'~\J,~5/,\:},'1.<',~~.>:\,':'.'.::.: '", 0 '. ~ ,I.:' ,-:':;, \'.:~':":.":;, QtlkCi..-nvrue and IUnftUes ,.,.,' 'I"..'y.l 'EI....-I~- , . rr" . ;'l:~:":' ""1t{.':\..rt I \,Iv ta..U. J " \" I " -, '~". "j(, ':<~>-'~;\":'Tel""'hD"":' . ., ", : ';: '>""',t,': ..:r4.:-1;':,. :.~.~ .... ....'" J.. > ", J.t;(.~t,_\J~'~;'{.:il.~u'.~~~,~~~"-" . -~", .> I I.: " ,:~ ,"",~' \.~':',..(,,'" . Sewer aiKI Water. . ....' . , , ' .,:}5}/r~'}(~~(;~~=.,.>, ,'" .';, ;.>, .~ ' ' . .,. "..';.','.ll~;...,_'::..,.:,' ',':"rOreetlAra~..llHby A__) '. , .\.....~~.,,.:.!~.,":..,./)r..~'~....,-::Pool... C!-.~~~" nerw."J, "~" . .~"'~t"'~/"""~ '....iJ...'\ .~~~" (- ," . :.~;\", ;':',;',.'>.'jz.'::'.:,{:,,:.'::;"': ::'C,:<,~,:OiciDJcalI (see contributionarevenue) , ~~t~~ii~J~;~:t~:~~..,~~~~i~t\: ~::>:,':I>\( !:;:~r I .':. ,: ," ,,' -r:';.J/,,;:,.'..\ ;,~,:. ,: ',.:~ '. '. I' '.". LaundJY (to\\'elI) . ", . . ,.;:.~'t'~:....,t;~:.~~; ,.~;;.:.!fJ.:t...~.T,~t.~.::J1'. n..nat"':lds'. O....n .....-- .'.'.' .. .,~ ~,' 'J._ "o""1.~ 'r. <..&HIIIIK . "'-'101 ftI~" ' ."'...~t.-'Xi.i,> 'i :4,; '~r:," '.:~ ; .', .." ,,::. '.Electric and Water .~~1~, 11'~r:~ ~'I: ":f~~'ycnalloc.ated~~' .~'.::'~" ~ u' .' .: . ~~. ~~..\\.,,-.l,\;:.. $~ ,r. l~ d>~ J', .-;-. rl.~ ".:1 :~1:~/'0't.Ni~,,~:'>'~':':i~:;:~J.\;::'::-'-i.:.,";;:''.',:' ',',. '..:',...' '. .~\<;., '" 1.1:~)l.~~~::!..+,,:,..~ .<~~ ;.:" t ~~i,.~,'.'.:-: b'"' rarAL EXPENSES<~, :~;,.~.,~1~li~t~;~~:}F:;!.','~..:'..',',.' .'., :,.: -.~:; ':',:.-::'," ." .', \~.r~f~~tt'>r-J.,t~~.~"P(..'" ');11 ';' .,'" ., "'.," .' . .\'>-.l~,'l':':'!:-ir',)",,,,~"".r: . ,.l'i," - ". ",' ' ~..~tl+'~r~i~t~~,?'..:;,'r;~'~<;'.;if~,~~.~}/~":'*".I>~1 ':,;: ~ .~., ',' " > "t. ~",'5A~ ~~).~ ..~'r' ,,') ,c '.-'.,' ,H', (;. . ' " ~!~lli.t:\Jo/P.;:%;~~' j~'l;~if{~J .~~;'.<' ..:. ~ < . ~ ' : '~::'.':; ',-, , .: , ')~7~..1:11~~~!t1:.~~~j.;!;H~~1:.: ,f~'!. q',.. "" ~ "T ,II. '~',J II .' T' ~~i{~:~r;:i~),""~-l(j(f.j~: ::...."'... ,. ~'~'~I ,u . '.: ..+~~. J. .'. ~. ,l.;... ~ .;-- '.J" . +\; ....);'~ ~"ll f t':'~~-F~ r,:'.T,' ..... ",/.'~. '~~ t:~ 'c" + ~~, ~ l-W; 7};11,.it;~~ ~J!" ~I- :....., I r ":' 1.\. . I , '.. . ~ ~)\~:--""1W ~~IB':~t~~a~..';.;J.~'. : ,.,,~~;. . : '.. ' , . ~. ~.l' ~ ~ ~ ~ ~ ~ ... '..,.. '"..>' "<. .' :<~.:.:::>; ..~: \;}:'~.!'\< ':', " 5160.000 80,000 - . 117,000 ' 18,000 7,000 18,000 , 6.000 .' ~~" 4,800 ..16JJW " ~r ;.~', ..>1 . , ,:,r: \. " " I . " 'j' . .~. . ~ . , . ~." .... I ,I .... 1. ' .... I '< i. . . '.' " ~. ' , . , ~. .:'.. I '", ' ."\. : ~~.:..~.~/ . c. ~ ~ ' .,', "', c, . . < $36.000, 15.000 . ,-0. ' 18,000' . . ~, 38.000 ' ;.0- '-0. 32.500 ~'" , . 139.500 , , " . .:.17.2m ..... . '" .\,.t;,800......<.;:,;!~;;,~, , . ; , \.' ,~ . ~'~ . .~. ':'1 ,1: > ;c; c;'~':. c,:~ , c','.' , . " ' ~ :~ '. . I I' <,' '.' , i ;:. , .~ ' ' , ., .. ' . ..~ " ' "'I' " . '/1: .: , . ;, ~. " . .',1 ~ c..:,. ,,' . '. :( I ~, . ;, , ," ~ .: '., > .~. . " . < .'.. ~. 167.400 , ,. ,. " ...,' " '.;,. ,I' " . .;\~':;:\'i):~~tl p ; ; :.. ~. ,'. . 12.000 ,. . '59.000 .' ,3.600 '43,000 '~ :19'000000; . 28, :' ,.12.000 . 7.000,' '18.000. " . 10.000. ,'" 12.000 ' " , 6.000, 30.000 12.000 13.000 l,; :" :- '. .'...1. , .~ ',' j ~. ... .,:). ,. , ". , ~ l :: .:~. f.. ~..... ",,' .'. :' (~.' :1', .,,' . .~, '" , ~ ., . . ."..'. ,".'. ',f, , " . ~ ,\, . " ~ I ': . .~:. ,I ..... .. ,.. l: .':..' "'.;~. ',; ~ : . ~ ., ... " '. , :; 'T.:' . ;>:?:...~~:~L'" " ) "" ': ~' '" . : .. . ' ~ I,. '., . , ' . '1. 311 :'1\1\ . ,I . ..... ..;" '.';. . ,-KN. ~. u;.aMn" , ~ ):' . . . \ ~ -: ~. 1 :~' " : .,' ~ ., ,I. , .J "1, \. 1....".." ,l,:"i: . , . ~ , '," . ',. ,. ":', -',' '.'.', ':,:::.:, ',':,,; " ,:"',;" ;. ; , .'. :,,,, .;:~.:,i,:~:?:;"::';:\<~~:,,:'::.::~>'t, .~!..:':.:,:,~.. ':;' . .'. '.... 6 ,I .: ~ .....1. '.. " ,t . ,. 'l' . >,' ~: :' ~ "';. .'T" ~-~ .~......,-,."i'::'r."..~, '~'~~~"'Jrl<'t\f::~""""'~*~tr:":.f!I'<il<If-""~ ," :, .:,'~:':, ..':~~~ ::~':':~ ;,:~,.~\/::~,:"F~"~~~, ~~ (. ,..\ -, .:' '\" ,~,~:; e @' "'t .1 t..i Year Ending ESTIMATED DEBT SERVICE REQUIREMENTS Principal Amollnt Annual Debt Senlce Interest 1990 1991 1992 $ 500.000 500.000 1.500.000 $2.500.000 ESTIMATED SOURCES AND USES OF FUNDS Sources of Funds Par Amount of Bonds 2.500.000 52.500.000 Uses of Funds Deposit to ConstIUction Fund Cost of Issuance 52.500.000 ADDmONAL FINANCING , The Corporation expects to subsequently issue Project Revenue Bonds, Series 1989A to fully complete the Project The Series 1989A Bonds will not be Issued on parity with the current issue and will be secured only by othcr sources of revenue. The proceeds of the Series 1989A Bonds will be used to complctc construction of the Project The final phase of construction consists of the portion of the Project that will be used by the Upper Pinellas Association of Retarded Citizens (UPARC). The Series 1989A Bonds will be secured by a payment to be made by UPARC when they move into the facUity. and additional capital campaign pledges other than those used to :secure the current financing. 7 .. , . . ~ _.... ~.,,;.\ ~_ > ~",__"""~.'lI- . r. ., ,~.I ',. "'l.'.:t~~~.~...",f.....;jo""'t........,~ ~.f-'I.~~"" t!{,."C'....'~"'!'......H~1M.J\..t:"': .....l.....,"'.""~~~~t.:~~....~~..?'....tt"\''''' ,..,.. '."""""~~.-b,.'l"""t';I;-f""'I"~''''~7J.''trt~..._;.~u'~'1'':.''''-~'''''u..'' tJb/J'r"..~~....'l""'I~.,tWlt.t''''~~<<~1' +~'''''''1,:"......,... \ ........ . t. c'i'...-: ~.. . ,', ~~I''7. .~.,.....~, ~.;1"" 'j r,.\,~.;:~::.,,~,:<..t~.;>~.'>.: ,'.~ ,:,;\ :.,""::,C,: .t..'.'. 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" 'oJ '~ ~.. . 1.:,...,+. po ..' ,,- , I,:" ~'. , N ,~.j , , ..,. j +' ',,' i ...., ~ ..';1 L'" ,~', .~.:. /,~ :;:4 ::: "I' ~~ .~ ~~:-,,'~~' 't.: ::..~.t).. -: /r--4.t~"',},'~-!~~r~ -l"!ii.;,,:'! ~;~;":-i:t~V/"I'1; ~.~< '.! ~;.i.f1f "l- ~,~ ,...!.........~ t...'.....~'",." <.' "\ f ",' ~'" ..~...r.';.... ,.1 ,~~\... f ' .(",~..-". ,'V-i!-\......',r..' .r.ur"lC ,..J1..r~~t ~~ ,~~(; f';};;"~1,~~..}~t'0; ~~<\ t; ~~I~\ }:),{iJ~;)~~~~fi~: ';~':./ ::~:i ':,1 ~:~.. ., ,:~l \ ~.'. .~ ....:. :" . i';' ,-' '; ;~:~~ ~~,; / ~. ;~~. L'~~1::.'<.. ~ ?~~~ ,:.,~'r '.; ~:. /.l': /):i~~'; '~.t::~~~;,/:!~~\~~}~::<\~; t/, ~~~'lr11~(.~'\!iafl'\1f ,tj I-:f~ i~ ~t~~."':,~~".{l.~:I!'~"=-'\' :.~:".~';..-;~\.t.,I.;.....'. ~,~ .. 'J~ ;~.~~::.~.,.~j.';;'j:"(/?:.'.'~:'.'.>" ',.' 1.1. :.1~"."'. "h. '",~..---''' 't..""!" ~.-;,. o o PROJECTED PRO FORMA. ESTIMATED DEBT SERVICE COVERAGE Center FoundatIon, Ine. Debt Service Coverage Analysis Covenge Rued on Fisher Endowment, H.E. Lonlil: Trost Ind Caoltal CamDalm Plede:e5 122!l 1221 1m Funds Available from Fisher Endowment and H.E. Long Trust · Capital Campaign Pledges Total Funds Available for Debt Service Estimated Debt Scrvk.e (4) Debt Service Coverage $ 708,314 613.461 $ 680,352 655.283 $1,771,316 744.884 $1.321.115 $1.335.635 $20516,200 s~ ~ $~ UI.! $1.6000500 ~ See footnotes (I). (2) and (3) It is anticipated that debt service Dn the Bonds will be paid by a combination of the collections of the Capital Campaign ptedges and liquidation of the H.E. Long Trust The Fisher Endowment, thcreforf:. will remain in place and the Interest earnings thereon will be used to pay the operating expenses of the Project. However. a3 shown in the table below. the assets on hand in the pledged collateral of the RE. Long TJU5t and the Fisher Endowment. and the interest earnings on the assets. are sufficient to cover the required debt service payment! on the Bonds. . CoveCllge Based on Fisher Endowment and H.E. Lone Trust onlY 211 8/1 211 811 211 811 mu 1221 1221 1221 1m Jm Fisher Endowment (1) 30jS2 525.850 516.000 18.700 952.529 Interest Earnings on CD's (2) 30,382 21.326 21.236 36,421 34,7Z0 Interest Earnings on Mortgage 60.850 60.850 60.850 60,850 H.E. Long TtuSt (3) 728:946 Funds Available for Debt Service am maw ~ am ~ 1.716.195 Estimated Debt Service (4) ~ m.m ~ ~ ~ ).S50,2Sq Debt Service Coverage .1JlI ~ oW! ~ lJ2l lJl;s (1) Assumes the Certificates of Deposit arc first liquidated, and the Mortgage Receivable is later sold to be used for payment! of, principal and interest beginning 811191. The proceeds of the Mortgage Receivable would be invested in Certificates of Deposit or similar inVestments. (2) The Interest 011 the Certificates of Deposit is estimated assuming an interest rate of 7.5%. The Certificates of Depos1t are cunently invested at various Banks with maturities between November 1989 and Februal)' 1990 at an average interest rate of approximatdy 9.00%. . (3) Represents the approximate Maturity Value of the assets In the H.E. Long Trust. (4) Estimated Debt Service assuming an average Interest rate at 6.63% and a three year amortization with maturities of 5500,000. S500.OOO and 51.500,000. respectively. 8 ...7""w'~l"" ~I.~~." '...~,,~';.. ,." l,. ':."':". ~~I'I). +.11.... ,.... i ~ ~ i1.", e .~....~..../:. "".;. }., ',:' ~~. ,,:'" '~ ~ r _~ l..... /,,...1t"':r~..-~~~ ~ ? .'''':':--8'''~.> ' "/:'(O--!~~.~ ~'f~??~~f}~l.~:-~:?"':~"~' ."~c~~,,,, "".;;C","<'~'\. ",""'''''~.l''l~.''' "".,to ..-....... \ .....'!:It..t... }....~~J........;"J...r;.U~~.~.J,..',.'.l.r~...,....' I -~;-,......\'-,~"" .,.,~.,.,} "'~~~''+<,. ~J."". /,' . i' ''L ,~. r~" ...... ,.~, ,.,'..,. '~"~~ ~",~,,'. ':, , ~"~ t' l'f(i,~<;.! , ' "1 It'; ~... ..., "/ '.... ~.,\',.""" ,... ."'........~,.,~~,,.... '...c.',',.,....,.\t....... \~,<.-.....,."'....,..~"_""', '""",,."'4-,. . . .f"~.......;......... 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"1.': .~,,\,..,-,., ::,1 -FL~,....,~,\'l~':'.'i-~" ,~~:~",,'\'l'.)~{~. '~Jh ,~.~:f"'";!~.~.~~+',.i,,,,~~o;;~~~'i' '." ,tHt. ~.~, ~ , , ",.,':).', ;j,..~:..,:~:,,1. ,:""." ".-," " .. ." ','" . , ':" ,. ,", ,", ",,' ,"' :""""~' "}J5. ~:-k .... \"; ~1.\'<.t ~, ~J-'.' 'J'~~~:~\:\\~.\J,.;~"'~~\ !J;" 6)" ~ r ,,) , '."">":i,; ~ "'\ 0 ~, ~'i:,~r,{-,\" ';d' jc"Y-:;"1 ., ~,,~.'r:~:,(':; .>i,U. ;~.,;~jr' 'i, " '~&'J:t1~tbJ~. tj~ '4:t :{~~,.:'.,.\ '..1 l. 1~;~f~~,: ;~~.: "j),"'f.":,;', . I: ., ~.:.:i"r!~' 1-;f<'.W, fr' :'"r"; )'.:... ;",'; I':~ :"....~r....~t! ..\\~l...}, t~'ih..';)i "t~.\:J,' t~~~ ;".l:~ ~~J.~! ~i .." It h...1- ':r.":" . ,.".-i~ .fi, ~ i>}".~ ~1-I'1 J~t~ f""t'. }:~~11 t1\' " .c _,:;r . >;r'::'Jl..:~1:~~ J~~:~f~~H~ i~.\ l~~~r,":""\! F';~M ~' $ f. I, . 4. To the RedemptionPrice of Bonds being optionally redeemed, but solely from transfers from A.4 above. OperatJni Fund (Section 5.03 of the Trust Indenmre) A. The Trustee shall establish an Operatln~ Fund and shall deposit therein moneys received from various sponsoring and using Institutions for support of the programs of the Corporation, or from other users of the ProjecL . . Moneys in the Operating Fund shall be applied at any time at the direction of the Corporation and, whenever an Event of Default has occurred, with prior approval of the Trustee, for any of the following purposes: B. 1. for payment of Operating Expenses, or, if Loan Payments or any other amounts due under the Loan Agreement are frmlfficient, to the Revenue Fund; or 2. for any other lawful purpose of the Corporation. C. Interest and Income earned on Investments In the Operation Fund shall remain in the Operating Fund. Rebate Fund (Section 5.04 of the Trust Indenture) A. The Trustee shall establish a Rebate Fund. TIle Corporation shall cause an Independent firm of Certified Public Accountants or tax compliance firm to make and promptly forward to the Trustee the rebate calculadon(s) required by the Investment Instructions. The Trustee shall make deposits and disbursements from the Rebate Fund in accordance with the Investment Instructions and shall deposit income from such Investments in the Rebate Fund. This Section 5.04 may be superseded or amended by new Investment Instructions delivered by the Corporation and accompanied by an opinion of Bond Counsel addressed to the Trustee to the effect that the use of the new Investment Instructions will not cause the interest on the Bonds to become included in gross income Cor Federal income tax purposes. B. Interest and Income earned on Investments in the Rebate Fund shall be transCerred to or retained In the Rebate Fund. C. Prior to each payment date described in Section 5.04 D. the Corporation shall cause an Independent firm of Certified Public Accountants or tax comptlance firm to make and promptly forward to the Trustee and the Corporation the computation of the Rebatable Arbitrage dcscdbcd in the Investment Instructions. If a deposit to the Rebate Fund is required as a result of such computation, the Tnatee shall notify the Corporation within fifteen (1S) days of the end of the Bond Year that a payment is required and. at the time required, shall transfer into the Rebate Fund the amount of the Rebatable Arbitrage from the Revenue Fund pursuant to Section 5.01B(4) hereof. If a withdrawal from the Rebate: Fund is permitted as a result oC such computation, the Trustee shall transfer the amount of such pennitted withdrawal to the Revenue Fund. Records of the determinations required by this Section and the Investment Instructions shall be retained by the Tnatee until six (6) years after the Bonds arc: no longer Outstanding. D. Not later than thirty (30) days after the end of the fifth Bond Year, as defined in the Investment Instnlction. and every five (S) years thereafter, the Tnatee shall pay to the United States nInety percent (90%) of the Rebatable Arbitrage as of such computation period. Not later than sixty (60) days after the final retirement of the Bonds, the Trustee shall pay to the United States one hundred percent (100%) of the balance ot the Rebatable Arbitrage. Each payment required to be paid to the United States pursuant to this Secdon shall be filed with the Internal Revenue Service Center, Philadelphia, Pennsylvania 19255. Each payment shall be aexompanied by a copy of the appropriate IRS Form and a statement summarizing the detennination of the amount to be paid to the United States. 12 " , IS t' "~,~j~1?::':;,': ::";;:: ;,:":,:' ,'" .': " ," ,",': :':' ',., '..," ,.. ,'" '.: :'~':',: ~',":: " . ",::' ,'. ,:., ,,":,,~,:~::~",;:-,'~:,\, ;:;~:~'fr::";;,,::~;i":';l;~;;~i~" T''''~' i, ~c~:'" ,,;';'~?;~;~';,l}i1t ," '7.l.,(,-.411yi,'j ~,.Jr4!; >-.,;; 1. i, .,; 'i ,,'1;: .'..' r', :.~. ~ (l,',;i>', ,"'::'" _ '. .1 " '''.: ',,',\ ~.y,:,,;,\.,' ':"'::;", -;.',1 ',>:" ,;::..I;~, ",,: . .; -: ' ,; '1>,t",,'~ j~.. '. ~t':. ,'" ,;..;,f.c,.-h~'".j...,;.~.,<"\ ;'l~.\!: ,~"th?;"t{!.' ~' , :~'. :,;.: ~ ,; ~,~~, ;,~.:::: \ ' t. ,........J"\.~'.+,..1 ~ ~~~ ..\ '~tJ ~; :~:.'J.1 jo-> ~ </;,~\~ ~:. :..~~~7 t( ;~l, ~.~\ l,t~~f..' ~~ t .~, ~'::.;~. . 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'.\ \.iVf~(.:s:' ~.~.~;~.... ...t ,~. .. r.:V~qg.,,-l r'r~~' ,1" i'~;\f fl"(.f.:,, "~."",, '~~\1:(~\:i; ~~\\;t;!;~: ,.;:~ 1~~j':Jil '~"r",s/'U~'/ {,\ ri~ir .rf ~r.}.::tir~ .wl.. r. t.J~. J.,: !{~1.Jf?('~:,~ ~."71 !:,; ( Procedures When Funds Ire Sumclent to Pay All Bonds (Sectlon 5.05 of the Trust Indenture) If at any time the amounts held by the Trustee In the Debt Service Fund, together with anticipated Investment income thereon, are sufficient to pay principal and interest on all Bonds Outstanding to maturity or prior redemption, together with any amounts due the Issuer and the Trustee, the Trustee shall notify the Corporation to that effect and thereafter the Trustee shall apply the amounts In the Debt Service Fund to the payment of such principal and Interest and the Corporation shall not be required to pay over any further Loan Payments Into the Revenue Fund unless and until It shall appear there is a deficiency .in such Funds; provided, however, that anticipated Investment Income may be considered for this purpose only If the Corporation agrees In writing to make available sufficient moneys to make good any deficits that may arise due to receipt of insufficient investment Income. Moneys to be Held for All Bondholders, with Certain Exc:epUons (Sectlon 5.06 of the Trust Indenture) Moneys and Investments in the various F\1nds aeated under or pursuant to the Trust Indenture shall, until applied as provided herein with respect to the Fund in question, be held In trwt by the Trustee for the benefit of the Registered OWners of all OUtstanding Bonds. except that any portion of such Funds representing principal or redemption price of. and Interest on, any Bonds previously matured or called for redemption and with respect to which the redemption date shall have passed, shall be held for the benefit of the former Registered Owners of such Bonds only. TAX EXEMPl'ION The Internal Revenue Code of 1986. as amended (the "Code"). establWles certain requirements which must be met subsequent to the issuance- and delivery of the Bonds In order that interest on the Bonds be and remain excluded from gross income for purposes of Federal Income taxation. Non-compllance may cause Interest on the Bonds to be Included In Federal gross Income retroactive to the date of Issuance: of the Bonds. regardless at the date on which such non-compllance oca1rs or is ascertained. The City and the Corporation have covenanted In the Resolution to comply with such requirements In order to maintain the exclusion from gross income for Federal income tax purposes of the interest on the Bonds. Interest on the Bonds is excluded from gross income of the ownen of the Bonds for Fcderall.ncome tax purposes under existing laws, regulations. rulings and judicial decisions as enacted and construed on the date hereof, assuming (I) the aa:uracy of the Corporation's representation that within the meaning of Section 14S(b) of the Internal Revenue Code of 1986. as amended (the "Code"),it Is not a "test period beneficiary" with respect to more than $150,000,000 in outstanding "tax-exempt non-hospital 501(c)(3) bonds." Including the Bonds; and (ii) continued compliance by the lssuc:r and the Corporation with their covenants to comply with the requirements of Scdfon 148 of the Code and to take no action nor execute any other instrUment which would adversely affect the exclusion of interest on the Bonds from gross Income. Interest on the Bonda will not be a preference Item for purposes of detcnnining either Individual or corporate alternative minimum tal; however. interest on Bonds held by certain corporations may be subject to alternative minimum tax or an envtrorunental tax. because Interest on the Bonds may be included in the untaxed reported profits (book income) of such corporate bondholders. OwnentUp of the Bonds may result in coUateral Federal income tax consequences to certain taxpayers, including. without limitation, property and casualty ln5urance companies. individual receipts of Social Security or Railroad Retirement benefits. foreign corporations engaged in a trade or busineS3 In the United States and taXpayers who may be deemed to have incurred or continued indebtedness to purchase or carry the Bonds. No opinion is expressed as to such consequences. Under the laws or the State of florida as enacted and construed on the dare hereof, income or profits from the Bonds is exempt from Income taxes Imposed by the State of Florida or any local unit. political subdivision, or other instrUmentality thereof, except estate taxes and taxes Imposed by Chapter 220, , t 13 ~ ....I....t ,. [";:~ .'~.,.~, :->~.. 'c' T'~",.j,"'.~~''''''''.l'''~j:)~!<i,,:''='''' 1<' ...}"~.. ~ .~. '- \' ~ "'.1. +, ':. ~ --. """.,,''''''.., H" >c. 't. ,~... .", ,"C,+.c . .. ~ ..... ,"'" '~...." , .,' i-. ," .J:' .w., ',... .! 'O.' ~. .., ~ ~ \, , .'~l"""".~. ~~' ~, .; '-"J...{~rrf"=~'":,~.r:: '.' \ I ,I I . I ~'~r":,,.t~~--.. .'':~,~ ,,~~;~~..,-#~,~ot:: " . 7' ,~.. ..~ ,:,,,-:,~:~~~,:.,~t . L...:..,~y-.-..V.",~",,~::~\I .":...,..".........-...;: , , l,.'. . . ..,,"' ..". j " ., ,.;, '" " ..'., " , ~.. : ,\." e I:. . . " APPENDIX A GENERAL INFORMATION RELATING TO mE CI1Y OF CLEARWATER, FLORIDA ;, ,> '! ~ ., - " ." ,"~ .-.) It. , ,. ; . ;'. ~ ..,. ~... ~ , ' ~' <" t \ . " .', \ ;7"!I'J:"..~~' r:} , . ~ ,,,:.~ " o A o APPENDIX A GENERAL INFORMATION RElATING TO THE CITY OF CLEARWATER, FLORIDA Locadon The City of Oearwater. the County Seat of Pinellas County (the tbJrd most populous County in Florida). is geographJcally located in the middle of the west coast of Florida on the Gulf of Mexico. It Is situated approximately 22 mites west of Tampa and 16 miles north of St. Petersburg. Standing on the hlghest coastal elevation of the State, the City limits compmc approximately 34.3 square miles. Including 8.5 square miles of waterways and lakes. Oearwater Beach, a corporate part of the City, is an active ooach community and is connected to the main part of the City by Memorial Causeway, a four.lane, toll-free drive stretching almost two miles across Clearwater Harbor. Business on Clearwater Beach is mainly tourist-oriented, with its hotels. motels and gift shops. Many fine homes. apartments. and condominiums offer pleasant. semi-tropical Island accommodations to permanent residents and winter and summer visitors. Populltlon The 1988 population of the City of Cearwater Is estimated to be 100.202 perrons, or 12% of the estimated population of the County of 839,891. The following chart shows the historical population of the a~ ' CITY OF CLEARWATER, FLORIDA H15Ulrlca1 Population Data Yw: 1980 Pecc:ent Chanee PODlllatfon 85,528 93,648 95,330 97,882 99,124 100,202 1984 1985 1986 1987 1988 9.49% 1.80 2.68 1.27 1.09 Source: U.s. Bureau of Census 1989: University of Florida Bureau of Economic and Business Research 1984-88 HIsUlI')' TIle area now known as Cearwater was first explored in 1528. or 92 years before the pilgrirru landed at Plymouth Rock. by Panfilo de Narvaez. a Spanish explorer. De Narvaez encountered a large tribe of Indians, which his army drove out. The Indians recaptured their territory, however, and held it until conquered in the Seminole Wars of 1835-42. TIle indians who inhabited this area arc said to have called it "Pocotopang. "meaning "clear water," so named for the many ,prings of clear, fresh water that bubbled along the shore and even below the waterline at low ride. Settlers began moving Into the area around the time of the Seminole Wars. The first was Dr. Odet Phillippe, a French count who had been a surgeon In Napoleon's navy. He bunt a plantation for his family in the mid-1830's. This site Is now known as Phillippe Park. just east of present day Oearwater. Fort Harrison. named for General WUllam Henry Harrison, was buUt on the bluffs overlooking the harbor in 1841. The fort, used as an outpost encampment for soldiers stationed at Fort Brook (now Tampa). was A-I ~~ ' , ' ~". "..,'" " ,:"",,~, ,,,.,, ":'"~''' ,.,~-... "7'."~~I':""""'~~~': ' '" ''fi~.....w.\r;;~~~~,~.~:tJJ"'z.t!~'('\'l'''''''.'.1.'' 10. .;...' ,'~~ ,..... . . !,' r...tJ~J"'.'" '1.~ ': ! ....' . , ,1' <;.. 'j'- .: ....:!....;~':.:. . ~,. ~. '. . \ . - , .. ~~h~~-CO;':,"'" ;;'.}~I,:~r.t.l. 't;':J;~..'t';~~'^\ ~~,;...'..<~~:~;!~;.:;.t-.:\~,'_~_ C~. .F Y~\"""l~' , , -. ., . . ,-. . J' , 1\\- . !. i.' 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"i'1" i_~ :';",!,.,::""\\\,~<\?",,,'..I.""il~}~"""'wl--"IlI:II>l>1I'd"""~"~--".,.)~. n'...............'.. '! ... H' - '. 'i. "".' <, ,', ' , .. . . ,".' " n,' ..{,,~l...,~ '.''''~1;''';:':;'_', ~~L~N:.""lt~~:___tj}}.~s.'L~'~~v:\~ ~\. l......__liIIlliI4II____~~1(a!I ~~..... ~" ......L.>___ l:('r~~~.';'\t~:.,,: ~y>'~",'II~"'('" ':4!ft[',ru" ."" ~'/4"'l.1~ ,'Ni' lt~!~L".n.~'(!":~.'*.0':O,~-~:;;/;~}~. J :!~I~~";~~;>~~:~~i;j-~?"r !~~'..~;t~~Vli"~f('f"")f~Y1~~:lhi.t'" 0 Q ..r....~T...'..Jt\: :.:.:t...,l':::-.. t-;..:}~.l-_g~-"? .;.\~~,.~~.~ln,.+ll/..:i.' > ~:'~:.~."":l~.~Vl/.':y;}. fS:/~;:~~. ,~.} ~.~;:..\~~'i.t)~r.i.;~:.: ; :-' I ~~t.;.I::~~~~'>...}"J:.):..~.i. ~1~\i f:r;\~t~~)i?lil'$1.'.,~. ~~;i\l\c.~'. ~1: ~'f~:....~t;<~':i ~ .t!~~.t,li~ t~)6..;\~}(:./I;-.~ i.~'~ ...'V". {t':-":~\14"..1;'\."'.~1.! ~"t:~\' .4~~!,~};I;tl~l~i~;:l~r ~iZ/ i~~. ~~~~~{~~~~tt:}.-:.!~~$~ \. \'.~~Ll- ~ ,+. f~.... l*.~.....~,~ .>....~fl r~;,"'~\>,l<.. ~i..l~. l!.\;:-'.c.:;iJ"""";"',;F.',~"-:l\",,~'1.'~; t'.~:.,~(. Z(j;'ff!)...,h;~ \if~~~;:,~1~~!''::~~$~\;~!rl~I'" ~~, ~~~m~.~~A"" ;t~~,~!'l .....~'\;_,...~':'1.'~r~~.,'.. ~"""1f,.t "'~ .~~ r.a"f!'.... ~ fth~ly/.~,l;-(~n" )/It..'~ J-;v~ .~.,..~,. - t.ful;it~~Q~j-i~f~~~~~ abandoned when the wars ended a few months later. The territory was then opened by the Federal :tf~1~:'1}} "~;f:.;f1~":J~:t,~,.~~:::;:'!Fi~~"'i"; Government for homesteading under the Armed Occupation Act James Stevens was the first of the ':;"N" ~ ~f,;.i-31};ie~!f~?~ih:i!;;ln~i;! homesteaders. staking out the fort and its surrounding acres as his claim. and was granted the first land title 1'-; ~"Rt1:J.~~\\;!.#::;@~;,;:~;~~ in 1842. This was the beginning of Qearwater as it Is known today. [\ .1~J:.\-'.j.l..l.(.v.~.~jf". .,,, ,...: '}~~tl~~i'1!i(.;t"!~~~:!~~); The early 3Cttlement. which adopted the name of Oear Water Harbor. grew slowly for several years ;'~~'f ;~'n' , :~'f!.: as an agricultural and fishing community. Its only outside contacts were by horse-and.buggy, wagon or by l4\:i~,~.,.1>;: ,. t..~$~~.t..: ~ --r b sai1b 100 'I h G It Ced K Th fi h I b 'It I th l"'i.~,.~':l;';P:tli;.,~ 'i.,:/:"~~'f?' loot to I ampa, or y oat ml es up t e u to ar ey. erst area sc 00 was Ul n e 'r;;<ff{ri . ~: ',1"".I:~~",'''''.';.I,~, early 1850'. the first post office was established In 1859. and a railroad was built through Oear Water 4-~t~~ l~;:QE::;:~ft:: Harbor In 1888. Oear Water Harbor was incorporated In 1891. According to the U. S. Post Office ~~k( ,t~, ~~?;; Department, "Oear Water" became one word JanU3.EY 19. 1897. The "Harbor"was dropped from the name ,#)" ~ .. '~'i In 1906 when the act creating Pinellas County was passed by the State Legislature. In May 1911. Oearwater tf ~'\ became the County Seat and Qearwater was chartered as a municipality on May 27. 1915. it.' k l~ ',ci~i,~ ,~ ....:j\~;~~l ({ 'I' ~~~. ~{i:~~1;:~. . J.:.f;f:"":Jt,.i;1!~.\~t,: . ~~?~ -";-" ,. t:~ '>; 'JI.',v:,...-:;-..' ~ .-' '. I~ l'-;1':>,/' ";;~:'~J;,;i:~l':t~ ~~ tL.~~r;1 ~~~.C~~{~~':. lt~. @: 1i~1f,:>;~;Y?s~h~ . 1'tt.t~...s","~ ;~w~~~~~... ,~.~~l.l;r$. '\'N(~ ClImate and Physiography Oearwater Is situated two-thirds the way up the P1nellas Peninsula. With the Gulf of Mexico directly on the west. and Tampa Bay two miles to the east. winter and summer temperatures are moderated by the constant Oow of clean, water-borne breezes. Average winter temperature Is about 60 degrees F. with the lows seldom below 50 degrees F. Summer temperatures average about 81 degrees F. with highs just above 90 degrees F. Average relative humidity is 75% and precipitation Is about 55 inches annually. Except for the beach and shoreline areas, the buUt-up area of Qearwater ha$ an elevation of from 20 to over 60 feet Damages to the area from tropical storms, tornados, hurricanes, or seismic disturbances over the years have not been serloU!. Government and Admlnlstradon Oearwater has a Commission-Manager fonn of government Four Commissioners and a Mayor.commissloner, elected at large and serving overlapping two-year terms, set the policy for municipal actions and standards. They appoint the City Manager and the Clty Attorney. All other auministrative and professional positions are appointed by the City Manager In accordance with the CIty's Civil SelVice System based on merit principles. The City Is a member of the National League of CIties, Florida League of Cities. U. S. Conference of Mayors, Public Technology Inc., and the Florida Suncoast League of Cities. Active individual memberships are maintained with all appropriate professional associations, such as the National City Management Association, the MUnicipal Finance Officers Association. the American Institute ot Ftanners, and the American Public Works Association. In 1976, Oearwater was selected to receiv.:: an LeMA Management Innovation Award for its nationally recognized community planning and growth control procedures. The approximately 1.500 city employees are covered by the CIty's Civil service Law which provides for all personnel recruitment. promotion, evaluation, and discipline to be conmtent with public employment merit principles. Three employee unions represent Oearwater's labor force: Fraternal Order "f Police: International Assoelation of Fire Fighters; Communications Workers of America-other City employ:es. Transportation Oearwater. on the western edge of the Suncoast, Is one of Florida's most accessible cities. Although halfway down the long peninsular State, it Is e33Uy reached via the nation's interstate highway system which meshes with the State's highway system. Plnellas County and QeBJWater arc served by three major causeways and bridges over Tampa Bay, by U. S. 19 and 1-275 to the north and south, by I-4 and U. S. 60 to the cast. State Roads 590, 686. and 55 also afford access to the City. More than a hundred OIghts a day in-and-out of Tampa International Airport, apprOximately twenty miles from downtown OelUWater. give wide air travel and commercial coverage via such airllna as Air Canada. Delta. Eastern, Piedmont. Northwest,1WA, Pan American. and United Airlines. Limousine and taxi service to and from the airport Is available throughout greater Oearwater and all of Pinellas County. St Petersburg-OeBlWatcr International AltpOrt. five miles from downtown Oearwater. offers regularly A.2 , .t ~ '1 " ->!' <1 ,'c, . , " c -( > ~' 4 .,/ ',.. :J , ~' I ,y . . >, '.i'~o::""r"l'trt" ~...''''' ....I:"'<...~.....I1Y ' , N ":"" .~'..' . ~!,~ ~~. ,"'- . . ~l , .... . ,...' ~ .... " ..... c:~. ~. :'~. ~..., ....~~~ '1</ ~jO'...J ....~~ :1::~~~f'"' """"r-;" ,!f'- ',' t.,.......t"-"'::~.. -W:l' ........"',,' "~/...~jo:~..,,...."t...;~ ....<:r~.. I -;......."".. '.....,..,..~......:""'~~} . . . '. . ' ..... . ," ~' "(f~~~. " l ~ \/t:i1 & ~ $2,813.736 to the Employees' Plan and 5493.955 to the Fireman's Plan. and were in accordance with actuarially determined funding requirements. ' In addition. supplemental pensions exist from eligible Police and Fire employees, funded from excise taxes on gross receipts from premiums on certain Insurance policies covering property In Oearwater. collected by the state and remitted to the City. Neither the City nor the employees contributed to these plans. Both plans require benefits to be adjusted to equal funds assets provided by the defined contributions. Construction Value and Bulldln8 Permits City or Clearwater, Florida Commercial Constmctlon Number or Permits YilnI Fiscal 1m 1984 1985 1986 1987 1988 310 569 597 626 731 $30,363,076 51.469.008 61,726,247 42,649.623 45,510,427 Resldentlul Constmctlon Number of Permits Y.I.I.M 935 1,267 1,244 1,378 1,385 $103.345,596 54,011.436 83.486.773 46.939,249 42,150,294 Miscellaneous Constnlctlon (a) Number of Permits 4.950 4.005 3.005 4,454 3.411 YAllIl 515,712,857 5,9.34.005 6,766,508 9,198,587 13,219.492 (a) Includes lmtitutional, church, seawalls, pools. and non-vaJud building permits. A-S u_ '" . . ~-:-:~. ;"*'~ .'T~!'::'l'''''~~~;....~.!:t~!''''i~'.~1;r;;I1;~"l:~~~*~,~j,.~''~!~18 .:"~ ." ;oI",.~~.,.. ED @) Assessed and Estimated Actual Property Valuations Assessed Valuations (a) Percentaees MSe5sed Values to Fiscal Non-Exempt Personal Other Total Total Total Estimated YearlY Increll:se Yw: Real Estate ProDertv frooertv lb) Taxable Exemut (e) All MttIs1.t Taxable InW 1979 $ 960,338.910 $136.871.810 $625,528 $1.097.836,248 $277.415,570 51,375,251.818 100% 5.9% 6.9% 1980 I.()69,359.120 146,080.480 609.000 1.216.048,600 306,379.070 1,522.427,670 100 10.8 10.7 1981 1.414,222,346 175.608,670 635.901 1,590.466.917 482.270.765 2,070.737.682 100 30.8 36.1 1982 1.804.204.011 190.792.670 655.427 1.995.652,108 636.201.634 2,631.853.742 100 25.5 27.0 1983 2,125,536,540 234,093.076 510,380 2,360,139,996 692,639,522 3.051...m,518 100 18.3 16.0 1984 2,278.052,100 248.990.190 510,380 2.527,552,670 883.746,177 3.411.298.847 100 7.1 It7 1985 2,466.057.910 269,949.700 944.907 2,736,952.517 923.634,695 3.660.587.212 100 8.3 7.3 1986 2.724.424,890 289,744,250 586.416 3.014.755,556 977.758,085 3.992,5 13.641 100 102 9.1 1987 3.080.652.280 313.835.680 817.629 3,395,305.589 1,001.043,393 4,396,348.982 100 126 10.1 1988 3.270,695,390 349.895,280 545.157 3.621.135.827 1.081,534,811 4.702,670,638 100 6.7 7.0 (a) Valuation is established by the County Property appraiser as of December 31 of the calendar year preceding thc beginning of thc applicable Fiscal Year of the City that begins October 1 of the following calendar year. (b) Railroad and Telegraph Companies. (c) Includes governmental. educational, qualified religious, IitcralY, scientific, and health care properties and special exemptions for individual property owners. Qualified property owners are entitled to a $25,000 Homestead Exemption based on residency requirement. A- 6 CD o ~ Property Tax Levies and Collections Percent of Pcnmtof Percent of Total 0utstand1r1I: DcllnIul.d Flsc.o.l Total Current of Levy Delinquent Total Collections to Delinquent Taxes to Ynr Tax Levv Collections (a) Collected Collections Collections Current leVY Iw.t Lm:I 1979 S 6,035,859 S 6,007.998 99.54% S 4,010 $ 6.012,008 99.60% $ 103,054 1.71% 1980 7.494.991 7.460,332 99.54 16.118 7.476.450 99.75 121,595 1.62 198i. 8,367.508 8,315m5 99.37 8.206 8,327,374 99.52 161,729 (b) 1.93 1982 9.670,373 9.644.254 99.72 5.456 9.649.710 99.78 182,392 1.88 1983 9,531.471 9,422,581 98.85 14.856 9.437.437 99.01 276,426 2.90 1984 10.957.893 10,835.796 98.88 93,510 10,929,306 99.74 305,103 2.78 1985 11,766.901 11.605,379 98.63 25.761 11.631.140 98.85 440,864 3.75 1986 13.442,331 13.259.~21 98.64 12,077 13.271,698 98.73 611,497 4.55 1987 15.104,352 14.842,656 98.27 6,252 14,848.908 98.31 866,941 5.74 1988 18.093.427 17,855.707 98.69 77.643 17.933,350 99.12 1.027.018 5.68 (a) Collections are reported at the gross amount before any discount allowances. (b) After write-off of prior years taxes amounting to $4,093. Property Tax Rates - All OVerl.pplni Governments (Per $1,000 of Assessed Value) Emergency Fiscal Downtown Transit Medical Yw: t1tt DeveloDment (n) 5m22l tmmn: District Servtces Other (b) I2!!l 1979 5.5320 1.000 8.??oo 5.914 .2400 20.6860 1980 6.2180 1.000 7.250 6.742 .2400 21.4500 1981 5.3310 0.940 8.0600 5.346 .2000 .7340 20.6110 1982 4.9050 1.000 8.1100 4.741 .1700 .917 .9430 20.7860 1983 4.0598 0.742 6.9400 4.095 .1800 .900 .8332 17.7500 1984 4.3690 1.000 7.0710 4.311 .2042 .926 .6480 18.5292 1985 4.3030 1.000 6.8994 4.093 .3295 .932 .7452 18.3021 1986 4.4558 1.000 7.2450 4.139 .4315 .886 .6955 18.8528 1987 4.4558 1.000 7.5020 4.258 .4536 .931 .7013 19.3017 1988 5.??oo 1.000 7.3370 4.915 .4987 .931 1.2933 20.9750 (a) A separate taxing district established by referendum whJch affects only downtown properties. (b) Other Includes Pinellas County Planning Council .0285; Juvenile Welfare Board .4348: SW Florida Water Management District .3300; Enviroruncntal Sensitive Lands .5000. A-7 ~ '.::P ~ ~ CIlY OF CLEARWATER. FLORIDA COMPUTATION OF DIRECf AND OVERlAPPING DEBT SEPTEMBER 30, 1988 City of Oearwater Pinellas County Plnellas County School Board (b) Total Net Debt Outstandlnl!: $50,725,133 36,585,000 Applicable to Cltv or Clearwater Percent (a) Amount 100.00% 14.85% $50,725,133 5,432,873 $56.158.006 (a) Applicable Net Debt percentage is based on a ratio of euy to County taxable values ($3,388,838,210/22,813,201,690). (b) Finellas County School Board has no Net Debt Outstanding at this date. Ten Largest Taxpayers Year Ended September 30, 1988 Percentage to Total Assessed Assessed TaX1llvers 1'Yoe or Business ~ ~ Bellwether Prop. LP Ltd. Shopping Center $ 51,360.800 1.52% Trizec: Western Ine. Shopping Center 34,500,000 1.02 Taylor, John S. m Landowner 30,659,400 0.90 Church of Scientology Conglomerate 19,688,200 0.54 Hampton Estates, Ine. Adult Congregate 18,131,800 0.54 Facility Sand Key Association Ltd. Motels 17,779,400 0.52 Equitel Motels 16.271,200 0.48 Finlvest America Corp. Developer/Investor 14,751,200 0.44 Sears Roebuck &: Co. Department Store 14,378,800 0.42 Gulf Bay Venture Developer 14.0St.200 M1 Total $231.464.200 W% Source: Pinellas County Property Apprai5er. A.8 ,! .' , ~. , \ , ' ,,'~ . ~, i , ,c " . .. c '.:. CD t!!iM ~ ., APPENDIX B FINANCIAL STATEMENT OF mE CENTER FOUNDATION, INC. AS OF JUNE 30, 1988, TOGETHER WITH AUDITORS' REPORT ,- " . / c . ~. " ". .1<. .,'c' ., '1 ,,' . I !, j'.'. ~ . ,.-E '. i . . ~ !' c; ,I. , . .~ <. .' " " I' . .. .'~'".Lt.'"io J. ~,~.J~"1""'," ~,. '"tf.~_"'...k.,~'''.~'''', I'_,:ll .~~,!~""~'I.~,,, "'~,',", ~.' "," "-"~~"I""_' <,...... .. '"' j,..~..... "'i^, ... .....~. ...>.. ,f.-; ". ~J~.a,"-'.. .r, .Io.r,'~",;~. t .- '.: .., ,.T~....: .~7'"..,:;~.~:.r ..~"~'<. ...':.... ...-:',1 ~. .:~ l......',.I;~~f"';~:";......".~ t. ...'h~"... ,.... ';'-'1 ' ,,,' I ~ ~'....r~"'''''~: 1 ~"'7; ....1 ~ cil..' ".. '~~.~. ,; ~ft....,.,,; -:,"~'1 } -. ." ~ .~: c ."( 1 \..c THE CENTER FOUNDI\TION. tNC. fJAl.ANC! sauTS JUNX 30. 1988 '11m SIJltWtIZID TOTALS FOR 1987 Totd All rlmd. Of!llAtIltG llfIlOR'KlNT (Hou 2) FtlHD FUND 1988 1987 (Not. 2) (Not. 2) Mill! CASH $1.065.966 $ 474,738 $1,540.704 $ 104,364 INVESTMENTS (Not.. 2. 3 anei 7) 896.441 106,507 1.102,948 1,281,500 IHTElltst RECIIVABLI 27.043 27,043 17,983 PLlDGES RlC!IVAIlLl 1.021.269 1,021.269 ftORTOAGI NOTIS RECIIVABLE (Hot. 4) 71.802 497.171 568,979 506.522 FUlHITtliI AND IQU IPtaHT , at co.t, 1... accu.u1atlei depreciatioa of $7.010 .ad $565 ia 1988 and 1987. r"plctiYel, (Hot. 2) 17 .849 17.849 11.020 CONSTRUCTION IN 'lOGIESS (Hote 8) 763,213 763.213 820 omu MSItS 2.520 2.520 3.123 Total ....u U,866.103 $1.178.422 $5 .044.5~ $1,925,332 - ... ..--~.. ------ LIABILITIES AND FUND B.AUNCIS ACCOUNTS 'AYAlLa $ 70.274 . IHTUIST 'ATABU (Hote 5) 4.016 AHMJITY OBLIQAtlaH (Hote 7) 287.557 DlfllIED 'UltIC CONTIJlutlOHS (Hot, 2) 1.021.269 DilUllO C&lITAL surralt (Hot, 5) 988.471t total UabiUti.. 2.311,590 fUND BALAHCU (Hot.. 2. and 7) 1.494.513 ADDITIONAL fUNDING (Hot. 10) * 70.214 $ 16.447 4,016 287.557 1,021.269 988.474 873.0"-8 -- 2.371,590 889.495 2.672.935 1.035.1137 1.118.422 Total li,blllti,. and fund balaacl' $3,866.103 $1.171.422 $5.044.525 $1.925,332 ......-- .....--. ..... ........ Tb, acco.paa,ial not.. Ir. aa Int'lral part ot th... balanc. ,h..ta. . ~~.; .".~~r'" \....,....~:I..........u>:r. \ ....... .,... ., "';"','.' " ;i"~ ~ '. -,... ~.,;.;., ",,"",,~ :'.+<:-. ,"~.-, . .j. ~ ., '~'''''''!_,.' ~~"'/ ,":. .~ c'" .~~~: :. ~ ;t."",,, """ , .~J~ .. \ '. Ij :' '~ I I it " '), tnll.L . " ... " ~ THE CENTER FOUNDATION. INC. STATEMENT OF SUPPORT. REVENUE AND EXPENSES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30. 1988 WITH SUMMARIZED TOTALS FOR THE PERIOD ENDED JUNE 30. t987 Total All Funds OPERATING ENDOWMENT (Note 2.) FUND FUND t988 1987 SUPPORT AND REVENUE: Contributions S 894.533 S $ 894.533 $ 5,817 State srants . 216.744 216.744 126.952. Investment income 24.094 155.658 179.752 23 ,49B Other lupport 4,679 4.679 Iotal lupport and revenue 1.140,0.50 155,658 1,295,708 156,267 EXPENSES: General and adminiltrative 217,455 217,455 12.6,952 General fund rdaing 109,985 109.985 Total expense. 327,440 327,440 126.952 EXCESS OF SUPPORT AND REVENUE OVER EXPENSES BEFORE CAP ITAL ADDITIONS 812.610 155,658 968.268 29,315 CAPITAL ADDITIONS: (Not. 5) State arant. 668,830 668,830 Contribution. 1,006,522 Total capi tal addition. 668,830 668,830 1,006,522 EXCESS or SUPPORT AND R.EVENUB OVER mENSES AFTER CAP ITAL ADDITIONS 1,481,440 1.55.658 1,637,098 1,035.837 FUND BALANCES, belliQllinl of year 13,073 1,0u',764 1.,035,837 FUND BALANCES, end of y.ar $1.494..513 $l,178,4u' $2.,612.935 $1.035,837 ...-- --.- ____a -....-.. The accompany ins notes are an intesral part of these statements. j"J-. '~c ..,. 'w'.. ~t ..........Lb ",.. ~ ..... ~.l....~...<l>. ',;[ ,:.~~f.(""'h'f'.J.4"J'f1Itill'f1l~~~>1 ...~..,.>"~"'~~~~~., ~~~,... . ~ ~~ '1. ..t ) ':"'/~'1,"': I '.',.-.:", , c ....f. .... .. .. ... . , ....~. . ,~~ =;; , . . t,'," TR! CENTER FOUNDATION. INC. 5TATEM!NT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED JUNE 30. 1988 WITH StllflAAIZ!D TOTALS FOR TH! P!RIOD ENDED JUNE 30. 1987 OURArING FUND ENDOWMENT FUND T~tal AU Fund. (Nota 2) 1988 1987 CASH fU1IDS PII.OVIDf.D IITl Exca.. or .upport .nd r'Y.nu. ov.r ..pan... b.ror. capital addttton. $ 812.610 $155,658 $ 968,268 $. 29.315 Capit.l addition.- stata IranU 668.830 668,830 Contribution. l,OOIl.Sal --- ------ ""'------- !xc... of .uppart and ra..nUl 0..1' ,xpln..' .ft.r caplt.1 addition' 1.481,440 155,658 1.637,098 1,035,831 SOURCES or CAS. F1JlIDS t o.pr.ciatlan 6."' 6.445 565 Incr.... in account. p.,.b1. 53,127 53.827 l6.447 Incr.... Ln tnt.r..t payab1. " .016 4,016 IQcr.... in annuit, obU..tlon 287.557 187.557 Incr.... in 4.f'1'1'.4 public contrLbutlon. 1.021.%69 1.021,269 Incr.... In 4.f.rr.4 c.plta1 .upport 115.425 115.4211 873,048 O'c1'.... Ln Ln~..t..nt. U3,1t93 2\3,1093 O'cr.... Ln lnt.r..t r.cd..b1. 15 ,350 15,350 O'er.... la .artl'" not.. r.c.l..b1. 9,345 9,345 Otten... In athu ....t. 1103 601 Tat.1 euh pro~ld.tI 2,970,583 393.846 ].354.419 1,915.897 CAS. t'lnIllS Al.LIID TO. Iner.... In In'''bleDt. 34.941 34,941 1,281,500 teen... la lat.r..t r.edYabl. 24,410 24.410 17. 91~ lac,.... la plldl" nc.1Yabl. 1.021.259 1.021,269 Ine,.... 111 .ort.... DOt.. reeeballl. 7l,aol 71.801 501l.n2 Incr.... la caaatructioa la proln.. 762.393 761.393 1120 Incr.... 111 furniture and .qu1~t 13,174 13.274 11.585 lucraa.. In atblr ....t. 3.113 Totd ea.h appU" 1.918.019 1.'18.01' 1.121 ,533 IHCUMI IN CAli 1,042.'9" 393,846 1.'36,3'0 104,36" CAli. b..tnnln. of ""1' 23.471 80.191 104.311' -- ---.-- CAS I , 'nd of )"'1' $1,065.966 "7'.13. $1,540.104 $104.364 -- - .dLl~ ...... --- -..- Th. acco.pan)'ln. not.. '1" an int"r.l part of th... .tat.-.nt.. ~I I '. Ii, I ~~ I' ,c "~..;'..,.'~~~;~' ,c t ',~~...;..:r.... , ....., ~~,.~Ii,,,". ~ .~,>L.~'~ '~ Y. - ~ ~.. ~1Ji. . ~. ~---J':""-'I'1V- .. --- .~ d !,,,,, _c __... It.. - s. DEFERRED CAPITAL SUPPORT Funds that are restricted for the construction of the Joe DiMaggio Baseball Complex and the Education, Training and Recreation Center are treated a. deferred capital support in the balance sheet until expended for their intended purpose. Once expended, those amounts are reported as capital addition. in the statement of 8upport, revenue and expen.es. . State grant fundi expended and deferred as of June 30, 1988 are summarized as follows: State of Florida Grant Funds Department Exl'ended Deferred Total Health and Rehabilitative Services 1986 $1,000,000 :$ $1,000,000 Natural Re.ource. 1981 12,526 987,474 1.000,000 Other Deferred Capital Support 1,000 L,OOO The Department of Bealth and Rehabilitative Service. grant required a matching private donation of $1,000,000 ~o the Endowment Fund. It also required a fifteen-year land le..e for at Lea.t fifteen acrea of proparty be obtained for tho Education, Training and Recreation Center (this Lease was obtained and is discussed in the second paragraph of Note 6). ~ of fiscal yearend the Center was in compliance with the terma and requirements of this srant. The 1987 Department of Natural Resources grant requires the semi-annual payment of interest earned on grant funds. It also requires the ' completion of srant-related development of the Education, Training and Recreation Center by June 30, 1989. Aa of fiscal yearend, the Center was in compliance with terIU and requirement. of this Krant. 6. LEASE COMMITMENTS The Center le.... office space under a one-year, cancelable operattas le..e alr.ament. Rent expan.e for the period. ended June 30, 1988 and 1987 w.r. $8,930 and $3,384, respectiv.l,. - ,. - "- - .", ~<"'r-'\ ,.ct..... .~...~_. ""' .':.:...... ....._.~~..a.::.:...- ....1 --- ~,. '_.. ""...-.I -..........t' -..' _.......~_ - _.~......" -~ t~'~~,; -..:'~~~ ".'~,~~~~,-.Ja 9. gQMMIntENTS The Center has committftd to contracts summarized below a8 of June 30. 1988: Architect fee. Engineering and construction management Fund raidng $ 85.000 286,000 220,800 Total con.truction coats for tbe Education and Recreation Center are expected to be $lO.OOO,OOO. lO. ADDITIONAL FUNDING In addition to the pledges receivable record~d in the accompanying balance sbeet as of June 30, 1988, the Center expect. a second grant of $1,000,000 from the Deparbnent of Natural R..ources at the State of Florida. This grant va. appropriated by tbe .tate in June 1988. The City of Clea~.ter alao autborized a $1,000,000 grant to the Center on September l5. 1988. First year funding und3r tbe City of Clearwater Irant vill be $230.000. The Center bas also received $1.200,000 of contingent pledg.s during tbe fiscal year ending June 30, 1988. The largeot of these ($1,000,000) is receivable from tbe Upper Pinell.. Aa.ociation for Retarded Citizens (UPARC). It vill be received when the UPARC property hat been sold and tbe Education, Training and Recreation Complex i. occupied. - 6 - ,:' :". , .; c" , ' , ' , , .",. ~ .. ~. \, . '. ~>' 'r' ~ " " ' ,,'j' , ' > ~ I c -, " c' , ! ,I .. \' " ~ , c ~ 'I . , " -/ ,.\ ", . ~ I ' ~ .: " > . >" . '." , '. ~ " '.. , 1< . . ~..' . ' , \', .;;, ~ , . ..' ' I) @ APPENDlX C , TRUST INDENTURE BElWEEN CITY OF CLEARWATER, FLORIDA AND FIRST FLORIDA BANK, N.A. {To Be Provided] . '! .. t. ' .1,1, , " , .' ., \ . " .c, " , >J>"f. ,) . .1 , .1 .J' , >/, @ ~ .' '" APPENDIX D LOAN AND SECURllY AGREEMENT BEtWEEN , C11Y OF CLEARWATER, FLORIDA AND TIlE CENTER FOUNDATION, INC. fro Be Provided} ,I: '\ \, ,c , ',< " ' " ' ." " : ' I, i" I I -I .. " ! " : I ,: <I! I, '. ~ ~ ," e , . ,.; ;, . .. '.. .-; I . f'~l ~ , I i ,. ~ -:.1 a APPENDIX E COLlATERAL PLEDGE AGREEMENT. FISHER, ENDOWMENT. , " I, " . ,. ~ 1 . ~ ~. "\ .,' . ~ 'L , \ ; , ~ '1:, ", I', j' C.' _I ,., " , I , .'" /) .. I' ,c' T_i' ~ ',,;;;;;1 COLLATERAL PLIlDGIl AGRBBMENT - FISHBR ENDOWMENT " betweea , P1RST llLORlDA SANK, N.A.. uPl~ I, and TUB CENTER FOUNDATION, INC., IS P1edlOr " , \ ," " " " Dated U ot April 1, 193& "" ,c .: @ , , " I '. .c '" 'I :. \' .,,''' . , ,I , . , ", '\ , , " '.j " ~ I. 1<.1 + ,c: ,''- \ ',: ~ ! '., ". 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" o @" , " ..1..... .\ COLLATBRAL PLBOOR AGREBMENT - PISHER BNDOWMENT This Collateral Pledge Agreement - Fisher Endowment, dated as of April 1. 1989, by and between THB CENTER. FOUNDATION, INC. (the "Corporation"), a Florida not-tor-profit corporation, as Pledgor and FIRST PLORIDA BANK, N.A., having its. principal corporate trust office In Tampa, Florida, as Pledgee (the "Pledgeetl). WITNBSSETHz WHBRBAS, contemporanoously with the execution and delivery of this Agreement, the Corporation is entering into a Loan and Security Agreement dated as at April 1, 1989 (the "Loan Agreement") with the City or Clearwater, Florida (the "tssuerl') lor the purpose of Obtaining a loan to finance certain public recreational, health and educational facilities, and public parks, constituting the "Project"; and WBBRBAS, to obtain the funds tor such loan, the Issuer hu Issued Its $2,500,000 agregate principal amount ot Center Poundation Project Revenue Bond5, Series 1989 (the "Bonds"), pursuant to a Trust Indenture dated u of April 1, 1989 (the "Indenture"), by and between the Issuer and Pirst Plorlda Bank, N.A., as trustee (the "Trustee"), and WBBRSAS, to secure Its loan, the Issuer desires to pledp to the Pledgeo the Collateral as defined herein, NOW, THEREPORE. TUB CORPORATION AND THB PLEOOBB DO HEREBY AGaBB AS POLLOWSI Section 1. Detlnltlons. The defined terms under the Indenture and the Loan Agreement shall have the same meaning herein. Whenever used In this Agreement, the tollowlni words and phrases shall have the tollowing meanlngsz "Aareement" means this Collateral Pledge Agl'eement - Pishel" Endowment. "Cloelnc Date" means the date on which the Bonds are Initially Issued lllnd delivered. "Collateral" means the assets held by the Corporation under the Endowment All'eement. "BDdowment Apeement" shall mean the Endowment Ail"eement dated as at December 26, 1988, u amended, between Frederick B. Fisher and Patricia M. Plsher, as donor, and the Corporation, as donee. "BftIlt of Defa:altl' means anyone of the foUowinl eventSl (a) P'aUure by the Corporation to make any Loan Payment under the Lonn All'eement In sufficient time and amount so that, on the tifteenth day of the month prior to each Interest Payment Date, the amount on deposit in the Debt Service Pund under the Indenture II sufficient to fully fund the payments required by Sectton 5.02(B)(1) and (2) of the Indentute, or LKL-03/11189-280AA -2825 -1- '. ~. .-," .' ~ ~-' ~ ~.! ., ...~"~ :'..~~'l;.IY"<:.~~~ ,~I ,;;.) ...... ~~}:rr :;"~. ;. ....~~.~ ..~~ '"7 ''-:~:'' ~ .. "":: ,- ,""c,... 1...~;~. 1\00....... '"'; . ~..~... ,'.:[ p...... .<:-.':; '\'''~ 1'l" ..~~1'4!.-:f~~...'O:~~~:~. 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". ~~ ,,["K"..,,' .'.\~'.: '~'.~I, _.\~~'>I, ~\".~ll~,'+"'~'...\r~.."!!...,i~:,..:,),_,t~'~./.. ii...~lll.l~"~'::-t.(\~'mN".;'\' .~..",.,,(.,>i"j{ "",... I" .~. ' {~"j.:~\,..I~"~II~\f ... j "'~I~~ ~ .....~...I,.,~\";t,t."~_1'tt"ll.~ '.:''!'t-1J';t~~..-.r~'i1fl~~'''':'''''''t''.t.;,~ ..~... '" +'~''''(''j'' , ,'".''' ',., J '" F,I' r~t: i"..'..~ J,'"......t.. ~ ~;'" \,..,. ...'~~~H /...:...~ "..\;.. ),e'!t,\..Iift~ ,~J~~1~K~i'::~~~1:;/~}:~?:;~~~:'}":{",: >.:: ',~,',\ . ':,:::, > ~t: ;..' <'~,; - :: ';,: /,,:./: :~':,'~,:~~.,:~:': :::~~J~~/S~~"'I),~':::'>:;..: .":';'/:""~:<":':)\,.:~,';:tH~:',\4i::t~~~?;~;~~l!1.W;=r~~ CD Q proceeds received by the Trustee, will be suWclent to pay the amounts owing pursuant to the Loan Agreement. CoUateral may be sold (I) at a private sale or (11) at a public sale, or (fiI) In any other manner not prohibited by applicable law; and may from time to time adjourn any public sale by announcement at the time and place fixed for such sale or (or such adjourned sale or sales without further notice except such as may be required by law. Any appUaable requirement of the Uniform Commercial Code as In effect in the State of Plorida as to reasonable notice shall be met by delivering written notice to the Corporation five business days prior to any such sale. (b) The Pledgee may proceed by one or more suits, actions or proceedings at law or in eqUity or otherwise or by any other appropriate remedy, to enjoin any sale or 'disposition ot the Collateral by the Corporation or. any person claiming under or by, assignment trom the Corporation or otherwise. or to realize on any security tor such Collateral, or to toreclose this Agreement or to sell such Collateral under a judgment or decree of a court or courts of competent jurisdiction, or by the enforcement c,f any such, other appropriatl't legal or equitable remedy, as the Pledgee, being advised by counsel, shall deem most effectual to protect and enforce any of its rights or powers or any of the rights or powers at the holders of the Bonds. (c) To the extent any of the Collateral has been acquired by the Corporation from any other person, the Pledgee may obtain an assignment to the Corporation's rights under any agreement pursuant to which any such Collateral we acquired by the Corporation and take all action necessary or appropriate In the name and stead ot the Corporation In regard to any such agreement, includinlf, without limitation, commencing suit (In law or in equity) to enforce any such agreement In the name and stead of the Corporationl and, tor that purpose, the Pledgee is hereby irrevocably appointed the true and lawful attorney of the Corporation havlnlf, In particular, and without limitation, the authority to endorse Its name on any and all assignments, pleadings, checks and other instruments arising from any such assignment or suit, and the Corporation hereby ratifies and confirms all that Its said attorney, or its substitute or substitutes, shall lawfully do by virtue hereof. (d) The Pledpe may otherwise exorcise, in general, all rights and remedies of a secured party under the Uniform Commercial Code as in effect In the State of FloridL (e) The Plecipe It hereby irrevocably appointed the true and lawful attomey of the Corporation In Its name and stead, to make all necessary deeds, bills of sale and instruments of assignment, transfer or conveyance of the CoUaterol thus sold pursuant to this Agreement; and for' that purpose the Pledgee may execute all such documents and Instruments and may subltltute one or more persons with Uke power; and the Corporation hereby ratifies and confirm. all that its said attorney, or such substitute or substitutes, shall lawfully do by virtue hereof. . . (f) If so requested by the Pledlree or by any purchaser, the Corporation shall ratify and confirm any such sale or transfer by executin; and delivering to the Pledgee or to such purchuer or purchuers all proper deeds, bills of sale, Instruments of assi;nment, conveyance or transfer and releees as may be des1anated in any such request. LKL~03/11/89~280AA~2825 ~4~ ~ t 1 I. 'I c~:~ @ ,I : c ~ ..' , ' , '.. ., "J @ , , l,: (, , I ,i, i' ., ;..'. . . ' . ~ . !,", ~.. .,' , i I . . ~ 1 ' , , ,--; ,'1..:. . ,.; ',' ',," " :..... , :C:' ,~,~ :: :.C I :,.'; . ',.'. ;, '.lc'. , , 9 . " 1'"\ ., ...' 1- " APPENDIX F COlLATERAL PLEDGE AGREEMENT - LONG TRUST , . , . ,. ." ,i $ " . Ie. ii ", 'i ~ " e ,. .' ' , .. . .; " ~.f c' , " <-," ~ y.~", :; ,: " '.- . : ~ .11. . \.: . '. .., , , ~.' .. " " ,~ ' ' ~. I;' ,; '. ':'..,..... . :" ,L ,'~.' .'. ,..:,,'l ,.'> , ; >, '0 .. , .. c" : ;'~' ~>\ ',,:>C. <~:'. " '.,: - ,,' . ',~" . " . . c.. ~.. ~ ':'. . ':, I.~~. '\.: -".' .,(: , . .. ...,'", I~~' . " !: '! '. \..i: c..:':.:. ~ ~.:c ... -:: ~',c'..' . i ~ ,:~,'. , ' "F , '., /;, . . ~, ;, ; ".~ ";:.:'::/<';'..:. t ,.' ~ '/ ~ ,..,' > '.,' , r.' ,i'.c,. I ~~~(:",.~::rl.~:;;'l'.?::';:<: ",..",:{:::{:; , ,.,n T . >..,"C':':. [::,);>/:::'~;.;<:;.;~:':.;,\,// >.,.., . ' \+" >..\'~,.. I. ,c~l"'::+).~ ~-., ~fli~;~~~lC:~;2; :<,. ;: ," ,',., , ., ~ ,', ' . H <,'. ..\:. .Ii "' 'j \' J' I', " H .' ", ,\ , " e' .' f .' l' ~ .! ..t '.-. l. c, , I' , j,:, r ,f ~: ~.. <', ' ", .. I " .': ' . '~ " <I' COLLATERAL PLEDGE AGREBMENT - LONG TRUST between PIIlB'r PLORIDA BAHK, M.A., u P,ledpe, aDd THB CENTRa POUNDATION, INC., .. Pledgor , . :"c. Dated u at Aprtl1, 1989' ~ ~ c. ' . ; " " "--:~'::;~I ~~"'"'!~.. ~~;>)1\~~:~:::;;;~;~~::::..1i;::::::'::;;:;:'~,,::~,;~~,'<~~,:~J;~::~~';:~J,~~,::~;:';'~:':';~'~~~~~"~"':~-~ ~)}({ ,i,~~'I~''f. 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'~I'lu"l.~;...t.I!"/1 ~."':' ....:"Pl.~ ~:'; 'Jc ~.':,>: ~,jr-'l-~'~p;"lr~ti:,~~ti\~~:, J~V 't " ,..~,'):','.,,;';'j ',.\ :{,;:' :;",I~'U,~:I,~!!,k;-~~o:': :'( .:,' ~:"r~' ~ ~.: \ ':. ~,~':',';'- :":' ':'!: ,\,)::t:::;;:;:'<:.:'~,:'~~ ",:;,;'/,.1;::":' , ,:,:",,;.:-:'; ',:.,=/ ::<'.: .~,:\.\:;:~l.N:~:~~:~:~:if:1{14~ o o "Trust Agreement" shall mean the Trust Agreement dated as of Juno 30, 1988, between Harris E. Long and Shirley I. Long, as settlor, and the Corporation, as trustee. Section z. Pledge of Collateral. The Corporation hereby grants, assigns, pledges, transfers, mortgages, grants a lien on and security interest in, and confirms unto the Pledgee the Collateral, and hereby delivers to the Pledgee as evidence thereof the investments identified on Exhibit "A" attached hereto and titled "Schedule of Investments", registered in the name of the Pledgee, to have and to hold together with any other collateral hereafter delivered to the Pledgee In addition thereto as security for performance of the Corporation's obligations under the Loan AlJ1'eement, in accordance wi,th tl:.1e terms of the Loan Agreement and the Indenture. Seatlon 3. Holding of CollateraL The, Pledgee agrees to hold the Collateral pursuant to this Agreement, the Indenture, snd the Trust Agreement, and to apply the Collateral as provided in each ot such instruments. Section 4. Payments on Collatera1. Until the earlier of (a) April 1, 1992, or (b) the death of the survivor of Harris E. Long and Shirley I. Long, the Pledgee shall make the payments In the amounts and on the dates and from the sources described In Section 1 of th,e Trust Agreement. On the earlier of such events, the balance of the Collateral shall be deposited in the Revenue Pund under and pursuant to Section 5.01 of the Indenture. Section 5. No Substitution 01' Release. During the term of this Agreement, the Corporation shall not be permitted to substitute any other collateral for the Collat~ral as defined herein, or substitute any investments for the investments constitu~lnr such Collateral and dellvered to the Pledgee on the Closing Date. 'The Piedgee shall not be permitted to release the Collateral to the Corporation pursuant to this Agreement, but shall, in any event, pay the Collateral and its proceeds as provided in Section 4 hereof, whether or not any Bonds remain Outstanding under the Indenture at the time of such payment. . Section 8. Coyenants bJ Corporation. The Corporation covenants that so long as this Agreement remains In effectl (a) It will maintain its status as an organization described in Sections 170(b)(1)(A), 170(c), and 2055, and the applicable subsection of Section 2522, all of the Internal Revenue Codes of 1988, u amended (the "Code"). (b) It will take such action u necessary to preserve the qualification of the Truat Agreement as a charitable remainder annuity trust as defined in Section 684 of the Code so as to qualify for the exemption from taxation provided for a charitable remainder annuity truat. (0) It will refrain from engering In any act of self dealing a.s defined in Section 4941(d) ot the Code, trom retalnfnlf sny excess business holdlnp as defined in Section 4943(c) of the Code which would eUbJect the trust under the Trust Agreement to tax under Section 4943 of the Code, from makln'lny investments which would subject the tl'Ult to tax under Section 49.(4 of the Codl, and from makinl any taxable expenditures as defined in Section 4945(d) of the Code. LKLM03/11189-280AA-2825 M2- , ~._ ~_~T_~~~~__~_'..~__~_~_~___ ____~~_______________~~_~~~___~__ ~~ __~~~_~_~~_~__ _________________ __~ t,,~;/ t;i~~ (::~~::~;::;,' 27:!:':' ;:~::':;~;.:~=::~:: '''';"".,,' " .:""'~;~'~~'~..:'::',~','" ", "~:;:':';.. ,~:,;, :,:,:", ,..,' ,;,~: ,~;::::;,t~,,,,~,':i~.:rx-r-~. ' ~" l~","" ",,".1 ",,<.~~ .1, ''':,~ '; ... "'. "':-'" ." ,,:' < '. ':, ;<. ' ,,' :\{;.. 1:, /,' '..' , I' ~ .:::.... ~~~t. " ' . ~'.~~ . . ~ . ~ c~. ..' c; ,T ~~.. 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(:r ,'~ ";;' ; :,: ,. ,::.~~ :~~ ~',~'. ~.\. '.~, ,+:' + . :;,:~: ~:.:l" ~~i.": .~'~~~.lj:~E;l~~J;:~.?: ;.J{:~ '~~~}:'.~/',r ~11;~~~t1i~~(1;~!,~;~.~~~:~:;~j~>1t tt ~ . ..,."1~t 1:. t.. ,"" . I- "'1 ~," '..:' ~l i~L\.\.' ~.~ ....,..\....... ~..,~.I'),(~,{~~;$I.':{.:.;;'..~'""-ll:.~.~~ 'M~...~\~~\t"~-;I,.+r~j ~~~:O-}1!:!#:!rl ~ ~ '. ~r~ '. ~~...~..... _.~-... I . "" '4'.~'.h~ ,f" ,...." .,..-:,+...'...~~ ~_.,~, .:.. ......4t..- 1lI___. ~ .-..,'~....:....~1. ~~. +, I ~~~,tJ'l .\FA:~ " )". t , I' o o (d) it will advise the Pledgee to make distributions at such times and In such manner u not to subiect the trust under the Trust Agreement to tax under Section 0&942 ot the Code. (e) It will do all things and take all actions necessary to keep the lien ot this Agreement a tlrst and prior lien upon the Collateral and to protect lts title to the Collateral against loss by reason of any toreciosure or other proceeding to enforce any lien, securlty interest or other encumbrance prior to, upon a parity with, or subordinate to the lien of this Agreement, and defend and warrant thft title of the Pledgee to the Collateral against the lawful claims and demands of all other persons. (f) All of the Collateral is owned by the Corporation, as trustee under the Trust Agreement, and the Interest of the Corporation as benetlciary under the Trust Agreement is owned by the Corporation and validly pledged by It hereunder free and clear ot any mortgage, pledge, security interest, lien, charge or encumbranco, except the lien of this AlL"'eement. The Corporation has full power and lawful authority to pledge and to assign, transfer and deliver the Collateral as herein required and provided. (g) It will cause any tlnanclng and continuation statements with respect to this Agreement to be kept recorded and tilod in such manner and in such places, It any, as may In the opinion of counsel tor the Corporation be required by law In order to preserve or protect the rights ot the Pledgee, and will pay all tues and tees incidental thereto. (h) It will furnish to the Pledsee on the Closing Date an opinion of counsel in a form satisfactory to the Pledgee and Bond Counsel tor the Issuer to the eftect that the Corporation hu corporate power and authority to delivery this Agreement and to pledge the Collateral hereunder, that the pledge of the Collateral creates a valid and perfected fIrst security interest therein, that the execution and delivery of the Agreement and pledge of the Conateral do not violate any'lnstruments, laws or court decrees, and that there is no litigation pending or threatened against the Corporation with respect to the Agreement or the Collateral. Section T. Remedies Upon Default. Upon the occurrence ot any Event of Detault, the Pledgee may proceed by one or more suits, actions or procoedings at law or in equity or otherwise or by any other appropriate remedy to enfoln or otherwise enforce porformance of this Agreement by any sueh appropriate legal or equitable remedy, u the Pledgee beln, advised by counsel sholl deem moat etfectual to protect and enforce any of its rights or powers or any of the rights or powers of the holders of the Bonds. The Pled;" may exet"C!lse aU rights cnd remedIes of the secure'l1 party under the Uniform Commercial Cod. u In etfect in the State of Plorlda. No course of dealing between th!t Corporation and the Pledgee or any delay or omission or the Pledgee to exercbe any rllht, remedy 01' power with respact to this AlP'eement shall impair any riiht, remedy or power or be construed to b! a waiver of any Event of Default or any right of the Pledpe or acquiescence therein, and every right, remedy and power aVlIilable to the Pledra. may, to the extent permitted by law, be exercised from time to time and u often u may be deemed expedient by the Plctdgee. Section I. Termination. This Agreement shall terminate upon payment by the Pledgee of all of the trust estate under the Trust Agreement to the beneficiuries u provided under the Trust AlP'eement and u provided in this Agreement. LKL-03/11189-280AA-2825 -3- " CD Ci) IN WITNESS WHEREOP, the Corporation and the Pledgee have caused this Agreement to be executed in their respective names as of the date first above written. THR CENTBR FOUNDATION, INC. I3p ItSI Its: P1RST PLORmA BANK, N'.A. Bys ItlU ," , "i LKL-03/11/89-280AA-2825 -4- .~, . e " .1 , ' " ' '.: I . '. . :i ,t.I, ., >l' .' ". t .; 8 I> . . . I !' I . ; ',cod , . e 'j ','} \: APPENDIX G PROPOSED FORM OF LEGAL OPINION " I, e ,L > I co; ,", ." , ,-:., , (I, ',- " ,,' t1 "'. -. " , .,.'l " '. ~ : , ,~ J ., - <, ~ ;~:.. .',"..:'.: I .'. ',:;,;::',",;i::,:::i',;~~ .~~D!' . :-..o/::.;'~>~: "<' ~~::,::: ,~: ~:~:'?~~'~:~:'~~;t> . .>' .', . .<(.::'~(~,? .'.... :' ,,:;::,},.{x ' . + ' ~.'\' '.., , ; ~, . ~ ~. C ~ . > , ' ,.: jt ': ....:~, t : .:. '" . ..., . : t.. ',. ~ ,:..; . c ~ . I -. ~ .,. " . : ':1 ~ , . , ,~". . .,. ., . '" '" ,... ,.:'.,'.,",..,'-...."',...:..:;.,~''''.~..~...",,....'''t''"'\&.......,~,,'I'4{.,.,,..~~:<-,.,.~~....i.r.~~~1jL ..... ,'...A..P- ~::- ~ ~ ..~~~..,~\~:~~~~;.... ....,........f"'.~... ,.t;(t, .c~~~~(.:.."'':''l~ ",:~.~ '~'.. ... Y" . '.1 . ,., '. . ~. ..' ro.... ~ ... ~""~l'i~";- ,~:-'--:\'I;:r:"'~- ~. 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';: :~~~'::~~;\~~~;t~~1t~~~~;I#t' ~', ,,'- ' ,. ,~), ,vtJ,j t 'ljlt Il~,I,:t~ .~.;~;~;~g~~r1i:~1~?// i'.~.'.1 ~ ~};,:J~JP:~co<'..lJ~'i:'l.rf-: 11'~ ii, c! ~. .....i c~."" f~\~....",I-;"'F""'~;~#' .'.(. ilt (\'" '~:IWlti;\""'t,I.:~~~: <.::.: .. ~~t.J~~ :,;~~~\){~.}. ':., ./1>....~..~t gi'.t~ ~;~';<(I, (.;", of,,}!!. t;..: l.t :~\\\ lJ~~(:~:{.:i/1.f~\.~dr'~: '1~;~1j~ 7~ n ~~~~;tj;";~ -:~.";,.."~'''''', . ~i~:t;. :\~:~~~t1tX{~{~~~i{f{~i '.....', "'l2'?-"i,..itl"1" "'~'" \~~~'~~' ~:?~l.11,;.1i7't.; t;'~~~'~: V;:YJ" '['" it., II" :-"'-'" "','r~', :.;;::~ ~i.I.;;.; ~l-l;\~~~i;~~':(t.c..',~j. ..+;,,,~ ~".,I',~~, .," \~t1t ~l~"'-\ill'~ '.i', J~?J ~ <~l:;;'~~~~l ,f.:!AR1f r ;~;~":. . '.l~" ~ ~"l~ nf", d' r~ f;J/V 1 "i . ' ~.:: ~~~;~t;~}~~:"~.tt;~'{ ~~J~~'~~" 'Alf.'i;rt.r.~;\~ . .;fi'~~~::?;~~' j,~4",:!~; ~~1 c ! ,.,'. ,r,!'{I~'1;>:;' .lj:,-"\,,:'\l,;,,',; i' ',"!J 'h' ."",..'l t,;.,~"",~~,,:;,,t,, ~C\, . ..,..,.i?1..1:..'fJ"I.....~.; "_:};;' i!j,.:/W:'i'. 'h ,,,!>."- '~a\r '{<:Yf,/Ni ;~::,;.-, I ',' { , -. . ''''', . ~.f"., .~J,,,,~ ':'Ui\l~'~ !;{'.''.lln'',j, V'..,:,...~~ . \~ ~"('-(f ~ ~.....~;.7li,...""; ~ ~{...:~/E' ." j.;.)~tl~I::,.{~pt~i:~1 jf:I,;..~~ . -'i:t:1i!'cy~.t'V;:~~.tr ;l\~\.' l.~..:,t~'l.:!t 'i;(iC:~;I" t... ':'~1<'~':' tc..!;..r>~1;"1(.j?h.-:- 2~Hl 1{\,.;/I'iI~,;;,",~li "J""~ >' t":--1-te-\.' ,," ~;.. (~~~~~ ~':"1). \~"..-~J~1cJ;""" '~J,:l '"I 'l'~.....n: "T'nj"" "'"""" \1'""" ';'-'.''If <.' ,""', ~~;f~'~ ~ . 'r~:3' ;:1~/:1: .1 t} ~ , ~. .. o 0', , , The Bonds are special Obligations ot the Issuer payable solely trom the Trust Estate specified In the Indenture. The Bonds 'are Issued tor the purpose or provldini funds to pay the cost of a~lrlni. constructing and equipping facUitles tor the conduct and operation of public recreational, health and education programs, and maintenance ot property as public parks, aU located in the territorial limits ot the Issuer (the "Project"). As of the date hereot and based on our examination of the: law and proceedings In this matter we are of the opinion thatz 1. The Issuer Is a muniC!lpal corporation of the State of Florida, duly orpnized and validly existing under the AC!t, and has tull power and authority to execute and dellver the Loan Agreement and the Indenture and to Issue and deliver the Bonds. 2. The Loan Agreement and the Indenture have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and blndini obligations of the IsIuer enforceable In accordance with their rellpectlve terms. except as enforcement of remedies may be limited by bankruptcy. Insolvency, moratorium and similar iaws or equitable principles affectlni the enforcement of crodltors' rl;hts ienerally. 3. The issuance and sale of the Bonds have been duly authorized by the rssuer; the BondJ have been duly executed by the Issuer and authenticated by the Trustee and are lepI, valid and blndlnrllmite<1 obllptlona of the Issuer enforceable In accordance with their terms, except to the extent such enfol"CeabUlty may be limited by bankruptcy, Insolvency, moratorIum and similar laws or equitable principles affeellnr the enforcement of creditors' rJpts pnerally, and are entitled to the benefit and seeurlty of the Indenture. 4. No additional or further approval, consent or authorization' of any iOvernmental or pubUc arency or authority not already obtained Is required by the Issuer In coMectlon with the Issuance or delivery of the Bondi or enterinr into and performing III obllptloM under the Bonds, Loan AlirL"eement, or Indenture, except that no representation is made concernlnr eompllance with tederal tu laws or state or federal securities laws. 5. Interest on the Bondi Is excluded from rrosa Incornea 01 tho owners of the Bondi tor federal income tax purpotes under exlJUni laws, reaulatlou, ruUnlS and judicial dealaloRl II enacted and construed on the date hereot, auumlnB (I) the aceuracy of the Corporation's representation that within the meanln; of Sellon 145(b) of the [ntemal Rllvenu. Code ot 1988, u amendad (the "Code"), it is not a "test periOd benl!flciary" with respect to maN than '150,000,000 In outstandln; "to-exempt non-hospital sa l(c)(3) bondi", Includlnr the Bondla and (11) continued compliance by the Issuer and the Corporation with thlir co.lnantJ to comply with the requirements at Section 148 of the Cod. and to tat. no aatloa nor ezecute any other llUItrument which would adver:sely affect the e.clUllon of Intl1'lll on the BondJ from 111'0" income. 8. fnt.rat oa thl Bonds will not be a preference item tor purposes of dlt.rmlnlnr lither (ndlYldual or corporate alternative minimum taxi howlver. Interest on Bondi held by clrtaln corporatlor1.l may be subject to alternative minimum tax or In Invlronmental tax. bee.UN Intlr.lt on the Bondi may be Included In thl untaxed reported pl'OfltJ (book (ncoml) of such corporate bondholders. -2- CD ~ 7. Ownership at the Bonds may result in collateral Federal Income tax consequences to certain taxpayers, including, without llmltation, property and casul1!ty Insurance companies, Individual recipients ot Social Security 01' Railroad Retirement benefits, foreiill corporations englled In a trade 01' business in the United States and taxpayers who may be deemed to have Incurred 01' continued indebtedness to purchase 01' carry the Bonds. No opinion Is expressed as to such consequences. 8. Under the laws ot the State ot Florida u enacted and conatrued on the date hereot, income 01' pronts trom the Bonds Is exempt trom Income taxll! imposed by the State ot, Plorida or any local unit, political subdivision, 01' other instrumentallty thereof, elcept estate taxes and taxes Imposed by Chapter 220, Plorida Statutes, upon, corporations (as defined in such Chapter) on interest, income or protlts on debt obUaations. owned by such corporations. Respectfully submitted, " , LKL-08/03/19-280CC-2825 -3- ,: ".. '" ,', I' i':' ,., , " ,\ .., . >,. c, ;. ~ n f.", : ~.' + I:, , .:c .', " I ; ~'\ ;:;:.' : ..:: - . '-- , ."/'., ., . , , ~ ~. . .> ,>, ;;. ...:, .!' : .!" .I~'l .', .. G ~ ~l ~ :t'.. ,+:.. , :. . .,~ : .>,.,. ,> >t"j -, . . . .. ~ -i. " .,.' . I ~ I," {" ; ~ . @) f'; "1 ',' >t ,> I> ,,' 1 ' ", . ~ l ,,' ,', ., c ..cl ,\ " . ,'. " .'. '. ' . ; _ ~.~ : 'c ' . .....+: r " ' . '1-. o . " APPENDIX H LEASE AGREEMEN1' DATED'DECEMBER 29, 1986 BEtWEEN TIlE CI'lY OF CLEARWATER, FLORIDA AND CLEARWATER YOUTH RECREATION CENTER, INC (NOW KNOWN AS mE CENTER FOUNDATION, INC.) " i \ '\ }, ; , ~ l ., ;" t . t".. ,'I I >.~ id " . - " I; " . . (. .' 8 ~ .. - t.!'\s! o\GREEHtNT , j:: '''' TN1S ACRttHlN'l' Iud, an4 .ntered tru:C1 on t"il \ '; l:lay of ,l',.ir.:..:nl(.~t.. , 1986, by ,"d betlllUn th. City Ur Ct.lAlUtAtlk, FLORIDA, I .unt~tpIL corporltlon, het,tnlfter referred to I' "City", and t'" CL!A~WAT!l YOUTH llC~IATtOH CEKT!R, IHC., betaln- after r.forr.d to 15 Mroundatlon", a 'lorldl non-profit cQrporatton IIho.. addr... Is Z037 Outf to 'ay lout.vard, SULc, A, CI..,,,atet. 'lorlda 33575. W t ~ HI' 5 . t M, WHlltAS. thl Clt, 1. . Qunlclp.l corporatton ollnl<<, cetealn IInd.~.lop.d land loc.c~d 00 'eLcha, to.d In tho CIC, of ctl.rll.c,er; aod WHllIAS. the 'oundacton ,..1r.. Co 1.... 1.14 land froa' ch. Cle, fo~ the purpa.. of blll1dlol aad o,aratln. a f.ctllty fat PQbltc rlcr..elonal ani educ,Clon.1 prol'.... Ind to .alntnln the properey .. . park 10 b. opan end .ce...lbl. 10 the pub Ltc In . ..nner ,.n.rall, cOdsl.t.al 1I1th che op.raelon of Clt, publtc parkl. .ubJ.c~ co r...o~.bl. ,ule. Ind r'aut_clonl .. .'J be ..t.btlshed fro. tl.. to ct.a b1 the bo.rd 01 IrUlC'" of the fOUddltton a.t.~ll.h.. har.un.erl 104 vaal_A.) tbe Cle, flft" thet che l.... of lh. property for .Qch u... l. fo~ . prop.r publiC ,Ufpo..; IA4 WHIRIAS. tb. 'OQft4atloft intaa.. to .gt.bltsh an endow. ..nt fun4 for the purpo.e of lenor.tiftl eufflcllnt ~aftt.. to ..tntalA and to op.rato tho pr..l..e Iftd ltl laprov.Alnl'l NOV. tHe_crOKe In con.ld.r.cloG of the pr..t.eo And of the faithful parfar.ance ~, oach of thl p.rtl.. of thl eoven.nt. and ..r....nt. bltv..n each aChlr ..dl. It L. ~tu.lly a.,..4 bleW.ln the p.rtl.. h.r.co II foLlow., l. rOf .n. In coneld.ratlon of the .u. at Ono DolLar (SI.OO) p.r Ylar Ind other load and valuabla con.'d.r~tlQn to It '. , \ -l- - ~ \iiiiiI A ~ 1n he"oj 1I.1d, the reeelpt ~h.r.of 1. hlreby '~~"Ow\.~led. cnl C1cy 40e. hlrlby 11.1. unto'thl round&clon Chat clrcaln p.rcIl oP. reat property tocacld 1n Ptnell.. CountJ. '1"rtda. wht~h 1. deacrlb.d 1n !x~lblt A Ictached her.to. 2. The lnlet.l c.r~ of thi, ..r....nc shall CO~.lnc. on 11eCCMhe r 2!J . ,In!!, and ahall ud an Dect!lllhcr 28 . 1001, unl.,. oeh.twi.. ..c.nd,d or e.t.tn,t.d ., provid.d In chi. .It'....nt. At the Ind of .ach ,.ar d~rlo. Che flr.t t.n ~10) cal.ndar ,..r. durin. the e.r. n.raaf, ba,lnGln. llecc~her 2!J 1'11, eh. lnlelal tift,.n (15) ,..r tlra of th. ..r....nt .hall ba luto..clcall, '.tand,d for ana _441tlaaal ,.ar It Clt1 haa not pr.vloual, notltled the Poundatlon la wrLttn, of CltJ~' deteraln- atlon not to paratt luch .uto.atlc "c.a'loa. In no Ivent .hall the Initial tat. ot thl. .,r.,.,ot, plul _11 autoa,tlc ..t.n.lon. h.t,tn pro-ldad for. ..caad tVlnt1-fl.. (25) y..ra. unle.. an exten.lon of the ~er. .hall have b44A .pp~o... by tha electot'. at the Clt, at G ref.tendu. .1e~~lDa ~o b. held for t~et purpa.. a. provided b, the Clt, Ch.rte~. The p.rt1e. .h.ll u.. th.lt b..t .ffurt. to pr...ot the l..u. of tb. ..e.noloo of the tar. to the ele~tor' of the Cle, durt., the flrlc ~.~ ,..ra of the Inltl.l t erll. a r not lata r tha.. D~e_.ho" !Il \ ,,,. 'flu u:t.n.lon of the tlr. to be pr....t.. to the .lactarl of the Clt, Ihall b. for not 1I0r. th.. ....ut'-four (") .ddltlon.l ,Iar., or _ tot.l tar. of not liar. eha. nln.C,-nlne (tV) ,..ra, .n~lnl aot lat.r than UeC~lIllb.r 2S . 20as. Koye_.r, nathln. In thl. paracraph .hall ba d....d & y&t..r b, the Cle, of It I rl,ht. to cane. I at not to r.new chi. ..r....nt .. pra_lded In '.ra.r.ph. 21 and 25. A. u.ed h.r.ln. ehe ICpr...lon "Cat. her~al" le'.rl to tha lnltl.1 t.r. h.r.und.r and to aa, lacQuQlan therlof a, har.ln pro"llhd. ]. the 'auAdaelan .,r... ca d...la, and can,truce r.cr.'Clonal and aduclcloftaL f.cllltl.. (boreln,ftar rlferrad to ~I tk. "'fOJ.ct~) laclu4tnC bu~ naC llGlta. cO I" o\y.ptc tlll -1.. ~ w ~ ~ 13. The Foundaclon 'I~"'. foLLawln. ca~pltcia" at Cha f,eILlcl.', Chac chI 'areLclpleln. A..nel.. ahall have .ce... eo the co~91.~ and Le. <<aellLcl,. far Cht purpo.. of conducclnl 'dueacion/recreatlon pro.r~_a tor chI ..n.ral public. r~rChsr, tntsntlon. at. that no r.nt.l or uCl1lty chari" will b, payablt b, a '.rtLelp.el". A..ncy for ..ld u... Ko~s.'t. Ln eh. av.nt Che 'ouad.elon '.p.rl.ac.. . .horct.ll ln .ont,. availablt tor .alneenanct aad operteioo. tb. Icard 01 tr~.t... "Y dt.~ It n.c....r' chae r.neal or util1ty Char,.. ba p.ld by the 'arelclp.ela. A"QC1..~ the 'artlclpatlal A._ncitc .., .aeh char.. an4 r.e.lo p.~tlclp.o~ u.ar f.... non-r..ldeat f.... and other f... aa4 chat... _,proprlatl for ptolr... co04ucCtd b, che '.rtlelpatin, A,enc,. rach of the '.rt141paCIAI Aloaclo, .htll proYld. all luperYialon .od p.r.oaaal n~c"'ary to conduct 'ueh p rorr.... 14. Tho 'OUG..~lou ahall b. r'.pOd.l~l. for the ..lntealnee of .11 f.acu,.a of the 1....d prap.rtr tftel~dln. but not It_lt.. to .'.10.... ..YlroD..atall, '.nllel.. l1Q4, tr... 'nd l..dlc.pln.. '0. ,II I.'ra....at. Co the 1....a prap.rt,. I~. Th. 'ou..aelol .~.11 paJ .11 COlel of op.ratln. thl 'Project and ,II co.te .f .aloe..adc. I.. r.,.lr th~r'of. ll. Tba ,o..j.tlo. ,.r... Chat the Cle,. at elcJ .~peo'l and 1ft acaord wl&b th. Cle,-appro... certified .1ta plan. .a, con.cruct a blarela or ,....tfla. path fro. ..lchl' lo.d throu'h thl co.plla to park pro,.rt, locac.d ...e ot cha pr.1l1.... 17. the 'oundaCloD I.r.al ehlc all of It. inca.. d.rlv.. fro. tha ~.. ot Che l..... prop.re, 'h'l~ b. u..4 for the operaelon .n4 ..tneanane. 01, an' 1.,ro.'.'Ntl co. the rrojoct. '1. Th, 'ound.ctOD "f... that .ll \ulldlnSI tnd athlr &.prov...nt. which ara ,.r...entt, .'fl... CO the 1...od prop.rty thalL blCOql the propert, of the Cle, .c th. ..,Lratlon of tbll I...... -~.. @ @ 19. Th. found~tlan shill prlor to the co~a.nce..nt of any aCtivity for Yhlch a City parftlt 11 rl~utr.d. and It ltl oWn ..penl.. putcha.. and tharaaft.r ~.tntltn throulh the t.rm of thl. Alt....nt the tn.urancI coy.ral' I.t forth b.loVI (1) Prop.rty In.urane. - ..al prop.rty (lncludlnl t.prov'.lnc. or .ddltlon.). (a) ror. - All lll~ COYlralo. CO.lr,,1 Ih.ll b. no lor. c.acrlcttYI than t~.t Ilfordtd by 1.ttl~ edltlo~ of tnluranc. 5Ir~lc.o otll~. ror.. CrOOl', CrOO'3, Cr0420. aad CrIZIO. If a..llable. link bola la.uranc. .haLL b. la~luded. if the prowl.loal of the All Il.k ,olicy do not exclude link hoL.a, a. ..rlfl.. bJ the Clt,-I tRauranc. conlultanta, tbe roumdatloa ah,ll b. d..... to be In cOlplllnel _lth thin par..r.p~. (b) A.ount of Inluraneo. Tb. full lnlur.bl. ..lu. OR a raplac...at Co.C b..ll which vlll a.o14 tb. l..urt. belal cQnl14erl. a co-lnlurer. (c) 'Loa. to..ra.c.. tf buildlDI' or .truecur" Ir. loeata. vicht. .. Ld..tltl.. .p.el.l flood b..... .r." floo. la.ureDo. .hlll b. pro.l~.4 for tbo tocal lo.w~abl. ..lu. of .uch buLld'n, or .er.ac.t. or Cbl .aKllua or floo. lQI~r'ae. co_.r"1 l.alLable uD4.r tb. ".Cloa.l '1004 Pro- ar'.t whleb.... 1. 1.... Cd) The Clc, at Cl..~.c.r ,haLL be u.... .. an .4dltlo.al t......, (t) 1011.r 1ft. Hachlnar, I..wr.ac.. 11 thl 1.~ prov....c. lnclu.. boll.r(.), pra..ur. ~....1(.). or air coodlctaaln,/h..tlnl .~~l...at. the 'ound.- cloft .~.ll .alatala ca.,rlh...l.. In.ur.nel cov.r- '.'> , I lnl chI .qulp..nc 10.. OD chi 4..,... ,rop.rt1 r..ulcl01 fro. the .al~\'na.c. .a~ op.rlclon 0' . , -I. o 6) .' 'uch aqulp~ant. lncludln, but not lL~Lt.d to repalr and raplacaaant o( tba .quip.ant and 1Labl\Lty da.- a,a to cha properey of oehlrl. (,) A.~unt of In.uranel M $1.000.000 par oct~rM ,ancl. (b) Tha Clty of Cla.rvltlr .h.ll b. n...d .. additional lnlu~.4. (3) Co.pr.hln_l.. aa..,al Llabl1tt,. COy.rala IhalL ba affordld OD . fora DO aor, r.atrIctlv. thao tb"lat.e' .dltloo 01 the Co.prahanll.e a.narll LI.bllltr '011e,'lil.4 b, the tn.urane. I.r~lc' Offle. a.d Ihall 1nclude. (.) Hiat.ue l1ettl of .a.ooo.OOO ,ar 'oc~~~r.ac' to'~la.4 Ilaal. 1tlltl for _0411, lDJur, Itlbll- Ity, a.d prop.rtf da.II' ItabllLer. (b) .,..l..a aad opecltloa. coy.r.... (c) la4.paa4.ot CDlcrlctore co..~a... Cd) 'ro.ucc. .a. cOI,laea' operltlonn CQ..,.... (a) '.r.o.al i.Jur, co..rl" vltb "plo,.,. and co.cractual Ix.luILo.1 r.ao,04. (f) ~l..or 1a. ll._lllt,. if a"lLclbl.. e,) ~. Cle, of Cla.r.leer .~aLL b. ft,... al an ".ltl...l '..ur... (') I..lq... ~to 'oLic,. Ca..c... .b.ll be .ffoc- ... o. . lor. .0 ~r. r..trLoti.. eb.. tb. lat..t ..'tloo 01 the lu.l.... A_to 'oLl_, 111'd by the 1..~r.ac. l.rYle.. Olfl.. ... .ball lnclyd., Ca) Nlot.u. It.lco of '1.00Q.OOO ,.t Qct~fr'nc. co._ia.. .iAIL. lL.it. for bodil, iftJur, liabll- lt, ... ,ropatt, ...... It.~111t1. (b) Ca..r'I' '1 all Y~hlcl.. (aw~... hlr.d. and . 110..0.....). CS) Vork.r-. Co.,.a.aClo.. Co..rICI thlll ."ly -7- ,> C)- '< , ' / # . - . . . @ for .11 aspLoy... l~ .n '~DUnt at l...~ .~~.l to the .tat~tQtY ll~l~. 01 tQv'~..e accordln. to .pplicabl. SCac. and 'a.eraL lawe. tn addltion. the polley Ihall includ. ..,loy.r., tlablLlty co~'ra" ~lth a Ll.l~ of "00.000 p'~ occurrencl. It the ..1t~ln'ur.d .racuI of the ~a"a' 1. ."co.ad h, the Itata of 'Lo~l4.. tha La..or a.r..e to r.~o.nt.. and accepc .... upon proof ot 'uch a,pro.al. Co,ie. 01 alL ~~r~.oC tnaur.nCI poLlel.. co..rlnl'lnluraacl requira' b, ~hSI A.~I"'n~ 'h'IL ba tural.had to thn eleT CL.~k of che Clty prLoc ~D thl cO"lnc..aot 01 &07 acti.1C, tor whLch a CLey par.St i. r.quir.d. _ach tOlur.ncl ,Q1L~J abalL ,co.l4, chac nO 1"1 tb.o .1.t, (to) ..,. no~LC' ot clne.lllttoa or r..tricel.1 .odllication of ch. polLeJ ,hall \. lureiaba' to tb. Clt,. ZOo Thl Poundatioo Iball pe, a01 r.4.rll. seae. an' Loc.L c.... ad4 .,.cl.l ........aC. ~hlch .., b. lc~l'd Oft ~h. l....d pro,'r~7 .ad .a, l.,ro~...at. ,laca. ch.~.oft. bue it L. .,r..d ChaC chI q..o h.r... coac..~l.t.. "r~. ptop.~ ,ubllC and .Qnlclp.l pvr...... 8'~ tb. p.rtllu t. ftO .., waLy. an, ....peloa. p.r.1CC'. ~, la.. 21. 11. at .., ci.. dwriDI the Car. 0' thl' A.r....at or .n7 a.ela.l.. tbef.ar, eba rQ~a"cloe .bo~l' 4.f.~lt La cb. ,.rror.anco o,'.n, 01 It. o'll,lcloea rD1ulr,. hat.qad.r. thin the Cle, of Clear.lcar .ball luru~.b to t~. 'oQa"Clon . nocLca In wrltln. ',acit,in. chI 4.tlulc oad ,1'1DI the 'oQadacLon thire, (30) dl", or such ..OQot of cl.. .. .., r...onlbl, bl r.~uirld ~o cur. IQch d.f.uLt ultn. dill"at Iffort.. La which to ~orrecC che 4.t.ult. 11 lb. '.tauLt l. ~ot corr.ct~d withLn thirc, (30) da,., or luah r.,I.a.bl. ..QUat 01 tl.. ~tt.r Il~lnl the not Ie., ChI. tbl Cle, ,a, tl,.Lneta thll Alrs..anc .nd L."4~ lacal, Cak. po.....loa 01 the 1....4 ,CQ,_ct,. .a( aLL L.prowt- ..nc. chlr.aft .h.ll boeo.. thl pto,ert, of th. Cll,. -I" ~ ~ ~ 22. Thl,raundaclon. na~ latat than .1. (6) ~onth. .fte~ the and af ..ch af lta fllcal y..,t 4urln. the tar. of chi. A.rll~.nc. .h.ll provLde t~. Clt1 with. cop, at the ro~ndatLan.1 .nnual fln.neL.1 .tac...nt.. LncLudLn. . b.l.ne. .h.at &n4 Ln~c., 'Cac...nt r.latLnl t~ th, foundatlon-' op'raClon. ~nder thi. A.r....nt. and 'halL p~o,td. chi elt1 with a raport of It. 'cttYltl.. durln. the fL.eal y..r. 23. Tht C1C7. with r"'Q~.bl. notle. to the raund.Cion. .hall ha.. the rllht to LA' fact cha 1....4 pr..l... and Co r..le. the rOQod.tloo-. tlft'~CL.L reeacd. p.r!llaln, to Ch. foundltloQ'1 op.racloa. 14. An, noclc.. pro,id.. lor h.r.uada~ Ihall be .aat by c.rtlfto~ ..11. r.t~r. r.c.tpt raqu..c.d. to Cha Clt1. erO Clt, "aaa,lr. '.0. 10. 4741. Cl.arw.tlr. rt "SLI. .a4 co the 'ouad.tloa. C/O I..cuet., Dlc.ctor. 1031 Cull to .., 'a~la..r4~ 'ytt. A. Cl..rwle'~t ,~ 13'75. O~ Co IUO_ oeb.r ,d'r'd' a. eLt~.r plrct by wrltt.. ftotl~. Co the oCh.r .., .tr.ct. 15. tal CIC, r.c.lou the rlche to CICol..,a chi. 1.... foc Ift7 .~ftlclp.l n..' d.e,r.l..4 ~, C~. Cltf Co..l..loft Co ~. n.c....r' tar I .u,Grlow ...Ll~ p~r,o.. .a' ca..~.'.ac wich tbe Ctt,.. Chare.r. t. 1441tloa. cb. Cle, .a, t.l.t.IC. thl. Alr....ac 1ft c_. ....t chi. the SC'.8 0' Plorl', or aD, of Lc. . a.lncl.. or ,oltelcal ..~4iYl'lo.. t~'leor r.~ulr.. the l..,.d prop.rc, or la, ,orela. therta' foc a pu~llc pYr,o... la slth.r ...at. che 'auad.tloo .ball ,. ..cltl.d to Ju.e coopln.AtLoA tor Lt. In.'''.'at 1. Ch. 1..... ,ro,.rC1 ... tOI ltl ,aloeaelon ..,.n..a to aaother Ile. wlthLa 'lft'11.. Couat,. . ; -,~ ~, 8 @ thelr tK W11HtS~ W~'IIOr, the d un er'l.ned partla. have .et hand. aDd a.,l. tha day and year flrat above wrltten, Counta U l.nad I ::::::::.::. O. ":~~i~\r Atta.ts ~G.~~ ~ 1# ttJ& ."., ~:r IIltll"~"1 ~~t ~~ ,,='XII;It(, It ~lT-"'-' . j ::~~ C 1 t7 HaDa,er '\tca.cl ~ Cle, Cl.rk .11a 10U1H '.C1IAT10" CINTlR. IIC. _, - 'i'." - , ~JJU.li"~ <::. .c:S?H~"""'" Chair... of the 'o.~d I, I J' ~.1 -, t~\ At t,.W,...... ('. L.~ ~ '..cutt., Qlraccor ." -10- ~ " ~ .' ' ..: 1./ . r .' ~. '. c" " ; I. ~ ":. ,', , < , ",' . '" . . ~ . '~,: :: / '\ . :'c~'" ,,;", : . : ' "' ~~ ' , ... .c';" .~::~~.:'" '51?~~>::: "" " ..'~"\<:,:~:.,~\.~~'~: 'c.' ~ " ' , , .,:,) : :;( ...j. ',I,' J.1<' .<'? . ;>'.c ~ . .~~ ~ , ' ,...: -, ..' I '. <' ~ ..1. ", :"r e ~ ! . " I_ , '\ ;,t '.:' .,.' (', .. .< . ': ~ ',:, '\ '., , ' 'f ! \ ' ,; " ,) \, - " , ., I cc.'=.. .. ' " " . CD APPENDIX I - USE AGREEMENT DATED DECEMBER 15, 1988 ,BETWEEN mE CENTER FOUNDATION, 1Ne. AND THE UPPER PINELLAS ASSOCIATION FOR RETARDED cnlZENS. INe. ("UPARO') I.. .i, ' . ,:/ ,. . :.:>j ;, '. ...-,,,r, . ~ -,... ,. . ~ , " , , .: c ,~ T' \' " ' ;" I;. '. ,'. , 0'" ,." :. .L ',' ~<,~ ~':,' , . \ ,;, ::. ~". :'; ~', :':. ','. . ''''C~C'. .,:~.:.~)~ '{i~\,!i',; I ;::r> ..... '. . :. ;Ft~{.l~':<'.". .:.,." :..~.; ,.~: ".' c. . ~ ' , . , .' ~.: ' .. " l ~ , , I. I I.; ~. '" " \.,' " " '; " ,I ,I ,< " , , '.'" " ,[. .-",. , . :, , l :t ), CD e , " ! , ~. .::' . /' I, f, . . . ~ ~ . . i.' , ;." : I ! 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I~ad. and wnl:.,.ttd 1.1'\1:.(1 loh.l.. U_ dAV u~ g~almbar ,1188, by and D.tw~.n TH& ceNrttR 'CUHDATioN, lHe., ~ IIIhIP'lcl. nanpl"o1'1 t ccrpn,..Uon, 1'111=.. .dd,.... I.. :031 lJu 1 '~to-a.'II DOLl L.. va,.d, IULt. "A~, Cl.a..wlt.,., Il'la..Lda 3462e Ch....1naft.,. ...f...".d to "I "fIIounIlIUon" 1 , Ind THI UPP!R F'lNal.l.AI AIlIOCJATION Fort PIIETAADltD CJTJZIlNI, INC., a "lO,.Ltfl 11ClIHlt'01'1.t co"pI'I,.aI:10"1 ...ha.. .dd,.... Ls 2\". C51U~.t, Cl..,.w.t.,., filL 34.211 Ch...ILn.ft.,. ..gf.,.,..d to .. ~U~APIIC"I. NIT N I . . I T H. WHI~.AI, 'cund.tlan L. - nanp,.oflt ~o"PCl...tian d.v~LopLnQ ,..~r.. aticnal and .IJucl.lUonal fad U U.. (h.r.Ln.ft.,. ,.. '.r,.ad to .. tll. "lI"oJ.ct") em ,..aL P..o".,.,.,. own.d bv the Cay 01 Cl./lI"W&\b.. .nd b.l..,q 1....If ta the CL..~.t... Vl:luth A.c....UOn C'IIlt.,., Inc., und.,. th.t c.,.- tall' L.... Ag,...m.nt dat.d D.c.~ba,. 2', 1'8~ Ch."ILnaft.,. ,..1.,.,..d to .. the "L...." Ii" callY of "'hLch Ls .ttar::hld h....to .. EJJ!1llut "A~ ,'.d .l.ncorpal".t.d ~I".in by ,..fa,..ne., anll WHIR!AI. UfIIAftC d..I,... to UID . partian of thl ~~aJ.ct to ..tabll.h . facAlitv cnq.;.d ln p,.ovidinG ..~ViCD' fa,. citl..n. who a~. d.v~lcp. llI.nhLly dillabled. and who .~I a".unt1y ..,."wet bV U"AftC a,. ''11'0 .haU b.c~ .lig!bl. f~,. .aLd .."yie.. accardiI'; to Ul'ARC .d_i..lan. r::rlt.- ria. Md WHlnI~', 'aunaatiaM find. that lueh U" of the prDP.~tv La far . Pl"GjM" IlUbUa pur po.. J and WHIftIAI, I'DUnd,tLon intend. to .atabll'h . can.t"~ctigo fund far the pur-po.. of gln.,..tinG ~,.. \0 ca".t~et the ,.raJact and Lt. 1.p,.a".~ /IIWI 'I r .." d . WH!~~, ~~ Int~~. to Lny..t in thl ""aJect by MakinG e cQnt,.l- bY_lan to .uch con.tru~tLDn fund af c'''\~in llIOMi.. to b. uI.d 'ar can- It,.u.tion af t~ '"OJICt and it. 1.praVq~~t., NOW. THlA~OR&. In con'ld.ration D' thl pr..i... .nd af the faithful jM~fo,.~.ne~ bv .ach 01 thl pa"ti.. of thl cavlnlnt. and aQr..llIlnt. b.~ t~~ .ach at~" ~'d., it i. ~tu.IIV ao,..ed botw..n the p.~ti" hD,..to a. fallow.. I. U"U' 1I'':U14 Fa,. And ln conl.Ld.,.,UCWI of th. sum af en. Dall... (-1.00) ~r v.ar, and athe,. aaad and "alUlbl. can.ld.,..tian to it in hand p..Ld bV U,.~a, the r,clipt and 'Uffic.L.ncy af which .r. h.,..bv .c~ knawladaDd, ~ound.~ian doe. he,..by ...LQ" UPA~ thl u.. of that c.~t.l" pa~tlc" of the ~roJect ~h.Lch i. .a~. P'~'.Lcul'l"lv dla~"lb.d an INhibLt "1" attacMcl he,..to Ind Incorpo,..t.d MrtI.Ln by ,..1.,...,CI (htlr.ina1t.,. "'f.~r.. to a. the "~~...L'.."l. 2. ~ Thl tB'" of thi. ~Gr"~.nt .ha&1 c~nce Dn th~ ~at. ~~ t'tlD occupancy of the 'r.Mi..a, a"~ .h.11 cont.Lnu. ta~ . ~...&c~ con....t~t anti .dineidern' wUh \he '."11I of the L.... attach.d hll".to and incCl".,.r,t.ltI 1'11'11" a. IMhibit "A". A' the ."d Of the lniUal \II V"~ periOd d.~~ib.d i" ..id L...., U~C .'V. 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IMP"'" .nv ~Ul,.."t n'eded ,nd ut1Ii..d by L~ 1n 1~. d.~l~ Q~.r.tian. and 1nltruct!on of Ltw cit1..nl 1n tN' ~~'/IIL..g. 'aundatiun .h.l1 ...... all u...r. af the ,raj~t. Lncl~dln, U~ARC. far th.l~ pro ,..tG Ind .qYltlble .na~. 01 tho .Nt.,.La,. ."~/o,. cammon ",a1nb","cI. "1.U.cw,"nt. and cliI,".UnG IHp."'., Lncu,.,..d by tll", ,,.aJ..'. Th. Ia,rd of Tru..'... af t'- P'aunda1:iQTI .n.ll d.tarJIIln. ..nd IlvV I.&~ ........",. f,.o. tlMe to ti~. .. C'QLt&l t~ray~."t.. ~~ld UPAAC d..l,.. to ~ak. .nv c.o,\al 1mprov...ntl to or .Mpanelan of tha ,,...le.o, U~C ,hall 11,.., .~~u,.. th. written .pproval 01 the 8a.r~ of Tru.'... af t"W "ounu.'1~ ta~ ."y a,. all IUC" l.pro~~t.. ~ch .pp~v.l oh,ll not a. ~"'.'ttn.bly withh."f. .. tn.u~Jnt~. 'ounda\lcn .hall k..p th. 'roJect In_I.I,..d a. ...- qUA~.d. tQ the ONt.nt .ppllcabl_. bV t~ provl'lon. d1 ~.r.g".Ph 1. af laid L.... b.twll.n the Clty af Cl..,.IoI'~w~ and t"1 Cl..,.I>I.'.,. youth ".c- 1"..4::LOI\ Cln\er. lnc, ..1d 1n'I.&1'"'"l:e llaHc:i.. .h.n lnClull. . .t."d.,.d W~1v,P 01 'Yb~aoatian ai.u.. l'A1".t U~~C. Pound,tlan .hall ...... UPAftC .nlt Iny at".,. UIIIUa,. u,.,.. a1 the ~rtlJ'c:t fa~ thlll,. pru ,...t.. .',tJ .q~~t.bla Ih.rw ot .uel'! In.uranc:. Qr"iU~. .. d.t'r_1n~d f"o. timw to t1.~ by the la.,.d af T,.u.t.... Ind U~AftC .hall b. ".~ a. An ..~di- tlonal 1n.u...d on ell ..1d palle1... I" , i . 'I :.;,:,;;\,_..',?~~~~~,~,~~':-H:~1'!"',~f~,"';.,~"",,,,,,'~I.~~,;r.r...."'\~,~.'.,.""-." "i;:>l'~:";'~'J~,""''''''f''~'~~''''''''''''''''._~-~';'''' ' h_', ' t,.. d,t ," T - I'r: ~ <' .. ~:~ r~........ .;0. .'t1:~'~:r~1::a:.;: ~',\-~'.;O-..v"~'~'::f"'i\~~~f~~.,..p..,!:::,:,- f."~$.'~~~~~f e ,', TRUST INDBNTURE between CITY OF CLEARWATBR, FLORIDA and FIRST FLORIDA BANK, N.A. H TrwItee Dated as of August 1, 1989 Securing , . . $2,500,000 Center Foundation Project Revenue Bonds, Sertos 1989 LKL-OB/03/89-2BOBB-2825 @ Exhibit C '; CD @ CITY OP CLEARWATER, PLORIDA CBNTER POUNDATION PROJECT BBVENUB BONDS, BBRIBS 1989 TRUST INDBNTURE Table of Contents Parties and RecitBls · . , · . " , · , · . · . · , III . . . . . . . . . . . . · . . . . . . . . . ... . . . . . . . , · · · · . . . . . . . 1 Form of Band' . " · · , , . , . . .. , , , · , . . · · . .. . , .. " · . . " . . . . . . , .. . . . . , . . .. . . . . . " · , , · , . . . . . . 2 Sectlon 1.01 Section 1.02 Sectton 2.01 Section 2.02 Sectlon 2.03 Sectlon 2.0' Sectlon 2.05 Sectlon 2.06 Sectlon 2.07 Section 2.08 Section 2.09 Section 3.01 Section 3.02 ARTlCLB I DEFINITIONS Definitions · · · · · · . · . . . . .. · ~. , · . . ,. . . . , . . . .. , . . . . · . . . . · . . . · " , · , .. ." 12 Interpretation ...........".........."..........."....""..."."..." 20 ARTICLE n DESCRIPTION, EXECUTION AND REGISTRA1'ION OP BONDS Amount and Terms of 1989 Bonds . . . . . · . . . . . . . . · . · · · · . . . · · . . .. 21 Place, Manner and Source of Payment of Bonds ................... 21 Registration, Exchange and Transter of Bonds .................... 22 OwnershIp of Bonds "....".""""."""."."."".."................".. 22 Execution ........"......""""".",.".."",..,.,.,...,.,.......... 22 AuthentIcation .,.,..."............. II- . . · · · · · .. · .. · , . . . . ... . ... ... . . .. 23 Mutilated, Destroyed, Lost or Stolen Bonds ... . · . . · · · · · · · . · . · . . .. 23 Tempor-ary Bonda ......................................!........ 23 Cancellation and Destruction ot Surrendered Bonds ............... 23 ARTlCLB m ISSUE OF 1989 BONDS [aue of 1989 Bonds ,....,.,....,..".................................... 25 Dlsposltton of Proceeda of Bonds and Other Moneys ............... 26 -1- , " : ;~~"froi'~~tti't~~.~1';~~." '~f.'If';:i:~"""'~"~'\l!Jl!~~-~~" ~'1'!'!'l' . .,..>~, ': '~I}!t':-rrf"~hd ,- Hi~}'!1I".:l~~" L~'~:!-li '..- \.~~\~~.... \ ,..:.~ ~';~~'S~/i ~ ~'1'!<" <'-,' M'-;~'. )~~~~~/ .~~~tr::';-<;.~l"'ff'~-rf {.~l,\~:,,~,!..t~.~""~l~"''''''~ : <, ~. . . (\.: '.:~.~~" ;,'.;. ;c.;>:, '. .:"~$il' ~:. " ~:~~ .~ ..t'd'~~_~ {~:\.. ;~':.' ~r",.(..' )~~.~ '~I.'.. . b-" "/ '. .\;:,...F~~ 'L ;{!' .' .;~.>O, : ;.~ .._~. . \ ~.. ' T. Section 4.01 Section 4.02 Section 4.03 Section 4.04 Section 5.01 Section 5.02 Section 5.03 Section 5.04 Section 5.05 SectIon 5.06 Section 6.01 Section 6.02 Section 6.03 Section 7.01 Section 7.02 Section 7.03 Section 7.04 s I.';:?\ ~ ARTICLE IV CONSTRUCTION FUND BstabUshment at Construction Fund ............................. 27 Payments tram Construction Fund .............................. 21 Repay m en ts ........ '" ~ . . . . . . . .. · . . · · . . . · , . '" .. · , . · . , , , · . . · .. . . . . .. 2 B Procedure Upon Completion at profect · . . · · · · · . . · . . . · . . . . . .. 28 ARTICLE V PLOW OF PUNDS Revenue Fund ................."..."... '" " · · . .. " . . " . " .. . .. . · · · , . . . .. 29 Debt Service .Fund ..............................................."...... 30 Operating Fund . . . . . .. . . . . .. .. . . . .. . · . .. . .. . . · . " · . . . .. ~ · . . .. " . . · . . .. .. 30 Rebate Fund . . . . . . . . . . .. . . . III . , .. . .. III .. , , .. 'III .. · · .. · .. " . · · . · . .. , . . . ... 31 Procedure When Punds Are Sutf[clent to Pay All Bonds ................................................,...... 32 Moneys to be Held for all Bondholders, With Certain Exceptions ...................................................... 32 ARTICLE VI SECURITY FOR AND INVESTMENT OR DBPOSIT OF PUNDS Deposits and Security Therefor ................................. 33 Investment or Deposit of Punds ................................. 33 Valuation of Punds ................................................ iii 34 ARTlCLB VB IlBDBMfTION 01' BONDS Bonds Subject to Redemption; Selection at Bonds to be Called tor Redemption ..... . · . . . . . . . . . . . . . . . . . · . . .. 35 Optional Redemption .. . . · · . · · · · . · . · · · · · . . · · · . · · · . . . · . . . . . . . .. 35 Notice ot Redemption ........................ iii .. · · . · . . . . · · · · . . . . . . .. 35 Payment of Redemption PrIce .................................. 36 " // -11- Section 10.01 Sectio:\ 10.02 Section 10.03 Section 10.04 Section 10.05 Section 10.06 Section 10.07 Section 10.08 Section 10.09 Section 10.10 Section 10.11 Section 10.12 Section 10.13 Section 10.a Section 10.15 Section 10.16 Section 10.17 Section 10.18 Section 11.01 Section 12.01 Section 12.02 Section 12.03 Section 13.01 Section 13.02 Section 13.03 Section 13.04 Section 3.05 ~ ~ ~ ~ ARTICLE X THE TRUSTBE Acceptance of Trust 'I........................................................"..... 45 No Responsibility tor Recitals, etc. ............................. 45 Trustee May Act Through Agents; Answerable Only tor Wlltul Misconduct or Negligence ........................ 45 Compensation and Indemnity ................................... 45 No Duty to Renew Insurance ......................................................,.. 46 Notice ot Detault; Right to Investigate .......................... 46 ObUgatfon to Act on Defaults .................................. 46 Reliance on Requisitions, etc. .................................. 46 Tmstee May Deal In Bonds ................................................................ 48 TnlStee Qualifications ........ .. .. .. .. . .. .. .. .. .. .. .. .. .. .. . .. . .. .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .... 47 Construction of Ambiguous Provisions ........................... 47 Resignation of Trustee ....................................................................... 47 Removal of Trustee ......................................................................... 41 Appointment ot Successor Trustee .............................. 41 Qualitlcation ot Successor Trustee .............................. 41 Instruments of Succession . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . · · · . · .. 4:7 Merger of "Trustee .............................................. 48 Repo:rts of Trustee .. .. · . · . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . · .. . .. 48 ARTICLE XI ACTS OP BONDHOLDERS Acts of Bondholders ................."................................ 49 ARTICLE XII AMENDMBNT AND SUPPLEMENTS Amendments and Supplements Without Bondholders' Consent. . . . . . . · . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . ... 50 Amendments with Bondholdors' Consent ......................... 50 Trustee Authorized to Join in Amendments and Supplements; Reliance on Counsel .............................. 50 ARTlCLB xm DBPBASANCB Defeasanc"e .......",,,........................ 'II · · · · .. . · · .. · . . . . . . . · .. 51 Depc3llt ot Funds ................................................. 51 Application of Punds .............................................. 52 Payments to Trustee ............................................. 52 Survival ot Certain Provisions .................................. 52 -Iv- " Section 14.01 Section 14.02 Section 14.03 Section 14.04 Section 14.05" Section 14.06 Section 14.07 Section 14.08 Section 14.09 Section 14.10 Section 14.11 Section 14.12 Exhibit A Exhibit B Exhibit C -, @~,.;. , ,. . "," ~ ~ ARTICLE XIV () MISCELLANEOUS PROVISIONS Limited LIBblllty; No Personal Recourse ......................... 53 No Rights Conferred on Others ............................... ~. 53 illegal, etc., Provisions Disregarded ............................. 53 Notices to Trustee and Issuer . . . · . . . . . · . · · . . . . . . . · . · . · · . · . .. 53 Controlling Law ......"...."...."."......"...."."..."...... '" .. " t. 54 Successors and Assigns . . . . · . · · " " . . III III III .. . · " . . . . . . " " " " . . . . '" " . " ... 54 Headings for Convenience Only ................................. 54 Counterparts . . . " . . . . . . . . . . . . . III · " .. · '" . . " . " III . " . . . " " . " . . . . . " " " .. 54 Information Under Commercial Code ............................ 54 Termination of Liability ....................................... 54 Limitation of the Issuer's Llabllfty . .. . .. .. .. . · .. .. .. .. . or .. .. 55 Substitute Payment Date ...................................... 55 Description of, Realty Itemized Statement of Costs Form o~ Requisition t '" -v- :'\i , t , 1 " , '(I , I : , , .' :}1 ,:' " ,:,,\; I' ,~..l , J, 'J J \'~: . 1 . ' ~1 l' " ~ ~ IN WITNBSS WHBREOP, City at Clearwater, Plorlda has caused this Bond to be signed In Its name and on Its behalf by the facsimile signature of Its Mayor and City Manager and a facsimile of Its corporate seal to be printed heNon, duly attested by the facsimile signature 01 Its City Clerk, all as of the 1st day 01 AUl(Ust, 1989. CITY OP CLEARWATER, PLORlDA Attest: City Clerk By: Mayor By: City Manager Approved as to Form ~d C~rrectne9S: City Attorney :- \ " .' . I, l ", : LKL-D8/03/89-280BB-2825 -4- .' , '~~"t".,~' ,-'.....' '. " ,.~,' .I~~'l\~!~~i~"""~~~,..,.,,'j ~<;t.:"'. ";~"~:d~~~" ~,.~ >f'.,.;~- .~.:r, J~, {.f~ ~'~.::-:r 'Zi~-~:':-'~ ~~'}~'-'~~!'.f..~r~y<,,~ ;~.~.:-,I ,...1 ' ,~. s ~ ~ (PORM OF TRUIn'EBtS AUTHENTICATION CERTlFlCATB) TRUBTBE'S AUTHBNTICATlON CBRmICATB This Bond Is one of the Bonds, of the series designated herein, described In the within-mentioned Indenture. Printed on the reverse hereot Is the complete text ot the opinion of Livermore Klein & Lott, P.A., a signed original ot which Is on tile with the undersigned, delivered on and dated the date ot the original delivery ot, and payment lor, the Bonds of said series. PlRST FLORIDA BANK, N.A. Trustee By: AuthorIzed Officer Authentication Date: " , . I, ~. .'~ t , .' LKL-03/13/89-:o280BB-2825 -8- . . ,/ . . .~ :,' . @j) ~ (FORM OF ASSIGNMENT) POR. VALUE RECBIVED, the undersigned (the "Transteror"), hereby sells, assigns, and transters unto (Please Insert name and Social Security or Federal Employer' [dentltlcatlon number ot assignee) the within Bond and all rights thereunder, and hereby .Irrevocably constitutes and appoints (the "Transferee") as attorney to register the transfer ot the within Bond on the books kept tor registration thereot, with full power of substitution In the premises. Date: Signature Guaranteed: NOTICB: The signature to this Assignment must eOl'l'espond with the name as It appears upon the face ot the within Bond In every , particuIB1', ,without alteration or enlargement or any change whatsoever. , ' . LKL-02!15!89-280BB-2825 -9- .. .' ..~'t.........~~\.. < \ '('IY' .1 .. };.. ~~;1~~J'''''-~~~':;';;;;~''-::':-''-=-''''4'''''1;:'' ~'{.~~f.Jt",,,;-~~,~~n--''',,;,,~,:,,,~,~, , "~:_~'~'~;l~' \'~;~'rj"~-:;~~;~~'~"~;4~!~---~-,--~.-"~-,-~-;':-'-<r , ..,,~'.~, ~~','> "', .,',; ,';c >{::~".., ':, ,;:\~ 'J" '; ?"" . -',' , .-. ',-, F' ", . u ,',' '. '". "'!.' :' ' . .' , ' . .' ," , ',', ...., .':,: ,,:, ,...:;(~' ~L, :__::,,;':' ...-. '. -, '"', ' " ,". ' ' : ~~. . "';. ::'*,~.;/:i,.,:;';: ,,~,(:~:::t.. 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'. ,.:\',~.:':'" ,,:;' ,.':',> 'l'.:;:: '-.;,:f, '; ;;:~'\~S[216~~,:::,,'\'.i': ...,?};~!.r.:::;:;.~t;'':I.,!\',.', ,'~ . ::,:\ ';:J} 1i~~S. , ~ V A ~ B. all tues or contributions or payments In lieu thereot, assessments and charges, Including, witl10ut Intending to limit the generality of the foregoing, Income, profIts, property, franehise, payroll and excise taxes. "Operating Fund" shall mean the fund so designated which Is established pursuant to Section 5.05 bereof. "Outstandlng", In connection with Bonds, shall mean, as of the time In question, all Bonds, whieh Bonds have been authenticated and delivered hereunder, exceptt A. Bonds theretofore cancelled or required to be cancelled, Including Bonds cancelled pursuant to Section Z.07 hereof; B. Bonds for the discharge, cancellation, payment, redemption, retirement or purchase of which cash or Investment Securities of the type des~rlbed In clauses A through B of the definition of Investment Securities, the principal of and Interest on which, when due, will provide s'lfflclent money without reinvestment to fully pay such Bonds (incl~dlng Bonds In accordance with Article VlI hereoO llhall have been or shall concurrently be deposited with the Tl'1Jstee or other fiduciary, as appU~ablel provided that, If such Bonds are being prepaid or redeemed prior to maturity, any required notice of prepayment or redemption shall have been given or, In the case of Bonds being redeemed, provision satisfactory to the Trustee shall have been made therefor, and that If such Bonds are being purchased, there shall be a firm commitment for the purchase and sale thereofJ and c. Bonds In substitution for which other Indebtedness has been accepted, including Bonds In substitution for which other Bonds have been authenticated and dellv€lred pursuant to Article II hereof. "Person" shall mean an IndividUal, a corporation, a partnership, an association, a joint stock company, a trust, any unincorporated organization, a governmental body, any other political subdivision, municipality or municipality authority or any other group or orgnnlzatlon of Individuals. "Plans and Specifications" shall mean the plans and specUfcatlons tor the Project prepared by the Architect. "Project" shall mean the Site, together with the improvements and heredita- ments thereon Bnd to be constructed thereon by the Corporation pursuant to the Loan Agreement, consisting of the Improvements generally described in the booklet "The Vision, The Center", distributed. by the Corporation, together with all appurtenant faCll1ltles and properties which the Corporation has acquired or hel'earter shall acquire In connection therewith (which term "acquire" Includes the acquisition of a leasehold Interest), Including all property, real, personal and mixed, rights, powers, licenses, easements, t"Ights of way, privilege!!, franchises snd all'reverslons and remainders thereof and any &nd all other property ot" Interest in property of whatsoever nature used In connection with such facility, together with all additions, extelUltons, alterations, and Improvements thereto which may be made or acquired, from time to tl me subject to the terms of the Loan Agreement and this Indenture; provided, however, that properUes Clonstltutlng a part of the Project may be transferred or conveyed as provided In this II LKL-08/03/89-280BB-2S25 -18- ~';'~,""" '\I:':~+:~''tl~'\'''~'~''l'.t!,-''tf'''''''''''''' 't""l;./'" <',."..;,..".... .,~..'l\~'...,' "",,:... ,'. ,V",, ',' 'V "H ..' ,~ .:" . 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J"~>,!~ ~, ~;\;. d } /' ~ t.?1 ''. - \~ 't ,.' ~ ~'. .': ~ n ,,;/.. :..~~,~~{r ,{.: b i i; ~\{..-~~.~t>~t:"~'~l"~-}'."+~ f~.. 9;(1;f4r~~"'I{~';&~:~.,1. :\-~~... .~,..>...~-~:;.~, ~.~J"'~ ~:,-'''. ...........~......~.i'M"'I.;'i/..,.-d..I"~. '.,\..~.~l" ...~' ~l::\' .~..}.',. ',",~ .....',.. I~'.'"~+o:..,.~.:_.:,. ".' '-~"'~o.;t'""'(.'i'1.~!'~.~:r~~fj.(~\'~;"''''~~.~.r1.tt-(:)-1t:~~-.t'Ca'''':<,~t1'--f"j.:1' ~. ~ > .,it' .... '.1 d>: "i ....... ~ ~i./ .\L~.. '~1}\ hf~: ~~)~...~-1.~ ':". ::. 'l-'~, ~:"~ "\ ~/(~. ~.. .~\'~ ;, -;;!~ '.,::' . ,,~:~.~ ~.. ':L ,.... I ~ ! I /+ t:- ~ \'t ~. i~ Yo, ~,' -;:. ~ :~":-~ j, ,~~~ ~'1~:'.1{~t~. J~r~.t~~C .~l';~""'r.: \.? .i.{l."....Jt"1 . Y J.??~~-:\~.I'. ~l{'( ~~. >, . '." '.'. \.' . '/1., ~,~:~:,~ I......l ~.~~~~:,.~,:'~ :i::~;<:"I!.' .:'. ':''<" ....' """'. 1....~'.4'~. ".P?~'l,~l~;t "~"~'\".~~~l~)}.i:"'~'{'~-~~~:'1.(.f~~"~~~:i~~:.l 7D-\~.t) ~~1~; .. t~~i ~ \ .11; , -. I l I"!'!\ ~ ~ V' Section 2.06 Authentication. No Bonds shall be valid until the certificate of authentication shllll have been duly and manulllly executed by the Trustee, and such authentication shall be proof that the Registered Owner Is entitled to the benefit of the trust hereby created. Section 2.07 MutUated, Destroyed, Lost or Stolen Bonds. If any Bond shall become mutilated, the Issuer shall execute and the Trustee shall thereupon authenticate and deliver a new Bond of like tenor and denomination In exchange and substitution for the Bond so mutilated, but only upon surrender to the Trustee of such mutilated Bond for cancellation, and the Issuer and the Trustee may require reasonable Indemnity therefor. It any Bond shall be reported lost, stolen or destroyed, evidence as to the ownership and the loss, theft or destruction thereof shall be submitted to the Trusteer and If such evidence shall be satisfactory to the Trustee and Indemnity of the Trustee and the Issuer satisfactory t(' the Trustee shall be given, the Issuer shall execute, and thereupon the Trustee shall authenticate and deliver, a new Bond of like tenor and denomination. The cost of providIng any substitute Bond under the provisions of this Section shall be borne by the Bondholder for whose benefit such substitute Bond Is provided. If any such mutilated, lost, stolen or destroyed Bond shall have matured or be about to mature, the Issuer may, with the consent of the Trustee, pay to the Registered Owner the principal amount of such Bond upon the maturity thereof and the compliance with the aforesaid conditions by such RegIstered Owner, without the issuance of a sub:stitute Bond therefor, and likewise pay to the Registered Owner the ,amount of the unpaid interest. Every substituted Bond issued pursuant to this Section 2.07 shall constitute an additional contractual obligation of the Issuer, whether or not the Bond alleged to have been destroyed, lost or stolen shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Bonds of the same series duly Issued hereunder. All Bonds shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Bonds, and shall preclude any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments, invest- ments or other securities without their surrender. Section 2.08 Temporary Bonds. Pending preparation ot definitive Bonds of any series, or by agreement with the purchasers of all Bonds of any serIes, the Issuer may Issue and, upon Its request, the Trustee shall authenticate in lieu of definitive Bonds one or more temporary printed or typewritten Bonds In denominations of $5,000 and multiples thereof of substantially the tenor recited above in fully registered form without coupons. Upon request of the Issuer, the Trustee shall authenticate definitive Bonds in exchange tor and upon surrender of an equal principal amount of temporary Bonds. Until so exchanged, temporary Bonds shall have the same rights, remedies and security hereunder as definitive Bonds. Section 2.09 Cancellation and Demruction of Surrendered Bonds. All Bonds surrendered for payment or redemption and all Bonds purchased with moneys available for that purpose In any Fund established under this Indenture shall, at the time LKL-02/15/89-28 OB8-28 25 -23- G @V ot such payment or redemption be cancelled and destroyed by the Trustee. The Trustee shall deliver to the Issuer and to the Corporation a certificate ot destruction In respect ot all Bond5 des~royed In accordance with this Section. ." " " , " '" " I, ' ,r , (/ 0.,' . . 'j ..:: 'I - j ~ '. . ~ ,,;, ' ..le' .f I 'J f,' . . \ \ . ., " 11 -. < .. ' ~ ~ . ,"." . "il," , ," ~ . ~ .' . 'f . L " 1: '. '. ~] 1 . {I.- 1 . I ~; \ t. '. ~ ~ ." . '~,. j . , '. :'-' ~KL~02/15/89-280BB-2825 -24- ':J:..' ,.~': : ,. , .' I . . ~ .... .', f' . .. , ',I . .' , , '3 @ Seat Ion 148 of the Code Bnd to take no action nor execute any other Instrument which would adversely affect the exclusion at Interest on the 1989 Bonds trom gross Income. K. Such other instruments as the Trustee or Issuer may reasonably request. Section 3.02 Dbposltlon of Proceeds of Bonds and Other MoneJ8. Upon the issuance and delivery of the 1989 Bonds, the Issuer shall forthwith transfer the proceeds thereat to the Trustee, and the Trustee shall apply such net proceeds as tollows: (1) To the Debt Service Fund, an amount equal to accrued Interest on the 1989 Bonds from August 1, 1989 to the date of,lssuance; and (2) To the Construction Fund, the balance of such net proceeds. . :c " . ,.' . ! I! , , , " , LKL-02/1S/89-280BO':'282S -26~ "I' .: > ~<,';~:~.:"Tr~ . ~i1~" "- ~:1t~:"/t:~ ~"r'!;'r...:... 10..;: , . " .-!",,,',r~'~"""r~~"""'~'"''':'l''' "\"~"". 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'~,i"i~,.i.~'t~"'I.../.' ~:'"J;J",\t ..!..,.}...~~~ ; f;'\;t~'~'i+;;'~: J j~~ f}EJr~~i~ ..>~ :; () : ;~~ /~~~":..":( j~i..~} /"~~: :.: ): ::~.:". ;~ ~':;:.: t.f I ~::~ r L :~ ',r- ~ ~ t ~~l~::},I~~;.~~~..~~81::' ~ i~~ ' : ,,:~"J},0~(i:'Nf~~~)~:~~~7;.~;f)p:~::::'I;'~~\<;i,;: f9~:<;~:'; '::: ::::~: ,: ;;:',': 't:,::>~,:,~ '~<,~::/ C.~:;\/,,\~:t~)~~~;!r;k:'/A~ '~ i~ , '.. tJ;M ,'\~r~V;"";~'.)"::'r'-,~<>;:'!ll'"/.J;''''~~l''''''~~~I';'''''''''r~~~Jl"'''.~1 ~l.' '..'. -,' .f" ....."'~ ,,:. . '~"'~..l.'J~,~,~.\.t""i"')~~-l"...\.........~ ...r."-I.:.~v' ~"~.1J. ...'r:t. :l j;'+ 'A ~:!J.r. {:' ~l;:../..j,}t;'./~ h. t ~.... 4.r (.:~ ',;. ;,/:. ::~ ~.l,c 1." ~.~ ~, .i~ r '\ ,r, M '. >q{ , >~ '/ -~ ~ ' .: ,'," '.' . ~ ;', "~'. <:~1. . .~:1~:t~. ~,: ,~:J.; .' :~""~~;" ,; r .......:/~ ~ I; ol,~....,<: ;.,. ~ ;,a~~ ~ ~:{,:1'~~ ~~~r.-~1, ~~~:t~:;t\}#~f-~{~:~~/~ ~:t.1 :~,:, !;'/l~ 7~ ~;~~~~~:, '.~ ~:.,~. .~'::;~-,,\.} t;.' {; ~.J ~ .,1~ ,.~I ::::.~ 'I/~<~ !>,\?\,~'~:..:: ~~ .::,~~"' ~r.,;/!',f~ ~.t;"'.'~,',~.ll~~~I~~A~~.~t~.. oW~ ..J...f. -:-1,,~..~C:~f.'l- .,J, ~..~ l:,"..:- ,. ...:'...4'''...'..1.+............~ .' ~ .', ,\,"~J'" ,~l' " ....' 1 ; ),'::':. ~',.(, '~"1~' I..-".~,~ '1-( I..... ....ff:l'I'.."'J ~, ,pJ ~{i.\;~~.,f~;;" ~\"r..1...(n~..:':\;;.:~~~;..~.f=./ ~ft1~.r.:-;~/t-{~~f.ttj.,1''''~i : "f ""i... :,,' r~ ~ ~ ....~l,( :,~ '. ~ "'. ~.~. '_ ~. .... > '. .. ~ 'J _, , : ,~'~ ~! J .' :' :.. ~ C' ... \' ~:,.I"l /i. ",~.; :,I~:: :/1:"''- '-. I~ ......... :h;t:...~!:!~t:<.r~:~; .~.:~~\.'i~/r:\:~:r,l ~fj .....t'~...J..~ . o ~ V C. In making disbursements tram the Construction Fund, the Trustee shall not approve any requisition for any category listed In the Itemized Statement ot Costs attached hereto as Exhibit B If the amounts previously requisitioned for such category, together with the amount of the current requisition, exceed the total amount shown for such category in the Itemized Statement of Costs, unless: (1) tunds are available under the "Project Contingency" shown In the Itemized Statement of Costs to cover such exce:Js; or (2) the Corporation deposits additional funds In the Construction Fund to cover such e1tcess. The Itemized Statement of Costs may be revised by the Trustee in the event and to the extent that either: (1) the Corporation certifies that all Costs payable under any category Hsted In the Itemized Statement of Costs have been paid (or certifies a maximum amount of Costs which will be paid In such category to complete the Project, based on existing contracts or purchase orders), and the amount ot Costs paid (or certified to be paid) under such category is less than the total amount shown tor such category In the Itemized Statement ot Costs, In which event the surplus Ilmount under such category shall be added to the "Project Contingency," or to such other category as the Corporation may direct; or (2) Investment Income transferred to the Construction Fund pursuant to Section 8.02 hereof has exceeded the amount shown under "Earnings Required on Trustee Held Pund,," In which event the excess amount shall be added to the "Project Contingency;" D. In case the payment Is to discharge indebtedness of the Issuer or the Corporation the proceeds ot which were used for payments properly chargeable against the Construction Fund, any notes or other evidences ot the Indebtedness to be discharged, which shall thereupon be cancelled by the Trustee and returned to the Issuer thereof; and E. With respect to proceeds of the 1989 Bonds, Income and Interest earned on the Construction Fund shall be retained In the Construction Fund. P. Copies of the cerUficates described in Sectlon 4.02 A and B above shall be sent to the Investment Banker by the COl'poratlon. Section 4.03 Repayments. Whenever payments are to be made to reim- burse the Issuer or the Corporation tor advances or to discharge Indebtedness of the Issuer or the Corporation, the requisition and the certificate (if appropriate) shall relate to the underlying obligation for which the Issuer or the Corporation is being reimbursed or the the payment tor which the indebtedness was Incurred. SectIon 4.04 Procedure Upon Compietlon of Project. Upon the completion of the Project, the Corporation shall turnlsh the Trustee with (1) a certltlcate of occupancy tor the Project, (2) a certificate signed by an authorized ofticer of the Corporation, which shall be given In reliance upon appropriate certifications of the Architect, showSng such completion and the date thereof and certltylng that all required Insurance has been obtained, that all construction has been completed in accordance with the approved plo.ns and speciticatlons and approved changes, if any, and that all Costs ot the Project have been paid or stating the amounts to be reserved tor the payment ot any unpaid CoatSt and (3) a contractor's affidavit, as described in Sectton 713.06, Florida Statutes, &:J amended, to be obtained from each contractor as a prerequisite to tlna! payment under each contract. The Trustee shall reserve the amount certified in clause (3) above to meet unpaid obligations, and shall thereafter transfer any balance in the Construction Fund to the Debt Service Reserve Fund of the Debt Service Fund. LKL-OB/03/89-28 OBB-2 825 -28- !:~-':.'.."~~fi'"~'~.J:".~'" ........ H .~!. '''',~ ..~'I ~~~fr"l." .../ ,',:;"~ 'S l~.~~ . '.~ .~ ,!~ ~ ;~. 1 fl . ,,~g0! . .... ~ ". ,.....' l t. (i) ~ "& Section 5.05 Procedure When Funds Are Sufficient to Pay All Bonds. It at any time the amounts held by the Trustee in the Debt Service Fund, together with anticipated Investment income thereon, are sufficient to pay principal and Interest on all Bonds Outstanding to maturity or prior redemption, together with any amounts due the Issuer and the Trustee, the Trustee shall notify the Corporation to that effect and thereafter the Trustee shall apply the amounts In the Debt Service Fund to the payment of such principal and Interest and the Corporation shall not be required to pay over any further Loan Payments Into the Revenue Fund unless and until It shall appear there Is a deficiency In such Funds; provided, however, that antlclpat-ed investment Income may be considered for this purpose only If the Corporation agrees In writing to make available sufficient moneys to make good any deficits that may arise due to receipt of insufficient Investment income. Section 5.06 MoneJl to Be Held for' All Bondholders, With Certain Exceptions. Moneys and Investments In the various Funds created under Or' pursuant to this Article V shall, until, applied as provided heretn with respect to the Fund in question, be held in trust by the Trustee tor the benefit of the Registered Owners of all Outstanding Bonds, except that any portion of such Funds representing principal or redemption price of, and Interest on, any Bonds previously matured or called for redemption In accordance with Article VII hereof and with respect to which the redemption date shall have passed, shall be held for the beneflt of the tormer Registered Owners of such Bonds only. LKL-O 8/03/89-2 80B8-2825 -32- l, ,. I. _,...".~ "', ,i:j; ',~.....~..1.. '., ,'" '''''''.,{'.,,' ~~\ ,W-~, 'tr'~~~r.ct'!!O'l1', ~',. ,\' .:~>I.~.~,~ . ...~; I:;,...~,~. ,..~.~~~~ >,.~~i.~i~~:.:. ':<~~J. 't.., . ):..ic....>:f ~:~4.~:~,~~::. -. . ' ''''~':F..-( .":' ......~.- -Jl'+',1'Ii''t''''i\fI,'n~ .l'........>:l!.""~r-"..... ~. ....~~.,..~....~;,~~,iI'\Io..tf" . . ',' .", ~ .': .~.~ .{ ~ "\\...." .: : . ..... ,-.;''''. . I..?, '/:' . ,': e @ malllng or publication shall not aftect the validity ot any proceeding tor the redemption ot Bonds. Any notice at redemption mailed in accordance with the requirements set torth herein shall be conclusively presumed to have been duly given, whether or not such Registered Owner or other addr~ssee actuall}' receives the notice. BeetlOD 1.04 Payment of RedemptloD Price. It notice at redemption has been duly given WI provided In Section 7.03 hereot, then the Bonds called tor redemption . shall be payable on the redemption date at the applicable Redemption Price plus accrued Interest, If any, to the redemption date. If provision Is made tor redemption from funds on deposit with the Trustee, all Interest on the Bonds called tor redemption accruing on and after the date fixed for redemption shall cease, and the Registered Owners of the Bonds called for redemption shall have no security, benefit or lien under the Indenture or any right except to receive payment of the Redemption Price and interest accrued to the date fixed for redemption. Payment of the Redemption Price together with accrued interest shall be made by the Trustee to or upon the order ot the Registered Owners of the Bonds called for redemption upon surrender ot such Bonds. The Redemption Price, including the expenses of giving notice and any other expenses ot redemption, shall be paid out of the Debt Service Fund or trom moneys provided by the Corporation. LKL-02/15/89-28088-2825 -36- ~ ", ",/~" '1.'" ';-:-."~"~:.-:'"~,''''' ':"0" I ~~~~-n /tt1-,",4"'i"'. '<" . :."~.. :".I'~~~~ I'~ '. .."~",,",,I 1 ~~'. 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(~..,l, ,.... ~~$It,!.~'\..~\i~....t-'~~'1l,.,'~\...~........~~l~.-......~f;t....'~\,., " .. I 1II111!W1.~_~ '.'-F ~'. ~--::...~ ~ '... '. . 'inn.' ., ,.~ .'.. '~ ~ .~,~~.. ',: '10 _ :'.-.t,' ~ . ,:'~l"'\ '~tt: o o Estate under this indenture, and no personal llablllty or charge payable directly or Ind[rectly trom the general tunds ot the issuer shall arise theretrom. (c) [n acting under this indenture, the Agreement, the Bonds or such other Instruments or documents, or in refraining from taking such action, the issuer may conclusively reiy on the advice of Its counsel. Section 8.10 Financing Statements and Other Action to Protect Security Interests. The Trustee shall cause this indenture or a financing statement or memoran- dum relating thereto to be tlled, registered and recorded with the Clerk of the Circuit Court of the County and the Secretary of State of the State, and in such manner and at such other places as may be required by law tully to protect the security of the Registered Owners at the Bonds and the right, title and interest at the Trustee In and to the Trust Estate or any part thereat. Upon execution and delivery hereof, and thereafter from time to time, not less often than once every five (5) years, the Corporation shall obtain an opinion of Counsel, at the expense of the Corporation or Its successor In interest, setting forth what, if any, actions by the Corporation or Trustee should be taken to preserve such security. The Corporation shall perform or shall cause to be performed any such acts, and execute and cauae to be executed any and all further instruments all at the expense of the Corporation or Its successor [n Interest as may be required by law or as shall reasonably be requested by the Trustee for such protection at the interests of the Trustee and the Bondholders, and shall furnish satisfactory evidence to the Trustee of recording, registering, flUng and refillng of such instrument and of every additional in.'Itrument which shall be necessary to preserve the lien of this indenture upon the Trust Estate or any part thereof until principal of and Interest on the Bonds secured hereby shall have been paid. The Trustee shall execute or join in the execution of any such fUt'ther or additional instrument and file or join In the flUng thereof at such time ot' times and In such places or places at It may be advised by the aforementioned opinion of Counsel' as will preserve the lien of this Indenture upon the Trust Estate ot' any part thereof until the aforesaid principal, premium, if any, and interest shall have been paid. Tu-Rzempt Status of 1989 Bonds. A. The Issuer covenants to the Registered Owners of the 1989 Bonds that It will make no investment or other use of the proceeds of the 1989 Bonds, which would cause the Bonds to be "arbitrage bonds" as that term Is defIned in Sectlon 148 of the Code and that It will comply with the requirements of that Section at the Code and regulations promulgated thereunder throughout the term ot the Bonds. The Trustee shall not make any Investment Inconsistent with the foregoing covenants. Section 8.11 B. The Issuer covenants that it shall not knowingly sell the Bonds or cause them to be sold to any Person (or any related person as detlned In Sections 144(8)(3) and 147(a)(2) of the Code) from whom the Issuer may acquire "acquired program obligations", as defined In the regulations referred to In Sectlon B.llA., pursuant to any arrangement, formal or informal, In an amount related to the amount of "acquired program obligations" to be acquired from such Person. LKLwO 8/03/89w280BB-2825 -39- Ql) ~ C. The Issuer covenants that upon request It wUl make ell flUngs of reports or other documents as may be required by Section 149(e) of the Code and regulations promulgated thereunder throughout the term of the Bonds of such series. D. The Issuer covenants to authorize the Trustee to take all actions and to cause the Corporation to take all actions reasonable and necessary to maintain the exclusion of the Interest on the Bonds of such series from gross Income for federal Income tax purposes. , B. The Corporation has covenanted In the Loan Agreement to expend all of the net proceeds of the 1989 Bonds on the purpose for which the 1989 Bonds are being Issued withIn three (3) years of the date of Issuance of the 1989 Bonds. Section 8.12 Credit Enhancement. Whenever the amount on deposit In the Debt ServIce Fund Is Insufficient to fully fund the payments from the Debt Service Fund required by SectIon 5.02B(1) and (2) hereof on the fIfteenth day of the month prior to each Interest Payment Date, the Trustee shall sell sufficIent Collateral held under the Collateral Pledge Agreement -FIsher Endowment to provIde for payment of the amount of suC!h deficiency. q LKL-08/03/89M280BB-2825 -40- .: . .,.~r l~"';~'tI.~"""\t~"'~~nr.'~~~"~~'" ~p" l~' ..1"',"'\rI'~..'"~"~.l' ,." .~,..... 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V any priority rights In any legal proceeding or prejUdice any other rights the Trustee may have against the Issuer or the Corporation. Sectlon 9.02 Acceleration and Annulment Thereof. If any Event of Default has occurred and is continuing the Trustee may, and upon written request of the Registered Owners of twenty-live percent (2596) in principal amount of the Bonds then Outstanding, shall by notice in writing to the Corporation and the Issuer, declare the principal of all Bonds then Outstanding to be immediately due and payable, and upon such declaration the said principal, together with Interest accrued thereon, to the date of such declaration, shall become due and payable immediately at the place of payment provided therein, anything In this Indenture or in the Bonds to the contrary notwithstanding. If atter the principal of the Bonds has been so declared to be due and payable, all arrears ot interest upon the Bonds (and Interest on overdue Installments of interest at tho maximum rate permitted by law), are paid by the Corporation, and the Issuer or Corporation also performs all other things in respect to which it may have been In default hereunder and the Corporation pays the reasonable charges of the Trustee and the Registered Owners, including reasonable attorney's fees, then, and in every such case, the Registered Owners of twenty-five percent (2596) In principal amount of the Bonds then Outstanding, by written notice to the Corporation and the Issuer and to the Trustee, may annul such declaration and Its consequences and such annulment shall be binding upon the Trustee and upon all Registered Owners of Bonds Issued hereunder; but no such annulment shall extend to or affect any SUbsequent default or impair any right or remedy consequent thereon. Section 9.03 Entry by Trustee. If any Event of Default has occurred and is continUing, the Trustee before or after declaring the principal of the Bonds Immediately due and payable, may enforce each and every right granted to the Issuer under the Loan Agreement and all other agreements and contracts and any supplements or amendments thereto. Section 9.0. LegaI Proceedings by Trustee. If any Event of Default has occurred and is continuing, the Trustee in its discretion may, and upon the written request of the Registered Owners of twenty-live percent (2596) In principal amount of the Bonds then Outstanding and receipt of indemnity to its satisfaction, shall proceed to protect and enforce Its rights and the rights of Bondholders under the laws of the State or under this Indenture by the exercise of any proper legal or equitable right or remedy as the Trustee being advised by counsel shall deem most effectual to protect and enforce such rights, and without limitation of the foregoing, may, In its own name: A. By mandamus, or other suit, action or proceeding at law or In equity, enforce all rights of the Bondholders, Including the right to require the Issuer and the. Corporation to carry out any other agreements with, or for the benefit of, the Bondholders and to perform its or their duties under the Act; B. Bring suit upon the Bonds, the CoUateral Pledge Agreements and the Loan Agreement and Note; C. By nctlon or suit in equity require the Corporation to account as if It were the trustee of an express trust for the Bondholders; LKL-OB/03/B9-2BO 88-2 825 -42- ~ . J J! '..., I ., ,I ;, , fl. ~ ,ii .1l ,,to. J .~, " tl " " .~~ '/ ~ ~ ,',1 i~ .., .. ~;~...,. ~f~.t,.'tr!l't-m"''''''n~'''''~'''''v,';'''''1'''' """";F""'"".~':~!~,n;'i' '''''~.\~~,f;;,I''f.,..t it' ,', ",. I'" ",~.~,:-;y.'-", '~" ..,~~;.., ;;"r~'9il',I':::'7l';\,~~r:~~rf~fIP" t'~, ii4\,i;,,;~im;\ ::;,io,'li;,};;:;;;~:: '.;:';::;"",1"' ,", ;;'; .;i',: ;:; >,;:;', .;;;;";, ".,...' ,,:;' >':, '.' 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(,:..:; '~l\""'-::l,;.!~~::.I.~t'1.\~ ~!I"'~'.~'i'~I~:if~'.."':~~'i(, ~<'..~'1.<. ,,, ',\'1 '. ~ ~> ~.':'.t t"'~,: I ~j~o\.,~,..:.lll'I...')-~:r'L\.-:';",\.S."~""';:.(.!\ ;j.:J- ,~~ ~~~r:~.~}l;, ~. :)'Tt;':'~ . ;:;'li:'..t .1;{~,~\~(~;,..1,~ ~ j .~. ::'" .1, -:',. ~' " :'; L ,~. _ :.'. ' \~.,. \. <, .:,.: ",c ~.> ~':'" :\ :3,~.;','~."~':~ {';/f.~~'\rf ~ f'" i!?~ "j f'\ ;P.'Wi~1.:- ~.[~:,~~....j~ '~<'A i :, ."~: ~:~t,~;Y'I~~" :- ~, ~ ~. ..,; ..,.. <::'. . .~; >~. /.' ':..: .,,~.-, ". < . ';, ~'. l:;\ i ,~.":~~/{~>'''/':] \o~h.:.;~ 'Jo.~.t ~l1-~;;: ;!~~fi" :.}I;J~~~'~r' ~::i~1.::lt':!i::i~~::~. :'.;~~<!.:\(;!:i'~\-;,K'.-;:. 1~~'o, '/: x< ~,.::: ";tf; ,'~' 'ft .;:~,~};.~~,' :;/4: .~ ':: ~ :~." (.: :'~;'/": ~~ '..~ t~';.t:l~ !,~~~:;~~11~J~~~~~1} p~~~t~~;,~~~k~'!~'~:,~:~~:i!.~\~;~'e:~)J;<:, y, ,,':;' ;.:,.,',;'>\!:{;:]:'>",;:f;';-';',i\'1 !:: "',:';,:;- ,',: ':' ,:,::-:,:/;,~;~,;~.<:u,~:~,,{~\;?;;rf.~::N, ~;h: f' ',,' .",': "":"!" '!", ,', ",'",~,:",.""(";:,;:">;C:":;..:;{::.;::'",'..,,,,'<;~',.;I'/-'';:<:";~?~:,'I~I';I':~;'''~-;t,, ~\\~;~~~~;~t':Jr ~"'f, .~' ,,:;, '. ' Ii 'J:t:-;~ < r " , o @"'r, ''J .~ I " ARTICLB X THE TRUSTBE Section 10.01. Acceptance ot Trust. The Trustee ac(',epts and agrees to perform and execute the duties and trusts hereby created, but only upon the additional terms set forth In this Article, to all of which the parties hereto and the Bondholders agree. Beetlon 10.02. No ResponslbUlty tor Recitals, cte. The recitals, statements and representations in this Indenture or In the Bonds, save only those specifically attributable to the Trustee and the Trustee's Certificate upon the Bonds, have been made by the Issuer and not by the Trustee; and the Trustee shall be under no responsibility for the correctness thereof. Section 10.03 Tru3tee May Act Through Agents; Answerable Only for WUful Mlsconduct or Negligence. The Trustee may execute any powers hereunder and perform any duties required of it through attorneys, agents, officers, or employees, and shall be entltled to advice of counsel concerning all questions hereunder; and the Trustee shall not be answernble for the default or misconduct of any attorney, agent or employee selected by it "Ith reasonable care. The Trustee shall not be answerable for the exercise of any discretion or power under this Indenture nor for anything whatever In connection with the trust hereunder, except only Its own wilful misconduct or negligence. Section 10.0"' Compensation and Indemnity. The CorporatIon agrees that It will pay the Trustee its customary fees for acting as Trustee under the Indenture and that [t VlUl reimburse the Trustee for all ordinary and necessary expenses Incurred In carrying out thc terms of the Indenture. Such fees and reimbursements of expenses shall be paid directly to the Trustee promptly upon receipt of periodic invoices therefor. In the event the Trustee is required by the terms of the Indenture or otherwise deems [t necessary or advisable In fulfillment of its fiduciary responsibuttles thereunder to take actions beyond those which are routinely performed by corporate trustees under slmUar indentures, the Corporation also agrees that It will pay the Trustee its reasonable fees for its !Services in such l'egard and that it will relmbutSe the Trustee for ordinary and necessary expenses incurred by the Trustee In connection therewith. Such fees and reimbursements of expenses shall be paid directly to the Trustee promptly upon receipt of [nvolces therefor. The Corporation agrees to Indemnify, defend and hold harmless the Trustee from and against any and all losses, claIms, damages, taxes (Including Interest and penalties), coou and expenses (Including reasonable attorney's fees, whether prior to, during or after trial or in the event of any appeal or In connection with any Insolvency proceeding) and lIablllt[es arising from, or In connection with, or as a result of or predicated upon the acceptance by the Trustee of its duties as such, the Issuance, offering, sale or delivery of the Bonds by the Issuer, the execution and delivery or acceptance by the Trustee of the Indenture, the assignment by the Issuer to the Trustee of the Loan Agreement, tht performance and observance by or on behalf of the Trustee of those things on the part of the Trustee agreed to be performed or observed thereunder, or the acquisition, construction, Installation, occupancy or use of the Project, or the conduct LKL-03/13/89-280 88-2 82 I) -45- I f t ( i . ~;",.~ ~"'."'~' ~#Jo,.... . . ,.f',.....4.Qh,.~...~ ....~,-;> ~~" w" . . , '.' ,. · '. 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'","{ \1 ...,~,..tI: <I,..:,'!"~:,"f g~~~~f;~.-i)"l:{~~~~\;~'~~fY~'i;:{~/~':. ,~~ :::,~ ~~!.;.:~:r:/ ~~.: ~/ ..~: :~.I,: ~:':1' t', f.) ~"~'ri :'~,:~ ~ Ii ~\.~~ :.: ~~,r,\~.~~. >. <~.~:~: ~~ ~.:~~ ~':1,1{/::~,~(\~~~~~i,~~~~~~~~1::,;;i~{:1lr'l:t:4~\;',~~,~~~ ;~:~~;if~~~)i~~~'~:n;\:~~~~~~:;~'l~/t~~\~!~~'};:r-~~::?'';,:::t:,~;:t~'~',;}.~Ar;:,~;:['q:1;t} f?{~f~Y:S1~~~;)t~~~t~~'~{~~J~tf~~~~~g~t.~~;! . - t..:, '~~~~<(':'h'!~.J~'t:"'::Ji1jt..'~~I,..1\.: "IT.~:I ,'.,\I;:";.;i"~ ..,;~~L:).~,~.\\:. :...., .',', .';' 'i'~:~:'~.~::\1...,,\.~';,")~;:,..I,.,,:: "_{';.:-:(/'7:;.'I.~:',~t~t.,,\~.:<]:,:~!(1.r;:';k: '~')~~~';lJ/f'\-;<iW~l~iiJ,;,e'*'{1:iiii21:~~".' ~ · :.I1.,;:y:-:,,',: ;.,;,;,: ': ,) ~ . ,,:..' ; ::;;>: ; :'.;';"':', ,.;,>.:;,:~ ,~:,~~,\~~ ;: ,,", ,:,;;:;:~,;~",~'!.';:S' :}t~:;:~r';<'1f,l .j " ~~t4'~i~j~~1~:tr~~;'\~;;'~i:t;:,:,.';, : :"(,~;~'::/~ /:,:"t~ .~: '~':: ,:;:' \. i. l'>:i.-:X;; /:/ :~ :,t,::~~~~;~:{i~'~~~ :'\\,~i;~;;-:~\:?;~2 .u~~,,~.;':;;~(~~;~~1lj ~,>!" _AX' o \;.;;;iJ @,., -"/" '" of the Project Enterprise. NothIng in the foregoIng indemnity shall protect the Trustee against its own negligence or willful misconduct. If the Issuer or the Corporation defaults in respect of the foregoing obligations described In this Sectlon 10.04 (including but not llmited to, the obligation to pay the Trustee's fees and expenses) the Trustee may deduct the amounts owing to It from any moneys coming Into its hands before making [Jayment on any Bonds. The foregoing provisions of this Section 10.04 shall survive the payment, prepayment or redemption of the Bonds and the termination at the Loan Agreement and the Indenture. Sectlon 10.05 No Duty to Renew Insurance. The Trustee shall be under no duty to effect or to renew any insurance polley nor shall it Incur any llablUty for the failure of the Issuer or Corporation to require or effect or renew insurance or to report or file claIms of loss thereunder. Section 10.06 Notice of Default; Right to Investigate. The Trustee shall, within ninety (90) days after the occurrence thereof, give written notice by first class mall to Registered Owners of Bonds of all defaults hereunder known to it, unless such defaults have been remedied; provided that, except in the case of a default in payment of principal or interest on the Bonds, the Trustee may withhold such notice so long as it in good faith determines that su~h withholding is in the interest ot the Bondholders. The Trustee may at any Ume (but shall not be required to) require of the Corporation and the Issuer full InformattoD as to the performance of any covenant hereunder; and It . Information satl~factory to It Is not forthcoming, the Trustee may make or cause to be made, at the expense at the Corporation, an Investigation Into the affairs of the Issuer nnd the Corporation related to this Indenture and the Project. Section 10.0'1 Obligation to Act on Defaults. The Trustee shall be under no ob1Jgatlon to take any action in respect of any default or otherwise unless it Is requested In writing to do so by the Registered Owners of at least twenty-five percent (2596) in principal amount of the Bonds then Outstanding and, If in Its opinion such action may tend to involve expen!:le or liability, unless it is also fUl"nished with indemnity satisfactory to it. Section 10.09 Reliance on Requialtlons, etc.. The Trustee may act on any requisition, resolution, notice, telegram, request, consent, waiver, certificate, statement, affidavit, voucher, bond, or othel" paper or documents which it In good faith believes to be genuine and to have been passed or signed by the proper persons or to have been [Jrepared and furnished pursuant to any of the provis[ons of this Indenture; and the Trustee shall be under no duty to make any investigation as to any statement contained in any such Instrument, but may accept the same as conclusive evidence ot the accuracy of such statement. Section 10.09 Trustee llay Deal In Bonds. The Trustee may in good faith buy, sell, own, hold and deal In any of the Bonds and may join In any action which any Bondholders may be entltled to take with like effect as If the Trustee were not a party to thll Indenture. The Trustee may also engage in or be Interested In any financial or other transaction with the Issuer. LKL-02/15/89.2 8 088.28 2 5 -46. ," ~II.~.- ....~. . '.''':~t ' '" .- , ) , t. .,1 , . ., ., e (i) Section 10.17 Merger of Trustee. Any corporation tnto which any Trustee hereunder may be merged or with which It may be consolidated, or any corporation resulting from a,ny merger or consolidation to which the Trustee hereunder shall be party, shall be the successor trustee under this Indenture, without the execution or flllng of any paper or any further act on the part of the partles hereto, anything herein to the contrary notwithstanding. Section 10.18 Reports of Trustee. The Trustee shall provide such reports as may be reasonably required by the Corporation and the Issuer, Including satisfactory evidence of compliance by the Trustee with the Investment Instructlons, and Including a list of monthly activities and a list of securities held for the account of each Fund hereunder. 'I, . f ~ , , I, , . ,I , ' el . I ,,, : " ' ~ . / '. I : . .,. . . . . ", ' . LKL-02/15/89-280BB-282'S , ~. -48- II ". ./ ,,' Sl it> ARTlCLB XI ACTS Oil BONDHOLDBRS , Section. 11.01 Acts or Bondholders. Any action to be taken by Bondholders may be evidenced by one or more concurrtmt written Instruments of similar tenor sllJIled ,or executed by such Bondholders In person or by agent appointed In writing. Tbe tact and date, of tbe execution by any person of any such Instrument may be proved by acknowledgement before a notary public or other officer empowered to take acknow- ledgements or by an affidavit at a witness to such execution. Any action by the Registered Owner of any Bond shall bind all future Registered Owners or the same Bond in respect of anything done or sufCel."ed by the Issuer or the Trustee In pursuance, thereof. " , \ ' t, ; , . :, , ,. \\ .... '.! . i '\ . I " '.'" .' . \.' '" I, LKL.,OZ/15/89-2 8088-2 825 -49- "'. 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'jit;1tr-",~,.i}.s..\t""I':o...rli';' '.~ ::'Jf.J. ~&"j.:/;.:o"';:l.<' ;'..' j'~..,~ :r~., T l~ H., . l.J <~.~:~t'''' '.\,; ...:{;. \. ."1 ~"':}~-"'1~(\"'\~~:v.~.".<~,~, .:;.r:~~. ~~iH.r~l,'1 ':J;l 1-i:""""t1~~~ ~:,,'i\ .I:'r;.)~. it't.l.,.t\!,~:,~;~,:~;,~~:..~~.. J:~ t ~ ~. ,~., ~~ it/:~':" <.;r.:~~r..:, : :. II ~:.... t . ~,..... :i>1 :'},..,. \-;.~. -~, i~" .\<: .:. , .~ ~S;'~L..oc ;f;; >,~ ~''';.I''\ .::t:; ;.,;.i'-~.<~ ~~'! \.t.Jll1 . .~. ~.,~ " ~ ~I ~ V ARTICLB xm DEFEASANCE Section 13.01 Defeasance. Whenever all Bonds Outstanding hereunder and all sums payable hereunder by the Issuer shall have been paid, or provision satisfactory to the Trustee made tor such paymen tt bY' depositing with the Trustee an amount, evidenced by cash or investments described In Paragraphs At B, C, D, or E In the definition ot "Investment Securltles,t' redeemable prior to maturity only at the option or the holder theL'eoft [n an amount which with the Income earned thereon wlll be suttlclent without reinvestment to pay all principal of, Bnd redemption premium, If any, and Interest on the Bonds to maturity or prior redemption, and all other sums due hereunder, then the right, title and Interest ot the Trustee herein shall cease, determIne and become void, and thereupon the Trustee upon the request of the Issuer shall satisfy, release, cancel and dlecharge the lien of this Indenture (except as provided in Section 13.05 hereof) and reassign and retrarnlfer the Trust Estate created in this Indenture to the Issuer and shall execute and deliver to the lDSuer such instruments and take such actions as shall be requisite to evidence the satisfsation l1ereot and effect said reassignment and retransfer; pl'Ov[ded, that If the Trustee shall have applied any of the Collateral under the Collateral Pledge Agreement - Fisher Endowment for payments under the Indenture, which have not been rel,1aid to the Corporation pursuant to the Collateral Pledge Agreement - Fisher Endowment, then the Trustee shall Mslgn and transter the Trust Estate to the Corporation to occure such repayment. The Trustee shall take any such action only upon receipt of (l) II. certificate at the Issuer (which may be given in reliance upon a certificate of the Corporation) and an opinion of Counsel, each stating In substance that In the opinion of , the respective signers all conditions precedent provided for In this tndentur~ relating to such defeasance have been complied with, and (II) an opln[on of nationally recognized Bond Counsel stating In substance that such deposit wfII not adversely affect the exclusion from gross income for federal tax purposes of interest on the 1989 Bonds. Section 13.02 Deposit of Punds. If the Corporation or the Issuer shall deposit with, or to the satisfaction of the Trustee make available to, the Trustee funds In the necessary amount to pay the prlnc[pal of, and Interest on the Bonds to maturity or to a date fixed for redemption, Including, at the option of the Corporation, Interest or income to be earned on the deposit or Investment of such funds [n the tnvestmerit Securities desaribed in Section U.Dl hereof, which will be sufficient without reinvest~ merit, together with the funds so invested or depositedt as evidenced by a certificate of an Independent certified public accountant or a firm of such accountants acceptable to the Trustee, to pay the principal ot and redemption premium, it any, and Interest on the Bonds at maturity or on the date fbed tor redemption, with Irrevocable dlreatlon so to apply the same, subject to the provlsloM of Section 13.01 hereof, whether at or prior to tile maturity or the redemption date so fixed, then interest on such Bonds shall cease to accrue on suah maturity date or date fixed tor redemption, as applicable, such Bonds shall be deemed to be paid and no lunier Outstanding hereunder and, thereafter, from the date of such deposit, the Registered Owners of the Bonds shall be restricted to the funds so deposited for payment thereof; provided, however, In the case ot redemption, the notice LKL-08/03/89~280BB~28 25 -51- -- , ""''!-ii-.I':'I'!t!jW~~~'~'~V(t' ",. -'~"".""'"'''''' 1" ''tf',~''~j'''.j4. 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I: .~,"~ ':"l..~.:if''';' '-\'.ii.,: ",>I:-;'~;\r; It~~"'j.~~~~~~~b\,!.r}:~'~t\~~~,~,*~' '''''.,,\'''i\u,.~''.~.'.'':I'I,....~'ll.~' . . ~ . . '1' .;~.: '~,~:,I.~,..~.~';~""""'...;"": ,:::~..t, ~f~)~-I-.t:.H~~'''- J)~)~:r: Sl'J-M~.I.~t -~'- .;.~-- :-c h' ", -'- ,.f ~1lT<'''' r~ ~~:;,~;:~ r~p,' ;t'!!ll,lf~\'q, '<" 1";.:1', .l~(\ l\'~':-C;' ~:!'.;..: tt~i r~{~tl.~i~~.......t'l' t~:,{I';\'.K",! t'~~ ;!~~'~1f'k~fi\ \~! .1If'~J',~t) ::3" .... ~ . '_,"I~.!',Jt...,,!o... ..t,.J.:. -'it- in.~,!.t "-( C>..... '.f" t,io' .-d1--J- :L~~ ....J-...1~~c"t.1, ~;~.I;.... yt:~l11 ~~~l~!.~'~~~!~i 'I: ;,~~,~~ ~": ~\l>, ,:~ ~\,..",' \,Z.L1.(:,;;.-, " -..' ;~J;.,~"'/,(I!."'iL(~'.;' ......- ,I~ ~~ \. ~'~~'.ll'i~J\.} r')II".t~'~Rr?F~:0"',. ~:~ \....'....-:.~ ~,~: J r't. ~~t~~~'~.<J;i~ "?; .~:" ,4'.,:...1h .~i':;~, or.....,.l ~'U ~.....n-~.-..",f f.r"~~-l~~I!-;r;r:"',""':1'. ~ .. p ",." ~{"\'"t;'N"l. f(~,,~;:lM : " ~ ARTICLE XIV MISCELLANEOUS PROVISIONS Section 14.01 Limited LlabUltr; No Personal Recourse. Neither the faith and credit at the Issuer, or the State or any political subdivision thereof, nor the taxing power of the Issuer, thc State or any political SUbdivision thereof Is pledged for the payment of the principal of, the interest on, or the premium, it any, payable upon the redemption at, the Bonds. The Bonds shall not be or constitute a general obligation or a pledge of the faith, credit or taxing power of the Isauer, the State or any political subdivision thereof, or a lien upon any property owned by or situated within the Jurisdictional territorial limits of the Issuer, except upon the Trust Estate but shall be special limited obligations payable solely from the Tl"Ust Estate. The Registered Owners of the Bonds shall never have the right to require or compel the Issuer, the State or any political subdivision thereof to (l) levy any ad valorem taxes on any property to pay the principal of or premium, if any, or interest on the Bonds or to make any other payments provided for under the Loan Agreement or this Indenture, (ii) pay the same from any funds other than tho!e pledged under this Indenture, in the manner provided therein or (Iii) require or enforce any payment or performance by the Issuer as provided by this Indenfure or the Loan Agreement unless the Issuer's expenses In respect thereof shall be paid from the Trust Estate or shall be advanced to the Issuer for such purpose, and the Issuer shall receive Indemnity to its satisfaction. No covenant or agreement contained in the Bonds or this Indenture shall be deemed to be a covenant or agreement of any member, official, agent or employee of the Issuer In his individual capacity, and neither the members of the governlnlf body of the Issuer nor any official executing the Bonds shall be liable personally on the Bonds or be subject to any personal liabillty or accountability by reason of the issuance at the Bonds, all such liability being released as a condition of, and as a consideration for, the ~xecution of this Indenture and the issuance of the Bonds. Section 14.02 No Rights Conferred on Others. Nothing herein contained shall confer ,any right upon any person other than the parties hereto, the Corporation and the Registered Owners of the Bonds. Section 14.03 lliegal Provl!tons Dlsrqarded. If any term or provision of this Indenture or the Bonds or the application thereof for any reason or circumstances shill to any extent be held to be Invalid or unenforceable, the remaining provisions or the application of such term or provision to persons and situations other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision hereof and thereof shall be valid and enforced to the fullest extent permitted by law. Secrtlon 14.04 Notices to Trustee and Issuer. Any notice to or demand may be served, presented or made and shall be deemed to have been sufficiently given or served for all purposes by being sent by registered United States mall: If to the (ssuer, c/o City Manager, 112 South Osceola Avenue, P.O. Box 4748, Cleuwater, Florida 34618; If to the Trustee, 111 Madison Street, Tampa, Florida 33602, Attention: Corporate Trust Officer; LKL.03/13/89.280 88-2825 -53- ~ ":'~~ u~ ';~ '~~~ h.",..'i~,~i~ ~';'> :~"~:z..:.:..~c~~.::~~~'>~i~ "...~1\c._..~ e ~ receIpt therefor, and such Registered Owners of the Bonds shall thereafter have and be limited to a claim against the Corporation or Its legal successor for any claim which they may have to any portion of said funds; provided, however, that the Trustee, before being required to make any such payment to the Corporation or its legal successor, may, at the expense of the Corporation or Its legal successor, cause a notice to be published once in an Authorized Newspaper stating that such moneys remain unclaimed as aforesaid and that after a specified date they will be returned to the Corporation. SeatlOD 14.11 Limitation of the bsuer's LiabUlty. Notwithstanding any provision or obligations to the contrary In the foregoing, the liability of the Issuer for the payment of amounts due hereunder, or for claims, llabutties, costs, fees, penalties, taxes, interest, commission charges, Insurance and other payments of any kind, nature or description provided herein, shall be limited to the enforcement against the Trust Estate granted the Trustee herein, and the lien of any Judgment entered thereon shall be so Umlted and the judgment docket and index shall be so noted. Section 14.12 SubstItute Payment Date. In any case where a payment date, Is not a Business Day, the payment of principal or Redemption Price, if any, of, or interest on, the Bonds may be made on the next succeeding Business Day with the same force and effect as if made on such payment date. ,\ ' . I LKL-08/03/89-280BB-2825 -55- , ~ " , ' , ! ' " , " \ " , ., \ , I' ,1 " ,< , , " ~ ..' €> ,l .1 .,' , , , , , ' 'LKL-02/15/89-280BB-2825 BXlDBlT B itemized Statement ot Costs ", I" , -51- ~ ~ " \', 0, ,.", , , " ,'. Ie , I ., , I >.... ,"" . 9 LOAN AND SECURITY AGREEMBNT between CITY OP CLEARWATER, PLORIDA and THE CENTEa POUNDATION, INC. Dated as of August 1, 1989 $2,500,000 City of Clearwater, Florida Center Founda.tion ProJe~t Revenue Bonds, Series 1989 I, t, J' ," s Exhibit D ,J 0' .':Jtf.:.. ,~ ' @ $2,500,000 CITY OF CLEARWATER, FLORIDA CBNTBR POUNDATION PROJBCT RBVENUB BONDS, SBRIES 1989 LOAN AGRBEMBNT . Parties and Recitals ,............,......................................."......................".................... 1 Section 1.01 Bectlon 1.02 Section 2.01 Section 2.02 Section 2.03 Bectlon 2.04 Bectlon 2.05 Section 3.01 Section 3.02 Section 3.03 Sectlon 3.04 Bectlon 3.05 Bectlon 3.06 Sectlon 3.07 , Bectlon 3.08 ARTICLB 1 DBFINITlONS Definitions .....................................................................,................" 2 Interpretation ..............,...............,..............................,....,............. 10 ARTlCLB n LOAN PAYMENTS Principal Amount of the Loan .................................. 11 Loan Payments ............................................"..................,...........,.... 11 Issuance of Additional Debt . . . · . . . . . . . . . . . . . . . . · · . . . · . . . . .. 11 Budget ............................".............."........."................"................. 11 Capital Campaign Pledges ..................................... 11 ARTlCLB m IBSUANCB OF BONDS; CONSTRUCTION OF THB , PROJECT; DISBURSBMENT OF FUNDS Agreement to Issue 1989 Bonds; Application of Bond Proceeds .................................. 12 Surveys ..................................."...................................,... 12 Construction of Project ....................................... 12 Payment of ' Project Costs; Disbursements from the Construction Fund ...,......,......... . ,. . . · · . . . . · . . . . .. . . . · . . · .. 13 Amendment of Project; Change Orders ................,......... 13 Warranty of Suitability by Corporation; Corporation Required to Complete Project. . . . . . . . ...... · . . ... . .. 14 Corporation to Pursue Remedies Against Contractors and Subcontractors and Their Sureties ............................. t . .. . . . . . · . . . . . · I- . · . . . . . .. 14 Completion of the Project ...................................., 14 -1- Section 4.01 Sectlon 4.02 Section 4.03 Section 4.04 Section 4.05 Section 5.01 ~tlon 5.02 Section 5.03 Section 5.04 Section 5.0S Section 5.08 Section 5.01 Section 8.01 Section 8.02 Bectlon 7.01 ~ ~ e ARTlCLB IV SBCURITY INTEREST Security Interest .....................,....."...........................,........... iii.. 16 General Obligation ........ . . . . · . . . . . . . . . . . . . . · . . . . · . · . . . . . . .. 18 Pledge ....."....................................................................,................... 16 Assignment by Issuer ....".............."...............................". - . .. .. · .. .. .. .. 'I" 18 Priority of Security Interest . . . . . . . . · . . · . . . . . . . · · . . . · . · . . . · · . .. 18 ARTICLE V PAYMENTS OF ADDITIONAL SUMS Additional Payments ......................"...........,..............".,................... 17 Payment of Taxes, Assessments, Etc. . . . . · . . . . . . · · . . . . . . . . · · . . .. 17 Adv8Jlce Payments · .. .. . . .. . . .. .. . ,.. .. .. . · .. .. .. .. iii .. .. .. .. .. .. .. .. .. . " ". .. .. .. . .. . .. .. .... 18 Payments UncondItional 'I" iii " .. " .. .. . " . .. .. .. . .. .. .. .. .. .. . .. . .. .. . .. , .. .. .. " " .. .. .. "' 18 All Payments Net . .. . .. .. .. .. .. .. .. . .. · · . . .. .. .. .. .. .. .. .. .. .. .. .. . .. . . . ... .. .. .. .. .. .. . . .. 19 Termination of Agreement ..................................... 19 Prepayments of Loan; RedemptIon of Bonds ...................... 19 ARTICLE VI TRANSPBR 01' PROJECT OR COLLATBRAL; MBRGER AND CONSOLIDATION Transfer at Project or Collateral ............................... 20 Transter, Merger and Consolidation ............................. 20 ARTICLE VB COLLATBRAL PLEDGE AGRBEMBNTS Delivery ot Collateral Pledge Agreements. . . . . . . . · . . . · · . . · . . . .. . . .. . · . . . . . . . ,. . .. . .. . . .. . .,. 22 ARTICLB vm INSURANCE, lHSUDANCB CONSULTANT, CASUALTY AND CONDEMNATION Seetton 8.01 Section 8.02 Section 8. Q3 Section 8.04 Insurance and Insurance COlUlultant ... . · . · . . . . . . . . . · · · . . . . . . . · .. 23 Casualty, Condemnation; Loss of Title . . . . . . . . . . . . . . . . . . . . . . . · .. 25 Proceeds of Hazard Insurance .................................. 25 Eminent DomaIn . . . . , . . . . . . . . - · . . . . . ,. · . . . . . . . . ,. . · . . . , · · · ,. . . .. 26 " -n- ~. ' ,;~~~~' '1\'\1r"''1t~ ~"'" .:' ~~. > .~\: .".,.. '~.' " ," . ' ~. 't'! ~...~ t-_ .~.~T~"~; '!~ "'.,' " ,..:.':,,':" ~L"_.b...""\o ~+'. 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" .; ,0 '" ':~,!' :.:; ,"-": " ":!' ,\:'r\:, "~(J':,,,),, ,',;'! ,llT~"':I'(.l\:~~>'Wf:~ ,.~,,? ~~;'~~~: :,:~:::\i~~~ .:,: ::'~\,!:;,~}}m;~:' :,:,::~~4~i; ::':', ;" ;:::;? :'~;"'~:.:'.::;I (: '..:, ~ ',.,:./~ ;'" ',:h; :l</?~ ':i:: ;::;:~ \,,:~:i ,~:;',~.~;%~(:~';'~] ~;;~~~1{~J... I ' ","\'. ~J,~~li~.1__7'''''(:iIH~.t;i:"0:v~~.lt''::I.::~/.:..~~':i...t:'\~':;;' ,'''t~.'')'''~ ):~rl'" '.,1; 1 \"'. 'J"'".." 'I,.,\.....~:,.. ~~~lj;.,'<..~~~'P....\~ ~.J/\..~,,..~~.~t1-:'t~I\~\~\~~'~f~,r;.. ri~.....,~~~?..t* ';,;>1 '1.I:'1~.<...I'.... ";;"-r;"-fi"-.o~, .. ~,~ . ._~ "', ~." .,' >, ~ - " , r?' ..f _.~ r A. '~""', l~:;;;t-l-'l-' or..~ ~.;t:i~~{~r?.ri~~~t~~,~tl~ :~'~h\~" \t~;"~~'\':f\!;:;: .q ~"~r'J~. < :~ >-,'. ~ <"~:~,,~ :" ~''i, ~ , \\ ~ "':' ~ ~i' '~'~;j' f .-- J- ..t : .. ~>~ ...~~ ~~J\ ,0:'" lo';i :; I.':" ~...~} 'f, i) I~.' _~ L}' ,t~~:{1 ~ ~~~~' 1','";~",,,'F\i."~~.~ -;,.......l.~.;t-'L:~~...-;.,: L"t'~'~I~~:'\"'P~ ,"'" {+~"-'''''fMiI~&L~ ." \ :'; ,~,~,......\,~::...q~, :...;i....:;:.'..I'+. j,\~.>.~ :,.ro..-....t~,.hh'-J-'1l;.'!lY>.a.;t,1 Q G LOAN AND SECURITY AGRBEMENT THIS LOAN AND SECURITY AGREEMENT, dated as of August I, 1989, by and between the CITY OF CLEARWATER, PLORlDA (the "[ssuer"), a municipal corporation created and existing under the laws of the State of Plorlda, and THE CBNTRR POUNDATION, INC. (the "Corporation"), a Florida not-for-profit corporation. WITNRSSBTH1 WHEREAS, the Issuer Is authorized under Chapter 166, Part lI, Plorlda Statutes, and other appllcable provisions of law, to Issue bonds from time to time to finance, the undertaking of any capital project for pur!;)oses permitted by the State Constitution; and WHEREAS, the conducting and operating of public recreatlonaJ, health and educational programs, and maintenance of property as public parks are recognized public purposes under Florida law, and will be carried on In the City of Clearwater through the operation of the Project (as hereinafter defined) by The Center Foundation, [nc., (the "Corporat[on") a not-for-proflt corporation organized and existing under Chapter 617; and WHEREAS, the Issuer has duly authorized the financing of the acquisition, construction and equipping of the Project (as hereinafter defined) by and at the expense of the Corporation, on the terms and conditions hereinafter set forth; and the wuer has further authorized the issuance and sale of $2,500,000 aggregate principal amount of Its Center Poundation Project Revenue Bonds, Series 1989 (the "1989 Bonda") the proceeds of the sale of which wlll be loaned to the Corporation to pay the Costs of acquiring, constructing and equip!;)ing the Project, as such CoatIS are hereinafter defined; and WHEREAS, the 1989 Bonds are Issued under and secured by a Trust Indenture dated as of August I, 1989 (the "Indenture" as hereinafter defined), by and between the Issuer and Plrst Florida Bank, N.A., as Trostee (the "Trustee"), whereby the Issuer and the Trustee have agreed that the Trustee shall receive the proceeds from the sale of the 1989 Bonds and disburse the same for the costs of the acquisition, construction, equip!;)lng and installation of the Project; and WHEREAS, under and pursuant to the Indenture, the Issuer has assigned to the Trustee, as security for the payment of the prlnclpaJ of and premium, If any, and interest on the Bonds and the fees, expenses and advances of the Trustee, and any other sums payable by the Corporation pursuant to this Agreement, all of the [sauer's right, title and interest in and to the Trust Estate as hereinafter defined, Including this Loan Agreement and all amounts payable by the Corporation hereunder, except certain Reserved Rights, as hereinafter defined; HOW, TBBRBFORB, the parties hereto, Intending to be legally bound hereby and in consideration of the mutual covenants hereinafter contained, DO HEREBY AGREE to all provbions contained In this Agreement. L KL-O 1!18/89-280AA -2825 Rev.Ol/24/89 Rev.02/1S/89 Rev.03/13/89 Rev.08/03/89 -1- ..a.~~~.~}l ,.:?~. 'l~:~'1""'!i;:::p;....:~.'~'.+'~"~~~~;/.~~;,'~;~~"~ .~o'~'.: ~ ..'...l"'.....~. ca A V D. PremIums tor contract bonds and insurance during construction and costs on account of personal injuries and property damage in the course ot construction and insurance against the same; B. Interest during construction and for a period not exceeding one (1) year after completion of construction of the Project; F. Market!ng and consulting fees and expenses and other administrative expenses during construction, Including compensation and expenses of the Trustee; G. Printing, engraving and other expenses of tlnancing; H. Costs, fees and expenses in connection with the acquisition of real and personal property or rights therein; I. Cost of equipment purchased by the Issuer or the Corporation and necessary to the completion and proper operation ot the Project; and J. Amounts required to repay temporary or bond anticipation loans made to finance the costs of the Project. [n the case of refunding any Bonds, "Cost" includes, without limiting the gcnerallt}" of the foregoing, the Items listed In C, F and G above, advertising and other expenses related to the redemption of the Bonds to be redeemed and the Redemption, Price of such Bonds and the accrued interest payable on redemption to the extent not otherwise provided for. Whenever Costs are required to be Itemized, such Itemization shall, to the extent practicable, correspond with the Items ltsted above. Whenever Costs are to be paid hereunder, such payment may be made by way of reimbursement to the Issuer, the Corporation or others who have paid the same. "Counsel" shall mean an attorney-at-law or tlrm thereof (who may be counsel Cor the Corporation or the Issuer) satisfactory to the Trustee. "C(Junty" shall mean Plnellas County, Florida. "Debt Service Fund" shall mean the fund so designated which Is established pursuant to Section 5.02 of the Indenture. "Debt Service Requirement", with reference to a specified period, shall mean the amounto required to be transferred from the Revenue Fund to the Debt Service Fund during such period. "Event of Default" shall mean any of the events described In Section 11.01 hereof. "Plscal Year" shall mean the period of twelve (12) months ending June 30 of each year. LKL-08/03/89-280 AA -2825 -4- r____~_~~..----.--____~_________________~_~__._.____. __ _ .~-;..~______________---;_~__~ __~_____~__.______ _______ ____~___~_~~~-~ . , .>.." t'~~~","~4'K<"l7" ~,"1-.'t......,."..:', 'f..t"l";:.,-""f'r...."';\','~", .rl"''''~t:t:'\.,.'......~:,.,l':'. 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'. .,' '.-..:r~~~ t (1.~ .). t.'.,.;-: ~(\~~: ~~'~,~.~-;<~~ :,:~I~'. : . ~~>;~; ~:~~ r_i~~,;~~{,IJ ~ .~i~.~~~itt~B/.~~J;\;:~'(i.:~~~~r~~f~~~} I .i{~':~r:;~.r~ r?!t/~~(~~> f :~ ~:',~.~ ~ ':.~~' '.~';: :i~..~ ;:';.;:,!: ~:::~~~",:iT~J>': 1'.::~T~~:..i ;~fi~;:~i;1' ;~'~\:i ~f~::: ~': ~:~1: .~:~;:~:i!~r:~~~} ~ ~>~~ . ,(!j ,..t:v.rltl "\"~ " \'" ".,,,~ ,,,1, j,,', !".{;<, to .','..1" ...! ,.;, : ' :" <,~ , , 'I ' ' , r' "';'\' " '....' l, .-r '" 'h,' "" .~, ,"<0,' I ' ;:,', (~(,j;.,.~t 1 ,.:, ~,(,,/ ,r. ;. .;, I,~'. ,: ~\1~;i~ D,:/~ ~lt~~~r:h~i~~~:;:: ~'~~r:!~}' ,;~\"~:~~J,>~j,'!;\~j :,~ I::' ~.~":,:,:.: ;, ;<~ ;';)~:/t?;:~:~i~~',\~;{:~~~,\; ;~::\~~, >':'i~:W;;1~1f;~;{::~~~~;:J:ii~'1ZNK7. '~~ "~~l'~"it.~'H'i.~;:,.;~I;t.o;i~\..,':,!.~~'j"~-;",,,""1.,....h~....~~1("'\ ..}..~ '"1" '~f:~."~,. ':.. ':.'l- ~;:\.;-",~'+ i' t'" u '.i,r~.~...:.~j~~ ....\'~\'i+'dr;i'\~tf9-:t}~..f,., ~ "'~"'1,-~~r~''1 L,~ u.~ 'I,~...." ~~ ". .~ ~'u~ -'f.' <". . .", '-{....~' ._. \;o~ * fi.~., l...~ ~ h" ,.~ -..1 ~ ~ \'~'r.0~J:::. ",;\f~~, ~i':;i' h."I,-/~ '.~.,l':\ 'lotI ~. ;.; J ~ \~ .:. ,. (":...:.' .;' '1 ~ ../ '" .;:.; I r..::.' ;.' ' 0': 1 ',;" ?' ',:. ~l J1: .'.....\ .:! il"" ~.'. ,~.t : ~. '~~'~jS\~~,~~~7;i ~,r6'~ 1)4> , .j."_~~;J~!t:\'f;.1l~fjtJ~);-":~f;~'t:::-.",~!.~.t>~+\".~'r;.:,..iL1',~t....'+. :;'-;..;~':,';:~ "/.:~;.~~q:::~,^:: ~!'.J.:~~.:~::;';'<:.: '.~'o' 7:.~ .:~:;:L, ~j'-t...., ~ ;'1 ~:~t.~f~;r~~~)f}~i;t~~)'\~I~.~{lo~~.~"... ~"" . ~~., i t. '~~i: ~~<~,;~\f~:~~:' ~.:..(k~ :.~:), r:~: :~~ r'{ -\, I r< ,.,t '. J", ~! . /}. :.1: ~~ \>>: ";::S'-:'" ,~' ~ .:~'~r~~".1 .; '.'l~ .1.:., f{;-'~. \ [ ; \, . : . :' . ;~t!~ I~},'~~;it~ ~~1ta~~t~tJ'~41\ ~;;~~~i'+f{~~i~..b~ ,~' ";"';" . u'. ~. . , . .M...IIIf"lJ~"'F~' J ....~~.'-.:..~~~., "'. ".'. . ',. T...":~."-.,,~...ii......>1t.....~>~.1' o ~ \;;;;J "Funds" shall mean the Revenue Fund, the Debt Service Fund, the Operating Fund, the Rebate Fund, the Construction Fund and any accounts established In any of the roregolng ("Accounts"). "Generally Accepted Accounting Principles" shall mean those accounting principles applicable In the preparation of financial statements, as promulgated rrom time to time by the Financial Accounting Standards Board or such other body recognized as authoritative by the American Institute or Certlrled Public Accountants. "Governmental Obligations" shall mean direct obligations or, or obligations the principal ot and Interest on which are unconditionally guaranteed by, the United States of America. "GroS.! Revenues!! shall mean all receipts, revenues, rentals, Income and other moneys received by or on behalr or the Corporation rrom any source, whether or not In connection with the ownership or the operation ot all or any part or the Project, Including, without limitation, all operating and nonoperating revenues, and all rights to receive the same whether in the rorm of 6.ccounts receivable, contract rights, chattel paper, Instruments, gcnerallntangfbles or other rights and the proceeds thereot, the proceeds or any Insurance coverages on and condemnation awards In respect of the Project or any gain on the sale or other disposition or property; all of the roregolng, whether now existing or hareatter coming Into existence and whether now owned or held or hereafter acquired by the Corporation; and including all Capital Campaign Pledges. "Indenture" shall mean the Trust Indenture executed and delivered by the Issuer to the Trustee, and dated as or August 1, 1989, as amended or supplemented. "Independent" shall mean with respect to the Certified Public Account and the Insurance Consultant, a Persom (I) who Is not a member of the Board or the Corporation; (U) who Is not an ortlcer or employee or the Issuer, or the Corporation; or (Ill) which Is not a partnership, corporation or association having a partner, director, officer, member or substantial stockholder who is a member or the Board of the Corporation, or the Issuer, or an of ricer or employee of the Issuer or the Corporation; provided, however, that the ract that such Person Is retained regularly by or transacts business with the Issuer, or the Corporation shall not make such Person an employee within the meaning of this derlnitlon. "Insurance Consultant" shall mean a Person who shall be Independent, appointed by the Corporation or the Issuer, as the case may be, and not unsatlsractory to the other party or the Trustee. qualirled to survey risks and to recommand Insurance coverage tor organizations engaged In like operations and having a ravorable reputation ror skill and experience in such surveys and such recommendations, and who may be a broker or agent with whom the Corporation or the Issuer transacts business. "Interest Payment Date" shall mean, with respect to the 1989 Bonds, February 1, 1990, and each February'l and August 1 therearter. "Investment Banker" shall mean William R. Hough &: Co., St. Petersburg, Plorld!'.. , LKL-08/03/89-280AA-2825 -5- , ~~ -. , . .. ..~iI-....."-"", ~!f.~l,~ ~ .~~. -. ''''J11 iM4"':'~+I:'!;~'~ ~ .v ,,,,'.J' . 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':-..~ "J: !'!. i-U'" . ~~"r(j.~~~~~I'-?...~.<1~~t}:\~ .~::;~)":~:~)l/~lli"; ,/,;/: , ~ ~ ", :: :~}1t:t~~'f~: "'l'~~"i 1; i:~ ~f1~:} j~~:~:,'~~\~;}'; ~':;',~~(J~!1< ~:~~ ~1:41S~ ~~~~:.~~.rt\~~~J;:.' ~) ~:'. ~:1;,y~~\:t~~:,: ~t'\ 1'. :.' "''', t' ,:~~: ': \ :"~~/j ~ '..1' (~.~\;'L,.) c\),.;~~, >':.:1~~y.. ~;;),~~t';~~I~'r.Y~' If ~~.. ",.t '..~v'-"~ .,,'~I ....,.;.'~ ~ ....', .~._.. '~J-.. . ...' ..1 ~+, ~... ._ I ~ ~ "#0 .'l,i ,.,." " ~~~/.rt~~g1~: ~T~A,;;.~.I1:;'P':' e,\;;;::~ ;,\;:!.: l: ,~,;; ':'. :,; .',~ ",'ii'\:~;~/:'l:"'~ .';;/;'1; :~':\~ 1;':~\~:~~1;~~::'~*'!~'V~~(b ,. ~-l~~:~~.!; ~'=.; ...~~~J::~ .~\ ':: :~ :.~.!" .,?~..} ~'I' ~ ~"'.' r /-;\ ~:~.1; ~~ .~~. :.' .' :,:/;' ;' ~ , . ~~' ~' "f"'~LJ:t~\V~f"'f;. ~~~. :'~';;,,'l~::\ :-..:; S;.t.......l:..:~;:;'~~~,~ o\.~;~ :;fl"~ ~.~~,~ 'if'~l' ,!'1.~ ~"~~1.;i,.:~'~:,. \j~l. : \: Yf0J.;' ~ ~/. ':' ..~t.~'~' ,:\,' . \ t1. ~... .\:} ').1 /..}.', ~.' ~ . .,.V...t'4j:~l~.~~~ ~~i :J-\"'J.~.,1-""d~'~~~~ "-~~f~it \'\I!t. ......~ '~;' '.;.t l~....,. " .~,. .. "'l' t,l.......I"~"<. ,...~ ~ '....'f .,' ''''~'''''\I .'" .'/'0,....)'..\. ~;=jl\Np... . ".T. , ~~~~::'~1~1.. t7ij~~1~~.r~~~\.~ ~~~L. {o f \.il/ ~ .~t;;.~ ~ (~~r//~~ . :~.'.~",-,.:.. ~.~~.(':;- ~ ~iI"': ~;:..,," .. ~;;f:!~~.l.~ :.1i'n':t~t-.Lf' ;/f::f:t.~-{~};~~ I..$.r.-~:, ~~ '.(r ......,. 'Y\~"'-';j,..". . ,~~'\~\.' ....::-..;t'}~,... ...;. ':' ~~ . ~ ~,'~~" .",..' , "\':.'!."'-~'~."":,,~, ""'..{j"""':\~ ~ t A~~ 'I~~.\.",...~"..t~ P:J .:,\:'..:j"t:..\~"1 ,,'. .' " P 1'",.; ~ ;';i._. "..,:. -":. !.'.:\" r ..'.'-4.' '; . 0: ~.,l ,\,~ !!\. '[~:"'-i /~('?,~r!; 1 ':'+~:- '~1hl~ ,. ~f,<rf,...f".<!.7'~ ":It.......~l....J~J'"~~~~_.:~.#.o1t~,t..~.... ..'~,_''.... ~~~.f~ ;''''-i'''~J''''''; ".,l.-j....i'l"(t....:.' ',; ,:,.,)'.-t~/.t _'f~,..~;{~t-.... ~;.!! ~~V" ~\(...!.~; <-:fi'~'r''''i~'',., fk~'1: :~'~;'o.'l:f ;::"'{ : ~, ~ -':--~/l ~,,~. .} ,.. '"I. .' .: I .~ ',V d. . ',,< \r." \ .:,~; \'./ \t:~~ ~l/;:~~ \ I:.~~ ,-t'. ~":::'''I'~:H ......'""'~.J:\t: ':<..~....~:;'tr..~,""'l;} K...."..."'d"..ll' lJ"'~'" l' .~: !~~:':...h. :./':.'J,/"-1""11..\ ...~, ......,Ih 0, .. ~ ~ "Investment Instructions" shall mean the Investment Instructions executed by an authorized ottieer of the Corporation and delivered to the Trustee on the date of original deUvery of the 1989 Bonds, as amended or superseded from time to time. "Investment Securities" shall mean and Include any of the following securities, if and to the extent the same are at the time Legal for investment of Issuer fundsl A. Government Obligations; B. Mortgage~backed securities and senior debt obUgatloM 19.!ued by any of the following agencies or such other like governmental or government-sponsored agencies which may be hereinaCter created (so long as such agencies continue to be governmentally owned 01' sponsored)s U) the Federal National Mortgage Associatlom and (II) the Govern- ment National Mortgage Association; C. Public HOUSing Bonds Issued by public agencies or municipalities and fully secured as to the payment of both principal and Interest by a pledge of annual contributions unde1' an annual contributions contr.act or contracts with the United States of America; or temporary notes, preliminary loan notes or project notes issued by public agencies or munlclpaUties, In each case, fully secured as to the payment of both principal and Interest by a requisition or payment agreement with the United States of America; D. Obligations Issued by or guaranteed by any state of the United States if at the time of their purchase such obligations are rated In one of the three (3) highest rstlng catettOrles ("An or better) by either Standard c5c Poots Corporation or Moody's lnveatol'! Service, Inc. or, upon the discontinuance of either or both of such services, such other nationally recognized rating service or services; B~ Senior guaranteed investment contracts 01' senior general corporate obligations issued by (1) any bank or trust company organized under the laws ot any state of the United States of America or any national banking association (Including the Fiscal Agent), or a branch of a foreign bank duly licensed under the law3 of the United States of America or any state or territory thereof, or (Ii) any property and casualty Insurance company, in each case having a combined capital stock, surplus and undivided profits of at least $50,000,000, and whose senior debt is rated within the highest short-term rating category of Moody's Investors Service, Inc. and Standard & Poorts CorporatLon or long- term rating of a least AA by Standard & Poor's Corporation and As by Moody's Investors Service, Inc.; or negotiable ot' non-negotiable certificates of deposit, time deposits, repurchase agreements, Investment agreements or other similar banking arrangements, Issued by any bank or trust company (Including the Trustee) the deposits of which are Insured by the Federal Deposit Insurance Cor'poratlon, such securities to be secured to the extent Dot so Insured, as to principal and Interest or as to principal only (In accordance, with applicable provisions at the Indenture) by the securities listed in clauses A, B, C, or D above and [n a manner satisfactory to the Trustee and the Corporation, except that repurchase agreements shall be secured as to principal or principal and interest (as applicable) solely by Government ObligatiOns which are In the possession 0'( the Trustee or a third party acting solely as agent for the Trustee and In which the Trustee has a perfected first security interestJ and LKL-08/03/89-28 OAA-282 5 -8- Q @ F. Shares of open-end, diversified Investment companies (I) registered under the Investment Company Act of 1940, (tl) investing exclusively in Investment Securities of the types set forth In clauses A or B above, (Ill) maintaining a constant net asset value per share In accordance with regulations of the Securities and Exchange Commission, and (Iv) Individually having aggregate net assets of not less than $10,000,000 on the date of purchase; provided that the purchase of any particular Investment company shall be llmited to an aggregate amount owned at any time of $1,000,000. "Issuer" shall mean the City of Clearwater, Florida, a municipal corporation of the State of Florida. "Itemized Statement of Costs" shall mean the Itemized statement of costs for the Project attached to the Indenture as Exhibit B. "Loan" shall mean the loan made from the proceeds of the 1989 Bonds from the Issuer to the Corporation pursuant to the provisions hereof. ~Loan Agreement" shall mean this Loan and Security Agreement dated as of August 1, 1989, between the Issuer and the Corporation and all modifications, amendments and supplements thereto. "Loan Payment" shall mean the payments required to be made hereunder by the Corporation to the Trustee pursuant to Section 2.02 hereof. "Note" shall mean the promissory note of the Corporation delivered by the Corporation to the Issuer to evidence Its obligation to repay the Loan, In substantially the form attached hereto as Exhibit "B". "Officers9 Certtficate" shall mean a certtficate, executed as to the Issuer by the Mayor of the Issuer or his designee, and, as to the Corporation, by an authorized officer thereof. "Operating Expenses" shall mean all expenses required in the operation and maintenance of the Project determined In conformity with Generally Accepted Accounting Principles, including, in each case, without intending to ltmlt the generality of the foregolngz A. expenses of operation (InclUding, without limitation, all ututtles, maintenance, repair, alteration, Insurance and inspection); B. salaries, fringe benefits and fees and expenses for professional, managerial, supel"VIsory, administrative, engineering, architectural, legal, financial, auditing and consUlting services, including the reasonable annual compensation and expenses of the Trustee; C. sums payable to any Person, which sums constitute expenses of operation and maintenance; D. depreciation, interest and amortization; and LKL-08/03/89-280 AA -2825 -1- e ~ ~ Agreement, and will no longer constitute a part of the property of the Project; after such transfer or conveyance, the Project shall be the remaining properties, and additions and accretions thereto. "Project Enterprise" shall mean the business of operating the Project as a facility for the conduct and operation of public recreational, health and educational programs, and maintenance of property as public parks, and related purposes. "Rebatable Arbitrage" shall mean' the amount required to be deposited to the Rebate Fund in order to comply with rebate requirements of the Code. "Rebate Fund" shall mean the fund so designated which is established pursuant to Section 5.04 of the Indenture. "Record Date" shall meon the fifteenth (l5th) day of the calendar month next preceding any Interest Payment Date. "Redemption Price", where used with respect to a Bond, shall mean the prIncipal amount of such Bond plus the applicable premium, if any, payable upon redemption thereof pursuant to the Indenture. "Registered Owner", In connection with a Bond, shall mean the person or persons In whose name or names the partiCUlar Bond shall be registered on the books of the Issuer kept for that purpose In accordance with the Indenture and the Bonds. "Requisition" shall mean the form of requisition for payment of Costs of the Project,from the Construction Pund, attached in the Indenture as Exhibit "C". "Reserved Rights" shall mean the rights of the Issuer under this Loan Agreement to receive Indemnification, reimbursement of expenses and advances, legal defen.se by the Corporation of claims against the Issuer, and the non-exclusive right of the IS:5uer, independently of or Jointly with the Trustee, to require the Corporation to use the Project for Project Enterprises, to receive information and reports, and to perform such functions as the Issuer in its discretion deems advisable. "Revenue Fund" shall mean the fund so designated which 1:1 established pursuant to Section 5.01 of the Indenture. "Security Interest" shall mean the security interest in the Capital Campaign Pledges granted to the Issuer by the Corporation pursuant to this Loan Agreement, and any modifications or amendments thereto. "Site" shall mean the realty described In Exhibit "A" hereto, together with all appurtenances thereto. "Special Payment Date" shall mean the date established by the Trustee pursuant to the procedures set forth In the Indenture for the payment of defaulted Interest on any Bond. LKL-08/03/89-280AA-2825 -9- .. 4," W:.J..Ll~ ~ .........b...~J..-~ ,....""tn.... , .",..' ~ b~ ""-_,.__..... It'......., ';:~~...., ~. :~, >,+R. .~......."' '.' '--~~"'~"c",\."""""" ...~. 4Pl"l!I~~"""""'.-..A~......\.~.M~...a..t..u.~, -~' , '" ,'t.,~"" ...... ,~~ ~ ~ ~~~~..:'l'd..UJi~I~~'*~ . ~~..(.~.,....,~J1. t ffv~Yd~ 't~. .},.) ~\ i, .~ ",,:,": 1'" . 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""i'i: ,''''-r' ".', ',r r< " 'k;r' ,~,,' :.*~1~r.;r~~~~r~~:;~~~;!1~~?iil;'~J;~~~'!;:1i1i;!,~tfs~j;,~JI1~:f~\;;!1~\fli1I,ii~tIiw~~~II~ ' ~i ~1~l'$ll~.t..,t1";;'I''''''''''''"""",>""!",,,-,,, ""'i'I"', "'(0,"". <,",,;, ,"-' """,1"" ''''''~'('/~ h' "",,", '!I~""" '~"h{~ ;.",.,,~,~,,\ ;~~~YJij:;f.i ;"~''1':'~;''''''';;',.~"U,;,;:,~'l':::':: ~,\:,':'<:.., ..,' "" -,' ',';, ,"'\' " """';":'!"':r:~~';;L-::~~~:;.-!':;';:';!:: ~\"...!:':;.:..:~/.,l::,y::,,;;;'r,:--;~. ,Crt:r"" ,,~;\,.J'l,t;ij 'l"i(~t~::t;" 0 e f'I"~( "I. , ", }:,~ ARTICLE n .." LOAN PAYMENTS Section 2.01 Principal Amount of the Loan. In connection with the sale and delivery of the 1989 Bonds, the Issuer agrees to make and the Corporatior. agJ:ees to accept and repay a Loan In the principal amount of $2,500,000. The Loan shall be evidenced by a Note in the principal amount of $2,500,000 In the form attached hereto as Exhibit "B". The Corporation shall make payments In satisfaction of the Note as hereafter set forth in Article V and as provided in the Indenture. The proceeds of the Loan shall be applled as provided In Article III hereof. Section 2.02 Loan Payments. The aggregate amount of the Loan Payment that the Corporation shall make In each Fiscal Year shall be the aggregate of the amounts requIred to be paid to the Trustee for deposit In the Revenue Fund which, together with other money available In the Revenue Fund, will be sufficient to enable the Trustee to make the annual transfers during such Fiscal Year required pursuant to Section 5.01B, paragraphs (1) through (5) of thp. Indenture. In all events, the Corporation shall make Loan Payments at such times and In such amounts as are sufficIent to timely pay all of the princIpal of and premium, it any, and interest on the 1989 Bonds and all other sums requIred to be paId by the Corporation hereunder and under the Indenture. SectIon 2.03 Issuance of Additional Debt. The Corporation shall not Issue or incur any addItional debt secured by any part of the Trust Estate. Section 2.04 Budget. Annually, at least 45 days prior to the beginning of each of its Fiscal Years commencing on or after July 1, 1989, the Corporation shall prepare and cause to be deltvered to the Trustee, the Investment Banker and, it requested by the Issuer, to the Issuer a written budget In connection with the operation ot the Project, which budget shall contain an estimate for each such Fiscal Year on a monthly buls ot Gross Revenues, Operating Expenses, capital requirements and cash flow of the Corporation with respect to the Project Enterprise and Its obligations with respect to outstanding Indebtedness of the Corporation. The amount of the Gross Revenues to be Imposed and collected by the Corporation in connection with Its operation of the Project Enterprise set torth In each budget for each Fiscal Year thereafter shall be sufficient to pay all Loan Payments, all Operating Expenses, and all interest expense on other Long Term Indebtedness to the maximum extent feasible. Section 2.05 Capital Campaign Pledges. A. The Corporation shall pay to the Trustee, for deposit to the Revenue Pund, all Capital Campaign Pledges, promptly upon receipt. B. On the date of issuance of the 1989 Bonds, the Corporation shall certify. and assign in writing to the Trustee Its rights, title and Interest In and to specific Capital Campaign PI.Mges which by their terms are sufficient In amount, and are to be paid in cash to the Corporation In sufficient time, to provide tor timely payment of all principal ot and interest on the 1989 Bonds when due. C. Whenever any Capital Campaign Pledge has not been paid tn cash In the amount and on the date when due, the Corporation shall either pay to the Trustee sutflclent cuh, or certity and assign to the Trustee suffioient additional Capital Campaign Pledges to meet the requirements of Section 2.058 above. LKL~08/03/89-280AA-282 5 -11- - . ~~""~~:i~'~~'\W~:~;I'~I~.~..,r,,~,:,"'-'i'~~'~'~"'l->'~,""'Wn....-1,;;~t"!","R"..~'-~"'l'-"'''''' . "';>o;'-'l'f;';;"'l>"\'~"'i-'1':';'''''r'' ;,~ :~""~"",-"\'" .~..........,~,~.. ~...;.,..".. ~.",\ , -J"'>;'l'~';"''''''-:'' ~'''', ". ,"'"......" :V~....,,~......-~."l ' ~;Ml,., ',," ~ ',' <:: \~t~::~~,{':;: :5,,,,, '.' ,,:~.)~.::~ : ". ',' ~;{ ',:", \"~;:~" :"::',' H' .,' i';, c: ":: "', ~'..:~'. :'(' ,,'. ' ',~," ~ ',,' , ,r':" :"'..:,';::',>' ': :"'~,' j , :i", ,: :,';, ':~. " '." ::, :0)~'" ,,', ',:v ,;:~; ,,::;;x.;, :,:" :,::,',:;.' 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"".J"'.."';,..."~~ff*~:iQ~j!~ri~w~i%~~f.,~~S>" O Yo';. ..;:~.'lT't.~.;.cti-(..l. ~.':J,~.~. :\. ,...1.;1 ~ ~ e !~.:. ,(T"I..\...;l..~"'ti."!~J/./"'J.J'i. ' '.h.\. " . . '",' ~.+ .-:":/;.~:V-~.L~.) : t ~~~ ~. t:~ '\ ;J~'. '. , t~{:Jt~Y.fl : ~~"'1.~) ; ,.~J. ~:}f' c I ":,':":1 "'~7 ' " i , ~.' change as hereinafter provided, except that if the amount then on deposit in the Construction Fund shall not be sufficient to pay the cost of completing the Project, after taking into account the cost of such change or amendment, the Corporation shall first deposit into the Construction Fund an amount equal to such deficiency. (b) The Corporation may issue change orders under the construction contract, In connection with the Project, provided that each such change is in writing and Is approved by the Architect (such approval, in all cases, to Inciude a statement that the approval of any governmental authority required in connection with the change has been obtained), approved by an authorized officer of the Corporation and med with the Trustee. No amendments or change orders to the Project which cause construction Costs to exceed the construction contract prices thereto (plus any contingencies), shall be made unless there shall have previously been ftled with the Ti:'Ustee the approval of the Architect in the form referred to above and the approval of the Corporation, and, in such case, such approval shall state that the total estimated actual cost of the Project including the change can be paid from moneys available in the Construction Fund. The Corporation shall deposit Into the Construction Fund any additional funds required to enable the Architect to give such approval, from the general funds of the Corporation or any other moneys legally available to It, or in the form of an unconditional irrevocable letter of credit In form and substance satisfactory to the Trustee and the Issuer. Seetlon 3.06 Warranty of SuitabUity by Corporation; Corporation Required to Complete Project. The Corporation recognizes that since the Plans and Specifications tor conntructing and completing the Project have been relied upon in entering into this Loan, the Corporation warrants the Project wUl be suitable tor the purposes intended, and that the proceeds derived from the sale of the Bonds will be suWcient to pay in full all Project Costs. [n the event the proceeds del"ived from the sale ot the Bonds, are Insuttlcient to pay in full all Project Costs, the Corporation shall be obligated to complete the Project at its own expense and the Corporation shall pay any such deficiency and shall save the Issuer whole and harmless from any obligation to pay such deficiency. The Corporation shall not by reason of the payment of such deficiency fl"om its own funds be entitled to any diminution or postponement or abatement of the Loan payments hereunder, nor shall the Corporation be entltled to any reimbursement from the Trustee or the holders or owners of any of the Bonds for any such payment. BeetIon 3.0'1 Corporation to Pursue Remedies Against Contractors and Subcontractors and Their SUreties. In the event of default of any contractor or subcontractor under any contract made by it for acqUisition, construction or installation of any part of the Project, the COl"poration will promptly proceed (subject to the Trustee's Ildvice to the contrary), either separately or in conjunction with others, to exhaust the remedies of the Corporation against the contractor or subcontractor so in default and against his surety (if any) for the performance of such contract. The Corporation will advise the Trustee by written notice of the steps it Intends to take in connection with any such default. Any amou~lts recovered by way of damages, refunds, adjustments or otherwise in coMectfon with the foregoing shall be paid into the Construction Fund, unless the Project shall be closed, in which event such amounts shall be paid into the Debt Service Fund, for so long as any of the Bonds are Outstanding. Section 3.08 Completion of the ProJect. Promptly upon completion of the Project the Corporation shall cause to be dellvered to the Trustee a certificate of LI(L-08/03/89-2 80 AA -2825 -14- e @ occupancy' for the Project, and shall execute and deliver to the Trustee a certificate stating that (1) acquisition and construction of the Project has been completed In accordance with' the Indenture and Loan Agreement, (1I) all labor, services, materials, equipment, machinery and supplies In connection with such Project have been paid for, , (Ill) all faclllties necessary in connection with the Project have been constructed, acquired and Installed and all costs and expenses incurred In connection therewith have been paid, and (Iv) the equipment has been acquired and installed to the satisfaction of the Corporation and all costs and expenses Incurred in the acquisition and Installation of the equipment have been paid. Notwithstanding the foregoing, such certificate shall state that It is given without preJudice to any rights against any contractor or other person not a party to this Agreement which e:dst at the date of such certificate or which may subst'Quently come Into being. Upon the deUvery of the aforesaid certificate to the Trustee, the Trustee shall apply all moneys remaining In the Construction Pund pursuant to Section 4.04 of the Indenture. , 1 LKL-08/03/89-280AA-2825 -15- o CD Section 5.03 Advance Payments. The Corporation may make payments In adVBnce trom time to time, on account ot amounts payabie hereunder. All such payments shall be made directly to the Trustee tor application by the Trustee In accordance with written instructions of the Corporation not inconsistent with the provisions hereof and of the Indenture. Section G.Ot: Payments Unconditional. So long as any of the Bonds are Outstanding or sufficient moneys tor the payment of the Bonds in fun, including principal, interest and premium for redemption, if any, shall not be held by the Trustee pursuant to the terms of the Indenture in trust therefor, the oblfiatlon of the Corporation to make payments required hereunder shall be absolute and unconditional and shall not be suspended, abated, reduced, abrogated, waived, diminished or otherwise modlfted tn any mBJUler or to any extent whatsoever, regardless of any rights of setoU, recoupment or counterclaim that the Corporation might otherwise have against the Issuer or the Trustee or any other party or parties and regardless of any contingency, act of God, event or cause whatsoever and notwithstanding any circumstances or OCCUl"l'ence that may arise or take place after the date hereof, Including but without llmitlng the generality of the foregoIng: (a) its fac\Uttes; (b) the taking or damaging at any part or all ot the Project or any of the facUlties thereof, by any public authority or agency In the exercise or the power of or in the nature of eminent domll.in or by way of a. conveyance in lieu of such exercise or otherwise; any damage to or destruction at any part or all or the Project or any of (c) any assignment, novation, merger, consolidation, transter of assets, SUbleasing or other similar transaction of at' affecting the Corporation, whether with or without the approval of the Issuer or the Trustee; (d) the expiration of the stated term at this Loan Agreement pursuant to the pt"Ovlaions hereof, or the expiration at the Lease Agreement dated December 29, 1986, between the Issuer and the Corporation; (e) any failure of the ISlluer or the Trustee to [)ertorm or observe any agreement or covenant, whether express or implied, or any duty, Uabutty or Obligation 8r1sinlr out of or connected with this Loan Agreement, the Indenture, or the Bonds; (I) any acts or circumstances that may constitute 8 default by the Issuer, or a corutructlve talclnlr, or a foreclosure by the Issuer or the Trustee; (g) failure at consideration, failure at title or commercial truStl'atfon of purposeJ (h) any change in the tax or other laws of the United States or of any state or other governmental authoritYJ and (I) any tinal determination that the Interest on the 1989 Bonds is subject to tederallncome taxation. LKL~08/03/8 9-28 OAA-282 5 -18- o @ Nothing contained heretn shall be construed to prevent or restrtct the Corporation trom asserting any rights which It may have under this Loan Agreement or any provision of law against the Issuer or the Trustee. Section 5.05 All Payments Net. All payments and additional sums required to be paid by the Corporation hereunder shall be received by the Issuer or Its assigns as net sums and the Corporation covenants to payor cause to be paid or contestt In good taitht with the utmost diligence and without jeopardizing the receipt by the Issuer of such net sums, all charges against or which might diminish such net sums. Section 5.06 Termination of Agreement. When Interest on. and principal or the Redemption Price (as the case may be) ot. all Bonds Issued under the Indenture have been paid, or there shall have been deposited with the Trustee an amount evidenced by moneys, Investment Securities of the type described In paragraphs A through B ot the definition of Investment Securities, which with the Income earned thereon will be sufficIent without reinvestment to fuJly pay the Bonds. as weJl as all other sums payable hereunder and under the Indenture to the Issuer and the Trustee: (8) no further payments shall be due hereunder and this Loan Agreement shall thereupon be termlnatedj and (b) upon retirement of all Outstanding Bonds, the lien of the Security Interest created by this Loan Agreement and the Indenture shall be cancelled and any moneys remaining In any Fundb created under the Indenture shall be paid over to the Corporation; provided. that the obllQ'ations of the Corporation under Section 12.08 or thia Agreement shall not terminate. Section 5.07 Prepayments of Loan; Redemption of Bonds. (a) Prepayments of the Loan may be made trom the surplus proceeds ot the Bonds after completion of the Project upon the redemption ot Bonds pursuant to Section 7.02 of the Indenture. (b) Whenever Bonds are called for redemption pursuant to the Indenture. the Corporation shall pay to the Trustee an amount equal to the costs ot Trustee tn giving the redemption notice and tn making the redemption. LKL-DS/03/S9-280 AA-2825 -19- ' ",. . , . J.' '.. , \, " ' e ~ (3) Such merger, consolidation or transfer does not result In any default in the performance of Bny of the terms, covenants or conditions of this Loan Agreement or the Indenture; (4) The unrestricted fund balance of the surviving or transferee corporation shall not be less than the unrestricted fund balance of the Corporation Immediately prior to such merger, consolidation, or transfer. (b) Prior to any merger, consolidation or transfer, the Corporation shall deliver to the Trustee, the Issuer and the Investment Banker a certificate signed by Its President or Vice President demonstrating that all of the foregoing conditions have been !'.atlsfled. The surviving, resulting or transferee entity shall also execute and deliver to the Isauer and the Trustee an appropriate instrument expressly assuming tb.e performance or all of the Corporation's obligations under this Loan Agreement. ,; , LKLR08/03f89R280AA-2825 -21- .\ . I " '. . ',< '9~ (~~'."~~'~' ",".~ ", " ;;',.,"""."'., , "'liilt'.;.:.. ;','" "t'~"'~"""' 'I' .. < ;'':;;?jlr&,,'' ;i~" I":~:"'<-: I." J.k:" \ ~~V,,\\.;< "}.' .. ~;., !":' ,~, " , 'f~-iIJI*~",:", ('. ;,,~'~;71.~-:':A#,"~'.. ';, .. 'lj".:~Y:"-:)it~""l ~~ ~ i .. roC' ;.'" . \.' t.)..,,4 \)~ I);-~): '<. .,~." '-,.,. '" Ii 0;. .......~-.~.'f): ':... 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"\"'l!.; ,.",..~ "'f. ~.'L\~.f"'"~;/':r~."c.:.:. .~~ ..~~ '\~~., //~~~~~L~~P,:';';,~~~ .... . + ,..,."'...." ~I t..t- i, ' ;., ~ ~;~:~G:~it;;:C:~ ~r~~ ~,,1{ \.',:',..: - ~ . :' ~,~ ~,-':. ~J _....1 +;.,...... i ,;".r; l....~. ~~; .\t ; :1... .~: ~~:..\ I.'~ ",~'~~.'.' . i .~~. ". ~~ . ~ ,,.. h : (,.. ,-1" . .L', ~'::~.'~' :,~'I,'" ~~, '"..,:, ~,~,: , ' I .t ~' \. J :'".4 , ~' . . . tl ~ J (0 . .J ~ . . .'r .~:. \; f : :.i: ,'~"~ ~ " . " .' " , /I~~" '. @) Qi ARTICLB VD COLLATBRAL PLBDGB AGRBBMBNTS Section '1.01 Delivery of Collateral Pledge Agreements. Prior to or simultaneously with the Issuance of the 1989 Bonds, the Corporation agrees to enter Into the Collateral Pledge Agreements and to cause the Collateral described therein to be delivered to the Trustee. 1\ " ....~ '=, . , ' ," '~ . .(: . , r . ... .' . . Or' , 1 J,'-,: :\; h,'" .,..... .... .,;.. t' ." '.~:. ,. , / " , " LKL-OB/03/89':280AA-2825 -22- , .' 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"~;'.~U .~(if ~ '~ ',~~~t;f;~i~fi:5tf,~it;,;i:{f:t:,~,~Y},iK(fA'\::";",~,,: ':!,!", ~:;:,::' " :.-' ~),"\ it::; : Z3: ,;:'\, :: :/"~f~\~.;,;~~l;t V;[:~::,~~Y~::i'{':-;);,~\ ~\~/'~~J\~0f{,W'j' ,,"(i1f" I . "-~I:.. '. II~",,~' . ,> ~ . . >' ~ J l.. ~.^ ~~~. <,,~r"'I.::,+I,~~,,\., +.~' ..' .,~ .. ~ . , ~."-.., ':'1.) ..j...... j- 01~' 0,' ", o ~ (0 BoUer and machlnp.ry coverage (direct damage and use and occupancy) on a replacement cost basis where deemed advisable by the Insurance Consultant, or where otherwise required. (g) Excess llabUlty coverage, either straight excess or umbrella excess, covering excess of subsections (c) and (h) hereof to be maintained In force so that the total coverage available under each of the aforementioned SUbsections, Including this subsection, Is not less than $ for anyone occurrence and $ In the aggregata, per annum, for personal Injury, and $ tor anyone occurrence and $ in the aggregate, per annum, for property damage, which requirements may be met by any State mandated Insurance fund. The Corporation shall employ each year during the term of this Loan Agreement an Insurance Consultant. All policies ot Insurance and bonds required by this Section 8.01: (I) shall be in such amounts and shall contain such provisions as compiy with the foregoing requirements; or (II) shall have been recommended In writing by the Insurance Consultant, if higher, and In every applicable case shall contain standard mortgagee clauses; provided, however, that the Corporation shall not be required to Insure for risks not normally covered or carry insurance coverage in excess of standard requirements, If any, for facUlties similar In size, location and nature to the Project In the State. All policies and bonds shall provide, so far as the same may be obtainable without the payment of additional premium, that coverage shall not be reduced or cancelled without thirty (30) days' prior written notice to the Trustee. All policies of Insurance and bonds shall be Issued by responsible Insurance or bonding companies, acceptable to the Corporation and the Insurance Consultant, qualified to do business In the State and qualified under the laws of the State to assume risks covered by such polley or policies or bond or bonds ana shall be nonBSsess~ble. All policies of insurance required under subparagraphs (alt (f) and (h) above sholl be for the benefit of the Corporation and the Trustee, as their respective Interests may appear and shall be made payable to the Trustee. The Trustee shall have the exclusive right after Obtaining the advice and consent of the Corporation which shall not be unreasonabiy withheld to receive the proceeds from such Insurance and settle and receipt for claims thereunder. Policies evidencing the Insurance required by sUbpara. graphs (c), (e) and (g) above shall be tor the benefit of the Corporation. Fidelity bonds required by subparagraph (d) above shall be for the benefit of the Corporation and the Trustee, u their respective Interests may appear. The Corporation shall have the right to receive payments due and to receipt for claims under policies ot Insurance and tldellty bonds required by subparagraph (c), (d), (e), and (g) above. The original or a copy of each polley or bond or a certificate that the same hu been Issued and Is currently In effect shall be delivered to the Trustee. In the event that any Insurance required by this Section 8.01 Is commercially unavailable at a reasonable cost or has been otherwise provided, as evidenced by a certificate of the Insurance Consultant, the Trustee may accept such substitute coverage as Is recommended by the Insurance Consultant. In the event that the Corporation falls to maintain, or cause to be maintained, any insurance as provided In this Section 8.01, the Issuer or the Trustee may (but shall be LKL-O 8/03/89.2 8 OAA -2825 -24- *~~~!:'I"':~""'~'~1~'j~~'","~rl'r-" ..,...'~.,Mnt~~~?r.'tl".~";.> -;'''''l-,''' ,....'~.'W: :;'~~~' '1\"':'tl"'~YI-"~"'~~""""":":''''''''~~':r'~.'Nif'''J<l''~' ~\~..~, :.,' , . , ~<;,~~::?~i:,';~~~'.~':: <:'j,,?:~'.''''. ''.''':'~,':'.~..:,.:~ ",'i\',':!:~'''.'!.~ '::,':"~:.",', ~""""(l';::i" \,,\~v;',""": "~::r;t~'.:':r:\~",:":" " ";, ::p~').l.;;;l ""', f ~~l~k'.''."r::ro~'~i~"ii' \\r':'\;',:lr+.,-;:tif~i~,~~', '''1l'}:'Nr-/,'~Y~\~':,' '.\' ~,';, ',t, ;,;;t:<.:R;.' .;~~\~<.:~" w :', f:~!;\~-.r-:.J;'." >('~~' "':,,/-,:#: ;!/."A ..,..",\-~- -tJ'tt"". ~~. '.,'ilt1'~' ~~UtiVJ'\i.'~F'''''i''''<'~i.;..' .......1.... .~~~~.', t'" ..t,'Ff_., ~ f: "",. ~ 1 t 'J ':~~i~i'}l:~ ,~. ~~j. .J~'S~;~~ti: '~~J,:t~(~~~~.:.'~\ 1~t':~f?;t~:'~~;:/~~,~&~,~~;t(t./1h&t{~~~{;.~~~;/ ,~~ b W 1" ~~ . 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Ji:- \ ~'~!r"'''::'.' ;)"'~ ";:\"~ 111~l ~~~ ':';.- .f i _.~JJ'~l,,"l' ~"'~ ',r,..'--'>".1~~, ..,...~~~. ;',.'!I.,.qxJ'''''' .,~. ~ '-\,.. .~.' .J-~". ,; J~' -';'"'~''''''('''';J.'J;J-~''f~\P!"",,,,,t;tt\L~>f ,"<r~~~,~~l&:.'l:~\~j;:~~:~~~~~v~'~~ ":~~~:i:.~;;f,~I'~.r: ,,~ -;';'" ',,4, ~;i' . ~!; to ~.. ~: "..: ~ ~;!: ' .1 '. : .'.:': l~ ":.}1....;" ~ ~<.I': ~~.~~~.~ ;~'.,t~~:;: t.1\~.~?:\~\:k\;~\.!~;\1X~,~~N~;.,~ ~ ~_ <"....-;-\1.-i)~i1~.~."'I'~..-r~..-\,~. .L f"'f..t~ ......=....::-.1... .'. ~.- . ',. .. .~;../. ".'t' 'i'~'~"1Io" '~""JJ;/~...,.t~1 .,~l;.~t~ t :"-,.. ?~ II ~~~)~1~?~~r.1~t~~~~:"J~~~:;:;:,~~~X~~~~~;:~~~(~~f~~~:{fs'~~:~/{;~;~:,,;,~,:;.~ ;::~/,'. ~:~j ~:~{f:~;~~~N:{~}~~\M;;i11~~~~~j~~~i~~~~~:~.~J~ .:;..~'-l.}- /;, .V.J ,r,I;; ~ ...~' .~~'l: -' :I\~"':,"I\.... ,'~ ,...~~>> -n=t r. ~ .' ." I I I ;. ~ -t.., ,;' < ~ ~ ~<~ J . \~: ~: ,~,..'! '-.:.;'~ ~.-:';...~3~;';/;--.;/........ \;'":....~ ~-L\i ~;.., ~ ~ ~,.. ~., ~~ -:r f., . '. ~ ..'\:;f,,~ J: ... ,.. o V e under no obligation' to), upon such notice to the Corporation as Is reasonable under the circumstances, procure and maintain such Insurance, and any amounts advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Corporation to the one making such payment, which amounts, together with Interest thereon at the prime rate of the Trustee from the date thereof, the Corporation agrees and covenants to pay, and such payments and Interest shall be considered to be additional indebtedness secured hereby. Section 8.02 Casualty; Condemnation; Loss of Title. It the Project shall be wholly or partially destroyed or damaged by fire or other casualty covered by insurance required under Bectlon 8.01(a) or (0, or it the Project shall be wholly or partially condemned, taken or Injured by any Person, including any Person possessing the right to exercIse the power of or a power in the nature of eminent domain or transferred to such a Person by way of a conveyance in lieu of the exercise of such a power by such Person, 01' If any part of the Project shall be lost because of tallure of title, the Corporation covenants that It will take all actions and wlll do all things which may be necessary to enable recovery to be made upon such pollcies of insurance or on account of such takIng, condemnation, conveyance, damage, Injury or loss of title In order that moneys due on account of losses suffered may be collected and paid to the Trustee. The Trustee is authorized, In Its own name, as trushe ot an express trust, to demand, collect, sue, settle claims, receipt and release moneys which may be due and payable under such policies of Insurance or on account of such condemnation, damage, Injury or failure of title. Any appraisement or adfustment of loss or damage and any settlement or payment therefor, which may be agreed upon by the Corporation and the appropriate Insurer or condemnor or Person, shall be evidenced to the Trustee by the certificate and approvals set torth in Section 8.05 of the Indenture. The Trustee may rely conclusively upon such certificates. Section 8.03 Proceeds of Hazard Insurance. (a) Immediately after occurrence ot loss or damage covered by Insurance r.!Qulred under Section 8.01(a) or (g), the Corporation shall notify the Issuer, the Architect and the Trustee thereof and the Architect promptly shall determine and advise the Issuer, the Trustee. and the Corporation, In writIng, whether It Is practicable to repair, reconstruct or replace such damaged or destroyed or condemned or lost property and, If so. the estimated time and funds required for such repair, reconstruction or replacement. (b) If the Architect shall advise that such repair, reconstruction or replace- ment is practicable, and if, within ninety (90) days from the receipt of the Architect's report (or such later date as may be reasonably acceptable to the Trustee), the CorporatIon delivers to the Trustee (I) a written report stating that, In the signets opinion, based upon Intormatlon provided by the Insurance Consultant. or, if unavailable, based upon the Corporation's best Judgment of the net Insurance proceeds anticipated. the Corporation wlll have sufficient funds from the net procep.ds of insurance (Including use and occupancy Insurance and other available funds) to make the payments required under this Loan Agreement to pay the cost of repairing, restoring or replacing the portion of the Profect affected by such loss or damage and to pay all Operating Expenses until completion of the repair, reconstruction or replacement of such part of the Profect which , (s affected by such loss or damage and for the first full Plscal Year atter such completion, LKL-08/03/89-280 AA -2825 -25- ~~.--:-....;~' ",~~' ',L~.:S-~ '.~'i1'L '",.~~, ;:"'~!f~:''1','~~:~~r:'r~'l,:~,~~''':t~X'f'" '", - ~---~ ~-~-~ --- - --------- -------------~~-~------------- ---------------- -T-- --- -- - --------- -.-------~~~__r~_"'"?----T--~-.-~_T---~_~r_.~~..~:'V" ~,~~~M-.~~"ff~,:'..........~'..,-\r.(:'i; ~l~"'....'\.':r..,..:~;("t' ....:r~~00-"'"""7'f;\'.1~r....,~'ti~..'~t-.:.;J~l""~ ''': ..~~~~~1.':'!- ~ :f~." ..,~~~~ff'~~~.~~f~tf~l~~~t~~'i--lf.~~I.~c~~, ."". :.,\.<<. 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",",,' .. 1;-' ;.. ..r1.....~. o o or restoring the portion of the Project affected by such taking or conveyance and (II) a written report stating that, In the signer's opinion, the Corporation will have sufficient funds from the net proceeds of such condemnation award of other compensation (and from use and occupancy Insurance and other available funds) to make the payments required under this Loan Agreement, to pay the cost of replacing or restoring the portion of the Project affected by such taking or conveyance and to pay all Operating Expenses until completion of the replacement or restoration of such portion of the Project which Is affected by such taking or conveyance and for the first full Fiscal Year atter such completion, then: (1) The Corporation may elect to replace or restore the portion of the Project affected by such taking or conveyance, In which event the Corporation shall promptly proceed to replace or restore such portion of the Project, Including any fixtures, furniture, equipment and eUects, to Its original usefulness and condition Insofar as possible, provided that the Corporation has delivered to the Trustee (I) an executed construction contract for such work at a price not greater than the amount stated In such Architect's report and (Ii) cash or an Irrevocable letter of credit In an amount equal to the funds, If any, required by such Architect's report In excess of the available net proceeds of such condemnation award or other compensation and (Ill) the Items described In Section 3.03 hereof. The moneys required for such replacement or restoration shall be paid: (x) from the net proceeds of such condemnation award, or other compensation which net proceeds or other compensation (after deducting any reasonable expenses incurred by the Trustee or the Corporation in c;/iUectlng the same) shall be deposited into the Construction Fund and disbursed In accordance with the requisition procedure established under Section 4.02 of the IndentOre for payments from the Construction Fund; and (y) to the extent that such proceeds are not sufficient, from moneys to be provided by the Corporation~ or (2) The Corporation may elect to have such net proceeds or other compensation deposited In the Debt Service Fund and applied by the Trustee to the payment of Bonds as provided In Section 5.02B of the Indenture; (3) If the report of the Architect and the other written report required by paragraph (b) above are not delivered within the required time period, then the net proceeds of such condemnation aWard, or other compensation, shall be deposited in the Debt Service Fund and applied to the payment of Bonds as provided in Section 5.028 of the Indenture. Sectlon 8.05 [Reserved.] Section 8.08 Proceeds of General LiabUlty Insurance. The proceeds of all general liability and comprehensive automobile liability insurance required by subseatlons (e) and (g) of Section 8.01 shall be applied by the Corporation or the Issuer to the payment of any Judgment, settlement or liability incurred for risks covered by such Insurance. Any excess over the amount required for such purpose shall be considered Gross Revenues. LKL-08/03/89M280 AA -2825 -27- , I .i ' (!) e The proceeds ot all fidelity bonds collected by the Corporation shall be applied to restoring the revenues, receipts or income or the funds of the Corporation lost or depleted by reason of the action or tallure to act of any officer or employee of the Corporation. Unless the moneys or funds so taken or depleted shall be required to be restored to some specific fund or account, they shall be considered Gross Revenues of the Corporation. Beetlon 8.01 Insurance Consultant's Certificate. The Corporation covenants to furnish to the Trustee on or before the execution and delivery hereof, and thereafter at least sixty (60) days prior to the beginning of each Fiscal Year, an Insurance Consultant's certitlcate, flettlng forth amounts and types of insurance then In force with respect to the Profect and operation thereof, stating whether in the opinion ot such Consultant, such Insurance then tn force Is in compliance with such Consultant's recommendations made In fulfillment of the requirements of Section 8.01 hereof, and stating the amounts and types of Insurance which It would recommend be maintained during the next ensuing Fiscal Year. The Corporation covenants to maintain such amounts nnd types at Insurance as recommended by the Insurance Consultant. LKL-.oS/03/89-2 BOAA-2S2 5 -28- ;c' .: I ~ .'!: " , \i. , " " 8 , , j '. ~ ", " . 'LKL.08/03/89-280AA-2825 .' , .. 8 " . 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""'<~'''''!~J ~~tl"t~~rl:\"'<"''')tj? ....' o Q ARTlCLH X RHPBESENTATlONS AND ADDITIONAL COVENANTS OF THE CORPORATION Section 10.01 Consultants. The Corporation covenants to employ, or cause to be employed, such consultants from time to time as may be required to carry out the provisions hereof. Such consultants shall be approved as herein provided by the Trustee, which approval shall not be unreasonably withheld. As provided herein, such consultants shall Initially consist of a Certified Public Accountant and an Insurance Consultant. Beetlon 10.02 Audits, Budgets and Reports. The Corporation covenants to provide the Trustee and the Investment Banker and, if requested by the Issuer, the Issuer and (with respect to the reports described tn subsection (b) only) any Bondholder so requesting with: (a) following completion of the Project within thirty (30) days after the close of each month, unaudited monthly statements of the Corporation's operations; (b) annual audits of Its accounts reported by the Certified Publfc Accountant within one hundred twenty (120) days of the close of each Fiscal Year including a calculation of compliance with Section 2.04 hereof; (c) following completion of the Project annual budgets for its operations for each Fiscal Year, prepared and delivered at least thirty (30) days prior to the start of each such Fiscal Year; and (d) following completion of the Project within thirty (30) days alter the close of each month, monthly cash rIow statements setting forth actual cash now for each elapsed month of the Fiscal Year and projected cash flow tor each month for the balance of the Fiscal Year Bnd comparing budgeted to actual operations. Section 10.03 Constntctlon and Maintenance. (a) The Corporation covenants to maintain or cause the Project to be maintained in good repair and operating condition, to operate, or to CBuse the operation ot, the same continuously in an economical and efficient manner, to make or CBuse to be made all ordinary repairs, renewals, replacements and Improvements in order to maintain the same as an adequate Project Enterprise. The Corporation further covenants that it shall not commit or suffer any stripping or waste of the Project and that it shall provide any and all amounts ot money required to complete the same In the operational condition contemplated when authorized and agreed upon. (b) The Corporation shall turnish the Issuer, the Trustee and the Investment Banker, when received by It, with all governmental agency reports indicating the condition of the Project or any part thereot. 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'~ ,.~~J.\t t;i.'l'!,.. ,>J..f!! .,.u\:.:. rd:'~1~' ~C~1 of the Project or tn the operation thereof, together with an explanation of the action to be taken by the Corporation in response thereto. SeetlOD 10.04 Compliance with Laws. The Corporation covenants that all actions heretofore and hereafter taken or caused to be taken by the Corporation or by the lssuer upon the recommendation or request of any officer ot the Corporation to acquire and carry out the Project, including the making of contracts, have been and wlll be In tull compllance with all pertinent laws, ordinances, rules, regulations and orders applicable to the Project and the Corporation. [n connection wIth the acquisItion, construction, operation, maintenance, repair and replacement of the Project, the Corporation covenants that it shall comply with all applicable ordinances, laws, rules, regulations and orders of the government of the United States ot America, and the State and any political subdivision thereof, and any requirement of any board of tire underwriters having Jurisdiction or of any Insurance company writing Insurance on the Project; provided, however, that nothing herein shall prevent or prohibit the Corporation from contesting tn good faith and by appropriate proceedings the legality or reasonableness of any such standards, or the Imposition of any such standards with respect to the Project, so long as the operation of the same or the receipt of Income therefrom would not be adverseiy affected. by reason thereof. The Corporation further covenants and represents that the construction of the Project is and will be In compliance with all appllcable zoning, subdivisIon, building, land use and similar laws and ordinances. The Corporation covenants that it shall not take any action or request the Issuer or the Trustee to execute any release which would cause the construction ot the Project to be in violation of such laws or ordinances. The Corporation acknowledges that any review by the Issuer's staff or counsel of any action heretofore or hereafter taken by the Corporation has been or will be solely for the protection of the Issuer. Such reviews shall not prevent the Issuer from enforcing any of the covenants made by the Corporation. Section 10.05 Ho Prior Liens. The Corporation represents and warrants that as of the date of execution and delivery hereof there are no charges upon or liens against the Capital Campaign Pledges or the assets held by the Trustee under the Collateral Pledge Agreements or against any sums received with respect to the Project and covenants not to create (unless by operation of law) any charges upon or liens against such property or against any sums received with respect to the Project, senior in priority to or on a parity with or subordinated to Its obligations hereunder, except as herein specifically authorized. Section 10.08 Maintain Existence as Not-for-profit CorpentIoR. The Corporation covenants to preserve and to maintain its existence as a not-for-proflt corporation under the laws of the State. to preserve its Articles of Incorporation and By- Laws and take all other action necessary in order to preserve and maintain its authority to occupy, use and operate the Project and to take all actions required now or In the future, to operate the Project as a Project Enterprise In the County. Additionally, the Corporation shall preserve and maintain its existence and status as a duly qualified 501(c)(3) organization under the Code. The Corporation covenants that during the term of this Loan Agreement it shall not initiate any proceedings or take any action whatsoever to dissolve or liquidate or to terminate its existence as a corporation except to consolidate or to merge with any other corporation as provided In Section 6.02 hereof. LKL-08/03/89-2 8 0 AA -2825 -31- ',I",a;? .:.~~. 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'T.'", ~.~ " 'f':,r./"r,""..or.J1.!.e' l\.'r( ",l. . ~~i.~~:~S1r:ff:-r:: ~;~:~;::;~J:~t<~'l~ ~;;~: ~';:'L::~':'~:\~'j:'~::'~ ~~?~; ~i:~i ....'./ :~; ~ :.;~::!~~'i;:. ~~,~:'>It.' {:.'..".~.(~~. :j,~:: ~:: :~i i..(:.~1;1J :~~\~:: t~ t:;':~":1~~~?~; ;~~~?: r~' t~{~J~ ltt t{~ilJ.I-j--t;.\~"~>...~\.'JJ~~A-tt"It,~ ~~.U',~. ,'i..,,~I; ~'} :~...:.:"}.,,,~,~.,~'~'>"'>"~~""""')tl':~I, I'. :(,:l..,...../..;::~~j'....:r.~)..~.~1"./J ')~"......~"( .'-r.r-,f....~.:{1 ~I;ll~~~~~i/(~~~l~~~:~;,';;:~\ ': :'~"~..:r::;'.;~'I;~: ,i}.: ';'.: :~:+'::': ,.~::'~;. :> t,L .~.:?l" T' ,}~' I':'~ ~:';:i( i~: < >. . :;', ~:: ,..): .~: '<' ':', ~,:: ')~ ~.; '1 < Lb~i~;?3:~:~; ,i ~;i ~~);~~,4;.~~~i~~:y 4~~~\' ~~~c..~<1~....d\'"...~~t.;.;'..\.:~~..)~.. ..'.) ~~,:.I" ,...~\ ':....q~...t'~, t.. \),,:.r. ."/1/'.)'.1 ~~~~I""\'..':-'i ", ;~I"L":~~/)'1~lt\"~1..i'~~';"i'!:r}~'(f ~ '(~~j:}~~:'''~':'.'~::~:~:' "~~:>--,~1.' l': .:' 1<"'L'~~". ;:: '. ~:~: ,>,.~'-: "..,:~.-:... \~;l:.~~:~~~':'~~ .'.':,:::..-: '~r ~'JI. :<"~:'I{:::.j~,.<~~:~...;~.~:~X~~\"'\:i'.i'}l.;~~,,~t:"~I(.I' L.I~.:.~ I, 'J~.' ,...).," ~'I .tl'" -tl"~"_"II' 1,.,\. .,'~. ~.' ..,~ L", ~\ .)a'>;.1,......~V..,~l...',~o"Jj.;.,t~'tt'\'y., ~ ~*j;;{6~{1~Wt:!;r[:~;&iri~j\ ~;:}:;':.Li."r,~~\,- (if(",\9':,);;:~'.:{;<j;,:;.;;;',;j:};;i;'!~:.'i;;~tr;J;;t:;1~t~;,;}Yi~{fJ~~~: "l.t~ ~l"\~ti"J'~~"'::~'.~'" ,,,~"'i;.t)~...t'\....."~~~\t:1~,,,~~...~;.1,,,,,~I~o"" ~'J.~...(~..: ~'I'L' I>' ',. .. '<,' ~~.).., I .':'..~ "'~"~ "; ~}.,/..~ ~,j.~. "'~+)"~\~ I it'.l.....-~"I~J~..oo-'".. li,,:.JJ'~"'\-ll~r'l--V.....'" , . :.--..../..:,.., ..~.....~~ ~'''t'-t.I;'''~'~i''~'''\l' .., l).T.' ~ . ""---..) ,'~'" " . '. w .', " ... .'~ ~' .. .' I"; '. '.... lI--';. ';>>' -e."J.\ ......,~,.f;\ n~I' .~'''~,..,' ~~~.{r~""l'~ /'~~.~t.....,~,., ~~.. 'i\I.'t~.}""~:.n:'.l,,M~'...];~W \j;....V':'.' \.tJ....~.. -: -1'," ~ ~ A. ': ~ L~'~' "':,' ,+'\,,''''''~~', . .'. . ", }: .'\'." ~"'.'~ '_-:~ ....:..~~1~...\ntl,,~tt,....:.;:-.t~1 ~'~';,.,''';'t~;{...t,'l'1 ;:!(I:::: :,~:<' :~,,";',~\~';,lil~:/t:2,~{;~~;\,.:!,;{iJ;::7>.I,- >."," :.:,.' , .: "..; ",'. \' ',:' .'.!<"~" ':;:}.;~'~::,:.L:~' ',>: '~';::;'.~.:'r:'" !\. '/......,,' ":' ~ : ~ ,:":;"i~~;\S;:~~<~;~,:~:'(;iU;~~t~i:~r?f~i~L ~ ~ 0', , - regulations of boards of fire underwriters having jurisdiction and all Insurers under the policies required to be carried under the provisions of Article X hereof. (h) The Corporation shall not do or suffer anything to be done whereby the Site or the Project, or any part thereof, may, during any periods of construction, be encumbered by any mechanic's or other similar lien and If, whenever and as often as any mechanic's or other similar lien Is filed against the Project, or any part thereof, purporting to be for or on account of any labor done or materials or services furnished In connection with any work In, on or about the Project done by, for or under the authority of the Corporation, the Corporation shall discharge the same of record within thirty (30) days after the date of flllng. Notice Is hereby given that the Issuer does not authorize or consent to and shall not be liable for any labor or materials furnished and that no mechanic's or similar lien for any such labor, services or materials shall attach to or affect the title to the Project. (I) Notwithstanding the above, the Corporation shall have the right to contest any such mechanic's or other similar lien (I) If within said thirty (30)-day period stated above it notifies the Trustee In writing of Its Intention so to do; and (II) If requested by the Trustee, It deposits with the Trustee a bond In favor of the Trustee, with a surety company or companies, qualified to do business In the State, acceptable to the Trustee, as surety, in a penal sum at least equal one hundred fifty percent (15096) of the amount of the lien claim so contested, Indemnifying and protecting the Issuer and the Trustee from and against any liability, loss, damage, cost and expense of whatever kind or nature growing out of or In any way connected with said asserted lien and the contest thereof; and (iii) If the Corporation diligently prosecutes such contest at all times, effectively stays or prevents an official or Judicial sale of the Project, or any part thereof or Interest therein, under execution or otherwise, and pays or otherwise satisfies any final judgment adjudging or enforcing such contested lien claim and thereafter promptly procures record release or satisfaction thereof. Section 10.08 Corporate Representations. The Corporation covenants and represents that: (a) It Is a corporation duly organized and existing In good standing under Florida law with full power and legal right to enter Into this Loan Agreement and perform Its obligations hereunder; (b) the making and performance of this Loan Agreement on the Corporation's part have been duly authorized by all necessary corporate action and will not conflict with or constitute a breach of or default under its Charter, By-Laws or any bond, contract, Indenture, agreement or any other Instrument by which the Corporation or its property Is bound, and (c) the cost of the Project Is ,not less than $2,500,000. Section 10.09 Operation and Malntanance. The Corporation covenants that throughout the term of this Loan Agreement: (a) It will payor cause to be paid all costs and expenses in maintaining and operating the Project and It will keep the Project or cause the Project to be kept in good repair aud operating condition at its own cost; (b) It will payor cause to be paid all utility and other charges Incurred In the operation of the Project and It will payor cause to be paid annually to the taxing bodies Involved an amount equal to the ad valorem taxes and assessments for the Project and the Corporation agrees to remit such payments promptly to the political subcUvlslon to which LKL-08/03/89-2 8 OAA-282 5 -33- !I',........ t' ?,.~,.t...>....,T.~~'" ~Jr'lt;~~~~~.~..,~:\~''''t..r~-1l'''!......~,~~ r~...ll...- ;-":i.'--r- ....1..~....""'....,t'l~"..,...~~...rr....~)., ,:,\.,,:~.(. ,w.,:,r ,. ";-.., :')-:. . r.;..,,,,.~r:. "j!""'-,., .~t""'~i\.~~~"""'J(~~~~ . · .'" 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I ,~, ,.,'~.?:~'J~' ~:.;:!>.:,,~i.I>:r~:-!:. .~.,,:~~!J\., .~.~,,;~::~:--.>,+~ '~.~. ...~~: ~} ~'~; _~~~~ :::ii\~ ~ \,,'J/ \.l~~'.f.(:. J),.~tb{;Jo . I.~.~t.!h...\'~ h~ .:/";1 ~\~:~1..(:i~'~::: Y}t~~~n':'..:l~.~~ ~\~ t.."~ l~.~~~\J\ 'i '>.. '~"?/;:'}t~~i\~~~~~-', 'i!,~..< I~.~};;(!J.~~\::~~:~'-.;;~ ~~'~\I\t,~t }i >\~!~ ....:''',~ ~~,.:/:?i\ " ~'i~'".!;?;?h1 e {.\I'\\'ll;~~ \';\;~~'rt~i.\:~~:'''/t':~: ~.>: ;r.:.e~~.:.:. <tl.~'{ 't,,-t;.,._~..t "'';!'-~.t;~\~..tj'{t';t~~!'i'''':~ f~~~S1~1t r ~~ ~tf".l~;lr~ ~;1. ~iir ~.~, ~~Jt~~'~~~i~~~~~:'7:~~~~ ~~~~-r ~:~~:: ::', ;~~;f;:: ~.~~\t;~>1:~;'~~);:":~':~\'~ '):t/:: \~~~~~~~J ~ ~~.{::; :t~\~j\~~.~~!., <~';:i,~}:~f~?~~{!~:\~ ~~)1f!1\\~~i;l~'l\\.,~.fj\.\ 1.r;w:,.~~~.t.~ ...I.~. >i.,~"r\.d-,."~)eT~-" h.!;lf.t~1",...~~,.t... .~~. '~"T"~(:l'.t"-r I~~;':i ~'':,.t..t.''V;''~LI<lt;-'\. .. i~~i~t:t;fi~~t~~~~~~~;~t!~JI~~f}tt~~~~1~~;i;~~1\~J~1~~~~~~t~~~Sf. t <~: ~f~ }:, 1.~1'f{.:<t.'0m~'~:~~;; .'t.':'M!4ti.:~\j{1!..'tiD~/~~:.):X\ < "';:'; 1~:,"~~('! r:!f;~e ~,::~"'\~.:.{:,:j~:~ ~:'.:,~'i ';S.' .~.:' e 'f'I~/~'I~,~ ~, t~.~-/ /.'<:'" ~f;;~':~: ,. e:~~ {~~.L;'H:,'~?\~~~1~~j.~V.r~\tN';t::~ '\:; ~~" ,If".--",. ,'Jt,i. "\",,...~......... ~d~~"E1~"fI~~~, (I; ., v,' l "',. ~'.. ~ '. . '?~~ .-h e . T). '. \ ~.~... - ,'d ~\,-J '~-t.~'" ,l:t~.~'h.. p. .~ ,~iI;;;:>' ~:}t\;~~~ ~~W~:~t~tt ~~:1~~1t~~l1J~p~:~~~~f~1j:~~{~}4;1~\;/: ~~)/.~ t.-.:' :;:< ~~: :.,~: ~ >: ;.t.~ !.;~.1 t~~ .: ~ 'f;::'''~' ~. <; ~::'j~{; t ~~~~'~'::'~i;~:i '{~~{~.~:. Z~ \~;'.~~~!:~~~.~~,~~~~:~~{ l: \~~;~~'l:~~;x~~{}~~~};:~i~ '~t;t~..I~'<,~~}~;;'~{~:): . .. . , .. ... ,'..... " '. . '. >,~~~~~..j,~' '.'.."\ ~~f. ." '.r;. ',' '.. ." '" " tl+<-r:<t~~ '~;'';:,t~ ..tJ1:fl~ ~ p~t ~ef":"~/J' ~~,:}'! ~w ,..... h"~,~i.I}'~. ~.j'),:,'",~,,~ o CD taxes and assessments would be payable. All such payments shall be In addition to the payments otherwise due hereunder. If the Corporation shall fall to pay the same, the Issuer or the Trustee may (but shall be under no obligation to), after 10 days prior written notice to the Corporation, pay the same and any amounts so advanced shall become an additional obligation of the Corporation which the Corporation hereby agrees to pay upon demand. The Corporation shall provide the Trustee with timely evidence of such payment where payment Is made directly to the taxing bodies Involved; and (c) It will use and operate the Project solely for the Project Enterprise. Section 10.10 IMpectlon of Project. The Corporation covenants that the wuer and the Trustee, by their duly authorized representatives, at reasonable times, for purposes ot determining compliance with this Loan Agreement may Inspect any part of the Project. Section 10.11 Information tor Issuer The Corporation agrees, whenever requested by the Issuer or Trustee, to provide and certify or cause to be provided and certified such Information concerning the Project, the Corporation, the tlnances of the Corporatlon, and other topics as the Issuer or Trustee considers necessary to enable it or them to make any reports or supply any Information required by the Indenture, law, governmental regulation or otherwise. 1989 Bonds To Exempt. (a) The Corporation covenants that (I) It will not take or permit to be taken any action which would result In the Interest payable on the 1989 Bonds becoming included In gross income tor tederallncome tax purposes; and (ll) it will comply with all continuing requirements of Sectlon 148 of the Code In order to preserve the exclusion from gross Income for federal Income tax purposes of Interest (In the 1989 Bonds. Section 10.12 (b) The Corporation covenants that neither the Corporation nor any Person related to the Corporation (as defined In Section 147(a)(2) or Section 144(8)(3) of the Code) will, pursuant to a formal or informal arrangement, purchase Bonds issued by the Issuer In an amount related to the amount payable under the Loan Agreement, except for Bonds purchased by or on behalf of the Corporation for redemption or tender to the Trustee. (c) The Corporation covenants to provide the Issuer aud Trustee with all Informatlon necessary to enable the Issuer and Trustee to timely tile with the appropriate Oftlce of the Internal Revenue Service, the Information report or reports required by Section 149(e) of the Code. (d) The Corporation represents that within the meaning of Sectlon 145(b) of the Code it Is not a "test period benefiCiary" with respect to more than $150,000,000 outstanding principal amount of "tax-exempt nonho.spltal bonds," Including the 1989 Bonds. Section 10.13 Operation for Project Enterprises. The Corporation covenants that during the term of this Loan Agreement It will continuously operate and maintain the Project or cause the Project to be operated and maintained solely tor Project Enterprises. LKL-08/03/89-2 80AA -2825 -34- o ~\"'''' ~ Section 10.18 Date and Survival ot Representations; Bzcepttons. The representations of the Corporation made In this Article X are made as of the Closing Date, and all such representations shall survive the execution and delivery of this Loan Agreement. Section 10.19 Plnanclng Statements and Other Action to Protect Security Interests. The Trustee shall cause a financing statement to be filed, regtstered and recorded with the Secretary of State of the State and in such manner, and at such other places as may be required by law fully to protect the security of the Registered Owners of the Bonds and the right, title and interest of the Trustee in and to the Trust Estate or any part thereof. Upon execution and delivery hereof, and thereafter from time to time, not less often than once every five (5) years, the Corporation shall obtain an opinion of Counsel, at the expense of the Corporation or Its sUcceS!or In interest, setting forth what, If any, actions by the Corporation or Trustee should be taken to preserve such security. The Corporation shall perform or shall cause to be performed any such acts, and execute and cause to be executed any and all further Instruments all at the expense of the Corporation or Its successor In Interest as may be required by law or as shall reasonably be requested by the Trustee for such protection of the interest of the Trustee and the Bondholders, and shall furnish satisfactory evidence to the Trustee of recording, registering, fUlng and rettling of such Instrument and of every additional instrument which shall be necessary to preserve the lien of the Indenture upon the Trust Estate or any part thereof untU principal of and Interest on the Bands secured hereby shall have been paid. The Trustee shall execute or Join the execution of any such further or additional Instrument and file or Join in the flllng thereof at such time or times and in such place or places at It may be advised by the aforementioned opinion of Counsel as wlU preserve the Uen of the Indenture upon the Trust Estate or any part thereof until the aforesaid principal, redemption premium, if any, and Interest shall have been paid. LKL-'08/03/89-28 0 AA -2825 -36- ~_ ~_~____~~___~_ . uT ___ ,,____ ___ ____ < __ __ ~__ _____ _ .... ..~":r~ f ,..~~~~ \~t~~ ~r.'i~.~.~.~-l.~.ty:~.i.......~~((".v 1"'~:Ht~h!~~tft!r.~~tt".~7""'.~~:Jo.~~11':".(~~"''fY-lf.",:"",~''''''''-:. c,:~.1. ~:<':', \." > c \:~ r':: : .' . ".". ~ '...: ,~::.: ' ~.: "'-"'Y~r'''' /i' , ~. \ . ~ (....... of r.; '.~")' '. . ~ J ~ ., . '.. . \{~/ :~::!l-..,:~;~';''-',- ';;,: ~ , ,.:\: :/i:X~,.' ..:..:,', ~':'-""'i :.:.~:~~\ ", :,'..-; ,,:, ~>/,~_;, ~ ,:h':,:~ ,\,('\,:~","j: :t~;'ih!>;iJ.f .-:\;., ..' ~ ' ,...~J;I;i!:f,~...:o.;'.:" {)~'!,.. 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"~ ~ 'f\~~.~~ l~:' .~: . ~~; :. {~~ /~~.: :"'~ ~>~~~ (:': ~~~;' ":. ;i'i: ~~~\)~ ~ !~;; 'i! f~~~:~ t:f:,t;l,, ,}~~;'~;' ~ ~r..,t} '\<l".t~H"/\'I\I;J..-(,:li.;:"u....~<q~,.. ~.t,. (\:, : I'" .'tl." '. ", ",:. . :~~j'''''\' ~.\.. '[~.I . .~.~.~~ !~~-rr'r'o:t..t~.L. '~/;~L~;'~~' \'f;:;~~ 1~~ ~~:l~ .:;", .~. :;. /I\:';~!>~~:~~\);.~i'~"~\:':"'~:~:~~ ,~.... ~:: .. ~~. ;' ~~" \! \ ~~ ~'~ ::~.. ~~ . ';-'0 ~ :'\\ :/~"):~ ~ :'r~7~ ~~~:"~lt~ :f' ;ttd~~1~.\"(,~~~\ 1 ~I ..;\\~~).., \~."'I"'~~/' "~>"..' ~-.o\ .,~.V"~.tf.:' .....,.\...,. ." Pf~J~ . ' .~..l.'f', . .),,} ....,..,\ ....}..I(,.I..J~.. ..,~.1--~"";'.~}':-.~It-h,' il :+ ,'J :~'jJ',\/ '\~~>';.1 /l . "',:''1'''.4 ~:, ~'t..~v ~ ,....:~ ;.~. 1-<:' ,~~.. ,Ii_, ~"',.~;i'~ .; "". 1,.'1 ~ 1 ~:- d "\'~ < J,).. .~~ ......: ....-; 't~:i"f:.' :,~~~,,_>. .;,}~; '.:...'~ ~.L;" 'f/{o :~J n ~\~ ~ t"}J '. ~.-::-,1,]j:' fJii:~)...f.."'~",:,:. .:lJ,-.\~,'.'/ ('{'~I'J:,.!,t<'~~'--:""':~';~f{' .' ",~'l"""'fl'" \:j~""'t,l'}~"~,"'~'~, -C-J."'..,.,....,~f.41'f.l.,\.J....,i,1.~\'"t.~J'.t...."'\lJ~~. ..... :..~ ~i.'!~ ::~\ :{~.~.~~:.:>~ .~.~. r~','}{\\"l ~\. ~.f .'j 0 ~, -: ~ ~:. ': ~..,:',,: 'I J /. ~ ~:J t~ ~' .4" ~ :f{~ ::~:.:~.: ,t ;~:: j {(;:.~.~ 0, l.J: : ~C:,"1~' : ~ :'~ ,~'~ ::~ ~'-;'.J :~i.:~""i ~ 1\ t~ '~l':':., \:~~Jl.J~~t ~.j.\ ~'.;.;:-.,.~~-;:-..r..'"J'~' ~ .........;.1'1 "1't'f.\'r'r~t)i"+' '. i.J '" ,,' '., . 1'.1\.1- ,-'0./ .:,"Ji f ........,.~T"hU...",I". ~...~\.j..t.,~ ..lr\ ~(...,.'r,"(' .l~q:;'lI.. t......'.~r.'~fH. -'o.~ --l''''P'-''~'' ~""{-...;:",'" ......,. '~Io". I'~~ "\ .... ",,' .. ..' f...~.. ." >..' ....'1.. "'.~ ,J J"~..... 'ff ':.l:..':.\" T \\\1!J\~I;,:I1: l'~i<GJL'.,~i~",}~Y~~~~:"'.~:;/, .('; -.. .:",1 \- .'-", ~.\'~,,: i l.. .i....)t~ J>II~~ " tl~, .:. i:t~l/;' "~;~.~.\:;' '1,:.:\.;,. ~~'l~';':II ~: :'~(:O):': (,,~: ....y.t:-j.V1 ~\1FJ'l).;t1i ~ i:J ~~~ .'? '~.':",\;":j,.~.t: .r',~rSi~~,~:~'1;:~~:1' !. (. . ~~ 1.. -' ~. "-'''.t~I'~'~' ~~; ',.,,,.:;.:~~:;~~:;';~\.'".\:,~:-:",~,,;../,~ ~t,:...~f+:.~fJ ~.,,"~I'.aV';":;~[' ,~~\''}}~ ';~ o e ARTlCLB XI RVENTS OP DBPAULT AND RRMHDlES Section 11.01 Events of Default. If any of the following events (herein called "Events of Default") shall happen, (a) If the Corporation falls to make any payment required by Section 2.02 and Article V hereof, or by the Indenture, within fifteen (15) days of the date when the same shall become due and payable; or (b) If the Corporation falls to make any other payment required hereby and such failure continues for thirty (30) days after the Trustee or the Issuer gives notice that such other payment Is due and unpaid; or (c) If the Corporation falls to perform any of Its other covenants or conditions under this Loan Agreement or the Indenture or fails to perform any of Its obligations hereunder or under the Indenture and such failure continues for thirty (30) days after the Issuer or the Trustee, as the case may be, gives the Corporation notice thereof; provided, however, that if such performance requires work to be done, actions to be taken, or condltloI15 to be remedied, which by their nature cannot reasonably be done, taken or remedied, as the case may be, within such thirty (30)-day period, no Event of Default shall be deemed to have occurred or to exist If, and so long as, the Corporation shall commence such performance within such thirty (30)--day period, shall dilfgently and continuously prosecute the same to completion and shall advise the Issuer Bnd the Trustee of the status of such corrective action at least once every sixty (60) days; or (d) If the Corporation commits any act of bankruptcy under Federal or state bankruptcy laws or laws providing for reorganization or relief for debtors or files or has rued against It a petition of bankruptcy or for arrangement, or for reorganization pursuant to the Federal Bankruptcy Code or other similar laws, Federal or state, or If, by the decree of a court of competent jurisdiction, Is adjudicated bankrupt or declared Insolvent, or makes an assignment for the benefit of creditors, or admits In writing Its Inablllty to pay Its debts generally when or as they become due, or consents to the J1=,polntment of a trustee or receiver or consents to liquidation of all or any part of the Project; provided that, If any such proceeding Is commenced by a person other than the Corporation, there shall be no Event of Default If such proceedings are dismissed within thirty (30) days of the flllng of Initial pleadings therein; or (e) If any proceedings are commenced by or against the Corporation (or Its successors or assigns) under any of the laws, regulations or proceedings discussed at subparagraph (e) above, which might provide for, or result in, a materially adverse modification of the obUgations of the Corporation under this Loan Agreement; or (f) If the Corporation loses its status as a qualified tax exempt organization under Section 501(0')(3) of the Code; or LKL-08/03/89-280AA-2825 -31- ~~~ -, ,~~~_t';~'''''~'h'/t\'n'',.~:U','<.:---,~~~~~",v. . .~;~tF~~m'~'"'im~'~T " '" t. -,' r~""";'t~~",,,'''f'1''~'ff;r '1JN' " . ..... .'..1'-L~'UI<'\'>!';.:>..:,~.L~.t.....',[~v.,.7n? ":,. ,- , ~>~:~.::~~.,,:';..,' :I,(..~'~~.J"'~."'" 'l;."!s~~' J~' ......:fr. ". ,t: ,~~t' ..~...,r. ~'..,.:.~" >..}~;. ~:;,~. ~.:./j>~'-'~:'~'.:;::.~~~.> .,.:.~,;. .~: :':J'" :V:, e ~ ~ Section 11.03 Waiver of Exemption, No Waiver Implled. As part of the consideration for this Loan Agreement, the Corporation hereby waives any appUcabie exemptlon laws now or hereafter in force. No fallure by either party to insist upon strict performance hereof, or to exercise any remedy upon the occurrence ot an Event of Default shall constitute a waiver of such default, or a waiver or modification of any provision hereof, nor shall any course of dealing between the parties. Upon the occurrence of an Event of Default, subject to Section 11.02 above, the Issuer or the Trustee may exercise anyone or more of the remedies avallable to it separately or concurrently and as often as required to enforce the Corporation's obligations. In addition to the other remedies provided herein, the Issuer or the Trustee shall be entitled to restraint by Injunction of the Violation, or attempted or threatened violation by the Corporation of any of the covenants, condltloD5 or provisions hereof, or to a decree compelltng specific performance of any of such covenants, conditions or provisions. Section 11.04 Rights and Remedies of the Issuer. (0) All rights and remedies herein given or granted to the Issuer and the Trustee ar."! cumulative, non- exclusive and in addition to any and all rights and remedies that the Issuer and the Trustee may have 01" be given by reason of any law, statute, ordinance or otherwise. (b) With respect to any amounts payable by the Corpo1"ation to the issuer or Trustee hereunder, the Issuer and Trustee shall have, In addition to any other rights and remedies, the same rights and remedies as are provided by law and In this Loan Agreement in the case of default by the Corporation In the payment of amounts due. LKL-08/03/89-280 AA-282 5 -39- '- J I '" :~A:-~J"~i.....,"'~~1~''''''''''-:''~.~~:~l''''''''''''''';t;:~'''':'''''C:''~'.J'"".N~ :c<'~_"""!",:?l""H:;~~\,t,~~..",-....:-~...,",,:.~,:,\<y. --;:'"'....-:,... "," ~.'.., .,~~:."';~{~' ,,_.,. ..~':~t.t"".t~...~i.~. ...r,...r..c....... ~'.... (.~"''''''1''','~:''"''" .~~. . \., ~""fr:.' ';<.."....'c.>~"..t>.... .'. "\iti.~- I :...;-:.::c....:;:-. . ". :'\:'. ;.' 'I" (' .", '..." :" " , ;'.', , ,.;;,.' L :'.'"F '< '. " '. '. '>:',t;":,,, '";,' '. . : ,..;.~.\~.;i;!".,:<...::( (r~ ~',:;~,,: :'.'~::"> ;:~;~k~/,~.~~;:}i;~~:,:;;\<.','~ . :f~q1~\1~lti1.~/ii')-:}~' ..,,' b..... 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P.F\~ ,~,j" , r:-,t ,...,,-v:'" "i... k~"' "t.' ,"~~~J",l~ ,'$ " . !~l? .:.~~~ " W~ ~ l:.:: \;es Section 12.05 Provisions Separable. If any term or provision hereof or the 'ili~': application thereof for any reason or circumstances shall to any extent be held to be ~~&. invalid or unenforceable, the remaining provisions or the application of such term or ~~.mi! provision to persons other than those as to which It is held Invalid or unenforceable, shall .j;:.;,'~. ~ ,.~. ..~"'(.l.<' not be affected thereby, and each term and provision hereof shall be valid and enforced to :~.(l{'-lf; the fulle~t extent permitted by law. ~r} Section 12.08 Issuer Not Aeeountable. In the exercise of the power of the Issuer and Its members, officers, employees and agents. past, present or future, hereunder including (without limiting the foregoing) the execution of documents, the application of moneys, the investment of fundS, and the letting or other disposition of the Project In the event of default by the Corporation, neither the Issuer nor the members of its City Commission, officers, employees, or agents, past, present or future, shall be accountable to the Corporation for any action taken or omitted by it or its members, officers, employees and agents, past, present or future, in good faith and believed by It or them to be authorized or within the discretion or rights or powers conferred. The Issuer and the members of Its City Commission, officers, employees and agents, past, present or future, shall be protected In Its or their acting upon any paper or document 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 Corporation for any claims based hereon or on the Indenture against any member of its City Commission, officer, employee or agent, past, present or future, of the Issuer 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 Corporation wUl indemnify and hold harmless the Issuer and each member of its City Commission, officer, employee and agent, past, present or future, of the Issuer against any and all claims, losses, damages or liablllties, joint and several, to which the Issuer or any member, officer, employee or agent, past. present or future. of the Issuer may become subject. insofar as such losses, claims, damages or liabilities (or actions In respect thereoO arise out of the Project, the Bonds, this Loan Agreement or the Indenture or are based upon any other alleged act or omission In connection with the Project, the Bonds, this Loan Agreement and the Indenture by the Issuer unless the losses, damages or liabilities arise from a final determination of malfeasance in Office, bad faith, fraud or deceit of the member, officer, employee or agent of the Issuer to be indemnified. [n the event any claim is made or action brought against the Issuer, or any member, officer, employee or agent, past, present or future, of the Issuer, the Issuer may direct the Corporation to assume the defense of the claim and any action brought thereon and pay all reasonable expenses (Including attorney's fees) Incurred therein; or the Issuer may assume the defense of any such claim or action, the reasonable costs (Including attorney's fees) of whIch shall be paid by the Corporation; provided. however, that counsel selected by the Issuer to conduct such defense shall be approved by the Corporation, which. approval shall not be unreasonably withheld, and further provided that the Corporation may engage its own counsel to participate in the defense of any such action. The defense of any such claim shall Include the taking of all actions necessary or appropriate thereto. BeetloD 12.01 References. A reference herein to a statute or to a regula- tion Issued by a governmental agency includes the statute or regulation In force as of the date hereof, together with all amendments and supplements thereto and any statute or regulation substituted for such statute or regulation, unless the specltlc language or the , i LKL~08/03/89-2 80 AA -2825 -41- G) I!':'!\ ~ lH WlTNBSS WHERBOF, the City of Clearwater, Florida, has lJaused this Loan Agreement to be executed In Its name and In Its behalf by Its Mayor and City Manager and Its official seal to, be affixed hereunto and attested by its City Clerk and The Center Poundatlon, Inc., hu caused this Loan Agreement to be executed in Its name and In Its behalf by Its President or Vice President and Its corporate seal to be affixed hereunto and attested by its Secretary or Assistant Secretary, all as of the day and year first above written. CITY OP CLEARWATER, FLORIDA (SRAL) Mayor Attests City Menager City Clerk Approved as to form and correctness: City Attorney THE CBNTER FOUNDATION, INC. (Corporate Seal) Attest: President Secretary !/ LKL-08/03/89-280AA -2825 -44- . ,d. r . . . ~ '. '>.,.', '\',. .,', ,', , ' " ~ : , " . : ~ ~ . " . c " '., ,- ',' .' , . '< '. ~ : J' . e '> ~/ ,.C\~:; :~ " , . LKL-08/03i89-280AA~2925 ~ I " ' '~';' ,:.,. '; .~" ;" ., '''.,' '~.~.', T '::~ . . :,:1"1 <. c , . .' ~ r+ " . , , . : : ,'). ,~: ~ ~,'" T -:". " .~ >. 'p. BXlDBIT "A" DESCRIPTION OP REALTY -45- f) .. ) .! > "d . -t T' . , ,', CD . . :,~,~'~'~'''';''''':' , '. :;. /' ,- ~t'::.':"" .' LKL~08io3/89:-280AA~i825 ' . ' ."." \ " . ":c' BXHIBIT "B" PORM OP NOTB -46- , I ~ " , . : ,.. - - c"""'..... Ii'. t-~ 1 ~~:,,".,..: ..~t~j.,....~~ l.r~tlt~<.t'~.".f;""'~r .e."""" ..... t.,.,:1!T':'~tt":"f;~, f'''';P''o!..:,"",'''1~ ~: 1~-<1i~~~"" "ql.~' , '.>' ;'-,' ',.....'..' ..4.~ -: .~.~~II,l:'~ ...1,. ~".. ,,' . G) @ 7. Ownership of the Bonds may result in collateral Pederal income tax consequences to certain taxpayers, InclUding, without limitation, property Bnd casualty insurance companies, individual recll)ients of Social Security or Railroad Retirement benefits, foreign corporations engaged In a trade or business in the United States and taxpayers who may be deemed to have Incurred or continued indebtedness to purchase or carry the Bonds. No opinion 15 expressed as to such consequences. 8. Under the laws of the State of Plorlda as ensated and construed on the date hereof, Income or profits from the Bonds Is exempt from Income taxes imposed by the State of Florida or any local unit, political SUbdivision, or other Instrumentality thereof, except estate taxes and taxes imposed by Chapter 220, Florida Statutes, upon corporatlo05 (as defined In such Chapter) on Interest, income or profits on debt obligations owned by such corporations. Respectfully SUbmitted, . LKL-08/03/89-280CC-2825 -3- .' 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"t~' '., I}.., ~ :;\ .j'"J: ~, I~",.. ~!~~ f 1~~ ~4/~ '..;; J~~~I': " H,',I'~,I t''''~~l..~~tii\"''':..tll''''f' ~/,L '~.~: .~" ........~', ~, ~.~ "" .' T.' _'."J.,.' ~ '; :~"'''''''.\}..i' :t ~\~,"t'-1'e1~,"',;~..! ~ .},i{H~.;.,~:.J-i,L-.l ~'1# ,~;>J: ,.~.... i' ,'.' ,.,t+.1' I 1 d '.~ ~', ',' .' '.' ...lll..... ... t, ,l)~ (, '}'\'~I"'_ *.r. ..., v':f""\ ;0-.._ ,\".......("..' . .'+ ""F~'I, . . " .'\, . .' , ,~ . ,I.", ......~, .,' ..,,.~t*~;4'~fl~"!"""';'.; "r~'..~:.J.<."'",.,,~ .. ,! 4' ..,.1.,. .: ~:I . '< . ;';..,-~~.;"~t,4\;'='1jJ'~.""-\,j"'Pf~ ~ i~~ ~;~~Jlt':. irt~j;l1!)~:; l;~:~,,/:.\~2~'~!', ::>:- ~'.;'..: .t, :. ~ ,';'" ','" < '~, /."> .".,. '~!}~. ~." ~,."- '.. .. '~~~ :~..; rf~~:~rt~' ~3.r.;}J'l\';t,.~<) r !( w:. ~J'it~t.~~l~~ .e.~l~:r~ ~~ q O".:/J."l,: ~}~~) ~~~v ~~ .'~ " .' .'~ (,~ <" ~ <. ,~,', &,. ~ '. " ,. ~ ;., 1 ~'q ;";'1):; .j'....: J: ,. ,I.' ~ < -i / ....?"':'\1j>"..~ ~ ,;,~!i~.'1. ~ ~t lo! ~"", ..;.;'" ..."... ~ -.,1.. ~ .:'Ir.'" I + ,~ ,~. , "", "..~: :'''''~ ~. ~~:'''''''I~~''j'~~ :,1~l.~,t '>>~ ,..... ::j~, ~.'" f~C.p.f..;f') . '.'<' '.-" ,. 1\~'h~\'!~ :~ r:<,:i:,.r....~, :lr:;~~~~: ., ~ ~ ~ o COLLATERAL PLEDGB AGREEMENT - LONG TRUST Th[s Collateral Pledge Agreement . Lon~ Trust, dated as of August 1, 1989, by and between TUB CENTBR FOUNDATION, IHC. (the "Coroporation"), a Flor[da not-to~ profit corporation, as Pledgor and PlRST 1'LO R.lDA BANK, N.A., having Its principal corporate trust office In Tampa, Florida, as Pledgee (the "Pledgeelt). WITNBSSETH: WHEREAS, C!ontemporaneously with tile execution Bnd dellvery of this Agreement, the Corporation Is enterlnr Into a Loan Bnd Secur[ty Agreement dated as or August 1, 1989 (the "Loan Agreement") with the City of Clearwater, Florida (the "Issuer") for the purpose of obtaining a loan to finance certain public recreational, health and educational facUlties, and publtc parks, corutltutinr the "Projecttl; and WHEREAS, to obtain the tunds for such loan, the Issuer has Issued Its $2,5DO,OOO aggregate principal amount of Center Foundation Project Revenue Bonds, Series 1989 (the "Banda"), pursuant to a Trust Indenture dated as of August 1, 1989 {the "Indenture"}, by and between the Issuer and First Florida Bank, N.A., as trustee (the "Trustee"); and WHEREAS, to secure its loan, the Issuer desIres to pledge to the Pledgee the Collateral as defined herelnJ NOW, THERBFORE, THE CORPOllA.TION AND THE PLEDGBR DO HEREBY AGREB AS FOLLOWS: Section 1. Definitions. Whenever used In this Agreement, the following- words and phrases shall have the following meenh1gs: "Agreement" means this Collateral Pledge Agreement - Long Trust. "Closing Date" means the date on which the Bonds are Initially Issued and dellvered. .Collateral" means the assets held by the CorporatIon as trustee under the Trust Agreement. "Bvent of Default" means anyone of the following' events: (8) The Pledgee shall discover or be notified that any representation of or warranty by the Corporation made In tills Agreement is false In any materilll respect and the same shall not be cured or corrected by the Corporation withIn thirty (30) days after the Pledgee gives notice thereofJ or (b) Failure by the Corporation duly to observe or perform In any materIel respect, any other covenant, condition or agreement [n this Agreement to be observed or performed, for a period of thirty (30) days after written notice specifying such failure and requesting that It be remedied, Is given to the COf'POratfon by the Pledgee, unless the Pledgee shall agree in writing to an extension of such time prior to Its expiration. LKL~03/11/89-280AA ~28 25 Rev.08/03/89 ~1- '._;:-........ .1. . .::-.... "..."..,_.~...'_ ...:-", }..-:.:. ~.'1. "'~\'!.~"r'~.'"~~\'" .~,~ "~/.::~.~~~.~;:~. . .':.i."":........."":.1~... '11,\1 .u"':.1,(1 , " l' :~!\{,~, ' 2.~~"~~!~~~~'f~~~rt~~.'~~., !'..,.+ .:' . ...~.,.~..p "1- ";'....., " , ~~ c .....'~~.~. '.'-1-:, ~ '.c.."'T....\O.,:~.. . ,.\11 ~ .....ll.oJo .~.~ ~ \ill @ IN WITNESS WHBRBOP, the Corporation and the Pledgee have caused this Agreement to be executed in their respective names as of the date first above written. THE CBNTER FOUNDATION, lNC. By: Its: Its: FIRST FLORIDA DANK, N.A. By: , Its: ',. ., . ' '.' . LKL-03/1l/89-280AA-282S -4- ,. . ; . .' , , . J "'. r, C"l)"'. , . ,J . . ". .;- ~ <. . ~ . . ." ,'~ C . . "". .0. , " . '. ':: ~ . ,,' '" J <,:.': ~ :- ..'",...'.... ~~. " .' . '<\ ~.' .:.<::: '. '1-C. , .,11:' . " , , l ~. ~ . ~ ." , .~: L .C+: t . ~ . .... ~";; T tc . . . + C: ',";,:l, /.<:T ....., <' ~~.c.. , . ," , , ~ ti) COLLATERAL PLBDGB AGREBMBNT - FISHBR ENDOWMENT , between FIRST FLORIDA BANK, N.A., as Pledgee and THE CBNTBR FOUNDATION, INC., as Pledgor , 1 ,\I' Dated as ot, August 1, 1989' " , ~ '.. :: < ;. 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"'~.i~"~" .PI(J-',.'.Jh.l~;~\....1M.,h 1~'"':'-~' x.,. .'<, .u.flid{~ ......(.;~................ V'C'T:. t,i.<~, "~"'i.''v:.::~-~.J..- i,.1-~[l.~-f,"Jt~..t:4.,.l...ii~.'I.'J:.....~I.;'I~ 'f': :"!h'-.C.~ ,.'r...\'?'~~/.~'Lr\')..~.~"'J,...~.~~J " "":'~.' :r::,..". '; t'r..+~' ~~..t...~.~..~_.,;:J ~"J~.\tl'~..~~" ~.~{;;1~.1'~-"! l ~ "~ 'j: '}N;?i~!i"i~'W~<> >,;~~/:;~~<::<::~:)\~::(~;:~~1\~(:W;~~~~~.gi;~~~~~yi':>,',::.' :. '~:: :;':'::. :~:,~;{:L/:....::'~.i;~{~\{\:(;~:t;~:~i};~}~r-O. , ':;~~d~~~ ~~ 'fj '\~~~']f';i;,"{' ':!:;p~; .~~1)~: ,;:,'.': 'i'"" ,'.,: ': "t.[.'-i':.~'.l, :~,':Xt"q '.,:~p'::. '..,". ',: ... ; '..";, "~'~: ,.:'. ~,', ::;~~~i;>.,*~~...,' ';}'~L~,~hnt ~iijl~ 1- .M~~~~~~.. o ~ o COLLATBRAL PLBDGE AGRBEMENT - FISHER ENDOWMBNT This Collateral Pledge Agreement - Fisher Endowment, dated as of August 1, 1989, by and between THE CBNTBR FOUNDATION, INC. (the "Corporation"), a Florida not-tor-profit corporation, as Pledgor and PlRST FLORIDA BANK, N.A., having Its principal corporate trust otflce in Tampa, Florida, as Pledgee (the "Pledgee"). WlTNBSSETH: WllBRBAS, contemporaneously with the execution and delivery of this Agreement, the Corporation Is entering Into a Loan and Security Agreement dated as of August 1, 1989 (the "Loan Agreement") with the City of Clearwater, Florida (the "Issuerlf) for the purpose of obtaining a loan to finance certain public recreational, health and educational facUlties, and public parks, constituting the "ProJect"; and 1fBEREAS, to obtain the funds for such loan, the Issuer has Issued its $2,500,000 ,aggregate principal amount of Center Foundation Project Revenue Bonds, Series 1989 (the "Bonds"), pursuant to a Trust Indenture dated as ot August 1, 1989 (the "Indenture"), by and between the Issuer and First Florida Bank, N.A., as tMlstee (the "Trustee"); and WHERBAS, to secure Its loan, the Issuer desires to pledge to the Pledgee the Collateral as defIned herein; NOW, THERBFORE, THB CORPORATION AND THE PLEDGEE DO HEREBY AGREE AS FOLLOWS: Section I. Deflnltlons. The defined terms under the Indenture and the Loan Agreement shall have the same meaning herein. Whenever used In this Agreement, the following words and phrases shall have the following meanings: -Agreement" means this Collateral Pledge Agreement - Fisher Endowment. -Closing Date" means the date on which the Bonds are Initially Issued and dellvered. -COllateral" means the assets held by the Corporation under the Endowment Agreement. "Endowment Agreement" shall mean the Endowment Agreement dated as of December 26, 1986, as amended, between Frederick E. Fisher and Patricia M. Fisher, as donor, and the Corporation, as donee. "nnt of Default" means anyone of the tollowlng events: (8) Failure by the Corporation to make any Loan Payment under the Loan Agreement In sufficient time and amount so that, on the fltteenth day of the month prior to each Interest Payment Date, the amount on deposit In the Debt Service Fund under the Indenture Is sufficient to fully fund the payments required by Sectlon 5.02(B)(1) and (2) ot the Indenture; or LKL-03/1l/89-280AA-2825 Rev.08/03/89 -1- ~.c"".! .'.~.:' '''''.<r:t7;,~~'~:''';''~~"",'''..I'i:\'';~~'~~r':.:. ;~-:-~"".:>'.V "\t'?, ...:..:...t ~ ~t\:""""""""~I"" '...... ~~'i' ~...r~.:'\"" .'<'.. ............";. .'I;..f.....j..." otvt.->O' . 1....1-" .. t ...."....,! J"+""': ........~;,...~-Er,..,l"l..'r~ .....,,,-.,, ~ .......~.,.,,', f':: -rOIl .u".1'..,....;,...~j_\ -t'.r4;,r..-'I'~"~l"V'''''''''~.-r i...~~t"',":~i~I~,(f"'~.~~""\.'< .l..if4b~J~~ j i~~:.', .):,,~/ j,::; ~j."... "~:;:.~( ",', : ':~:':;r~';;;~'r:~~{i; ~:(.~.' 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[i;~~~;i~1.{ "'t~ .....~~/~.......,.:).\~.i<~"'"1 \~tf!~~.~ ~. (.:,~'" ">)'.. .~i,l.....,d~j 1~Vf1~'.j1It. . ~b~"':'~' o G (b) All of the Collateral Is owned by the Corporation under the Endowment Agreement, and the interest of the Corporation under the Bndowment Agreement Is owned by the Corporation and validly pledged by It hereunder free and clear of any mortgage, pledge, security interest, llen, charge or encumbrance, except the llen of this Agreement. The Corporation has full power and lawful authority to pledge and to assign, transfer and deliver the Collateral as herein required and provided. (e) It will cause any financing and continuation statements with respect to this Agreement to be kept recorded and tlled In such manner and In such places, If any, as may In the opinion ot coul15el tor the Corporation be required by law In order to preserve or protect the rights of the Pledgee, and wlll pay all taxes and fees incidental thereto. (d) It wlll furnish to the Pledgee on the Closing Date an opinion of counsel In a torm satisfactory to the Pledgee and Bond Counsel tor the Issuer to the effect that the Corporation has corporate power and authority to dellvery this Agreement and to pledge the Collateral hereunder, that the pledge of the Collateral creates a valid and perfected fIrst security interest therein, that the execution and delivery of the Agreement and pledge of the Collateral do not violate any Instruments, laws or court decrees, and that there Is no litigation pending or threatened against the Corporation with respect to the Agreement or the Collateral. Section 1. Remedies Upon Default. (a) Upon the occurrence and continuation of an Event of Default under ciause (a) of the definition herein, the Pledgee shall liquidate a sufficient amount of the Collateral to remedy the default. (b) Upon the occurrence of any Event of Default, the Pledgee may proceed by one or more suits, actions or proceedings at law or In equity or otherwise or by any other appropriate remedy to enjoin or otherwise enforce performance of this Agreement by any such appropriate legal or equitable remedy, as the Pledgee being advised by counsel shall deem most effectual to protect and enforce any of Its rights or powers or any of the rights or powers of the holders of the Bonds. The Pledgee may exercise all rights and remedies of the secured party under the Uniform Commercial Code as in effect In the State of Plorida. No course of dealing between the Corporation and the Pledgee or any delay or omission of the Pledgee to exercise any right, remedy or power with respect to this Agreement shall Impair any right, remedy or power or be construed to be a waiver of any Event of Default or any right of the Pledgee or acquiescence thereIn, and every right, remedy and power avaIlable to the Pledgee may, to the extent permitted by law, be exercised trom time to time and as often as may be deemed expedient by the Pledgee. Section 8. Termination. This Agreement shall terminate when there are no longer any Bonds Outstanding under the Indenture. 8eetlon 9. Llqulctatlon ot CollateraL [n the event liquidation of any Collateral Is required pursuant to Section 7(8). (a) The Pledgee shall use Its best efforts as quickly as possible to sell for cuh or cash equivalent tor Immediate or future delivery, without recourse, and tor such price or prices and on such other terms as the Pledgee In Its discretion may dotermlne, all or any Items ot Collateral, In one or more sales, u the Pledgee may deem expedient to obtain Collateral proceeds trom such liquidation WhiCh, In addition to any other Collateral LKL-03/11/89-280AA -2825 -3- i ..... :..I:I....":."'..'..,c..~...':....\..':".~~~~.':.., ..t''t,'''~'"'r-~' ~:..j. l......,.~.~. '~'~"'.,.'''''~.o} .~.\.,~.,...~ " ';,~~,,, .~~'~;<'-':~:?i~;~'f~~i ':~-~~:-"'\""Y:':::"''- ,~~:~:'( . .:~~.'" il::','" ~~"':~'.:~'t :~'\'~::',"~ '~'; "..,...~. .' ~ ':~. ".t,: -. ":': .... ,. . '~, r ..' "'. ~ ,:;.:<~ ' J::: ':;'",,', .;.-~\, ~~.. ..,..l':'{ ,,:;};''\';'~hiH~'{~~~li~,rt~~<.. '. 't, .tm';"~'J;.r..,;?:j'i':,'j.. ,'....,';.:, ;\\,,~::.,:~.,,' i' ":;':" 'j,:,",. '. .,'.,: .rf';J;', ,:'.',.,."." 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'I ~"'>'l"~ ""... ~.~"..y:t;.'~').(;'~"~I.~,;;l{~I;I~...~, ~~.~..t~ ~~.H'~',~r~ ~",;""~'~"5..~)~1:"1'~;~ ~- \1'!'/U~ '1-. ,...i.:~i..... \Y1-~-.~";'.;o, rH-\"_,~~~ ,~IV~ 1'1;-;"_"'\!~J~.t,~:"t:,~,I""IJ~.', ;, "J ' ~~>,^,'."{9;!~.IJ.I.it~~,/",~)t:;N 11" 17\ Q. 't\~ t,'IF:iiJ..,'i '\J>3~\.~~; ;;":.',i'J.~. '::.<':1 .;f ~ -;+. ,'to ...."i~"; t1i.\'rJ......~" ~l~t t;.~."L:~?i. ,/ ;~~ ,,_d ~.. ". .,~v.,. <1'" .-." ~ ., ,.,,. ~'1~\7il~{l-~;;;.;...rl:4<;~~1'~f{i.{::;: .'l ': ');"... '1;;:"" ,.r'l"',t'!: ,. ~. .?, . .-- l.@Zi\Wf;;:t.';1.~;~~:~N~I~~)\~ tf proceeds received by the Trustee, will be sufticient to pay the amounts owing pursuant to f;Yt' t>",~~~}!!4':t' \,;p;~~tTh\);.'i;" ~: the Loan Agreement. Collateral may be sold (1) at a prlvate sale or (11) at a public sale, or ~..' r.~.~~..."':'"" ';':'.:!-.~"''''':':;'''': " (Ul) In any other manner not prohibited by applicable law; and may trom time to time ~~;::.:;\~~~':~::~~:~~:~~l!.;t;{ti,;~:, :';.: t.l-',\\:>~'I'k':':i""'i"'l".'\'Z...: .J adjourn any pubUe sale by announcement at the time and place fixed for such sale or for n{~;?!~\)AF~~;~~;i~~~~~: f, such adjourned sale or sales without turther notice except such as may be required by law. ",,,,,,>:,,~t"<"'.Ju"{,'''^'~t,'''' ;., Any applicable requirement of the Uniform Commercial Code as in effect in the State of ~~fJijl~~t:.~~;!.i{~~i~~0!ffit~ .~t, Florida as to reasonable notice shnll be met by delivering written notice to the 1~'f:';~.S~i~:f;~::~r0~'j'~1~: ?<: Corporation flve business days prior to any such sale. )1"<,( ..;-ivl:"..... ~,,,;c~.....~..z.1r~. ...... ~1:l~,;,.;r1:1j\\';' '0~7.7(-! f (b) The Pledgee may proceed by one or more suits, actions or proceedings at f~~~~~;~~ .:} law or In equity or otherwise or by any other appropriate remedy, to enjoin any sale or l'j'-'i':..'iJ;.,),' ) disposition of the Collateral by the Corporation or any person claiming under or by ~ii3~t' ~ assignment trom the Corporation or otherwise, or to realize on any security (or such ~~,~}~. ~: Collateral, or to foreclose this Agreement or to sell such Collateral under a judgment or ~ 1;. ,~, .i ~~;" ..., /; ,~ decree of a court or courts ot competent jurisdiction, or by the enforcement of any such "'" other appropriate legal or equitable remedy, as the Pledgee, being advised by counsel, . ~~~.: ~.: shall deem most eftectual to protect and entorce any ot its rights or powers or any of the , rights or powers ot the holders ot the Bonds. (c) To the extent any of the Collateral has been acquired by the Corporation from any other person, the Pledgee may obtain an assignment to the Corporation's rights under any agreement pursuant to which any such Collateral was acquired by the Corporatton and take all action necessary or appropriate in the name and stead of the Corporation [n regard to any such agreement, Including, without limitation, commencing suit (In law or In equity) to enforce any such agreement In the name and stead of the Corporation; and, tor that purpose, the Pledgee Is hereby Irrevocably appointed the true and lawful attorney ot the Corporation having, In particular, and without limitation, the authority to endorse Its name on any and all assignments, pleadings, checks and other instruments arising trom any such assignment or suit, and the Corporation hereby ratifies and confirms all that Its said attorney, or Its substitute or substitutes, shall lawfully do by virtue hereof. (d) The Pledgee may otherwise exercise, in general, all rights and remedies of a secured. party under the Uniform Commercial Code as In effect In the State of Plorida. (e) The Pledgee Is hereby Irrevocably appointed the true and lawful attorney of the Corporation in its name and stead, to make all necessary deeds, bills of sale and Instruments ot assignment, transter or conveyance of the Collateral thus sold pursuant to this Agreement; and for that purpose the Pledgee may execute all such documents and Instruments and may substitute one or more persons with like power; and the Corporation hereby ratitles and confirms all that Its said attorney, or such substitute or substitutes, shall lawfully do by virtue hereof. (f) If so requested by the Pledgee or by any purchaser, the Corporation shall ratity and confirm any such sale or transfer by executing and delivering to the Pledgee or to such purchaser or purchasers all proper deeds, bills of sale, instruments of assignment, conveyance or transter and releases as may be designated In any such request. LKL-03/11/8 9.280 AA-282 5 .4- ~-------------- - -- ----------~~------- - -- -------~-~._-~---~~------.---.--.-~~..-~--.-, ... . ... . ',1.l ~~ ..";.~.. I "It": i:',.~.~,~">!<riro:-(' ~...,('poi~lf'(..4.... "1~1l.l-~'''' ~. L ,..\ ..L."r..~ ~ '. .''t-'f'';'l 't>~' .....l-~~...~,.,,"'~.. ilf\; ..... ~~f('t" ""f" . ~~.... ....... ~:.n""1''''':i= :....... ..... ~...'l\ro!..!....,..&."'" .......~' .......\ 1o't...,..~....'I!""""", .... I . J~..t .1"1~t. ~ :~~t",C,~I.f .~~"'I:"'~~~~~~~tt\!!f!..-If' r~~~"'1. '":"',, '(~i~~\~~~~:~"4:':t.. /~~1"", ~'. ~.:., ;....d' "~.I ',,' . ..\ ~.i '~...., .~.~:. .. ,,~,. . I ' ~~ .,,~. . .' -: )'" ~~ ..: .1\: . 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"h. .;....~..i,~'.'....'..,""'.',,.,..::,:,/:.~' "", '." ,,',';, ;..\:,1~..;.\.:,>i~\';';;'~'y.~~(),\;::,<!:.'.:~;;'i\~~;~~f': ~.. ~:..'. ~~j.!;..1:'}"'~ ~ 1",:,'1' '. < "'. . ~m ~.::S~I {~.}/,1~t~~~~~:.;~;i\Y~: ^ 0 I~. l~:~~' )f:~i~:\~;?i:;~~.ri~~~:. W . . ;:~1t~~j~ f:",~ ':~ ~~.\~,;:.;t.."",itG:~\~~~ ~.~;t :fr~;}'.' ~t~t~.~ ~i ~~:. ~~Z":~ .~~J-t~;::~1 ~{((~~ . ~~'t~,';.1~t . ~\ 0,,> 1.~;' ~ }.7J~~I-.t.~.lf~~),.;I;~}IS '.~~t':::(.':~} ~:nf ;t~}tr~~~s::~:{;' (g) The Pledgee may bid for and purchase any of the Collateral at public g;iJJril ;:\~~~:. 'fF~i~J~{tX?~~,l~8 ~:~un~~~f1~~. at private sale, In his or its own absolute right without further '~;:~?~1~ '~'~!' .I""),,\Vn 11 H~:.. '(' ~;::;~~ .~i~~~/~. 'l~. '~",. .~t!J. ~*t::'it~Ef':.' .:,,,; i (h) The receipt of the Pledgee or of the officer making such sale under ~}\ '{,';1~ ~~f;;;i~~!~~7~e,~~~., jUdicial proceedings shall be a sufficient discharge to any purchaser for his purchase :''';~ .' . money, and, after paying such purchase money and receiving such receipt, such purchaser I.i.'~ or his personal representative or assigns shall not be obliged to see to the application of such purchase money, or be In any way answerable for any loss, mlsappUcation or nonappllcatlon thereof. (I) Any such sale shall operate to divest the Corporation of all right, title, Intere!!t, claim and demand whatsoever, either at law or In equity or otherwise, in and to the CollaterlJ.l so sold, and shall be a perpetual bar both at law and In equity against the Corporation, and its successors and assigns and any and all persons claiming or who may claim the Collateral sold or any part thereof trom, through or under the Corporation, or Its successors and assigns. (j) Any moneys collected by the Pledgee upon any sale made either under the power at sale given by this Agreement or under judgment or decree In any judicial proceedings for foreclosure or otherwise for the enforcement ot this Agreement, shall be appUed first as provided in Section 10 and then under the Indenture as therein provided for Loan Payments trom the Corporation. Section 10. Judicial Proceedings Instituted by Pledgee. (8) The Pledgee in Its own name, or as Pledgee of an express trust, or as attorney-in-tact for the Bondholders, or In anyone or more of such capacities, shall be entitled and empowered to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Pledgee and/or Bondholders based upon the provisions of this Agreement allowed In any equity receIvership, insolvency, bankruptcy, Uquldation, readjustment, reorganization or any other judicial proceedings relative to the Corporation, the creditors of the Corporation, or the Collateral and any receIver, assIgnee, trustee, liquidator, sequestrator (or other similar official) in any such proceeding Is hereby authorized to make such payments to the Pledgee. (b) In case the Pledgee shall have proceeded to enforce any rIght under this Agreement by suit, foreclosure or otherwise and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Pledgee, then, subject to such determination, the Corporation and the Pledgee shall be restored \.,Ithout further act to their respective former positions and rIghts hereunder, and. all rights, remedies and powers of the Pledgee shall continue as though no such proceooings had been taken. Section 11. Application of Collateral Proceeds Received by Pledgee. Proceeds collected or received by the Pledgee shall be applied tlrst to the payment of all taxes, assessments or liens with respect to the Collateral which are prior to the Uen of this Agreement except those subject to which any sale shall have been made, all costs and e%(lenses of collection, Including the cost and expenses of handling the LKL-03/11!89-280 AA-2825 -5- , . . . '. ., ," .' , , " ..... '. ~. d'~ I . :~,;' ., I. ~. " " ".1 .' .".~ . " \ ", :.:., ~>', , . :".': ; ~ - , .;;:,;;:' .:' -:T,I',:~..,.>~:. :. ~~,:~' ,. /~..:' c, I ". +'~, . ','" .' ~ ...' . . " j..." ; .~, : ' . . ~ .' \. ~ > . , ~ l ~ ..::.. r , ." e +. " < --, . ~ .' .'. , . ,. ,". " . RESOLUTION 89-41 . TABLED . MOBIL PAID II (: It .', 8:?"if" . e RESOLUTION NO. 89-4~ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CLEARWATER, FLORIDA, ASSESSING THE 'OWNERS OF PROPERTY THE COSTS OF HAVING MOWED OR CLEARED THE OWNER'S LOT. WHEREAS, it has been determined by the City Commission of the City of Clearwater, Florida, through the enactment of Chapter 95 of the Code of Ordinances that, for the purpose of promoting the health, safety and general welfare of the citizens and residents of the City of Clearwater, real property within the corporate limits of the City such as described below should be cleared of weeds, rubbish, debris and other noxious material; and WHEREAS, notice pursuant to Section 95.07, Code of Ordinances, was provided to the owner of each of the lots listed below; and WHEREAS, the notice included notification to each property owner of the right to appear at a hearing before the Code Enforcement Board to show that the condition described in the notice did not exist or to show good cause why the condition should not be remedied by the City at the expense of the owner: and WHEREAS, the Code Enforcement Board has given each owner who elected to appear and protest the notice an opportunity to do so: and WHEREAS, the owners of each of the lots listed below either failed to appear and protest the notice or were informed by the Code Enforcement Board, after being heard, that the condition existed and should be remedied by the owner, but failed to take remedial action within the time allowed: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CLEARWATER, FLORIDA: Section 1. The City Commission" finds the preamble hereof to be true and correct, and further finds that the properties listed on Exhibit A, attached to this resolution and made a part hereof, were considered by the Code Enforcement Board at public hearings held on May 24, 19891 and at the conclusion thereof the Board determined that the condition described in the notice to the owner should be' remedied at the expense of the owner, but either it became necessary for the City.to take remedial action or the owner took no corrective action until after the time allowed. 1 . .' .... '.~ ~'. ~~.. ~>"~ . . + o 'i' Section 2. Pursuant to Section 95.13, Code of Ordinances, the owner of each lot listed on Exhibit A has been provided with a notice and opportunity within which to pay the costs and administrative charges set forth on Exhibit A, but no payments have been received. Section 3. As to each parcel of real property listed on Exhibit A, the City Commission, pursuant to Section 95.11, Code of'Ordinances, hereby assesses a lien on behalf of the City of Clearwater for the actual costs of mowing or clearing, plus administrative costs, as shown on Exhibit A. Section 4. The City Clerk is hereby directed to prepare a notice of lien against each property listed on Exhibit A and to record the same in the public records of Pinellas County, Florida. PASSED AND ADOPTED this 3 R a arvey Mayor-Commissioner Attest: "., . no r. "', - {, , . I " , '.... " " . . ~t'. , ..~. 2 d, 'i ; ~ . CD EXHIBIT A fROPERTY.OWHER LEGAL DESCRIPTION COST ADMIN.CHGE LIST #89-05-2 tela Boykin Estate s~ringfield Sub. $2,045.24 $150.00 c.o. Einstein Boykin Bock 2, Lot 5 1305 Wood Drive Clea~ater, Fl 34615-3540 " .' . '( . ( ': :' t.~> !." ,j" , .j: l. ; , . .> . I ' e ~'. ~ . ~.'~\\1~1; .~< ':',:, ' ~T >" 1 " ~;. ." . :. .!'. ~ . . ~ r . \ .'.' '. 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