05/25/1959
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CITY COMMISSION MEETING
I"1ay 25~ 1959
The City Conuniasion of'the City of Clcarh'atcr met in special se~sion at the City
Hall~ r10ndaYJ May 25" 1959" at 1:30 P.N. \'1itl1 the following members present:
Alex D. Finch
Cleveland Insco" Jr.
James H. \'latkins
Herbert R. Fields
Amos G. Smith
I\1ayor-CoIlmi s6lon er
Conllni s s1 oner
Commissioner
Conun:l ssioner
COllum s s:1. oner
Also present were:
James R. Stewart
H. H. Baslcin." Jr.
S. Lickton
\v. l\1ackey
City Manager
City Attorney
City Engineer
Asst. Police Chief
The Mayor called the meeting to order. Conmlissioner Insco suggested deviating
~rom the aeenda to discuss the bridge f'rom Clear\~ater Beach to Belleair Beach and
also the IYlyrtle Avenue improvement project. Conunissioner Smith moved to vary from
the agenda to take up the matter Conunissioner Insco suggested. Motion was seconded by
Conmdssioner Fields and carried unanimously.
Comndssioner Insco suggested a telegram be sent to the State Road Department in
sesslon today at Tallahassee urging the construction of the bridge between Clearwater
Beach and Belleair Beach. Comnissioner Insco moved that the City Attorney be authorized
to \'rrite a telegram expressj.ng the attitude of' the Comm.:tssion and f$et it off as soon
as possible in regard to tIle bridge, and that a formal resolutlol1 (Resolution 59-55)
be dra\'m up at a 1a tor date. Hotion \'las seconded by COlllmissioner Hatldns and carried
unanimously.
Conunissioner \'.[atlcins recommended that Clty Attorney send a telec;ram to the State
Road Departmen.t urginc; that the fiIyrtle f\venue paving contract be let and the work be
started as soon as 1')0861ble and that the COlllllD.13f:lion be advlsed as to the present status
of the project. By consent" the City Attorney \'las so instructed.
The Attorney presented a proposed contract vlith \1lilbur Sm:1.th and Associates"
Consul ting parlcing EneineersJ prov:Ldin['; n f'ec 01' ;:;750.00 a year for services outlined
in the contract. Conuni ssioner Ha tldns moved the contract \'li th Hilbu~ 8mi th and
Associates be authorized and the proper or~icials be authorized to execute it and
that their name be inserted into the bond ordinance for the municipal parking revenue
bonds. Motion l'las seconded by Conuni ssioner Fields and carried unan.imously.
The Attorney reported 'ehe Tampa & Gulf' Coast Railroad had ae;reed to deed to the
City Lots 6,7,8,9" J3loclc 6, iI1agnolia Park SubdivisionJ if the City passes a resolution
providing that the City accepts the deed from the railroad subject to the full per-
formance by the City of the exchange ac;reement betl"leen the City and the railroad
involving Blocl{s 29 and 32, Ma~nolia Parle Subdivision; and in addition the City to
provide a performance bond of ~)20"OOO.OO to guarantee performance; and providing for
a reverter clause in tlle deed if' the C1 ty does not comply N'j.th the exchange agreement.
Corrunissioner Watkins moved Resolution 59-54 be passed and adopted and the proper
author:i.ties authorized to sign the Resolution and execute the bond. Notion was seconded
by Commissioner Fields and carried unanimOl-lsly.
T11e Attorney read on its first reading Ordinance 819 which would authorize the
issuance of $630,,000.00 utility Revenue Certificates to cover improvements to the
water and sew'er systems and storm sewers. Conunissioner ivatldns moved Ordinance 819
be passed on its first reading. Motion was seconded by Conmdssioner Fields and carried
unanimOUSly.
Commissioner Watl{ins moved Ordinance 819 be considered on its second reading by
title only with the unanimous consent of' the Conunission. Motion \'Jas seconded by
Commissioner Insco and carried unanimousl-y. Ordinance 819 l..,as read on its second
reading by ti tle only. Commissioner vlatkins moved Ordinance 819 be passed on its
second readin.g by title only. Motion was seconded by Comnrlssioner Fields and carried
unanimously.
Commissioner vlatkins moved Ordinance Blg be considered on its third and f'inal
reading with the unan:i.mous consent of' the Comm:i.ssion. fiJ:otion \'JaS seoonded by
CommiSSioner Insco and carried unanimously. Ordinance 1319 was read on its third
reading. COlilll1i ssioner \'latkins moved Ordinance 819 be passed on its third and final
reading and adopted and the proper of'ficials be authorized to execute it. Motion
"las seconded by C011Ullissioner Fields and carried unanimously.
Conunissioner Insco requested the record to show that there were only seven
cit~zens present during the reading of these bond o~dinances.
The Attorney as]{ed that the minutes sho\'1' that the deed to Lots 6-9" inclusive"
Block 6J Magnolia ParkJ was recorded May 25th in Official Record Book 609J Page 412,
which conveyed the property from the Tampa & Gul~ Coast Railroad to the City. The
City plans to designate this property as a site ~or the new police station and jail.
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CrTY co~rrSSION ~mETING
May 25, 1959
The Attorney read Ordinance 820 on its first reading \~lich would authorize the
issuance ot: *3,260,000.00 utilities Tax Improvement Certificates to provide additions
to the gas system, to acquire rights of: way, to construct police station and jail,
library improvements,7 Beach Memorial civic center, recreational facilities, bridge
construction.. Myrtle Avenue improvements and recapturing certain capital improvements
of the City from tlle year 1951j. to date. Commissioner Insco moved Ordinance 820 be
passed on its first readil1/];. Motion i'las seconded by Cornmi ssioner Smith and carried
unanimously.
Conunissioner Fields moved Ordinance 820 be considered on its second reading by
title only with the unanimous consent of the Comr~ssion. Motion was seconded by
Conmdssioner Insco and carried unanimously. Ordinance 820 was read on its second
reading by title on.1y. Commissioner Insco moved Ordinance 820 be passed on its
second reading by title only. Motion was seconded by Co~nissioner Fields and carried
unanimously.
Conunissioner Insco moved Ordinance 820 be considered on its third and f'inal
reading with the unanimous consent of the Commission. Motion 1'laS seconded by
Conunissioner Watlc1.ns and carried unanimously. Ordinance 820 i'laS read on its third
'rea.ding.. Conuni saioner Insco moved Ordinance 820 be passed on its third and final
reading and adopted and that the proper officials be authorized to execute it. Motion
was secon.ded by CO~ldssioner Fields and carried unanimously.
The Attorney stc:u'tcd the first readj.ng of Ordinance 821 which would authorize the
construction and acquisition of off-street parking facilities and autlLorize the
issuance of' $575,000.00 Hunicipal par'~ine; Revenue Bonds to finance the cost. At
approxima tely the m.:J.dclle of the readinG of the ordinance, the follo\rlng motion was made.
Conunissioner Insco moved at 6:1~5 P.N. that the meeting be adjourned to 8:30 P.M.
r.10tion was seconded by COl1unissioner vlatlcins and carried w1animously.
The COlrumission re-convened at 8:40 P.M. with the Mayor and all Comrrdssioners present.
The first readin/j of Ordinance 321 was continued. CommiSSioner ~'latld,ns moved
Ordinance 821 as alllendcd be passed on its first l'>eading. f\Iotion Nas seconded by
Commissioner FieldS and carried unanimously.
Conunissioner \'latkins moved Or>dinance D21 be considered on its second reading by
title only with the unanimous consent of the COllun:l.ssion. rvlotion was seconded by
Commissioner Fields and carried unanimous1;y. Ordinance 82J. 1'las read by ti tl e only.
Commissioner \>latlclns moved Ordinance 821 be passed on its second reading by title
only. Notion was seconded by Conunissioner Pi elds and carried unanimously.
Conunissioner \latkins moved Ordinance D21 be considered on its third and f'inal
reading vdth the unanimous consent of the COllunission. Motion l'las seconded by
Conunissioner Fields and carried unanimously. Ordinance 821 \'las read in full.
Conunissioner vlatlcino riloved Ordinance 821 be passed on its third and final reading and
adopted and the proper of~icials be authorized to execute it. Motion was seconded by
Conunissioner Fields and carried unanimously.
Conunissioner Insco moved that the Nayol" and the Cj.ty COl1unission or any other
City representative be authorized to attend either the presentation of our Little Pass
bill in the House and/or the Senate at Hashingtol1) D.C... and that the !itayaI' and the
City Conunission or any oft:icial of the City authorized by the City Commission be
authorized to assist j.n any i'fay possible for the sale of' the bonds and that expenses
be paid. Motion was seconded by Conunissioner Fields and carried unanimously.
Conunissioner Insco announced that he expected to be out of t01'm from July 9th
to July 17th.
There being no further business, the meeting i1as adjourned at ll:15 P.M.
Attest:
1>IaYO~~
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CITY COMMISSION MEETING
May 25, 1959
Honorable Mayor and ~lelllb0rfJ of Clty Commission
City of Clearwater
Cleo.r'\'later, It'1orida
May 22, 1959
Gentlemen:
The City Conunission \'rj,ll meet in Special Session in the City Hall Audi toriurn on
Monday afternoon, May 25, 1959 at 1:30 p.r~. to consider the following Ordinances for
the proposed Revenue Certificate Issue,
utility Tax Improvement Ccrtiflcateo
Utility Revenue Certificates
(Water and Sewer Improvements)
Municipal Parldn.g Revenue Bonds
$3,260,000
630,000
5'75,000
Sincerely yours,
/s/ James R. Stewart
City Manager
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RESOLUTION
No. 59-54
\'lliEREAS, the City of Clearwater heretofore entered into a certain Exchange Agree-
ment with Tampa & Gulf Coast Railroad Company on July 15" 1955, and;
HHEREAS, said Agreement has been extended from time to time by mutual agreement
of the parties, and;
\'lliEREAS, :for sufficient reasons the City of Cleart'later has requested said
Railroad to execute its deed to the property as described in said Exchange Agreement
not ",11 thstanding the fact that all of the covenants and conditions of said Exchange
Agreement are not fully performed, and;
NOW, THEREFORE, BE IT RESOLVED BY TIill CITY cO~~rrSSION OF THE CITY OF CLEARWATER,
FLORIDA, IN SESSION DULY AND REGULARLY ASSEr.'IBLED, AS FOLLOl'lS:
1. The said City of Clearwater does hereby accept and agree to all of the
conditions set forth in the certain Deed from Talnpa & Gulf Coast Railroad
Company to the City of Clearwater, Dated May 1, 1959 as though the same
were expressly set forth herein.
2. In particular the said City agrees that said deed shall be null and void
and the property shall revert to the Railroad, its successors and assigns
unless the City performs all and singular the obligations and undertakings
imposed on it under the aforesaid Exchange Agreement, as extended and
modi:fied" 011 or before December 31, 1959, time being of the essence.
3. The City of Clearwater expressly agreos that the Railroad may continue to
use the said property together with all improvements and Nill not require
a vacation of same by the Railroad for a period of' 60 days after all of
the conditions of the Exchange Agreement imposed upon the City have been
completed.
4. The Railroad shall not be required to retire the existing mortgage until
all of tlle other conditions imposed upon the City have been performed in
accordance with said Exchange Agreement.
PASSED AND ADOPTED, this 25th day of May, 1959.
/s/ Alex D. Finch
f.1ayor-Conunissioner
Attest:
/s/ R. G. M1itehead
City Clerk
-------------------------------------------------------------------------------------
RESOLUTION
No. 59-55
vITiEREAS, the County Commission of Pinellas County has heretofore adopted a
Resolution requesting the State Road Board of Florida to establish a toll bridge and
causeway facility connecting Clearwater Beach ISland and Belleair Beach on Sand Key,
and;
vlliEREAS, the County Commission has also employed competent engineering advice and
plans for the said project, and;
vlliEREAS, the construction of this facility t'nll greatly advance the welfare of
the entire section by connecting two important Gulf Beach areas for v~hicular traffic
and affording additional opportunity for use in time of storm, disaster or disruption
of traffic over the Clearwater Memorial Causeway and bridge;
NOv[, THEREFORE, BE IT RESOLVED, BY THE CITY COMMISSION OF THE CITY OF CLEARvlATER
IN A SPECIAL SESSION DULY ASSEMBLED, TlffiT THE STATE ROAD BOARD AT TALLAHASSEE BE
REQUESTED TO GIVE FAVORABLE CONSIDERATION TO THE PROJECT.
PASSED AND ADOPTED, this 25th day of May, 1959.
/s/ Alex D. Finch
Mayor-Commissioner
Attest:
/s/R. G.Whitehead
. 01 ty Clerk
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OBDINANCB tlO.. 819
AN ORD:INANCB SUPPLBMBN'l'ING AN OBDINAltCB BNrITLBD:
"AN ORDIHAHCE RonDING POll flU CONS'lRl1C'1'J:ON AND ACQUISI-
TION 01' ADDITIONS. El'l'BH8IONS AlfD :tMPRWBMKN'l'S '1'0 THB
WATBR AHJ) SBWiR 8Y8'1'BMS AllD 8'1'0JlM S.hERS 0., TUB CIft OF
CLlWlWA'1'ER, PINRI'.T .J.S COUN'1"l, PI.ORIDAJ PROVImNO POJ\ '1'BB
PAYMEtfl OR REPUN'DINO 01' CmrAIR Ol1.rftANDIm OBLIOA'l:tONSJ
AUTHORJ:ZING THE ISSUANCE OJ' $1,500.000 t1J.'II.ITY RBV"ENt1B
CBRTIr:ICATKS. PROVIDING POR 'l'HKIR waoun DATES;
PROVID:INO POR "lIB EXBCU'l'ION, NBXIO'aA:BILX'l'Y AND RBGI8rItA-
nON OJ' SAID C1SR'J!.tn:CATBSJ PROV'IDIm 1'OR UPLACKMBHT
AND PA'!MBNT 0' MUTILATED, DBS'lROYBD, S'rOLIR ANI) LOST
CBRTInc~ES. PROVIDING POll 1'lS COWNAN'1'S AND REV'BNUES
AND APPLICA'l'XON OF REVBN'UES OP SAID CBRTIPICA'1'BS,; PRO-
VIDING POR '1'H& COVENANTS AND OBLXGA'l'IONS 011 THE CrrY OP
CLEARWATER UNJ>ER SAD) CERrD'ICA'l'BS; PROVIDING lPOR 'l'1IK
BSTABI.ISHMElll' 01' THE "lJ'rILIT!' SYEltDl RlNKNtJE PUND" AND
PROVIDING POR ~HB OPERA'rION AND MA7N'.rElWlCE THBREO.P J
PROVIDING POR 'rIfE DISPOSI'rIOH OP RBVENUES PROM THE
AFORESAID REVENUE FUNDJ LIMITIRO '1'HE ADDI'lIONAL OBLXGA-
TIONS WICH MAY BE ISSUED AOAIRS'r ~HE SECl1R1TY PLBDOJm
POR SAID CERTIfiCATES,; PROVIDING POR REMKDIES OP CmrI-
PICATS HOLDERS; LZKITING MODlnOAl'J:ON 011 AMENDMBNT OF
THIS OBDINANCE; PROVIDING ll'Oa THE SEVERABILITY OP 'l'HE
PROVISIONS HEREOF; PROVIDING POR 'fiIK :tSSUANCB AND SALE
OlP THB CERTIFICA'l'ES; PROVIDING FOR 'rHE VALIDATION 01'
SAID CER'rIPICA'lES. PROVIDXNO TBA~ 'lHIS ORDINANC~ J:S AN
EMERGENCY MEASURE; AND PROVIDING FOR RKPJUL OP ORDINANCE
AND BESOLUTIONS IN CONFLICT HERnlrlH TO 'rHE EX'lBNT OF
THEIR CONl'LICT."
!~: BE IT ORDAXNED BY 'rIlE CITY COMMISSION OF THE CITY OP CLEARWA'l'ER" FLORIDA:
AR'l'XCLE I:
STATUrORY AlJTHORI'N" FINDINGS AND DEnNlT1011S
1.01. AU'l'HORXft OF THIS ORDINANCE. ~s ordinance 1s adopted pur81J8nt to the
provis10ns ot Cnapter 9110" Laws ot Flor1.da, Aots ot 1923, and amencSmenta thereof,
and supplements thereto, be1ng the Charter of the C1t1 ot Clearwate~" and other
app11cable r.rov:LS10ns, ot laW'.. and purauan't to Section 3.04 eX) or an ordinance
enti tled z · AN ORDINANCE PROVIDING FOR 'l'BE CONS'.rRUC'l'J:ON AND ACQlT.[SITIOH OJ ADDITION'S,
EX'l'ENSIONS AND ZMPROVEMEN'l'S '1'0 THB WATER AllJ) SEWER SYSTEMS AND S'l'OlU4 SEWERS OP TKB
CI'l'Y OF CLEARWATER. PINELLAS COUN'l'Y, FLOBIDA.; PROVD>INO POR THE PAYMENT OR RBPUHDINO
OP CERTAIN 01JTSTANDING OBLIOA'fiONSj AlJ'I'HORIZIm 'rUE :ISSUANCE OF $1..500,000 U'.rILn'Y
RBVEN1JE CERT1P1CATES; PROVIDING FOR THEIB NA.'l'tJRJ:'l'Y DATES; PROVDIMO FOR THE EXECUTION,
NJlJOTIABILITY AND RmISTRAT:ION OF SAID OER!rD'J:CA'l'ESj PROVl:DINO FOR REPLACEMENT AND
PAYMENT OJ' MUTILATED, DBsmOnD, STOLEN AND LO~ CER'.l'IPI(:ATES; PRoy:tDIHO FOR THE
COVENAN'l'S AND BEVENUES AND APPLICATJ:ON Oli' m:vEtroF.S OF SAID CEB'l'U'I"CAl'ES; PROVIDING
FOR THE COVENANTS AND OBLIGA'rIONS OF THE CITY OP CLEARWATER UNDER SAID OERTIfiCATES,;
PROVIDING FOR THE ESTABLISHMENT OP THE "Ul'ILITY SYSl'EK REVENUE FUND" AND PROVIDING
FOR THE OPERATION AND MAIN'l'ENANCE THEREOF; PRanDING POR '1'HE DJ:SPOS:tnON OF BEVENUES
FROM THE APORESAID REVENUE PUND; LIMITING 'lIfE ADDITIONAL OBUOATIONS WHICH MAY BE
ISSUED AGAINST THE SECURITY PLEDGED POR SAID CERrIFICATESj PROVIDING FOR RBMEDIBS OF
CER'lDICATB HOLDERS.; LIMI~NG MODJ:PJ:CA'1'I()N OR AItENDMENT alP THIS ORDDANOE; PROVIDING
FOR THE SEVERABI:LI'l'Y OP THE PROVISIONS HERBOF; PROVIDING FOR mK ISSUANCE AND SALE OP
THE CERl'IPICA'rES,; PROVIDING FOR THE VALID~ON OF SAID CERTIFICATES; PROVIDING THA~
THIS ORDINANCE :IS AN' EMERGENCY MEASURE; AND PROVIDZtlO FOR REPEAL OF ORDINANCES AND
RESOLU'l'IONS IN CONPL:IC'l' HEREWITH ~O THE EX.'1EN'.r OF ~llEIR CONPLIC'l''' enacted bJ the C1 ty
Comm1ss1on of' the C1ty ot Clearwa1ier, Flo1"1cJa on the 16th day' of Augus1;, 1955
(here1naf'ter re:f"erred to as II 0r1~na1 Ord1.nance")" and is suppl.emental to saj,d
Original Ordinance.
1.02. PINDINGS AND DE'rERMINAT:IONS. It j,s hereby f'ound and de'termined as fo110.s:
(A) . That 1;he C1ty ot C1.earwater now owns, opex-ates and ma1nta:1ns a comb1ned and
consolidated 8ystem of' ut111ty pl'Opert1es supplyJ,ng water and sald.tll1'7 and atorm
Bewerage services 1n and to Ba1d C1'ty and 1~s 111hab1tan1is and other \1SeI'8, (Here:Lnatter
ref'erred to as "System") and that 1 t 1s necesBa17 and essent1.aJ. tba't said System be
improved and extended, as here1na1'ter pr'OV'1ded.I ror the protection ot the health.
aatety. and weltare ot the City and its iIlnab1tants.
(B) That the C1ty derives revenues f"rom ra~e8. f'ees and charges made and
col1eoted for the services and fac1l1t1es of 'tile aforesa1d System and sa:1d zaevenues
are not pledged or encumbered in &Q manner and that no ob11gat10ns ot any kind are
chargeable against the :revenues or said Syst;em. or any part tael"eot except as tollows:
The C~t:r haa heretofore 1ssued ~ts 'Ut111ty Revenue Cert1.t:1cates, Series ot 1.955,
dated August 1, 1955" now ou1istanding" 1n the pr:1nc1pal amount ot $1,.403.000.. maturing
1n numerical order on August 1 ot each year 1n the years 1959 to 1985, inclusive.
(herein called "OUtstanding 1955 Cert1f1oatefS). and 1ts lJt11:1t~ Revenue Cert11'10ates,
Series of' 1956, elated August 1. 1956. now outatan<l1ng 1n the pztJ.nc1pal amo'Wlt ot
$1.937 ,000, maturing in numerical order on AUS\lst; 1 of' each yea~ Son the years 1959 to
1991.. :1nclus1 ve. (here1n ca11ed II OUtstandJ.ns 1956 Cert11'1cates") which Q the1r teme
ue ~able h'om and secured by a l1en upon anel pledge 01' the revenues den ved trom
. the operation ~ the atoresa:1d System, 1n the manneral!l'Ov1ded' 1n tne Or1s1nal Ordinance
and 1ft the o:rd1.l1&nce authOriZing 8&1d Ol.ItetancU.ns 1950 Cert11"1oatea.
. .' .' . (e) That aa1d Orig1nal Ordinance, in Sec~1on 3.04 (K) t;nereot.I provides tor 1;he
. . ... '.' ' ." 1811WU1ce 01' pan paSISU add1.ts.onal Cert1f"1catea under the terms. l:1m1ta1;1ons and
... '-'c'<",OoDd1tiona pzronded therein.
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.':.:':.:.>,;;.,'~:n:'::{-:,':',",:,~,:~1. . ne4 1n the Original oz.d1nance) char.!.ns the preoe4:lns two (2) JPU's were .
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, (E) That the C81't11'1.oates 8\ltborize4 to be l.aued. purauant to th111 orcl1nanoe
ahall be on a par1t7 and rank equally a8 to lJ.m on an4 source and eecur1tJ' t'or
pa7JD8nt trom the net 1'8'1fenue!L.~t the Sy8~em and in all othe19 reepectll, w1tb 1I&1d
OUtatand1ng 1955 Cert.ir1c.te~~&d aa1d. OU~atancUl1g 1956 Certi1'1catell.
(p) That the 01tJ' 1s authorized to issue'tne Cel'tltica'tea au~hon=ed. hereln as
pan pallSU ad4:ltionaL c~it'1cates wittun tne author1zat10n contained in Sectlon 3.04
(x) ot tbe 0r1s1na:L Ord1.nance.
(0) Tbat the af'oreea1c1 System 8ha.11 be :lllJl)l"Oved and extended 8ub8~ant1ally ln
accol'Clance 'dth the plans and Bpec1ftcat:lons pNpared by BrUey W114 and Assoolatea ot
DQ1;ona Beach, Florida and beretotore tiled in tne ott1ce ot the 01 t;v Au41 tor and 01erk
at an est1matec1 coat ot' not exceecting $630,000. Such coat shall be deemed. to lnolude
the C08t or t11e const;ruct:1on or acquialts.on or extenslons, 1IDpl'Ovements and bettementa
to sa1d. System.. 1no1\l4:lng tbe construction ot the proposed Clearwa'ter Eaat project to
provide BeWlSe collect1on and cUspoaal taoll.ities ~or the laz-ge and rap1cUJ' expan41ns
populatlon to 'the east. and 1ncluding the acquisit10n ot a~ lands or interest there1n
and ot any t:lxturea 019 equipment OJ' propeI-t:1e8 deemed neoeaBa17 01' convenient theretoI',
1ntel'eat upon the CeE-tUicatea 1asued purauan't to this ord1nanoe prioz- ~, and during
and tor s1x months areer the completion or suo1l extensions, 1mpl'Ovements and bette:rmentll,
engineering and lega1 expens8s, expenses tor 1'18cal or t2.nanc1a1 adv1aora, expen.es
for est1ma1:ies ot coat;a anc1 ot revenues, expena8s tor' plana, spec1fications and aurve711,
adminiatrative expenses and sucb other expenses as IDaJ' be neces&al7 or 1no1dent to the
r1nancing &\1thor1zed b:,r this o:rd1nance. and the construction or acqu1a1tlon ot the
exten81ona. 1111.Provements and betterments auth.orized by this ordinance and the plac1ng
ot same ln o~eration.
(B) 'lbat the eat1mated revenues to be derived trom the operation ot Ald System
will be more than sufficient to pay all opemtlng and maintenance costa ot sa1d 8781;em
and to pay the pr1nc:lpa1 ot and interest on the Certificates herein authonzed and the
pnnc1pa1 of and interest on the Outstand1ng 1955 Cert1t1cates, on the OUtstanding
1956 Certi1'1cates, and all s1nk1ng fund, reBeNe and othe19 p&JDl8nta provided tor in
tm1s orM.nance.. in the o~nance author1.z1ng tne OUtstanding 1956 Cert1t'lcates, and. in
the or1g1nal 0rd1Da11ce.. and that 1t w111 never be neceeaal"1 or authol'1zed to levy
taxes on &I1T real prcperty 1n said C1 t;y to pay the pnnc1pa:L ot or interest on aJ'Q'
or the Cert1f1cates'to be issued pursuant to ttl1s ordinance. or to make any ot the
reserve, Sinking fund or other pa~nts ))rov1ded tor ln th1a ortUnanoe, and that the
Certif1cates 1ssuec1 pu.rsuant to this ord1nan~e shall not const1tute a 11en upon any
part of sa1d System ()r upon any other property whatsoever of the Clty.
1.03. ORDINANOE'1'O CONSTITUTE CONrIU\C'l. In cons1derat.ion ot the acceptanoe of
the Certiticates author1zed to be 1ssued hereunder by those who 8hall hold the same
from time to time, tb1s orcl1nance and 'tb.e Ortg1.nal Ordinance shall be deemed to be and
shall constitute a ccntract bet~en the C1ty and such certiricate holders, and the
covenants and agreements set .forth to be perf'ormed by sa1d 01 t1' Bball be tor tbe equal
benefit, protectlon and security ot the lega:L holders ot &n>>' and all or sald outstanding
1955 Certificates, ~d outstanding 1956 Certificates. and t.he Cert1.tlca'tes issued
hereunder, and the c()'llpons attached ther>eto. a1l ot wh1ch &ball be ot equal rank and
w1thout pref"erence. ])r1or1ty or d:lstinction of any or the Certificates or coupons over
any other thereof', e.x~ept as expressly provided therein and here1n.
1.04. DEFINI'1'IONS. That a11 01' tne def"in1 tions and tel'lDS contalned in' 'the
Original Ordinance sl1alJ. have the same mean1ngs ascribed thereto l.n the Original
Ordinance and ahall apply fully to this o~ce and to t11e Cert1.ticates issued
hereunder.
ARrICLE II:
2.01. AtJTHORIZA'rION OF CERl'IFIC1~ES. Subject and PUl9suant to the prov1s1ons of
this ord1nance and the Orig1nal Ordinance.. obl:lgat1ons of the City ot Clearwater.. Florida.
to be known as "utll1t:r Reven\le Certlf1cates.. St;;r1.es 01' 1959".. are hereby authorized
to be iS8\led Son the aggregate princ1pal amount 01' not exceeding S1.x Hundred '1'h1rty
'lhousand 0011&1'8 ($630,000), tor tne purpose of flnancing the cost. ot the 1mprovements
to the System as prov1.ded :in Section 1.02 (0) hereo.t.
2.02. DBSCBIP'1!IOlf OF CER'lIFICA'lES. The Cert1ficates Shall be dated August 1,
1959; shall be in ttl.e denomination ot $1,000 each.. shall be numbered from 1 to 630,
inclusive; shall belU interest at a rate or ra1;es.. not exceed111g tme legal rate,
to be determined u.pan the sale tl1ereor, payable sem1-annualJ.y on February 1 and AuguSt. l.
or each 7ear, and,8lu11 mature ser1.al1y 1n numerical order, lowest numbers :tirat.. on
August 1 ot each year. in 'the years and amonnts a8 .tol10W81
Year Amount Year Amount
~9bl $5..000 197tJ ,$10,000
1962 5..000 191~ 10,000
.' 196~ 5.000 191 10,000
196 5.. 000 l~ 10,000'
1965 5.000 19 15,000
1966 5.. 000 1981 15,000
f~ 5..000 1982 15,000 ' .:'~,.. >
5.000 ' i~ 15,000
1969 5.. 000 15,000
.1910 5,000 1985 15.. 000 . ,
1911 5.000 1986 95,000
1912 5.000 ~m 100,000
1!17~ 10..000 105,000
191 10..000 1989 . 110,000.
1915, 10..000
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SaleS CeJ:-tltlca1;ee aba1l be issued 1n coupon rorm, eha11 be pqable tdth rellpect
to both pl"1no1pal and intereat at the pr1nclpal otf'1ce ot '!he Chase Manhattan Bank.
New Yo..k C1__, Hew York, 1n law1Ul money ot the t1n1 tec:l Stat.. ot America, and aba11
bear 1ntere 8t from the1r date. paJable 1n acoordance w1 th and upon surrender ot the
appurtenant lnteJ'8st ooupons as they 8eve~ mature.
'1'he Cert1f'1cates matur1ns in the 1eara 1975 to 1989, 1ncluslve, shall be
redeeMble prior to the1r I'8speot1ve atated dates of maturlt7, at the option ot the 01t,.,
on August 1. 1914, or on ~ :lnterest PQJD8Ilt date thereatter, in whole 01' 1n part,
but ln invQ'se numerical 01'48J.' if' les8 than al.l.. at par and aoo1'\184 lnterest to the
date o~ redempt10n.. plU8 a prem1um ot one-fourth of one per cent of' the par value
thereot tor each J'e&r, or traction thereof', from the date ot redemptlon to the eta1;ecl
4a1;e ot _turit1 ot the Cert1f'1oateB called toz- pa;.vment. such premium in no event.
however, to exoeed iih1'ee per cent ot the par value ot such Certif'1oate8" provided.
however. that notice ot 8uell :1ntended redemption ehall be given at leaat once not le8s
than thUty (30) _8 prior to the redemption elate by publication ~n a tlnancla1
paper publ1ahed in the O1ty ot New York, New York. Intereat ehall cease on any ot the
Certlficatea dAlly called tor redemption, on the redemption date, 1f' PQ'JIltmt. the:reot 1s
du1y prodded tor.
2.03. EX:BC1J'fION OF CBlt'rIFICATES AND COUPONS. Ba1d Certificates ahall be exeouted
1n the name of the 01t~ bJ' tne 01ty Clerk and ita City Manager and countersigned b:v
the lfayor-Comm18s10ner and sball have imprinted, impressed or "produced the:reon the
oozwporate seal ot the C1 ty OI- a fao81m11e thereof, and sa1d Certlf:1cates ahall be approved
aa to tormand correctness by the City Attorney. The tac81m1le s1snatures ot sald City
Clerk. C1ty Manage:r, Mayor-CoJDDl18s10ner and O1ty Attorney may be imprinted 01' repro-
duced on sa1d Cert1t1.oates, provided that either said City Clerk. 01 ty Manager 01'
MlQ'or-00mm1ae10ner shall manually apply his B1gnature on sa1d Certificates. In O&ee allJ'
one or more ot the of'fioers who shall have s1gned or aealed any ot the Gertitlcates
shall oea8e to be such orf'1cer of the C1ty before the Certificates 80 B1sned and aealed
shall have been actually sold and de11vered" such Cert1tlcates may nevertheless be 801d
and de11vered as here1n provided and may be issued 48 if' the person who 81ped or 8ea1ed
8uch Certificates bad not ceased to ho1d S\lCn of rice. Any Certi:tlcate may be s1gne4
and sealed on behalf of the City by sucn person as at the aatual t1me ot the execution
ot such Cert:1f'icate shall h01d the proper ottiae in the City.. although at the elate of
such Certif1cates such person JDq' not have held such otrice or may not have been so "
autnor12ed.
The coupon8 to be attached to the Certificates ahall be authenticated wit11. the
tacs1m11e signatures of the present or any future Mayor-comtn1s81oner, C11;y ManageI- and
C1ty Clerk of sa1d 01.ty.. and the City may adopt and use tor that purpose the faos1m11e
signature or ~ person who shall have been such Mayor-Comm1asioner or C:1t7 Manager or
O1.ty Clerka.t any time on or after the date ot the Certificates.. notw1thstand1ng that
he may have ceased to be such offioial at the time when sa.1d Certif1.oates shall be
sold and delivered.
2.04. FORM OF CERTIPICATES AND COUPONS. 'rhe text of' the Cert1.f1oates and coupons
and prov1s:1onB tor registrat1.on sba11 be of' substantlaJ.ly the following tenor, with such
om:1SS1.ons, 1nBertions and variations a.s may be necessary and desirable and autborized'
or pezm1tted by this ordinance or any subsequent ordinance adopted,pr1o~ to the
issuance thereof. said Cert:lt1cates shall be reg1ster.able, replaceable and negotlable
in the manner and to the extent provided in tne or1ginal Orchnance.
No.
$1,000
UNrl'ED stATES OF AMER:ICA
STA'lE OF FLORIDA
OOUN'.l'2' OF PINELLAB
om OF CLlWlWATER
urILrl'Y' REVENUE OERTIPICA'l'E, SERI:ES OF 1959
....' KNOW .ALL MEN BY THESE PBESENTS that the CitY' ot Clearwater, l.n P1ne11ae Count:r.
1'1or1.da, t'or value received, nereby prom1ses to pay to the bearer, or it' this
Cert1tloate be. reg1.stered, to the regiatered holder as herein prov1ded, on 'the fir8t
day of August" 19 , from the revenues here1nafter men'tioned, the principal sum of'
ONE THOUSAND DOLLARS
14th interest thereon at the rate of per centum per annum.. payable sem1-
annual1T on the .t1rst day of Febru&r7 and 1me ti.r8t day 01' August of each year. upon
tbe presentation and surrender ot the annexed coupons as tl1ey severally fa11 due. l3oth'
principal and interest on thiB Certlficate are P&7able at the pr1nc1pal office of ~e
Cbase Mar11la~tan Bank, New York City.. New York, :in lawful IDOney ot the tJn1ted States or
America .
'1li1s Oe:Miit:1cate is one of an authorized 1ssue of Ce:rt1ficates in the aggregate
principal amount ot not exceeding $630,000. of'l1ke date, tenor and ertec~, exoept as
to number and date ot maturity, 1ssued to finance the cost ot the acquiB1'tion and
conetruct1-on or vanolls 1mprovements and extena:lons to the combJ.ned 8yst.em of' ut111 ty
p1'Opertlea 8uppl:f1rJg water and sewer eerv1c8s .tOI- the Cit~ of Clearwater, under the
authodt:f of' and 1n full cODlJ)11ance ldth the Constitution and s1;atutea ot the State ot
:rJ.orJ.da. !.nolud1ng the Charter or said 01.t7 and other applicable statutes, and
o1'41nancea duly enacted by t;he City Comm1as1.on ot sa1d C1tyand 1s subject to all the
terms and condiUonB ot EiUd ordtnances.
'l'be Certi.t1cates of the ls8ue ot wblch this Oe:r1;Uioa1;e 1s one mat\U"1ng 1n the
,.ears ],961 to 1974, both 1nclua:1ve, are not redeemable prior to their respeotive at;ated
date a or _tur:ltJ'. '!'he CeJ't1t'1cate8 of sa1d issue maturing 1.n the 7~. 1975 to 1989..
bo~ 1nc1uIdYe. are redeemable prior to the1.Jt respect1.ve st.ated dat.es or matur1t7. a't
the option ot ~e Cit7, on AU8\l8t 1, l.9'{4. or on &n1' intere8t. PQment. date the~e..,
111 .01e O~ s.n part but. 1.n J.nver8e numer:lcal order 1t lella thanal1.. at the pr:loe ot
~ aDd aaoN8C1 1nterest to the date ot red8Jll)tion. plUS a p1'8Jll1um or one-l'oUl'tb or
one peoent ot the paz- value tilenot' f'0l!' each year, or fnction thereof. troIIl the date
ot l'CICl4D.P_lon to t;lle Btated date ot maturlt7 of' the OerU.t1oa1;e. called tor PQmen't,
such pl'8ld.1I,II1D no event.. however. 1;0 exceed tbree per cent or the par val.ue of such
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Ca'bU'1oate8; pl'Ov1c1e4. however. that a no~ce ot such J.'8c1empt2.on ahall have been
pubUBhed at least onoe at lea8t thirty daJ"8 prior to the cSate R~ red8lllptlon in.
t1nanc1al paper publlahed 1n the City of Naw York. New York. J:ntereat aball oease on
arw of the Cez1;i.t'ica1;es duly oalled for redenwt10n~ on the redeJl)ptlon date. 1t pIl7IR8nt
thereot haa been 4uJ.J' provided tor. .
'.rh18 CJertlt1cate and the coupon8 appertaining hereto are p&pble 1I01e17 troD and
aeoUl'8d by a lien upon and pledge ot the net revenue8 del"1ved f'1'Om the operation or
the ut111t7 properties ot the C1ty supply1ns water and sewer se~ce8 :In the manner
pl'Ov1dec1 1n the ordinance authorizing the issue ot Cert:lt1catelS or wb10h this
Cert1t1cate 1.8 one. 'lll18 Certlflcate does not oonstltute an indebtedness ot 1&1<<1
Oity within the meaning ot any constltut1onal. statut017 or charter prov18ion or
l1m1tation. and lt is expressly asreed by the holder8 of this cu-tlt1oate and 'the
coupons apperta1n1ng thereto that such holders shall never have the right to require
or oompel the exerc1ae of the ad valorem ta.:x1ng power of 8&1d 01 t7. or the taxatJ.on
ot real estate in aa1d Clt)r. tor the payment 01' the pr1no.1palot and interest on thi8
Oertit1cate. or the mak1ng at any s1nldng f'und~ reserve or other p&JDl8Ilts prov1.ded tor
ln the ordinance author1z1ng this issue at Certif1cates.
It ls further agreed between the C1.ty or Clearwater and the holder or this
Oert1.t1cate that this Cert1tlcate and the obllgat.1on ev1denced hereb7 ahall no't
const1tute a l1en upon the City'S ut11i1;J' propertles. or arQ' part thereo~. or on a~
other property ot or in the City ot Olearwa.tel'~ but shall constitute a l:len onlJ on
the net revenues derived trom the operation 01' sald ut1l1tiy propert1es auppl71ns water
and sewer serv1ces 1n the manner provided 1n said ordinanoe.
~e Cert1ficates 01' the 1ssue 01' whioll this Cert1tJ.cate is one are on a padt7 and
rank equally as to lien on and source and security tor pa~t from t;he net revenue8
01' the af'oreaa1d utility properties at the C1tf.. and in all otber respeo.t;s~ w1'th out-
standing certit1cates 01' an original issue or ~l.500~OOO Ut1l1t;y Revenue cert1rica~8,
Series 01' 1955. dated August 1, 1955.. and nth outst.and1.ng cert1t1cates 01', an orS,s1nal
18sue ot '2~OOO.OOO utility Revenue Cer't1f1cates. Se1'1es or 1956. dated August 1. 1956.
and any other pari passu certificates herea.1.'ter issued by the City paJBb1e from '-he
net revenues 01' sald utility propert1es under the terms. 11m1tat1ons and ooncS1t.10na
conta1ned in the ord1nances which authorized the 1.ssuance of 8i4 $1.500.000 ut111~
Reven\1e Certificates, Series at 1955.. and said $2.000.000 Ut1l1.t7 Revenue Cert1.1'Sooates.
Series or 1956.
'rhe 01 ty :1n sa:ld ordinance has covenan'ted and agreed w:1trh the holders ot the
Certj,t1cates or this issue to fix and establish and maintain s~ch ra~ea and collect
such 1"ees, rentals or other cha1'8es for the services and fac1.l1.ties afforded by the
C11;y's utility pl'Oper1;ies supplying water and sewer services and to revise 1;1\e same
rrom time to t1me whenever necesS&r3' I as w1J.l always pl'Odde revenues suffioient to p87,
and out of 8814 revenues Bhall P&'YI as ~he same become due, 'the princlpa1 01' and
interest on the Certificates of this issue, all reserve or e1n1d.ng 1\mds or other
payments pro'dded tor in said ord1nance.. the necessary expenses of operating and
malnta1n1ng said util1ty properties. and all other ob11gat1onu payable out ot the
revenues of' said ut1l:lty propert1es~ and that such rates, f'ees~ rentals or other
charges shall not be reduced 80 as to be 1nsuftic1ent to provide revenues tor such
purposes. and Ba1d City haa entered into certain rurtl1er covenants w:1th the holders of
the Certif1cates ot thiB 1ssue tor the terms of which :reference 1s made to sa1d
ord1mnce.
I1; 1s hereby cenif'1ed and rec1ted tha't all acts.. contit1<>ns and i;ldngs req\11red
to ex1st~ to happen and to be performed precedent to and 1n the 1ssuance or this
CertUicate.. exist. have happened and have been performed in regular and due form and
time as required by the Laws and Const11;ut1on of the State of' Florida applicable
thereto. and that the issuance of this cert;:1rj,cate~ and or 'the issue of Certificates
or which this Cert1ficate 1s one~ 1s in full. compliance w1.th 81.1 const1.tutional..
statutory or charter lim1ta~ions or priw1s1ona.
'l'bj,a Cert11'1cate. and tihe coupons appertaining hereto, 18. and has all the
q,ual1.t1es and 1ncldents of.. a negotiable instrument under the law DleJ:-Cl1ant and tl1.e
Negot1able Instruments law of the State of Florida.. and the o1'1g1nal holder and each
successive holder of this Certificate, or of the coupons appertaining h.ereto, shall
be conclusively deemed by his acceptance hereof to have agreed that th1.a certificate
and 'the coupons apperta1n1ng hereto shall be and have all the qua11tles and incidents
of negotiable 1nstruments under the laws merchant and the Negotiable Instl"WDents Law
of the State ot Florida. The original holder and each successive holder of this
Certificate. and of' the coupons apperta1ning hereto sha11 be conclus1vely deemed to
have ~ed and consented to the follo\d.ng terms and co~t1ons:
(a) 1'1t1e to t1'11s Cer't1f'1cate. unless registered as herein provided, and 1;0 the
annexed l.."1terest coupan8# may be transferred by de11very 1.n the manner provided tor
nego't1able instruments payable to bearer in the law merchant and 1n the Negotiable
Instruments Law of ~he State of Plor1da.
(b) Any person 1n possession 01' th1s Certificate" unle8s registered as herein
prov1.ded. or ot the 1nterest coupons hereun'to appertalning, regardless of the maMer
1n wh1ch he Bball have acqu3.red possess1on, 1s hereby auth.orized. to represent bj,uelf'
a8 the ab80l\1te owner hereof', and 18 hereby granted power to transfer absolute 't1 t1e
here1;o by 4el1very hereot to a bona fide purcbaser that l.s. to any one Mho shall
purchase the same for value (present or anteoedent 1 1d.thout not;;1ce of prS.or def'enses
or eqUt1e8 or cla1Jn8 of ownersh1p enforceable against his transrerrol'J every prio>>
taker or owner ot this Certif1cate. unleaa registered as bere1n provided. and ~ the
annexed ln1;e1'e8t ooupons. waives and renounces allot his equitj"es and 1'!.ght8 he~
in favor or every such bona t1de purchaaet and ever:r SUch bona ~1de purcbaser 8h&.l1
acqld.re abeolute tiUe here'to and to all rights represented herebYiand
. (e) '!'he C1t7 of OlearMater. lPlor:1da. may treat the beareI- of this Cert~ioate.
unlesa registered as berein pronded. or ot the interest coupons hereunto apper1;a.1n1ng.
as the absolute owner her&or for all purposes without be1ns a1'f'ected by.&J'OT not:lce '
to the oontNl7.
," ..' . !'bi. CertU10au ID&7 be regi8tered as t;o prino1pal. o~, ()Zl as to both pr1nc~pal
,ad. J:nt8Nst. 1n acoorianoe w1th the provia2.ona ~l'sed hereon. . '. . ;
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ABTIOLB III
SEClJRI'ri OJ' C~lOATES
3.01. CER'1'IPICA!l'BS ON fJmITY WI'rH UTILITY REVENUE CERrD'J:CATES. SlRIBS Ol' 1955, AND
U'1'J:L.1:f! REVENUE CERTIPIOA'l'ES. SERIES OP 1956. 'the Cert1t1oatea 1a.uecl purauant to
tb1a ordinance &hall be on a panty and rank equally, as to l1.en on and aourae and
eecur1t:f ror pI&:fDl8ni; from 'the Me't Bevenues ot the System and :1n all other napecta, w1th
the O\.ltstand1118 utility Bevenuee Oertif'1catea. Series of 1955. da'tec1 AU&ust I, 1955.
issued pursuant to the original Ordinance, the out;stand1ng ut1.lj,ty Revenue Oert1t1oatea,
Ser1es ot 1956. dated AU8\.l8t 1, J.956, issued pursuant to an ordinance supplemental to
Ba1d ~nal Ordinance, and &nl par1 passu acld1t:lonal obligations herea1'ter 1811\184
~uraua.n~ 'to and within the terms. 11m1~'tions and cond.1.tions containeclin Seetlon 3.04
(K) or the Original Ord1N.noe.
3.02. CER'rIPICATES SECUBED BY ORmINAL ORDINANOE. The CertUicatea author1zed
by this ord1nance &ball be deemed to have been issued pursuant; 'to the OICginal
Ordinanoe (to which th1.s ord1na.nce is supplemental) as tully and 1;0 the same extent
as the ut1.11ty Revenue Certificates, Benes of 1955. dated August 1, 1955, or1g1nal~
issued pursuant to said Original Ordinance. and allot the covenants and agreements
oontained in the Or.1g1nal Ordinance shall be deemed to have been made for the benet1 t
of the l1o~de" of the Cert.1fica. tes issued pUrsuant to this ordinanoe. the holders ot
sald outstand.1ng 1966 Certiflcates. and any' pari passu add1tiona1 ob3.1ga'tiona hereafter
issued ldthin the terms, limitations and conditions contained in Section '3.04 (K) ot
thct Orj,ginaJ. ord1nance~ as fully and to 'the Game extent as for the holders or said
outsUnding utility Revenue Cert:lt;1cates. Series of 1955, dated August 1. 3.955.
AJ.l of the covenants, agreements and provis10ns of said Orig1.nal Ord1nance(except
8S to details :lnconaistent with. tlds ordinance) shall be deemed to be p&:t.....t; of th1a
ord:1nance to the same extent as it incorporated verbat:lm :In this ord1nance, and sball
be tulJ.y enf'orceable in the manner provided 1n said Or1.g1nal Ordinance by ~ ot the
holders of'the Certif1cates issued pursuant to this ordinance.
The Revenue Fund, S:lnldng Fund, Reserve Account in said Sinld.ng Fund and Renewal
and Replacement FLmd, created and established pursuant to the Original Ord:lnance
sha11 be continued and maintained as provided in the OI'1g:lnal Ord1nance and 1n the
Supplemental. Ord:1nance authOrizing the said O"tstanding 1956 CertUlcates as long as
8IlY' of the Certificates :1SBUed pursuant to thIs ordi.nance. or the interest thereon, are
outst;and1ng and unpaid, and the payments into said Sinking Fund and Reserve Ac cOWlt ,
therein shall be increased by the amounts necessary and required for' the Certificates
issued pursuant to this ordinance, and no preference, priority or distj,nct:lon of aJQ'
k1nd shall ex:1st or be exerciseQ in payments from said Sinld.ng Fw1.d 01- the Reserve
Account; tnere1n between add Ou:tatand1ng 1955 Certificates, said OUtstand1ng 1956
Certlt~cates, and the Cert1fica'tea issued pursuant to this ord:1nance~ and ~ par1 passu
addit10nal obligations hereafter issued pursuant to the terms~ l1m1tat10nB and con-
ditions contained in said Original Ordinance.
A.RTICLE 'IV
APPLICA~ON OF CERTIFICATE PROCEEDS
4.01. APPLICA'rION OF CERTiFICATE PROCEEDS. All moneys received t"rom the sale ot
any or aJ.l ot the Certit:lcates authorized and issued pursuant to this ordinance ahall
be d1 sbursed and applied as toll.owss
(a) All accrued interest reoeived upon the delivery or the Certificates sha1l
be del>ottl.ted ~n the Sink:lng P\md established pursuant to the Original. Ordinance.
(b) 'lhe balance of the proceeds of sale of the Cert1f1.ca.tes shall be depos1ted
bY' th.e C:1t,. 1n the Construction 'rrust Fund establ1sh.ed pursuant to the Original
ord:1nance and shall be <H.ebursed and applied toward the p&'S1J1ent of the costa ot
extending, 1mprov1Jlg and adding to the System, as authorj,zed by tbj,s ord:lnance, upon
the terms and cond1t1ons applicable to the withdrawal of moneY's from the Construction
'lrust Fund a8 pronded tor in the O1"1g1nal Ordinance and the Construction Trust Fund
.Agreemen't entered :into pursuant thereto.
ARTICLE V
MISCELLANEOUS PROVISJ:ONS
5.01.. MODlPICATION OR AMEN1>.MEN'1'. No material mod1.ficat.1on or amendment ot this
ord1nanoe ot- ot: any ord1nance or resolution amendatory thereof ot- supplemental. thereto.
may be _de w:1 thout the oonsent in wr1ting of the holders of two-thirds or more in
princ1paJ. amount of the Certificates then outstanding, provided, however~ that no
mod1t;Lcation shall permit a change in the maturity of suoh Cert11"1cates OJ' a reduction.
j,n the ~ate of interest thereon~ or in 'the amount or the pr1nc1pal obl:lgation or
at.tectti1g the uncond:l1;j.onal promise of the City to .fix, maintain and collect fees,
rentals and other charges tor tbe water servioe and &Sewer serv1ce 01' the B7stem
8u.tf101ent to pay the principal of and interest on the CertUicates, as the same shall
become due.. trom the Revenues of the System. 01' reduce such percentage ot holders of
web Cert11'1oates required above for such mod:11'icat1ons or amendments, without the
consent or the holdera ot such Cert.1f'1catea.
5.02. E'.EVERABILn'Y OF INVALD> PROVISION. It any one or more of the covenants.
~ement;s or pro~s;lons o~ this ordinance sa.bou1.d be hel.d contrary to atQ' express
prov181on 'of" law or contrar'Y to the poUcy of express law, 1;hough not; express17
proh1b1.ted.. or ap:1nat publiC pou.cy. or shall. for any reason whatsoever be held
~. .1nvaU.d, then such oovenant;a. agreements, or prov1a1ona &ball be nul1 and vold and
ahall be deemedsepuate tl"Om the ~'ni.ng covenants. agreements or proria:lona. and
h no way an'eo1i the valld:lty of all the other prov1&d.ons ot: this ord.1nanceor of: ,
~he' Certs.n.CJ&~e8 or ooupons 1eau.ed th~.
. t'. .' ,.".:" .
.! OHDIlWfCl 110. 820
All CIIDDWfCB AUlIDltZIHD AD naaDDD .. 'lD D8Uocm
OW .3.260.000 1J'IILD'IBS 'fAX IIIrItGnIIIIIft OJaUnCAft8 ~
'181 01ft' .. aLIWl1fA'lD I'OIl BII .CIIN8B OJ' n.AII~ BB
COft W OR AtID ACQUDJDCII or VAJaoua IIUIlOUA.'L
~a. DC:L1JDIJD ~AuC\"!0JI AID ADal'flCIUL J'AOn.I-
U18!'O DB BII8DD IIUlaCUAL GAB 1JIILD'r 81'.. to 'ao'fms
RAftI&L GAl, ACQUI8lUOJI CII UGI!f8-OJI-1f&1' Df oma '10 _I).
AICD AD"BIID CBlB'AD ........ IH !III GIft OJ' ~~WA'ra, GOIf-
SBUC'flOll O. & IIJIIIcnAL POLlOI IQDQ1WlUR8 AIID .JAIL 01
Clft-oVDD PROPDft', 1IIrkOV~a sro 1lUllI00PAL LIB1WII' JRJI11'-
IIII IHaLUDDII D ~lOR IV SAD ~~., CO."UIoUCtIOIf ~
A BIWfCB r.:mrwrr OR Cl'f'f-01llRBD norlRft. CClI&I:ACJOrIOlJ fW A
IIIIIORIAL CIVIC CBlfl'BR 011 P1lOpDft CNICBD BI DB C1ft a. ~Ul-
1fftIfa LOCA'IBD 0If CI'.1lQtVARll BBACll. COlt&J;aUC'!IOII ~ ~'ICBM'l'IODL
.A~~B8 OR Clft-oWDD 'tVBIft lCD !'JtAO'r DCLUDlJD Dl'DB-
JIII'JI 01 1P:I8'.l'.bu Jl)Jft'(JMJB, JOX8 PAR'IICUNnOH III COIf OIP COJr-
.am~.l.01I' OJ' 'BRImo. IROII IIADfLUD) 'to 0'l.1P.AIlUfD .-.uL
CAU8BVAY. JOIIIf PAB'lICIPAUOB lIDB 8Iea IlOAD ........, AIID
COtJlfJ.T IIIGBVAY DDAM'JIBlft' I'OR VDBtfIID AND JUJr.tLB
A~BNUB N'OIl'1'JI AIm SOUts, BBCAIftRDII CAlftAL DIfROt~ C08.r8
01f C1ft OP ar,'WlVAftR I'ROJI 'lJIB YBAJl 1954 TO IM'1'B ......, Df-
CLlJDDD fiB I'OLLOVIHG I IJI8'lAIiLNl.lOlf 01' VNfBR AMI) aBWBR IIAI1I8
III OBBBtfWOOD JIOtJ8IMI. COnftktlCD:OII C. B1'OBII SBVJal 011 PALII
BLUI'J' s.ra.BI':. COIl8rJlUO'lJ:ON OP 8WIIIIDG POOL AND JWIII BOuaa.
COB8'tRtJCInON 0:, BIACJI OBODIS. OODDWEOJl OP 8l'OJIII 8BIIBRS III
.At.IIJIJ:'lO. CUtBINWOOD ARD 1IIS801IU, OOR8'1'IlVCDOH O. aBVBIl I.DfB
OR auJtcLB AVBHUB JROM IIlBW '1'0 MPLB. COH8f1\1JCnOR OP IIfOIUI
8BWBR OK BAYJI)Uft StBBB'1', RBCOlfSlRUCHOJf AtfI) .mr4~AUOII 01'
JlUNXCIPAL AUD1!rOB1UM. COKSrBmHOJI 01' A D1f lPIRB SUB-SrlBOIf,
ACQUIBn'IOB 01P VAUOUS PARCELS or LAIID. DfCLUDDIIIJ'IIB BACOJf
PROPAIU"X" AHD BUILDIlII 8Rml1D 'rHB ~ LDI'WIr. AlII) 'tBB
PLUIIB PROPBaH (CJJiIIII5'rSU); PROVIDDIl ftWl 'IBIS OlUUJWlcm ~T.T.
COhar.l.TtIlB A COJffttI.CIJ.' w:eH CBR'lDJ:CAU 1lOLDBR8. bulMlHD !lIB
'1B1U1S HIRBOP. DIJllCrIlll DB C1W IWWIBR TO IIAKB SAID IIIPB.OR-
MIlfr8, 1'mfU!D1N'lD SAID C&ttIPICNl'BS AIm A I'IlOPBR .
1t,.~IOH .....1II\JP, PBOV%MHD !'He SAID C.am.~CND8 8JlA.T.I'.. 1Ul
COtf8'tl~ft.B AH 01' ~ C1ft BUr SHALL BE PAYABLE
!Im.Rt;r I'JlOII PllOCBBDS or 1PlIL'I'rIBS 8IRV:ICBS '.rADS. .ri\Ov.uu.1IJ
POll '!lIB PLBDGB ARJ) pAYJlJlft IR:O A mUSt ACCOURr 01 SAID
U'IIL'rf1BS SBIlVICBS 'lAXIS ~ SBC1IRB HI PAYJIJIft 01' 8AID OBRU-
J'ICA'l'BS, PROVIDIHO FOR ~mqrBN18 011 SAm UU8.r ACC01JN'.r Am
PRCHIDIlII COdI~OJf8 UBDIIl WHICH SAID PKOCBBDS IIAY BB p1n"a'RUJa)
IROII SAID '1'JlU8t ACCOUlI'l. PIlOVIJ)DII PQR TBB COIftIDAnOH OJ
ORDINANCE lfO. 811 (lJIJ.'ILr.rIBS SBlVIOBS TAX) 0-, !'BB Clft 0.,
cr,JWlWllrBll wrr.u. SlID CBRrInCl4'IS ARB PAID III JPULL, PIlWIDDIJ
ftIUIS mmBR WHICH !'JIB CX'lY NAY IISUB ADDHIOllAL ~rGAt'ION8
PAYABLE PARI P.AISV PROM DB PROC:DDS 01' SAID VlILtEBS SBIlVICBS
TADS. PJlCIVIDDD J'OB 'tBB APPLICl'nON 01' SAID ~UrLCATB PRO-
omms, PB.OV1bIlG tfHI TERMS UHDBR WHICH '1'BIS ORDIHAIfOB MAY BE
ImDD'XBD OIl AJIBRDBD, PIlOVIDIlll JOR ~ BmHrS AHD 01'
IlOLDBRS 0:, SAID CBR'.l'DIC~B8. PLIDODIJ CD.'lAIN 1J'.rILtft BBa-
VICBS TAXIS H ~ PAYJIBH'.r OP SAID ~IPICUBS, A1IlIIOaa~.
'IBB 'fBIUIS, aacw.l.OH. JUm%8'lRAEOlf. ISSUAlfCB AIID RJlDBIIrlIOH
OP SAID ~IC.BB. A1mIORIZDa 'lBB RlPLACBIIlIff aI LOft
Cliaa'.urlCNIBS, P1lOVIDIIII J01Ul a. CIIl'fInCNtBS AlII) COUPOHa. no-
VIJmIJ lOJUI OP VALIDATION CAtu-DICA'rBS. PftOVIDDD APPLICMlIOH
OP J'UHDS A1ID SBC'IJIl1ft POll ~ OP SAID PROC~. PROVID-
IIII lIOB BDCa;.IIiIIIlIIl Q1P COU.BC'1'XOD 0lP SAD TAXIS. PROVIDDD
BAT 01ft DB UQUIRBD '!O IlUH'.l'AUf BOOU AJm DCCRJ)S ARJ) ALLOW
IB8PBO'J.'IOH '.l'JIBRBaJ' BBLA'rI1II 'lO BUD PftOCB&U)S AND DDBlJRSB:IIB:HTS
OJ' tr.rnU%BS SBaaCES 'lADS. PR~.u4l11 POll DB SBVBRABILrfY
OP HIS ORDDIAHCB AlD) PROVIDIlG POll t'BE BPDOTIVB DAB OP
'rBIS ORDXHA1ICB.
BB I!' ORDADID BI' 'rIlE ern COJaIIBSIOK OJ' THB CD'r OP CLJWtWATBR, l'LOBmA, ..
AllTICU I.
ft.l'!lJ'.l'OD' AU'!JIORIlft. J'IN11DDS AHJ) DBlPINI'l'IOIG
.': . 1. AUfIDlIft' 01' B:IS QBDIHAlfCB. ~8 Ordlnance 1. adopi;ed PlI"\Wl~ 1;01;1M'
..... PI'OY1a1ona or Chapter 9710, Laws o~ Plodda, Act. or 1923. as A~, bej.ng tile
Cbal'ter or the C1Q' or Cleuwater, and o1Zer appl1cable provJ.dona ot 1...
. . . 2. nRmtllS. It 18 berebJ' ~oun4 and det8l'lD1.ne4 .. to11ona
'.. (A) !bat ooDd1't1oD8 a:1at1Dg in the O1t7 or Cleuwater requlI"e tor the pzaeurnUOD
of the pubJJ.c peace, heal~. proPG't7. uteQ and wltaN ot the o1~l.ena aa4 bhab1.taDta
't;baeot the ".....1.te acqu1m:tlon, COIlIJtftct1on an4 COIIplet1on or the to1101d.D8 ~ve-
: III8Ilt. and. betteftlellta (herdn ca1le4 "Jam1c1Jj1a1 IIIpIO'ftmeDt~ I
'. (1) !be GODRNCUOIl of add1Uonal tadllt1e. to 'the at1Dg lRIn101_ ....
. u1;111tJ' e,atea 1ft ONer w provide nahal sae to the C1tJ'. J.nolw'.. ~ couVut1.oa.
'.0. aoquia1tS,on or b1sh pz-e.... ree4er apt:_, the converldon or pftMft~ cuat..-
,..........,:. .... .. app11anoe., the ~2. and ~0I'l of the pnaent; ..... 'the connruo~OlD or
,\\?;i.::'~/;. ' :x, . anapp11aoe 8bowooa aDd ale. orfioe. aU 8U!)atant,a11J' in aooonanC8 w1tb the
t:~U;t:~:::.~.:i:;:.;::;\:\~:.::~;r..,,'~ eat.j.t;ea now OIl rUe 2.Il 'the ons-.. ~. the ClQ' C181'k. .
1%1~<:;':Y:\}~i;'~~~~k~U::".':..,...;ta...,;'!be aoqu1a1Uon ~ Z'18bu-or-~ 1D 0Ner to Widen and eDencI oeRa1D .tfte~.
;':;('~;'~ ;'~;~r.,>:'.',;:!-::' .,;,.;.,:,t:'.,~.. . _n ocmseate4 8JLIe&8 or 1;be cs._. a1l IRlbIRant1e117 :lA aoooJldaDoe td:Ul _'. . . .... -:
10;'::.1. ..." ''',. .i!:d~'.~~17 ~at..t..t;e. DOVOD ft1e h t;he ~t.1C). or :tbe 01_ en... '.. ,.' . . .; ,:. ',:".::...
" ;.?::;:t;":.~{; .~.~~~'.!,~~.!,:,::{~.:~!~~:;~;;~":},~~~.~!~t1\:'; J}.:,.::;::': 1~:~::..~~~~t~1f)7'~";
;..." . .' " ~.l"" >~,
".;...:.;;:X~t}f~113iW~~L~~~ii!~'~;~:.;IG.i.~ii:J,~;~~thi~~r0i;:.G6.'~~.i:i;:i_.~1~;,t~lli;~~~).?'
.";"''':Jf'::;''~~'''?>:'''''':':1~~:
-2-
(3) A ltm101pa1 p0110e HeadctUlU'tera and 3aS.l to be OODaQuotecS o:n a 811:. now
0-'_ '" the C1~J' ancS delor1be4 .. Lo'ts 6,7,8 and. 9 or mook 6 ot ~JPVlIl1a Puk
St.lbd1v1a1OD a. ~e laM appear. or reoozrd in Plat; Book 3, .... 43. or tbe Pu'bl1o
BeoOl'da ot P1nel188 County, PlOl".1da" 'to provide 4etient.1oll rao111t1e. tor 120 pftlOner..
adequate quarters ror the JIun:1oipaJ. Court and tOr't;he adm1n1etaUon o~ the Polloe
~t. all aub.Unt1al1y ln accoftance with the prel1ad.r1a17 ..t1Mtea now on
~11e :lB __he orttce or the C1~ 01"*.
(4) IDwroveII8Jlt:s to the CentRl LibN17 BuUd1J1s o1ft'lecl ir.Y tM C1 tv lnolud1Jla tile
conatNot;1on of an a4d:lt1on to aa1d building on a 81te nOlf o1ftlecl by t;be C1tl 011 the
North ad. of the prGMnt bu1141ng, the oonatl'\lot1on of a bNnoh 11~ on t;be a1 te
now cnm.e4 by "'-he C1 t7 .4~&cen't to tile ex18~11l& You~ Cenie., all e\lbetaDUa117 in
acCOJ'dance w1th tile pre1.1Dd.nl.z7 eat1maiea now on tJ.le w11;.b the 0",108 or the CJ.~J' Claek.
(15) A JIemol".1aJ. C1v1c Center to be oonstructed on t;he beach on a as. te DOW owned
b7 th~ Clt~ located a01'O.. the Ol.eu-water MeIDoJI'J.al Ca\laet1&7 BouleYU'CI b'oa the
ftmloS.pa1 Mar1na, such Cttv1c Cent;er to :include an auc.U.tor.1um aeat1ns 300 people,
stage and catezr.ln& fao:ll1t1es # an of"tJ.ee tor the <:p~",her or QoI.II~l'Oe" quartera tor a
bl'8l1oh or t;he CentNl Ub1"8Z7 ~ all 8Ub8tant1al1~ 10 accordance td,t;h the pre1111:lDU7
es1;1matea now on :t11e :in the otf~ce or 1;he O1ty Clerk.
. (6) Becrea~onal tacj,1i1;les to be construoted on a 20 acre pU'lc 01aleel b7 the
C1t;:{ 10cated on Soutb. Greenwood A.venue, 1nclud1ng the rets'reraent ot the ex18t1ns
JDO~e on Ra14 properQ, and the cOBsb'uctj,on o~ the n.eoe88&Z7 b\d.l4S.ng and equ1paent
1;0 develop the area 1.11te> a recreat:lonal area tor ell sse groupe, all. 8ubatant1al1.7
J.n accordance 1d.th tl1e prel1m:lnary estimates now on file :In t;he ortS.ce of the C11;y
Clerk.
(1) fte conat~ct;lon by the State Road Department or a new b:rS.cJae .~ 1;he eaat
end or ~e Olearwater' Memorial. cauae~. the entire co8t ot t;he bridge be1ns .100,000
of 1Ib1ch the C::ltJ' 1d.ll pori-de one-halt the cost; or $350,000. all subst;ant1a11J' SA
aoeol'dance w:lth the prelbJ1nar:r es'tiJllate8 now on 1'11e in ~ ornee ot the C1tJ' Clerk.
e 8) The constzuc",-1on by the stat.e Road J)epartmen~ and ~e CO\1rltJ'JI1shWQ
Department of . four-lane h1gh'wa~. on M;,yrtle Avenue exterlc11ng t&'OIa tbe IIOUth l1II1'ta "'-0
the north llm1 ta ot the 01 tJ'" the ent1re cos~ o~ 'the COl18t;ructJ.on o~ the h1&b~ be1ns
appro,r1....tely .100,000~ ot td1:lch the City w111 pl'Ov1de '100,,000, aU 8\lbatant1a11y ;1n
accordance ldth the pre1J.Dd.nary est;1mates now on 1'11e in ~ office of the C11;J" Clerk.
e 9) '!'he 1'oll.old.ng capital 1mplOV'ement,s heretofore made b7 the C11;7 rz.om the
7e&r 19$4 to the date be:reot: ~e pm-chase and install.a tion of ater and sewer ma1n.8
at GZ'8eI1wood HouelnsJ t;be conat1'llot1on of a stom &ewer on Palm Blurt Stree"'-J the
conatftlc~on 01' a .1Ifi~ng pool and batbhouseJ the cODst1uct1on ot beach groinfJJ the
cona1;rucUon of 8t;orm sewers at Palmetto" Greenwood and J41a8OUr1; the conatru.ct1on of
a 8eWftl l:lne on I(y'rtle Avenue t1'OID Drelf to Maple J the ccmst1'\lC~on ot .. -ton ....
on BaJlDOunt Stree~J the reconatru.ction and rehab111tat1.on o~ the Aud1to1'1U11l. the
oonstl'U~on of a new Nre substa tion; and tbe acqus1 t10n ot var10IH parcel_ of land".
1nclud1na the Bacon pJ:'Ope~7 and house behind the Central. L1bZ'U',Y'" and the Plumb
P1'OP~ (cemetery).
(~) fi1at pm-suant 'to Chapter 22829, Laws of l'J.o1"1da, Acts or 1945, .a amended"
the C1t,. COIIIIId.Ila1on d:1d b1 Orcl1nance No. 811" enacted Feb1"U8.l-3' 16, 1959, leV7 utll1t1a.
8el"V1oes taxes on each and eVeJ7 purchase in sa1d cs'tJ' or electno:l~# metered or
bottled gas (natUN1 o~ manutaot;ured), water servS.oe and locaJ. telephone aerv1ce in
the mUmer provided in aa14 sta1;uteJ that it 18 d.eemed necessary and dea1.Rble to
pJ.edge the proceeds of A1d ut1l11;1es services taxes to tile payment o~ the pr1noS,.pal
or and 1n__erest on t;he Certificates to be issued purauan1; to 'the ord1nance. and t;hat
no obu.ga~ona 01' any kind are chargeable against said ut;111t:1ea ae~cea taxes.
or &nl paz-t thereo~.
(0) 'l'hat the pJ"1.nc1pal cd and 1nt;e:rest on tb.e Cert1N.catea to be 1saue<l pur8\ll.ni;
to this ol'd:lnance, and all or the reserve" s1.nk1ng fund and o1;her ~ts prov1cled
r~ 1n this oJld1nance. w11l be paJ.d 801e17 rroJD'the proceeds der1vec1 f'roa 8&14
u1;1l.its.ea ae1"Y1cea taxes and 11; 1411 never be necesEJaJ:y or au~hor1zed to use the ad
valorem tax1ng powe~ or any other funds ot aa1d C1 ty to pQ' the pr:lne~pal ot and
1nterest on the C~cate8 1;0 be 1ssued pursuant to thS.s ozd111ance. or to alee &r.Q'
or the reserve,. II1J1lc1ng fund. or other' PQ1D8nta pl'OV~ded ror in this orUnance,. and
that CeJ't1fi.cat;ea to be leaued pursuant; t;o this ord1.nanoe aba1l not o0n8t:ltute a lien
upon &nl' of the pl'Opert1ea or II&1d lbnS.o:1pal Improvements or upon &to o1ib.er property
wha'tsoeV'er ot or in tbe =ty;
(D) 'l'ba1; the \&tU.1t:les aer'd.ce. t:.axes pledged herewu1er wJ.ll be autt1c1ent to
pay tMt prindpal ot and :interest on tile Cert.1n.cates issued pursuant to tb1s ord1Nnce
and ~o make all reBa'V'e. a1nld.11g fund and othe~ PQJD8nts prov1ded tor in this oN1naDee.
(8) ~t; ttle C1t;1 deems :1t necesBarJ' and adnsable to autbonze the acq\l1l11tlon,
conatzuo1;1on and comple't1on of the M1n1cJ.paJ. 'Imp:rovementa and to provide :tor the
l.aauance of 11;5 ceZ't1t"1catea to finanoe t;he cost thereof.
3~ ORDDAHCE 'lO COHftI.'lU'J!E CO~CT. :tn oOl1a1den.t1.on o:t the aoceptance or the
CertUlcatea autbor1zad to be :188\&ed bereun~ by ~oae 1Iho 8ba11 b.o1d t;he 8&11I8 tJ:IOIIl
tJ.meto t1me, thf,8 ord:1nance aba11 be deemed 1;0 be and aba1.1 const1tute & 'contaO't
bet_en ~e CJ.t)' and such cerU.t1cate lloldera. and the COVenIlnts and qnementa herUn
Bet tortb to be pertorsaed bJ' sa1d 01.Q' Ahell be tor the equaJ. benen't, protection an4
eeourJ.i;J' or the 1egaJ. holders at &Q an4 all ot BU~ Ca't1r1catea and tbe coupona
a'ttache4 thereto, all or IlIb.1ch 8l1a11 be ot equal raBk and w1tbout pref"erence. priontir
or 41at1not1on ot aJG" or t;h.e OenUj,oates or coupons ovez- an;v o1;her t;hereor exoep1; as
up.-eaal7 pJliOv1dec1 tbezte1n and DeNb.
Ja.. ~OHS. !'he rollo1l:lng teN8 8ba11 have 1;b.e toUo1d.n& DeanS.asa in ~8
ol'dlDlmce \IDle.. tbe text otberld.ae aprea~ requS.N8:
, (&)-C1!l" ..1.1 mean the C1t7 or Cl8U'1a1;er. J'lor1da.' "
..,' (B) ,IIAo~1 abal1 JDean'the Cbart;gt'or the ~~. be1l1g Chapter 9710 Lava or I'lorlda. .
Ae1;.-'~~1923. 8IlCl &Q' ~1IIAY\'ta ~ aDd supplements 1itlewto.. " .
~J"',
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':rl..:..... .
(!~ -
"9 .
, ,
'':.
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. . , . .' " '.> "'~.>...."!.'" .";. '." ..,. .. ;: .:.... ,,',.l<.'-.." ~'
. '; ~ ,
. .
, ~jJ~q~~~~~t.::,,~,,; ")'t.~,1i'~:i~"";'~":::':""::tCE~/~,~':!>h ",,,,:,~;,~/,
" . ;.,-} , .
..r.i,,'t~~ii~~t~j~~~~~0;~~~~~2.i~';t2~t;ii~~i~ '
-3-
Ce) -Cert1tloatea" aball mean tbe $3.260,000 UtUlt1... ftx ~t
CJeftltlcate. authorized to be issued pUl'8\lall't to th1a orcl1nanoe and the lnt...at
ooupon. attached to 881d oertificates.. and &ball.lea be deea.e4 to 1Mlu4e anr
oen1ftcates, and the interest coupons attached there~. subsequebt17 la.ed purlluant
to and within the l1m1tatlon8 ot tbia ord1r1ance p1'OV141ng tor the iaauanoe ot
acld11;1onal ob11pt1ona paJ"able from the utilities Serv10es 'l'&xes uul ftnk1nc pu:l
pa8au a. to lien and source and seourity tor pqment rrom sa1d utilities Serdo..
'!axe. with the $3,260,000 utilities Tax IIIpl'ovement Cert1t'1oates authorized bJ w..
ol'CUnanoe. '
(D) "Holder of Oert1t1cate8" or "Certificate holders" or any .,"Id lar teN,
8ha1l ..an arw person who ahall be the bearer 01' o1ln8r of an;y outatand1ns oerUtloate
or o81't1t1oatea registered to bearer or not reg1atered, or 'the registered omer of arQ'
outatandlns oertit:l.cate or oert1ficates 1tb.1ch shall a~ the 1;1me be repetered to
other tban bearer, or ot ~ coupons 1"8P"sentlng interest accrued or to acCl'\l8 on
sa14 cert1t1catea.
(E) "Piacal Year" 8ba11 mean the period beg1nn1ng w:1tbaahd includ1Dg Jul7 1 or
~ch tear and end1ng nth and Including the last da70t the next June.
p) ''lt1n101pal Improvements" shall mean. colleot1ve17=
1) ~e conat;l'Uctlon ot add1tIcma1. racilities to the ex1st1ng munlo1pal _
ut1l1ty Q'atem 1n order to provide na'tU1'81. gas to the ~tJ', 1nclud1ng the conRruot1on
or acqu1a1.t:lon ot high pressure .feeder systems, the conv8I'a:1on of present owsto.r
appl1ances, the atrensthen1ng and extension of the present system.. the conatNot1on ot
an app11ance showroom and salea otfice, all Bubstantially 1n accordance w1:th prel1Jld.naJ.7
e8't1mates now on ttle in the ottlce of tme City Clerk.
(2) \'he acqu1ld.t1on ot rights-01'-W>>" 1n oJ.'der to widen and extend certa1n Rfteta
in the more congested areas ot the C1't7, all 8ubstant1allJ' 1n accordance w1 th tile
prel~ eat1mates now on t11e in tbe office of tl1e City C18l'k.
(3) A Jlm1c1pal Po11ce Headqual"tel's and Ja1.1 to be construoted on a a1te now
ollMd b7 the City and described as Lots 6.7 ~8 and 9 of Block 6 of JIaanolla PaI'k
Subdiv1810n as the same appears of record in Plat Book 3, Page 43, or the Publ1c
Records or Pinellas County, Plonda" to provide detent10n facil1ties tor 120 p1"18One1'8,
adequate quaz-tws fez- the M1m1c1pal Court and for the adm1n1stration or the Pol1.ce .
Department.. all substant1ally 1n accordance with the prel1m1n&r7 eat~1;e8 now on tile
in the office of the 01ty Clerk.
(4) Improvements to the Central Lilmu-:r bu!.ld1ns owned b7 the 011;7 1nc1ud1ns
the cOl'18trtlot1on ot an add1t1on to sa1d build1ng on a a1te now owed bJ' the C:l.1;J' on
the Nortb 81de o~ the present building" the construotion of a branch l1bft.Z7' on the
ute now o1R1ed by the C1.ty adjacent to the existing You.th Center~ all au'batant1a117
in aocordance with the pre11m1na1'7 eat1matea now on t'i1e in the oft'1oe or the C1tJ'
~~. ,
(S) A Memorial C1 nc Center to be constructed on the beach on a 81te now o1lD8d
by the C1.t)r located. across the ClearMatel- Memo:r1al cause_~ Boulevud f'rom the MunicIpal
MIu'j,na, such Civic Cen'ter to include an auditorium sea't1ng 300 people, stage and
cater1ns .f"ac1l1t1es" an ot.tlce for the ChAmber o'E COrnlnA"'ce. quarters to. a bNncb ~
tbe Central Library. all SUbstantially in acoordance w.1th tile prell.m1DU7 est1mates
now on 1'11e 1n the otflce of the C1tJ' Clerk.
(6) Recreational fac1li ties to be CDnstl'Ucted on a twenty acre park owned bN ~e
CJ.ty located on South Greenwood Avenue. inclu.d1ng the :retirement of the ex1at1ng
mortgage on said property, and the construct1on of the nece88a17 building and equip-
ment to develop the area into a recreational area tor all age groups" all aubstant1a1l7
in accordance with pre11m1na17 est~tes now on :tile in the oftice ot the C:l.tJ' Clerk.
(1) 1'be conatru.ction ~ the State Road Department ot a new bridge &'t the East end
of Cle&l'lBter Memori.al oau.Beway~ the ent1.re cost of i;he bndge being $700,,000, ot' Wb.1ch
the O1ty will prov:Lde one-halt \1/2) the cost or $350,000, all substant1allJ'1n
accoJldance nth prel1m:1nary estimates now on t11e in the o1't1ce ot ~e C1t7 Clerk.
(8) The construction by the state Road Department and the County Hlgh'flrQ Department;
of a 4-1ane h1ghWlQ' on ft\vrtle Avenue extending tram t;he South l1m11;s to the Hortb.l1m1ts
of the cs.ty, the entire coat ot the construction ot 1;he highway being approx1JDate1l'
$700,000" ot wb1ch the C:t:ty w.11J. provide $100,000, aJ.l SUbstantially in accordance
with ~11m1na17 enimates now on ti1e in the off1ce 01' tne Oity C1erk.
. (9) The following capItal 1mprovemen't8 heretotoN made b1 the City from the
year 1954 to the date hereof: The purchase and 1natallat!.onof wter and sewer .-iDS
at Cb'een1lft)~d Hou81ns.; the construction or a storm sewer on Palm m~t' street; the
conat1'Uct1on of a aw1mm1ng pool and bathhouse; the conetNct1on or beach groinS) the
~ot1on of atom sewera at Palmetto. Greenwood and M1ssour1; the construction ot
a Bewer 11ne on M.vr1;le Avenue from Drew tor-.;Maplej the constructIon ot a etol'lll sewer
on BQm.ount street; the reconstruction and rebab1l1tat1on of the Aud1torlUllJ the
construction ot a new n.re sub-stationJ and the acqu1s1t1on ot various pu-cele ot land,.
1nc1udlns the Bacon Proper1;J' and hou.se be1dnd the Central L1'braz7, anci the Plumb
hoperty (Cemete17). .'
AIt'l'.ICLE XI
AUTHOBI2A.fiON' OF IMPROVBMBtf1'S
5. IMP1lO1'.lDIIDflS AU'laORIZBD. IJ.'hat the Ci't7 Manager be and he 1s hereb7 .
authorized and directed to undertake and comple1;e the Mwdc1pal 1q)rovementa from the
pJ'C)oeeds of sale of the Oertificates authorized to be issued pursuant totb1a Ord1nance.
Sa1clllm1c1pal IIDp1"ovements ahall be _de as rap1d17 &8 funds are available ror auch '
~aes.. and the same aball be made in accOJ.'Clance w1tb. the preli~1'\U7 8st1mates .
~erel;or &a on tUe 1n the ott1ce ot' ~e c:1tJ' Cl.erk. .
..4-
ARlICLI xu
A1P!IlORIZAUON. '1'BRJIS. .lW5du'.aOR, RlIDIftllM'ION
ANI) ISSUE or C.llilt'lIPICAUS
6. ~vtJiOI<<ZA'rIOlr OJ' C1atU101lRS. SUjeo't and purlA2an't to tbe ~v2.a10D11 ot
tb1a oft1MJ1ce, oezwt1ftcatea of the C1tr ot Ole&ftBter to be kDo1ln... tJt11S:U... ~
~-.nt CertU1oa'tesn' are hex-eb:r authorized to be Issued 10 the ~te >>ftncdpal
aIDOUl'lt o~ not exceed1ng 'fhree H111'-on ~ ~ S1.xt7 Thousand Dol1aJta .3.260,00)
to~ 1;.he :P\II'POSe ot f"1nar101ns the coat. or i;he aaqu1d.t1on. oonstNct1cm cOJlp1.UoD
or ~ MW11clpal ~nta as provided 111 this oM1nance.
7. DBSCKIP1'ION OP CIal'nJ'XCARS. 'l'be Cert1.t1oatea ~A.l1 bEt dated .JUne 1, 1959,:
aball ))e 1n the de~nat1on ot $1,000 eaoh~ &ban be numbered troa 1 to 3.260~
1nol\U1.ve, ISball be&1' interest at a. rate 01' rates, not exceec11ns the lepl ate. tio 1M
detOftD1ne4 upon t;he aale thereof', PQ'&ble sem1-amwallJ' on .June 1 and Deo~ 1 ot .
eaob ~, and &ban ma'ture aer1a1li in numerical oX'4eJ-, 10nat numbers nr8t, on
Deoember 1 of each year 1n the :rears and amount;s a8 tollows &
Amoun1; Ye&l- Amount
,S;;0'm' 1916 4115,000
~~ 1m ~~
70~OOO 1978 120,000
75.000 1979 125,000
75.000 1980. 130~OOO
80.~ 1ge1 135,000
85..000 19a2145~OOO
85.000 11~3 150,000
90.11000 ~ 155,000
95.000 1985 160,000
95..000 1986 165,000
100.000 11981 175,000
105,000 988 180,000
110,000 1989 185,000
~e Cert1.t1catee matur1ng in the J'earB 1962 to 191~~ inclus1ve, shall not be
rec1eelll&b1e P~01' to _tur11;y. The CertU1cates maturj,1l6 in th.e :rears 1975 to 1989,
~u.a1.ve, Shall be redeemabl.e prior to maturity, a1; ~ opt1on otthe C11r:r.. on J1ane 1.
1974, 01' on &n1 1.nte1'8st; ~ date tllerearter p:rS.Ol- to maturj,~. .a a 1thole, or s.n
part j,n inverse n1we:zt1cal order ot matunty and by loti t4th1n a mat#ur1tJ', at a .
~t1on prJ.ce o~ J)ar and accrued interest to date or redempt:lon. plus ~ toUodns
premium: '-t redeemed in the foUow1ng years:
=- :1n 1974
2 3/li~ :1n 1975
2 11. 1.n 1976
2 l/~~ u 1971
~ u 1978
1 31"f ~n 1919
1 lZ~ u 1980
1 lfll~ :t.n 1961
1~ in 1982
3P'~ '-n 1~3
1/~ Son 1984 .< .
l/~_ 1.%1 1985 .' " .
1d.thout p"M1~ 1n 1986 and the"at'ter. . '..
A not1ee ,or such redeJrl)t1on shall be publ1shed bJ'tbe C11;J at leaet once at 1east
th1rtJ' dais >>r1o~ to. the date o~ redempt:1on 1n a t:1nanc1.al paper pub118bed in 'the C1.q-
ot Hew York, New York. ,
Sa1d Certificates ahal1 be issued in coupon tom. ahal1 be P&78b1e with reSJMt~t;
i#o 'botib. pz\n.cl~l and. 1nterest in law1'ul money of 1ihe l7tdted States ot Amer1ca~ at 'the
pr1ndpal ot"floe of ~ Chaae .Manhattan:Ba.nlc, Hew York City', Hew York, and abaJ.1 1Mar
interest from their date, pqab1e in accordance mtib. and upon 8UlT8ncler of the
applU'tenant Ultereat eo~on8 as they severally mature.
I;i
i~
1965
1966
i~
1969
1970
1971
1972
1913
1974
1975
, _'. t
8. BDClJ'lION or. CERrDICA'lBS ABD COUPONS. Sa1d CeJ'tj11catea 8ba11 be exeC\1ted
i.n tile. JUIme or the cttQ 1>>7 the C1t7 Clerk, and Cj.Q' Hanager and ccunta-a1ped by the
MQ'or-CoJlim1aaloner anel shall have 1Dlp1'1n~ed, j,mpreaaed or- reproduce4theJ.'eon the .
corpoft'te sMl or ~e City or a tac82mJle tbe:reor, anc111&14 CeJ't11'1oatea Bbal1 be
appz'Oved .. to ~01'lD and. COft'ec'tneB8 b3' the City At'tornq. 'lbe hcll1m11e 81.gJ'lAAa8
ot eaS:d C1'tT Clerk.. C1 't7 Mm&gex-~ May'cr-Comm1a81oner and City A1;tomey ~ be 1Iqpnme4
or-. reproduced on aa1c1 CertU:t.cates, pzod.ded tbat; elth8S' the C1_rnerk, City ManIC-
or JIQo~ aa1ona- abal1 ."lUAll)' apply- hiB 8tsnatare on 8&14 Cert1ftcatea. Xtl
ca8e aJQ' one or 11I01'8 ~ tile otr1cWB 1Ib.ose s1sna1;uree 01" a taca1lll.1.1e theJteofl 8b&ll
appear upon the C8rt:1t1cah8 8hal1 oease to be 8\lcb orncer ot the C1.tJ' betore tile
c.t1r1cates shall have been act1aal11 ao1d and cle1s'vered, such. Ce1't1t1oatea.'~ .
nnefthe1eas be sold and dell vered' as herein provided and IIBJ' be :1uuec1 .a it Buell .
pmson bacl net ceaae4 to bold such ot~lce. An7 Cert1f1ca.tes IDa,. be 81sned and sealed :
on behalt or the City by SUcl1 person as at 'the actual t2.IIe ~ the execution of such
c.t1r1cates shall hold th8 pzoper oUioe 1n the C1~ ~ aJ:tbougb. a~ the. date. ~ Buell
~~cates such peZ'8Otl D1Q not have be1d such otn~e or ma:r not bay. been 80 autboldze4.
I!le 001l>>Ona 'to be attacbed to ~. certlttcat;ea 8ba11 'be authenUOJated 1d.tb ~
.t.o~"''1. as.ana~8 or the present .'&IV tutuft ~..as.oner. CltJ' .~and
01_ Clerk 01 aa1d os.t7 and 1;he Clt7 ~ adop1; and WIe ~or tlat JNl'.P08e the t'aoa1ld1e
tl.ip,hI'e ~ &D7 or edcl peNOna _0 -.11 bave be1d such oUice.. at ~ ts.on CQ'
,an. the __ ~ ~ CRt.Ulcatea, :nGA2.~ tbat; he mQ ban CleaB94 "hold .
'~OIlotr1ce .~:t;he t1M 1dum, 114 CertitS.cana tlbaU be aotual17 8014 ud.del1..,....'.
, .....'.,. .<.':.''r.'.,:-......'",;::O...~~''':i...''''.~...~:-.~~~*;.,'\il..~~;i.;.:..,;l......~\,.~,:.v~~;..::;::.;..,...\.'\"~..."'.,\..,'" ~ '~Vl .'
.' .
-"'" . :.:.. "." ~ -,. I':~"h"~ < . ,(,,,}< t::-t, '.
....\,.~lr.n~,,"'.J '..l.....i!~..., ,~;,~t..~--...,)4.:i"f'>>'..''''"..~i'):~,..';t..,;t.f:'v'(f {.';!'(.~r'"".,\.,J.. ~;"'~~""~'::>o'.H~]'~(; ..~
"~ }t:"t\"~~:~:i-:' ,'/ :':'tl;:'~ ":;0: >.1,..)<:.,..)/..=.....;... '.~r~'.~:~.~;.1"""'T +.;~;.....:):/.....,.~,:.: '. "', ..:
. -.~:".X.4,'.........;.~"",.,'~~,:~<'!~>.:i~ .,:~~~"}~~~)i:,~:i;f~1t~ . '~'.
I
~ fo
-5-
9. BJIIO'!IABIL1ft AHJ) JUIIJ:ERATIOH. ~ CertU1oa~a aha11 be, aad ban &11 or
.~ quallt1ee and 1no~dent.s or, Mgot;18ble 1nRl'\IIIlenta under the law .-oban~ and the
Negotiable InIItruments Law ot the State or Florida, and each suoceed" holder. 1n
acoept1JJs AIQ' of 8&14 C~fiaat;e. or the coupons appez-ta1n1118 tbe1'eto. 1d1a11 be
oono1ua1ve~ deemed to have agreed that such Cert1n.catee ahaU 'be eel ha....e all or 'tile
quallUes and 1no14entis ot negotiable instruments unde~ the law _rch&n~ and the
Nesot1able Instruments Law oZ the State or Plorida, and each BUoceeudve holdei- aba11
~ be concllulj,ve11 deemed to have agreed that add Cert1r1cates aball be
Snconteatable 1n the bands or a bona tide purcbaeer or ho1c1el' to~ vaJ.\1e 1n the ......
pl'OV1d&d hereJ.narter J.n the form or Ba1d cert1f1ca.teB.
'.rhe Certlt1cates may be N81etere4 at 'the opt1on o~ the holder as to ninclpal
only ~ or as to both j)r1nc1pal and interest, at tho otfioe of tme City 'l'reaaurer of:
t;he O1t~. suem reg1atnUon 'to be noted on 'the back of' ea1d CenU1.oatee J.n the epace
Pl'Ov1dec1 theretor. Af'ter such reg1etrat1on as to principal only, or 'both pr1nc1P'1 and
2.nterest, no transfer or the Cet-t2.t1cates Bhall be valid unless made at ea1cl oft'1ce
b7 'the reg1steredowner.. or by 111e duly authonzed agen't or representatl ve aDd a1Ia11ar17
no'ted on the Certificates" but the C8rtU.1cates may be discharged f'1'OII ress.atJi&t:lan
b7 be1ns 1n like manner tre.neterred to bea.re1- and thereupon tftnBteald.l1qr by 4el1very
shall be rest01'ed. At; ime opUon of tho ho1de:ra the Cenif'1cates JDrQ' thereafter
p.g"'J n from t1lDe to t1me be registered or transferred to bearer aa before. 8tlob
reg1a'tN.t1on &S to pr1.no1pal only Bball not a1"f"ect the negotab~U.ty or tbe coupoll8
M'dch Al:)aJl conUnue tro pass by deUvera-.
10. CERi'IPJ:CATBS Jm"J.'II.A'rED, DESTROYED.. ~LEN OIl LOS!'. In caee arv Cert1t'1c&ua
shall become mut1latec1 or be clestz'oyed... st;oler& or lost, the C:lQ' may' in 11;s d1.~t~on
j,SBUe and del:lver a new Cert1t'1ca'te w1:th all unmatured coupon8 attached or llke tenor
8S the Cert:ltlcate and attached coUPOnB, l.t any, so mut1lated. de8~ed, stolen or
1081;, in exchange and subst1 tut!.on for such mut;U.ated Cert1f'1cate, upon surftndN' and
cancellaUon ot such Dlu:t11ated eez.t1f'icate and a'ttaahed coupons# it' any, or :In l1eu o~
an4 subst1tutlon tor the Cert1ttoate and attacheQ OOuponB~ 1f~, destroJ'e4, eto1en
or l08t, and upon 1m.e holder ~sh1.ns the C1q- proof' ot biB owner8h1p thereo.t and
satisfactory in.demn:1ty and complyj.ng nth such other reasonable regu.J.a.tlona and con-
dS.t1ona a8 the City may prescribe and pay1ng such u;p6n.se as the C1.~ ~ 1ncur. 111
O~111.cateB and coupons so surrendered sbaJ.l be cancelled ~ the City 'lre&8\U'e~ and
heJ.d foZ' the accoWlt of the 01 ty. If any such Certittcate 0%' coupon shall. have
_tured or be about to mature, 1.nstead ot iesu2.ng a substituted Cert1.N.cate or coupon
'the O1ty may pay the same, upon being 1ndemn1fled as ~cre~d, and j.t such CertU"ioate
ox- coupon be lost, stolen or destroyed, w1 thou1:; surrender thereo.t.
Any sueh duplj,aate Cer1;:U"1cat;es and coupons 1ssued pUZ'suan~ to this Sect10n aba11
cOllSt1.tute ori.g1naJ..1 add1U<ma.l contractual obligations on the part or the C1't7,
whether or not the lost.. stolen or deutroyed Cert1fl.cates or coupons be at..aIV ~
round by anyonel and such duplleat;e CertU1catea and coupons Bhal1 be enUbled to equa1
and. p1'Oport1onate benefj,ts and l'1gh.ts aa to 11en and source and security ror paJJD8n~
from the U1;1JJ.tj,es Serv1cee 'laxe8 with all otbex- CerUf':icates and coupons 1eaued
hereunder.
11. FORM OF CStCfUrLCA'l'ES AND COUPONS. 'lbe text o~ the Cert1f'1cates. ooupona and
Pl"OVis1ons tor registrat10n shall be of substant1.ally the foJ.low1r1g 'tenor, with auch
om1se:1ons, 1nsert1one and variations as 1.NJ.y be nece88al7 and des1rab1e and autboZ'1zed
ox- pe%'ID1tted by this ord1nance# or any subsequent ord1.nance adopted pr1oZ' to the
S-sauance thereof".
No.
$1,000
tJNZ'l'ED 9rA'rES fJB' AMERICA
STATE OP PLORJ:DA
. comm OF PINELLAS
CJ:'l'Y OP OLEARWA'l'ER
UTILrl'IES 'rAX DPRovm.mr.r Cmd..U'LCA'l'E
KNOW ALL l4BN Bf 'J!1IBSE FlmSJmrS that the City of' Clearwa'tel'l m P1nellas Count7.
Plorida. fox- value rece:1ved hereby promises to pay to the be&.l"er, or 1f' thi8
Cu.-t1.t1cate be reg1atered# to the registered holder as herein provided, on 'the t.s.P.~
c1Q' of December. J.9 , from the spe~al rurtda hereinat'ter mentioned. 'the pr1ncipal
sum of
ONE 'mOlJSAND DOLLARS ($1.000)
w1t;h. 1n'teres1; thereon at; the rate of per cent;um ( ~) per &I1n\IIllI.
pQ"&b1e aem1-annual1y on the 1st cia;.v or JW1e and the 1st; day o~ Deeembel" of each lear
upon 'the' p1'esenta't:1on and surrender of' the annaed coupons as tbey seveN~ taU. due.
Both pnnclpal of and interest on this CeI-tU1.cate are .payable i.n lawtul IDOnQ o~ -the
tJn1ted states of Amar1.ca at the princj,paJ. oft1.ce of Th.e Chase llanbatt;an Bank. Hew
Yozk C1tJ.. New YOZ'k.
, '1'b1a Cert1f'1cate .115 one or a duly authonzed 1S8\18 or CertS.fioa~es :in. 1;he aspesate
pdnc:l.pal amount or $3~260..ooo of UJte date, tenor and eff'ect, excep~ as ~o numbep and
date ot _turi t:r (and j,nterest 1'&t:e) 18SUed to nnance 1;he coat of the &cquJ.a11;1on.
cOnatru.ct1on and compl~t;1on ot cel"ta1n mun1c1paJ. 1m,provements 1n ~ aj,~ under t.he
authoJl1~y ot and in tUlI. compaance w.1th the Const1tilt1on and sta1iutes o.t the State ~
1'10zt14&. inolu.c11ng Chq)1;.er 9710, Laws of' Plor1.cla, Acts of' 1923. as amended, and othar
applicable pzov1B1.ons 'Or law; and. an ord1nance adopted b7 the City eo.1aa1on ot the
C1qr of Cle&rlllater on ~ 25. 1959, and 18 subject to &11 at the te1'Jll8 and concti~lona
of said ordinance.
!'ld.a Cert1ficate aDd the coupons appertdn1ng he~ are paJable 801817 A-cIm and .
. secured by a Uen u.pon. and pledge ~ the proceeds or ut1.1:l't1ea serv1ce8 1iazea co11eo.ted
lQ' theC1tJ' 1.n. the ~'I'\PJ'r prod.ded 1.1\ the ord1nance a\ltb~ tb1a issue of ee.tU'1-
ca~ and 40ea not con.et.1tute an 1nc!ebtedneBs of the 01_ w1~n ~e meud.. or &IV
conatitut1oral.. S1;atutor:/, or cbart<<r prov1a1ona ar l1Dd.~t10n. and 1t. 1.8 Qpl'eaa.1T
.....ed b7 the holdeR -or 'tb1a Ce.rt1ftcate and the coupons a~ here~ ~t
iRIoh ho1deR Ma11. ney-er have ~ dsht b requ1re or ccmpeJ. the exezaoS... or .... .act
VS10.... te~ns po..- or aald C!.Q.- or the taxats.on or Mal eata~ 1n aa1d C!.tJ'. r_
tdle ~....tot the pftzudpal o~ C1Cl 1nteftat on. th1a Cerl;1t1oa'te or t;be ~'d ns or asv
'.. ,.~ft1rtrw fund. are...... or other ~. pz-oY1ded ~ 1n the Ol'CU.~oe adbor1l1hS tb18'.
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,~.aue ot Certlt1oat:e.. tt 18 hrther apee4 betwen tbe 01_ &1'&4 ~ holc1eP ot w..
cen1ftoate tbat this CertUloate and tne obligat1on ev1C1ence4 tbe&'8by 8hA1l DO_
,oonat1tut:e a cbU'Se, lien or me1.UUb1'ance, legal or equitable, ~ tbe at~aa1d
JUn1c1p&1 ~vemen~8, OJ.' arv part; 'thereot. or on ~ otilep properQ' or or 1n tile
. ~_ ~ bu~ abal1 constl tute a l:1en only on sa1d. ut1l1 ties seMlcea taxes in the "'~'>>r
provided in tbe or.d1rance authoM.z1ng 1;11.0 issuance thereat.
!l'he Cert1fioa'tea _tl.1r1ng 1n the years 1962 to 1914. :lnc1us1.ve, ue not recSeemable
prior to maturity. 'l'he C~t1catee mat\1r1ng in the years 1915 to 1~9. mo111d."., aN
rec:leeJab1e pr:lor to matuntJ &1; tbe op't1on or the C1Q on J1me 1. 1974, or on &nl'
1Aterest payment date thereafter pnor 1;0 maturit7, a8 a mole or b paR, 1n my....,
n\lZlle!l'1ca1 order ot maturi'tyand by lot w1thj.n a _tur.1qr. at a redemption prJ.ce o~ pap
and accrued interest to date of redemption, plus the 1'ol1.o1d.J1g prem1uma 11 redeemed
in the tol1ow.lns years.
3 ~ in 1974
2 3/~ in 1975
2 l/~ in 1976
2 1/4, in 1m
2 ~ in 1978
1 3/4~ in 1919
1 l/~ in 1980
1 1/4' in 1981
1 , in 1982
31~ in 1~3
l/~ in 1984
. . 1/4, in 1985
1d. thout prem1 um 1.11 1986 and t;her-eat'ter'. . ., .,.
A not:lee of such redeJ!q)t;1on 8ha1l be published bJ' the C:S:ty at leaat mc8 at J.eaR
th1rtJ' da1s prior 'to the date of" redemption 1n a financial paper pubJ.1sbed 1n tbe
C1t,' of New York.. New York. .
11; l.s herebJ' oertified and rec:1'ted tbat this Cert1.t.1.cate is auth01'1zed by and 18
1ssued in conf'01'III1t;,. with the requirements of' the Constitution and Statutes or t;he
State of P10nda and that a11 sets, cond.11;1ons and things required to ex1st., tobappen
and to be performed preceden1; 'to and in the issuance of' 'tM.s Ce2't1:ticate, ex15t_ have
happened and have been per.rormed in regular and due torm and 1;1me aa required by 'tbe
Omat1'tu'tion and S'ta-tutes of the State of Plorida app11cab1e thwet.o.. and that tile .
issuance of this Cen1ficst~.. and of the l.ssue ot Certlt.1.catea of'1tb1ch thS.s Cer1;sr1'oa1;e
is one, does not v.1.o1ate any cone1;1tut1ona1.. statuto17 or chat-t;er 11m1tat1on.
. 'lb1s Ce1"t11'1.cate.. and the eoupons a})pertain1ng thereto, :!.L1~ and bas all the
qual.1t1.es and incidents of, a. negotj.able 1.netrument under tne law merebant and ~e
Negotiable Instruments Law or 'title State or Plor1da.. and the orig!.naJ. l101der and, each
8\1cces81ve holder of tMs Certj.t1cateJ or of the eouponB apperta1ldns tbeJreto.. sball be
concluB1 vely deemed by' his acceptance th.ereot to have agreed that; ~h:1a Ce1'1;1n.cate
and the coupons apperta:1n1ns thereto aha1l. be and have a11 the quall1iles and lna1den'ts
ot, negot1.ab1e 1nst:rwnents tUlder tbe law merchant and the Negotiable :tn81iruments lAw ot
tile State or Plor1da. ~e or1g1nal ho1de~ and each sucoessive ho1dez- or this CePt1n.oate
and or .tbe eoupons apperta1m.ng bereto~ 8bal1 be concl\ls.1ve~ deemed to have qreecl
and consented to the following terms and conditions:
. (a) '.t'1tle 1;0 this Cer1i:lttcate., unless registered as herein provided, and t;o
the annexed inte:r.-est eoupone.. zray be transferred by delivery- :In tihe. JDlI.JU1e1' prov:1ded
~OJ! ,negot;iable 1nB't1"UJllents payable 'to bear-er undex- the law merchant and the Nego1;1ab1e
Iiutruments Law ot the state of Flor1da;
. (b) Any person in possession or 1;111s Certif1cate,un1ess zegj.a1;ez-ed .a herem ,
>>I'Ond.ei1. or 01" the j,nterest CO\1llOn8 her-ewl'to apperta1n1ng. regardl.ess of' the l81mer in
1lIb1ch he ah8.l1 have acquired possess10n" 1.s hereby authorized to represent h1.I&IIeU
as the absolute owner hereo:t. and is hereby granted power w tNnat'er absolute 't11;le
h~to bI' del1.veJ.-3 hepeo!, to a bona. fide purchaseI- that 1s.. 'to arw one who 1Sba1l
pu.rohaae '"the same for value (p:resent or antecedent) without no1;j.ce of :prior detenaea
oza, L,equ:1t1es or cla1yns ot owner8hip enforceable against his transferror; evel"'3' prS.or
taker or owner of this Cer1;ifj.cate# unless registered as h.erein provided, and of the
annexed interest coupons. WlU.ves and renounces all o~ his equities and rJ.ghta here:ln
in favor> ot every such bona Ii-de purchaser.. and everN such. bona fide purchaser 8ba11
acquire absolute t1t;le hereto and to al1 rights represented herebyj and
(0) The Ci'ty may treat the bearer o~ this Cert1t:tcate. unless registered as
her.a1n pl'Ov:1ded, or of tbe int;erest coupons hereunto appet-tairdn8, as the abaolutwe
01ft1er he1'8of' tor aJ.1 purposes wIthout be1rJg a:tfected by arq notice to the oont1"CU'7.
~8 Ce":lt:1ca1;e ma:l' be registered as to principal only, or- a.s to both principal
and interest, :1.n accordance nth the pronsions endorsed bereon.
IN WX'l'NBSS lfIIBREOP, the City of Clea.~ter. Plor1da~ haa 1.8sued'this Cert1f1.oate
and baa caused the same to be exeeu1ied b1' the manual or faes1Jd.1eslgnatures or 1.t8
C:lty CJ.el'k and C:1ty Manager, and oounters1gned b7 the manu.a1 or 1'ac81D111e dgnature or
1'ta HiQOr-~ ssloneza. and approved as to form and cOJ.'Natnes8 by 1;he C1ty A1;torney,
b7 his manual or taca1m11e s1gnature.- and ita corporate seal, OI- a t'ac~,",-le thereot',
to be arttxecl hereto or SJupnnted hereon and has caused ttae interest coupons hereto
attache4~o be executed wi'tt& the tacs1J!d1e sj.gnatures o~ all or said ort1.cer8~ ~1
, .~8 or tbe fi"~ c1q' of June, 1959.
A1;testa
4l~ .d1erk
'A>>patOve4 aa to to~ and correctness:
...., ~~J', ~t~
CIft OF CLBARWA'rER.. FLORXDA
Byl
C1t;r Manage~
By:
~00DII1881onar
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13. SPICIAL PONDS. '-'bere are hereby created and 8stabllebec1 the tollow1ns
apeo1al trust furuta, vb1ch shall be depoB1ted with a bank or tNst o~ .ituated
in the C1t:{ or Olearwater, JIlonc1a.. exercising 'tt-Ust powera and \tb1oh Ie . mamb8JI or the
PedeN1 Deposit Insurance Corporatlonz
(1) Oity ot Ol..eal'lt8.te19 ut:ll1t1es Tax Impro'l'ttJllent Certit10ates 'l'Nat A.ccount
(llere1n :referred to as "i'rust Aoeount").
(2) City ot Olearwater ut:llities Tax ~ro~ement Certifloates se~~ica Aooount
(be:re1n l'&1'erred to a8 "Certiflcate Service Acoou.nt").
(3) Os.ty ot 01eaMlater ut111tiea 'lax Impro~em.ent Certificates Re8eJl'V8 Aooount
(herein refewed to as '1Certificate Reserve AaoOWltll).
14. .r,BR'.rIJ'IC~ES SECURED BY PLEDGE em lJ'rILI'l'IBS SERVICES ~AXE8. All mC>ll8J'1
col1ect#ed by tile Cit;y from ut1l1t1e8 Servicea 'laxes and all mon~YB rece1ved onaooount
tbe:reof' by the C1Q.. aN herebr pledged to secure the p&JD18nt of' the Certificates 1ft
tb.e manner and to tb.e extent pJ'Ov1ded in this ord1nance.
A1.1 of the proaeeds ot the utilities Services 'laxes, as derined herein. &8 soon
as the 88JIle are collected by the City shall be f'orthw1tb deposited in ~e T:Nat Aooount.
All moneys at any time rema1n1ng on depoB1t ;in the Trust Account. 8ha11 be dispoaed
. or by the CJ.tJ' o~ in the fo1low1ng manner and order of' pnor1t.y:
(1) Prom the IDOne;ys on depo81 t in said ~1'Us1; Account .1;he c:1t.y Sball a>>poZ't1on,
set apart and depOsit in the Certificate Sernce Account; on the fba'- day or each
month beg1nn1ng with. th.e 1st day ot Decembex-, 1959, an amount equal t;o one-81.xth (1/6)
ot all the 1.n1;erest l'1b1cl1 shall mature and become due on 1;he Cez-tlt1catea on the next
interest papent ~te; and beginning w:1th De(Jember 1.. 1961, and aDlOmt equal to
one-tweU'tb (1/12) of the princ1pa1 &DIOWlt oZ the Certificates Ntdch 8b&11 -tuJte and
become due on the next pI-inc1pal. matunt:r cla.te. . .
(2) ~nerearterl from the moneys rema.1n.1ng on depoS1t in sa1d'lTuat Account t;be'
City Bball next apporti()n.. set apart and deposit :in the Cert1t:1eate a~aerve AcCOWlt
:tb.eto11ow1ng amounts at the fol.low1ng times: (1) beg1nn1.ngw1th December 1" 1959
4I\d em. the l.st day o~ each'month thereat'ter, to and incl.ud1ng Novembez- 1, 1960. an
amount, equal' 1;0 $4,000 per month; (2) beg1nn1ng td.th December 1, 1960.. and on tb.e
1st ,day of each month thereafter, to and incl\1d1ns November 1, 1961, an amount eq\1&l
~o $5~OOO per month; and beg1rUdng with December J., 19611 and OIl the let ciaJ' ot eaOh ~:\
~n~h thereafter, an. amount equal to one-ten'\in (1)10) or all am~t8 _required to be
H1d for ma1;urlng pza1nc:ll>A1 and interest int.o tbe Certlf'lcate .Saw1ce Acoo~t,. alS
p~v1ded in paragraph (J.) above on said dates; provided. howeve~I, that no t\1rther.
.~nts Shall be required to be made :1nto said Cert1t1eate' Resene .Account when there
eha11bave been deposited thereu1 and so long as there shall:rema1non depoa1~ 1il18re1n
en UOWlt equal to ll~ o:t the 1argest aggregate amount wb.1ch tqUl.. 'be nqu1.1'8Ci toi-''the
, .~t, of maturing principal of and intere8~ on "the- eert:1t1catea 'aut;hor1zed- here1n~
. m>arq succeeding fiscaJ. year. ... .
., (3):If" on any. payment date the moneys :in 'the IJ.'rust Account are 1nsufttc1ent to
place the required' -a.mounts in the Certtticate Service Account and, CeM1.t1cate Res8I'Ve
Acco\&Il.t, as here1.n.p~v1ded. t;he de1"1.c1ency aball be made up in tne subaequent p6~ts
in. 'add1 t1.on to payments wh1ch. would otherwise be required to be _de on the .subseqUent
~t &1;es. .
(4 ) ~ereatte1'" I, the balance of .any moneys remaining in the ~est Account on the
..t11tat cSay of: each mollth after all requ1red payments into the tund.B .prov1ded abov~
~ve . been ~de, aba1l. be, released of the l1en :imposed thereon bt. th1a ord1.nance, ~~
.'.. -.11 be Nmit;ted 1;0 .the City for use by it :in arw manner authorized or provided b7
:1;&w;. pl'Ov1ded~ however,. ,that none or said ut:111't1es Serv1ces Taxes 8b.all ever ))e WJed
. for&nJ' purpose othe;r than the purposes hel'e:1nbetore specUj.ed \Dl1esfJ all paJments,. .
-. including any def'icienc:les for> pr:lor payments provided ~or above !lave been made 1n f'ul1.
. . '!rl1.e City does covecan't and ag:ree that as ~ons as ~ of' the Certificates .,&I'e
outStand1ns and unpa.j.d, or payment thereof' has not been duly prov1.detlf'or. ':It. will not
repea1 Or4:1nance No.. 811 enacted Pebruary 16. 1959, 1eVJ'1ng such t1t1111;1es S~oe8
-taxea. and ell not;' amend or modif7 sa:ld ord:1nance j,n any mannet- so &8 to' i ~r or
$dj~e17.a.ftect ~~ power and obligat1on of the City. to levy anel oo;Llect sa1d .
utll11;1es Servioes':axes, or impair or adverseJ.:/, affect in any manner' ~ p:l.edge ot
, much tlt1l.1 ~1e8 Services faxes made herein.. or the r!ghts of the ho.1dera of' "~
. certi1'1eiateal or the rate or amounts of'such Ut11:lt:1es BeJ.WV1ces, '!f~e.,. 'l'heC1ty
~;does 1"\Qlt;her covenan:t and agree that so long as &n'1 ot the, prindpaJ. ot or :1n1ie1'Elst on
" ~ of the Certit1ca"tea shilll be outstand.:1ng and unpaid.. or ~nt thereot not, d\l17 _
pronded top l.t w11l. le-q &11d collect such Util1.ties Se1"V1.ce8 ~a a.tthe IiIa.:.dmuDl rate
..p~,.ted by sa2.d,'Chapte~ 22829.. Laws ot Florida, Acts of 1945~ 'to tl1~ full ~ent -
',n~ce8S&:L7 to . pay.. ' as .1me aame Bha11. become due.. _ the. princ.1pal ot ~ 1nte"at on' the
:OertiI:1ea.tea. ln adUtion to ~ng, as theaame Bllall become due, '.811 reaerv'e ~
,'~'~ds orothe~payment8 provided f~ in this o~ce.-, . . .,'
.: , . .... . !rhed ~tJ' ttu-tb~r eJq)J:'le8s1y represents tl1a1i 1 ~ bas legal' and valld powea' 1;0 901l-
'.~.. "~e J.evand collection or sa1d ut111 t:1es Sel"V1ces ~~ l1nt;1~a11 ,the. J)r:1nc1pal
:,Qr &n.4' :lnterest on ,tJ1e Certificates have been 1Ul11 pUd..n~wJ.th.stan.d1ng that .t~ , .
,1est"l&t~ve a\ltho1'1.~~ the:retot- may be repealed, amended or- II)OdS,N.ed .,~ the .Les1s1atu:re
o~,,:~_orj;da pz"1or to,aud1 ~~; and said C1ty t.'urtber ~.erit~,-th&t the' Qo~cmant;a
.tmtered 1.n1;o betwe~..tJie C1ty and ho1_s of the Cert1flcateQ pursuant .to tb1s - -
'oltiQiMn.ce constltu~ a vaJ.id and l.esall.y b1nding contract betweeJ'l: the . C1t;y &nd aucll'
"-~,~cate holders not sub,ject to repeal, impa~t ox- mOd:1.fj,eaiaon by 1;he ':01~, or
.:..~:~: Leg1alature of 'the state of norida. . -
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';,,:.~'-"-;::-;>-,'15.' APPLICM!J:ON OP PUKDS AND SB<roRI'l'!'. POR Am) INVBSTMBNT'I!HBRBOP.,
~~~~(,\:;'~...:, (~) JIoneyalji:.:.,tha Cert1neate Serv1.ce Aoc~un;:.:_ _11 .1JE!~ u~d~o~ tor- then~~
,'::,;i";OP;~~~'. pr1nc1pal . o~ and In't,ereat on the, Cert:1t1cates. . ':~~!I_1n -~~ .Ce~.~
.. ,';;::~~:AClCOunt ~~: be ~Bed onl~. tor the pu-po~ or the .~~-'~t JDa1!r~ ~!~~
:;:!:;~.o~t:or~.~t81'8I!11;, on tlie .Cer1i1.t1cat;es when the moneys 1n tbe ~n~te :servlce"cc~t .
")i~,~.piSUrt1c1ent ~.eretc)I-.. and ror no other Ptl1'Pose., ..' ;i;,,;_q
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'!'be 01 tJ' 8hal.l not be req\l1l:'8c1 to make a~ tul-ther J)a1IUntla lnto Che Onbiftcate
Se"~oe Aooount or- ~nto 1me Certi.t1oate Resorvo AOOOWlt ldun the &8BNpt;. amount of
moruJ's in both ea1.d OeMUlcate Strv'1ce AcaoWlt and Cert1r1cate Iteaen_ Aocount ue at
least; equal to the ~egat8 pnnc1pa1 UIOl.Int or tl\e C8MUicatee tbB O\&tetanU.ns,
p].\1a tbe amount or I.nterest then due or thereafter to become due on the Cert1r1oatea
than outstand1ng.
(B) !he Certificate Service Account and Oert1ficate Reserve Aooo\l11t 1lha11
oonstitute ts-ust f"unds for the pllrPoe8s net-e1.n provided for BUon tund8 and the moD878
in Noh funds shall be continuou81~ .80UNd in the manner provided by JAw r01t aeouring
depoB11;s of state and munioipal rurtda.
(0) Moneys l1e1d in the Oel't1f1cate Eeserve Aocount may be 1.nvaate4 upon dl.reotiom
o~ tl1e C11;y 'h'eas\U'er of the C1ty, in c11l-eet oblisat1ons ot the t1rl11;ed Sta!;e8 or
A1ner1.oa 1tJb.1oh mat\U'e not later tban 1"oUJ' (la-) years atter the malclns ~ lI\lcb 1nveatmente.
16. ISSUANOE OF ADDITIONAL OBLIClA'!I()!IS PAYABLE O'O'f OJ tnILXnES 8llKVXCJCS ~ADS.
!'he C11;y Shall not :LsBue a~ other oblip.t10no.. exoept upon the cond1:t101U1 &1'1d !.n the
manner p1'Ov1.ded in th1.s Section 1.6. payable from the U1;111t1es Se1"Vloea 'raxee. nor
vo1'Untanly create or cause to be created ~ dob't, lien.. pledge. a..dplDent.
encUlllbnnee or any' other charge bav1l1g pno1'1. ty to or be:lng on a parJ:ty nth the l1en
of tile Certit:lcates, and the interest thereon, upon &n1' ot' ~e Ut;111ts.ea Services
Taxes pledged as aeeur1 ty there1'or . in .tb1 s ()rtd1nanoe._ .I.rry other oblisa'tlona issued
by tb.e CitY, in addit1.on to the Cert1.t1ca'tas and pari p&eau addi'tional. Cez-t1f'lcatea
autbor1.zed b7 'this Ord1nanoe shall oon1ia1n an express statement !;hat BUell obl1ptiona
are junioz- and subot-d1.nate in all respects to tl1.e Cert1t1cates ia&ua4 p~8t1&nt ~ tbS.a
Ori:1nance as to lien and source and aeour:lt~ tor pa~t from the l1ti1i~1elS Se1'9'1cea
'lUes.
No additional ob1.iSa.tions, &S in this Section 16 de1'1ned. payable putS. passu
from tb.e ut1.l:l.t1es SQ~ces 'taxes Shall be oxaeated or l.ssaed af't~ the .s.1UJ\llnce or,
any aer't1ticates PUt-suant to this Ordinance.. except under tile cond1tions and in'the
manner here1n pronded.
No SUM add1t:1onaJ. pm-1 paS5U obl1gatiol1S shall be issued or c"ated tmlea5 t;he
average annual utili t1.ee Services 'raxes collected tor the 'twenty to\lr (24) JDOn't118
1mmed1a.te17 preced:lng the date or adopt:1on or the Ord1nance autho1'S.z1ng the l.sBlIanCe
of sacn add1tlonal obl1gat1ons &bal.l equal. at least one and one-b.alt ~1IIe8 tbe
h1.ghest aggregate px-ino1pal and 1nceres1; requ.1remen1;s tor any sueceed:l.ng P1.acaJ. Year
on all Oert1.t1.catee tl1.e~to1'ore lesued and stil.l outsta.ndil'lg, inelu~ng adct11;1cnal.
par:1 ])L8SU obllgat:1ons 'theretofore issued puxaawmt to t1ds ordinance and 8till
outstand1ns. and on all 8uch add1 t10nal obl:1gations to be '-B5Ued.
lJhe term ".dd:ltj,onal pari pa.esu obliga:tions" as used :in th1s Section 16 Shall be
deemed to Dean add1.tj,onal obligat:1ons evidenced bY' Certj.ricatea :lslS\led under the
pz-oviBions and 111thU1 the lim1.tat~ons ot 'th.:1.s ordinance pa;va.b1e f'ltom tme utj,11't1es
Services Taxes pal~ pl8SU with the Cert1t:1catca originally author-1zed and 18aue4
pursuant to this ord:1nance. Such Cert:lf'ica'tas shall be deemed to ba.ve been l.ss\l8d
pursuant to this ord:1nance the sarne as the Certif:lcates or1.g.1n&lJ.)r authol'3.zed and
issued pursuant to this ordinance.. and all. of the covenants and other prov1ad.ons ot .
this ord1'Wnce (exce:pt as to detu.ls of suoh Cert11'1oates eV'1dene1ng such I.dcl1:I;1oo&1
obagat1one moons:1s'tent 'tb.erel'l1th) ~ shall. b~ for the equal. benef"1~, prot*c1;:1on and
secur:lty of the hol.dex-a of any' Cert1f'1ea.tes originally author1zed and issued pw-auant
to t;~s ol'd1nance and the l1.o1deI-s o~ any Cert:1f'icates ev:1denc1ns add1t1onal par1
passu obligat10ns eubaequently crea.ted w1tldn the l1m:1tations of and 1n compllance
w1tb 'th:ls Section 3.6,. &11 of such Cert1f1.cates, regardless of' tine t1JDe or 't1mes ot
theu issuance" shalJ. rank equally nth respect 'to their l:1en on the tJtJ.l:1t1es
Sew1ees '!'axes and their sources and sec~~Y' for pa.yment from said tJt1:u.taea
services Taxes 1Il1thout preference or any- Cert:lf'1cate, or coupon. over arq o1;her
exoep1i as 1n the ord:lnance or ordi.nanoes authorizing 'the issuanoe ot suell adcl11iional
pari. passu ob1igatJ.orls provided.
AU add1tiona1 par1 passu Cert:1t1cates issued purBu&n~ to 'tl11s Saccion 16 Bbal1
be dated June 1 or December 1, anall mature on DecembeF 1. or each yeax- 01 maturi't7l
and the semi-annual. 2.nterest on aIV of sa1.d additional par3. passu obligations shall
be papble on June 1 and December 1 o~ each yea.r.
. ,: . The term "add1.t:lonal pari passu obligationsn as used in this Section 16 8bal.l no1;
be'deemed'to include cert1.r:l.ca1;e8~ notes, bonds or other ob11gat1011S subaaquent;l;v issued.
'the aen or lC11ch on the ut:l111;ies Se~1ces Taxes :1s subject to the pl~or and auper1.or
lien on woo uti11t;ies Services 'lUes or the certificates '-sBaed PlU'suant to tb1s '
ord1nanoel and the O:1ty Bball not 1SBUe 81'Q' obl1ga'tions wbatsDever payable :tl'om'tb.e
Utd-llt;1es Serw'1cea Taxes wldch rank equally as to lien and source and sec\lr:lt~ to~
p&JJD.el1t from such tJt:!.1:1t1es Sernces ~B with. tme Certif1cates :lssued ])u:rsuant to
'tl11s ordinance except; :in the manner and under the ooncH tlons pl'Ouded :1n. th1.s Seotion 16.
. . No add1'tlonal obUogations.. as h th:1B subsection defined, shall be created at lUW'
t1llie.l however, unless all of the pa~ts into tl1e r-espect1.ve fwlds pronded ~or in
th1a ordinance and all reserve tlu1ds, or ot1'l.er payments prov1.ded fOX' in tlUa ordi.nance
eball ha"e been made in full" and the C1ty shall have tully compl:lad ldth al.l t;he
covenants. agreements and te1'lIl8 o~ 'tlUs ordtnance.
..11. RBMBDIES. An:1 holder of Cert1r1ca.tes~ or or ~ coupons per1ia.1n1ng thereto.
is"lIed Wlder the pl"Ov1s1ons ot th1.s o1"d1ll&J1ee 0%' ~ !rru8tee act;ing for Bucb
,,~icate holders 2.n the manner here1.nat'ter prodded, may, eitner .t ].a'W or :In equ1tJ', ...
b1 Mdt. actioonl _~.s or other proceecUll8 in any coUl"t of competent J\U'1.ad:lot;ion.,
. protGct and ~orce any and all r1.gbts undeJ.- t;he laws or'tb.e state of P101''1d&. or
" . ~ed and conta1ruad :in tM.s orcU.nanQe~. and ma~ enforce and oOJ1lpel t.he ))81'f'O%'Ianoe
'or'a:u.\JuUes l"8qu1.Md by tb.1s ord1nanee or by an;.y appl1.cable statute. IS to be, puf01'Md
b7, ,the C1tJ'~ b7 a.nv ot1'1cer the"ot ~ "1noJ.wif.ng the fixing, cbarS111g, coUe~, and
cS1ab\lra1ns of' 1me lJt1.l1.Ues Se1'"d.ees ~axes. . . ",
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'!he bo1dft' or boldQ1a or CertU1catea 1n an agsNpte principal UIOunt or not
leu than tIlentv-r1ve per oent (2~) ot the Cert;j,f1.c&tea issued under thia ord1nanoe
~en ouatand1.ns may.. by a dul~ exeouted oertU1oate 1n wi tins.. appoint a tN8tee ror
nolder-a ~ OeJ"tU1.oatoe ~a8\led >>ursuant to tm1.s ol'd1nan.ce with authority to represent
such Cert:1f'iaate hoJ.dera 1.n any 1ega1 pro~edJ.ng tor the entoroement and pI'Oteot1on or
the I"1gbta or S\lon Cert11"1.oate holders. Such oert1..f1oate ahall be exeouted b7 such
Cert1tioate holcl.eZ'B or the1r duly authorized attoJ'n.eTs or representatives and ahall be
f'11ec:l in the o1'r1co of the C1 tY' Clerk.
18. ENi'ORa~ OF COLLEc:rn:ONS. 'l'bA t the CiQ w1ll di11gently enforce and
collect all lJt1l1~1es Services '1'axes and take all. stet)U'. actions and prooeed1nsa ror
~ enf'ol"Oament and collect:lon or hoh util1.t1es Sernces '!'axes 1d11ch &ball beoome
del1nquem; to t11e tull ~ent perm:1 tted ox- authoriz.ed by the Aot and bJ' the laws or
the state of Flor1da.
19. BOOKS. ftECOJU>S AND IHaPEC'rION. 'rl1at the C11iY' 1d.l.1 keep books and reoorda~
lIIh1.oh shall be separate and apart from all o'liher 'bo.oks, records and accounts or the
Ci'ty ~ in tdUoh. cOIDpJ.ete and c~c1; entries shall. be mde in accordanoe with standard
pr:1nc1plGS of account;1ng ot aJ.l t.ransact1ons relat1.llg to the collect1on and c11sburse-
ment of the Ut111't1ee Sernce8 '1'axes. and any hol.d~ ot' a Certificate or Cert1ricates
l.ssued pusuant to this ord1.nance aha11 have the r1gllt at all reasonable times to
J.n8peot said recorda.. accounts and data of the C:1ty x-elat1ng thereto.
Am'ICLE V
APl'I..ICA~ON OF CERTIFI:OATE PROCEEDS
20. APPt.lCATION OF ~ICATE PROCEEDS. All JI1One:fs rece1ved f'rom the sale or,
ehe Ce~1f1cateB to be 1n1.t1aJ.J.y issued under the prov181.ons ot this Ordinanoe shall
be d1s1:lUPeed and applied as here1.nat'te1" provided:
(A) 'rile 1ntex-est becom1l1g due on t11e Cert11"1cates on December 1, 1959, &hall be
deposited in the Certif'icatea Serv10es Aocount.
(D) ~e SWl1 o:f $830~OOO.OO BhalJ. be :pa1d to t#he City 'l'reasurer for re1mbur8ement
'to the City fo~ the mun1c1.pal improvements dcscr1bed 1n Paragraph (1) and P8J.'8SI'fIPh (9)
ot Seot:1on 2 (A) hereof. heretofore made b~ the C1~~. .
(0) 'rhe balance or 1;he proceeds ot aaJ.e of tb.e Cert1.t1cates Sball be depo81ted
by tbe C1 ty w1 tb a bank ox- 'trust company authorized 10,0 exercise trust powers and wb10h
1.s a member- of the Pederal. Depos1.t In8uzrance OOl"pON1o,1on. as Trustee.. 1n a trust to
be known as 'tne II Conatract1on 'rrust Fund".. Wlde~ a ConBtruc1;10n 'I'rust Fund A8J,'eement
to be hereafter author:1zed bY' the City Commission and to be entered into between the
C1t1 and aid bank. The ba1anoe or the proceeds ot sa1.e or the Cert1n.catea 80 deposl'ted
:1n said Conatl'\lct:1on Trtlat Pund Bha11 be used and a})p11ed to the ~t or the ooate
of acqu18i1iioIl.l. oonatruct1.on and completion of the >>m1c1pal Improvements described
tn, Paragraphs (1) to (8).. inel\ls1ve" o~ Section 2 (A) l1ereof.. and ror legal and
engineer1l1g ex'penBes~ fees of fiscal OJ.- f1.nanoial. agen1;s" and expenses in connect1on
witll the issuance and ale ot the Certificates. In 80 applying the moneys in the
Cpnstl"Uct.1on 'rruat 1IUnd to the paylDent of tbe costs ot the acquia1t1on, construotion
arid completion of the MLm1.c:lpal Xmprovements, the c:1~ ahall not be bound 1>7 the
8sti1lD&'tes of cost Ctf any- project included in said Municipal Improvements but -7 use
any 1W>neY'8 in said CODstr\1otion Trust Fund to pay t;h~ cost ot an7 such project regard...
1ee8 of the elJt1.ma1ied coat; 'thereot. '1.f_ ~or any reason the moneys :1n the Gonatruction
Trust Fund~ O~ II.Q part thereof", are not,heces3ary tor> or are not applied to the. ---:-- --"
purposes provided 1n thia Ord1nance" then suoh unapplied proceeds 8hall be deposited
by the C1 't7 I u:pon cert:1t1aa'tion bY' iihe City Engineer that the Mun:101pal Improvements
have been completed and that 8\1oh surplus proceeds are not needeCl. for' the purposes
of the Const:rllction !rrwJt Fund~ 1n the Ge~1.ttcate Reserve AccOunt and shall be used
on.1y for the purposes tnere1n prodded.
All suoh proceedlJ of the aa1e ot the Cel"t1f1oa.tes shall be and canst1 tute trus1;
funds for- t.he above PUZ'PoBee and there is hereby oz-ea.ted a lien upon suoh mone7. until
BO appl1ed~ :1n favor of tbe nolder'S of the Certificates. SUch proceeds or the
Cert;1f'1.cateG~ j)ending th.e1.r use h tne manner in tlUs ordinanoe prov1ded~ may be
temporaril:f :lnvea'te(i by the trllS'Cee of the Construction Trust Fund.. upon d1rect1on
fr<>m the C2.t~, h d:treot obllga.t1.ons or th.e United states of Amer1ca matur1ng not later
~twe1.ve (12) months after the maldng of such investment.
AlrlICLE VI
MISCELLANEOUS '. PROVJ:SIONS
. ,r'" ...
":,~~:' ",21.. . MODD':tCA'rION em AMENDMENT. No mater1.a1 modit1oa'tlgn or amendment of thi8
:o~oe 01' ot aDT. Qrdinance a.mendatorry h.ereof 01' 8\:Q1p1emental. hereto. D87 be m&de..
w1~t the CGnsent in wr1.t~ of 'the holdera of t1llJO-tbirds or more 1.n prinolpalS'amo\lilt-.or ehe CeMi1.f1.cates 'then ou'tatand1Dg; provided, however. that no 1IlO<l1t1.ca.tion
OJ- amendmmt ahalJ. ~ t a change in the lDaturi ty of' such Certificates or a reduot1.on
1n the ra.te ot 1.n1;e:rest thereon, or in the amoun't of tne principal obl:1gatit,ms or
at.tecting t;he uncon<l1t.1onal PI'Om1.se of the Ci1;y to levy- and collect utilitie8 8el'V1ces
~es~ as herein provided~ O~ 'to pal' the pr.1no.1pal of and interest on the CertU:1catea
.~ the same Bl1.a1l "~come due from the Ut1J.it1ea Servi.ces Taxes, without the consent or
1:m,e holder 01: such Cert1.t1oates. .
. 22. Sll:v~"tJ'~'l'l Q1i' INV'.&LtD PR0VX8ION. :It any one or more ot the oovemanta.
'ap-eementa OJ:' prov1s:l.ona of tUB ordilUUlce Bha11 be b.eld contrary to aJ17 expft88
pl'OY1a1onot lAw or contl'U'N to 'the polloy ot express law" though not exprea81y
"p~b:tted. Or' aga1nat pubac poUq, or shall tor I&rQ' reason whatsoever be held
~~14" then aueb oovenants, apeementa or p1'Oyj,81.01l8 &ball be null and void and .
_ '~~ be cleeaecl. aepuable f':IIom the ztea1n'-ng oovenants. &peeMnta or proda1ona. aII4
/~;SJJ.~.~.-.y aU.c~, 'tb.e val1d1_ of all the other proY1B1ona at 1m1a OI'd1nanoe or or the.
:;{~cat.. or cog;pone 1aaued therellD4er. .
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OBDDWfCB NO. 821
All A1J'1'B08IZI111 DB COH8'.rRUOl'IOB AHD AOQUI81'lJ:O)I
0-. 0ft-8IBBIIr PAIUmII I'AOILJEBS IN '1111 Clft 0-, OJ,RQVNI.
AHD AVlJlOBDJJII 'DB I8S1JAllCB a. .575.000 MUHICD:PAL PAJUatlO
JUWBmJB BONDS '!O lI'IHAHCB 'tBB COft ~.
BE rr ORDADfBI) .. THB Cl'l'J' OOIDIISSIOH OP '!BE CI'l'! OJ! OLlWlWeBR. JLmIID&.
ARrIOLB I
maurOHI' A1PIJlOBIft, I'IHDDIIS
AND DJarJ..l:r!OHB.
1.01. AVlBDRIft OP ftIS ORDINAlfCB. !'h1a OI'd1nance 18 adopted pI8lJaAt to the
p:roY1a1ona ot Cbaptu 26.918, Lawa or ftor1da. Acta ot 1951. aDd other &JP11cable
p:rov18S.ons ot law.
It; 1s henlQ' found and determined &8 tolloWBI
(A) ~t the 01_ ~ Clearwater now OlmS, operates and I81nta1ne on-abeet
pa.r1d.J18 tacJ.l1t1es W1th1n sa1d 01_; that said 01_ derivea Jlll8Venuea r.ro. aaJ.d on-
s~t park1ns taal.11;1ea and that said revenue. are not pledged or eno\lllbued 1n .~
JIIaDner.
(B) !'bat the t'l'ee. ~ou1aUon or tRr.fic ot all k1nda tbrouSb 1;he Rreeta or tAe
cs.t:r 18 n80eSa&r:f to the beal~_ aatety and geneal welfare ot the 1nbabtt;ant:;. of the
C1t7 ot Cle&I'Wter,J that 1.n recen1; yeare the great17 inC1'8&aed U8e 'IV' tlut publ1.c of
motor veb1cles ot all Id.nda baa caused serious tftt'tlc ccmgeat10n 2.n the atftet;8 ~
aa1d CU,t71 that the parldng of motor veb1cles in the streets baa contr:lbldied to thia
conseation to SUch &11 extent a. to conet1 tute at the p"&lent t~ . p.ab11o md._ce
wb10h enduIs.n the health. satety and general weltare ot the 1nbab1tant.a ~ tbe City
or Cleanatel',J that the regulat~on ot tfttt1c on the lIt"ets b7 the j.natallat:i1on ot
p&I'Id.J1s .tera and the 1Jqpoa1t1on ot cbarses 1n connection 1d.th such on-at;ree\ putc.1Ds
tad-l1_ie. baa not rel1eved the oonge8t:1on except to a l1Dd.ted extentJ that tal.
tart1c congeat1on 18 not capable of being adequate17 abated except _ prov1a1on.a tor
8\1ttloJ.m1;. oU-street p&rld.ng ta0111t1e8; that adequate oU-sj;l'8et ~ ft.o111t1ea
bave not been p:rov1ded and ~t it :1s necessar:r tor the protj,q.Ot1on or the health, ,.;.' . ,>.
.-.teQ. aI34 1Ieltazte or the 1nbab1.tants or the C1 t7 ot Clearwa'ter that the preaentl7 ex:1s tlri
parltit~ tac111t1ea 1n sa1d C1ty be supplemented by the oft-street parld..JIs .t&c1.11t1ea
'p:aov1ded tor herein.
JO) 'J.'ba~ the C1Q' 111.11 derive revenues from the opeNt1on ot the otr-at.reet parkS.ng
tacS. ~e. p:rov1c1ed tor in tb1a ord1nance and that aa1d :revenues. wgetb.er 14tb the
revenues derived b7 the 011;y hom the operation or the on-street parld.JJg hc1.11.t1ea
reterJ11e4 to herejnaboV'e, w:t.l1 be aut!t1.c1ent to PQ' all c08ta ot 1Ze opeftt:;1on and
J81nteDance of both sa1d ot:t-st:reet puk1ng taoll1t1es and aa1d on-street park1n.l
t.d.l1ties, allot the pr1.nc1pa1. or and interest on the Muniolpal PuldDs Revenue Bonda
autborJ.zed b7 th1a O1'41nance a8 the aam.e Bball become due and all 1"e8eZ'n. .2.nJdng 1\m4
or other PQIII8Dta provided tor b thia O1'd1nance.
(D) '!b&~ the principal or and 1nteJl8st on the Jtm1clpal Park1ng Revenue Bonda to
be S,sauecl pursuant to th1a ord1nance, and all o:t the l'8aerve. a1nk1ns t\8ld and other
p&1JD8nta PlOdded tor in 1;b1.8 ord1nance. w1l1 be paid 8Ole17 fro. 1*8 J.'evenu.. der1ved
_ tile ClQ o:t CleU'le.ter trom 1me operat10n ot Sdd-oft-atreet J*Z'ld.ns t&c1Uir1ea and
aaid on-atJteet parid.ng hc111t1ea pleCJsed thU'etor b7 this ord1nanceJ aDd it 1d.l1 nenr
be neceslNU.7 orauthonzed 'tol8V7 taxes on ~ real PI'OPU't7 1n sa1d C1.t7 to PQ' the
p1'1nc;1pa1 of' and interest on 'the Municipal Pek:lng Revenue Bonds to be ~.lIUed purauant
to ~. oJld1.nance, or to make &IQ' or the rese"e, s1nk1.ns f\md or other J)aJMnirsp!'O-
vS.de4 tor in tb1s ord1.nance# and the )lm1c1pal Park1ng Revenue Bonda '-.aueel purauant to
tb18 OZ'C11Dance aball not constitute a lien upon ~ or the properUes or 11&14 oU-.treat
~ tacll;1t1ea 01' said on-aVeet puk1ns tacil1tiea or upon An7 other ~7
vbat;80~ ot the City ot Olearwa'ter. except 8&14 revenues.
(.) 'J.hat to&- .t1nancUg purpOses and tor the more adequate resu1at~on or t.l'8ftic
aDd relief' at congeSUon, aa14 ott-street pa.r1d.J18 tac1l1t1es provided tor 1n tb1s
OZ'C11Dance aDd 8&14 presen'tlJ' ex1st1ng on-street puk1ns facilities be and the aame
aft hereby coab1ned 1nto a 81ngle 878tem (here1nafier aomet1mes reternd to ...
"PU'ld.Dg S:~ng
lfot1d. the cc:ab1nbg ot 8&14 o:tr-stl'eet p&I'Jd.ns taftili.1;S.ea aDd aa1d
on-8tJ'eet puk1ns taoll1t1ea ;1n~ a 81nsJ,e system as here1nabove J)Z'O'd.dec1. complete dai;a
andrecoN8. t1nal'lc1al and othen1ae. JDa7 1n the d1scz-e't;1on o:t the 01_ be kep't
separatelJ' or the opent10n and lItA~sement ot said ot't-street parldns tacS.l1t;1e. and
aa1d on-R1'eet parld.J1g facilit1ea. or &rQ" part thereot.. and 8&14 oft-street. ~
tadl.1't1ea and aa1d on-street p&I'Jd.ns tac1l1t1es# or &IV' part; tbereo~_ ~ be opeated
a. ~t;e facilities.
(p) '1'ba't tbeqae 1.s hereb;1 authorized the conatNct1on and acqu1a1.ts.on or oU-atftet
.parld.Jw.tac1Ut1es 1n the City or Cleazw.~. 1nclud1ng.. but not be1J1g llm1ted to the
acq,u181.t1on ot the 'fhayer Property on North Ouclen Avenue to provide apace tor appl'OX1-
_te17 118 cara, and ~e acquia'-tlon ot the Park-Pierce Street Lot w1t;h space tor
appZ'O~..te17 222 cars, 1nclucUns the pav1ns or aald lota and the :ln8A1lationthereon
or ~ metera, 1n accordance with the prellm1nar.r e~tes prepared b7 W1lbur
BIII1th and Aaaoc1ates ot Hew Haven. Conneot1cut, and heretotore tiled U the ornee or
~ C1~ Clerk at an estimated coat of not exceecS1ns $515,000. Such coat I!Iball be
de.ed to include the 008't or the conatzuct.1on ot said oft'-atrttetp&l'ld.ns tacil1tles,
1nolwt1.n& the acqu1a11;10n or &Q' lands or 1ntereat therein and ot AIQ' tJ.nurea or
equS.p.ent W pa'Opert1ea deemed necea8al7 or convenient therefor. 1ntezteilt upOn
lIm1o.1pa1. ParJdns 1levenue Bonds issued pursuant to this ord1nance pnQ1' to, aDd dur1Dg
aDd tor. ~ months atter 'the cOIDplet1on' of such oft-street park:1D1 f.c111~le., the
eBtab11....nt ot reaerves pa-ov14ed for 1n t.b1s ol'd1~ce, eng1neenns and. lesaJ. apen....
Gq)enae. tor eats.te* or costa and ot revenue.. expenaes tor. plana, apec1t1aairlona and .
lUnQ'a, . ree. ot t1oanc1a1 a;en~s or consultants. alt.. nistrat1ve ~. ancI 8Uch.
~tber Ujp...a .a _.be n.ee....,. or in014eDtal to the r1D&nc1J!s authorized Q' this
, .~JIIV\ce aDd the coutru.ation ot the ot't-street puking tacU11;~.a autborlzecl bJ' tId..
'. . '~.C)ZIIIH.~o. aDd the plao1ng at the .... .1n Ope_tiOD.
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102. 0BDIlWfaB ~ ~ OOlf.l'BAC'r. :Ill cou14.ft~lon ot t;be aooeptanoe ~
tile JJcm4s aut.boftse4 to be 1.1II\le4 beftUl'14er b1 tho.. vbo 1ba11 bo14 the _ .froIa ts..e
to ~. tb1B orUnanco 8ba1.l be cle.-cl to be ami eball conat2.tute a contNot be~en
the GltJ' ot C1eu.~_, :r1oJ:i'1CJa, and auch Bondhol4en, an.4 the covenant. and ape__t.
herein aet fortb ~ be pertol'Ded Q' aa1d C1tJ' eball be lor the eq13Al bez1er1t, pJOteou.on
ard .eo1.1P1tJ or the 1esa1 holder. or &Q and all of auch Bonda and the 0GUp01l8 atitachecl
thereto.. 811 or 1d11cb. aNl1 be or equal ran.k and w11;hol.lt peteNJlOe, pa-1.or1tJ" or
41at1nct1on ot &Q or the !onclfJ or coupona Oyez- 8IlJ otber thereot except .. upre..1J
ponded there1n and herein.
1.03. DDDafIONS. !he f'ollow:lng tene aball bave the rOllo_ag 1De8.n1D&- 1ft
th18 oJ"d1u.nce unJ.ua the text otnerw1H U>>ftS81J' a-eqW.....
S:~ :::i" ~~l=C:t:.t~~~lg:e:=~,~:rda~.Aot..,f' 1951.
tc' "Benda" 8Iall mean the .575,000 Jtm1cs.>>Al Park1. Revenue J3cmd8 orJ.s2.na1~
authorized to be :1aauec1 pursuant tc thia oJ!ld1nance, and a180 8IQ' J)U'J. :paell\l add11;lonal
Bonda henat1ier issued under tbe ~erma, I"estnctaons &Del cond:lt:lona conta1H4 ~B tb1.
ol'd1nance, and the interest COU~Jl8 attached. to said Boncta.
(d) "11014.. ~ Bonds" or 'Jbndholdars" ~ or aJV dm1lU' te2'll" 8bal1 _an aIV
pvson lIbo liball be the bearer O~ owne~ ot ~ outatandillg Bond or Bonde nas.a~Qed
to bearez- or not re&1.atered.. or the reg1atered owner or ~ outet:u\6"-ns Bcmd _ l50nda
1Ih1ob abaU at the t2.me be ~.taJ'ed ottleza tban 1;0 bearer, or ot arQ' ooupme
"preeen~ing lntel'e8~ acc1'lled or to aaCNe on ea14 :Bonds.
(e' "Park1ns rac111t1ea" Ahal1 mean all ~ J.ota.. saNS.., bu1.1d1D8. ,and
other atr\lotures, aU pIU'ld.JJg meter. or other equ1pmen't.. macb11le1!7 or deY1ce. 10.., .
ob'-'l'\fJlg "'Venue f'l'ODl public parld.ng ot veb.1clea. entancea" u1.ta,. f'enc1n& and all
other tao1J.1tlee.. eflu1pment and acceseonea necesa&l7 O~ 4ellS.ab1e tor tile pultl1c
pa:rk1.Ds ot ve!Uo1ea, both 1n or on 1;be ai;reeta ot add C1_ and otr the nnete of'
8&1d C1.tJ'.. tor vb1ch tees or otber charges are 1'1xed. estabUshed and coU.o~. ~
all pJ'OJ)ert1ea Nal., taI1g1ble or J.n1;ang1ble, uaed in connection t:herev11;b.. no" OlalK
bJ' the ~Q, or constructed OJ- aoqu1l"ed P\lZIauan't to t1118 ord1nance.. and. alllO 1nolucl1ng
arQ' such tac111t1.ea hereafter conetnc1;ed o~ aeq\l1re<1 by 8&1d C1i;y b'CIl AQ' aIOUrCe
..taoever.. for lIhJ.oh fees or o1;her cha1'gea an fixed, eaabUIlhe4 Oil collec1iec1.
(f') "On-Street Parking Pac111tiea" aball. aean all auch ~ racUltj,..
located :1n or on the streets 1n aa1d C1.tJ', !.ncl\l41ng parld.ns aetera lnatal1ec1,. 10cated
and enst1Jlg at or Bear 1;he curbs or the streeta 1d.th1n the C1i;J ~ C1earwater, and
"Otr-Btreet Parkins JPacil1t1ea" ahal1 mean aU aueb p&l'ld.ng rao111t1.ea located at
plaoe8 otner than h or on the street-a or aa1d C1 t7.
(8) "Park1n6 _stem" Bhal1.ean aU aa1d ctt-street parkS.n8 fadl1~1ea and all
said on-et.ree~ parld.JIg fac1.11t1es &8 both or ea1d ra.c1.1:lt1ea have been comb1ned int;o
. a1n&1e ~Ject p\U"suan~ to Sect1.on 1.01 (B) oZ this oN1nance.
(b) "Conau1t~ Eng1neer) aba.l1 mean wilb\lr SaI1ta & uIIOc1ateB ot New Baven.
Connec~ic\lt or o1;he~ qual.1r1ed and recogn1zed Consul t1.ng ~1.neer 1d1o abal1 be
hereafter 1'etalned as successors ~o 8d.d t'1nL.
(:1) "GroBS Revenuee" aba11 Dean all tees. rentals or o~r cbarses or ot.her
:income rece!.ved by the O1.t~, or accNe4 to tile OJ.ty or to aq board O~ aSUlcl or the
Cl_ in CODVolot the JDana&em8nt and operat1on ot aaJ.d Park1.n8 :Watem.. an4 a11 paft8
thereof'. 00Il the opeat2.ol'1 of' add PU'k:1ng _stem. 1nc1ud1ng both aa1d otr-aVeet
parid.Ds t.dl1ties and aa1d on-atMe1; p&l'ld.ng t'ac1lS.tJ.ea, all a8 ca1culatec1 in
acCOl'danoe td.th eound accounting I'Nct1ce. In tbe event; or the leaa1l1s o~ Ucel182ng
or aa1d Park1ng Paoll1tiea. or IUQt part thereof', tor f'dr and Z'8811On&ble la)unte aa
providec11.n Sect3.on 4.01 hereof the ~e%'lll tlgross revenues" shall aean the rentale o.
other pqmente to be nee! ved by the C1Q trom such lease a or licenses o~ aa1d Pa1'k1mg
Pao11i'tlea, or an,- putt thereof.
(03) "Oper&Uns Expenaes" alla1.l mean the curz-ent expenses 01 the City. ~(l or
aoONed.. ot opeNtion. maintenanee and c~nt repd.r or aa1c1 P&1'k1ns _etea (~i'4t D01;
1nclu41ns &117 opeN~ eJ:I)enaea of lessees 01' JJ.cenaeea and not 1.nolud1ag t;he opea.~
QpenaGs ot ~ p.rk1I1g ftcll1tiea tor' 1Ib1.ch tees or other ~e. are not collected)..
1nclud.1ns aa1d ott-a1;zree1; J8rid,;g f'ao1l'-tJ.es and 8d.d on-RNet ,park1ns :tao1at1ea.
and llball 1I1clude td.thout 11m1t1ng the generalJ.ty or the torego1Ds,. a"lIIl1~st;re.t:1Ye
upenaes J.'elatJ.ng ao1e11 to sa1d parld.tlg SJRem, inaUftnce pl'8lD1uma. labor, the coat.
or _ter1a1s and auppl1.ea used tor CUft'81lt opeation, azul cb.u'se8 tor the acc.~" atlon
of approp1a1;e naewe8 tor CurTent eJQ)ensea not a.nn~ reClU'reJlt but 1fh1ch an
suchaa .,. reasonab17 be expected to be ;incurred 1n accordance 1d.th aouiRd accoUDt1Ds
pJ'8.ct1ce. "OpeN1;1ng Bx;penBeSlt shall not include &DT allowance tor deprec1at3.on or
~. or :replacements of capl~ aaseta of' 8a:ld Pak:1ng Siatem.
. (k) "Bet Revenues" BbalJ. mean tbe gross nvenue... .s det1ned in (1) above,
~"n~~ after deduction only or OpGft~U1g e.lJ)ensea, &8 def'1ned in (J) a).)ove.
. (1) "fiscal y~" 8ba1l mean the pQIJ.04 bes1~ with 'and 1noluc11JJg Jll.1,. 1 aDd
enc:11l1g 1d.~tl and 1nclud1na the next J'une 30.
VozIda 1mportJ.na 8~ nUlllber shall 1ncJ.u.c1e tlle plural number in eaob ca8e aDd
nee ve.../# and words 1D;lort1ng persona ahal1 :l.nclude t1:rme and corporat;ion.
ARrICLE IX
AlmlORIZATIOH, 'lERMS, EXEOl1rIOH
2.01 AtrrHOUZAftOH AHJ) '1'BRIIS 0'1 BONDS. J'or the pu1'p08e or t1.nanclns tbe 008' or
the COnRNcUon ot tme ort-street parld.ns tac1111;1es c!eacr;lbe4 1n Sec'U.on 1.01 (P)
beJ.'eof'" Ghel'8 ."'1 be 18au.e4 nesot1&ble Mw1'-c1~1 Parld.Jlg ReVtrlue Bonda or ..he cs.t7 ot
Cl.....'t8J'. ftorld&. (here1.m.tt.ezt c&l1ed "Sol14a ). m t.he agresate pr1n01pa1 8DMnln~
or ft.. ~ 8eftDir7-ft.ve t.rbouADCl Dollars (.575~OOO). lfb1ch BoDd. IIball be cSa~ed
Sep~ 1. 1959. 111 tile c1eDoRdaation ot $1.000 eaob. DLlmbered coraaeclItt.vel:11n
'U~ca1 0J'du htca 11:0 575. both 1ne1ua1.ve, and 1ba11 _tUft aer1a1.J.7 1Il ___dcaJ..
'.'j
{..~... .'.
~,:,
.....',
,
.
..
'I,.
!.;
J~
..
t'1tr1:::::::::~i~12~,~;~"j,,,~;\jiii!!':Ldli.~;i;:i&';k;i[J)i:j,';:i;~~i!.tf'
l -3-
. 0I'dft' OIl 8epteaber 1 1n the J'eaz-8 &D4 UK)unta ae .tollow,
Year Amo\Ult Year "'mt
~~2 l5.ooo IM'6' .2O.00b
1963 5.000 1917 20..000
1964 5,000 1918 20..000
1965 15,000 11919 25.000
1966 15,000 ~ 25.000
1" 15.000 1ge1 25.000
,l~ 15.000 1~2 25.000
1969 15.000 119E}3 25,000
1970 15.000 9f.}4 30.000
1971 15,000 1985 30,000
1972 20.000 1986 30.000
1913 20..000 11~7 30.000
1974 20.000 9B8 35.000
1975 20,000 1989 35.000
BUd Bonds ab&J.1 bea1- iontereat. PQ'&ble SGd.-annuaJ.ll' on March 1 and 8ept~_.l.
of each :reu. a~ a Bote or rate a no~ exceed1ng the legal ate, to be detend.De4 .~ the
sal.G thereof. Both p1'1nc1pll and l.nt~8t Al1a-l1 be p&J'&ble a~ the principal oftJ.oe or
'ft1e Chase IIIDJ1attan Bank.. New York City. Hew rode.
~e Bondi ot aa1d i.sue _tunng in ~ years 1962 to 1974. 'both mclua1ve. ...11
not be z-edeemab1e prior ~o t;he1.1' reepeotave. eta1;ed date. of _tur1~. !'be Bolda ot
aa1d 1ssue maturing in the J'~ 1975 to 1989, 'both 1nclw4ve, &mall be .recleell&ble
prloJ:- to ~hell' "apectlve stated dates of mat1rl.'1t7. at the option or the C1~. OD
8ept;8!aber 1, 191.4. or on U1l'i.ntereat pa.Jment date thenafter ~n whole or in paK but
in inverse nwnerieal. orde~ 1t 1e&8 tl1an all, &:t the price or put and aoCNeCi 1a.tereat
to tbe date of redempt1on, plUS .. premium of one-1'ourth ot one ~ oen~ or the pr va1ue
thareor tor each vear~ or fraction thereof, from 'the date of NdeDlpt10n to the .tate4
date or IIBtur1t:r ot the Borlds called for' ~t. such premium in no event;, howeYer. "0
exceed three and one-b<' PeJt cent of the par value ot such Bon4a.
A notice ot such r-edellJpt1on 8ball. l)e pubashed at leaat once .~ least th1rty dQa
pJ:l1c~ to t;he date or Z'ed.empt1on 1n a financ1al paper published in the Citl' 01' lfew YOI'k,
Nev Yol'k. :Interest aball cease on &nT of the Eond8 dulJ' called ~or ndempt10n ..
p&'O'V1ded above on tbe redemption date it pa)'JDmt thereo1" haa been du17 provided tor-.
2.02. KDCUl'10N 01' BONDS AHD COUPONS. Sa1d Bonds ahall be executed in the name or
the tity bJ the City Clerk.. and Cit,. Manager and countera1gned b7 'the MaJ'or-~"1cm.eJt
and shall have 1mp1'1n'ted~ 's'lDjpr8saed OI- "produced thereon the corpoate aeal of the C1U
or a :taca1m1.1e thereof', and said lk>nds shall be approved as to tOI'lll &D4 cORectne.. by
toe Cl1ty &t~Jme7. ~e f"acs1m11e signatures of aa1d City Clerk.. a~ Manaser.. JIJa7or-
Oomm1sB1oner and C1~7 A'ttoZ'neJ" JDQ be j,mprinted or repz-oduced on sa1c1 Bonda. pJ'Od,decl
tba~ e1 theJt tbe m:ty Clerk. 01 t7 an.&ser or MQ'or-Comadaaloner aba11 aanual17 apP1J" h1.
-s.saa'ture on aa1c1 J30.nds. In case aq one or more ot the 0~.r1cers who 8ball have a1Sne4
or eealed any or the Bonds Bball cease to be such r41.'1cer of the C1.tJ' befOZ'e the Bon4a
~ 81sn84 and sealed nave been ao1;uaJ.q 8O~d and deli vend. suoh BoD4a JDQ' nevU'theleu
be 801d and deu'vered as heM1n prov1.ded and JII&7 be 1saued as U the penon 1Ib.o ~(p\ec1
or- 1Halec1 auch Bonds bad :not ceased ~ hold suell ottice. Arrs' Bond ~ be a1ped and
aeal.e4 on behal1" o~ the O:1Q b7 such pe~son as a1; the actual time of the e.xecuu.on of'
.\lob SoneS8 aball hold the proper otfioe l't.n the CJ.tl'. although at the date ot such Bcmcla
a\l.Ob. person ma:r not; have held such of'fi.ce or IZ8.7 not have been 80 autho1"J.zed.
The COlJl)On8 to be attAohed. to the Bon<is sbal1 be authenticated w1th the tacdll11e
eiaMturea ot the pNS<<l1; 01' &Ill' hture !Irqor-ao1lll11ss1oner, City *~er and C1~ Clftllk
or add C1~ and the C11;y may adopt and use tor- that purpose the taca1m11e aJ.snature fd
arq ~n 11110 aba1l bave he1d such otr1ce at &U17 t1me on or attar the date or t;he
EoJ1cIa. not1d.thatancS1r1g t;batr be DIQ" have ceased to hold auch oZtice at the t1me wen
a1c:l Banda shall be actua~ sold and dell vered..
2.03. NliJJOTIAJQ;T~ AliD ftBQ:t~OH'. ~ Bonda A~11 be. and have allot' t;he
qual1-'1ea and 1nc1c!enta or, nesot1able 1natrumen'ta under t;he law aereb&nt and tu
Ne,pt1ab1e Inatrumen~fJ Law or the ftate of Florida.. and each euccea81ve holder. in
aeoe;p1rins aQ 01" ea1d ~nC18 or the coupons apperta'nJng thereto. ahall be oonclua.ve17
cleeaed to have agreed tbat; .\1ob Eonds Bhal1 be and have all or the qual1.tles and
:lno1c1enta ot n.egot1able,1natruments under the law merchant and the lfego~1able Irustru8eDts
Law or ~ It&t. of" lnoz-ida.. and each sucoessive holder abaJ.1 further be conclurd.ve17
4eeDlecl ~ have ap-eed th.a't Ba1d Bonds shall be j,nconteatable 1n the banda ot a l>ona fide
hoJ.clez- 1"or value ion the u.nner provi.ded here~ter in the foZ'lll 01" 8d.d Bonde.
~. llonds maJ" be res2-Rered at the oJ)tlon ot the holder as to pr1nclpal o~. or
&8 to both principal and In'te1'88't at the office of the City 'l'ftaaurer o~ the C1~, such
ns1atftt1on to be noted on the ba.olc o~ said Bonds 1n the apace prouded ~tOZ'.
At~ auch reg1atat:lon as 'to pr1nc1pa1 o11l7. or both princd.pal and intereat. no
~er or 'the >>Onds aball be val1d unless made at aa1d or.t1ce b7 1m. l"8sJ,atered owneLt,
or lG' Me du17 aut;horized asent or- representative and s1m11ar17 noted on the Bonds but
the JJcmda ~ be d1acharsad. from reg1eQt&'t1on Q being 1n like ~ ~erred to
be&reP and thereupon tn.na:ereb111tJ' by dellv817 aball be NatOftc1. At the opt1on or
tze' holder the Bonds mar th~8Z' asun t:rom t;1me to time be reg1atered 01' 'lUlI1'er.red
~ beuer &8 betore. Suol1 ftS18tNtion a.s to pr1nc1pal onlT shall not U't'eot the
~t;1ab1111;J' ot the coupons 1Ih.1oh shall continue to pasa b1' del1ver:l.
. 2.04. BOJ1DS~. .DBftkOfBD, ftOLBN OR LOST. In eaae &n;J' BoDda aball beCOM
_ta1.a~ 01' be cleatroyed# stolen or lost.. the C1:t~ JDIl7 1n ita d1ecret:1on Isaue an4 '
de11... a D81f So~ w1tb aU umaWftd CG.IpOn8" U aJrS, eo mutilated.. d.eatrG7ec1. atolen
OS' .,loR, m exelNanp aa4 aubaU tut1.on tor INCh lIlU~la~ecl Bond, upon 81IITen4er ADd
~oe1kt1on ~ 8IICb JlUUJAAd J50Dd &Del atitaobecl oO\ll1OlUl. U &DJ", de.~. R01_ OJ-
. .10... .8D.d u;pon tbe bol4a' ~...S~ the C1_ proo~ or b18 C>1m8ftb1p ~ ancl
.. . -ti1l1tactol7 1nd~_ anA oompl71D& w1'th au. othez- reaaonable "PlatS-OIlS &1Ml
.;3::i~:c~r~;_.;{:"Jl~~~'~)!i~j~?}~,,;~~w;;:='~:;;:~j~r.;r;"~~"~~(~""T!"~ ,.
-4-
I
ooD41:tlona a. tbeC1__ ~ pzeacftbe ~~ auob expenses .. 1;he OJ.",,,, s.nou..
au. Bond. aDd aoupme 80 ~ be cancelled b7 'the CUt:w !rea...... aid UJ,4
~or the .o.cO\1l1t 01 the O1tJ'. U &IV' such Bond or co~ .ball au _tund or be
about to _tlaft.. 1na'tead or :l~ . eubet1wte4 BoDd or coupon.~ 1:11. ClQ ..,. PQ tbe
-, -.on M1.ns 1rldelll'd.t1ecl aa atOl'8~d, and l.t such Bond tn' OC\l.POD be 10.1;. Rolen
or deat1'oJecl. 1d.tbout 8\lI"J'eDder tben~.
. .. euoh 4uplS.cate Bond8 and coupon8 lasued p~t to th1. 8eot1.0n aba11
CODIItS.tu~ OJI'1.iS.na16 &dd:1t.1cmaJ. oo~l.1&l obl1p~lona on tile patt of ~ CJ.Q. 'IIbe\ber
or 001; the 10at.. stolen 01' deat1'oJ'ecl Bonde or ooupcma be at &Q "be !'0UDd bJ .. OM.
aDd such d.'upU.cate Banda and ooupone Ilhal1 be en~tJ.ec1 ~ equal. u.d pzroJO~ona'.
beneftta ua4 l"18bta.. t;o 11en aIld BOU1'C8 and 8eC\U':l~ rOf!' ~~ be. 'the reftDU..
or t;he fark1,r)g __tea pledp4 here1n w11m all other Bon4a and oCJUpOaa S..II1Ut4~.
2.05. JQRII W J:IOlU)S A1IJ) COtIl'OHS. fiut 1;ext or the JIoDds and cou,pone ...11 be of
llUbatant".'l)' the t'01101f111s tenor~ 1d.tb such 011I111110118. 1nMrtS.cma and vanat1cma a. ~
be nec8811Q7' and d.ed.Nb1e and allthor1ze4 or perJld.t'ted 1>>7 thia q41nanoe 01' &IV'
aubsequent ordinance adopted prior to tb.e issuance 'tb.eJ-eo!'&
Ho.
$1.000
UHITB:O SlNlBS 0"1 AMBRXaA
SB'1'E OP PL01UDA
COUH'lf OP PIHBLT..AS
CBY OJ' CLEARWM.'BR
KUHICIPAL PABKIHG llBVBNUK BOHD
KHOW AI.L MBN' BY 'fBBSB P.RBBBIPl'S tbair ttle C.1tJ of C1.....t~.,:1n Pinell.. Cowltrl.
J11o:r1da, tOl!' valu.e reee1.ved, berebT promise. to p&7 to the beazirQt, or It tb1.. Bon4 be
~a1;ered.. to 1;b.e regiatered holder aa here:ln PI'Ondedl on the 1'l:.rat da7 of Sept;ember,
19 .. tram the revenues hen1natter Mn1;1oned, ~e pr1nc1pal sum. ot
on ~HOlJSAND DOLLARS
1d.th uteNat tbueon at. the Nte ot per centula per annua, PQ'&b1e aea1-annuall,.
on ~be tUrit dQof Much and the firat day of SepteDber of each year. upon the preMnta-
1;1on and ~ of the annexed coupona as they 8e'l'eNlly taJ.l due. Both princ1pal
an4 1n~8t on th:1a Bond are p&7aDle a~ the prJ.nc1p&l off'ice ot 'rhe Cbaa. Jlanbat;tan
Bank, Hew YON City, Hew York, in lawful JDOney ot the tJrd1;ed St;a'taa or .AlaerJ.oa"
~s :Bond :is one o~ an authorized l.a8ue of Bonda in 1;I\e asP88&te principal &IDl)un~
of' 1101; exceed:1ns '515,OOO~ of like date~ 'tenor and ef'j'ect~ exce))'t .. to n\lllbezl end d,at;e
or _'t1.U'S.t~.. 1.sau.ed to finance the coat of the oonatruct1on of o1'f'-Btree't JJ&dd.ns
f"acj.Ut1ea in the City of Clearwater.. under 'the aut.bo:r1:t;J' c4 and 1n t\I11 0GIIlP11ance
ld:tb. 'the Co~t1'tutlon and statutes of tbe State o~ J'lorJ.da, lnclu41ng Chapter 26918,
I&va or Planck. Acta or 1951.. and o~ app1.1cab1e at&1;utea.. and an ord~ P'moe chaly
enacted bT the City ~ ssion ot said C1'ty- and 1. eu.bject to all the t;erma aDd cond1-
1;lone of Ia1d orcl1nance a.
~e Bonda ot ~e lasue ot ldUch tlU.a Bond is one _tunng 111 the years 1962 to
~974, both 1nclua1ve~ are not redeemable prior to the1r reapeo't1ve a1;a1;ed dates ot
maturJ.t.7. !he IJonds of 8&1d 188Ue maturing i.n 'the 3'Mra 1975 1;0 1989, both 1Dolus''I'e_
aft Nde_ble pl"J.or to their real'eet1ve stated dates or _tw.-;1~, at 1;11e opt:iOD or tbo
CJ.tJ', an spptember 1.. 1914.11 or on &n7 interest PQJDe~t date ~att;er, :1n Dole or 111
part b\lt 1r11nvvae n\lJDU'1cal orier U less 'than all, at the price ot put and aocuzred
:interest to the elate cd redempt10n_ plUS a premium or one-fourth ot one per cent or
tb.e par vaJ.\le theNOf for each J'88r, or inoUon 'thereof', fzom the date ot redeJupU-on
'to 1;he ."'tad date of maturit7 or the Banda called ~0'Jt "p&JDlent.. Rob pread.wa :in no event_
howev-sa, to exceed three and one-balt' pel" cent ot the par value ot IlUcb Bonda.
Provided. however, that a neUee of 8tlch redemptlon IIball haV'e been publ:lahed at
. l.st onee at leaat thirty clay'a paw to the date or 1'8dempt1on m . r!.nanc1a1 paper
publlabed ~ the os.t~ of New York, Hew Y~k. Interest aball Ce&8e on &D7 or 'the Bon4e
dW7 called tor rGdemp1;:l.on. on the redemption date, U PQJDent thereof baa been duly
provided tor-.
~8 l:lond and the coupon. appert;a1.n1ng hereto are payable 801e~ rroJll and aecured
bJ' . llen upon az1d pledge of the net reven\leB den ved :trom the opeat1on of tile PUld.l1g
"8J'a'tem, 1.nclud11lS botl1 o.tt-atreet puk1ng taoU1Ue. and on-atZ'eet ~ h.c11J.Ue._
~ 1;.b.e OJ,Q or Clea.rwatex- ;in the ~nner ~dded. :In the ord:lnance authodz1ns the ~a8U8
of Bon4ao~ wbicb. t;h1a Bon4 1. one. 1'h1s Bond does not, conat1'tu'te an lnd.ebt.edne.. of
ea1d C1t7 1d.tb1D the JDean1ng of ~ cons~Qlt1ona1, atatutory O~ charter p~.lon or
J.1Idtation. an4 1t 18 expNaal~ apreed b~ the holdera or ~h18 Bond and. the coupona
~ ~r-e~ that su.ch holclera shall never have the r1Sh1i to NClu11'e or 00Dpe1
'the ~ae ot the ad valol'eDl t&x1ng power ot Bd.d C1ty~ or the ~t1on of Z'M1 estate
1.n sa:lcl C:l ty. tor the payment or tb.e ~1nc1pal of/and :lntereat on tbi8 Bon4,. or- tme
-.1rf..ns of aIV. d"l'" 118 1\md. reserve or other PQ'JD8Ilta provided to~ J.n the ord:lnance
authori.z1Ds 1ib1a issue or Bonde.
:It :11 f'urthe1- agreed between the Cj.1;y or Oleanater and the b.o1der or t;h1.. Bond
1;ba1; 'tb1a :Bond and the obligation evidenced bereb7 abal1 not conat11;u'te a 1S.en upon
.~ Cttt7. a Pvk:lns System.. 01' aDy' part. thet-eOt,II or OB ~ other pro~ or or 111 the
C1Q: at Clear.'ter, btlt ~'l cOlUJtJ.tute a l1.en 001)' on the ne't revenuea derived 1'1-08
.'the opeatlon of 8&14 Parid.ng s,.atea. inclwl1.ns both otf'-atree't J)IU'k1J2s fadat1es and
on-8t;al$e't pa;r)d.IJg f'acU1.t1es. in the aaarmer pJlOV1ded 1n said OZ'd1nanC8':___l
' ~, Cl~;y 111- aa1cl orcJ1nance baa covenanted and. apeec1 td.th the bolWJ&"DPr 'the 1kmda
~ th1a :taeue 1;0 1'1x and eatab11Sb ancllBdntain such ates and collect auch tea8.
&'entals or otQe cbU.'geB tor the services and 1'ac:lu,t1ea or sa1d Pa1'k1as ~8tea..
Do1u"'ns botb. otf-a'treet puk1ng hc1l1.t1ea and on-atNet par1d.J1g .eacJ.lS.t1.a. and to
ftV1.ae tbe __ h'om tr1me 'to t1aa wh~evw neoes8lU7,. as will al1f&J'8 pzrov14e a-evenu..
eutftc1ent to pay. and out ~ aa1d revenues AhA1.1 paJ'~ .a 'the IIaIDa 8ba11 ~ due,.
1;I1e ~1pL1 o~ and lnhNat on tbe Bonds of ~B 1aaue, aJ.1 ft8e1"Ve or 81Dk2.n& tuD4II
.. or .otber. paJMn1;a pz'Ov1de4 ror 1n sa14 ord1nance, the .ll8ceaa&l7 ftXj)eD8e. of o,peat1Da
"an4~"l\tI1P11Ds II&S.d P&zIJd.q __tem. and all o'tbea- obJ.1s&1;1ona pllpbl. .outot tile
....... ~ aa1d ~ 87st8ll. aDd that auoh ft'tea, !'ees.. zaental. or otibqt cbQisea
"~l DO~' be ftda&ce4 110 aa to be 1DautrS.c1en~ to prov:lde revcmue8 tor auch pupo....
UtJ..:..u ClQ baa enteze4 :1nto oes-t;a1n ~ oovecanta V1tb the holdeN ~.t;be Bonds
;"'::;;or~:tIda.~... tor ~ teaaa or 1Ib1ob rerCt'.Nl1Ce 16 84e to aa14 0QLId:t....W\08..
::~~:';?::~/!<::'.I;:':~..<>. . . f .: ~. . , . .
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700
'i,C:::~J:~~!f:lt:::~=J~~~:~j"~'~";';?'~~'
-5-
, ' %t i. beft_ oeft1n.e4 and "cited tbat all aot;a. 0f0JIdlt10JU1 ~ tbiaK8 ~
,to, a.1n, 1;0 bappen u4 to be performed ps-eoedent to and 1n ~ 1....a08 or tId.. Bcmd..
ain. bav. bappell8d and 11&". been pv1'0JIJUd 1ft I'88U1U' u4 due rOl'la an4, tDe aa ,
~.'b7 the La.. and CoDat1tutlon or t;he State of Plofl'1d& Ili'PUcab1e tbeftto. u4
..t the i8aunce or w.. Bond. and of 'the lane of BoDb or 'ldUch tb1a BoD4 s.e one. 1.
11l h11 OGIPl1anoe'""1d.tb all oolUlt1'tuUonal. statutor; OP ~ lUd.1at;.1ona or JQ'6Y1a1ona.,
B118 Bond, and 1;be coupou apPaM1n:lDs uret;o. le. aid baa all t;be quaU.tI.a..
1Do14enta of, .. neaot'~ble 1nIstNment un4e~ Uhe law _rcb&n~ and the JIeaOUable
IuVuMDta taw ~ 1i.b8 State or Plor.1c1a. and tb.e odc1_1 hold.- aD4 _ob llUooeu1...
bo14er ot We BoD4. tm or the ooupons ~ hereto. ~1 be oono1U111ve~ deeMd
_ b1a .aMpUlla. h~ to nave speed that tb1s DoDd &1d, ime coupona ~
, bel'eto .u11 111 and have 811 the qualities and 1nc1.4eD~. or Dt&OtSab1. 1D8UaeD'.
~ the law JDel'iabant and the Hegot1a.ble lnatrumen~. Law or tbe state or no:r1d&. !be
o.-tB'Ml holder and e&cb succeanve holder or this J:SoDd~ an4 ot 'the coupona .....~,~ns
hQeto ~.11 be concJ.us1.ve17 deemed to have asreed and. eQnsented. to the 1'ollo'Id.JIS teNS
and cond1t101'l" &
, " (al !r1~J.e to this :Bond. unless res:tetered 8S bere1n pro'd.ded,. and 'to the, anIMD4
.interest cOl1pOna, 11II.7 be transferred by de11ve'f:7 :!.n the ~ pov1de4 ror nesot;1abl.
1n8truMnta p87able to bearer in the law merchant and in ~e Neaot1ab1e Inatr\lMnt8
Law or 'the state of Plor1da.
(b) _ penon in p08sesa1on or this Bond, un1eaa l'eaJ,atered .. beft1n PJ'OV14".
'or ot the 1ni;ereat coupona hereunto aPJJerta1n!ng, repr4leg or 'the ~w 111 *1oh he
~l have acquired poaBeaa1OD~ !os here}v authorized 'to 2'8>>ftBen't h.......U &8 tale
ab801Uk owner heeof'. and. 18 hereb:r s:ran~ed power 'to transt'er absolute t1'tle ba'eto
,1>7 d&l1ve1'7 hereof to a bona :ride purcha8er~ that is, to arw one WbCeb&11 plZ'Cbaee,
tbe same far value (present OZ- antecedent;.) without. not.1ce or >>r1or ~eneea orequ1t1..
or 0]"'''' mR of ownerabj.p ento1"CeabJ.e asainri bis tranat~J eve17 prior taker or O:1BleI"
of 1rb1s Bond. unless J:'eg1stered 88 herein provided, and of t;he armexed 1nteftst CO'UpOD8,
lIa1ves and renounces all of his equit1es and r1ghts here1n 1n hvor o~ eve'1:7 woll boDa
fide purchaser and eve1!7 suoh bona t1de purchaser shall acqu11'eabsolu'te title hereto'
and to all l'1ghta represented hereby-; and
, (0) 'lhe C1t7 of 01earwateI-~ Plorida.t may trea1; t;he bearer at tb18 Bond, unleea
regi.lJ'terod &S l1ere1n p:'Ovided# or or the interest coupons he:t-eWlto apperta1n1ac, aa
the absolute otcner hereof tor all purposes wJ.thou't be.1ng arreated b7 any notice 'to
the contral7.
TJd.s Bond ~ be regiatered &8 to pr1nc1pal only, or &8 to both princ1pa.1. and
interest.. 1n accordance w:tth the provisions endorsed hez.-eon.
IN wrI'1fl!'aI WBBRBOF.. 8814 011;7 of Clearwater, PJ.o2'14&. baa 1aaued thi8 BoDd aDd baa
caused the same to be exeouted ~ the manual or faCB1m11.e s1gnature o~ 1~8 01_ OleJllc
and C1t~ Manager and countera1gned by the manual or tacs1mUe B18na'ture ot ita Mayor-
Cnmndss1oner. and appro~ed as to torm and correotness by the m.Q A~'toJ.1'ne7 b:r hie
""'fl'-" or f"aoa1m11e s1gn&t\lre and its corporate seal. or a taca3.m:11e th~. to be
a1't1x.ed blU'eto>> or 1mp1"1nted hereon and has caused 'the :l.ntorest ~oupone hereto attached
to be executed with t.he tacs1m1le B1snatures of" said C1t.l CJ.em, C1t.:r Manaser and
~W-Com18a1one.r:t all as of the first day of S~1;ember, 1959.
OI!rr OP CLBABWATBIt. J1LORIDA
011;1 Ma!Jilget-
~oJ..-c:oDln1 as3.oner
';}'Aft'-=
:,al~ll" Clerk
", 'APProved as 'to to:rm and correctness l
,~~ A~'tOrneJ'
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',No. l'ORM OF COUPON .
. '.',
. :'0: Oil the fast ~ o~ . 19 , the City ot CleaNater, Ploridal w111 PQ to;,
~~e bearer, at the principal ottice or Tl1e Chase KanhattAan Bank, New York C1~. Hew '
,',York, in lawrul. mone~ of the U'n1ted States o~ Amer1Qa. rrom. the revenues deaonbed tn'
"the Bond to which this coupon 18 att;acbed, the sum of dollars <$ , ')~ ,,"
L,upon preaentat10n and ~ende:r o~ th18 coupon.. being sh months interest then due,on,
}:1ta Munio1pa1 Parld.ng Revenue ~d.. dated September' 1. 1.959. , '
CIft 011 ct,f1.ARWATER1 PLORIDA,
""A..ms:a
, ()1 t.7 cierk
Approved &s to torm and Correotnoss:'
C1~ Manager
~or-domm18s1oner
, ..:,~ .
',a1t;y A1;'tOmq
,('lo ~ppear onl7 on couponu on ~lable :Bonde t1Unlesa,1;heEond,t;() 'W:d.ch/tb1.,coUpon:~.:'
~~~ =~!)have been duly called for, pr;or rec1empt1on"and.~t 1;hereof'd~,.",. "
'~:'~""" ........u,...\~."...;f.~....!!':f...hl.,;;:.-;.~;..;!i"jj'.....'.', "'~'~'~t/~t;:;;. ,,,.;",?!1,;...,, ",
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. ~ . ~\'1/:.3C('W)...~,';..t!. ~~<:'I'..~;;..rf.l-'S:_...t.~ :..'~,:.- /.,:::.,.1"" :,0.. r;-,~\. ~r,". ,........~.:!!~,l:''\.t.'ll.~:..~li'::.\';{~I~'!,r\j'....':t;,;.~'::.~!...: !" '_"J'~~_"f,_.r_J...tI'i'.,f~t.lc;_-" "";:;:>~<"U..'~ "',,~:'>--" ~..'\.:.~\ _,!~r...~',.:;l~,~,,;,,~,:,,~~J_i.# ':~~~~~'M'*
..~~t"'.""I..D:-I''''''''''_tl..,.o.",.,.._;o.'__''_'k._-.._.."..........__....__.._....~:;t..........~io....,__.;:J. ......~_....._._ _~'"'~"'......___ ,~--....~,..._.. J"_ " .... .- ~- ~
-6-
POD OJ VALIDATIOH umtIPICATB
'.rb.1a Bone! 115 one or a senee of Bonc1a whioh were validated and conr1D1ed __ decree
or the Circuit; Court 01' the Sixth J\lcU.o1aJ. O:1~u.1t ot Plw1da. In and tora P1naJ.l..
Count7, &-endered on the dQ' or , 1959.
CI'l'Y OF OLBAllWA'1'JIt, J'LO.RIDA
AftBfts
C1.t7 ~1erk
AppZ'O'Ved as to torm and Correctn.ess:
d1ti7 MIlager
Ma7ozw-comm1s.uoner
C1t7 A'-'IOrney
~~~~-~-~~-~~-~~---~-~~~-~~----~~---~---~~~~-~-~-~~~-----~~~---~~~~-~~~--~-~-~~--~
PROV'1SION FOR REXJXSTRA1'ION'
~s 13000 mtq be registered u the nama of the holder on t;he books t;o be kept ~
tbe C1t:r Treas1U'er as Registrar. or such other Registrar a.a may hereat'ter be dlll7
appo1nted, a8 to principal onl1 ~ BUch. reg1stra t:l.on being noted hereon 1:>1" auch ltes111tft.p
in th.e registration blank below. after whicll no transfer shall be valid unles8 _de OD
said books by the reg1.stared ho~der or atto:a.-ney duly authorized and 81D11arlJ noted In
the J-egistratj,on blank below.. but it may be Mscnarged from regietl'f;l.1;1on b;.v be1l1S
tranaterred to bearer, af"ter \'Ih1.ch i.t shall be transferable by delivery, b\1~ j,t;. 187 be
again reg1atered as before. 'l'he registration of this Bond as ~ pnnc1pll Bhall not
reatra1.n the negotia.bility of the coupons bY' del.1very merely, but the coupons IDQ' be
aurrendered and tl1e interest made pay-able onl~ to the reg~8tered hoJ.dera, in winch event
the Resiatrar shall note in th.e reg:1stration blank below that thi8 Bond :18 res1atered
as to :tn.terefJt as well. as prino1.pal ~ and thereafter the interest w1l1 be t-em1 'tted b7
mail in New York exchange to the res1stered holder. With the consent ot the holder and
of the tnty of Olearwater, this Bond, when converted into a Bond registered a8 to both
principal and interest, maY' be reconverted :Lnto a coupon Bond and qa1n converted 1n~
a Bond registered as to bo1ih pr1.nc1pal and :Lnteres1; as hereinabove provided. Upon
reconve~sion or th.1a :Bond, when repstered as to prinaipal and interesG :toto a coupon
Bond. coupons representing the :1n1iezoest to aCONe upon the Bond to date or ma.tur1.ty
aha11 be attached hereto by the Registrar and the Reg1strar Shall note ill the reg1stJ.'a-
tlon blank belo\'t whether the Bond 18 registered 8.a to principal only or pa.~ble to
bearer.
DA'rE fm
REGISJ.'llA'.rION
:IN 1IIOSE NAME
REDISl'BRED
MANNER C1I
RmIS'l'RATION
'Sl:CJWATtJR.I OJ'
flllXl:ts-mAR
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AR'rICLE III
REVENl1ES AND APPLICA~ION 'fHBREOF
3.01 BONDS NO'.r TO :BE INDEtirEDNBSS OF '.fIlE crry OF CLEARWATER. Ne:1 the~ '-he Bonde
. nor coupons Bbal1 be oX' constitute an indebtedness ot the City ot Cleal.'il&1ier.. but sball
be parable sole17 from the revenues or the Puk1J1g S:rstem, includ1ng both ott"-etreet
par1d.ng taci1itles and on-street parking f'a.~111t1es, as herein p1'Ov1ded.. No holder or
.1101.ders ot anY' Bonds issued hereWlder~ or 0:1' any coupon appertaining theret;o6 ahall
ever nave the r1ght to compel t.he exerc1se ()f 'the ad valorem taxing po1fer of the City,
or taxa't1on j.n ~ :form ot 81lJ' rea1 propert7 therein to pay aa.1d :Bonds 01" 1;he :interest
theraeon.
3.02. 130!lDS SECURED BY PLEDOB OF REVENUES. '!'he PQment or the clebt seJ:l'Y1oe of
,aU or 1ihe Bonds :issued hereunder anal1 be 8ec~d f'orth\f1'th equal1.1 &lid. ~tab17 by a
: 11etlon the net revenues den ved from said })ark1ng S1stem, 1ncluding 1:)o~h ot~-.treet
:pu1d.J.1i facUities and on-st1"eet pax-k:1ng .tac:111t1es. !l!1e net revenues der.lved rrom
,the PIU'klng System, 1ncluc!1ng bot;h ot.t-street parldng t'acl1lt1ee and on-street
par1d.ng tacUlt1es~ in an amount sut"f.1d.ent to pq 'the pr1nc1p&]. or alld 1n1;ereat on
'the :Bonds herein authorized, and to make th.e pa;vments into the reserve anc:l 8~nk1ns
rutlda and all otb.eza pqments provided to~ 1n th1.s ordinance, are hereby uzae"ooablJ'
Jlle.d.ged to the ~nt of the p~nc1pal of ~nd interest on the Benda b.e1'a1n authorized
as the u.me become due.
, " . . 3.<>3. APPLICA'l'ION OF BOND PR()c~. 111 JDOne7S received from tbe lJ&1e of &n7 O~
. all or the Bonda or1S1nall)" au~l":1zed and issued pursuant; co tMa oJd1ma.uce (except
:,-:aeorued interest, *,"ch ehal1 be depo81ted in the S1nld.ns JUnd) abaU be depoB1tedbJ'
. .'~:'~~ =t7 o~ Clearn.tw !.n,a bank O~ trust eoJap8.D3'~ as '1'l'ustee. 1n a tftat, runcl to be .
.. '::: !laIown &lithe "ConRructi.on '!'ftet J'wld", whS.oh:18 hereb7 oreated. .2IM ~~ and 8&14 .
..':<:~oz-. bust ~ mall en~ ~to . COnstruction ttruat J'und. AgreemASmt eonoe1'D11ts
:'::,;'_.,'appl1oat1on of .,u4 fund.. add apraement to. be in & roa 1;0. be beJ:tearteJ:II detutdne4
,......; . ;(\=~:,Z'e~ut1on. 8a~ apreeaent ahaJ.l proride.. "18OI1S other tb1nsa..'tbat. ~ ~tUft.
:':,}'\:' ' ,l <,:,<~,,;;)!t~'l, ~ ..4. tI'OIl ,iU4 CoDftNO'tlcm ~'hnd. except ror ~ Ud les&1 . .
~/::!{J:;,.;:,;:<:;\:):'~:;,:::';'::,,}}c~_..;aad npeIlMll.b COIIMtoUC)D __ t:he 18auan08 and 11&1. ot add. BoIda..UD1.....
.,
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'.
703
-7-
such ezpend1ture8 ehall be firat approved by the C1tl Manaaer, and 1Ibere the PlII'Oba..
or real property 1s involved, approval by the O1t~ Attorne)' in the tom ot . lepl
op1n1on to the effect that the 011;y either has obta1.ned or w.:lll obta1n, .'lIIIt'taneowI1J'
\'11th papent tor auoh. real property.. a good and narketable t1.tlG to sa1d zreal PIOPert7.
If ror any reason such proceeda. or lUll' part thereor, are not neoes8al7 ror, or aN
not applied to" BUch purposes, then such unapplied PI'Ooeeda shall be 4epoa1.te4 l7.J the
CitY'in the Reserve Acoount in the S1nk1ng Pwld to be oatabli8hed pursuant to 1ib18
ord1.nanae~ and shall be ussd onl.y &S prov1ded therdn tor Bd.d Resene Aooount. All
BUeh proceeds .ball be and constitute a tl'U8t fund ror such. purposes and tb81'8 18
hereby created a l1en upon such moneJ'8, unt1l 80 app11ed" 1n favor or the holders or
the :Bonds. Such proceeds may, panting their use ~or the p\U'POBeB provided in this
o1'd1nance. be temporar11y invested in direct obligaUona ot the United St&1;ee ot
Amer10a matur1ng not later than twelve months after the date of the purchase tbereor.
3.04. COVENANTS OF ~ CIn. So long a8 ~ ot the pr1.nc1pal. ot or 2.ntereat
on ~ ot the Bonds Bhal1 be oUt8tand1ns and unpa1d. or unt111ihere ahall have been
set apart in the S1.n1d.ng Fund &nd Reserve ACOOWlt herein established a sum sut'.tic1.ent
to pay" when due, the entj,re pr1.nc1pal of the Bauds J'8D'IUn1ng unpaid. toget;her nth
interest aoorued and to acorue thereon. the c.1ty covenants nth the holders ot &rq'
and all of' the Bonds issued pursuant to this ordinance as f'ol.lowa:
(A) RATES. That the City tdlJ. f1x" establish and mUntaln such rates and collect
8uch tees,,-rentul.a or othexo oba~ga8- ro~ 'the 'lierviceB and fao:111.t1es ot 1ts parld.ng
SJ'stem.. including both ot.f'-street park1ng tac1.llt1.ea and on-street parking tac1.l1t1es.
and revise Bame .crom t1me to time lihenever neceasary" as \dl~ al~s provide revenues
sufficient to paY'.. in the manner speo1t1ed l.n Section 3.06. hereof.. and out ot said
revenues sbal.l pay. as the same 811&J.1 beoome due.. the principal. ot and interest on aa1.d
Bonds.. in addition to pay:1.ng, a6 the same .Ilball become due, the neces88r:f expenles of
operating and ma1ntain.1ng such Parld.ng Syotem.. al~ reserve or ainld.D& fund or other
p~"lta ,provided for in this ordinanoe.. and all other ob1igat:1ona and 1ndebtedness
pEqab1e out or tae revenues ot: such ParkL"lg System, and that 8uch rates. .tees, rentals
or othel~ charges shall not be reduced GO as to be insufficient to provide adequate
revenues for s~ch purposes.
(E) PAI\KING SYS'I'ID1 PJNENt1E FUmJ. That the entire gz'oaa revenues derived h-oJll
the op ~tion ot said park1l~ Systa:n.. Ulal.ud1ng both oft -street park1ng tac111 ties and
on-street parldng :facil:1Ues" ahal.l be deposited 1n a speoial f'und in a bank or trust
oompany in the Sta.te of' Floz'1da TIotdch is ~l:Lgible under tbe state laws to rece:1ve
depofdts ot state a.."'1d municipal funds.. wluoh :f.'und is hereby designated as the "parkins
Syatem Revenue Fu.\"ld". Sa.1d Parlc1ng System Revanue Fund shall. constitute a trust tund
for tIle l)urposes provided in t.1U.s ordinance and Shall be kept separate and dj,stinct
.from all other i'undB ot.' the C1 t;r and. u3\Jd vnly for the pUI"poaes and j,n the manner
provided in Section 3.06.
3.05. OPERATION AND f.UUNTENAllCE. 'l'ha:t 1 t ..d.11 maintain in good concH. t:l.on said
Parldng System and all parts thereof'. and l'r.1.1J. operate the same in an efficient; and
economical manner, maJd.ng such expenditures for equipment and for renewal" repair and
l'eplacement as may be proper ror the eo.onondcal operation and lna1ntenance thereof' from
the Parking System Revenue Fund.
3.06. DISPOSITIOU OP REVENUES. ~t all revenues at any time renain1ng on deposit
in the Parking System Revenue Fund shall be diDpofJed or only in the following manner
and order of priority:
A. Revenues shall first be used for the payment of operat:tng expenses" as
defined in S:Jct1on 1.03 (.1) hereof.
B. Prom the moneys remaining in the Parking System Revenue Fund the City ahall
next" not later than the first day or each month.. apportion and set apart out ot the
Parking System Revenue Fund and deposit \d.th a bank or trust co~ in a special fund
to be known as the "S1n1d.ng Fundfl" \'1h1ch is hereby created" such sums 8S will be
au.t'tic1ent to pay one-sixth of all the interest mat\.1ring on the Bonds on tne next
interest pa:rment date and beginn1ng with Septembexa 1.. 1961.. one-twelf'th of' all the
principal maturing on the Bonds on the next princ1pal maturity date; pro v1ded, however.
that moneys from the proceedS of the Bonds authorized herein may be used.. if neces~..
for tb.e interest becoming due on the Bonds prior to. dur1ng and for six months atter
the con~et1on of the construction or the off-street parking fac1l1t~es autho~zed b7
this ordinance.
The 01 ty shall also from the Parldr.g Systerll Revenue Fund, depos~ t with. sa1d bank
or trust company in a Reserve Account in said Sinki~ Fund on the f1rst day ot each
month, beg1nn1ng \'z1th September 1, 2959.. the sum ot :p850.oo. No further payments shall
be required to be made into said Reserve Account \fben thero shall have been depoa1.ted
therein" and so long aa there shall remain on deposit therein, an amount equal to
12~ of the largest aggregate amount whioh will be required t:or the paytllent of
matur1n& principal ot and interest on the Bonda al.lthorized herein ~ any sucaeec11l1.g
f1.aaal year.
MoneY8 in the Reserve Account shall be used only for the purpose or the P'QID8nt
or matur:lng pr1nc1r;al or or interest on the Bonds when the other moneys in the S1nk1ng
lhmd are insufficient therefor ~ and for no other purpose.
Arr1' wi thdra,tzals rrom the Reserve Aocount &ball be subsequently restored trom the
fast revenues ava1J.able after all required pa.~enta f'or the S1.nld.ng Fund and Reserve
Account. 1nc1uding any defic1encies for prior payments" have been made in t'ul1.
'rhe C1tJ' shall not be %>equired to make any flarther payment into said S1nld.ng Pund
,or: into the Reserve Account in said Sinking Fund Nhen the aggregate amount or f'Unda in
both said Sinking Fund and said Reserve Fund are at least equal to the agregate
::pnnc1pa.l amount or Bonds 1asued PUZ"Suallt to th12 ordinance then outstanding. plUB
'the amount of 1nterest due or thereafter to beoome due on said Bonds then outatandins.
'.' .' c. !'he~ter revenue8 sha11 be used to establj,sh and set up a Renewal an4 .
,llep1acement J\mdto be mdnta1ned 1n the same bank or trust cODlpalQ' in wb1.ch the.
.' park1na SJ'atem Revenue Pu.nd is ma1ntuned.. and tha City aball P&7 int;o aa1d f'Un4 .
. .',~: the parld.J1s SJ:etem Revenue Fund on the first da)" r4 each month beg1rm1ng 'twe1ve
~.:.:... after the ~et10n or sa1d ott-street parJd.ng f'aoUJ:t1.ea an~PO\Jl1t equa1.to
.; ~"";pe oentua. ~ :the Sl"OIS rewenue. aotua1~ reOe1ve4 hOII the oPefttion or 1Idd. -
.' .:~~:ns apMa ~. tbe Pl'8ced1Da month. Ho ~ depoaJ.w 1Ibal1 be I'8Cp11reclto be
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illicit Into aaJ.d Renewal and ftep1&oament Jl'und lihon theN aball bave 1)een ~dt;od
the.re1n and ao long &8 there ahal1 remain on depos:1t tb.ereln'the BUll ot $25,000. '1he
.t"Unda 1n 8\lch Renewal al'lC1 Repla(t~JIIOt1t Purld shall be wsed o~ tor 'the >>urpoM, of' pt.J'1QI
th~ COBt or extensions.. improvetMl"lts or add1.t1otlB to, ~ the replaceJnent ofca.p1~
&srso'ta of aaid Park1ng ~stem or ~ paR thereof" J proV"ided, however 6 tba:t upon tbe
OOM~t1oaUon or tho COnSulting Png1neer that f'undB in maid Jlenewa1 and. Replacement
l'Wld are not needed ror such PW'J)OS8S1 suoh excess .funds -1' be used tor the purcba..
01 lIonda ot the last mat~t;ie8 tl1.en outstand:t1l8 which are ava.ilab1.e at not exceed1ns
th& then marlce1i value or aa1.d J30ncla or tor the prior reaempt10n of 180t _tur111g callable
Bonda..
]). U on ~ PQment <!ate the revenl.\es of sald Parid.ns S:ra'tem U'e :lnaut1'1o:1ent
to >>1ace the required amoWlt in any of the fund.e as herre!nbe.fore provided. the de~1c1.enq
BhaJ.1. be lDIdaup 111 the subsequen't p&Jments in add1t;.1on to the paymen~s 1dd.oh wo\lld
ot~erw1ae be required to be made into 1;he 1'unds on the 8\1bseqaent paJment date..
E. 'Jhereat"ter.. 'tb.e balance or any rev~nueB rema1n1l1g af'ter> a.lJ. other required
PlAynentl3 1.n'to ~he 1'unds provided above have been _de. ~ be use<! b)" the 01't7 in ~
~er prov1.ded by- law; proVided. however.. that none or said revenues 8ba1l ever" be
Qed for any oimer purposes other 'tban the purpoaes hereil1.bef'ore apeo1r1ed. unlea8 all
of tile curren1i ~nts pro"l1ded tox- above inoluding aQ det1c.1enc1ea ro~ prior
payments have 'been made :1n tull and ~esa tIle 01 ty shaJ.l b.ave eompJ.1ed tullJ' 1111 tb all
the covenants and prov1.8:10%lS o~ tlds ord.1nance.
F. 'lbe S1n1d.ng Fund. and the RaBorva Aacount there:1n, the park1ng S7Btem
Revenue J'wld, t.he Renewa1 and Replaaemlmt Pund.. and all (l'tb.er special .flmds set 1ol.P and
~reated bJ' t;hj.s ord1.nanoa snell QOXlBt1t\lte i;%'Ust 1'\1nds fo1' the PU%'pOBe provided heredn
t~ BUell funds. All of" suoh. fundo shall be continuously secured .in the same manner a8
state and 1I1tU11e1pa1 deposita of funds are x-equ1red to be seoured by the lal'lS of tb.e
8ta'te of Flor.1da.
'J.1he moneys :tn the S1.nlt1ng Fund may be invested upon d1reation of the Cj.ty b"easure.r
of tine Ci'ty, :In direct oblj,~at1on6 or the tJ.rdtad States of' Amer1ca. wh.1ch IDatu.re not
latex- than fifteen days pr.1or to the next oucceed1ng 1nteJ:'est plQ'ment date. TIle moneys
ill tine RoseMe Account in 'the SjnJd.ng Fund and. in the Rene\'lal and Replacement Pund
~ be invested upon direction or sa:1.d C1 ty' Tt'eaaurer, 1-11 direot; obJ.1ga.Uons o-r 'tll.e
Un1bed States of America \dl~.ch nature not luteX' thlln one year after the ma.k1tlg or
SUcJ:l 1nvestments.
AR'rICLE IV
ADDITIONAL COV'ENANl'S OF THE CITY
4,. 01. SALE OF THE PARKING SYS'1'EM. ~at 'the parking System may be sold, mortgased~
leaaed, O~ otherwise disposed of only aa a ,.Tholo 01' sUb&tanti.ally as a whole, and. ()nlJ'
- ~t' tlLe net prooeeds to be realized shalJ. b~ su1'f"1c1ent fully to ret.1re Al.1 of the
:Solids issued pursuant to th1 S oJ.llClinanee and all interest. thereon to their respect1 ve
da.1;es of maturity_ The proceedS b-om such sale, moxatgag.e~ lease 01' oth.er dispos1.tlon
ot' the parldt1g System shall :1.mmed:1ately be dapos1ted 1n the S1nk1ng :Func1 and eba.ll be
,used only for the purpose of payil'1g the principal or and interest on 'the Bonde 1s$1.1ed
p\1rsuan"t to 'this ordinance as the same shall become dl.le.
, : The torego1.n.g prov1::don notiw:tthstand:1ng.. th.e C11;y &ball have and hereby reeerve8
1?ne ngh~ 'to seJ.1.. lease ox- otheM'l1ee d1.SP08e of any of 'tne propertY' comprj.atng a part
0" the Parkillg System hereafter determined :in the manneza prOdded herein to be no
longer llecesl!S4U7, ueetu~ or prot1 'table 1.n the operation 'thereo~. Prior to any su.oh.
ea.le1 lease or other d1epos1t1on or said property" :11' 'the amount to be received
,thel'!'f'or is not in excess of ten thousand dol~a:rs ($10,000), 'the general manager ox-
other duly al.lt.hoJ-1zed of'1'1.cex- :in c:ll.filrSEl of such. park1ng SyeteDl sbal.l nake a r11d1ng1n
wr:l.t:l.ne; determining that such property conwris111g a part of such parking SJ"8tem is no
'longer necesSU"T # useful 0111 prori1;acle in tl'1e operation t6hereot.# and fJuoh proceeds "
shall. be depos1.ted in tile Renewal and Raplaccmen't Fund and used only as prov1ded herein
tor such fund. Ii: tIle amount to be rocc:i'{~c.i 1'rom such sale.. lease or otbe~ d1apoel t10n
of said property 8ba.ll 1>G 10 excess oZ ten tl1ou.2and dollars ($10,000) bu.1; not in. exoeas
of t1.ttl' thollsand dollara ($50..000)~ the: general manager or- other du3.y authorized
otf'1cez- in cl1a.rge or such parkins System sb3J.J. first meJi:e a. 1'.1nding :1n wrJ.t..1ns.. whi4h
, eh.S.11 be approved by the Consulting ~ineer6 deterl1dmng 1;hat Buch propert.:y compJ:'1s1ns
a, -part ot' Buell parktng Syatem 18 no longe1. neaessary.. usefu.l 0.1' pro1'1.table in 'the
~t:l.on tbfU'"eoi'" and tlle goverw3g body of said City a11.a11... by reaolutjon duly
'adollt;t)d.. approve and concu,r in tl1l! f"1nding ot tIle genera~ managel. 0111 othel? dilly
, ,author:l.zed cr.ticer" and au."\ihorize fl1.4ch ss.le, J.e~3e or ot~~r d1apos~t1on or sa1d prope~_
,!rhe.p.roeeeda der:LvE:d from any such.. saJ.o.. lea-se O~ other dispoaj,1;ion 01' said property,
"':.::j,n'excess o'E ten thousand c:lolJ.a.r:s ($10.000) .:md not m ex<Jeaa Q~ t'1tty tllo\1sand dO~8 .
'($50.'000) shall be placed in the Sinlc:!.ng .Fund provided for in tl'11s oX'd1nanae, and 811&11
. be 'Used only 1:~ the purchaso of Bonds of th.e last maturi ties then outstand1ng at not
mot-e than the then 1'.OaX'keti va.lue of gl1ch :Bonds. ,01" for- the pnol' 1~Clempt1on of 1a.at. .
mat:ut-1ng caJ.lable llonds. ~\4ca papumt ot~u.cll. prOc'eed2 into the Sink1ng Fund or the
Renewal. and Replacement :Fund shall w:)'t reduce the amounts required to be pld.d s.nto '
sa14 PwldB by other prov:1&1ons of th.is ordj.nanoe.
~o &ale, leaae or o1;ne~ diapo:d t10n of 'the prol)ert1ea or .ea.1dPark1ng Sys1;emshall
. be Jra;de by 'the Ci1;~ if the proceedn "to bD dur1.:ved the~rN)n anaJ..l ~ 1n excess or
,tj.fty- thousanc1 dollars ($50_000) and 1nuu.tf'1c1ont to pay all or the p1'1no1pal or Bo~
then oatatanding and all 1nterent tb.~reon to tlleir res'pecttiva datea of matur1ty,w1thout
the prior approva.l and ~onBentr in wr:1ting of the holders or the11' duly authorized,
repftsentati. vas of' InxtJ'-dx and two-th:1rdB plll' centum (66 2/3~) in amount of Bonds
, then ClU,tBtand1ns. The C2.1;)' aball pttGpa.re ~e .form of &Juab ap,proval and consent. :tor, .
execl1tlon b,. Bondbolclera. or the1r duly a.uthorized. repreaentat1ves, w.b1.ob torm sb&11,
provide ~or the diapos1t1.on o~ the pl..()cceds ot the sale, J.eafJO 02' otl1ex- d1spoa1.t1ono~
'euch ].)~pert1ea of. aucl4 E'a.r1d.ng System. . :
"., :,' Bothj ns hue1n contained j.n tb18 aeet1.on nor 1n this oZ'Ciinance 1a intended, no.
'. .:::.wal 11; be ~onstrued so as, to prevent the ex.eJ.WC1se bJ' tbe 01't1" of ita r1pt.. wb1ob,~.
'.;J:lere1o- :expHaslJ' reserved, to lease arq put or a11 ot the Park1J3S; SyatGm. except:tl1.: :
:)::u9,:,etZeeta and the r1pt to park on sa:tA streets, top1'2.vate oPerators un4e1' ,~::. ~;,:::.:'
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. pJ.'Onl1.ona 1IIbJ.oh are de81pecl to 1naure the reoe1pt or revenue. wb10h an adequate ~Ozt
the NqulNllents or tmia ordlnance. SUch lease llball be appz-ove4 Q resolutlon or the
C1tJ CaIID1aa1on ud add1t1OM117 approved b7 the GonlUlt1rJa Bn82-neal' and 1lba11 oonta1n
a ooverumt that I&1.d 1eaae 8ball be 1n rorce and efteot onlJ 110 lons aa all PQID8Ilte
I'8qull'84 b7 the terms or tb1a oN1nanoe abal1 be t1JDel)" _de and 1n t.he event. ot cle~&u1t
on &rQ' or tbe paJments req\l1N4 b7 'the provS.ld.ona ot this ol'dtnanoe suoh. 1... Ilbal1
1mmed1ateJ.y beoo_ vold and ot no ertect;.
Noth1ng beJ.'dn contu.ned in 'tb1s aeot.10n nor 1n this ordinanoe 1.. intended, nott
ehall 1. t be conatJue4 80 as. to pftvent the tra4:1na in or used eq,u1paent. 1nolwl1D8 tba
p&rk1ns meters ot ~e Park1Dg _stem. tor cred1t or allo'RDoe toward the pueoha.. o~
new equipment. :1nc1ud11l8 8&14 parld.JJg meter., prov1ded tba1; 8&14 new equ1pment 1.
aubst&nUall1 dJII11ar 1n ~. qual:1ty and amoun't as the used eqad.pment 80 traded 111
tor cred!. t 01' aJ.loNance.
4.02. (A) ISSUANCE 01' OTUK OBLIGATIONS PAYABLE OU! OP ~BrfUB8. '1'ba~ tme CJ.t7
will not issue ~ o'ther obligations, payab1e troll the revenues denved troll the operation
ot aa14 Parld.ng s.rstem, lnclud1ng both otf'-street parldng f'aciJJ.t1.ee and on-street.
pa~ f'ao1lS.t:1ee, except pari paS8U add1t1.onaJ. Bonds provided tor- beJ:te1n, nor
volunta1"11J' create or cauae to be created &nJ debt, lien" pledge, aaaiSOJl18llt. enC\llllbJlaDOe
or &IV other charse ha.v1ns pnorityo to Oil being on a parj.tJ' with 'the lien o~ the Bonde
laaued pursuant to this ord1nance and the interest thereon. upon aQ o~ tb.e inooaae and.
ftVenues or said PaJ'ld.r1g System, :1nclud:!.ng botm ot:t-street parklng J,-acn1~lea and 011-
street park1ns :rad.l1.t.1es. or ~ part 'thereor. _ other obl1gaUoD8 henarter
1ssued bJ'the C:1Q, pqable trom such revenues, excep1; neb par1. pa8SU add1'tlonal
Bonds" eball contaS.n an apl'esa ata'tement tha't such obl1gat.1ons are 3unior, aubo~~e
and 1nt'er1or t;o the Bonds 1ssued pursuant to tbi8 ozad1.nance, as to 11.en and source and
8ecur1~ tor ~n.t tl'om the revenues ot said Parid.ng STstem, :inCluding bot~ oU-8~reet
pa~ f'ao1.11t.1es and on-street paz-k1ng f'aci11t1ee" and in all otmer respeot..
(B) ISSUmCE Ol' PAR:I PASSU ADD~IOHAL BONDS. '.rhat no pan passu add1tlonal Jonda
as in i;hJ.s sub-section defined, paJable out of' the sa1d parldns _stea ReV8Il1le J'Und
eball be creatied atter- the 188U&11Ce ot ~ Bonds pursuan~ t.o this O1'd1.n&nce, except
under 'the cond1'tloBl and in the manner here1.n provided.
No such p&r1 passu acld1t10nal Eonds shall. be iS8ued unless the average a.mma1 net
revenues, as de.r1ned here1n. den ved from the operation ot the Parldng SJ1IteJa, 1nclud1ng
both. ort-street ~k1ns tac1l1t1es and on-stireet parking fac1111;iesJ d.ur:lng the :preceding
24 months, plus 75_ ot the average annual ad<U.t1onal net revenues. aa den.ned he1'e1n,
est1mated bJ' 'the Consulting ~neer to be der1ved 1n the 24 months 1.JDmed1atelJ'
succeed1ng the colDplet1on 01' the new add1 t1ons" extena10ns or 1.D;>ro-vementa to be r1nanced
b:r such parS. passu add1 tlonal Bonds, 801ely tram such new adcS1t'-ona, extenaj,ons and
1mprovements, Bball be not less than one Hundred l'1tty per centum (150;) ot the l&l'Beat
agsresate amount; of pnnc1pal and interest 1fIIh1ch all mature and become due ln &nT
succeeding ~ on the Bonds issued puzasuan't to tb:1s ordinance then outstan.d1Jlg, and
on an:r ;par! paas\l add1 t10ml Bonds 'theretotore lssued and 1;11en outstand1n&, and on. aQ
other obUgat1.ona ~en outstanding, tch1.ch are pQ&ble trom the reven\lea or aa1d Park1ng
S7atem. lnolucUng bot;h off-street park1ng ta01.11t1e8 and on-street ,parking ~ac1l1t.1e..
or ~ part thereof', and on the par1 passu addit.1onal Bonds t;hen pzaopoaec1 to be 1saued.
Pr10r to the 1sauance or an:r such pari passu add1t1ona1 bonds tbe ConaultJ.ns
Eng:'-'leer 8bal1 prepare a wr:1t-ten cert1t:1cate as to b.1a eaUmate or tbe aveNge anrwal
addit10nal ne1; revenue to be derived :1n the 24 month a 1mIDed1ately aucceecU.ns the coa-
plet10n ot the new adctttiona. extens10ns and improvements 1;0 be ttnanced b7 such par1
passu additionaJ. bonds" 801el)" from such newaddlt10ns, &nena1ons and 1mproV'emen~8..
and eball file 8\lcm cert1f'icate in the otfice ot the City Clerk. Such cert1ficate
abaU contab a detd.1ed statement ot the source of aDl' est.1mated adcti:tional sro..
revenuea. as derlned herein.. ~ est1ma~ed adcS1t1onal opemt1ng expenses" and ans
eRimated adcU.t:1onal net revenue, aa derined herein" to be de1"1ved by the C1q- so1.e1yo
from such new add11;ionB. extensions and lJDprovements to aa1.d Parld.ns SJ'stem to be
f1.nancec1 bJ' such :par:!. passu adcUt.1onal Bonds :in the 24 months 1mmed1ate~ succeecU.ns
the complet1.on ot such newadditlona, extensions and 1mprovemen1;s to auch Parkins B7a'tem.
In the event such certificate shall show ~t the estimated aVeftS8 annual opera't'-ns
expenses aball exceed the est1mated average annual gross revenues to be dadV'ed 801e17
from such new adc11~ona~ extens10fts and 1mprovements 1n 8uch 24 1.JmDed1ately succeedS.ns
months.. t.hen the estimated average annual excess of' operating expensea over gross
revenues ahall be deducted from the avenge annual net revenues actually 4er1 ved f"rom
8a1d PU'k1ng S1stem dur1ns the pNced1ng 24 months 1n c~ut1~ tbe power oJ,- said 03.t7
to lssue pari paS8~ add1t10nal Bonda under tmis Section 4.02 (J3).
Such pa.r:l passu add1 't1onal Bonds ~] 1 be 1ssued only tor tme ~1nanc1ns of ttte
construct10n of new additions" extma10ns and 1mprovements to sa1d Park1118 STatem,
lnclwU.ng the renewal. or rep1acemen't or acqu1sit:1on of new and add1t'-onal cap1 tal
.asets thereor'.
~ term "pari. passu ac1d1t1onaJ. Bonds" as used 1n tl11s sub-seetS-on, shall be
deemed to mean add1.t1.onal Bonda lsaued under the p1"Ovls1ons and ld.th1.n the 11.Jd.ta1;1ons
ot this aub-secUon, P&7&ble f'rom the Parldng S7stem Revenue Pund pari passu 14th Bonds
or:lg1nal17 autihonzed and lssued pursuant to tm1s ordinanoe. SUcl1 p&l".1 pas. ad.d1.t~ollal
Bonds aball be deemed to have been j,S8ued pur8\l8nt to this ord:!QU1oe. and all ot t;he
covenants, and other prorts1ona or 'tb.1a ord1nanee (except as to deans or .am Jl&1'1
paaau add1Uonal. lbnd8 inconsistent therew1tm) ahall be tor ~ equal. benettt, pro-
teoUon and aeoW'1~ 01' the holders or 8n7 :Bonda 0J:'1g1nal17 author1zed and. j,aaued
purauant to tb18 ordt nance and the holders of arw par1. palau adcUt;lonal ~a sub-
aequen1;l)" created w1t;h:1n Ule l1II1t8 and 1n comp11ance 1d.th this aub-sect1on. Allor
euoh Bon4s~ regard1es. ot the t1me or t:lmes of' the1r 1.ssuance, 8hall Nnk eq~11,. 14th
ftapec~ to the1.. J.1en on 'the revenuea or Bd.d Pa1id.ng Syatemand the'-r 80U1"Ca and
aeou:r1_ or pAJBl8nt. 1'ro. 11&14 "venuea 1II1tmout preference of 'aQ' J3cm4 or coupon, over &Q
otber. 'Ibe cs._ ..11 OOIIIpl)" M.1:r with all the 1nCNaraec1 pa.vment;a s.nto the var.1oua
hn4a orea~ 1n tbi8 OI'Unance requift4 rox- such par;l p&8SU ad41t;10Da1 ~.. in
.4d1~OD to the papenta ~d tor- Bonds orJ.s1nallJ' issued. pud\&an.t to tb1a o1'Cl1aanoe.
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All pu1 pal. a4d1t10na1 Bonds ~s_ed J)lI1'&S\IADt to th1a aub-aeci;1on ..11 'be
date4 JfUob. 1 0" September 1, and aba11 all _tUN Mnal17 on Sept.._ 1 of ..ob
,.ear and 'the aead.-auwal 1nt...~ tb.enon aball be pAJable on IIUPoh 1 and Sep't...r 1
of each reu.
The tea "pu-1 paS8U add1 t10nal Bonds" as uaecl San this .ub-8eO~101l ~J 1 DOt 'be
deeMd ~ inolude bona, notes, cert1ftcates. or aJ1l obl1ptloDS aubaequent17 1.aue4,
the 11en or 'llld.ch on the ""nues or t;he Pa.rid.Jlg _a~_, O~ &JW >>aft 'tllereot" So. lIUbSeot
to the pftOl' and fJUper10r lien on 8\1Ch Z'8venues o~ the Bonda 1aauec1 purau&l\G tio tb1.
ord1nance. an4 th. C1t7 ehall not ),saue aJ1T obllpt1one ..tao8Vftr ~)'&bl. ~ the
revenues ot ~e Pa.1'Id.Dg S:retem, or &n7 put; thereot, 1dl1ch ank equaUy a8 ~ 11_
and 801.1rCe and Mcurit7 ror p&J1I18D't from hob "venuea with Benda 1aaue4 purItlIDt to
th18 0l'd1nance, excep't 1n the annes- and under the cond1UoJUJ p1'Onded 1n 1;tl1e
aub-aect1cm.
No pan palS.~ add1t3..onal Bonda, as in this aub-sec~on cle.fiDed. eball be ozea'ted at
~ 'time, however, unless aU o~ the p&J'imnts :lnto tb.e respects.ve 1'w1d~ pron4ed rot!
in this o1'd1.nai1ce on BoncSa then ou~atand1ng and &11 81nk1Dg tund.. "serve _d o'ther '
papents prov1ded ~or in this ol'd1nance ah&l1. have been made in ruJ.l t.o the date ~
issuanoe ot such per'! passu adc111;1onal Bonde. and the Ci'tJ' &ball have tullJ' ~0IIIP11e4
dth all the covenanta, apeemen1;s ancl t;eJ.'Dl8 of this ord3.nance.
4.03. INSlJBABCB. '!bat the C1.t;r w1.11 car:r:r BUCl'l i.n8uran.oe as La o~ c&ft'1ecl
Q pa-1 vate COJIpOft'tlons owninS and Gpeat.1ns s1m:11ar qa'tems as t:he Par1d.J2s a,-a~ 1d.th
a reputable 1nsun.r1ce carr:ler or cam.ers asa:tnst 1058 or ~~e bJ' tiM, eJ3l)1.os1on,
h'uft':1cane. earthquake. qclone.l occupancy or other haza1'da and rJ.8ks, 1dl1d1 j,rut.Ulmce
shall at all t1me1 be in an amount or UIOUnta eqt1al to the 1'a:2r appN1.aal va],\le or tbe
bu11d1ngs, propertj,ea. .tum1ture. f'1xtures and equipment ot said Peklns _11;ea. In
tUie of .u', the ~t~ 8hall also, carry' in sa1.d amount BUcn 1ns'IlZance .. ~ be ava1lable
aga..1n8't 10S8 or ~~e by t;he dBks and. hazardB or ~.
, ~.04. BQQ!S MD RBCORDS. That the 011;1' will keep booku and :records ot .1;he
Parking ~8tem, wtdeh ehall be sepuate and a>>Art t1'OJD 411 othn- books, reeo1'4As and
acoOW1~s ot the C1~ ~ in 1dl1ch oomplete 4Ild co~ct entr1.es shaJ.1 be made ot all
tansact:1on8 1"8lat2.n8 to tne Palking ~stem. and &Jl7 holder of . :Bond or :Bon~ laaued
purauant to th18 orij,nance shall have the r1.ght; a1; aU ~sonabJ.e t;1Jaea to 1n&J)8ot the
Park1ns Syat;em end all parts thereof. and a11 "c01'ds~ &ccounta and dltta o~ ~ CltJ'
1'81&1;1118 thereto.
'1'he 01_ shal1, at 1ea.s~ once a yeU', cause the books, reco~ and account. or ~e
PII.1'k1ng S)rRem to be properl)? aud1ted by a oOlllpetent ami qual1ttad ce&-tltted p1.IbJ.1c
accollnt.ant. and IIbaU. matl upon request, and Jnake ava:llAble genere.ll~, t.he repol"t ot
aa1d cert11'led >>abllc accOW'ltant I or a 8l.UIIII81"Jf thereof, t;o any holder or hol~. or
1kmda l.saued pUZ'suant; to tb1a ordinance, OJ' atlTone act1J2g ror and In })eb&1t' ot Rch
lbndb.older or BondRoJ.dera.
4.05. MAINrENANCE OF PARKING SYSlEM. 'l'bat the C1"ty 111111 cOIIJplete the constl'\1c~on
or the of't-street; p&Z'Jd.ng ~c111t1es provided ~01! 1n th:1s ord:1nance b an eoonolll1cal
and e1'f'1c1ent anner w1th all pract:1cab1e d1.apatcb." and th8l'ea~eze will _1n~B the
Park1J1g s,stem :in good cond:1~1on and oon't1nl.lously opeft~e the same in an et';tld~t
manner and at a reasonable cost as a revenue producS.ng enterpr1sa.
4.06. SBRVICBS TO THE ora OF CLEARWA'l'ER.. That ~he C2.tJ' or C1e&r18te1-
1411 not render ~ oauae to be rendered any tree ~ld.ns or seNicea ~ aDl' natU1'e by
'-ta PaJ:tk:1nS 87a~-_ nor will ~ preterent1al rates be eatabli.8bed tor usen or the
__ clAasJ and in the event the C1'ty of Clearw.tQl. or &nI' department. asen~.
1l111trwzaental:1~.. ot'f!.oer OJ- employee o~ said C1'ty, shall avu.l 1.tael~ O~ th48lD8e1vea 01
~1le taoj,l1'ties or sem.cea p-oY1ded b;r sa1d Parklns 878-'em$ or al\V ~ tb.eZ'aor, the __
ratea. 1'ee8 or cbar8ea appU.oable to o1;he custoJIlera recdv1ng llke aerV'1cee lJndera
a1JIdlar c1rcumRan~B Shal.1 be cbalged sa14 C~~, and &nJ such. deputment. agenq,
~trumental.11;J.. ot"ft,cer en- employee or 8a1d Ciqr. SUch cb.uges abal1 })e pa14 a. thQ
aecrue, and the Clt7 8hal1 vanater hom the1r seneraJ. runda BUt't~c1en~ 8U1U1 to PQ'
auen cmau-sea. The J.'Svenues so rece1 ved ahall be deemed to be revenue8 del"1 vec1 from
~e opQ'&Uon or tile Parld.nS 8T&1;em. and ahal1 be depod.ted and account;ed to~ 1.n the
aame manner a8 othe1' revenues d.er1 ved f'1tom such opere.1;1on of the Parldng ~etGl.
. 4.01. OP~ BUDGi'.r. ~t the Ci't;r Shall ann.ual1y.. at least rortJ'-N.ve cII1ya. '.
preced1!lg 'the beg1ntlJ.J1g ot each or l.ta fiscal years, prepare and adopt b7 1'8soLut.ion ot'
s,t8 govemS.ng boq. 4etalled budge1; or ~e estba~ed ez::pendS.t'Ur'eB ~or oP!!rat1on and
~ce o~ t;he P&1'k1ng 57stem dur.1ng 8uch suoceed111g ri8cal :feu. No u:peBd1.turea
r01tt the OfJ)eat1on ancl ma:1ntenance or the Park1Jts SJlltell1 8bal1 bet mac:l$ 1n uwdaca1
J"earJ.n e.xceaa ot the amount pJlOY1dec1 theretoza San aucb. buc1ge't If1 tbout a W'1t.tera. f'1nd1ng
and MOOIIIIDImdat1on by the general manager ot such PU'ld.Dg 87ateJll or otl1ez' dul~ .aQt!1odzed
ot~1cer 1n cbu'ge theMOr. \fhS.ch t1nd1ns and recomasenclai;1on shall sQte h de'ta11 ~e
pUl.'p08e or and necealdty tor such 1ncreased ex:pend1tUNs ~or the opere.t.1cn. and ~te11Ulce
ot 'the PRk1ng 83atem.. and no such increased eJCPen41 tuz-ea 8bal1 be ade UDtS.l tha
sovem1r1S bo47 or sa1c1 C11;)r 8ba11 have ap))rOved such t1w11.ng ancl recOJllllencla~on. 1>>7 a
fteoluts.on ~ ~t;ed. No lnoz-eaBed expend!. turea 1n excess or twenty per 08Jltwn ot
tw!&IDOunt or 8\lCb budget; aba11 be made except upon the turthQt oRt1ft.oate or the
CoDa\l1.t2.ns i'nS1neel-tbat such increased eJCpend1t;ures ue neces8Q'J' r_ the oon~nued
OJ8I'8taon ot aa1d Pal'ld.J2sB7atem. !he City 8ball ma1l copies ot such 1UlT\1~1 bqet; and
aU &'HOluUona authm.z1ns 1ncJ.'8&aed expenditures tor' ~t1on and a1ntenance to any
1101-. or holdere o~ l30nda 'Who 1Ibal1 rile b1a addzteaa 'ld.th. the CSQ and ftq\lellt 11l
-.l~ tba:t ~.. ~ all such budge~. and fteo1ut1one be ~811ed h1JIl o&- th_, 8D4
. ....U ... avdlable JI\1cb budgets and all JlG80lations utb.orJ.d.ns 1Donaaed apeJld1 tu1-es
r_ ~0Il aDd ..mteuance or the PU'ld.n8 S7ste1l' &1; an &-Meol3ab1e ~a to ~
bo~ 'or, 'bo16eN oelkmda Usue4 purauan't to ~8 ~e.. o~ a7J7 one act1Dg t~r
'&ld'u, ~,,. ot tIU_ Baadbol4er or Bondhol48N.
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4.08. RlMlhIIS. Arr6 holder ot cogpona or or ~ ooupona ~ tbento,
1ell\leel under t;be ptOV:latona or thi8 oJ'dS.nanoe. or ~ !'Nate. aot1Da to>> auoh ~~ r~
boldere In the armer here111after provided, may 81ther at law 01' In ~_. br' aUl'_ . '
aoUon. manduua or othe PNoeed111s In an;J court of oOlpttent .1U1'S.e41otlOn. ~eo~
ancl ttnrorce AIQ' and all I"1Shta undeJt the laws of' the state ot l'lor1da. or IftDted _.
contained in th1s ord1nanoe, and ID87 enrorce and ooapel the peI'.t~. of &11 duU..
I"8qu11'e4 b;y tb18 ord1l1anoe or by &JlY appl1cable atatutee to be puf'onaec1 bJ the 01_ or
b1 &rQ' oft'1ou- thereof', 1nc1wUna the tJ.x1ns, ohar81Dg and co11eottng of I'a~e.. r...,
rentals or chugea r~ the services and tacl11 ties or the Pa.rk1rC System.
In the event that 4e.taul t 'Sha11 be made In the pqment ot the 1ntereet on or the
pr:lnc1pal of' aDl' ot the Bon48 1asu-ed pursuant to th18 ord1nanoe as the IIUla Mall 'bec.e
due, or in the aaa.k1rJg or the paJmeJl" 1nto ~ reserve or 81flW,ns t'un4 or &nl otbR
p&Jmen'ts requ1zted to be _de 'b7 th1. ord1nance, or in the event tbat tile CU~l ~ &nJ'
otneR, aaent or emplQJ'ee thezaeot Bbal1 f'a11 01' refuse to cOllll13' 1f11;Jl prod.a10DII of
this O1'd1nance, or atal1 de1'ault 1n any covenant made herein, and 1n the turther event
that &rly such def'ault Bha11 continue tor a period ot thirty dQ'a &IV hold.r or au~
Cert:1t1cates or ~ IJ."rWstee appointed to represent Certl.t1cate holdera .. bere:lnaf'tez'
provi.ded, 8ball be entitled &a of r1gnt to the appointment ot a nceS-vex- ot ~ PUSd.ns
SJ'stem in an appropl"1.ate ju.d1.c1al proceed1ng 1n a court ot competent jur1adS.oUon.' .
whether or not such holders or !'rW5tee j,8 also seeking or shall have aousht to .ro~e
an;y other r1gh.t 01' exercise any other remedy in connection w:lth Bonda i.sued pureuan't
to this Ol'c11nance.
'the rece1Ye~ 80 appointed &ball torthw1th, directly o~ b:f his &Senta and attoaeya.
enter into and upon and take poasesa1on or all ott-st~t puk1ns tac111~le. of aa1d
Park1.n8 87-t- and. Bhall hold, opel'Ste and ma1nta1ni' manager and control auch ott-
street parld.ng tacUlties" and each and eVe17 ~ thereot, and in the name or the C1t7
sbal1 exercise &11 th.e rights and powere ot the City with respect 1;0 I&1d o~t-.tJ.teet
~ns tac1l1ties as the C11;y itself m:lght do. SUchreoelver Sba11 oolleo~ and reoelve
all revenues, ma1nta'-n and operate such oft-8treet parld.ng fto1l1.t1.ea u the '-"~
p:l'O'd.ded j.n thia orULnance and com.pl.y under the .1ur18d1ction ot the coun appo11'lUng
such receiver, ld.th allot the pl'Ovla1ons of this or<11nance.
Said receiver 8hall &180 oollect and receive all revenues cler:lved tram the
on-stJ"Get puk1ng t'ac1l1t1ea ot said pu-ld.nc _stem and apply the same in the aanner
p~ded 1n 'this o~nance. Sa1d on-street parking facilit1es aba11 con1anue to be.
operated and ma1ntained.. except tor 'the collection and d1apoBal of revenues theretl'om,
during such rece1verah1p" but such. rece:1ver shall be entitled and obliga1;ed to obtain
~ orders f'rom ime court appo1nt1.ng such recelver to compel the C1.t;v and lta of't1c1alli
to comply nth the provisions ot trh1s ord1nance in the operaUon and maintenance ot ea1d
on-s1i~et pa:rldng t'acil1t1eB during such rece1ver8h1p.
Whenever all t;hat is due upon the J30nds issued pursuant to thj.s ord1.nance and
1n~ere8t thereon, and under ~ covenants ot tl11s ordinance for reserve, S1l11d.ng or
other funds, and upon ~ other ob11gat:1ons and interest thereon" having a charge.
lien 01' encumbNnce upon tbe revenues of the Parldng S7stem" aball have been pa1d and
made gOOd. and all detaul ta under the provisions ot this ordinance 8bal1 have been cured
and made good, posBession ot the ott-street park1ng racll1t1ea ot sa1d Park1ng System
shall be surrendered to the C1ty upon the entry of' an order ot the Court to that ettect.
Upon an,' subaequen1; detault;, any holde~ ot Bonds issued pursuant to 1;tds ord1nance" or
~ 't1"\lstee appo1.nted tor Bondholders as here1nafter provided" Bbal1 have the same right
to secure the turther appo2.ntment or a rece1 vel' upon &IQf such subsequent default.
Such recel ver sbal1 1n the performance ot the powers here1nabove conferred upon
h1m be under the d1reot1on and superviaj,on of the court making such appo:1ntment" shall
at &3.1 t1mes be subject to the orders and decrees ot such court and 11I&7 be removed
thereby and a successor receiver appo111ted 1n the d18cretion or such Court. No~
herdn conta1ned 8ba1l J.1m1.t or res~r1ct the Jur18d1ct1on ot such Court to enter such
other and fUrther orders and decrees 8S such court may deem neces8a17 or apPI'Op1-1ate
tor the exerc18e by 'the rece:1ver ot &nT f'w1ction not apecit1caJ.ly eet forth herein.
Any receiver appointed as pronded herein shall hold and operate such oU-street
paJ.'k1ng tacllities of 8a1d Parking System In the name ot the City and for the joint
pl'Otect1.on and benet1. t of 'the C1t~ and holders ot Bonds iS8ued pursuant to this oJ.'d1nance..
Such. rece1ver Shall have no power to sellJ' assign, mortgage or otheJ:Wld.s8 dispose of ~
assets ot any 1d.nd or character be1ong1ng or pe~D6 to such Park1ng Slstem, but the
authori t7 or such race1 ver shall be l1m1 ted to the possesslon. operation and mablteDaDce
ot $Uch ot"t-street parld.ng tacllities, and the collection and disposal or the revenues
from. Ba1d on-street parkins f'acll:1t1es, tor the sole purpose 01" the protection ot both
the C1.t;v and Bondholders" and the curing and Jnaldng 'good ot &IQ" det'aul1; under the pro_
v1e1ons of' this ordinance" and the title to and owner8h1p ot sa1d parld.ng ~stem ahall
'rema1n in the Ci1;:r of ClearNater and no court ahall have any 'jur1sd1ct1on to enter ~
ol'der or decree perm:1tt1ng or requiring such rece1ver to sell, mol"tgage or otherw:1se
dispose of' &IQ' asaets of' the Parld..ng System..
, 1'he holder or holders ot Bonds ln an aggregate principal amount Ot nOt leaa than
twent;r-:t1 va per centum of Bonds i8sued under th1s ordinance then OUt8tand1ng may by a
,duly executed cert:lficate :1n .nUng appoint a trustee tor holders of Bonds 1a.ued
PUl'B\l8nt to this orMnance with authonty to represent such ~ndholder8 in an;v le8a1
proeee41.ngs tor 'the enforcement and. protectlon ot the rights or such Bondholders.
su.cl1 cert1t1oate shall be executed b:r such Bondholders or their duly authorized '
-a~tomeJ's or repreaentatlves.l and ahall be f'iled 1n the ottlce of' the C1tJ CleJlk.
, ~.Og BNPOllCBllJIM.f OP COLLEC'lIOHS. '!hat the City w1.11 d'11gentJ.y entorce and
colleot all rees, ren'tala or oi;he:t- cba.rges tor the aerv1ces and rac~l1t:1es ot the
Pa.rk1rC 87atem, and take all. 8tepS~ actions and prooeecl1ngs tor the entoroement ancl
ooUeotion"of' IlUch 1'ees. rentals or other cba.rges wh1cb IIhall beoome del1Dquent to the
~. extent pem:t:tted or au'tbor1zed by the CtJa1wter of' aa1d C1 M. and. bv J.a.8 0" the .,
st&~.'~ Plona.. . ,"" ell ·
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4.10 MLOCmOH 011 PABKIHCI MlJrBRS. IJ!lat tbt 01_ w111 M1nta1n ~ MteN
on all Bt1'ttets 1Ibe:re 8Uob parlc1Da _tera ue 10oat.e4 aM mdn~1 n~4 OIl tbe date ~
enaotmmt of the ol'd1nanoe and 1d.ll not remove oX' "lo_~e 8a1d ~ ...ten unle..
Such removal or relooaUon aball be "ooqj~ndec1 _ the Con8u1Uri& _'..-er. lIIle
Qpv... here1nabove oonta1nec1 in tb18 Motion 1Iba11 not. be conatNea 80 .. \0 pJlGveDt
the ~val ()Il re1ocat1on or sauld.nS meters mUG BUch ftIDIOva1 or ftlooat1on !.S Dade
neoGefJU'1 1Q' street w1den1na or atl'Mt C)SI08UnsS nor &ball BUd covenant ~ thtt
aubstS.tut1on of or chanSe in looaUon ot pIU'k1ns _tera neoe8&al7~ 08MDt1a1 and recpd.re4
tor propeS' trat.t1o Z'egUlat1on and oontl'ol~ Mhere such removal. relocation or B\&bat!-
t;ut;1on Id.ll not _teriallJ' lessen the revenues obta1ned trom the operation of aa14
puad.ns meteN..
4..11. :DUIIA'tXOH OP COVBH.&1f.rS. '!bat aU the COVeD&D1ia ancl itpaeMDta _de in th1a
o~'''''llce ~11 be bin<U'DB u.pon the C1tJ' as 10ng as aB7 or the Bon4a la8U84 bereundu,
fmd an;.v interest thereon" are outstanding and unpaid.
4.12. COHSUIJ.rDIJ ENGlHEBR.. That the C1.ty nll reta1.n Wilbur Slld.tb an4 &aBOoSaua.
N'ev Hayen. Connecticut.. or other qua11f'1ed and recop1zed ens1neera" to superriee
the constructS-on of the otf'-ai;reet parkins fac111't1es autbonzed by thia OJ'd1l'\ft"'OeJ and
after ~e complet1on or the constrl1c't1on or Ba1d otr-atreet parking t&olUU...Itbe
cs.t~ 1d.ll reta1.n on an annual baaj.s 'the BUd W11bw- Sa1t.h and U80c1atea or o1;ber
qualltted and reoosn1zed enFneex-e.. ~ ~se senel'8117 the opeat1oa. _tn.teM'Me
and "pUr of sald Park:1.ng Syatea.
Said Coneult1ng ~ neer 1tlv\11. make an a.tV1)IA'I report of the con41:tlon of ..14
Parlc:1Ds 8ysi;em.. and the C1ty 8htl1l maU upon request, and make ava11ab1e seneral17.
tbe report of sa1d Consu1ttng EnPneer, to an:a ho1der or boldez-s at Bonds 1aeued
llureuant to thi8 o~oe. or anyone act1ng ror and 1n beha1t ~ such Bondhol4er or
Bondb.o1de:MI_
~.13. NO COHP!ZrING ~ OWNED.. LEASED oa c:omaOLU:D PACILrrIES. 'l'he Ctt7 hueb7
1rJ."evocablJ' covenants that 1't \d.U not construct ~ acQ.U1l'e ~ park1D& ftoU1_ t,.
1tb1chno tees or o'ther cb.egea are fixed.. eatabl18bed and oollected an4 which will be
campe1;S.t1.ve nth the taoJ,JJ.t1.es or the Clty"s Parld.rJg STstem as de.t1.ned here1n,. 'the
, C~ty .herebJ' further 1.rrevocably covenants that to the extent perm1t~ed b7 law. It, 111111
not pwant;" or cause or permit to be granted, any t'ranch1ae, pen1~ or license ror the
canstrt.1ct;1on, acq\d.a1.t1on or operation ot &n1 pazk1Ds :t&o111~ on &n7 c1tJ' Olmed. 01_
leased or city con1;roUed P1'OPert~ 1n ea1d 011;,. by arQ' person" tu.. aasoc1ation,
cOJl'POJ.'&1;j.on or agenq or o'ther bod;r Whatsoever wtdch ld.ll be compet1.t.1ve dth the
ftc1.11.t:1es ot the O1'ty's parldng System 1n aueb . ~ &a ~o .ma~ aft'ect
aclveMe17 tile 1'8venueB to be der:lved from the fao1ll.t1ea ot the ClV's Park1n8 SyatemJ
prov1ded~ however.. that the provisions of this sec.t1.on shall not be construed t;o ~ec1;
O)!l 1l!lpa1:a:- &IQ' vested 1'18hts under any' ex1st1ng tr&nohisea, pe1W..~s or license.
4.14. DII'.I!UL ~ES. 1'hat the rea.aonabJ.e ra.tea.. rentals, tees and other oba:rBee
ror the use ~ tbe ssrnoes and tac111t1eB of saSod Puld.ng Sy'st"em are hereby toun4 and
da'tQm1.ned to be.. and are hereby f'ixed and estab11shed as rollows:
ON-S'l'IlEllt' PABKING I'Ac.II.rnES
181 Hatera a.t tl1~ a'te ~ no1; leBS than l~ pe~ hOUJ:' each.
1'he balance or all metera presently and physically lnatalled 1d"tb1n the oo:rp~"
lim1ts or the City or Cl.ear'Water shalJ. be a1; the rate of not J.OS8 than '>> per how.- each.
Ol'1'-8l'BBE'l' PARKING FACILITIES
Hot; leas 'than ~ per hour each.
'1'he ~t,. rurthex- covenants that rates I %'ental", tees ~ other chargee wJ.l1 be
cl1ar8ad and co1lected as 10ng &s the Bonds issued hereuncler~ andtbe 1ntere8~ th.-eon
. ,Ute 0l1'tstand1ns and unpa1d, on all on-street park1ng hc1l1t1es ror wbich _'tea~ feea.,
Nntals or other obarges are now rued. estabu'ahed and collected) and on &11 the' ort-
stlNet pa:rld.na tacU1't1es to be conatru.ct.ed or ao.qu1red fl:tom 1;he proceeds or the Bonds
188Ued pursuan~ to 'th:18 ordi-11ance; and on ~ add11;1onaJ. on-e1;reG't park1ng ftcU1Ue.
tGr 1dd.ch putkS.n& meters are herea:rter installed 1D or on. the streets or the C1 ~" or
o1:r-8bee~ ~k1ns ftc1l1't1es" h~er constructed and acquired and finanoed by the
1asuance or p&r'.1 passu &dd1t1ona1. Bonds pursuant to 'th18 ord:tnanoe} and on aD7 on-
. ,atreet puk1ns tac111t;1ea ror wMoh parking met;ers shall hereafter be aoqu1Nd from
'UlJ' ,asouz.-ce a1'Il inBtalled 1n or on the streets of the C1~~ and on &1l7 ott-a1;reet.
parld.na ta,<d.Ut1ea he.-eatt.er conatruc1;ed or acquired !'rom &1lJ' source.
lte1tbe 8&14 1ni:t1al schedule of ra'tes" .nta1.a. tees or other chuse8. nor ~
. 8U.baequen~ schedule of rat.es.. rentals.. !'ees or other cl1a1'gea shall at; arv time be
reduced lDless: '~
, (1) 'l'b. C1tJ" shall ~ 'then be 1n dehul1# under 1In1 ot the covenants. agreements
'aad ~a:1ons or tb18 ord1nance, andsl1all have made all c~t payments" 1Dc1w\1,.
. &rq' ct,r1clendes tor pr1o~ paJ1Denta, requ.U'ed by iib115 ord2.nanoe. .
'. '. (2) <<.rhe Conau1.tj.ng Bns1nee~.. 8ha.11 certif)' m w:r1~ tha~ the propo~d rechlced
ache4U1.e or ra~a~ rentaJ.8~ tees or other charges w11l produce an amount. or revenue.
in' eaob ~ 'thereafter eq,1J&1 to one h1m<INd tu-ty ~ centum ~. the amount of the
~=paJ. of and. 1n~at; on BUd BondS.. 1nclud1ng ~ par! paasu. ad41t1ona1 Bon4a
. '.l1ereaftat 18sued~ 1lIb1oh td.11 ma'ture and become due~n ea.cb. :leal." tb.erdtter. plua one
, .~ >>U' oen.'twa o~ aU other paplEm'tB 1'eqU1red 11'1 each ~ therea.ft&rbJ' ~a _'
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�Iay 25, 1959 ' ;
The City Commission of the C�ty of C1eaxWater meb in s eci�,1 sessio
Ha11, MondaY, MaY 25, 1959, at 1;30 P,M. v�i.th the iollowing�members reaentt the City
'
P , _
Alex D. Finch P�ayor-Comrnlssioner �
, Cleveland Insco, Jr. Comm:tssioner
James H. Watkins Cormnissi oner
_ Herbert R. Fields Comrrd.saioner
,_
.-
Amo s G. Sm3.th Comm_i s sioner
, Al�o present were:
James R. SteWart City Manager ;;�.
, H. H. B�;skin, J'r. C3-Ey Attorney ,_..
S. Lickton City En�ineer
W. Mackey- Asst. Police Chief
The Mayor called the meeting to orcler. C�mmissioner Inseo sug ested clevia
' from the agenda to cliscuss the bridge from Clearwater Beach to Belleair Beach an:d�
also the Myrtle Avent�e improyement project. Cornmissio,zer Smith moved to vary f-rom
the agenda ta take u� the matter Commiss�oner Insco su�ges�ed,, Motion was seconaed by
Gommissioner Pields and carried unanimovsly,
Commissioner 1n.�co suggested a telegram be sent to the State Road Department in
session today at Tallahassee urgir� the construetj_�n of the bridge betwesn Clea�water
Beacli and Be1l.eair Beach. Gommissioner Insco moved that the City At�orney be authorized
ta Um3.te a telegram expressing the attitude of the Comm�ssion and get it off as soon
as possible in re�ard to i;he bridge, �nd tna.t a formal resolutlon (Resolution 5s�-55)
be dravan up at a latcr date. Notion was seconded bg Gommissioner �+latkins and carried
unan3.mously .
Commi.ss�aner �+iatkins recommended that City A�torney send a telegram to the State
. Road Department urging th�.t the Myrtle Avenue pajring con.tract i�e le�L aad the v�ork be
, started as soon as po;�s3ble and �hat the Commission be advised as to t�:e present status
; of �lze project. By consenL, �he City A�torney was so iizstruc�ed;
mhe Attorney presented a propo4>ed c�ntract V�itI� Wilbur Smith and Associa�es,
' _ Consulting Parking �n�ineers, providing a fee of �750.00 a year zor servic�s outlined '
in the con,tract. Commissioner t�Jatkins moved the eontract Urith yl�lbur Smith and
ASsociates be author3zed and the pro�e-r oi'ficials be authori�ed ta execute it �nd
that their name be insertPd �nto the bond ordinance Por the mun.3.cipal parking revenue
.� boncls. Motion �;as seconded by Commissiorer �ields and carried unanimously,
� The Attorney reported the Tampa t� Gulz Coast Railroad had agreed �o deed to the
City Lota 6,7,8,g, �lock G, Magnol:ia Park SubcLvi�ion, if �he Ci�y passes a res�lution
� providing tha�t the City accepts the deed from the railroad subject to the fu11 per-
fbrmaizce by the City of �lze exchange agreement �etween the City and the railroad
' involving Blocks 29 and �2, Ma�nolia Park Subdivision; and in ad;di�ion tlze City to
provide a performance bond of $20,000,00 to ouaraiztee performance; and providin� for
a reverter clause in the deed if the City does not compl,�,tvi�Fz the excha_jige agreement.
. ' Cormn:l.ssioner taatkins �noved Resolutian 59-5�} be passed and adopted and the proper
authorities authorizecl to sign �he Resoltttion and execute the bond, I�lotion was seconded
� by Com�nissioner FieldS and carried Luzanimously,
The Attoxney read on its first readin�; Ordinance 819 wlzi.ch Wou1d authorize �he
issuance of $630,000,00 Utility Revenue Certificates to cover impro�rementa to the
V�at�r and se;�rer systems and storm setivers, Co�,missioner Watltins mozred Ordinance 819
be passed on its z"irst readzng, Mot�an was seconded by Commissioner Eields and carried
_ unanimously. '
Commissioner T�Jatklns moved Ordinance 81� l�e considered on its second reading by
�title oi11y wi�h the unanimous consent of the Commission. Motion toas seconded by
Conuni.sszoner Insec ancl carried unanimously, ardinance 819 a�ras r�ad on i�s second
reading by title only, Conunissioner Watkins moved Grdinance al9 be passed on its
second readin� by tit1� an1y, Mation was seconded by Commissioner �ields and car�ied
_ unanimously. ,�
, Commissior�er Ulatkins tnoved Ordinance 819 1�e considered on its th�.rd and iinal
reac�.i�g with the unanimous consent of the Commission, NIotion Svas seconded by
Coimn3.usioner' Insco and c�,rried unanimously. Qrainance B19 tvas r•ead on i�s �hird
readin�. Comnu.ssior�er Waticins mo�ed Ordinance 839 be passed on lts �hird and iinal
read7ng and adoptecl and th� proper officials be authorized to execute it. NIotion
ti�ras seconded by Corruniss3one-r Fields and carried unanimovsly,
` Contmiss3.oner Iizsco r•equested the record to show that there tvere only seven
: cr�tizens present dur3.ng the reading of these bond ordinances,
The At�torizey asl�ed that the minutes show that the deed to Lo�s 6-9, inclusive,
Block 6, Magnolia Park, tvas recorded May 25th in Official R�cord Boolt 60g, Page 412,
which conveyed the prope��y fram t1�e Tampa & Gulf Coast Rai]:road to the City. The
Ci�y plans to deai�nate this property as a site for tne new police station and jail.
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� . CITY COMMISST�N ��`I!ING
MaY 25a �959 GITX COl�'Il�LGSSIOZJ P2GETZATG �
, MaY ?5� 7-�59
The At{;orney re�td Ord�.izance 820 on its i`irst 'reading �vh3.elz �vouad au�htrr3.ze the
issuaizc� oi' $3, 260, QOO.Ob Utilities Tax_ Tuiprnveinent Certif3.cates �o ' ro�Tide add.itiorzs May 22, lg ' '
Hon�raba.e Ma or an�. Members of C�.t Commi:�ss3.on 5g
p �' y
'to the gas system, to acqu3re rights of taay, to construct police stat�.on and jai1;, ' =-.�
Ci�.f o�' Clearwaber -
library �.mprovemen�s, Beae11 Memorial civic cezz-�er, recreational i'acilities, briclge ClearvTater, Plorida
construction, Ntyrtle �vena� improveme�ts and recapturing eertaiia capital impxovements
of the Ci�y frqm the year 1954 to date. Commissloner Insco moved Ordiizance $20 lae Gen�tlemens
�'` passed on its firs�; readin�, Motioil Cvas secoi�d�d by Comm3.ssioner Smi�h and carx�ied ' -
unanimously. Th� C3t� Commission �ri.11 meet in ,Special Session in the Cit Hall A di �:
�r �• Y u torium on
Cammissioner Fields moved Ordinanee 820 be considered oz • �� MondaS� afternoon, May 25, 1959 at 1;3� P.P�i. to consider bhe iollo
_ � lts se..ond rea.ding hy the proposed Revetlu� Cert�,ficate Iss=xe:, i'n� Ordinances for
,` title only tvith tile unanimou� cozzsent af the Gr�mmiss3.on, Notioiz was seconded '�y
Commissioner Insco and carried unanimously. ,Qrdinance $20 taas r�ad on its second 'Utilit ax m a�
reading by title only, Commiss3cner Inseo moved Urdinance 820 be passed Dn :i.ts . Y`� I prov�ment Certifica�es ,a3,260,000
Utility Revei�tae Gertificates 630,000
sec�nd readirig by ti�Ze only. Motion was seeonded by Commx,ssa.oner �'ields anc� carr:ied (Water and Sewer Improvements)
unanimously.
Municipal Parking Revenue Bonds 575,QOQ
Commissioi�er' Insco moved Ordinance 82Q be corsidered on its thi?^d wn;d �'�nal
readzng �vith the unanimous e�nsent of the Commission. Motion ti0a� s�canded by Sincexely yovrs,
Comrnissioner ti�Iatk3ns and ca�ried iznanimoLtsly, Ordinance 820 w�,s read an 3,ts tlzird ��% �'ames R. �teu�art
reading. Commissioner Insco rmoved Ordinance 820 be ' City Mana�er -
passeci on its third a�c� fir_al
reading and &dopted ar_d that �he proper affieials be au�horized to execu'�� it. �4otlon. -�---------------'-----------T---
--��-------------------------�__,-_,�-----
was seconded by Cuzrunis�ioner'�'ields and carried unanimously. ------__>__
TlZe Atitorney started t1�e fil, st reading ot' Ordinance 821 whickl tvou�d auth�rize i;he - RESOLUTION'
co��struction and aequisition of off-street paxking facilities and attthorize the ��• 5-5
issu�nce of �575,000.00 I�fui�lcipal Parlcing Revenue Bor_ds to f1.na�zce i;he cos-�. At � t
approa.imatelg the middle of the reading of the ordinance, the followin mo�iorz c as made ti'JIiEREAS, th., City of ClearUrater heretof.ore en�erecl into a certiain �chan e - `
� ^T g Agree
• meilt w:1th Tampa � Gulf Coast Railroad Company on July 15, 1955, and;
CorrLnissioner ?'nsco movecl a� 6:�I-5 P.M. that the meeting be adjourned t;a 8;30 P�M. WH�REAS, said Agreement has been extended f- -t - �
Notion was secnnded Uy Con�nissioz�er Tidaticins aizd carried uranimously, rom t_me to time 1�,� mu�uaY agreement
ot' the parties, a�id;
The Coriunission re-convened at 8:�?0 P.M, ta9.th the Mayor and al1 Commission�rs resen� �6'��FAS, f'or sufficient reasons the City of Clearwater has re uested said
p ' Railroad to execute 3tfl deed to the property as described in said E�cchan e A re�me
The first reading oi' Gr�i.ilance �;'21 Svas continu�d, Commissioner Watkins moved g g r_t
Ordinance �21 as amended be pa�sed on its =irst reading. Motion was secoildea by no� uri.'�hstanding the faet that a11 of the cosrenants and conclitions of' said Exchan e
' A reement are noi- full g
Co�ssioner Fields anc? carried uazan�mously. � � � perf�rmed, and;
NOGJ, THEREFORE, BE IT RESOLV�D BY TI� CITY COI�SSION 0�` THE CiTY OF CLEP..RUTATER,
Commissioner Ula�kins moved Ordinance 821 be eonsidered on its second readin� by FLORIDA, IN SESS:CON DULY AND REGi3LARLY ASSEMBL�D, AS FOLLOti�JS:
title only i�th the unanirious consent of the Gonunissior_. Motion was seconded by l. Tn.e �a1.d Citf of Glearwater cioes hereby accept and agree to al,l of the -
Cotnmissioner Fields and carried unanimously. Ordinance 821 was reac? by title oizly. condit�.ons set zorth i� the c:ertain Deed Irom Tampa �e Gulf Coast Railroad �
Cominissioner Watkins moved Oidinance 821 be passed on its ser�nd reading by title Company to the City of Cleartaater, Dated May I, 1959 as though the same
on.ly, DZorion ylas seconded by Commissioner Fields and carried ttnanimously. were expressly set forth here,in,
2. In particul.ar the said City agrees that said deed shall be null and void
Commissioner Wdticins moved Ordina�ce �21 be considered on its third �,nd final and the property sha11 reverf; to the Railroad, its successors and assi *is
�
readi unless the City pe'rf'orms all and singalar the obligations and undertak�ngs
ng Zvi�h the unanimous consent of the Commission. Motion t�vas seconded by im osed o� it uncler the �f�rE,said
Gommissioner Fields and carried iu-ianimously. Ordinance 82;� was read ln full, p '�change Agreement, as extended and
- Commissioi�er �la�l�ins moved Ordinaizce 823 be passed on its third an.d final readii and modified, on or l�e£ore Decembar 31, 1959, time be3.ng of the essence,
� 3. The City of C1earUrater expressly a.grees tl�:at the Ra�lroad ma continue to
adopted ar?d the pro�er officials be authorized to execute it. Motion was secondzd by :l
Commissior_er Fields and c&rriEd unanimously, use the said property togeth,F:r wi�Eh al1 improvements and .�rill not require
a vaca,tion of same b�r the Ra3l:road for a period of EO days after all af '
Gommissioner Insco moved that the May�r and the City Commission or an other tl�e conditior�s of the Ex.chan�e A�reem�nt imposed upon the Gity have been
�ity representative be authorized to attend e�ther the presenl;ation of �ttr�Littie Pass completed,
bill �n the House and�or the Senate at �rlashin�ton, D.r„ and �hat the D'Ia o �I-. The Railroad shall not k�e �:equ3red �o retire the exi�tir mort a e until
y r and the all of tne other conditiens im osed u on the i' � �r^�
City Commission or any official af the City autk�.orized by the City Commission be P P C tiy have been per_ormed in -
au�horized to assist ir� any tvay possible ior the sale of the bonds and tllat expenseu accorda�ce tvith sai� Exchange Agreement,
be paid, Motion was seconcled by Corrun3.ssioi�er F�elds and carried unan3.moualy, . PASSED AND ADOPTED, this 25th day uf ti1ay, 1959.
CommiSsioner Insco announced that he expeeted to be out of town �:rom ,July 9th �s� Alex D, Finch
to �uly i7th.
BYayor-Commi. s sioner
There being no further business, the meeting was a,djourned,at 11;15 p.M. Attest:
_: %s� R. G, Whitehead
City Cl�rk
, � � --------------------------------------- --------------------------------------__--=--- -
, Mayor- onun�.ss�
Attest; , RESOLU�IQN
No . 5 -55
�UJ�iEREAS, the County Commission af P�:nella;� Gotanty ras hereto=or� adoptvd a
� ` ReSolution requesting the StaLe Road Board oi Florida to establish a toll bridge and
Gi - lerk caus�way facility corsnEcting C7.earWater Bi;aeh Island and Bellzair 3each on Sand Key,
and;
�aHEREAS, th� County Commj.ssion has also employed �ompetent en�ir_eering advice and
plans for the said project, and;
WHEREAS, tl�e eonstruction of this �'acility �vi11 greatly advance the welfare of
the entire section by co�zect:ing �ivo importan� Gulf Beach areas for vehiculai traff3:c
and affordin� additior_a7. opportunity for tzse in tirne o£ storm, disaster ar disruptian
of �raffia over the C1Eartivater Memorial Causeti�ray and br�.dge;
..- NOW; THERFFORE, BE IT RESOLUED, t3Y T_�IE CITY COMMI�SIOAI -0F mT-i'E CITY OF C:a:;EA.RWATER
IN A SPECTAL SESSION D'CJI,Y ASSEMBLED, THAT 'PHE STATE ROAD BOARD P.T TALLAHASSE �' BE
�" �, R�Q,UESTED TO GIVE FAVORAL�LE CQNSID�RATIOV TO TI� PROJ�CT,
_ P1�SSED AND ADOPTED, �his 25th rlay of D�aY, 1959.
, �/�j� Alex D. Fineh
' May�or- Comnu. s si on.er
AL•test:
�s� 1�, Cz, Wtzitehead ,
Gi�y C:I,erk
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��Z� . B�.Q
AN ORDIPTANCF SUPPI,EMEN'1'ING AN QRDTNANCF' £sJTITLED:
"AN OFtDINANCE PittSVIDINa FOR THF °CONSTRiTCTION AND AC�ITiSI--
TI023 OF ADDI'TIOI3S, I�ENSIONS AND TMPRQVEMEN°i'S TO '1.'HE
1+1C�T:ER AND SEH1.�R SYSTEMS AND STOI4M SE1�1EER3 OF THE CITS.' OF
CI,EAR1�lAT.ER, r�INII�LAS GOUN'.[`Y', FLQRIDA; PROVTDING FOR THE
PA'YMENT OR Rg'UNAINt� OF CF,iiTATN QUl'STANDING QBLI(�ATIONS;
AU'!'HOPtil'ZING THE ISSUANC£ 0�' $l, 500, oao crrai,z� x�rErruE
CERTIFICA'I°ES; PROVIDINC� �OR yHETR M�ITURITY DATES;
I'FiOVIDINr FOA fi'HE EXECUTION, I3EG0'P]l'AB:CI39'Y AND RFyCISTRA-
'i'ION OF SAID CERTIFTCATES; PROVIDING FOR REPI,A�T,sl�IENT
AN.D Rt1YR4EI�]'1' 0� MUTILATID, DESTROYID, STOLETI AND �OST
CERTIFZCATES; 7?ROVIDING ROR 'I'HE COVENADITS AND REVENUES
ANB APP�,.TCATION �F 1�EV£aNUES OF SATD CII3TTFICATE�; i'RQ-
VI�ING FOR THE C�VEBiANTS ANU 4BI,IGA�`iONS OF THE GIPl'Y OF
CLFARWATEsR UNAER SAID CERTIFICA'i'ES; PROVID�Pta �OR THE
ESTAHLISIiMENd' OF THE niJTTLTTY SYSTEM R�VENUE FtiND" AND
PROVID�NQ� FOR THE OPERATION AND MAINT�..fiTANGE Ti�RFS.OF;
PROVZD�NG F'OR TIiE DISPOSITIO]V OF REV'Eid[iE5 FROM THE
Af�01�ESAID REVENUE FLINID, I,IMTTING 't`HE ADDITIONAL OBLIGA-
TYONS TrJIiiCH MAY BE TSSUED AGAZNST THE SECURITY' 'PLII�EIl
FaR SA�D CER'1'IFSCATES; PROVTDSNG F'OR REMEDIES OF CERTI-
FTCATE HOI,DERS; ZIi'�:C`L'iN(i MODIFTCATION OR A;NlENDDIENfi OF
THIS ORDINANGE; Pi30VIDIIVG I+`OR THE SEiI'3:;r?1�BILITY OF' THE
PROVTSIAN� i�REQ�; PROVIDING FOR THE TSSUANCE AND SAT,R
QF `T'HE �ERTIF'ICATFS; PROVIDING FOR TFIE VALIDATION AF
uAID GEi�'iIk'�CATES; PI30VSDIIVQ T.FiAT 7.'I�S OI4DI23ANCE IS AN
EMEtt�B�TCX MEASURE; AND PROVIDING FOR REPEAL OF ORDZNANCE
AND RESOLUl'IOI�?S II�1 COl�'ZIGT �W11fiH TQ THE �ENfi OF
TIiEIR C�NFLICT,,�
BE I2' ORDAINF�.?' BY THE CITY GONIMIS5IOIV OE' TFiE CIT'Y OF' CLEARiaiATER, FI�ORIDA:
ARTICLE T
STA'I'CTTORY AiI'1'HOa'�I2'Y, FINDINGS AN13 DE,FINCTTONS
1,01. A'UTHORTTY QF THIS ORDINANCE. This �a�dinance i� adopted pursuant to the
provisions oi' Chap�er g710, I,aws of Flor3da, Aa�s of 1g23, and amendments thereoi,
and supplements theretos being the Ch�ster oi' �he City of Clearwater, and other
applicabls provasions, of ].aw, and pursua�.t to Seetion 3,O�F (K) o� an ord:�nanc�
enti�tled: "AN OFtDIN'ANCE PROViAING �'OR TI�E CONSTRUCTiON AND ACQUZSITT�JN OF ADDTTTOVS,
EX'1'ENSIONS �1'D IP9Pii{3VENtEN'7.'S T� TFIE WATER AND SEWER SYSTr.MS ANB ,Si'ORM SEWEI�S OE ',i'YiEiE
�S'1'Y 0�' ��ARZIATER, P:tNELLAS COIIs�'I'Y, FI,OR:CDA; PROVIDING FOR T� Pt�YMENT OR REFU�TNG
OF C�RTAIN OU'1' �iANDI�tG OB7.,IGATION3; AT,J'�'i€OR:CZTNG '1`HE TSSUANCE OF' �1, 500, 000 il'PTLI°i+y
REVENUE GIIiTIT�'TCATES; PRWYDING FOli THEIR NfATURT'�y DATES,• PFtOVIDING FOR TIiE EXECi�`�ON,
NE�OTIABTL2TY AND :REGISTRA'1'ION OF' SA:CD CERTIFICATES; PROVIDTIVG FOR REPLACEMEN'P A;t1D
Pa�`j' 0�'` hi�ILA�1.'r�a I3ES°l'ROYED� STOLEN APID LOSi' CERTIFI�ATES; PROVIDINCr T+'OH THE
C��N�N7•'� AND FiEVENUES AND APPLICATILN Oi.� REiT�'Vi UES OF SAtD CERTIF��ATES'9 PROVIDIN'G
FOR THE Q�',TENAN'1'S AN� OBLIGATIANS OF Ti�P CI'I'�' QF CLERRWATER UNDF'�7,? SASD CERTI�ICATES;
PROVIDINCr FOR THE �.STABL:LS�N�l.' OF 'I'HE "iF.£ILITY SYSTEM REVENtTE P'UND" A�TD PiiOVIDINCs
�'�R � OPERATION :4N2? T+lAINTENANCE TFIEREOF; PR(�TTNG FOR THF DTSPOSITa.ON OF REVENUES
FROi+! tHE AFORESAID FZEiTENIIE FiTND; LIi�TZP1G THE A,DDI'1'ZONAL Or�,L.'iGATIONS �1HTCH s°�lAY BE
ISSUED AGAINS7.' TFIE SECURZ`lY PLEDGID FOR SAID �ERTIFiCATES,; PIiOV�DING FOR REMEDIES QF
CII�TIFICAi'E HQLDIIiS; �IME'I'ZI3Cs MOAIFICATION OR AMENllMEN�P OF �t'HIS ORAINANCE; PROVZDING
FaR TfiE SEVIIiABTLI'i+Y p�' TI3E PRQiTISTOrJS IiEREOFg PROVIDING FOR 1'IiE TSSUANCE AND S'�LE OF
'i'HE CERTTF'ZCATES; PROV�DING FOR THE VALTDA'I.':[ON OF SAID CERTIFICATES; PROVII?ING T*�AT
TI�CS ORi��NANCE IS E�1' ENIERGENCY MEASURE;; AND PFcOVIDING �OR REP�AL OF QRDINANCES :lND
RESOLUTIONS TN CONFZICT HEREW2TH T0 THE EXTENT dF THIIR C033FLICT" enactsci'by the G3.ty
Comm3ssion of the City oP C1e�,z�ater, F1.orida on th.e lbth da,y of August, 1955
{12ereina��er re£erred to as Or3g3na1 Ordinanee"), arzd 3s sup�].emental to said
Or3.ginal Orcti. n�n c e.
I,02. FINDINGS AND DErERMIhATTONS. It is hereby fovnd and: determine@ a� Pollows.
(A) That the Cit� o�' Clearwater now owns, operates and maintains a comb3ned and
consol3.dated system of` u��.Sity properties supp]:ar3:ng water and sanitary and s�ox�m
sewerage serv3.�es in and icc, sa3d City �,nd its inhabitants and oihea� use�s, (Here�nai'ter
�eferred to as "System") and tha� i�t is neaeasa� and essentia:l that said System be
inproved and extended, as hereinaf'��� prov3.ded, For the pro�ect3on of the heal�Y�,
�af'e�y ancl we�.f'are of the City and its inhabiican�s.
(B) 7.'h�,t the C3ty derives revenuePi i'rom rates, feea snd cha,rges ma,d� ancl
collee�ed fox� �he services and fac3liti.es of �h� aforesaid S�rstem and said revenu�s
�re not pledged or enewnbered 3n any mann.er and tha� no obligations of any kind are
cYa.argeable against �the revenuee of said S�stem, or any part t�ereoi' ercept ac� fa7.lows;
The City has h�setof'ore 3ssuer2 its Ut3.1it� Revenue Cest3ficates, ,�erias of 1g5�,
d.ate� August 1, 1955, raow ouL-stanci�.ng, in the principal a,mou�nt of $Z, 403, 000, maturing
in numerical order on Au�ust ]. oF each �*ear in, the yEars lg5g to �yg5, in�lus3ve,
(he2°e3n cailed "Outs�anding 1955 Certii�ica�:es), and its iTtili.ty Revenue Certif3ca�es,
Ser3e� o�' 1g56, dated August 1, 1g56, now outstanding �.n �he principal amount o�'
$1s937nz%OO, ma,tur3.ng 3n numerical crder on August l af each year in �he year� lg5g to
�99�., inclusive, (h.erein called °JOuts�andir� 1�56 �ertificaLes'P } vahich b� their �erma
are paya�le Prom and secured by a lien upon and �ledge oP the revenuea derived f.rom
the ope�at�,on of tlae afuresaid S�rstem, in the mar,r�er providecl, in the Ori,��.na,�. prdinanee
and. 3n the ordinance a,utharizing said Ou�tstand3ng 1956 Gert3ficates,
(C) That said Origina,l Ordinance, in Section 3.04 (K) ichereo�', pravides f'or tih�
isauance of pari passu additional Certificates u•rider the terms, 1�mi.tatgona and
cond3tions provided �herein.
(D) That the acTera�e annua,l Net Revenues of the aforesaid S stem (as auch term
is dePined 3n the Or3gina2 Ordina,nce) �.ux�l,ng the preceding two (2� y�ars were
��+og, 746.00.
� !
�
-`�.�
(Ej That the Cext3ficates authorized to be is�ued pursua;nt to ti�is ordinance
sha].l be z+n a pari�y and rank e�ually as to 1�.en on and source and seeux�3.ty� for
peyiu�nt f`rom the net revanuea oP the System atzd in a11 oicher reapects, vrl.th said
Ou�a�;,�nd�n� 1955 Certi�'�.cate�and �aid Outs�anding 1956 �ert�.i'ic�teB.
��') That ihe City is authox�3.zed to issv.e the Certif'ica�es authar3zed herein aa
pari passu additional cer�tificat�s wStiz3n the authoriza�iorx c�n�ained in S�ct�on 3,0�
(K) oP the Orig3.nal Ordinance.
(G) That the a.fpresa:i.d System sh�,11 be i?npruved �,nd ex�ended substantia].ly 3n
aceordance va�.;�h the pla,ns and specification� pr�pared by Briley� Wilri �na r;ssocia�es of
Daytana, Sea,ch, Fl��ida and hereto:�ore f�.led in �he oi'��.ce of �he City Audiitar and Clerlr
at an e�tima�ed cr��ic of x�ot exceeding $630,OQ�. Such coat sha,Il be deemed tu inclv.sie
iche co�t ot the construction cr acquisition o� ext�nsio�s, improvements and betterments
to said System, iiieluding the consicruet3on oi' the proposed Clearzrater Eas� projecti to
proVide sewage col].ection and cli.sposal Yaci�.iic�es i"or the large and rapidly e�.��xnd3r�
population to th� �ast, and includ�.ng the act�u3.s�.tion of ar�,y Iands cr interes� ther�in.
an�. of any P�.xtuPes or equipment or properties �leemea necessax� or convenient therefor,
intexe�t upon �he Certifica�e� is�ued �ursuan� to this ordina,n�e prfos� to, and during
r�nd far s3x months af'�er �the completion o£ such extensions, impravements and betterments,
engineering and legal expenses, expena�s For fiscal or financial �aviaors, �xpen�es
�or estimat�s of costa �,nd af revenu.�s, expens�a for �].ans, spe�if3catioaxs anci surveys,
adm3nistrative expEnses and. sueh other expenses as may be necessa�y or incid�n� ta �he
fir.ia,nc3np; authorizea by th3.s csyr13,nance, artd the eorastruetion or aequ9.sition oP the
extensions, improvements an�i �,�ttermez7ts authox�.zed by t'z3.s osdin,ancc �nd tMe pla,cing
of same in operat3on,
f�) �at the estimated revenues to be de�ived iromi the aperation of saia Sys�em
will be more th�n sufF3cient to:pay all operatxng a�d maintenance �osts of said Sysicem
and to pay tYae principal of anci inier.esti on the Gea�tiPicates herein authorized and the
pz°incipal of �nd in,teres� on the 0u,tstanding 1955 CertiPicates, on �he 0utstancling
195� Ce�tifi�ates, and aZZ sink�.ng gu:nd, reserve and other pa,ytn�nts pxrov3decl for in
this ordinance, in the orclinance au�horizing �he Ou�stancZ2ng 2g�f Certificates, and in
ths Or3ginal Ord3.nance, and tk�at it wi1Z ne;rer be necessary or author3.zed to l�vy
taxes on $ny rea], prQperty in said C��y �o pay the px�.neipal of or 3nterest on any
of the �e�ifica�es to he issued pur�uan� to this ord3raance, or to make any of-the
rese�e, siEa.k�,rag fund �r othe� pay�ner�ts prov3.ded for in this orci3nanee, ;anc3 that �hP
Certi.ficates issued pur3uan� to this ordi:nanee sha3.1 not cons+�itute a lien upon �,�y
part of said Sy�tem ar upon ar�y othex� property vri�.a,ts�ever of �he Cityo
1.03. ORDINRNCE TO COI�iSTITUTE GOIVTRAG�.+� Zn. considex�at3.or� o� the ac�egtance o�
the Ce�tif3.cates auth�-s3zed tc be iasuecl hereunder by tl2os� vrho shall h.a7.ci the �att�e
from tiane to ti�e, tY�s ordi.na,na� and th� Ox��tg3na,1 Ord3nt�,nce sha11 be deem�d �o� be and
sha7.l constitu�e a contracti Y�et�:*�en: the G:lfcy and auch certif'icate holders, and the
covenants and agre�men�s se� farth to be performed �y said Cit�r sha11 be zor t�e equai
bsne��t, protection and secur3.ty oP the le�al holci�rs og an�r and a11. of said Outstand3.n�
Z9�5 Cest�ficates, sa3.d �sat�ta�nding 1g56 CertiPica�es, and the Ge�t3ficates is'sueri
hereunder, and the coupons a$ta,ched the�e�os a,ll o� wh�ch sha1� 1ae a£ equa,l rank and
t,►3.thout preference, priori�y or dis�inetion of any oP the Cer�i�ic$�es or coupoaas over
any of.her thereoi', excep�c as expressly prov9,ded therein and herain,
1.0�+. DEFINT'i'TONS, Tlzat aTl nf the dei'3nitions and terms contained in the
Ox�3ginal Ordinance sYaa7.1 haue tYae sa,rae meas�3.n�s ascribed ther�ico in the Ori�inal
Ord3.nance and s1�aZ1 a,ppl�r fu�.Zy to �i�� o�3��ce and ta the �ertiPicates 3ssued
hereu�der.
ARTICLE I�
2.01. AU'�HORIZATION �OF CL�RTTF'ICATES. Sixb�ect and pursuant ico the provisions o�'
th3.s oxtdinance and the Or3.�3.na,l Ordina,nee, o1�Iigatiflns of the C3ty of' Clea�wa�er, Florida,
to be linoivn as "Ut313ty R�venue Certifi:c��es, S�:ries o� 1959", �e hereby authorized
to be issued in the a�gre�ate prineipal amount oP not exceeding �3.x x_ti�ndred Th3;r�y
Thousanc� Do].7.ars (�63A,000 , for the T
�o the S si;em ,as � F�ose o�` f'i.nancin,g the cos� oP the imn�ovements
Y provided in Sect3.on 1.02 (G) hereo�,
2e02; DESCRIPTION OF CER�IF'2CATES. The Gertificates $hall tae d�ted Augus� Y,.
1�59; sha11 be in the denomination of $1,000 each, sh�7.1 be numbered from 1 �Co 'a3�,
inclusive; shall bear interest a� a rat� or ��e�, not exceedir� th� legal sa�ea
to b� d��term3ned uprin �the sale �he�ea�, payable sem3-annually on Februaxy l and Au�ust 1
of e�ch Srear, and sha11 ma,t�xs�e serially ixi numerical order, lotirest numbers f3.rst, on
August i o� eacYc year, in the jrears ansi amonn�s as fo7.lows:
Year
1962
1g63
1965
1966
i�&s
�g6�
1g7o
l�2
�-973
�97�+
1975
���
a
5a000
5,000
5,.000
5,000
5,000
S,00C
5s000
5�t�o0
5:OQ0
:5,000
5,000
10,000
so,oao
10,Q00
Year
l g'jti
1$ 0
�.g81
1g82
1g83
1g8�
1g85
�.g86
1g87
1988
Ig89
�` ��
10,000
io,000
10$090
].rj, �00
15,oao
15,-000
15,000
1�a OfJO
�5s000
9�,000
100,OQ0
2�5s00C
11d, 0�(3
r
� ��
_3u
Said Gertifica�es sha11 be �±ssued in coupon form, aha11 Ue payable with r�spect
to hoth ;prinoipal and 3nterest :at the princ3.pa1 office of The CYea$e Manhattan Banlc,
New Y�r� City, New York, in lawful money of the UY�ited S�a�es oS Amer�ca, and sha,Tl
'pear �.ntereat Prom th�i� date, gayable in accordanae with and upan surrender of �the
a�pur�en�n�C intere�t coupons as they sever�l]:y mature.
�Yse CexM;ificates maturing 3n �he years �.�75 to �.g8g, inclu�3ue, shall be
rpdeemable prior ta the3r respective atated da�Ges of maturity, at �he opt�.on of �hQ City,
on au�ust i, 197�9 or on ar�y 3nterest pa�rmerit date thereafter, 3n whole or in parit,
but 3n invers� numerical o�der i� less than a1]., at par anci �ccrued interest �o the
date af redempt3on, p7.us a premi:um of one-fourth of' one �er a�nt af the par va].u�
tTiereof �or zach year., a� Praction thareofa i'rom the da,te of reclempt3on t� the sLated
da�e of matur3ty u� �he Ce2�ificates cal�.ed fbr g�yment, such premium in no event,
liowever, to exaeed three per cent of the par value of sueh Cer�if3cates, provided,
hoy�ever, that not3ce o£ �uch intended redemption �hal1. be �iven at least once notr lesa
than �hir�y (�t�) da�rs pr�J.o� to the redemption date by pu:�bl3ca.L-3oi1 3n a ginanci�l
papex� published in the Cit`y of 2uew York, New Yos�k. Interes� shall. c�ase on an� �f the
CErtif'3.cates ;du1g called i'or redempic3on, an the redemp�ion date, ii" payment thereof' 3.s
duly p�ovic�ed �or.
2.93. EXECUTION OF CIIiT2F�CATFS ANd) GOii�ONS. Said Ce.rtif icates Bhall be ex�cuted
:in �he name of the Git�r by the C3.icy Clerk asid. its City Mana�er and counters3�ned by
the riayor-�ommiss3oner and shall have impr3ntecZ, 3mgxessed or repz�aduced thereon the
eorg�arate sea3 of the City o� a i'acsimile thereof, ard s�ic� G�rici�icates shall be approved
as to form and correctx�ess by the �ity At�orriey. The facgimile s3.gnatures of sa3:d City
r�
G1erk, �ity Nla,nager, Pdsyor-Commissioner and City Attorn�y may be 3mpr3nted or i9epro-
c3uced on said Certificates, provided th�t either said City Clerk, City I�aana�er car
Mayor-Gorrunissioner shail manually apply his signature on said Certificatea, In case any
one or more of the o£�3cers who sha11 have signed ox� sealed any oi' the 8ertificates
slta�].1 cease to }ae such o�'ficer oi� �he City be�ore iche Ce�ti.f`icates so s�.gned �r�d �ea3eci
shall have been actua3.ly sc�ld and deliverec3, such C�rti�iea�es may nevertheleas be sold
and delive�ed �s he�e�n prov3:ded and may be �ssued as 3f the persor. vrho signsd or sealedi
such.Cea°t3fica.i:es had no� ceased to ha1rl suci� o��ice. Any Cert3ficate �ay be signed
and sealed on behalf o�' the City by such pesson as at the actual '�ime of the execut3on
:oi' sueh Cert3ficate sha,1 ho3:d the proger oi'�'ice in the City� a�.�hot�h a� the c3ate og
�uch CQrtif3cates such �erson r�y not Yia�re heid such o�i'ice or may not have �een so
author3zed,
Z'he coupons to 'be at�ached to the Ce�ti£scates sha7.l be au�hent3cated vs�.th the
f�cs3mile signatures oP the pressnt or Ein.y i'u`L-ure Mayor-Comr"uissioner, City 1'�.�na�er rznd
C3t�r Gl�rit of said City, and �he Ci�y may adopt and use foz� tizat �urpose the facsim3.�e
signature of ax�r person aaho sh�11 hav� been suc;h l�:yor-Com�n3.ssion.e-r or �3ty N1�ina�er or
�3ty C1erk at �,ny tiime c��i or a��er the da�ce o�' bh� Cex�i�'� c�ices? �.o�Vrithstanri�.ng �laat
he may have ceased �o bs suah ofi'icia7. at th� t�me when s�,id Cer�3f�eates si2z3:1 be
sold and ael3.vered;
2�04, FUR�1 OR CII�TFT�ATE�S Al�l? COITPD3�S. The �ext of the Certjf3cate� and coupons
�nd urovisions for �egistration �ha11 be 4f substantially tl2e fo12ow1� �enor, zu3�h such
o�a3.ssion3, insert3ons anc3 vas^3.a,tions as ma3r be necessax�y ancl desirable and authnrized
or pern�.tted by this ord:Lr�nce or a�y subsequent ard3.ria,nce adop�ed prior to �he
i�su�nce ichereoP. Sa,id Certificates sha,7.� be registerable, repTaceable and ne�o�iable
in the manrier anci to �he e�ctent provided in the (?riginal Ord3.r�ar�ce,.
No,. UIdITID S'�Ai'ES QF` AN�3%TCA $7., OQO
�TAi'E OF b'LORTDA
c:OUNfiY QF P�NELLAS
C� 0�` CLEARWATER
U'PSLI'.�i* REfTENU� C�RTIFZCA�.'E, SEEiIES 0%' 1959
KNOW ALL MEN �Y fiI��E PRESENTS thsc� the �ity of Clearwater, 3n P�.nellas County,
E7.oriria, i'or va3.ue rece�ved, hereby promi�es to pay �o the bearer, or if �his
Certifica,te be registered, ta the registere�: halder �:s 'herein grovld�d, on the i"3�s'�
�Y a�'����, lg , from �he revenues Faereinaf�er mentioned, the pr3,ncipal sum og
OJV� THOJSAf�T3? I30I,LARS
w3:�th 3.n�erest thereon a� the rate o� per centum pe� aruawn, payab3� sem9.-�
annually on �he €ixst day oF Feb�crax�y anc3 the P�rs� day of August �z^ each year, upon
the presenta,tiion and �u�ender oP the annexed coupona as th�� sevei�,lly fa31 due. Botiz
pr3:nc�.pai ancl ini:erest can th-� s Certificate are payable a't the principal oi'i'3.c� o.f The
Chase Manha�tan Bank, Ne�� York Cizy, New Yark, :Ln 1avaPul money of the TSnited States of
Amez�3.ca .
2'h�s Gert3Picate 3s one o�' a,n autho�3:zed issue of Ce.ricifica�ea in the agg���ate
P�'���-P�1 �.mount of n�t ex�eeding �630,000, o�' Zike da�e, 'cenor and ePfect, except as
�o ntzmber and dat� oi ma�ur3.�y, issu�d ico fi�sanae the east oP �aze acqu3s3t3.on and
cor�struc'cion of various im.provements and ex�Eensions to iche comb:lned sys�em oF ut3:l�.ty
prapex�ies suppl3rin.� wa�er and sew�r �erv3.ces i'or the �i�y oi Clearwate�, under t12e
authority oP and in fu11 complianee with �he Gons�i�ution and s�t�,tut�s nf th� Sta,�e of
Flor3.da, including �hs Chax�er of sa3d Gi�y anc2 other appliea"ble sta�utes, anri
ordin.,aneea duly enact�d b�r the Ci�y Comm3.ssion of said City and is subject to a11 the
tex�ms and condi�tions o£ s�•lci ot^id�.nances.
The �er�iPicatea of the issue oP soiiich �h�.a Cer�2f3cate 3.s on� maturing in �he
y�ars �g6z to 1g74, both ineluaive, are not s�ec3eerr;a,ble pr9.o� to their respe�ic5.ve statecl
dates Qf matu�ity.. The Gerti�icates oP saici i�sue maturing in the �teaxs 1975'to 1989,
both ,inc3usive, are redeean�able pr�a� to �Yxeir respective �tated «3,ates oP matur.ity, a�
tYze o�tion of 'che C�.ty, �n August l, 1y7�, csr on any interes� payan9nt da,�te thereaf'ter,
in ti�zhole vr 3n part bu� in inverse numex�3.caT m�der if less tchan a11s at the price of
��r ancl aecrued in�erest to the date: �f redempt3on, plus a prem'l.um of one-�our'�h �f
ane percen� aP �he par va3.ue thereoP �'o� each ��ar, or fra.c�2on �i�hereoE, £rom the d2�t�
oE red.emption �o the atated c�a.te of matur�..ty af �he Certif�cates ca],led �or payment,
sucYz premiwn in no event, haweve�r, to �xcee�: �hree per cen� of the par value of s�ch
s
� i
Ce�tif'3.catea,• pravid�d, how�ver, that a notic� of such r�clempti.an sha;11 ha,v� been
put�l3.�shed �t leaet once at 1.east tlzix°ty days p�3.ox to �the �te �f' redempti.on �n :g
�ina,nc3al pape� publ3shed in. �he Gity of' IJeVr Yol�k, 1�YeW York. in�erest shall cease an
any o� the Certifica�te$ du7.y ca3led fb� redemption, on the redei�p�3on �te, if' pa�ent
thereo£ h�zs been du�.y p�^ovideci f'or.
This �ert3.f'3.ca.�e and the cc►upons appea�aining herp�o are payable solely irom anci
aeaured �,y a lien upon ax�� pZed,�e a�' �he net revenues d.erived i'rom the opez�ation of
�he ut�.1�.�y properties of �he C1�y suPplying 'w��er and sevaer �ersricea in ti2e m�nner
�rov3ded i:z the ord�.nance authorizing the iseue of' Cex��ifica,�Cea 4� yvh3,ch �his
Certi£icate �.s one. 7'h:t.s Gertificate does not cons�itu�e an indebt�dness o� �a.id
Gity w3.'�hin the me�n3.ng o� any canstitutior�az7:, e�atcztory or cYiar�e'�� provision or
lianita�r�.on, and 3.t ia e,x�,ressly agreed. by �kse hmlders oP �h:is Cer�i�9.cate 'and the
coupons app�rtaining �hereto thai sueh holders SYiaJ.l never have the �,�ht to requ�,��
ar cmrnpel tYse exerc�.se of f;he ad valor�m t�ar9.,-� govrer ofl said. Ci�y, or 'che �axation
oF xeal estate �.n saia City, �or the paym,en� oi' �h� pz�incigal of and 3n��sres'� on ti2is
Cert3.f'3.ca�e, or the makin� a�' any s�xzkin� fund, r��erve or oth.e� payraen�s prov2c�.ed �`or
in the oxdinanee author3zing �h3s issue o� Gex�3i'�.catea,
2t is further agreed between the C�.ty o� Clearwai:ex and the holde� o� this
Cer�3.ficate th�.t �hia CertiP3ca�e ar�d the o"b7.3ga�inn e�r�.denced hereby sha}l not
cona�3tute a 11.en upon the C2�y�s util3ty px�ope�ies, or anY Pax�� thereof, or on �ny
oth�r property o� or in the C3ty oP Clearwater., but shali cons�i�v,ge a lien only ora
the net revenue� clex�.ired from the operia�S.on o� sa2d utility p�ope��e$ supply�x� Vrater
and sec�er se�vices in th.e manner prov3ded in s�,:id ordinance.
°L'he C�r�i�ica�ea o£ tl�e i�sue of wir�.ch 'ch�s Cer�if3ca,te �.s one are on a pax3ty and.
rank �qually as i;a lien on and ss�urce and secur3ty Por payment from the net,rsv�nues
oi' �h� a�'oresaid util3.ty prop�rt�:es oi` the C3.t , and in al2 other respecta, rrith out-
s�ana3n� eerti3'�tca�es c��' an origina'� issue o� �1950c3,U40 Uti13�y Revenue Cericifica�es,
Ses�3.es oP 1�55, c3.a�ed t�uglast 1, Zg�5, and bvi�h ouL-sicand;.n� cer�3;�icates of an a��.�inal
ls�ue o� $2,OOO,d00 iTtil�.ty Revenue Cprtii'ica-��s, Se�3.ea oP 1q56, <ia�ed August 7., 1956,
ar�d a,xx;� oth,Qr pax��: passu certi�3ca.tes h�rea.fteri issued by th� .City pa�able from �the
ne� r�rrenu�4 af s�aid util3�ty properties under th� �erms, �.3.�3,�ations and eondit3ons
contained �.n the �rcl�nances t�i�.ch author,3zed tYce 3ssuance o� sa,id �],,500,40fl Cit3l�iy
Revenue �ert�.�'lcat�s, Series a�' ].955, and sa3.�. �2,On0,000 'Util3.ty :�.e4enue Certi�'3cates,
Se�.es of �955.
'.�he City in saic� ordir�nce has coven�,n.�ec1 and a�reed vrlih the hold.ers of �h�
Gertix3.ca�es of th:Is � ssue to �3x and esta3�lish and rna3nta3n. sur.h; raies and coZlec`c
such fe�s, �entals o� other charges For �he services and;faei].�.ties ai'farded �� �he
City's util3�j propex�ties supplyin� trrater and sewe� servlces and �o rev3se the same
�ram time to t3.m� y�h�never necsssa,r,y, as s�,r113 always prov�l,de revenues suff3.el.�n� �o gay,
and ou� of said reverues �haZ1 pay, as �he same become duss �che prineipal �f and
�a�teres� on �the Certif'�.cates oP thi,s iss�ae, a;�.7. reserve ar s3.nk3ng i'ur�mds or other
paymen�s prav:ided �or in sa.id oa�3.n?�nce, the n�cessazy expenses of' operat3ng a�ad
ma3.nta3:n�n� sa�.d uti7.i�y prope�t�.es„ and aZ3. o�her obliga��.ont� pay�,b? e out o� the
revenues of 5a,3,d: ut3.I9.f,y pr6pel+t.leS� and that auch -rates, �ees, ren�als or o�her
cha�e� sha3.1 not be red�tced so as t�� 'be insuffscien� to provide revenues for such
pur}aosEs, and att3.d Gity haa entered inta cer�].n �urther covenants va3.th �he Yo? ders of
the Ceri:i�icates of L'h3.s 3:ssue i'or the �erres oz" V�hich re�erence is made to �a�cl
ord3ra.nce,
I'� is hereby cez+'cif3.eci and. ?�eci�ed that all acts, condit�oras and �hings 2�qu3:�ed.
to e�ts�, ta happen and �a be performed preceden'� '�a and in the issuance of th3.s
Certifieate, exi ��, �,ve happened and have been per�'or�ed ;�n regular and due #'or.�a �nd
t�me as reqtit•Lred bg �he I.�:srs and. Constitut�on o� L-Ixe Stat� o� Flcrida applicable
�3aere�o, ancl tha� tl�e 3.ssuance oP thi� Cea�ifica,�e, and of the 3ssue oF Certificates
of w�:iah th:Ls Certif3cat� �.s one, is in ful�. cc,m�liance w3.�h al,l eonst3.tutional,:
s�atutoxy or charter I3.a��cations or p�.otgs�.azas,
This Cert3�icat�, ancl �he coupons a�aper�a�nin� Yrereto, is, a�d has all �h�
�,ualit3.es and incidenGs oi', a negot3abl� 3nst;rume:�� under �he Zaar ruerchan� and �h.e
Negoic�.able Instrumen��s La�rr of the Sta�e o� FlprJ.da, an� the orig�.na;3 holder an�. �aci�
successive halcier of �his �ertif3cate, or n£ t�e coupons apper�ain3.ng here�a� sYia1�.
b� cone7.usively deemed by his a��e�atance heraoP �o have agreed tha� th3s Ger83£3ca�e
�nd the coupons appertain3:r� laereto shall be and have a11 the qualities and incidents
o�' nego�iable instrwnents under tche laws mereh.ant. and the Negot3able: In�trz.ainsnts Taxs�
Qf �he S�ate oi' Flor3d�. The or�.g;ina,1 halder and each suceessive �aolcler oP this
C�x*tlf�r,a.te, and o�' �he caugons apper�aining he�e�o shall be concl�s3vely rlesmer? to
k�ave agr�ed. and consented to the i`o3lati,r3.x� �es�ms and condi�3on�:
(a) Ti�1e to �h:Ls Cer�ii'3cate, u..n3.es� x*eg:Ls�ered as he�e3n pro�ided., anci �o t���
annexed �t�teres� co�nns, may be transierred by de7.iveay in ��e manner prou3.d�d £or
n�go�;iab7.� ins�ruments payable to bear�r in �he law merchant and �,n v]ae Nego�3able
Ins��umments Law of' �h,e State o.�' ,Flos�da,
(b) Any p.ersan 3n posses�ion o�P �h3.s Cer�jf3.c��e, unless re�istered as here3n
protrided, or of the interest coupon� her�unto appe�ta�ning, �egardiess of'the manner
ln v�h3.eh h� shail ha,ve acqu3.�ed possessicn, i� here'by authori�e3 to represent him�elF
as the a'bsalute ai+mer hereof, and 3s here}�y �xanted power �a transge� absolu�e title
here�o by delivery hssaeo.� to a bona fide purehaser that is, to � one who shrz7.1.
purchase �he saine for va1u� (pre�ent or anteced�x�t� t,r�thout not�ce of pr3or defenses
or equit;ies or exa3ms of ownersh3p en�orceabl� aga�nst hi.s transferror; ev�eer�* pric�
tak�r or owner vf �h-ls Ces�tificate, unless.re$ig�ered ae herein p�avicl�d, and of �h�
r�nnexe� interest cou,�,ons, wa3ves and renounces ali of his equ�.ties and r3ght� h�r�s.ti
in favox� og every sucl� bona �'ide purchase� and, every s�amh 3�ona �icte purchaser �h�:7.�
acqu3re �Y�solute t�tle h�reto ar.d to al1 r3:ghts ��prea�nted hereb�,r; and
(c} �.'he e3ty oi' C].�arUrater, Flar3da,, rsay �reat the beaxer o� th3.s �ertiP3.ca�e,
unless ,; egistered as herein providsd, or �� �he 3.n�ex�es� coapona iieseuntco appertainis�r,r.
ar� th� abao2ute awn�r her�ersf. £or a]:7: pur�oses �,r��hout be3ng a,ffected by ar�y no�:ice
to �he contrary.
TYi3.s Csrtif':Lca�e may be regi$tered as ta pr3.neipal ori7,.y, or a,s �o bo�13 pairtC3.pa7.
and 3.n��rest, 3:n aceordance witYz �he prov:ta$ans �adorsed hex eon.
..
�
� �-�-
�rr ���ss �+�oF, ��.a c�.t� of Cleaxytva�er, Florida, ilaa issu�a �r�.s a��t�.��.��,��
F�nd Yias caused the same �o be executed by the. �nanua3. ar facss�.m:Lls s�.�nattxrea of its
C3Ly Clsrk and ��ty Mana�er and coun�ex°sa.gned 'by �he manual or �'acs3mi:le s3�rnattt�rre
af 3ts Mayor-Comm3ss3aner,, ancl a�pxroved as to form and correc�ne�s by the City Attorney
by h�.s manua�. or facs3m31� c�3.�natuse anc� �.t� cox�ara�e seal or a fa�simile tlaereo�, to.
7�e ai'�3xed hereto9 or impr3n�ecl.h�reon and has cat�sed �he 9.n�cex�est caupo�is lze�c�a
at�ached to b� exectitted Nrl�� �he i'acs3.in1:1e si�nature of sa•id �3,ty C1erk, Clty Mana�er
a.nd Mayor-Commissioner, �11 a8 of i;he ��lrst day of Augustp �.959.
CITY OF C?�EARWA'1tER, FLORIDA
BY
s -�r �tana��r
A��est:
ex�
�pproved as to f'orm ai�d cor��c�ness:
L � orneq
�
yar ��mri ss nner
No � �'QRM OF COU7'ON
t�n �he f irsic day af" , lg , the Ciisy o�' Glear�r��ters F'lorida; wI.1�.1. pay to �he
b�ar�r, at tiae princ�pal oi':F'ice a�' 2'tze Chase Ma,nha�tan Bank, 1Ve�.� Y�rk Gity, New Yor1t,
3n lac�flx7. money of the 13hi�e�1 States of .America, i'ram the reven�ze� descr•lbed in the
Gertif'icate to t+rh�.ch this :coupon is at�ach�d, �he sum of dfl�,�.�,� s�� )
upan px�esentai3on anci surrender of �h3.s coupan, be3n;� six �uon�hs �.nterest then du� �n '
its t7ti33�y Revenue Ger'ci:i"icate, Series o�' 1��9, cetaa�Ged August 1, 2959.
CITY OI+' �'JLEARt+7AfiI�+Ri I+T!'.ORIDA
BY
A.t�es�- C y �tanager
C y C erk gt�
� yar- omm3.ssioner
Approved as to. i'csrm ancl carr�ctnes�:
C y t orney
(To appear anty on �oupons on caZ:lable C�rtifica,�es "unZess �he Ge�tificate to �tihieh
ti2is caupon is attaehed shall have been duZy called for pr:to� �edem���on and pa�rmen�
thereas duly provided fo�.")
FORM OF' �l'AL�I1A'�'20PI CER'i'�FICATE
This Ce�ti�ica�e 3s one of a sex�ies o� Gerti�'icatea which were va11d:�,ted and
con�i:..i:�med by decree oi' the Circuit Court af the Sixth Jud�cial CZrcu3t af' F'].oxT1 d�,
in and fo� Pinel3as Coun�Ey, rendered on tkt� d�� of , i959.
�sm� oF cz�'�i�a��, �o��A
A�te��: �'
i y na,�er
C y �e� B�
yor- o ss oner
Approvecl as to �arm and, carrectness:
Ca y A orney
PROVISiON �'�� REG�STI�,�'I4N
2'h3.a Ge���3cate may be a�e�;istex�ed 1n uh� name of the holder on the books to be
kept by the C3.t-�r �reas'uxrer as Regis�rar, or such otheis Y�e�i:sLrar �,s rnay Yaerea�te� be
du�� appo3nted, a,s �Go pr3nc3.pa1 only, such registra,�ian b�:trag notced hereQn b,y such
Re�istrGr in the registration blank below, �1��e� wiz9.ch no t�ansr^er shall be valiri
un].ess rnade on sa3d books by the re�3s�e�ect 12o2dea� or a��orney d.u]:y author3zed �,nd
��.milar?� noted in �k�e re�istra.t3on blank be�.iitas but :1� may be ciischarged friom
regis�rat3an b� 'be3n� 'cra�s:sPea�ed ta beare�,� ��'�er whi.ch 3.� shal;+ be trans£erable
by delivex�*, bu� it tnay be a�a3n .�egisicer�fl as be�ore. Th� regis�rt�tion o�' �h3.s
Ce�ii'3cat,e: a,s to princ3.pa1 sha21 not res�rain 'che negot�.abiZr.�;y o:� �he coupons by
dalivery m�r.elys b�c tYxe coupons ma,y be surrend�red and th� in�erest made payable only
4�.0 �he reg3.s�ared ho3.der, 3n. �vhich even� the Reg3s�rar sha11 note in the reg2strat�.on
blank beiow that this Cert3.�ica,te is registere� as to ln�c res'c aa tvell as pr3ncipal,
a.nd. �hereafter the in,�eree�t �Tl b� rem�.��ea by mail in New '�'ork excYiange �o the
regis�ex�Qd hol�ex�. tdith the consen� o� ihe ho��er a,na o,� th� Ciicy o� C1e�,snrrater, �hi�
Cer�f3.aate, whan: co�-����a �.nto a cez��.�scate �c-�iatoered aa to bath prin�ipal and
interesic, may be reconvert�d .into a epupon �e��.�icate and aga�.n conuerted into a
�er�i�icaie regi�tered as-�o both pr3ncipal �nct 3.ntereat a� here3.nabove �rovided..
�'pon reconvers�on oi' this Cert2k-lca�e, wlzen re�istered as �� pr�..nc�pa3 an@ in�eresb
3.�to a eoapcn �er��.f3c�te, coupans r��resen�3ng �he intereat to accrue upon the
Certificate 'to tla�e QP maturi�y sha;ll be a�taGhed hereto by the Regisl:rar a,nd �he
Fi�g3.s�'rar sha]1 x�ate in the r�gis�rat3.�n b2ank belovt vrhe�he� the Cex�2f3cat� is
rsg3.s��red a� �o p�>�ncipal only or payable �o bearer.
I3A'I'� Ol+ IAI WHOSE NAME 1��N�V'ER OF S�GNATURE 4F'
Rr�C. 'sISTR:ATTON REE(iIS`.tERED R�G75'i'ZtA'L'TOI�i RECrIS�i°RAR
. ` .
�6_
A.�?TICLE I�I
SECURITY 0�' CERT�F'ICA'�ES
3.01. CIIi.TIFICATES ON PA'ftT'3.'x ��fl'I'H UTILiTY IZr.-'FTFsl'IFE CERTII+ZCALES SII4IE� 0�+' �.955a Ar]�
UTILI�' REV�.NUE C�EifiIrzCATE�, SII�.TES OF 195�. The Gex°�i�'l��i;es'isg'ued pursuaz�� �o
th�.a o�d:Lna,nce sha�.l �c: on, a, parit� and ��,nk �gually, 2s to ��.en on ancl sour�e and
sec�sritf Soi� payment Prom the Ne� Revenues o� the Sys�em and in a11 nthez� reapee�s, with;
�he auta�anrlir� IItility Revenuee Cert�.P�.cates, 5e�.�ies oP 1955� d.a�sa At�us� �., Z955�
�! �sued pursuu��„nt to the Ox�1.�;�.na1 t7rd3nance, the ou�s�anding Utili�y Revenu� Cerci�3caices,.
Sez�-les of ].g56, da�ed. Av.�us� 1, 195�, issued ptu�auant to an ord3.naaice sugplement�.� �o
r�aid �r�ig�.naZ Ordinance, and ar�,y pari nassu ac�dit�.onal obli�ations hereafter 3�sued
pur�u�,n'c to anc� rrr�.'�h�:n the terms, limitati.ons and cond3.tions contiained in Section 3.04
(Ii) of t12e Original Orc�.in�ance.
3.02. CLRTIFICA'.C'ES SECt3RED BY ORSCzSNAL OSi3)INANCE, The Cer�if3cate� au�hos� zerl
by �h;i.s ordinance sh,a1�. b� deera�ci �o F�ve been issued pux�suan� to �he Qr.Tginai
Orc'i3.nance {to vThi,ch �his os�cli.nanee 3s supplemental) as Pu3.�.y and to the �samE sxtent
aa the U�ility Revenu� Cez•�t3t'icates, Series of 1955a �.�ea au�u�t �,, a.g55, orig3nall.y
lssu�d pursuant to salci Oriz�inal Ordinance, and, a.1,1 of {;he covenan�s and agreemen�s
cor�a3ned in tY�� pr3g3,na1 Qrc9lna,nee sha,11 be deemed to l�ave been ma;d� ior th� benePit
oP the ho'!d�ra oF t�Ze Cert3i'.�,ca�es 3.ssued �suant to this axd3.nanee,, the hoaders o�
�aid Outstand3.ng 1y56 �ert3.f�ca�es, and any pari passu �,dd9.i:3.anaZ a'�ligat�.ons hereaf'ter
:Lttsued t�rithin the term�, 1�.mi;+-,a;tians and conditions contained �.n Sect3on 3,�� (Kj o�
thc Original Ordlnancs, a� fuJ.ly and to the saztt� exl;ent as for the holders a� said
auts�ancl:t.ng Utill��r R�venuc �ert3Ficates� Sea�.es o�' 1955, cia�ec� Augus� I, �955.
A1�. oi' �he covenan�s, agreements and prov-ls3.ons of said OrigZnal Ordina,nce(excep�
as �o details incon�istent u�,tb, t129.s ordiu�nce) sha11 be deem$d ta be pa;�'c aF this
a
ordl.n�nc� to th� same extent a.s 3f 3nco�pQratea verbat3m in thia ord3.nance, and sYaall
b� i'ulZy enforceaUle in the manrxer provide� 3.n said Orig3.na1 pr3ina,ncE by an;� oP the
i2�lders of the Certi£9,cates issued pursu,ant to �h�s orc'�.nanee.
�`'ne ftever,.ae Fun.c�4., Sir�d;ng Func1, �iesez ve Account in said S�n1�i.ng FuncZ a�id Renewal
and Replacemen� Fund, ere�ted and esta�i�i�hed, pursua.n� �o the pr3.g�.nzt3. prd.3.nance
shaii be eontin.ued �nd m�i:z�a�ned as ga�v3.d,ed in the Orig;in�1 O�rs�nce anci in �he
SL�gp�,em�nta,l Ui�d3.nrznce authos�izing tb.e �a� d 0 ts�andir�g 1g56 Cert3fi�ates �s lang as
an,y of the �Certi�icates issued purswan� �Eo th�`s aa�dinane�, or tlze interest therean, a�e
outsttzncli.ng and unpaid, and the gaymants 3ntv sa3d Sinking Pund; a�n.d Resexx°-Je Accounic
tk�ere�.n sYta21 be inereas�d by ti2e amounts neces�ary and required i'or the Certi�'ieates
issued p�ax�suant to �his ord3.n�,nce, and no pref erence, piiority or dist3.nc�ion of amJ
ita.nd aha7.l exis� or be enerc:tsed in pay�nents �'�om sa,id Sin�rl.ng Fund �r �he Resex�e
Aacovnt icherein bet��r�en said Outstan�iing 7.g,55 Cer�3Picat�s, �a,�.d d�atstanding 1g56
Cex��.fscates, and t�!e Cer'cificates iss�aed pursuant to th,3.s ord3.naizce, and an}r Pari passu
aci.d:i.tional obl3.gations Yzerea£ter issued pursvan� �o th,e terms, �.�,m3�a�ions and co;l..
d? t�on� conta3:ned 3:n: �aid Or3gina,l Cy�d3,n�ee,
������ �
APPLICA'PION OF CER�J.'IFTLA2'E PRQCEEDS
�.Ol. APPLICAi'ION OF CER'iIFI�AfiE PRaCEE73S,, A11 maneys received i'rom the sal� of
any ar a.�l qi' the Cer�ii'icate� au�hor3:z�d and -? ssued �ursuant to tYi3.s ord3nanee �iza'! l
be disbursed and appl:Lec1 as fallows:
(a) A11 acerued in�ere�t received upon the de3ivery o.F the �e�if'�.c�tes sha11
'�e deposite� in th� 83nit2ng Fu�d es�ablisYied pu.rvuant �a �he Ox�iginal Ordinaneea
('b) �he 'l�alance oP �he pro�eeds o� ssJ.e o� the Certificates shal]. be deposi�ed:
by the ��.�y 3.n �he Cons4:ruction Trtzst Fvnd es�a�il3shed pursua,n� to the Usigin.a�
Ordin�;nce and, sha11 b� disbursec3 and :appl3ed to�aas�d thse payment of the costs fli
exten�.ing, �,z�ov�n.�. ana aaa.�x� to the Sys�eui, as authorizer� i�y� �ti�.�.s ord�.nance, upor.
th.e �erms and concl3.tions agplic��le �a the vrithclrawai of monPys i'ra� the Cons�ruc��,o±�
�°r�xst Fund as prov3.ded flor in the Original Ordi;iance and the Canstruction Trust Fun�.
Agreement ente�ed into pvrsua,nt thereto.
i�^izr,�,F v
P�LCSCELLAiVEfliFS PR�VISI�NS
5.Q1. N�DS.FZCA'.t'ION �R .AN�iDi��EN1, No ma�erial moc',ficat:Lon or a.mendment of' �h3s
ox�ixLance or o�' any o_�cU:nance or resolutian �mend.�.tosy ��.r��eof oz.� sapp7.emental �he�e�o,:
rr�y be made urithou� the eonsen� �.n t�vrS,t3ng of �he holdera of" �w�-t�rds �r more in
prina�pal amow�:t o� t�1e Gert� fica�es L-hen outstancU.n�, prov3,aec., ha�ev�r, �ha� no
moc�:i.�':�c�t:ton shall p��ma,� r� change 3n �he sn��uri�y of �u�h Ger�if3.ca�es o� a reduct3on
in the �ate of intere�:� �l�erean, or �.n �he amount o� �ne prin�iva"► obligation or
a#'#'eci-3sag the uncondit�.onal promise �f th� Citgr to fix, m�,�.izta3.n ancT collec� fees,
ren�a�.s and. o�her cYiar�es f�r the tva.ter servie� a`nd sej�er serva.ce o� •the Sy:,tem
sus'P3.c3ent to pa�* �he grinc�p�,Z oi' az1�. iri:erest on the �er�ifica�es, a� �he Hame sYia11
becom� due, from the Revenues oi' the System;, or red,uce sucYs percentage o�' holders of
suclz Cer�3f3ca�es required above for �a.eh �odificat3.ons or amencl�n�s, withau� �che
�an.ser_� pf �he hoZder� of' suci�. CEx°�-l.fiaates.
5.��. :EiT�NABILTTY' 0�' INVALIA PROV.CSION. I� �ny �ne, or �n�r� oF tYze covenan�s,
agx�eemen.ts or prov3.s3ans of this or�3.nance �A�hou�d �e he� d cczni;ra�y �� ar�r ex,�ress
px°avis�an of law or con.trary �o the po].�.cy of` Express law, though not �pressly
prahibi�ed, or against publ3.c pol3cy, or �halZ gr,r nny �ea�on �rliatsoever be h�1d.
3.x�.va.l3c�y therl such covenants, agreements,, or provls�.ons sha].7. be null and �roid and
slza�.2 be deemed s��a�a�e �rom the a�ein�,�si,� cavenants, agreement� or provisions, and
3.n no �ay affec'� the va�.3cl�.ty af` all the a�.her p�avisions o� t1�3.s ord3nance or oa'
tPae Ce�ti�'ica��� or �ou�ons i.ssu�d thEr�urr.der.
',
� ��
�'
_7�
5.43. T�SIJANCE A.ND :SA�E OF' GE�TI�CAT�S, The �6�0,000 Cert3.�'ica�es init3.rr�,1,�
t�ut�ZQr�zecl �o l�e 3.ssued pursua�n� �o t1L-Ls otc�3.i�ce aha],3 be �ssuea ana ao�.a �.n suc�
maniz� anc2 a.� �uch �r�.Lee ur �r�ces Gons3sten� rr.l.th �h� prov�ls3.ons of' th3s ord:Lnarlc�,
as L-he Ci�y Cnmm�ss:%on shal]. here$i''�er .cTet��m3.n�.
�..��,. T�'AI,ZTiATZQ,'1� �9t}�H'�r"LT��1?. That pursttasit to Ghap�er 7'S, FZar:ida Statute�,
th� City A�toxney o� �he C:Lty of Cleari�a.�e�, l�e and he is hEL�eby authori zed. �nd c�.ree�erl
to p�ep�xye a�ad 3nst5.tu�e ps�oce�d�ir�s in the C3�aia�.t Coux� o�' �h� S�.�h Judlcia,l. Cis°cui�
3.rt and for Pinel.7.as �aun�y,, �'7.orida, �o va7.3da�e a�nci conf3x�n �h� 3.e��u�r�ce oP the
rela.L'i� �h�reto; �`� ' ce a�2d aZ3. proceec't�.�g�3 and �zctions talc�n
Cer�i£3cates suthaz•izecl b tiais ox�d9:nars
Upan the �rali�,t�on a� �h� Ge�ifieate� pr.arauant to such px°�ceed3ngs, �kxere
s�1'ial� be prin�ed upan each such Gez�t�.i�.cate prioa� to. �he cte:l�,v�ery tYae�eo�, and avex°
�h� fa�=sim3le s�Cgr,at�s a£ �he P�,yor-Gom�.ssione�r, Cit� �Taxl���� a�a.d Ci.'�g Clerk, a:
ZTai3da�iora Gea�tii�.ca�c ��. the £orm hereinab�v� set for�h.
5.0�.. E�'FEC�i9'E DATE. T� 3s he�eby #o�d, cleclared and de�eiar�.ned that the ��u�d�
�o pay 3;he cos� of �ie co3�sirue�ion of th� add�t�.ons, extens3.ons and �mpf�ovemenf:s ��.
�he Sys�em a�x�hari��d. ;:he�n are �ecessary anc� uu�en�G1y needed �'o.� the pr��e��Gian
o� iche hea].�h, sa.fety and z,relfare of the 3x�hab��ants of �he G�.i:y of �leax�,�Ger; tYz2,t
an emex�ency is Izereb� dec�.ared and tha� this ordin�ric� sFza,Il be in �tz].1 force �nd
e��'ec� �.tmned3�tely ulao�a 3.ts. passage as pa�ovide� by 1arr.
PASSID ON �'TRS'i READTNG ida� 25, 1959
PASSr"� OI3 .SEGJNU R:GADZNG P+1a..y 25s ���9
PASSED OPi �'FLLLiii3 � rINAL
READ�;V�- AND ;A330PTm Ma5 �5s 195�
/sf AZeac D. Finch
Ma�or-Commissioner
A'I°?'ES�1T:
/sf R. G. S�.teheaci
Ci�y Cl�rk'
� ��
ORDINAI�TCE 1N0, 820
AN GRDINANCE ALPrHORIZINt� ANL� PRty�lIDS� FG1R THE ISSUANGE.
nF �3,�60,000 �,,tTar�s �nx u�xc�� �CIIiTIFJCCA'FE� OF
THE CI°i`Y OF CLEARWAT� FOA, THE P�USF t)ll� I+'INAI�iCII� �HE
�OST OF CONSTRUCTZO�? AND ACQUISITIQN OF �fAitIOUS �UNIGIPAL
IMPRO�S, INCLZTDI:NC} CONSTIiiJCTZ�N AND hUDITIOPIIIL FIiCIi�I-
TIE3 TO THB EXISTI�Jf# MUNICIPAI, t�AS i1�IY��°3f SYST�+i fi0 PRaVIDE
NA'1'URAL (�A3, AC@UISZTION OF RI(€I�S-OF'-Wl►Y 7.�i OADEi#: �'0 WIDEN
AND �,'EI1Qf C$[i�d'AIN :�1'RE�P�a IN TI3E .C3'1'3� OlP' CLEAR4/AT.ER, �43N..
STRU�LTItlN OF A MtTNYCIPAL POLZCE �AD@UART8R3 AL3D JATL QPT
GI`I'Y-OWNEty PROP"s�tTY, INlPROV�PI'3 'I'0 MiJNICT�IIL ZSH�tAEi3� Biii%�m
INti ING'LUD� t�1i' ADDI'�ION TQ .SAID ]�UiLDINt�j CQNSTRUC�I�ON OF
A BF3ANCH LIBRAR'�i ON CITY-OWNED PR4PER�'Y, CON3TRIICPZON flF �
1�RII4L CMC C�AITF� ON :PRAPffiiR'Sf OWNSD` B7C TF� CiTY OF CLEAR-
WATER IACATED �Y�I CLEAFt�IATffit BEACIi, C�N5TftUC'�ZODI OF RECIiEA'AI(iNAL
FACIL�3.'IES 8I3 i:Z'1'Y,Oi�fiiEd� TY�f'siJTY ACI'tE ''1'RACT ZNCLIIDIPiir R�TyRE-
MENT AP' E7ffiSTINt� P�RTOA�E, JdII�t'i PAR�i'iGiPATION IN COST F�F' CON-
STRIICTION OR SRIDU�E RROM MAINLAN� T� CLF.ItRi�ATIIi �ORI�RZ
CAU�EHtAYs JO�Y+FL' PAR'1`ICIPATION W�'b'R �aATE R�AD DEPA�'15t+�N'i° AND
Cf3UN�i' HTQ�HWAY �EPARTMENT FOR W,ID'I�hTIi+R� ;A�ND EXTENIdI� �1YRTI,E
AVENII.� NOR�'H AND SOtTrff, Fi�CAPTURII+� GAPIT!l��LL IMPRO� �03TS
OF CTTY OF GL�WATS,� Fii4M THE Y� 1954'�0 DATE �EpF,. YN-
CLtJDINQ' THE FOLIAt+�IN(�. INS�ALLl1TI0N OR WATEIR ANL,> �EWER I�AIIlIS
AT' Gii�MVOdD HOUSIN(k, GONSTRUCTItmT OF' �TORF� $ sl'fr-iIIi QN PALM
�� �, coar�vc�riox nF swrr�x� Paoz� �n �x �Qvs�,
CONSTRUL"SION OF �GH t3R0INS, CONS�RUt,Z'IUN 0� STORM SEGIERS A�
PALNt�Z'T0, GA�I4100� ANt.f MISSQURZ, �ONSTRUCTIflN �F .SEWgi LINE
ON NIYRTLE A�TEI+1dJE FRQM DR86�// T8 MAPI.E, CON3TRUCTIOPI OF STOR�II
SEWIIt OI� BAYi�iQUI�7." STREET, 1dE�flN91'RUC�ION AND Rgwa'�rr �+ATIaN OF
MUMCIPAL ALDTlITORIUhi, CONSTRUCl'ION OF A ATE�1' FII� �-STAi`I9N,
AC@ZTISZ7'IO�I OF V�Or,S P14R8SLS 0�' LAND, II�CLttDZN� 3� �AAt:BNT
PROPER�''Y AIJD BtTIL]�II�S BE�NB fiHE CII�ITRAL r.'�aa�v� ��
PLUNID PROPEA't'� ( CF.1�'rERY ) s' Pii�D� TEiA� Ti�S f�iD�INANCE �iL�I�L
CAN�'PI�D°1'E A CONiRA� W.f'gg CF�iTIFICATE HOLDFAS, DE,FI1vI2Jt# R°I�
. ��iiMS Hb�EQx�, DIRB�'i'Il�t� THE CZTY ;�ANR(��R TO MAF� SAID IP+IPROVE-
P�NTS, �ESCiiIBIPI� SAID CI�EiTIIEZCA:�SS AND AU2"$ORIZI2� �R�PFEi
EXFCI1TI02�1 �.EOF,, I'itfli�IDIN4 3`iiA� SAID C�IFICAT�S SiiALL NOT
CONS�iTti'rE AN INDE�3TEDNF35. OF 2'HE CITY' Bt1T SH/4LL BE PAYABLE
�4I�Y F�OM PROC�S OF �TIEu �h�tTICF,� �A7tF:5, PROPtTIDINt�
FOR TFiF PLEDaE ANi� PAYMEt�I°� IN�O � TRUST ACGQ�iT t3F :SA�D
UTILI�IF.S SERVICF.S TAX�'S TO 3� TFIE FAY1�iT 43F �AID �FRTI-
FICAfiE3, PROVII)INt� FOR TI�FRM� OF :SAID TRUST ACGOTJDfl' �
PRWIDINtf COhIDI°rIC52�S 1TNDER WfiICH SAID PROCEED4 �+iAX BE R�ASE�
FR(?A! SAZD ',�RTT�"L' AC�AUNl', PROtTID� FOR T'i� �."ONTINtTATSON' UIs`'
oxuirrArrcE rro. �11 {�TTiES S�€iVI�ES TAX) 0F � CITY OR
CLEARWA,TER tJ�1TIL S�TD CEs�ITIFTCATFS f� PATA IIJ FtTL�x,, PRO?dD�
TE�iM3 IIhD7�t kiIi�Csi THE CiTSC MAY I�SUE .AD�ITIONAL t3.SLI!#ATIQr75
PAYI�BL� PAR2 PASS`TT FRQ�'i TFI�' PROGFEDS 4fi SAID UTILITZFS �Is'E�VIGSS'
TAXES, PROVIDYI�G F;(;R TFi� APPLI�ATION OR SAID GEi�I'ifiI�ATE PRO-
C�E'D.�, PROVIDIt� T� T�MS tTI�IDIIi T�Cii 3'HI3 ORDINANC� MA3C B�
riiODIF�IED flR AMENT9FsD, PROVIDINCc ROR '� RIQr�t'8 AND REi�3EDTF.$ OI�'
gOLDERS OF 3AID CERTIF�CAT�, FLIDQ�ING �AiN U.I'I7�ITY Sh��-
V.�CES T/�ES T0 THE PAYM�NT OR 3A� G'IIiTIFICATES, }#�Hp��NG
TH� T�MS, �ECiJ�I0P1,: R�GI�TdiATIOIJ, ISSiTANC� AND RE�E�iP'3'ION
OF SAIII CE1�IH'ICEQ'ES, AU�FiORTZIIJf€ 'Ti� R£PY.rAACII�3�1T �F" I,pST
CEF�1'ZFIL'ATES� PRE)VIDII� FORM OF CEEtT3 +�GA'1'ES AND COiIP€?NSy PAO-
VYDINi� 2�'ORM OF VA�Z1>A3'ION CERTIFICATES, PRf�VIDYi�tti A�PL�CATION
(!F �tTNI}S AND SECI�tITY Pt3R IP]VEST�T OF�' SAII� PR9CEEDS, PAOVID-
INfa FO$ II+II+ORCII'� OF COLLE(:TIONS OF $AID TAXES, PROyIIll�iir
THAT CITY BE REQIII�D � MAINT.ATUi Ht30� AidD i�ECQi?D.S AND ALLOW
INSPEGTIO�i 'iiiHiEOF R�TIN4 �0 SAID P�tQCEQ3S- AND �I`.�S�IENT�
OF UTI7.1�`.IF� �9ICES '�AXE3, PROiTI1bIIV't� E�li TF� 3�'Y
OF THIS E?RDINAAICE AND PROPIDTNf� FOit T$E F.FFECTIYE DATE OF
°!'ffiS ORDIN�tNC�.
BE Im ORDRINID S3[ THE CITY CaP�7IdSI0PI OF THE CI`I'Y Ok� GLEARWI�'i'�i; �'LORIDA:
ARTTCI� I,
STAT�'Q�RY AT�HOATR'Y, FINI?ZNGfS AND :9F�'L'�3TTTd9NS
1. AUTi�Oii'�TY OI� �I� QF3DII�ANC�. ihis� Oz�inance 3s adopted piarsuant to tl�e
provi.sions of Chapicer 97Zos Lawa o� Rlorida,: �c�s oP 19�3, as am�nd�d, hein�,the
Chaa�te� of �he C3ty aP C1e��ter, and other agplicab�e pi*ovision�s of Ia�t.
2. FIN7531Jt�S. a�G is hereby �ound anci deteruii.ned ss Po3lows:
o� ���(d�� That coa�dit�.ons existing in tkae Ci$y oi' C1e�a�vr��er r�qu3re for �he preaea°vation
publ3c peace., he�lth, prop�rty, �a��ty and welfare o�'the citizens anci Srshabi.tants
�Y:ex�eoF the immed3a�e �equis3tion, con�truc�3on and campletio� of �he foilo�vi.x�g irnprQve-
m�nts and bettermen;ts (her�in ca].led M�z�:icipal Zmpronement�' v�
(3.j The sonstruetion. oi addi�ional faci�.it3es ta the e�sting mun2c3ga,2 gas
u�ility saratem xn orcier ta pro�r.]:d� natu.�a� gas io t1�e Cit�, izae�.uding the �cans�a�uctlon
or �;cquisition of` Izi�h �res�uua*� geeder syst�,. the conversion of pres�nt cus�am�a►
appliances, t�e strcrr�thening aa'd extension 9i' the pxesent �ra�ean, the aonstruction of
an a�13an�s shoivr�om and: �a].es oPPice, �11 substantially in acco=*danc� krJ.tix Z>he
preliminaxy e�timates, now on P31e �:n the o�Pics of th� Gi.�y C1erk,.
:�'� The a�qu3,sitlon of sy.gYa�s-��-��ray 3n order to widen azxd extend cet�t�in �treet8
�.n th� mc�re congested area� of the C1�y, a11 su'bst�ntially :in accor�larxeP wi,�Y� the
pxeZ�.m3.rra��y est3mate� �ovr on #'�.1s 3n �he o���.c� of tn� Cif;y C3erl��
�
t j
i
� � �i�
;.�
� � �j� _ � �
; I,
� ,,
� �f A
�2_
(3) A MunicipAl Po�.3.ce Iieadquarters �znd Ja�11 to be aons�ructed on a site now
ot�ed �� the G3;ty arad descr3bed a� �,ots 6,�,$ ana g o� B1ock 6�f' 1�?a�nol3a Pa�lc
Subd3�t3:s�.an as the samrz `ppears o� r�es�a*d in P1a� Baok 3, Fs�e �3a of th� Pub13c
R�cords of Pimella� �ounty, t'l,orid�, to pnov3de olete�x.�:an �£�c31�.�3es i'oz� ].20 pri�or►ers,
atiequ�.te qua�ters foz� the i�2ur�.cipal Cour� and �or the adminis�ra�ion oP the Police
D�pax�tment, al3 atttss�an�i�.7.3.y in �ecorda,nce wi�� �lae prelirr�,nax•�, est3,m�tes noiv on
�l�s in the o�"fice of �he �ity Clerk.
(4�) Impraveman�s �o ths Gentra3 iLba�axy kiullo?i.ng otam�ci by '�he City inc�ud3:ng the
con�icx*sac�iQn o� an additiran to saici bui�.d3..ng on a site naw otvned b� the Cit� on the
Noz�f� sicie of the p�esent buildin�, the constrru.ction of a branch 13b��ry on �he s3�e�
°r►ow ot�ned by the Gi� adja.cent to tYae e�rl.s�in$, Youth Cente�, �11 sezbs�an�ially 3n
accordarre.ce �ai�h the pre13an3.naz^y es�3:mates nac� on �i1.e wi�h t'rxe ofPice of the City C1ex�Ie.
�°5) A i�emoa�ia3. Civi� �enter to be �oxast�x�ted fln the be�ch an a, site now �wn�d
by �hc: C3�y located: aeross the Clearv�ter MemoriaZ Gauseway Boulevard i'rom the
�tuni-cs3.pa1 Max�3na, sueh Ci�ric Center �o i.nelueie �n auclita�3wn sea�3r� 300 people,
<s .
sta�e �xad catering fac�.li�3es, an office ��ar thQ ChambEr di' Commerae, c�uszdters �'nx^ a
b�anch of the Gentx�.i L�b�ay�r, aZ�. subst�nt3nl�y in accordarlee with the pxeliminar,y
es�imates naw on fi].e in the ot'fice of th� �i�y Cler1r.
(b} R�crea��.ar�,7, f�c�.liicies �o be �onst�nz�ted o�2 m 2G acre p��k oz,med by the
C��y 3vea��t an ��uth Gx�en�raod :Avenue, inclue�t.ng the re�3.rem�ng, of �he ead.st3n�
ffior�gage on �aid property, and �12e cons�ruc�3.on of �he neces�ary building and equ3.pmen�
�n r�eve�.op the area in� a recreatianaJ. �r�a �a� a17. age groups, a37. substantia].1y
in accordanc� vr3�h the prel3minary es�imates �ow on fil� in the o.i'fice af th� �i��r
�2erk.
�7� �he constz�uction by the Sta�e Road �?epartment of a r�ew b�fi.dge a� i�ha east
er�d of the Clearvrat�r Memorial Cause�Yay, tia� en�3se cost o� the bridge being �7q0,00()
of t�z3.r.h tlze Cit�r vr1L p�ov`jc�e ane-ha2f th.e cost ar $35t3a00Qs al�. subs�an�ially in
accordance uz1.�h '�he prelaminary est3mates naw nn file in fiI�e office of the City Gle�3c..
(8i �� �fl��ts�uct3on b�' �e State Road l7epartm�n� and the County H3ghsvay
l?epar�mQ..�� o�' a�4ux�-lane Y�g:nway on Nf�tZe Avenue ex�ending f'ro� the south 1imi.ts to
pro��dmat limits of th� �itY, th�.3 ent�re co�� �f' the cans�rue�3.on of t�I2e hight�ay being
� Y�704,00�,. of �r�.eh the City vr�ll A�ov3,de �100,00�, a11 substantially in
accordance i�z3�i� ths prelimina�y es�ima�,e� no� on �'i].e in �he o��ice of taae City �1erk.
{9} �e a'o11ow3.r�g capita� �rovemea��s he�e�o�ore mad� by �he City From� the
� � fii
year 195� to �he da�e hereo�'s Trte pu.�chase and installat3.4n oP wa�er anci setve� raa3n�
a� (�reentr•rood Fiousir-g; the censtruetion oP a stQ�m searer un F'a:].m Bl.uf� Stree�; the
corastru�tiost o#' a aca3,mm3:r� pooi and batihYaata.sea the construe�ian of t�each ���i�as; the
construct3on o� st4rm 3ev�ers at Pal.met�Co, t}�eer��itood a�d Missou�i; the ct�ns�ructiori ox^
a serre� 1�►ne on Njyz��.e Avenue from Drew to Maple; the construet3on oP a atorm sewe�
on Payuwun� 3i�reet; the reconstruation arad x�ehai�ii3ta��:on o�' �Ghe A.u.c�3.�Gorium; the
canstrueti:on of a r�eirr �:r� £subs�ation; and th� acqu�.sit�on of �rarious parcels oP landp.
� reclud�.ng the Ba,con prc�pex�� and house beh3md �he Csn,tral L:Lbrax°y: anci tlae P'! umb
Frope (cemetery}� r
(B Tha-t pursuan� �o Ch.�,p�er 22829: i�aws of Ia�arida, Acts o� 1945, as amended,
�he G3.�y Gommissi.on d:td a
by Oz�ciinance No, 811., �nac�Ged Fe'�x�+aa,x'�y' 1�, 1959, letr�r u�3.13.t�.ec�
services taxes an ea�h and every purcha�� in said C�.tcy ai e3�c�z�.c3.ty, m��ered or .
�ot���ea gas (natura�. or u�€anufactured), rdatea� se�v3ce and 1Qca7. ��ele�ohone sex�triee in
the maiiu�xer prov�.ded :in s�ici :statu�e; that it is s3eemed nec�ssaz�y and desirahle �o
gledge 'Che groceeds qf saici u�3lities sera3ees �axes �o �he pa�znent of the pr�r�c3pa1
of and interest on the Gez�ii3ca�ea to b� 3ssued ptixasuanG 'cv �h� ord3nanee, and �Maie
no a7�33.gat�.orss of any kind are eha�gealale ag�ns�t said u�ilit�:e� serv3ces ��es,
a� az� � ��.ereof .
{C� 't"�xa� the p�insipal. af snd inte�est on -�he C�r�i�3.ea�es �a be iasued pureuant:
to �Ya3.s o�ixiance, and al� of �Ghe reaerve, sink9.n� iund and ather g�;yments �ro�s3.c3e�
for in th�� o3*3inance, vri3.1 be paid sole�y frc,m the proceeds de�3ved from saicl
util�`ties sez^vices �axes �nd 3� wJ.11 never be neeeasary or au�horized ta use the a�
valorem ta�dn,g pow�r ar any other Yunds nf �astd Ctty i;o pay �lae p��.ncipal oP and
in�erest on ��e �ert3.�iea�es to be � ssued p�sw�,n� i�o this oa.'�:nanee, or to make aziy
af �he reses�re, sink3ng fund or o�he� paymen'ca provided Fox� 3.ri this ord�..n�nce, anc3
�1iat Ce�3fica�es �o be: �ssue� pctrsuant �o t2zis oz�d�nance sha2l not cazs�itute � i3.en
upon any oP f.h.e xarope�tiea oP said &�unic� aZ p ngr athex prope��y
�rha.�so�ver of or in #Yze City; � ��vemexs�s or u on a
t�} i�iat the util3�3e�s se�rfices taxes pl�dged hereunder Ysill be suft'icient to
,pay �lze p�incipal of ana in�erest on the Ce�tif3catea isaues� puz�suant �o thi.s orc'�i.nanc�
�.nd to make a1Z res�rve,: sinkfsa�g :�und anct oth�a1 pa5+ucents p�ov3ded �°or in th� s o�*ca.lnanee.
{Ej That $he City deezus it neeessax•y and adv�.s�b].e to �u�horize the �cq�sitions
,ons�rueti�n anrl comZs7:et�.on o�' the iKur�3.cipal I�►provement� a,nd �o provi3e for �lae
3ssttasice of 3ts ces�if'�.ca��s to f3nance �he cost �he�eoP.
3. a��arr�� x�y eorrs�a�u�� �o�-��. Yn cnrssideratic�n of the aeeeptanee of �h�
CertiP9.ca�es authorized 'Ga be issued hereunder by �hose who sla.a7.l hold the sam�e �rom
time 'i�a �ime? #,hfs o�d9.nance �hal7. 3�e c�eemed �Ga b� and s23a7.1 consi:ituts a eon��ac�
b�tureen �he Gity a,rfri sueh eertif'2cate ho].der�, and �h� coveni�nta and a�eem�nts here3zl
sst torth to be performed by sa2d City �h.a1.l be �or �h� eclual. bene�it, pro�eet�on a�nd
seci���� oi' the 1eg��, ho].dere oP �r�y and aI1 0� such �ertig�:cates and the coupons
attached �he��to, aZ�. of �uhieh ahall be o� equal rart�c and vrl.thout prefer�nce, pr3oa�.ty
or d3sti,-Zetion af aa�„v o�' the �erti�'3cai:�s o� �aupons aver any other tI^.ereoP except as
exp�ss� �rovided �he3�ein and. herein.
�. �E�1VITiQ�. The �oJ.lc�ur9x� Lerma sha;?3. ka�,v�e �he follava3.n mean3.
ord3nance �un].ess the tex� otch�rs�3se e�pressl, � n�s in th3.�
y:requires:
A ,�C��� sha11 mean �ne C3:�y of G�.earwa�er, b'7.or3da.
�$� Act sha11 mean �kae �rter ra#' �he Ci�y, b�ing L'Ys�pter g714 LaWs of Flnx�ic'4�.,
A��s �#� 1g23,. and az�y amcnc�m�m�s �hereof �nd sup�lements %here�o.
a
-�-
��� ��
(�) "Cesti�icates" sha11 meara the $3.�bo.,t�a4 U'ti1�.t�em �'ax Impravement.
Cer'�Sficate� author�zed ta %e issued purattan,� �o thir� ord3�nce and the ia��e�est
caup6ns atiacMed to s�.d certifica�es, and a�.all a7.sa be c2eemed ta ine�ude any
cert�:f'icatea, and. th� :in�ere�st cau.pona a�tached thereto, subseqtie�.t1'�r iss�aed ptaz�staarit
to and with:Ln, �he 7.3m3.tations o� this ordinance p�ui.ding fs�r �he issuatnce of
�dd3.t�.ona1 ot►].�.g�t�ona pa,yai�le from �he Util3tia;e Services Tares �,rsd ranttfi.ng pe,r�
p8sau, as ta lien an.ci souree and secu�.ty t'ar g�eymen� grom s�id tTt3l3ties Serviees
�axes Ur1th �he $3,�60,000 Uti�.ities Tax Smpz�ovemen� ��r�i:£3ca�es au�hor�.zed by this
ordin�,�ce, •
(U) "Ho7.der oP Cer�3f3ca�e�" ar "Gex�fi�:I.ca�� holders" nx� any similaa� term,
$ha11 mean any persan who sha11 i�� �h� beaxer or ownes of an� ou�sL-andin� cert3�'i��te
or cert3P$ca�es �e�riate�ed �o bes�er or not reg3ste2�ed, or �he �egi�s�ered oxmer �f any
ou�s'�andlrs� cert2P3ca�:e or cer�i�icat�B Uthich sha73 a1� �he time be reg�stered tw
other than bearer, or of any coupons re�resenting 3.ntereat accrued or ta accrue nn
sa�.d aer�ificates..
�E} "FS.scal Yeax°"' skia�l m�an the per3oc7. beg3nning wi'�h;ca�nd includin� Ju1,p �. oF
each year and en�:rt� +Wi�h ax7ti, includ�n� th,e 1as� day o� the nexc ��ne.
F Nhu'tiaipal Imp�'oveznents" sh�5.� m��a,n, collectively:
m
l� The cons�ruci:ian o�' add3tiona3. i`aciZit;�.es �a the e�ts�3.n� anunic3pal gas
u�ili�y sy�tem :in. o�dsr �o prory3de na,tural ga,s �o �he City, 3ncluding the cons�ruetion
or acquisi.t�.on �� h�.gh preasu�e �eeder systems, the convexsiort o£ pres�nt crza�ome�
appl3axzcesa the stren�tY�en3ng and ex'�en��orz af the presen� $�stetn, ti�e coastrue�ion o�
�,n appl�anae sk�owr�aom a,nci sales oPPice, ai1 substan�ially �.n .�,�eorc�ance with pre�.iminary
est3�mates now on f.11e in the oz"Pice o#' �he �3icy CZ�rk,
{2) Ths acqc�.isi�.on o� righ.�s-oP-wa3r 3.n order �o �.aen �a ���a certain s�reets.
�n the more canges�ed areas of �h.e G�i,y, a�.l substa;ntially 1n accor�axic�e rrr'rth tYa�
P��Zim3nary es��tes na�r on file in the oPf3ee oi' t�Ze �ivy Cl�rk.
�3) A RRvnicipa� Police Fieadquar�c;rs an�. �'ail to b� eon�s�rue�ed ors a si�e nov�
owned by the L`3.ty and deseribed as Z,ots 6,7,8 anci g of Sioek 6 of N)a�no7.1a Pa�•k
Subcii.v3.si�n as �he saine appeax�s o�' record i� P�at SQok 3, Fa.ge 43, oY the Publ�c
R�comde of P3nell�.s CounCy, F'lar2da, �o provide detention Pacil3tiss i`or 320� pr3.sonex�s,
�aequate quar�ers �or �he 2�Lu.�.cip�1 Cou� ar_� �or the administcra�3on, oP the Po13:ce
Depar�ment, aZa subs'cant�ally in ,�ccordar.ee s+rlth the prel.imiriary estimates now on £33e
in the c#'gice a#' the City Q1erk.,
(�} Improvexnen� s to �he Central. J�.3.'�rary buildir� vwn.ed by ihe Ci'�y 9.:ne,3:ucLi.r�
i�he constt�zc�3on oF an addltion to sa,Id bv37. n
�h� ?Jo�h side of �ise �^esent. bu31a3. a� on a si�e n:ot�r o�,�n.e� by the Gity �n
� zxg, the eonstru�t:ton oP a branch library on �he
s9.te novr otvned by the �ity acljaaent to the �xi.s��.a�g 3iou'ch Geni;er, s11 �ub�tantial3�t
3.n accordance with t,he pre33m�.na,z�r es�im��es novt on i'ile �.rt the vfi^Lee n� the Cit?
C1erk,
(5� A Nlemaa�3:al Civic Cen�e� io 3�e cons�c�ucted �n �he, bea�Ye. an a�ite now a�asaerl
bY khe Ci�y locatecl �crt�ss �he Cl��rwatex� P�lemor3.a3. Cause�ay Boulev�,rd Proffi the �cipal
1�lax�ina, such C3v3.c _Centcr �0 3.n.clude �n_ a�i c3it��:�m sea�ing 300 people, stage �nd
c�icer3n� fac3l3t3es, an oi'fice far the Ghaauqer af Gommerce, c�uarters for a branch af
the Cen4z��l Ia.i�r�rys a31 sulas�an�3.a�.ly in accorc?ance vr�.th fi�h.e pre33�ainary e�timat�s
noUr o� �i1e in the o�f`�.ce oP the C3.ty C7,erk.
(5) Recx�aatiorzal �'acilities to be ceinstriaated on. a tr�renty �cre pa,rk g�,med by �he
C��y located oz� �ou�h G�een�rood Avenue, �.neludiing the �e"t3re�en�. o� �h� existin,
moa�tgage or s�id prop��ty, and �Gh.e const�uc�ion of �he necessary bu�.ldix� and eqtzip-
ment to develop the area 3.nto a recr�atianaa. nrea ftir a1.1 aga groups, a11 subs�ant3ally
in accoz�dance �lth �
z a p�elimtna;ry es�3mates npur on �31e in �tie of�'ice a� the City Clerk,
(7) The cans�ruction b� the �t��� Roaci ]}epar'cment of' a new byi a�e at the East: en�.
oa
o� Clearwa�er Memc�r3a1 Cause��-, ihe eza�ire aost of �he bric'�ge being�704,0009 oi? wn:Lch
tne Ci�y vr�:7.1 p�avide one: ha�f' (1/2) the �o�t or $�5o,00a, a1� s��star�t��z� �.n
aces�rdasice w.t�h pre�3.aztnar�� es�ittsa.te� nota on fiie in the o�'Sice oi the City C1,erlc�
(S) Tne aanstruction by the State Road Deg�rtment and �he �oun�Y HighwaY De�a�ment
a� a�t--lane hightivay on, N5yrt3e A,vcrtue e�ending �ro� �he South limtts To the North Iimi�s
of tYae C3ty, 'che en�ir� coat of the cons�ruction of L..'�e l�gh�y beiz� �,pproximatel.�r
$700,000, of whLch �he Ci.ty �rr3.11 provide �I�:�,OQO, all subs�entially in accord�nce
vai�12 p�liminary es�3mates now on fi].e in tlza oPf'3ce oY �he Ci� Cierk.
(9) The �o31o�r.i.alg ea�iical impravements heretofore made by �a �i�y �x�m �Ehe
yea� 1g5�E to tlae date herea�: The pu�ehase and inst3l1at3.r�n oi' ��atex• snd sewer ma3ns
a� (��eenwood Housin�; the consta°�action of �,. s�orni �et,rer on P�,2m �.u#'� �t�ee�; fhe
cons�ruction o� a s��3.mming pool and bathk�ailse; the constructiun o� beach $roins; tl�e
con,struetion of s�orm set+re�s at P�lmetto, (��eens,rooci snd Misso�; �h� construction esP
a se�rer line on N�yrt1� Aver,ue fr�am Drew to ''iyIaple; �ts�e cons�rue�.:°? an c�f a s�orm se�ger
on �3aynioun� Street; the recanstru,ction and �ehab3.li�at3oM oP the :�us�.3.tor3um; tY�e
con�tructior� aP a ne�sr Fi�e sub-stat�.on; t�nd �he acqu3s9�tton o� v�rious ga�cels c+� 3.anc3,
ineiud3.x�g �he Baeon Progerty and house behinc� �he eentr�I T.,ibraa+y, and �Che �iiamb
1'�agerty � Ceme�er�r j ,,
ARiIGT,E ZI
At3TFif}RIZA�ION 0�' INiPROVE.��
5. I�II?i�OV�lENTS AT1�'F�ORTZSi}. 2'ha�. �h� c�� �tana�er �e ana ne 3:s izereb�r
au�horized. an� c�.rected �v undertake and compl:e�e tk�ie Mur�icipal �mprovements t'roan the
pr��eerla of sale o�' �Yxe Cex�if3.ca�es au�horiz�ci �o b� issued pursezan� to t123.s Ordint�x�ce,
Said Niun�c3pa2 Impx�ovementa sha11 be mad,� �s ��,p3d1�r as �'aa,nds are ��rai2able gor su�h.
pu��sose�, arid �he sa�e sI2�x11 be anade ;I,n aceardanee tvath �he prelimi.itiaxy es�3.ma�es.
the�efor as on f31� in �i�e o�.�ice o�' i„ne City C1erk.
(� f:.-
�� ti '�
f
AR��E Ti�
AUTFiOItI�AT�ON'� TERMS, E.XECiirgON, REGISTR��TION
AI�TD ISSiFF flF CERT:C�TGATES
5. :AI�'.£iI(?RiZAi�ON OF CEFiTIP'SCA'�£tiS. 5txb�ect �nd �ursuara� ta �he p:ravis3on$ of
iizi� oa°dinano�, cert�fics�es of �he GZ�y of' C1vai�w�,ter to be }criotrrr� �s "Uti]:��3ea max
Impa�ovement Cer�3�ir�,tes" arE herPb� autlaor�iz�d $o be is�ued 3r� �he a.ggse ate pri.n�ipal
at�otuzt o�€ no� exGeecl�.z� Three b�.iZl.iaxz Two H'�uidxed Sixty Th.ousnnd Dolla�s �$3:260,00}
ior tn� �ttrpase o� i3.2�arscing th� cos� af �t2e ac�uisi.tion, const;ruation and compl�tion
of �he Munici�al Imp�Bvemen�s as prov3d��. 3.�z �'�i� o�nar�c�.
�. DESCRIPTIUN QF G�'t��CFIC�iTBS. The Cer��iYcates �ha3.1 1� aat�a ,rune 1' 1959r
shsi� bz in the de�om3.ziation af �1,000 eaci?, �ha1l be numbered �rom I�0 3,2&0,
�.ne�.usive, sha].1 bear i�.teres� at a x��;�e ar r�.i.es, n�t �xceec�ir� �ize 1e�a1 ra.te, to be
deterut,i ned uoan the sale the�sof, payablE w�m3.-anrivally a�. .7birie 1 and 13ecember 1 oF
e�.ek�: yet�r, and sha3:a. snatezs�e seriall�r 3n n�er3cal prder, lotvest n,umbers f3rs�, on
33eeemb�r Z of each year in tlze years and atno��s as �o1lov�s:
Year
�
�
1965
a95�
�.�9
i9 �
lg'(2
l�'l�-
1975
�iriOL1ri'�
� .�';�iU�
70,000
?3, OL�O
7,5, 000
7asQQQ
$0,Q00
�p5s�0p/0�0/�
L1�9\JVV
9�s000
95,Oq0
95��OU
140,Q00
305, t�t3fl
'►IQ,OQQ
vear
T�
19 �
�.�79
1980
1g81
19$2
i�
1985
�.986
1�
��9
Amaunt
$��
120,000
120, 000
2�>,000
130�000
135,000
��-�5, oAo
150, ooc�
�55,000
160,000
16�j,000
175,000
180, 000
1F35, 000
The Ger�if3:catea ma.tur3ng in. the years 1.W2 to 19'j4, incl�as�,ve, shali not be
redeeana.bl.e p�ior �o m�turity; �he �e�tii'icates matnrir� in �he years 1975 ta 1989:
� a�clu.siue, sh�31 be x��deema.bla prior to matu�3.ty, a't t?ae op��on of the City, on Jurie Z,.
Z97�F, or on a,r�,q 3.nterest �aymen,t date tZie�ea�ter prior ta matu�.°ity, as a ti+rhal�, �x+ 3:n
:�a.x=t ir� 3nverse nw�er3cal order of maturi�y �nci hy lot vrl.thin a na�urity, at a
redempt�.on px�ic�. a� par and accrued in�eres� �o dat� oP rec3emption, plus the fal�:o�rring
�Sr�:mivaz 3f redeemeci in the �o11c«Sng y�ars;
3� 3.x� Iq7�-
2 �f�� in 1975
2 1/2� in 1976
2 Z j�� �.n 197'7
2� in 1�(8
1 3%�- �3n 1g79
1 Z%2,�in 198�?
1 Z/11yO in 1y82
1;� in Z�82
3/�� in 1983
1�� 3�. 1g84- .
1/�� �.n Ig�5
�zl�hou� premizzm 3n ].986 and, therea�ter.
A not3ce of suah s�edemgtion sha].i 1�e publi�ned by the City- a;t ].eaet once at least
tY�.rty da�rs priar �Go. the date of redemptian. 3n �. fis�ancial paper pu'blished in �he C�.ty
of Ne�r York, Ne�rr York..
Sa9.d Cer�ifica��s s;�21 �� issued in coupon torm, shal� '�e �ayabZe v�9.th respec�
ico bo�h. pa�incips�: and in��r�s� �n 1aU�u]. money of the Unitced States of i9mer�.ca, a� th�
pr3ncipal of�ice of' i'i�s.e �i2t�s� l�tan2aattan Banls, i�Ic:Vr Yox�k C�'�y, �S�v� York, snd sha1.1 l�eur
in.te�est irom the3r date, payable in �,�cosdance w].th and upon sua�render of �hQ
appux°�enant 3n�erest coupans as t12ey �everally ma�ure,
$. EXEC'UTifl�i 4F CEiiTTF'iCATES AND �0'UPtINa,, �3d Certi�5;at�tes sY�17. be exec.uted
in the name o� tne Gity� �� �he Cit� C1erk, and. �1'�y Manager ancl cat�ntersi�ned bJ �he
M�.yor-Gomm.�.ssinner and si�.2�12 have imprinted, 3.mnre�sed crr :reproduced �he��ean �Iae
corpo;^ate sea2 of the �ity or a. �'acs�.ra9.le thexeoS'9: and sa;id Cer�iP�:eates sha13, be
aP�a�oved as to fa�m and cos�z�ectryess iay �ize Ci�y Atitorney, �he faes�:m3.].e si.�ns�ures
oP sa�d Cii,y C1erk, Ci�y rlanager, l�ayor-Co�.l.ssioner and Ci�y ���orney :may be 3:mp�in�ed
Qr rcpraduced on sai8 Cer�i�ieai:es, ,p�avid�d �ha'� e3the� �he Ci�y �lerk, Cii�y Ma,rz�ge�
or P��:yor�Cv�3.�sianer �ha11 manualZy apP].Y i�i-s s3gnature on �a2d Cez�if°icates. in
ca.se any one or mox� oP the of'�3cers tu'rioas �igna;icures or a f'a.es�mi.:1.e the�eof' �hall
agpear upon the C�r�i�icates sha1�. cease �to be sueh o�'P�cer o� the City befbre 'che
Cer�if'icates sY�all }xa,ve been ac�ually sold and delivered9 stxclz Gea°t;3f�.cates, may
nevex�heless �e soid and d�Lvered as h,erein provided and may be 3s�ued as �P sueh
persar� !zad not eeased to ho3.d such oP�ice« Any Ce�t3�3cate� may be s�.gned and sea7.ed
on be12a1� o� the Ci�y by such person as �,t the actual time a�' the �x�cution of such
Certificat�s sha�.l ho7,ct the proper oP�ie� �.n �Ghe Gi�y, ailtho�h at. tlae date o� auch
Ce��.P$cates such pe�son may not have held s�zch o��ice or may no� h3we ��en ee authorized.
The caupans to be a�tach�d tv the Cex�3.ff3ea,tes slza7�I »E auL-henti�ateci =rr3.th ihe
Paes3mile signatures o� �he p��sent or �ny Pu�ure Mayor-Gomm3.ssioner, C3ty Mar��er and
CitU Clex^k o� �a3d C3�� .an� the C�.'�y may a�op� �,nd use for th�,� purpose `�he face�.r,�ile
si�nat�re �F any of sa.ici persons �,aho s12a7.1 :l�.ve held suah o£€ices at any icim� on or
a�ter �he cia,te oP' th,e Cez�2f'icates, no�t,t3.ths�and2ng tha� he may harr� cea�e3 to hold
8uch o�'i9.ce at �he �3.me �rhen said Ce��,ficates sha11 be ac�ually aol�. and del3.vered..
-5-
�v Ni'�(YiIABtLZ�'X' AND i3,EG��R�ITii�'N. 2'Fze Cex°tifica�ea aha11 be, s,r�d �.zv� a31 0�'
�he qua;l�.�ies azi�. 3.ncidents of, azego�i�,ble in�t��arnenta unde� ��ie 1a�v �rcYa�,n� and the
Nogo1;�.�k�1e Tnst�uments Lavr oP the State a� i�'1ar3.d�, an,d each a�cees�ive holde�e, 3n
a,ecep�ir� any of na3.d Cer�i£icates or �h� caupvns �.���rtair,�.zs� ti�,ereta, sY3al1 be
conc3.ur�3.�re1y deEmec� �a have a�reed �ha� such �ex�if'ic�.��s .s�,au b� and have aIl o� the
quali�3es ana 3,ncid,�nts oP ne�o�ia'b1e irsstrumen�s vnder the la�z mexcharat an�. the
N�got�.�'ble Tn�i:rument� T�a;z,t o� tk�e ��ate of �'7.orida,. and e�ch �ucc��+.�.ve ho2der sk�al3:.
fu�ther be con��Zusively deemed to hav� agreecl �12at ea�d Certi�'icates �ha11 he
�.nconL�stabl� in th.e hancis of a bon� fide pux°cY.tase� or hold.e� for v�Zue ia�. tkia n:3nrte�
p�ov3.ded here3.nafte� in. the form of :t�aid. C�a�i;if'3.c�.�es..
The Cert:LfS�a�e� �,y 'be registered at 'Gh� op�ia� oP �the ha�:de� as �o �r3ne3.pa1
ox�].y, or as L•o both pr�:nc�pal and in��reA�, a� the of.�ice of the Gity �a�easure� o�'
�h� City, such re�3.s�trt�,tion ta be noted on the back o�' satd �ert3.�'ic�tes �.n. the spaGe
providea tikrer�for. /Lti'�er auch re�risf:rat� on A� �o .principal on.�y, ar bo�h pria�cipal and
3ntex�est, no trans�e� of �he Ce�3.fica%es shai'± he valid unJ.es�s �de at; sa�.d of't'ice
by the reg3;a�ered ot�cier, o� by his du1.y �,uthar3zea� agent ar represent;ative aaci aimiJ.az�ly
nat;ed on the C�r�1PS.ca�e�, but the Ce�t2f�cat�� maY b� diser.ar�ed f'rom regis�ration
hy be9.r� in 13ke mannex° uraizs�erred �to b�a�er and thereupon �x��ferabili�y by deliv�ry
shal,l be restored, A'k the aption aP the haid.e� the Certi�icat-es �.ay �hereaf �er
aga3.iz fl�om �ime to �:Lme l�e reg3;��ereci ar �ranaferr�d �o bearer as Y,ePore., �u��:
re�istrati�n as �o pr,incipas only sha17. noi: �i'ect the n�gotiab�.33.�y o� the co�apons:
t�rh3.ch. aha.1.Z cont3nu� to �aar�s by de�.iuery,.
10. CERTIFTCATE� MUTTLA�ED, DES�i'ROY,ID, S�'��ET7 OR I,OS�'". In c;ase �ny Cert3i�,icates
�ha]1 beco�ae mu�i7.ated or be destroyed, s�oJ.ere, or lost, tYae Ci.t3r may in its discre�ion
�ssue and deliver a ne�r C�r�3�iaate �t�h aZ1 unrs�a�urecl coupons at�aci2ed of like icenor
as �he �ertificate and at�tached er�upons, 3f any, so mu,t3la'ceci, dest�oyed, stolEra or
last, in excYfange ara.d substi �utir,n for sueh �nut�la�ed Cert3��cate, upon surrendes� and
canc�ll.at3on o£ such mutilated Cez�ifica�e and at�aehed cougons, � a,ny, or in li�u a�'
anci subs'citution �or th� Ce�lPica.�� and. at�a.ehed cougonss if an,y, d�strnyed, s�alen
or �,ost, and. upon �he holcie�.? fz.arar�shing `the Git,p� �rar�f aP h:ts awnershi.p �3iereo� anci
sat3sf ac�ory 3ndezmLl.�y and commlying svith sueh o�her reason.a�le regula�ianu� and con-
d3tions as the Cii:y �nay prescr3be and payin� such expense as �he C�ty ma;� in.cur. Al"',
Certaficates and caupons so surz�endered si�..a11 be cane�ll�d by the City T�ea�ux�er arad
hsZd ��'or the accouni; af° 'che Ci.ty. IP any sueh Cer��icate or coup8n shal.l hav�
maturEerZ or be a$ou� ta IT�,VI�YY:y 3nstead. ai iss�uing a substi�u�ed ��r�3:Yicate or eoupon
�he GiGy may p�y -�.e same, �apoiz be:ing indemn�fied as aP�resa�c�, an�. ii` sueh Ce�3.P3ca�e
or co�;pan be lost, stoleiz or destroyed, rr�5.t;hou� �.rrender the��o�.
Any such. duplica�e Cer��.i'icatcs and caupoia,s 3ssued pu�suant to this Sec�ian sha7:1
ennsici�ute or3:ginal, 8ddi�3onal con'Gracttzai ab�3�atioras on the p�a�t of �he �ity,
trJhether o� not zhe las�;, sicol�n or destroyed Ce��.Pieates o� caupor.� b� at a:ng t3�te
�oLmd b�r anyone, and such. dup].:Lcate Cer'�ificates and cou�i�ns W2aa;11 b+� e�ati�Ied to equa,l
und proportion,a'ce benef'3ts and ri�Yats as to 7.ien ana sou�ce and s�eur3ty �ar paym�n�
from the Uti7.3t3es S�rv3ces Taxes va3.�h a7.I. o�he� �es�ti���a�es and cou�ons issued
la�reunder,
7:1. FOR1�2 O.�` �ER�IFIC.AT� AND �OITP�NS. ^slae �ext of the �er���ieates, ^o�pon� and
prr��rl.sions for r�:gis'crat3on shalZ be of subs�ant3.a].ly �he Po13.o��1.,.� ten�r;, �ith suera
om3:s�ions, inser�ions and varia�ions as �a.y b� necessaxy and des3�ra.ble and a�.�orized
o� perm:i.tted by �hi� ardinance, or 3ngT stibsequent ordinan.ce ac2�p�ed pz+ior to �he
is�uance thereof.
rro.. v�am� s�r���s o� �•�cA �l, o00
ST.A'i'E OF �`i,t3k?iDA
co�atr� a� ��as
Ci`T'Y OF CT,F.AI�k?ATER
ili'ILITIES �l'AX T1�71'�IQVEt� CFRi`TFIC:A'I'E
ifNt3W A.LI, NtEN BY TFIE,SE �°RESEI�TS isYla,4 VY18 Cii;y of Clearivater, in Pinellas Coun�y,
�2a�ida, i'or value �eceived hereby prom3ses to p�y �o �he bearer, ar ii th3.s
Cert3ficate 'be �e�risie�edj �o �he register�d ho� der �.s he�e3.� pzsavidec3, on �he fi�st
day oP December, lg , f'rom '�he special iun.�cs }.zereinafver mexationed, t12e p�3ncipal
su� o�
O1JE i'Fit?USA,�ID LtOT�Ir�RS �,�pI,Ot30,�
Uri�G�i �.n�ere�t tlaerean at �he rate �f' pzr cen� ( �) pe� �nnuffi,
p�yable semi-ann�aa�.7.� �n the Ist day o� J'utla an& the lst d�y of December aF each yea�
upon the'pre��n�a�:ion 3nd sr�x�ender nf the anraexed caupons as �hey :several3y f�:I1 due.
So�.i� }a�incipai of' and 3n�eres� on �his Cartif3cate are payalal� �n 7.at�u1 money oi� tYxe
Un3.�ed St�'�es of !lmer:Lea �'� i;he prineipal af�ie4 c�g R'h� �Fzase P2ani�a��an Bank, New
York City, Net� Yox�k,
This Cert3fica'ce is arre of a du�.y au�hori zect issue oi` Cer�3�3.ca�$s ira., �he sg�regat�
�a3=inc3pal amoun� of �3,260,000 0� like da4e, tenor and ef�ec�, e�cep� �s to mm�ber anci.
d�t� o� m3'�urity (and 3nteres� ra�e) isaued �o :finance the co�� �f the acqu3s�.tion,
cona�ruction ancl comp7.��:�on o�' cer�ain municip�.l. 3mpr�ve�er�ts 2n �he Ci,ty iande� tYa�e
autiao��y of aa3d 1n :�u].1. compl:tance �aii;iz the Cons�itiz'G3.o� and w�a�u�tes of �he S��e ot
Floz�:�dEt, 3.nc7.ud3ng Chap�e� �71�, T,a�vs of I�3orictt�, �cts of 1923, �s atasnded? ��d other
ap�13.�,ble prov:ts�.ona of 1s.t�r; $n.d an ord�.na,x2,ee acdopte�3 'by �I�.� Ci�L•y �o�n3;ssion af the
C�.1:y of Clearwater on Nia�r 25, �959= and is �ubjec� to aa,l of �h� terms �nd cond3:t�ons
of :�a�d orct�l.r�.r�ce.
ii�.s �er�ificate and �he caupans a�ape�a:tnin,g hereta ax�e pa�abae �a3.e�y grom an�
secuxYecl by a 13en upon and pledge o� the ps���eds of u��.liic3:e� seryices �es col7.ected
b� �he C3�y in the manner prcavidecl in the o�ci3.naace au�i�oriz3ng thi s issue o� Certif�.<
ca�es and does not cons�itute an 3.ndebtet�ness af the C3.ty wi�Tz3,n �h� mean3.�. of a�r�y
cons��.tu�tionals sta�u�ozy o� cYiarter p�ovisioil� nr ].in�.�a�3.on� artd 3t is expressTg
�tB�oed by �he holders o.� 'Gh3s Cer�i:Eicate and �he cr�upons appea�ainir�g, here�o tYs��
such hold�rs sY�al1 never iaave �he r3ght �o reqti�:re o� c�mpe7, �h� exc3r�ise of the ed
v�alorein tax3ng power nf' �aid CitS*, or the taxa'�ion oP �eal e�tafe in ssid �3.t�', �or
�he pay;aent of �he g�5.ncipal o�' and in�eres� on th3a Cex�if'icatie or the ma]d,ng o� �ny
s3xiltiing i'und, neserve �r o�he� pay�er,ts prav:tded :4vs- �n the ordinsnce �utY,�ori�ing t�3.s
�
issza� �f �ert��3Qatea' �� ia fu��her agr�ed b��s,�een the C3.ty and the holder oP �h3.s
Certi�c�te tha.t �1z3.� +Ger�ii'�.��te snd tne �b�:3gatiion ev3d�need thQreby shs1.]. not
cons�i�ute: .a, chax�e, T.3.en ar enc�ainb�anee, 1egt�i o� equ3.t3'b3.�, uppn the .afs�x^esaici
Cmu»3.cipai. �.mpz•ovemern�s, o� any part �herea�,. at� oz� �a2y° other prapex�y ,of or in the
y,. u't ha],3. can���:�u'�e ��i�n only on a�3ci utili�ti�s serv�ces �axes in the wanner
prov3dec� 3rs �h.e ard3nance author�,z3n� th� i�svmnc� th.ereat,.
�he Cex��'icat�s z�tu:�3ng in th� ye�xs 19b2 ta 197�, 3nc�:usive, a� no� r�deemable
x�r3or tfl inaturf.ty'. 2'h� �ea�3P�.ca,��s ma�ur�3.ng i..n �e �reaa•s 1�'T5 �cr 1q89, 3nalusi�re, a�e
redeema.b3e pnio� to �ttt-�3;�y at the cs'p�iQ�z of' the City on �`une 1, 39'j�e or Qn sY�,y
�.ri.te3*est payment d3�e �hPxea�'�tsr prior �o m�'�tt��y, a� a�ho1e o� i.n paz�, in invarse
num��.cai cr�.ax oP ma�Gur3t� snd by lo� rai��n �. ma.�urity, a� a� re�demption �arice o� par
and aec�ued int�x�st �o da'Ge oi redemp��.un, nlus �he i'ollotrrin� pre�n�uma 3g redeemed
ir� �he .foi],o�rring ycars:.
2 3/4� n 1��
2 Z/2;� in �.g7'6
2 lf�,� 131 �.�'�"'(
2 � in ? �7$'
S �� iaz 1�0
� 3./�}� in I9$1
� 3.n 1982
3f�� 3� �g83
3/2� in z�84
'�/�� 3n 1g35
�r].�houic prem�..um in 19� anci therea�te��,
e
:A not3.ce o� suci3 r�c�emg��? on �Yzail be puhZ3.sned b� �ne G3�y a� 3eas� a;�see �t least�
�i1i� days prio� to t3�e d�te o� redem.ptian in a f'inancial �Saper pub�.ished in the
Ci�y o� New Yark,. Ne�r Ya�k.
a� 3s here��r cex��±�3ed. a,nd z���te�i �ha� tl�� Ce�i�3cate is au�hor3.zed �bg and is
�.ssued 3n co�2fas�uit�' �rritY� the requir�ttexit� oi' �he CoX2st3tul;3:�in a�xd. Statu�es a� �Che
S�ai:e o� Floric7a� and �ha� �I� aet�¢ �conc�2ti�ns and �hing� raq�.23.red to ex:T.af:, to i�tpPen
and to b� pex#'ormed preceden� to anc� 3.rt th� �.:�sua,nce of t?�a�s �er�if3c�te, e�cLs�,, h�ve
hap�ened and have been per�csrmed 3� regu�.�r arzc�. d.ue form and t�:ine as requ3red 1ay �he
Ctsnsti�u�ion. anr3 Sta,tutes o$ �he Sta�e Q� i�39rid.a �ppl.icabl� t�a�•retos t�d ficha.t �h�
iss�nce of th3s �es�3f3.c�,�e.;� and. of �he � ssu� of' Ce�ti£-i ca�es of �in3.cn �}s�s �er�3.�3.cate
�s ozze, daes no�' -,r� a3��� ars3r cans�-►_tu�ional, s�atutory or �har'e.�?� 7.�? mi'tat� on;
'�1�3� Cer�i?�.�a�es �nd �e caupons :appt�rta�3.z�g t:nere�o, -� �� az�.d. h�s a37. ti2e
t�ua2�ta.es and i*�e3.c�e.n�s a�� a ne�o�.ab�e insi�num�n� �nciex� 'che l�,t� �e�ehartt atid �.',ze
Ne�ot�.able :Instx�ex�,ts �.t�r a�' the �tat:e o� �+'lo��, and the or3ginai ho�.der an�i eae�:
suecessiue hotder o� �2�s �ert� f3.cate, ar o� �ize� caupo?z� apper�a3x�i.�,g ��`:e�ei:o, sha3.7. be
cot�c'�usiveZy c�eem�d. b�* �3.s accep'�+nc� the�eo� ta I�v� a�reed �ha.� �Zi3.s Cert3.�`3.ca�e
�nd �tie cQu�sons al?Pez°���ng the�eto s�nal2 �e ansl ha4� a21 the qaaalities �.nc� inc2d;en�s
o:� negot3.aY�3� i*�s�L�tz��en'�s und:e� the 1au, �.e�chant: �d �he �I�ga.�ia%le Srxst�ume�ts T�v� o�
�t�e �tate o� Floritia:, . fihe or.tginal holder an& e�ch succestt3.�re holcie� �� th�s �ert3�'3ca�e
and aP 'Chs cou�ians apPertain•s ��eretos r�taa,11 �c conelusive2y deemed to hav�e a�reed.
�d consen�ea to �he �c�2la�rr�rb terms ana c�ndi��onsz
{a) Tit�.e ��his Ce�i�'icatA: Un1.e$� ��istered �s: herein g�av3ded, anc� �a
�he ar.nexed in.�eres� co�tgor_s,. �y be t�,rt,s�erreci by d_4Lv�J ir �he: sn�1s� px�ou9.c3ed
Por .n�go�.able instrumezsts v�yabZe �o bear�» �nder thc '+'at�r mer��Zant and �he 1i��otiable
Tns�a�utnents ?.�rr �� �e �at� of F3o� da;
{.b} �1riy �ersax� i�x go�se�s3.on o£ �h3.� Ce�ig�categ urs'!�ss r��istered as .herein
p�ovided, o� o� the i�.terest eougons he�eun�g :appertain3.ng, ��ga�cci�ess o� �Ghe m2cnr±er in
�v�e1z he ah�3.1 Y;a.�a acq�z3.red passession, �.s he�eby auttiori2ed �n �presen� himse�f
as �Yi� abso].ute opmer �erea�, and 3.s hereb�r g�a,niced povrer t.o �r�,nsfer a'bsQ2ute t�itle
hereta 'h�r de7.3.ues�r here�� �co a bona fide pu�ni?a�er,' tha� is, �o an� ane t�rho shai:l.
p'�x°�hass�r�22e same fer va,�ue. (p�es:�n� e�z� antecedent) �'�Yinu�G not3:c� o� p�ior defenses
ca� ��qit3.ties a� claims af a��rship e�fox�ceable a,gains� h2s tran��'error; eu�.ry �z�;io�
t�ke� nx� o:,,�vnner of` �his �ex�i�3ca�e, un3.ess r�giste�ed as here3n pr�vit�.ed, and o£ �i2e
anne�ed in�eresi ccsupons, wafiues and ren.ot�ncen a17. af i�.3:s equ3.�ie� azzd ri�hta� here3n
�x Pavor oP evary such bona f3.de pu..rchaser, and. evazYy �uch bana ��de puretia,ser sha�.�
aequi�e abs�lu�e �itle la.ereto and to a1l rigix�� ��presen�ed h�reby; and
(cj Th� �ity auay trza� the bea.s�er oP �Ya3.s Cert3fi eate, �ax�3.e�s regS:�t;ere3 as
hex'ain provided, or of �he 3xaterest co�apons her�unto ap�erta3.ning, as the ab�olut�
osrme� hereo� �o� a3'l pu�soses �rithout l�ein� aP�2ctie8 by any not3ee �o the cont�ary..
Thi's Cex�3.�3ca-�e xaa� be reg:Lstere� as -�o p�inc3pa;7. on�.y, or as �a l�oth princ�pa,�
and ir�e�est, :i.n accox�c2ance ?N3.t:� �ha proyf3��ons �xad�rse� �.ereoa�,
7:N 4i.'t'I'NESS �tiiEREO�', �he Ci.�y oP C�e�.x�w�te�� �'7.orida, haa 3:ssuec� thi� Cer�3.f�ca�e
and Y�.s c�,used the sa.me to �e executed by the ma,nu�1 0� f'�cs3:m3.3.� �i�na�ures of �ts
C3.t-� Gi�rk ar�.d Ci�y Niarager, anri coun�ersigne�ci by tihe ma,nual or f'a�csimil� signa'�ure o�
iy� N(ayox�-Co�ssion�a an� appravea as tQ form anel corre�tn�s� b� th.s Git� Rtte��me�,.
by h�s manua�. or facs3.mi.1e s�,gn�ture, and iics corpor�te se�? , or a i'acsJ.m3.le i:her�of ,
ta b� aP�S,xed hereto:a� ��ted hereon and.h�s caused the 3.n�eres� eoupona hey2�o
a��ached �o. :cse. execu��d t�r� th i;�he �acsimi�.� sig�tures of aI]. aP sa:id crfficexs, all
a� o#' th` �i�st da� q% �une, 395g�
CZTY OF GLEAFtWATER, �'L�fiIDA
i�t��est : �"
y n,a�er
Bys
���� Yor�- o s nne�
Apprtsved as to �'o�m and cu�,9rec�neas:
�y" ox�n�ey
� ��
-7-
N0. �'OiiM 4,F° COUPqN
qn '�he daY oE , 19 ,(unless the C�rtii'ica�e �a vshich tiz3s coupon.
�s �,t�ached shall hav� been du7.� called �or redempt3an a,n� pz�oVi�3.on �'as �he gsaymsnt of
the redemp�ion pr�.ce duly made) the C�ty ot' Glearwa�er, F'.1or3da,, w�::I7. pay to �he beare�
a,� the pri�acipa3 o�f:Cce o� 2°he ��se �1ax�ttan. �ank, New Yo�k �x�y, i3�w Yr��*k, i'xam the
e��c�,al #'und� de6crlbed 3.r► the Cez°t3.f3ca�e to v�rh.i.ch �Yi3.a �oupon: �.s a�EtaGhed, th� sum o�
�aliars ($ }s 1n lavaai'u], mone� o�E the Ilz�.ted States r�i' America,
ugdn pr�sen�at3on. a.rzd sur�endex� of this eou�on, '�e�.n� six mon�lgs i��er��t then s�ue on
3.ts U�32it�.es fiax Tmprovem�nt Cert3.P�ca�e, d���c3 June 3, 1y59a No..
C�TY OF' Ci,.c�ARWATER, F�OR:CDFi:
A'�ir,estz �'?
� �e�
y er By'
yo�- ananissioner
Approvea as to farm az�.d correctnesa:
y ,.axxx�eg
F'ORM OF' YALZDATxOY�� CER'i'S�'IC�TE
This Cert��ica�e 3.s one o� a se��es oF Certif5.ca�es whien wer� va].�d,ated ancl
cor�3rmed by 3ecree o� the �ircu3.t �o�� �sf i;he S3Yxl;h �u,d3e�.aZ Cir�c�zit o.�' �'1or�.da,
in anc� �or P3ne17.a� Caunty rendered on �he aa.y o� , i959.
CIfiS� QF' GI:I;ARWATER, t`I,ORT}>�
Attest: '�'
9 Be�'
Hy:
y C er c F�yo�- a ss�oner
Apprrsved as to form arzd co�ectiiess:
,� - orney
P13tn7ISI0R1 FOF3: ��S`i'RA�I'ION
This Cea �i�ic��e ma� be re�istered 3n the name o.f tk;.e .laoider on the book� to be
kep� by the Ci'Ly Treasurex�, as Reg3s�rar, or su� ot�zer Reg�.strar as a�a,3r he�ea�ter bE
c3u1y appoix��ed, as trs »z�.ncipal on1y, �uch reg�.s"�ration hs3ng no�ed herecsn by sueh.
Regist�ar 3n the regwstra�tion blank '�e1r�� a��er which r3o tr�nsier s�a;Il be valid
unless ma,de o•ri s��.d books by tl2e regi.stered 12�1dar or a�torney dulg :au.thorized �,n.�
�iu�.lar3.y noted �.n the �e�stra�3on blank 'bela�, but it may be dischax�ged Prom xe�.s-
�rat�! on by being �rar�si'erred to bearer af'�er �sti�.ch it shaZ7. '�e transfex�able by d�livex°y
'but 3� tt�y be again r�gi�s�ered as before. TYte reg�st�at�.on of this Certi£icat� as �o
principal shall not .re��rain the nego$3.a.bili� o� the coupan.s 'b� de7.3very mEre3.� bufc
the coupc�ns may be surrendexed and the 3nteres�.made pa3Table only t� t3ae x�e�iste�ed
hoZsl��, in whieh even� '�he Regiytrar sha1, no�e in the regisL-z^�;tion 'blank b�].ow ti�t
this Ce�ificate 3:s rs��sL��ed as •to 3.ntare�t as �e71 as p�3.nc3:pa1 ?�ricl thereaf'ter �the
�.n�e��st �rl? 1 be �mi�ted by ii�a�.l to the re�3.s�ex�ed holder., W3t�. the c�nsen� o�' �h�
nolaes �.zd a� tne Git�t o�' Cleax�ar�ter this �e.r�iP.Lca.t�„ svhen cor�verted �to a
��x�i�:�ca�e registe�ec� as to bo-�h p*�inc-��a3. an3 inte-�esw, m�,y be recanvex°�ed in�o �.
cotapon Cert3iica.te a,.�d. aga.�,;n converted 3nto a Ge�3f3�at� regist�ree� as ta both
princiga,3 an� �.ntez�est as Y.�e�E:in�.boue prnw3.r�eti,. Ugon �econversior� oP tYais Cer�3�ica�e
eoupans representing the 3nterest to aecriae upor� the Cert3Pi�a�� �o cia�e o�` �a�turi�y
skia'+l be attachpd he�eto by �he: Regis�rar ar:id �Yte Re�3.stra� sha13 na�� in the
r��i�trat3on bl�nk b�low �he�her �%�e �ert3�icat� is regisu�red as �o princ3�r�I only
ar �ayabl� �a Dea,rer,
Da,'ce o.� In t�,�s,ose Name I+3�rir�er o.€` S3�naturr� oF
Reg3.stration P �e����sxed Re�istra�ion Reg.i��r��
ARTTCI,E 1V
CCNFj•�tAI3'1'S, SBECTAI, �'UI�iDS .AND �lI'$T,TCAfiI�DI3 `iii�'0�'
�2, ���'�CAT� .NO�' �Q :�S INDFsBT�DNE�S t3F TIi� ��Y`, �l'ei�i���� the Gerti,f,icates
nor coupons sha.11 i�e or con�ti�t�ute an indebtedne�s of �he �iiyf r�nr a charg�, lien
ar enevmb�arAee, ls��l oa� equi�able, upon the i�.uiicipal Im,p�t��re�r;ri�s� or �t�y par�
�h�r�of,, or any prog��y of ar �n the C�ty,. �ut shall b� payai-,'le sole3y �rom �he
U't311ties Se�vices Taxes, as �iere3n grav3.d�d, Na holder or ho3der'� oi' s:ny Ger�3#'ica�es
issu�d he�;�etiandex�, or a� ar�,y aa�aparzs apper���3.n3.rrg �here�o, �a�,l e'Yer Yaaue �he righ� to
Grmpe� �GI1e exe.�cise o�' the �,d va�.orem ta.:ing po�rex� of �h� G3�GY,. or �axatior�n.:._a,�y
iorm af sny� re��, px�oper�y �i�e�e3n, �o pay e�3.d Certifir„tttes or �he intes�e�� tixersan,
o;� to be �n���1ed �� �a�tmen� of sttch pr3�c3g�. �nd in,��re�f� i'rom any a�her �'urad;� af
the C�:ty excepi� the U��13��.es Serviees Ta.��s, �,s prrsvid.ed hcx ein,
�8�
23= SPE�TAL FUNDS, There are h��reb�r �re�.�ecl and os�ab�.ished �he fo7.lot,r.ixig
specsial �rus� funds, �rh3etz shaZ1 be d��pos3�ec3 w3:�h a bmnk or t;ruat• compan�t �2�uatod
3n �he City of Olea�water, %'ln�ida, exe�x°c3sing tx^ust powers and wh3:ch is a membar� of the
�'eeZera]. Depos�t Insur�nee Corpora�ion:
(1j Ci�y o� CleBrw°d$er LT��13ties '�'�.`ix Inxpr�r�u�'emen� !`QYctax"�.c�'���; 'T'rust Account.
{?�ex�eiM r��erred to as u�s�st Aecoun�" ).
(2) Ci1;y of �].earz�rater iT�311t�.e� T� 7.'mp�avement Ce�tif3cs�t�s 5ervic� �Aaeor.u�ti
�h�e3n re���red �o as 'r��ti�'icate Servia� Aecouni;" j,
(3% C:��y of Claar4,ratea'� Bt31�.ties T&�; Im,pnovement Certif�4a�es R�se�tre, �cen�ant
(herein �ef�rrred �o a� ,rCert•1fic�te Reserve Aecoun�").
1�.,. C�RTIFiGA��S �.EC'fiRFsD BY PLEDt}E OP UTTI�TTIES 3ERVTCES �'�5.. A11 u�oneys
c�sll�c�ed by the Ci�y fram Utilit�:es seru�.c�s �a�e� ana aai �or�e�s ��c��.vea on accoun.�
�h��4o� by �he Cii.y, ,a� hereby plecig�d �o securQ �he paym�n`� a�f �he Cez�'tiPicates 3.n
�i�� manner arr8 ta tiie es�ten� provid�d in �b3s: orc�.nane�..
A].� of the �a�oceeds of the tJtil3.t3e� �erv3.ces Taxea., ae defined herein, a� soon
as �he same ar� collec�erl by tha �.9.ty aht�l]. be io�thw3�h deposited 3.n �he Trust k�count..
4#1.1 mon�ys at �ny ��me re�na3n3�r� can depcsit• in the Tz�ust Acaouz3� ah�1T be c13.aposed
a� �y �he tDi�y on1,y in the f'o7.1aw.I.r� manne� �nd order of priar3.�y:
�- Y P . t Account the C3.�y slaall appor�ion
(} From tlae mone s on de osit in said firus �
sei; apar� and degos3.t in th� Gertifica�Ge S�rvrlce Acco�nt on the �irat day o� eacYa
montl� .beg3.nning S,rTth the .lst day of DeeembEr, 1�59: an amount equal to nne-sixth (1/6)
oi all the 3n�erest. j�a9.ch shazl matur� a.nd become d.ue on the Ger�i�ic�.�es on t�e next
in,te�est �aymeax� da�e; and he�3nning sri.th Deaetnkier 1, 1�61, and aniount eaual to
one-tweS�'th (1/1�) of �he principal amoian,� ai �11� Certificates whieh �iiall mature aud
beeame clue on �Y�e nex� gr3.ncipa]: ma.tur�.�y @a:�e.
{2) T12ereaf'tar, �'rom �he moneys rema:.riing on deposit 3n �a3.d Truat Aceou�t �12e
Citg ahall aext appor�ion, set ap�r�. and depos�� i,�. t-he Ce�tif�:cate Reserve �eco�unt
th� �a3louring amoun�s at. the i'o11ow3.ng t3:mes: (1) beginnir� �.tla Decea�her 1., �.959
t�na ��he lst day o.� e��h month thase�,Ster, �o and incluc�.i.ng Novem3�er i, 3�60, sn.
amount: equal to $4,000 pe� manth; (2) beginnir�,, vr�.th Oecem��r 1., 1960, axacl on �he
2s�; day of' each mon.th �herea�ter, to ancl 3nclud:Ln.g Nov�tbe� Z,� Z�i1, an �mount equal
�o �5:fl0.� per monti2, and b�ginzz3.n� ��7.�h ge.cezn'ber Z, 1�61, anc� .on �he 3st da.y o� each
m�n��h. therea£ter, an amo�nb �qual �o one-�en$Yt (3.�^0� ��' a,1.1 amoun,ts x�ec��t�:�ed �a, ve
Pa� Sor ma�u.ir3ng princ3 a�. anc3 3nterest 3ntfl 'the aert3.iiaate S�v�.ce Aeco�t, a.s
pa°ov3.3ed in paragraph (Z� abave on sa3.d :da�es; previded., hoti�r�ver�, tha� nu f'urt=,er
�aymen't6 sha3:1 i�e �equix�ed �o ioe m�de ,�i�o sa3.fI �ei�ti�3.cate I%serve �Aecount wkaen �he�e
shal'1. have been deposi��d therein,� and so 1nr� as there sha�.7, reu��n fln depo�it t,h�x�in
�n amc�u:n� eqt�al to 12� oi the largest a�r�ga.te ssnaun� whicYz avi13, be requ3.red #'c� the
paym�rx�. oY �,�uring gr3.rze�.p�3 0� and in��..ras� an ihe eertii'�c,s�Gs '�.iz'�ho�.zecl he�e�r�,.
�:ri� an�r succeedir� i'i�ca1 �ea�
(;� I�' Qn ar� pr�ue*��; d�te �he mo�eya 3.n t�� ix�st A:�coun� a�e ins�aff3.eient: to.
pl�ce: �he �equired: am�u�t� �.n the CErGif�cate �ervice Acc4un�; 3nd Cert3i'icate Reserve
�cco�n�, as he.re3n �rov3ded:, ti�e deficiei2c;y sYtasl be �ua,de up iz� .�i2e subsequent pa�nen�s
�n a,dd3t3on �a. Pa�niesats rr�.eh wotald a�he�se be r�qia9.red #;o be �ade on the sui�sequentc
p�ynsent da��s e
��j T2aex�af.te�,. �he baiancs o� :� ;� �:c��� �ma3nirr�;�g ir� �he !rz�;�� �,ceount: ox� �h.e
f����C €'!�y Qf eac?2 a��x�h ,after a11 req�a3:�ed pa,�en�s in�o th.� �'t�ie3� :p��aY9.ded abot�e
h�v� been made, �.ha7.2 be. relea.sed of the� 3ien 3m�osed thereon �i� �h3s o�d�.nance :and
�ii�.1.3, ue �emi�ted t� t12� Ci4g f'or use by 3t in a� ma,nne� a��ho�.ised or grovided: by
�v�; �s�ovided, ho-,r�v�r,:--�hat: none a� s.�,ici U'�i1:?�3es Servi�e� �'a�es sl�a7.1 ever be �usecl
�'a� any puz�ose o�Ehe� than th� P�zrPoses herelnbeF�re speci���d unl.�ss.a11 payments,
i�e1uc33n� any deficienc�es �or pr3or paymenis x��o�3eZed �o� abo.v� 12ave been made 3:n i'u1a,.
x�
Th� �ity does:�or�nan� anc� ag�ee �ha� as long as an�� o� th� �ert3f`�.ca�es are
quts�and3ng and �,npa�3.d, ar pa3tmeazt themeof krc�a not be�n au1.y p�ovided foz�, i� LviiZ not
�epea� Ordi�r�.ce No. $1;7: enaeted I�el�rtaar,y iF, 3;959: l�vy3zig s'u^.ki T�t�.�,�'�'� es S�x�*r.ices
�e�:,, and �r3].l not am�n.d. or moc2if'y .said az�dir,Faz�,�e 3a� any ra8t�ne� so as �o :impai;� or
adusrsely �P�'�et �he pavae� and: ob3:�.ga'tiir�n cf the City to :1et� and colleet s�id
t��.ilit3.es Se�vj.�es �a�ces, oa� i�air or adverse�.y affect 3n any zna,a�er the pledge uf
�uch U�i1l�ies Sea'^t�.cer� �axss raade he�e3n, a� ti2e r�:�h�s of �he hald�r� oP the
G��iP3,�a,tes, o� th.e �a�e or amouuts o�' such i�L•3L.ta:ea Se�vices, Taxes. �'Y�e C��y
'c�ae� f�ther cc��tenaFn� anc� a��e that• �o ].on� as arty af the ��3nc�.pa3: o�F or 3nter,.es� on
an� o� the Ces�3fi�ates shall be ou�:s�anding and unpai�, or paym�n�.thereof not.dul
pt, ovis�d fbr i� vrl.11. ? evy and. eollec'� such Utilit�.es Services Tax�s at the ma�:�:i.mum � ate
ge�r�3.tted by said CY�ap�.�r 22829, %a,w3 af F3.orida.F Ac�s of T9�5, �o �he ful:'i: exte��
nieee:�a�y to D3�'a .�S 'GI'3� Sa,lfF� sha�.�. becom� due., the pr3ncip�l af ax�,d �.n�e�ea� on �he.
�P.erti.��-cates, 1ri 3dd11;1�Y1 to Pa3�iTYgs �8 �he sam� sha12 '�e�ome du�, at1 reserve o�
s�n2dng f'�xnds or a�her p�ymen#:s prouided, �'ar 3.n �h3:s ordinance.,
The C3�y furtl2er e�arassly represents tIa.a� i� has Zega7. anc� v�13.d power �o con-�
�irrr�ze the le�ry aia3 �oil:ect3.on of s�xid U�3i3�ie� Seru3ces Taxe� ixn��.1: a11 the pr3:n�:iga1
o� �;n�i 3n�e.res'� an �he Ger�if�;ca°L•es have 'been fui.].y g�a3c3, rtotwi'�hs�anc�� that �Fie
leg3�l��ve .author2�y there£ar m�y be rege�,led, amende�i or anod:itied: by the �,eg5.s]:at�e
t�� �`�.orida, gr3Qr to. sucli �ime, and; said �:ty Purth.er z°epres�nts �hat the eoveriari�a
eii�ered 3.n�o bettaesn the C��y and h�lders of th;e Certif�c��es �urguant to �kii:�r
ord3.nanee coa�s�itut.e a�talid and legal.ly binc73.r� con�raat betvt�en the C3t� and such
�'�rti��:�ai�e holdez�s not: sn%�eet �o repeal., iu►pa�rment a;r �osllfica�3:on 'by the :^�,#�y or
: �I� ��I,sl�tu�e o�' �he Sta�#� oP Rlorida.
��. �PLTCATrDN (3F �'tJN7?S AND SECi�ZI'�'?' FOR AI3D TNVESfiNf�t3T '1'HII3.E0�'.
.., ,Aj Moneys iri' th� �ez�3:�3cate �erv3.ce Accoun�:, sha11 he u,g�c1. only f or �Ghe a ent.
oi' �na.tz�°i P 3�
. n� pr-1.ncipa,Z of anci ini:eres� on the Ce�Eii'ieates. Moneys' in �he Certl:�icat�Q
�iese�ve .A.ecount ahaZ:. be uaed only Yor the pt�pot�e of �G}ze p�yinea'z� ��' matur3n� �r3ne3.pai
. 9.i��e�est on th� Geri�9,Ricates v�hei2 the money� 3rt �he C��iP2c�:�n Servic� A�cnrx�nt
��e�inszaPPie9:ent t�.�aeePo�, and :ior no ather pta,.t��ose�
� � /
-9-
�'he C3.ty pha11 na� be reqnired �o make any fur�her pa�rments 3.nto �he Gertii�.eate
Sex�vieQ A�ecount or lnto the C�rtiF3cat� R�serve Account when: the aggreg�ate amount o£
moneys :�n Uo�h salci C�rtif�.ca�� Service �leccaunt and. Cer��.f'3.�;a'�e Re$er�t� Aecoun$ a,r� a'�
�.eac�� e9.v,al to ';he �,ggregate principal amauni: of the CertiFicates �hen outstarxd3ng,
plus the amount o� in�ereat then due or �herea�te� to become due on the Cert�.�:icates
�hen out�tand.ing.
(B) The Cex�i�icat;e Serviee Aceounf, and Gert�.�ic.ate �2eserv� Aee�unt ahal?
eonat�.tu�e trus� �unda for t�e purposes herein provided foic such, f'unds and th� �noneys
in z�uch 1'unds shal]. be continuously Becured 3n �he manner prov�3.cieci 1ay 1aVr for a�Guring
c�eponits af sta�e and snunicipal funclr3. �
�C) Moneys he].d 3.n the C;es��ifica�e Reaerve Accoun� may be invea�ac� v.pon di�ec�ion
oi' the G'�.ty Tz°easure� oi' �he C�ty, in direct ois:l�.ga�ions o� the United Statea a�
Amcr3c� vrhich mature no� later than faur (�F') yea,rt� after �he �Id.ng oP sueY� ir�vestmantso
16, iSSUANC� OI' AiTDITIONAT, OBLIGrATIUNB PAYABLE d� OF U�''iI,�`�IES SERiTICES TA�S,,
The City shall no� 3ssue any other ob].igatianr�? exce�t upoxz the canc33�ions and. �.n the
m�annex� pravided in this Sec.-�ion 16, payable f'rom the Utilities Serv�.ces Taxes, nor
voluntax�.7.y create 9r cause to be cre�,{:ed any deb�, 3,ien, plec7.ge, assignment,
encumbrance or any o'�her ella.rge ha�rin� pr2oz�.ty �o or bein� on a oax�ity with the 13en
of the Certificaices, and the in'�eres� thereon, upon a,ny oP �he Utilit3es Sez�rices
Taxe� piedged a� security therefox° in �his Ord:tna,nce, t�x�,y other abliga�ions issued
by the City, 3n addit;�.an to the Certif3cate.s anci pari passu a,dd3tiorsal Certigicates
autho�izec3 by th9.s pxdlraa,nce sh�].l contain an erpress s�atement tYca:� such ob13�a`cians.
are ,�un:ior and ;auboz�d3.na�e 3n all respee�s ta �he Cert3f:tcates iswued pursuan� �o th9,s
Ordinance as. �o lien ar�d source and securxt� f`or paymen�t Prom tYze U�ilit3es Serv�.ces
Taxea.
No additional 0�13.�atians, as in th3s Section 16 defined, pa�able pa,ri pa,a�u.
grom �he Ut311�1es Serv3.ces Ta�;es shall be erea�ad or 3.�sued after the issuance of
any Cert3F3cates purauant to th.is Ordinance, exce�� under the eonc'l�.i;3ons and in'th.e
ananner keerein �r. nvided.
No aucYi. a�. ,:ytional p��l. paasu o'bTigatians shall ba 3s�uL�. or c��a�ed unl,ess the
average �.nnual Utiliu�.es Seanvvices Tax�:� caliecL-ed for the �c�renty �nur (2�j manths
immed3a�e;1y preceding �he d�te of adoption a� the Ordinance a�'�12o�izing the issuance
of auch addit3onal obi�.�a��.ons sr,aii equal at 2cast one ancl one-3xa1f` �i�.�s the
h3ghest aggre�ate pr3.ncipaZ aaad 3.nterest requ3.rement,� �or any succeed3.r�g Fisca? Year
on a13 Gexicii'i,caie4 theret;oPore iss�ed and sti1Z outstand3ng, in.cluding addl.�iona�
nari pa�ssrz abligation� flie�etoflore 3ssued pursuant to �his ordi�.ance and st311
ou�Gs�and3.n$, and on all such additi�nal abiigations to be i�sued.;
The term "�,dditional pa,rJ. passu obliga,tions" as used in �h3� Sectior� 1G �11 be
deemed to mean ad@:1.tian�:3 ob3lga�ions ev3denced. be GEr'c3ficatea �sauecl us�der the
prbvisions and �rlth3n the 1�.m3tation.s oP th:Ls arc'L-Lnance payabie Prqm tthe 'Utili.ties
Sexv3.ces Taxes paM passu, vr3.th, �he Cer�3.�icate� or3.g�.nal3.y author�zed 8nd issued
pu��uant to this ordinance. �u.ch Cert3�3oa�ee sha11 be deemed to hav� been issuEd
:pursua�at to 'iiY13.S p'�"C1i11r371C0 i;he s�me as �he Certi�icates arigina.l3;� authorized and
issued purs�uant to tizis ardinanc�, an@ a1Z o€ tb.e covezian�s tznd other prov3�ions s��
this orciinance (excent as to de�ails of sueh Certi��.cates evidencir� such add.itional
obliga�t3.on.s irxconsisten� ther4rrlth), sha11 be �or �Ghe equal bene£�t, prot�etion and
security of 'che ho7.ders o# any Certi Pica�tes originall�t author! zed and issued p-�zrsuan�.
�o this ord9.nance and the holders of any Certif�.ea,tes evidencing additioiv3.3 pari
pas.�u olal.igations a�:bseqc:enic7.y ereated vr2thin the 13mitat�orzs of^ and in com�iiance
Fr.t.th th3.� Section 16., All oP such Cex°�i�'3cates, regard7.ess of th� '�inze or ttmes of
their �.ssua.nce, shal]. r�nk equally �rith resp�et to their li�n on the titilities
S�x�v3ces T�ces and thei� sources and secur3ty for pa,ymeni Yram �aid IIti23.t3es
Sez�vzc�a Taaces �rrithaut pre�'e�ence o� any Cert3.i`ia2,te, o� coupan, aver any other
e�cept as in the arc2�r�,nce G.� ox°dinanees au�.i2or3;zizag tYte issuanee of such adc%iiicsna,3
psri pas�u obl3ga�lvns,prouided.
A11. additioraa7. p��i. passu Gert3fieate� issued. p�arsu�n� �o �his Section 16 s�tall
'be da-Ged June 1 0� December 1, shall mature on Dec�mber l of eaeY� ye�r af matur3.�r,
and �he seml-annual interest on an,y of sai@ addittonal pari �assu obli�ation� s�a11
be p�ya,ble on �'�une 1 and Dscember l o� each year.
The term „addit� onaZ pari paasn obligai;iozis" a.s used in thi� Sect3on 16 shaZ7. no�
bc d.eemed �a include certificates, nates, bond� or atYce� ob3.agat3on� suhs�quently issued,
the 3ien of Vrhi�h on the U'ti13t3.es Serv�.ces Taxes 3s su�jec� to the p�ior and su�eriox�
i3en on such Ut3:l��ies �er7,r3.ces Taxes of the CertiPicates issued ptu suant to this
ord:tnr�,nce, an.d the C�ty s12a].1 no� 3,ssue an,y abl:i�at3ons wl�atsnever payable #'r�� ;;i��e
Ut3:Lities Serviees Taxes whieh rank equall,y as ta lien and souree.ard security �or
p�,�rient i'rora such Ut3.li�3.es Sex�vices fi�xe� �vith the Cer�3�`icates issupd pursuan� to
th9.s us�cLi.nance except 3n the u�a,nner and und�r �he cor_dit3ons ��ovided in th3s Seetion 3.6..
No addit3.onai o'bli�ations, as in tl'i3.s �ubsect3on deiined, aha11 he created aL any
t3me, ho�vever, tanJ.e�s a1�. o� the payanent� in.to the reap�ct�.v� funds provided �c�r � n
this ord3raa,nce snd a11 re�erve ftxrads, or otl�er gaymen�s prov�±'ded for �.n this ord:lnane�
s1�11 ila,ve been mad� in fu13, and the City �ha11 ha.ve fu31y complied t;r�.�h 2�].1 the
aovenants, a,greemeni:s arsd terms of this Q�d.3:nance.
17, REMED�ES, Any lzolder o� �er�3i'3.ca'G�s, or �f an,y co,��ons pertaining th�reto;,
is�u�d uncler the provis3ons of tY�3.s ord3.nance o-r an� Trustee aGtin� far such
Cex��.fica,te holde�s 1n �he manner hereina���r �ro'v3ded, may, �;l.the� a,t law or. 3.n, equ3:tY,,
by z�uit, action, mandamua or other proceedl.3� 3.n arz�r co•� oP co�pet.en� .jur-3s�ctiong
p�o�ect and en�'or�e an� anc3. al1 ri�hts under the laws o� the S'cate o� Floric3a, o�
granted and conta3n,ed in tkt3.a ordinanee� and m�y �enfo�ee and campel �he perfox�pance.
c��' �11 �iut3es requi�°ed by ��h3.s ardina�n;ee u2� by an,y appl ica'ble statutes to be per�ormed
by the Ci�ty or by any off�cer �nereof, 3nelucl3n,� the �ixi.ng, enarging,. coilec�n�r„ and.
d.lsbiz�s3.n� of i;he Ut31i1;�,es Sex•vices Ta,xes.
�,,..,�
_.
.,
�
�,
� +�
l� I��-
-�;v�
The holder a� ho3de�s af Certit'�.ca�es 3n an a�gre��te ps��xrt�.pa7. amo�unt of not
le�s -t.�an tz�ren�y-f`�.v� �e� een� (2��j of' the Csx�3.i`�.cates i�au�d. �.xnder �his ordinance
�k�en oua�ndixig �nay, by a d�z1y executed c��l.fia��c� in t+i�,°3,��sa�s ttp�a3.nt a. trus�es gar
haZ.d.e�s. of �er�iiYcatc�s iasued gursuant i:o tTz;ia �ord,inanGe '�vi�h Autlxo�.��* to reprc�rYen�,
sucYs Ge�333ca-�e haZders in �
e ts :o .� � 3�ga1 ��oceeding i'or the er�i'oxcsemer�t t3sxd pratection of
�h s�.�h. .� such �ex�i� cate. ho°_dera,,. Sueh cer��.f3.cate �iza11 be ex�,�u�ed lay guch
�ertaf � eate h�7.ders or '�h�3.r dtaly` aui�ho�3zea a�tas�nteya or �p�aP,.n'����ve�s: and sha7.1 be
�i.3�d in the of�ic� a� �i�e Gi.�y C�.ex�k.
18. �'i�'QRCEMII3''��' CDF COIsL�ECfiIONS. T'nat �h� G3.ty �ri7.].. dlliges�icly �r�orce anti
eo33.eat all Ut�.].ii:ies ��x*uic.e� T&Ke� and �ake a1.1 st�p�, ac��ona and proa�edinga. �or
��ae er�uxcea�cnt an,cZ col'7.ec�.�'1.on o�' suah U�31.�.t3'�5 Ser�rices �,"aa�ce� t�;ch shal]. t�eco�e
del3nqu�nt to tiae f"u].i e��ent pe�i3.t�ed. car a�tthor�.zed b3r the A,et ancl by the lawe o�'
�he ' �ts,te o� F'lorida..
�9,. BOO�S, 1�FsC4RD8 AND TNSPFs��ON,, �t �he City wi�.]. kQep k,00lsa r�nd �*vcord�.,
�vi�ch :sha11 be s��oarat� and �part Prom s�.7. otl2eaR bookss xecords and accoun�s o� th��
�3�y., in yrh3ch com�iet� ana cor��ect en'tr3es siia�.1, b� m�de iiz �accox�dana� svi�k� S�andrard
gz•3.nci'g3.es af ac.count3:z9g o� a�,l t�$nsac�i�ns xeZating to �hc: co7.leetion ai�d disbuxse-�
mer�t: o� �Iae iif.�,la.�3e•: Serv3c�s Taxes, and any 1zt��der a:� a CerL�.�3,ca,te or CertiPica��es
issued p�suan� to thi� arc�.t,nance �hal].. �a�r� �he rlghi; at alJ. reasonable �imes '�ca
�sp�c� �a3,d x�cords, accou��s arzd d�'�a of �Ye �i�y relat�.n� �here�Gr,.
A.�i'.ET`TC�E V'
AP3'I+ICA�'ION 0�' CEEi`iIF'IC�iTE F80CFEDS
2�. AL'P�,iCATTON OF CERT�FTCATE PR�C�D�, A7.1 inon.ey� r�ce�ved from th� ;saie af.
the Ge�if3:ca�es �o lae 3.ni�ially 3sst�ed. ttnder the pra�sion� o� �h3:s Ord:�nanoe :sYia7.Y
be d�sl�ursed and apgzli�d �s here3:naf'ter provxdecls
(A) fih� �nteres'� becoming due aaz �Yae Cex�if`icate� on Decemiier �.: ��59: s�all be
deposi�ed 3s� �,iie Cer�i��.aa�es Services Accoun�,
(�� The sum of �83��OQO,�DO shall Tse ,p�3d �n tize� L'�.t� ireasurex> fa� reimburseuaen�
to tiie C3�Gy �o� �he mun�.cipal 3mZaravem�n�.s dese�ibed in Parag�aph {3j ana .Para�apn (9)
o� �ec��on �(A} hereo�, here�ofor� made b� '�h� (:itiy.
��} �he b�7.ance o� iN'r�,e proeeeds Q� sale o� �he �er�ii'ica�es .��a11 be deposi�ed
b� tl�,e G`l�_y c�r!th a bank nr t�us� campany autFwr�.zed �o exerc�.se trus� powers aind y�l�.cY�
3.s, a� meinber of �h� F`edera� Depasi� Insuranc� Co?��oa��3:an, as �Trus�ee, 3n ;a �rus ;�a
`he knos,ra �s the "Gan��x�a.ctian i°�us� Fusid", un�er a. �ons�uc�aonf T�.�us� rund A�ree�nerit
�o iae: .hereaf�er aut�o�iz�d by the �ity Co�ss•� on anc3 to i�� en�ea�ec3 3:aatq 3xei�ween �he
Gi'�y and sa3.d baazka �'Fie baTanc� o� �he prc,ceed� aP aale oi �he �e��;�iic&tes so ;depos�ted
3n �ci Const�^uc�3mn �'rust �`und :sha11 b� �s�ci and appl3.ed �o �he pa�►ni�� or tY�e; cost�
rs�' acquisition, cons��u.�ti�n' and e�mp1��3.on of �he Munic3pa]. imp�o�ements dssc�;'�ed
in. i'a�agraph� �jl) �o ($}, inc7.us�.ve,, aP Sec'�ion. 2�;A.� hereof, an,d io� �.e�al �nc3
�r�ineerj.nj;, expens�s� �ees �� i3aca�. or� iinanci�l. �gents, �;n�. ��enses, in coxuz�ct3orz;
��h th� �.ssuance a�d �1.e oi" '�he Ce�t3�3catea._ In so a�P�yin� tM:� ,maizeys �n tY�e
��ans��uct3.oxt 7'x�iast �'u�xd. �fl �Yie p�,,vmen� oP �hs: eos�s oi' th� acq�.ii�it3on, construct�:on
a,nd cou�i��3on o� tYa� rf�uxicipal Improvements,, the Git�r �ha�.�. no� 1�e• 'bound: by �he
egt3m���s c�� cas� o� �ny .�aro�ec� inc7�ud�c3 �:n sa.�.c� I�%.n3cipai T�uprovements i�ut� m�y �se
any zrc�n.eys in s�,i:d �ous�r�tae�i:on fir•us� �'ursd �a �aay� �he cost o� any ��.teh pro�e�et regarci�
lews of �.'2e estima�ed cost �h.ereaP'. .�.f o� an�r �easan the ananeys ira the l�onstru:e'�3on
�x°cra� �und, o� an,p �aric �hereo�9 are no�iecsssary for or a�e nbt applied to '�he . '
�auruos�a pro�.ded 3.n. thi� Orciinance, fihen suah unapg3:i�d praceeds slza�.3 be depos3:t+�cA
�y �he C3.�y, upon e�rtf�"`�eation by �he �'!ty �agineer t12a�: �h� Mun�:cigal: Smprovemen��
1za�� beer� comuleter� anci: �ha� such suzpl�z: procee�s are no� neectec� fi`or, '�he purpc�ses
o� �e. Constxzxe�ion �rus.t� �`und, in the ��rt3i"icate �.eserue A.ceoun'� :and �ha1.1 b� -u�e�i;
vn.��1' �`� �he pu�pases �herein prov3dec3.
�.3. suct�. proceeds o�' �he sale of the �er�3ficate� r3ha11 be and. .conat3�ute tru��c
�rand� .�20� ��ie abtsv� �S�aa�os�s and there :Ls� here'6y cr�at�:d a�ien upon sue12 monay, until
�o ag�3.3erZ, 3x�. �avo� of �he laolders o�" the �er�3fieafie�, S�xch proce�d.a aP the
Gert�i.cater�, Pendi.n� �he�.x} .�ase i.n �he �nanrae� 3n this ordin�nce px�avided, may be
�ern,�ax�a�i�.y inv�s�ed �y i:he iczrustee o� i�h� Cons.trtact:le�n �.'rus� �t,uad, uuan: d�,�^L c�.on.
��am- the C�-�y, 3n d�.rec.� nb�.��ti4ns af �he Un3.�ed �ta��s of Aniex�3:c� .mat�ring na� �a�er
�hasa �cv.�3,y�e (�12) .mon$Y�� aP�er the makin�, oP such i.7xv�stmsn�..:
, _, AR`t'ZL2E '�IT
__ ���EIS�1PIEt3iI�.`3.'�%fi6�SltlNS .
� �1.. .1�033TF�Gl��'�QN OR �ID�. Na mater3.a1 m�idiPiea�lorL oa� amendmen� c3�' �h�.�s
-or�„La�nee or� o� .any ard9.rzance amenda�ory hereo� or supglemen�a7. he5c�e� c�, may be m3d�.
:�r%�Iaa�t� the consen� �.n �rrr3�� r3P �he :no�.d�rs3 caf tvro-�h:l� c•c3.3sr �r raore in p�incipa3
�=�m�un'�-�' '�Y�e Ce�t3.��cat.es �hen o'�tstanding3 prov�'.cied, howaver, that: no moc'ii�3.ca�tion
or -amen�iin�rst shall. permi.� a clzar�e iz2 'che �natu.rity o� sueh Gex°�if3.ca�es o� �, x�educt:�on
:�,n �h� �a.�e o% 3n���r'� thereon, or 3n the amaun : o� the pm3:ne9.pa1 obligat�.c�.�s or
�f��ci;in� the uncaaad.�.tioxial p�a�.$e o� tY�e Ci�y �a levy and eol.�.�a� IF��.13t3es Se�.�es
�es, as he:�e3.r�. s�ou.3ded, or t� pay the pr3nc�pal a� and �n�ex�s� oai the Ces��.Pica'�es
2� �i��; same ah,a3,� become dae �ra� �k�.e �T�;t�.�.:��.,es Serviees T��c�t�,_' �+rl.�hc�u� �Ya� cansen� ��
'che holde� oi' su:ch: ���t��.c.�tes.:
22, ��g��1' �� �TtALID 'f'Rt�S�0I�3',. IE any one or ano�e of �he co�ten.�aa�s,
�g�.eainents ,�or �rGv3 si.ans oP th:ts ord�.naxtc� aha12 be he2d �ontx�t� �a ang expr�e�s
proxr9.s5.on c�f Zav� car aon��ax�y to �he pai3:cy o�' e�press lawR �h,o�gh nczt exp�essl�*
�rah�b��.ed,. Qr ��ai�ast �u'�1.3:e pa�li�y, o� sha31 iar �� rear�on wha�soever i�e held
�3zYa�.id, �Ck�en �such cavez��.nts, agr�e�en,�s or p�ovis�:ons �ha1Z bc� null �nd vn�.d anc3
sl�a�.l be r�eemed separa.ble �-rom the rsma3��3n�; aovenan�a, ag�e�ments o� p�ro.v�sions,, and
ir�. n+a vray r��'P�et t�,� va;13.d3.�y �� ali �h� otlze� p�ou�:siQns o�' �GY�.� .ord9.raanc� or o� the
��r'r�£3.cates o� cou�sans: 3.ssuQd: ther�u�cler;.
�
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�3. 1?�E'UtJDxNC 0� CII4TIFICATES. If �he C?ty shal:l a: any timP kcere�t'��er �a
Ce�ii'icatea,, by �a1e ar �aceYaa,ngr�, �O t'LlYlCTi. AZ' 1?4�'L}.YS.C� SYljr O� 'i:Yf.L': G'�x'�'.�.f`�.CE�'�£',$ ,�S,gidL'{�
o.� s�ch�Pundi.hi� arci.3.niznce, �h� orcLtnaxice. ar o�kaer proceed�:r.�� ait�h�r3:�ing the �,ssttanee:
ng or ref'un:c3a.x�g Gez��.��:catez� may p��y9.d� th.at �he Y��o�d�rs r�t ;suc�� �.u3din,�
or �a�un�iing Cert:3.f�.a�t�r sha71 haYe th� ;sam� 3i�n anc3 a1�. ihe ��.ghts and remGd:tes oi'
th� Ce�.�tli�.cat�� �.o funcied or re�unded.; �rr�vided, however, tlz�'� aueh funding o7�
�e�'i,tnd.�r� Cert�i�'icate� sh.a1,1, b� �.n ].i1se ya�.nci'o�. amo�n'� and sha].3. bear �h� sa3ue� da�es.
oz maturity as �he C��iPice�tes f^`zn..r�ed or �efunded by �he 2ss�za�tc� �hereo�'.
��. SSSFiANCE ��ALE 0� CERTTI��A�'E,S, 2'he �y3,264,i1t�(3 �ez�9.P3eate� irli�3a7.�:
�.uthor.L�ed �o b� �,�sued b�r �his arr�.x�snce .�i�a1]. be i�snerI: and �o1.d 3n su� mann�� a�n+�
at: sucl� ,�rice. or pr3ces .cona3stent: ur3.�i tI� �ravisians aP tI�i.s ardivasa:ce,. as �he �ty
Col�miss�on Bha11 h�reaP�er determ�Lrte.
25.. VALZaA�O�T. �h�� the G�.�y Atto�ney be� and he 3.s he�eb autha�.zeci and
dfir�Gtec1 �a �.rist�tu��� ap�rr�priate �troceec'l3:r�s �. $he G�reui� Cour� t� �he Si,�h.
Y
�'ucZ9.c:ta�. G3rcu�„� o� �'a.orid�+, in and £o� �he .P3.xrellas Coun�r, I�1oz�.c3�., �or �Y�e
v'�7id,���an of` sa3.d ��r�i�3ca,�es, and the pr�pe� o�'Pice�.� oP th� C��� are he��by
aut,horizec3 ta verif'� an b�kia�',� oP the Ci�y srty plead:Lng� 3.n �uch race�di s.
U�Son tne valid�,tion oi' �he �er�3.Pica'�es purauant �c� seach prace�ding�,�thei�e
sh�,1'? be px3nted upon each su�eia Ce��.£ieai:� pr2or t4 the de7.3,'uesy tiaerea�, and: ove�
t�ize f�zcaaua3.Ie signa�ures a� �k��e Ntayoa'•-Comml.Fi,s3iox��s. G`1t,y Y�xz3gel� aYtCl G`i�' G°7.eiski a:
VaZic:a�tion Cez�3F�.cate in the �orm hereina'boue se� �'or�h„
26. fiTME' C1F �Ai�T13� :a,i�r'EC'.�� Tha� 3:t 3.s h,ereby �Qund, dec7.�;aaed �d determirt�ct
'�k�a� �Eiae Pzands ta pay �he eost of '�I� acat�3si�on and cons��u��3.on t�P �h:e Mrm�.�3:pa;7:
�mpz�ovements auth�rized here3n are necessaxy an:tl urgently ne��.ed %r �e �?s��serva'�i��,
o� the h:ealth, saFe�y �3:rtc1 tael:fare of �kze 1r�ab�-�azi�s c►� the City �f G1yax�vrater3 tha�
an enlcr�en�y is he�eby d�clared and that th3.s ard�,z�a.nce sYu�l�. i�e 9.n iui.l �o�ce a�i�:
e��eet immedi�,tely :tapon i�a p�s�a�e as presvided. '�y ia�ra.,
PASSED fJN � �A�I�Gti 1�laJ' �5� �-959
��.ss�s or� ��c�azvm ���rr� n�,y 258 �:�59
P�S�ID E3N i`F3PCRD i�IJI} F�NA'G
R�Ai�� AI�ID Ai30PTED i�ia� 25,, 19�9
/s/ A1.e: 1?,.. �in�,h
�a�`ar-Cammissioraer
AT�.'EST.
�s� �i. ta-> Tr�h:i��2ea,d
�`�.tg �,erk
�
/�a .,° �f
�L
OFtE?TNANCT NQ. 821
AN' t�?DINAN'GF AUTIit?i3IZII+1�, THS GQNSTRUCPION AN� ACQ,UI�T'�'x�N
a� a�-sqr� F� �a�uarrr�s rrt �r� crrsc t� �r�w��x
��iv��o�.IZTt�'G THE I��uC� o� �575,OU0 MUNICIP�T, 1'AR�{IN(�
R�VL'N[1� BOi'3DS T4 FiNl91�ICFs TH� �Osi` .^lHEfiEOF.
BS IT' ikRDA:INED BY TH� CITY C�NIl'�SSTON OF THE CI'1'St QF C�EAR,Wt��3:, �dRIDA,
AATICLE I
STATtTrORY AUi'HqRIT�C, FINU�S
�I3D DE'�'iNZTiONS.
1.01. A[fti�ORiTY' Or �FiIS ORDINA2��F.: Th3s t)rd3nance ia adapted pursuant, �to �no
protrisions oP Ghap�e� 26, g38, Latvs �P P]:c��.��a, Acts of 1�3g1, and .ather applicable
ps°otrteinns o� ]..�qJ.
I� 3s h�reby �'otanri anc3 det�tui�e:d as Pc�i3.osr�:
�A.j That f:he Gi�Gy aP CSea�a^vratex now og,m�, opeA�at�s and ma3n�tains on-street
park3ng P�ciZit3es axi.�hin �aid Citg�3 tha� sa�d Cit�r cieri�es revenues #'rom s�3d en-
stree� park3r� fac3.l3�2es and that sa�.d re�'enu�s :are not p].ecl�5ed or encum'ber?ed �:n any
rnaran��,
(B) Tha� �he ire� �i��cula.�ion a� �rsf�c Q� al�, lt3.nds tiLrough tho s�ree�a oP th�e
:C3�y �s necessar�r to �he hEal�h, safety and genersal welfare oP t�he 3.�bltants o�" tlae
h
C�ty o1' L".1e8x�wa't�r; th8'� 3rs r�aen� yea�s the �2°�es�1y �.nc�eased ��e b�' the publi:c oP
motor veh3eles a� a7.1 3rsnc�s has caused se�i�us traff3.c corageation � the s�xee�a og
said Ci�r,y that tix� parls�iir� o�' Yuo�nr veh�.cles in �he �tree�� h�� can�ributed to �his
h.
conges�ion to such an �en� as i�o caflsti�ute a� the �reaent ti�e a publ3c n�3�anc�.
vai�i.c2z: .er�dangers the �ea3'L'hfi �ety Fand ,gealera3: we3fax*e of i',I�e �:nh�b3.tSn�s of the Ci��
�� Cl�art��a�er; that the re��.tion oP traf�'�.e an the stz�eets by �h� �nstalla�ion ot°
parkin� me$ers and the �.aipos�tion of char�ea in connec�G3on �srJ:th 8uch on-street parit3.ng.
Yac3.3:3�ie� haa nat re23ev�d the ccmgestion �xcegt �a a Z3mi�ed ex�ent; that thi:s
�afP3.c eongestion is :zot capab�e oP �eing adequai�e]:y abateci e�ce�t by ps�v3siona £or
s�ficieniG oPf-str�ee� pa.rl� �a�33ii1ss; that adeq�,�� o�'f-s��e�� pa�king f�eilit�:es
ha�u� z�ot I�eer� grovided and �hat i� is ne�essary for the P�o.�3.u:�tion o� �he health, <.:.' �
�e�y arad vreLare of the 3nhabi�ts of' the C�ty of Gleartrrat�r �hat the presen�l�* ex3stt�g
�ark�ng; f$cil3tte� ira saicl Gity be supplemented by the ot'f-stre�t: parkir� �acilities
��5.r�ed Ra� d�erF:3n.
(C) That the C3�-y �vi13 desive revenuea �am the opex�atiQn of t12e off-stree� parking
facilitie� provided far 3�a this ordinanee and that saiici rev�rsues, �o�ether �a3.th th�
revenues deriv�d by tne G�.ty from th.e apsrat.:Lon oP �the nn-str�e� �2t�.ng �'aei3.9.�3es
z�e�er�ed �G hel�einab.oyP� rrri7:l be stu�ficien� to pay a3.1 cos�s Q� �he 4peration an�.
ma2nteaaaxice af both. sa�.d. aff -street par3ting Paciiities and saic3 on�stre�t P3rking
fae�Zi�ies, all oP �hs princip�l oP and 3nteres� an the Mun3:c2pa1 PF�rking Rev�nae Bonds
autharizeci by this ax�s2inanee as �he same sbal]. be�eome due ax�.d al?� r�serv�, sinkiaag gundL
�r o�her payment� �rovided i`or �.n this o�dinance.
{D� Tha�� the grin�3pa1 oP and intere.st on t�e l�ivxiic��e7: Parking: Revenue Bond€� �a
b� Ssaued pursuan� to �Y�.s ardinan�e, and al� of �he reserve� .�inking s`i.�°►d an�, o.ther
na
Pay�ents prov3ded fo� 3n. th3:s oz�di:ziaa�ce, t�t�.].l be gaid s�]:ely �ram the recrenues deriv'ed
by �he C� ty o#' GZesrirr�,��r l;ro7a the aperat3on oP sa3c3-oiF-st�eet pa�ritii.r� :�acilt�ies and
said on-atree� parl�; Pacil:Lt.3es pledgeci the�eiar by th2�s o�d3narzc�;: and it zv321 never
be necessary ar �utha�rJ.2ed to ].evy taxes on any real propez�y �n saic3 C3�y to �y the
pr3na3pal oY and inter�st an �he Mux�3.c1�a1 Parl�tng itevenue Bonds �a be �.ssued ptarsuant
to thig orciira�nee, ar �,�u make an;j of �ite resex°ve, sinking '�und or o�hes paym�nts gro-
videci �or in �i�1.s ordi�ance,: and $lxe Mun3.cipa2 P�king Revenu� ��nd.s issued p��uanti ta
t�.s nrdtnanae sh�.7.1 s�ot eons�itute � lien upan �ny of th� prop�a 4�.es of` :�a.id of�£-st�eet
Farkixig �acili�E3es: os� said on-atreet parld.�g �ac3l3t3es ax� upon any o�her ps�oper��
whatso�er oP the Gity o� �leartaate�9 ea€c�p� said x�euenue�.
��) That �o� finane3:ng pureos�s and �`or the more adeq�aate regula�ion aF tsa��ic
a�nci. .rel3ef' o� cor.ges�3Qn� said oPP-st�ee� p�rk3.a� �'aci13�3es pro�ded f o� in �Gk�.is
ox°dix�r.nce and said presen�iy exs.st�ng an-stx=eet p�rking faaili��es be �nd the same
are k�epeby ��ined into s single system (,he�einaYter some��ues re�er�d �o a�
uP�l[iZlg. System" ) ,.
i�otwithg�and3ng �he comb3n�.ng o�` said �fP-stx°eet pa�king �`aei7.9.�ie� and s�,3d
on-�atree� Barkir� facilit3e� into a single €�yatem as hereinabove �ra�v3.ded, complete. da,�ta;
a,n.r1 recordg, i'j.nan�iai and �th�rwiss, may �n the d3:screi:ioxi of' the �ity be kept:
sepa�ately of �he opera'cion :and management oP sa�.d oP�'-atree� �arkin� Facil:itie� and
said on�stree� paa�cing �aeSl�,t3e�,; or any par� thereoP, and s�id ofP-s�ree�:park3.n�
�acilities and said on-stree� g�.r2�Cng �ar:iZa�:es, o� any part: ��er�a�, ma3f 1ae opexated
as s�parat� Yaciltties,
{F) �'ha� �here is hereby au�ho�ized �he construct�on and acqu3.s3tion o� oPi-s�seet
P.�'�� fac�.Li.tiea 3n the Ci�y of G1eax�s�td�e�y. includir�g,. but na� be3.�g lim3'�ed ta �he
a�qui&i.tion o� the:Thayer prope�y �n Nort� Garden Avenu� to provide s�,ace gor approxi-
mate7.� 11� cars, and �the acqu��itivr� o� the Pa�k-�9.eree Stre�t T,at with sp�ce for
aP����te7.Y ?22 cars, including the pa,vi.r� oP �aid lota and the insta2la�ion �hereon
oP parking meters, in aceordanca wi.i�h �he pr�l�,minar� eat��aate� pre�a�ed by lydil�ur
S�%�h and Assoc3.ates csP New Haven, Gonneeticut, ancl hex�e�aPo�e Yi1ed in the oPfice of
th� City G1e�k at an es��,mated cosic oP not exceedj..n� $57g,t�00. Sueh cost shm11 be
deemed to include the cast oP �he con�ixuc�ion oi aai.d ot'f'-s�re�t p�x�kin� fac3.lit�:es,
inc3ud.3.ng the acquisi�ion of` any lands or ir�terest �her�i n anc� o� an3e Pixtures �sr
�4.�pmQn'� ar pr�per�ies deemed nece�sary or eonveriez�t �kaere�or, inte�est upon
Nhxnic2p�,1 Parlc,�ng Revenue Bonds issueci pursuant to this ordinaraee px�.or to, and aa.arirag
�?� �o� rix months aPter �he completion aP suGh ofP-street park:tx�g Pacilities, �he
esta�ltshment oP re�erves prnvided ior in thj.s ardins,noe, engineering and legal expen�ea,
e�cpense� For esici.raa,tes bP coats and of revennes, expenses Po� plans, spec�fieations and
surveys, PeeB aP finanr,iral a,g�nts os conau.ltants, admLn�l.strat�.ye expenses and .such
��hsr e��n�e� aa u�ay be neoeseary or incidental ta the �'inaneing authorized by �hi�
ordinance and the constructic�n o�' the ofP-street parking facilit3es a,uthorized by �h�:s
ordinance and �he pla.cing of the a�,me in opez�ation,.
_2..
� , :�
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r� , �
102.. ORDY1Ni"t�I+ICE T0 CON3fiI�(pi'E' �ONTRpCT. Zn conaicleration of tkae �ecep$an�e ot'
�he :Bonde suthori�ed tn �e tesued hereund�m 'by thase vt�o sg�a,Z7. 1��,d the same Pxom t9:me
to �irae, this nrd3nanc� sha7.l b� �e�med to be a�ad sha11 eonstitu�e � contzvact bet�reen
the �it3► oP Clearwa��er, .'�.orida, and nuch Bondlaa].ders ,an:d t�xe cove�nts and sgreements
here�.n .�set fq�h tv be perfoz�med s�y sa3.c1 G3t�J skza,l.l be .f'or �he equal. beneFit, Pratection
and $ecvr�.�g oi' the .1ega1 holders oi� ar�,y ansl r�Z�' of suckt Bonds: �r�.d the eou�ons attached
thereto, a1w o� wY►:Lch ahs,il b� oP equal r$nk a,nci wiSchout preferenee, priori�y o�
dist3nc�iasi oF any of the Bond.s o� C�u�on� n�; �� anp oth.er thereof e�tcept as exp�ess�.y
provicted �herein �n�, here3n.
3..03. D�NTTIANSo �he i'a1l.otaing te�ns ehall have the Pollawi�g ffieaning� 3�
thia ordtnanco ��nl.eas �Ehe �sxt othez�r3.�e pxps�esely requires,
(a) "C3'�y „sha�.1 mean th�e City o� C;earwater, k'lorida.
(b� Ac� sha11 mean Cha ter 26 1�3 Lawtt oP �'lorl.da Acts c+� 1952.
author3.z�d to be i�s eci me� �Q �57�'OOQ M�s,nicipaT Parking Revenue Bonda ori�9,na�.1y
pursuartt to this �rciinan,ce, and also ar�y par�. passu addi$ional
Bands herea,�'tes Sssu�d und�s� the terms, restric+�ions axid con,di;�gons contained 1n ti29.s
ordinan.ce, and the �nteres� cotzpone attached to sa�.d Bonds.
(c3) nHo:idfr o� Bonsis" oa� uBondholdera", o� any similar term, .s3aa3:1 mean ars,y
per��n w�o shal]. be the bear�r or ownsr o� an,y outatanding Bond or Bonds reg2s�ered
�o bearer ox� not regi.s�ered, oa� the reg�.atered o�rrner oP any outstanding Bond or Sonds
Vah�.eh sha1T at the time be regist�red othes tha,n to bearer, or of' a�ay �oupons
repx�esentln� �.nte�est ace�.ed ar to accsue on said Bands.
(e� ,�Park3xlg Faci'�_ities" sY�TI meani al1 park3n� latss g�,geg, buildings.and
o�hea� structures, a7.1 p�.rkir� meters or o2:h�r eq�i.pauent, machinery or decaices Po�
obta3n�ng �euznue i'xoa puialic park3ng af veh�..clea, en�rances,. �3ts, Pencing snd a2i
o�her Paciliti�s, equipment and accesaaries nee�ssary or fls�irab].e �or the public
parkis�,g oP vehicles,: both in or on �he s�reets oP said Cif;y and oP� the s�ree�s oP'
said C3.ty, for� s+rhich fee� o� ather charges are f3�ced, es�ab7.ished and ea17.�etec3, and
a7.1 pro��rtie� �eal, tangible or in�an�bZa, used in connection th.erewl.t}a,, now owneci.
by the C3ty, or constr�acted or a�quired pursuan� to �his ard2nance, and also inc3.ud3.n�
any such Paci�.ities her�a�te� constructed or acquix•ed '�y said C�.:;.y Prom any eource
�tso�e�er, £v� which �ees or o�her charges are Pixed, est�,blish�d o� collec�ed.
(�) "On-Stgee� 1'arkir� Faci3ities" shal]. msan ali such park3ng �'acilities
located in or an the sf;reets in saiccl. Ci.ty, incluc3ix� pa�k3r3g iaeters inatall.ed, located
�nd ext.s�ixa� at ar near �he curbe of ithe s'creets �rritkiin the City of Cle�rz�ater, a.nd
"OPP-Street �as�king �a�1li�;ies sha11 mears ail such parki � faciii�ies I�ca�ed at
�lacea o'�her than in o� on the streets aP said City,
��) '�Pax'king S�rstem" ahall m.ean al]. said ofP-street garking Pac3lit-3�s and a7:1
sa3d on��stree� park3ng Pac9.lit3es as boich of sa;ici �ac31it3es have been combined 2rtto
a si e pro�ect pursuant %a Section 1.0I (Ej aP this ordinance:
�l "Consult3.ng �ineer} sha11 mean Wilbur Smith & Assoc2at�s caf` New Ii,�v�n,
Connect3ent ar other qua].iPied and a�ecognized Consulting �ineer �rho shall b�
hex�saSter re�a3.neii as successors to saic� fi�m,
�}
{i) "(�roas Revenues" si�a31 �ean alZ Pees, rentals or athess charges or other
in�ome received hy tkae City, or aecriu€8 40 •tlae Gity or t9 any board or ageric� af the
�ity in cr,ntroi oi' the management and ogera��.aza nf said Parking System, and a13. parta
�he�°�of, f'Fom tk�e oper�.t�:on oP sa3d Park3.n;g Sys�em, inclucZix� laoth sai3 ofP-street
parkir� facilities and s�,d an-street pa;�king #'ac3.l�,ti�s, aZl as calculatced in
aceord�,nce wi�h sound: aceountiffig px�ctice., Ir_ t12e event of the leasing os 13c�ns•1ng
o� Said Pask3.ng Fa,c3.Iities, or any par't �hereoP, �or fair and reasonable amounf�s aa
provided in Section �.01 hereoi' the term "�rns� y�evenue81t,sh$11 m�n the rentals or
other paymen�$ �o be rece3ved by the �ity f'rom su.ch leases or T.icenses oP said parltir�
Fac�litiea, or any part �he�eof'.
(,i) ,rOpea�atin� Ex�enses" sh�3.I ittean �he curren�t expenses a�' tiae Git�, pa9.d ox�
accrued, of operatinn, maintenance ar�d cu�rent r� air oP said Par- gf
inelud:Ln� any o erati P 33ng �stem (but xiQt
P r� expenaes of lessees or 2ieensees axaci not includ3ng the aperat;j,ng
expenses oP any park�.z� fmcili�ies Yor �vh3.eh Pee� or other cl�aarge� are no� collected} �
ix�.elud9.n.� sa�.d �gi'-street pa�l��g �acilities and sai,d on-street garlcixtg facilit2es,
and sha71 include w3thout Lmi�ing the gene�a73ty of the Poregoing, administrative
expenses �e].a't3ng solel.y �a said Pa�king S�stem,; 3nsurance premiuuz.s, lab�r, the cost.
o� mate�3aYs and supplies used gar eurz•ent ogera�ion, and eha�ges for the accumuZation
oP appropr�ate reae�°ves foT cur�rent �xp�nses nr,t annually recurre.n� but whic;h are
pr�x tice,��"��asonalaly be expec�ed to be inettx�ed 3n accorclance �.th �oui:id �ccourr.ting
E?per�ting Exg�nses sha7.1 no� 3s�clucie any a1lo�anee for depreciat2on Qr
renewals or � etilacenents of eap�;taZ aaaets oi' �a,i@ ParIring Sy�t�m.
�e��) Net Reventxes sha11: rasan the �ros� revezeues, as de�ined in (i) above,.
ng �f�er deduc�ion oxz].y of ope�a�3ng expenses,, as defin�d �:n (�'} above.
(1� Fis�al Year st'.�li mean the pea�3or1 begi�ning �rith azad includ3ng Ju3y 7, and
end�.ng wi�h and inaluding the next June 36:,
tilords import3ng r�3izgular numbe� shali include the p].ural numbe� in each ease and
v3.ce versa, and z,rords 3mport3ng person� sha].1 �ne].ude f3xms �xd corporat3on.
�zc�� �z
atrrxa�zz.�orr, ��s, �cv�r�ar�
2aQl RUS�HURTZATIAN l�TD TE'I�M� OF BONDS. For the Pur�ose o�' finan�ing the co�?� oP
th� can�truction of' t12e off�-stx�eet park3.ng fac3:ii�3as described in Section 1,01 (Rj
hereo�, �;here shall tse iss�aed n�g�tiable Mut�3.e�.pa;1 Par
Glea�water, Flox�.da, (he�eina�fter called 198onds" ��'� �evenue Boncls a£ the C3:ty of
of I�ive Firandreci $evea��y Fi�e Thaasand T�alla.x�� ,' ��h� `��re�ai�e principal �.mount
Septeanbe� 1, i959� in �ixe d�nomin�,�ian of $1,OO��eaah�.n,umbe�:� con�ecut3veayb9.ndra�e:d
nwnez�l.eal �ax�der i'rom 1 to 575� both �.nclus�.ve, and :shail mature serially in �numerical
-3-
ax�der on Septemt�er '! in �he yesrs and ainavn��: as folloivse
S'ear
li�
1965
i��
i97a
i�i
�.�
��5
1�ma�a,zi�
5�
5,0�0
1.5, OQ0
15,000
i5,000
�.�t OQ0
3.�, OOQ
15,.UQo
�:50 00`J
20.,U00
20,000
20,000
2C1, C1J0
Y�
�.978
1�g
i9si
198�
�.�83
1gR5
1�8&
1988
198�
$�'�8`�'t�
20,OQ0
2R,:Q0(?
2�,000
2�,000
�5sOQ0
25a000
2�,000
30aa00
3a,000
3o,o0U
30,000
35�o�a
35�00�
Saie� Bonc3s sha11 hea�r 3ntere�t, payab2e �emi-annuall.y on N1�rciz 1 and September 1
oi ea�h ysFsr, a� m rat� or x°s�ea not excee�l3.ng �h.e iegal �at�., �ta be determined a� th�
sa7.e f�herec��. Both p�incipal anc� in�erest sYtall be paya�Ze a�, �h� pr3ncip�l ofi�ic� of
T�e G22aae N,anhattan &.nk, Nes�r York Gity, New Yos�k..
The Bonds a�'sai� ���u� ma�uring �.� ths yea.rs 1g62 tg 197�, both inclu�ive,: sha11
na� be s�e�teem�ble g��or to tYieir respective �t�ted dates o� s�t'ux��.ty. The Bonds of
sa�d issue �turin� in �he yea.rs 1�75 ta i�89, bath �:nel�a.sive9 �PgaZ7. be reaeemable
�r3.or to f;heir s�esp�c�iu� �s�a�ecl da�tes of matux��.t�, at the s�gt3.or� oP th� C3�y, on
Se��e�er 3, 197�, o� o� �r.y interest gayan�nt d�te thereafter 3.n whole o� in part but
isi inve�se nuui�g�c�,l order i� l�$$ tlaan a.�.3, a� the gric� o�' pa�° and accrued intex�ea�
�o �h� date a� rede�tgt�ang �Zus a pr�2�n of on�-$aurth oi �ne per cent: of tlae par value
�hereag fa� each yzt°,rs o,r �r�ctian thereo�`, frout the date of redemptiou to tlae �tated
d�t� o� �aturity of Lh� Bands aaS.Ied fQr payment, such ,p�emi:zzm 3n no event, hovrever, to
ex�eed �i�ee and one-h�Yi �er cen� of the par v�Zue of sueh Bonds,
A not�.ce o� such r�d�mp.tion shall �e publi�hec� at ieast once at le��� thirty dsys
g�ios� to �he d�te og �demptian in a f3r.at�eisl pape� pub].ished in �he ��.ty o�' Netrt York9
1�Few Y4rk. Tntsre�at �ha11 cease can any o�" tl�e Bon�Is, du1� called �`o� redemptiam �s
psavi.ded a�aove an: the redemptinn date i� PaYment thereof has '�een c�u.�.y' pa�ovided :�or.
2.02. EiCECUTION {3� BONDS At3�I G�i3�'��'S. Sa�.d Bonds shall be ex�c.utes3 in th� n�mQ o�
the �it� by f.n� Ci�y Glsrkx �nd Ci�� Manager and coun�ers$gned by the 1'�ayar-Comu�i.asi�x�er
an� :s_ha7.l k�ttave imprinted, impressed or ��pa�oduced t�Zereon th� corpo�a�e �eai oY �he C�.��
or a Pacsimile tnsreoi, anci sa�.d �inds sYiaZl. be a�praved as �a farau and correctnes� 'by
�Clas City l���t��.ey. The �acsimi7.� signa.,ture�s Qf sairi City C2erk, �it� 1�3anage�, RSaqor-
Cosrmd.ss�.oner and City Attorney �y oe 3mpr3n�ed or ��produced on, said Bands, Pravicied
�liat ei�her the Ci,ty C1er�, Ci�g h7anager �r �"�,,,yo�-�ommi.�sio2�er sha11 uuxnual3y �pply hi.s
�3.gnatur� on said BonrZs. tn cr�se a� one or more o�' the oPFicer� :who shai�: hat�e si�ned
a� sealec� any aS the Bonds aha:i.l cease �4 be sueh off3ce� ai i;he t;�:ty be�ore t}ie �an.dr�
so s3gn�d antl sealect hav� been actua3.ly sald an� delivere�., su�I2 Bonels may neve�`�,hel.ess
be solct �nd c2eliverec� as herein gravided axid may be 'CsNued as i� the persox� w%o s�gned
or $ea�:eci sfxch Bonds had no� ceased to ho�d such off`ice, Any ;Bonc2 ma,y be sigrzed and
sa�l.ed das behal� QP �h.� �ity by sueh �er�s�n as at tFie �a�sa�1]. �3:ina ofi �he exeeution o�'
such Bonds sk�aSl halci �hs praYse� oP£ice �:n �h� t�i�ya �I�ha�l�a. a�� �he date �f such Bonds
sue� person may not h3ve helc3 sueh.oPfic� a� mag no� ha,ve ��an sa suthorized.
The. caux�ons to be atta�hed to �he Bonds sha].1 be au�henic�ca��d �3_�h th� facaim�3.Ze
si�tures oP the gz�esent or any future Mayox°-Comm9.sa�.on�r, C�.ty Msnager r�nd Gity Clerk
o� _�aid Ci�y �s�.d the G`�.ty may at��pt. ar�d use �or that p�os� �hp f'acs3azi.le �3gnature o�P
�n� person �Yia sha31 have he3d sucn oP��.ce �;t any �5�ue on or a�'ter �tY�� c�ate of tl�e
Bond�,, natwi�hstanciing �ha� he m�y h�ve c.�ased �� ho].d such cr�i'3.ce �t the �ime ��rh:en
s��.a Bo�as $n�,il be �C�u�u� soia ��a �ea:�.v���a.
2,03, N�Gt3TT�ZZ.�ZfiY AI+tB RE{€Z3'TRAfiSON.: �he Bonrls shall b.�, t�nd 'n��e �21 oi' the
qual3��iea and incS.den�s v�, ne�otiable instx�ument$ under ths iaw merclaaza� and tkt�
Nega�ia��e Instzhzmen�s Lat,� oP the Sta�e af �`7.orida, ari.d eac2�: �ue�assive hoZd�r, 3n
ac�ep�ing any o% ;sa3d Bonds csr the congons ,apg�a�aining tk�ere�o,, a3zall b� conea.v:si;;�l�
d�erYied ta have ag�e�d t�at s�ach 73onds shaZ1. be aiid ha�xe a7.1 of �Y�e r�ual�.�i�� and
i���,dents o� ne�otiaial,e: �.ns�ruments �d�� �h� 3.aw merei�nt an� `the Ne�o�it�b�.e xn��x�amsn�Cg
I,a�r oP the :StaGe of �'la�i.c�a,: and eaci2 �uceessiv� Yzolsie� �aa1Z i't�l�� be canelus�3.ttely
desmect �o have ag,�eed. �ha� sa�id Bande �h�11 �ie lneaxatestable i:z the hatzd� of � bona #'3.d�
holdex for Ya2ue �.n the nianner provided h�re�fter in �he �ts�ns o�' �id Bcsn�.s.
The Fsonr3� may be reg9,s:'Gered a� �he c�pt�.on s�f the t�o�de� �s �o pr3ne3.�al an3:,�P ,o��
as to 3aoth Pr3ncipal and 3nte�es#: �� the o���.ce �� the �it� Tse��t�r�r o�' �he f;ii:�*, r�u�h
�e���xa�'! on to be n.o ;ed gn thc bacK o� .sa�.� Bond� Sri �:�e �p�ce gxav3ded. tb,�a��i^or.
APter sueh �eg2�tz�tion as �o princ3:pa1 on3�, oz both pri�z�ipal �zxd tn�eres�, no
t�ransfer oF the Bonds �,�1 '�� ua7.ic1 ta,n7.es� zt��� a� s�,3.ci o�'i�.Ge by ickse reg�.stereca �t,me�,
or by hts duly authax�.z�c1 ��ent o� repres�Ys.t�vive azul sitr�.�.��3.y no�ed on �he BondA l�u�
�he .Bonda ma�r be c13.s�h�r��e1 %ram r�g�,s��.tio�s by �e�n� 3.r► ��.ke. maruzex� t�ana#`err�c� to
bearet� and �her�u�on '�a°a.ns�erab3.l��v 1a�* d�L=r�:�• s3�11 �i� .r�e�vc��edo A� �he ap��ora oP
tilae holder 'the Bonds u�a;y �hereaft�� a��ir.a: f2'�� �� to �ime be �eg3a.te�.�ea o� trans�'ex�zpeci
ta bea�er �.s be�o��Q �uch re�.s��a�a.or a� ���3.�ne��s3. aav.� t�3�sa11 not a��'�c� �he
negnt��bR li�y o£ �ha ca�.rpo�� �ck� s�.� c-on:�inue �a p�sg la� c�e3.�.•�e;r�f,
2x04. BOB337S Ir.��,A�, ]?�`�T`RQ3�F�9, S�t1T,�:2� fl:R T�T„ �tz eas� ariy �on�s� �kc�l'1 becor�e
mu'��.�.a�e*3 a� be d.2s�l'�cs;�'ed, t3to:L�n �= '��s3�, �k;� ,Cit�t ?�a,y �.y� fi�3 c3isc�e�iori �.�,t9u� �nd
deliver a n�sa Bone3 t�.�h a3,.7. ?.�nma�uxed e�cu��nsD ��` �ny,� so .fuia.'c�.�aterl,. sies�stiayeda s�ss�en
or aos�, �Ln eaeeh�n�e an+� �.a.bar3�u�3an �� �uck� mu�i2��ec1 �ond.r �apan sea�rc:nder �na�
c�,nce17�.���i:an of ssze�. �t2l�tesl �on.c� aa-ti�i �,�4ac�.�c� coa�pozxs, i� an�, 3.est��yed, s+�oa�z� o:�
los�, an� �apon �he hQ�d.ez� Pa�n.lslx3.ng �tae CSG� pxoc�� t�#` his �wr�ex�si�3:p ther�oY anc�
satis�a�t�r�t 3ndsu�ty and cr,m�].y3.n� t�tS..�h �tzch otY�er re�;;sonah7.s rc�gul�'��.ons a,nc�
��
� ..% �.:�
„f -4-
cQnd3t�.ons as -�he Ci.ty ma.y ��escribe and paY•L�, such expense4 :as the C1.'iy ma� �.n,cur:
A11 8onda and couponr� so �u�endered �kLa7.]: b� cance].Ted 'bv th�. C�.i;y '�rea�starer ancl he3.d
�'ar th� accoufi� o�` the Ci�y. :r� any auch Bond or caupons :�ha1� ha.ve m��ur�ci ox� t�s
al�on� ta mmtuxe, �.ns�e�,d a� is�uing a 19ub�t3t,uted Bo31d oz� Coupc�ns:r the Ctty may pa,y �he
�ame, upon being indemn3.f3.�d as a.�`;si�esaia, arid if aucla �ond: o� cougon be 3:Qst, :stalen
4� destroyed, v�3.thout s�ender �he�eo:�.
Any aueh dupl�:cats Boacis and coupons 2ssued pursuan� �o th:Cs Sec�ian sl�a11.
cansti�ute or3g3na,1, add3:.tional. carf��ua2 obl�.ga.tions an �he part mf the Ci�ty, whethe�
or not the 1ost, �t�len ox� d�str�oyed Boncle o� cou�sons be a� an�r t3.ra� �'ound by s�yr one�
ana su:*.1� d�tplica�� Bonds and �otzpons shall be ent3.tZeti �o eqt�,l .and progox�tianate,
bene£i�s and �M.ghts as to lien and sourca and r�ecur3t9 Por pa�rmen�C from the re�enues
�
a�' the P�king 3�$tem p].ecl�ed. hereixc w�.� a11 atl2er Bonds �.d �ougona issued h�reunder.
2.05. �aRM QF BOND3 � Ci3UP�NS. The �ext aP the Bcsnds and eaupons ahail be o�P
subst�ntially the �a1�.ovr3.ng tenor, pr.�.th sueh omissions, inaertiaraa� and varla�ions as mEty
be nece�� ra
�y and des�.x•ab3e and authoMzed or gexmd.�ted by th3s ord3�ance or t�ny
�ulssequent ordinancQ adop�ed ��ci.ar to �he �.��suanee thereofz
No. UNSTF,� S�ATF.S 4F A�RTCA
STATE Ok" �'LOa�DA�
CO'tTAiTY OF PiI�Ei.I�AS
CT'�Y t3E�' CI+EARWA�i`ER
M(TNIGIPAT, �AFtRINti 1?EC�PIUE }30ND
�7.,:040
KrIOYJ Ai.% MEPT �.' T�I�SE PRES�i�S thaic the Citg oY C�.eax�•ra�e� in Pii�ella� Lbunty,
�`lor�da, i'or value rece2ves3, hereby prom.�,ses �o pay to th,e bea�er, a� i£ this Bonct be
re�is�ered, �o the reg3.s�cered holder ae herein pravided, o:� �he f3x�s� da� of S�ptem'ber;
i9 , from ihe revenues }a4re�.na,f�er mentioned, the n�inai.pal sum ofl
�NE 'iH0IT�3AND IS�iLI�AR3
Vri�h 3nterest thereon �t th� ra�e o�` pezr centta�a �er annruu,: payable se�►3.-a`nnua�.ly
on �I�e �isst: da,y of P�iarch anc2 the Fir�t da� og Seg��ber of each year, upfln the presen�a-
�ian an.d surrendex o� �he aiu2exed coupona aa th.ey se�er�;3_ly ral.l due.. Botlx urineipasl
and interest on, �tti,�: �ond are ��yaple a� f;he pr�.ncigaZ o�f3ce of fihe �hase ri1anY�ttain
Banlc, New York CitY, Nevt Yark, in iasr�cal ntone� oz the t3nited S�:a.�es of Ame.rica.
�h�:s $ond 3s on� o� an auihori�ed issue o� Honds in the aggrega�e pz��ncipal am�tznt
of not exc�eding y�575�000,; oP 13:ke d�,�e, tenar and ei'fect,_ excep� as to �umb$r arn� c3,��e
o� ma�tar3ty, iasuEd �Co �enanc;e the cos� o� iche constxu.c�ion az' af#-�tre�t pa�king
faailit9.es in �he City of Cle�sz�water, under �he aixtxlar3.ty oP and in Pu1I e�I�ance
vrlth the Cop.s�itu�i:an and �i�'�utes of th� Sta�� o�' r"'2aridas i*�cludir.,� Chagter 26�I8,
I.ai�s o�' �'I.orida,, i�e�s. of 195�:: a,nd ot,her appl�.eab3e �icatutes, ana �n orciin.ance c3:�v:X�r
�nacted by the (�ty f3au�i.ssa:on of sa:ic3 �ity suad is su'b�ect �o a�3. tk�e ter�zs :and eondi-
��.on� o� s�,.i:d ordinance.
The Bonds o� th� i�s�a� of r�.eh �his P;ond is �ne matux��.n� in �he y�ars 396�. -�cz
1g7�, both inclu�.v�¢ are not redeemsble prio� to the3� �e�g�e�ive atated datec� of
maturity. T�i� I3onds �f sai.d issus ma�uring in t.h.e years ].37� to ].589: bath in�l.ua5.ve,
are redeemable prior �o �heir respe�tiv� �ta,ze� c�ates oP m��i�y, �t the opt3on ai' ti�e
�3:ty, on September 1, 1974, ar on �ny in�erc�t pa�nAn� da� �hereaf'ter, in i,rhole o� irt
par� but in.inverse numer�.ea1 �rder �P Iess than a1.1� a�. �he g�3.ce of p�,r and accured
3�ntereat �o the da,te oi r�demgtion, pium a pret�.unt ot one-�F�u�h oi one p� �en.t of
f,he pa.r va'�+ie thereof Par each yeax�,. or �:raet3an thereaf� fs9om the d�te p£ redemptian.
�o tt�e s�a��ri da�e oi ma�u�i�y of the Bonds cal3ed �or �pa;,�ien�, such: greiaiu�e in no avent�
ho�aev�r; to sx��ed �hree sncl one-ha].f per cen� aP the ,gar value of such Bondr.
Pro�r3ded, howeveg, that a no�iee of such �edemptio�x sha3.� lzave been pub:iisheci at
least onee a;t. least thirty clays priar to �he da�e af redempt3on 3ri a fizran�ial pape�
publi�hed i.�x the City af Neui Yosis, I�te�r York. Interea� sha,1Z eea�e an aray af th� 33ands
du'1.y c�lled for re�.emp��.on, on i-.he r�deraption date,. iP payment tisereoP" i�as beeza duly
�arovid�ci �oro
T1zis 13ond and �he couporss apper�ai,-�,n� h�xeta a� payabZe solely �rom and secured
�y �, lien upon ax�.d p1e1�e oi t,�e ne� x�e�renuea deriv.ed f�om �F�e upe�a�ion o€' i;he Fa�king
Syste�, inc3uding both off'--s�cr�et parking ;f�calities and on-si�reet Pas'k�-ng �a.e�.lit3.es,
of the Gxty o�' Clearwater :i.n �he xaanne� pz�v�.ded, in i:he aa°di:�an.ce autk�a�.z3ng �he 3ssue
of Bonds of �sich �h3s go21d is one, fihi.s Bonc3 does na� cons�i-�ute an indebtedness oP
sa3d Ci�y wta.�kt5.r� the mean3:xig o�' any constiicu�3ona1 ata�uto g
, ry or ehar�er �ovis3an or
7.3mita.tion,. and it i� e,�ressly ag�eed i�y iGhe holdel�s oP a,YLi,� Bons� snd tiie coupons
ap�er�a�:ning �here�o �ha� �ucki hoiders sha31 neve� have the �igh� to require �r eomp�i
tI2� exez�cise of the ad v�►1:c�r�m tsxtng pow�r o� �aid Ci�y, oa' �he taxa�f:ion Qf' r�al e�ta�e
in said C�,ty'„ Fo� the pa�rmen� o� �he pr:incl.pal oPfant3 inte�s� on �his Bond, o� �ne
malc.i.ng oP anY s3�r�kix.�g £urad, reser�te or o�er pa�nen�� pr�ovided �or in the or-d�.nance
aui;iacara:zing �his. 3s�ue a� Bon�ls.
��. 3s furi:h��x� a��eed b���reeir: �he Gi�� o� C2earwate� antl �he hr��.cler oP �.s Bnnd
�lza���this�s ond and f.he ai�ligat3on e�u'ic�enced hereby aha7.Z nat enrist3�u�e a lten upon
y' Parictng Sysi�era, ar an.Y FarE �hex eo� „ or on ar�y other prcapert,y of ar .in t?�e
�iLy s�� Clea�watex�,. but shall awis�itu�e a lies2 on3.y on tk�e ns� reveriue� der�.ved Pram
tYse ope�a,�ion oP said Pa,�ki.� Syatemy �,raeluding bo�h o�'ftls�reet parlda�g �acilities �nd
ora-�'L�ee� p�rking �'ac�.1�.t3es, �,n �he m8nri�r nro�ric3ed in said ordin�nce.
�he City in said ord:i.nance lias a4venan�:ed anc� a�reed t�i:tl�; tiae hoisiersb� the Honds
of th9.s is�ue �� i`3.x aY�cl es�(;ab3ish and nxa3.n'�a� n such rates ai�d colleet such �'Q�ss
r�nta3.s o� other chaz�,e:s �n� �he $erv3ces and fac�.1:�:Li:ee ox saici Pax�i.r� Sys��sn,
incluciing bo�h oi'f-si�ree� p�rking Yac3l�l�ies :snd on-st�eet p�rking :��c�13�ies, anct �o
rev3se �h� st�me xrom �3.m� te� �iute val�e��vex• nece�saz�y, as wSll :always p�o��.de -reveziues
suf#'3cient to I�aY, t3nc2 ou� ca� aa�.r� revenues s�ha�]. pay, as the sanu� sha11 beec�me ciue,
the pr�.ncipa,3. of asad 3nt;eres� on iche �ondFs aP �h3.s issue, a11 r�serve or a�nkir� x'lmcla
o� other'p�yments p�ovided for :Lra said 4�;nanc�, �he necessary �;ipenses o� apet�a�3�,r
ar�d ma3.n#;a3n� sa3.d Parking �S�rsi��rd, and a�1 other oblig��3ona payab],e aut of the
�ev�enue�! Qf sa3.d Parlr3.�g S�s�eiva and tha.t aitch rates, fees, ��enfi.als ox° a�he� eharges
sla.a7.� nat be reduced so a� �o b� insuPF3c�.�n'� to proFride rev�nue3 Por �uchi pua'poses.,
and sa�.ri Ci�y i�►s enL-ered 3n�o aerta3n .�1,�1;her covenants with the nolc3ers of �he Bonds
o�' tlx�.� �.ssus �or the terms ai' whieh re�'erence 3� made to said ort'i�.nanee,
� ,.���;
-5-
Tt 3.� hereby e��ii'3:ed snd r�citecl tha;,t. za1�, acta, aond3;tiona snci thtngs �aqui�eci
ta �ris�,,, ta h�tp�en and to be per�armed p�eae�3era� �o and in the �.�suax�cse o£' thi.a �oa�d,
exi��x have happen�d �nd hav� t�een pez•farm.ed 3n regul�r and du4 fca�sn 3nd t3.me a�
req,uire�-t�y th� TT�arrs and Cong!��tu�t�.�n o� t�e S�a�ce �� F].or3.da. ;app�cable �hexeto,, �;nd
ti�.� tixe �ssuanc� af thi.s Bon�, �nc� pf th� iss�te af B4nds o% t�i3.�ch �l:ti� Bond 3:s one, is
�.n S'uL1 �ompliance ti�i.th a�.7. con��.tuti�nal, statu�oxy or chai=�er 13.m��;a�tions o� pr�vi�ions.
3uc� �$ Bond, �x8 tYte coupon$ apgertain3.n�r here�o, 3s, and :S�as a11 �he quali�t:l.es and
�n�s o�, � n�ot:€a�1c� ir��a�am:�n� undes� th� 1�.�+r m�rchant �nd th� Negb�3ab3e
Txtstruments Z�w �� �he :$�ate ai' F"lar�.eia, and �he nr3.g3.na�1 hoZde� and eaCh euccessive
k�alde� of �his Eand,�, c�r oP 9she ooupo�as agaper�ain�g hereta,, �ha17. 'ba eonaluaively de�ned
. by h3s aec�p�an�e hereo� to hav� ag�eeti tiia� �;h�.s Bond axad �he coupans appert�i'nirr�
kte�°��o sh��.1 1aa and hS�e �17. the q�3tie� and. 3nci�%n�� of ra�atisUle 3nstrrarnenta
unc�er 'hdie law merr.l�sn� anc2 the Negc�tiable In�t�tu2sxa:ts T�aw o.� �.he -3ta�e oP F"loricia. '1'he
oa�3,gizzal holde� anc� �seh arcccessive ho3xiez• ca.� �his B�ncl, and o�' �la� c�aupons �pp�riainin�
hereto shr�11 be -�oncl.u�.ve:�y dee:neoi to ha�re �rc.ed and eon�ente3 'ta $he �'cslloi+tl.ait,r �a�mg
arzd eandi�i.on$:
�a) Title to this 8and,. ura7.��s �e�iat�red as laere�n p�cavided, snd to the annexed
ir�teres� coupons, may b� i�raesfsrx�ed by de3�vezy �.n the manne�r provitl�d for negot3able
�..*3st�tent� ps�a,b% to b��trer 3n �i2e 1�RT mprci2at2'� �and 3n the Negot3:able Tns�G�°um�nts
Lat� o�' �ixe Sta�� �f Fl�rir�.:
{bj Ar�r Per�en 3;n possessiozi, of this Ba,�s�a uni�ss reg3�tered as herein provided,
o� oP the 3as�er�s-�. �oizg�8 I:ewelLTfi�Q �.pger�a3n�ng,, regard7.e�s o�' t�e m9stner i:n irl�.i.ch he
�haa:l have act�.red pcss�ss�axz, is: iaereby au�hor^3.zed to s�preg�n� h3msel� as th�
abs�lu�e o��ea� �Z��eaw, anc3. 3.s herehy gran�ed poi�rez.• �o t��'e� ahsQlsz�e �it1e her�to
b� ,���iver�,� hex•eo� ta a l�oz� fic�e p'�eYa�ser, thrz� i�, �a any ohe t�tiaa sha11 pu�chas�
i;he sa�e for va,�.ue (prespn� or �:n�eced��t�) Ur7.thau�: notie� a� pxl.oxr defensea ,or equit3ea
a� .c�.ai�cs oa^ oYaner�.g er�vrce�ble �gaizzsi� h3.s �ran:sPerrar; every �ria� �akEr or ot:ner
a� tllia Bcsnd, unl��s �e�;:t��reti �s .i2�re�i2 p�ovideci, anc� o� �he ann�Xed interes� cougsons,
wa3ve. �n� s�noura�s. az �. of' h3,s equ�.�3�s and ri�Yr�s herein 1.n .�avox• o£ e�ezy such bona
�'�d� purchasez� and eYery stach i�ona ��:e pu�cY�tt�er sha11 a.equire �:iasolute title here�o
�x!d u4 all s3ghtg .re:pz�eser_�e�. herebys �rid
Se) fii�e Ci#y o� �.earuratea►,� �`Zoi=�c?�, zr.ay trea� #:ha bear�� �f° t2si.s �ond, �i7.e�s
�e�s�e�ed as iteregis prav�.ded, o� o� �Iae inter��t eoupons hereuz�o; �PPe_�ain�.r.g,: a;s
�he a}asoZu4e o�r�ner her��,�f �o� a'_►1 Puxp���s ��chou��, be3r;� a�i'ee�ed by an4y notiee tn
tYie contrar�,
*i'his �end t�ay b� �e�:��e�ect as ta prine3ga3. on3�, or as �o bcs�h p?�.uc3.pai and
�tex�esvs in accord2s�ce t�th tkze provisions er.dorsed hereon,
�N �1?'��S Tv�f3F, sa�c3. C�iCy of �lea�wat�r; FZo�idar has 9.ssueri �his Bo�d �rcd has
c�uaed �I�e s�ane �v bs execu�ed by the sr,asxxual ar �aes3m:i.le s�����c+,�s of itr� City Cle�k
aa�d C3.ty i��ger and �ot�xzterss.gnec� b� the �an.va7:. or �'�cs:Lm3.Ie s5.$na�:u..�^� .cs,f itm: N��ayor-
Com�3.ssiQner, ancl a.pproved ��s �a �orm anci ooxba.�ec�nestt by �hs Gity A�torn�y b� h3:�
rn��a�a1 ar %acs3m:tle s3gz'+.ature a.nc1 .i�s co�nora��e �ea7. or a P&csim3.2e ickr�reoi' �c� �e
a.�Pi�ed �.�i�zta� Q� �.mp�-2n�ed hereon and has cauaed the 3:ni ere� coupon� he�e�a a�tacYaed
�o be exe�ui�e@ srl��. ihe �ac�3.Yn�.le sign��ures of said C3.ty �2erk, �1:�y T��ge� a�
P��yo�: �o�m3.ssian�x aJ:1 as of �he first dav oi Se�te�ex�, 1.�59,:
tt'l�l'�ST:
:ty C @i'
�gpx+ove3 as t:o �orsn 2xrd cnrrectness:
�r:zey
�Y OF GLERR.TiTAfiER, F:GO1fiIDl�
Y �e�'
v �'O� S3 SS OX2Pk?
I�To, F03iRY OF COtyPON' w
On '�he Pi:�si: 'd�a.� oP , 1� , the Ci�y oP Glearwat�r, %'].ori�ia,. :w�11 pay to
the bearer, a� i:he prin�ips.1 aP�ice vP Tf�e �h.a�.c Manhe,ttan &��' Ai�S1i Y03'1{ �ity, Pdev�
York, in Iawfii� �n�y a�' ti2e gnited Sta�es p� A�►�rica, �rom �he revenetes dascribed. �.n
the �onct ta �thicli �2zi� caupou i� a��acne�, the sum o,� dal.lars (� )
u�,o� presen;a�ion and surrezider aP �3a3.s c�upan, beii�g �9.� mon�ha iilte�r�st tk�en due on
i�s rrnin�c�.pal Pax�l�.x.�. Revenus Bond;, da.�ed Se�t�er 1, 195��
��ST :
er
Approv�d: �;.s �o �or� �n.d Gorrec.tness;
GITY Oi� CiREARU►A2'ER, FT�i3R:LI.7A
.. . ger
�r- o �s oner
` 4� A �tarney
{fio appea,r only on �cupon� an ca.11abl� B�nd.s '�un:Less �he BUY3C� 'G4 W�1."LCYt 'Gill.�i.� �Qt7.
a�tached �ha11 Yx��;e been du7.y c�11ec3 Por px��r z�edem �;Can anc� a Aon is
prnvided for.") p P Y�ent iher��o� d�.y
\
r? r�
����
��
FORM OT` VALIAATTA`rJ CIIii'IFICATE
fih3s Bond is one og a series o� Bands TrrY�,�.ch w�re validated and: co�f3rmed by decree
�P the Cireuit Cour� oP the Si�ttli Ju�3.cia1 Giraui � oP �'lorida, in a21d �o� P�nellaa
CountY, rendered on the day oP ,. 1959.
A"1*i'EST •
y er �
Approved a3 to form a,nc3 Correctness:
y A orney
GITY OF` CL??ARk►A.T�Ei;. FI,�RSi}R
yna�er ...r
yor-�o ss aner
PAaVTSION F4R RE�ZIS'1`R.A'i'Tt3N
Tl�.is Bon3 usa,� 'be; re�3.s�e�eci in the n�,me of' �he 12older on tY:e '�ooks to be kep� by
the City Treas�er a� iie�istrar, or such oiher.Rcgistrar as may hereafter be du7.p
appoin`��d, as to principal only, a�:eh re�3..s.tration being noted hercan b� such Re�3.�trar
in the reg:istration b7.a�lc belo�:, �Fter i�hicr no tx�ans��r shaZl b� valid unless �,dE an
saicl 'books hy the re��,�tered holder. or a:�toruey� duly authorized and sib3.larly not�d in
1;lae registra�3c�n b].ank bels�c�, bu� �.� ma.y be tLscharged �s�om �egisL-ra�ion by being
tx=ar±�fMrred to fi�ea,r�r�,, afteM r:hich ? t sM.a17. be transferable by delive�r, bu� �� may be
aga3.iz re�3st�re�3 a� before. 'i'he �egi�txa�ion o�' thi� Bond as i�o prinei�al sh�31 nat
res�raii� 'i.'he n��otiab�li'c� o�' the coupona by delivezy merely, bat the cc�upnns m�� be.
surrersdered ar_d th,e �? n�eres� made payab7 e only to t12e registered halder, in :vahich ev�n�
i;he I�e�iatr�r sha.11 notie 3.r_ the regi��r-atzoxz blank �elosv that �4YlSS i0"L1C1 �s registered
as to ini;ere:��: as ti�reZl as- rr� r_cipa? , ar_d therea�er the in�erest �ili be remi�ed by
m�,i]. 3r_ I�Tew Xork exchange to th� registered h�lder. tii�h the cons�nt, o� 1;he hald�r and
of �h� Ci�ty of G�:ea..�,ra.ter, �his Band, wher* co�verted: in�o a Band. registe�ed as ta bai�h
�arinc��a1 anr7 int�res�, may he �econver�ed into a cotzpan �3and and again cane�rted into
a Bond re�3sterea a�s to both princigal ane ir_terest as Ytere3zaabo;Te provideci. Upon
recr�r�version of th..is. Eor_d, *��en re;is�ered. as to prine3paT. ar_a interest �n�o a�oupon
3dnd, couparzs re��e�e�:t3r.g the 3n'ceres� 'co acert?� up�n t�a� Bor_� to da,te o� matv.ri �y
sha11 be attached her�to bg the 'ti33:e�istrar and '�re Fiegi���=a,_r �Y+�1.3. note in tk�e registra-
t:Lan 3�3anlf below t,¢12e�Y:er �he �ond. 3.s registered. as ta prine�p�1 .on3� nr p�.ya,h�.e to
Y,ear�r .
DA�t'E t)F IN �F30S� NAX� NlArTI�I�R OF SZCrNATT7RE Q�' -
fiEGTS`.PRl��ION RE�ISTE�D IiF�ZSTRAfi_TOI��' FiE�T�TRAR
tU1A1V'J� d��
��nra�s Arm �gzzcA�zorz ��o�
3ROI BOi�TDS IdOT T� BE �NDEBT�D�S �F` TAE ��'Y 0�' CLEARWA�ER. 1�Ieither the Bands
no� coupons �ha11 be c�r constitute an j.n�ebt�dness oF the Gity of Clear�ater, but shall
be payable :solely from the �evenues of the Par3�.rs� Sys�em, i.nciudirig ba�h af�-street
pardrir� �'�c3� ities as�d on-�treet �Sarking faeil3.ti.es, r�s herein unost�.ded. Ho rolder or
ho�.cl2ru o:f aay Honds is�ued hereunder= or of a�y ec�.apon a�apsrtain3.ng the�eto, shali
evea^ nave the right tp comgel the axerc:l�e vF the ad valorem �a.xing powes� of the Qi�y,
�r t�.a�3.on in �131�* f'o7C'm o.i 1t1y real grapzrty therein 'co pay sa:�;d Bcnds or �he :lntere��
th.ereon.
3.02. BONl3S �FsCiFIi.LF) BY PI�EDGE di� IiEVENIIES. T�e gaymen� oP tlze d�b� serv3�� of
aIl of th� :�onds issued Ia.ex�euricler sYiaTZ be .sect�ed iorth�rl,th equal:iy a;r�d xatablg hy a
. lien an the net r�venues dex�iued fxom sa3d Park3r� Sys�m, 3nc1ud3,�; both oiP-st�eet
�ar:�ing faci33�'�.es and o:x-street parking �ac�l3.tiEs. �h:e net r�venues derived fram
the P�iting ,.4'ys�em, �nciud3ng bo�h off-atrest parking �acilities and an-stre�t
paak3.ng i'aciiitiea, �:n an ainoun� sufxi�i�ia� �a p�y the pr�`.no3.pa1 oP .and �nterest on
the Honas herein au�hor3.zed, and �Co :make the payr,tents into the r�sez�r� and s3nkin:g
�unds �rzd all o�4�ex� pa,ym�nts provid�d i'or �.n thls orc�3��ance, a�z hereby irrevoca�lg
nledged to t�� p�,�ment ofl �ne pr3ncipt�l of and interes'c on the Bcsrsas hz��n auih.o�izer�
as t:2� s�tme becr�m� aue,.
3.03« APPL�CA�iiO�t i�F AOND PROCF�DS, A1Z maneys rece3vec2 �rom th� sale of any or
a7,1. oi' the Bonds a�ig3rsally �utharized ana ��suea p�s,z�t to this ordinanee (exeeg�
accrized. �.r.�e��a�, �rh3.ch shal.]. iae depo�iteci in �kx� S3nkiag �nd} shal.l be deposi�ec� by
th.e Ci�Gy of Cl�art�;a;i�e� in a bank o� trust comP�Y, as Trust�e, ir_ a trus� �und, to be
��vm �s the ,�Constructiora �ust Fund", which is hex�eby created. �e City arad said
'bank or trus� com,pany sh�11 en�cer into a Constx�tzet3on 7.*r�.s� Fun3 :Agreement' concerning,
fche app],.:Lc�tion c�f :said fund., said agr�em�nt �o be 3:n a�ozYm to bQ her�ter determin�si
by reaoluti�n. Said ���eement shal� p�ovide, amang other thi�s, �l�a�i. no e�penrlitures.
s�a11 '�e mad� #'rom sa�.d Conatx�uct3:on �ru�� 'Funci� exce,p� fbr engineeri� and 1ega1.
oxpense�, and ex�enses in conneetion with �he issuance anci sa1� aP said Bonda, unle�s
r
,��
auch experadi�es sYaa31 be fir�� �p�rowed "i�y �he C3�;y Mana.�e�, �n� ivher� the purcha;se
of �1 property is involvecir �FP7�oval U�r �he City �ttorney 3.n the �orm of a 1�,gaZ
ag3n�an �o the ef��c� �haz �he C3�ty either laas c�bt�,3ned or i�3.11 abta�.n, s3mul�an�ou��.y
�r.l.�Fi payment fo� such �e�7. proper�, a�aoa a��a ,u��z�ta��.e ��,�aa �p said a��a7. pxo�ert.y..
T� �o� an� reasor� su�:i� proce�r3s, or atLY P�''� '�12ea}e��, are uo� ii�c�ss�ry �or, or r�re
na�G a�pl3ed �a� sucii puxpose�, then sue'r► unapp'l:ted p�oceeds sh�1.:1 bc: dego�itec� by tYse
Gity ;Ln the Reserve A�aoun� lx� the S3nk�� �d to be esi:�b�i�hr:d purs�aatz�,t to this
�z•dinance, and si�,il, i�� used only �s prov:Lded �her�.n fc�� s�id Resez*°v� AeQowat. A�.1.
mutsh p�ceeds sha13, be �nd ctanatitute ��ru�� �uYad �o� such ;a��nses' ax�d, there 3.s
hereby creta�ed a. li�'� 'eipon suah moneys,,: utat3,l sa ap�],3.ed, in. �tavo� b� the ha�ders o�
�he Ban�s, 5uch p�oceeds ma�*s penc33.ng tlie�� use �or tlse PurXzose� p�av3ded �.n thia
ardi.nanc�, be �ea�orar�3y 3xivested �.n cl:i�ac'c ob11.�a'�ions of �he Uhited �ta�es o�
Amer��ca matvr3ng no� la�ez� than tSve3:ve mon�hs af�:er the dai•.e of �he ptixrchas�� t�Yze��of.
3.0�#,. GOiFENl�� Q�' �HE GZT'Y, �a Zang as az�;y of' �h� prineipal o� or �:n�erea�
oii � oP tlze Bands s�].1 be au�s�ndi,ng, anc'i unpa3.d;,: or un�i1 �hei^e ahall have 'been
s�� n.par� in the �.nkir� �'und ;ind Re�e�e Acc�aun� li�x�e3n es'taL1is12ed a sum suffieier��
�4 �Ya wlzen due, t12e en�3:re pritte3pal of �h� T3oizds rem,�inir,g unpr�,Ic3, to�ethe� �rl�h.
3as��rest:; accrtted and ta aecr�ue L-hereon, �ne City cpvsnants �rrlth the halder� of any
a,ncZ a1� o� the �nnci� issued pursuan� tco ti3is ordinan�e as fa1.].at+rs:
(t�) RATE�.. itia� tYa� C3:� tit3].1 fi�;.�, �si;1L^1.''i.s't�. and ntairi�a:i�z 3uch rates and: col7.ect
such iees, ren�a3s om o�:ne,r ei�arges ta� i:i�e s�rw�.ces a,r�.d fac313t3es o� i�s Pa�lting
Systeru, 3.xLc3.uc�3.ng boLh of�--$i:ree� parl�in�g i'aci3.�t3.es and on�street parkir� fac�.I3,ties,
�nd_revise same i`rc>xa �9�x�e to time trhenev�r ��cessary, �s �r1.11 a1s��s pro�de r�cenues
su�i'_ciers� ta �:aY, �n thz manaxer specified in Sect�Qn 3.06. h�reoa, ar�d bu7: of �.a� d
r�venues shal7: pay, as Lhe.same sha7�3. becama @u�, �he nrincipal n�' a�d interes� on said
Bonns, in ad.d3�ion �o pay�.r�gs: a� �h� :sant� sh�31, beco�e tiue:, the necessary expex�se� o�
eperatir� and z�a3nicalnin� such Parl;.�.ng S�ste��t, all reserve or :�inising fun�. er c,i:her
F��n'..�,�s� provid�cl ior i� this: vrdin,anee, and �31 other ob].ig�t3.ons a�ad. �.ndeT�t�c�r!e��
P�at�le .ou� ax"` t:�e x��renu�s o�' suciz Park3.� 'Sy-siewg and tF�at su�: xate�, fees,. xen�a7.s
�r aicher ch�rge� s2zal;l nat be re�uced sa as �a be insuf'ficient tro grovide adeQua-��
�e�enu4s for saeh purpa�e�.
(Bj PAF.RI�� SX�TE.'�: 3�"tTSt�7G� �UND. Tha-f: th.� en-t3re gro�s revenues derlued f'x�om
��Se flp�a�ibn o� sai3 Fas��� 5yst�, 12icludir�g bath o�'�'-���ee�� �arkirsg fa.cil��ies and
r�-r_-etre�� �aar:t�.r� �'ac31�,�,iEs, shall b4 de�osited �.n �:pec3.�. iund 3:n a_ 'ban1� 4r '�rRa.��;
ee.�ae�a;::�.�' 3rx the S��t�e raf �`lar3da. �v�3.��. is �13gJ.�1� under the �:ia,te :la�rr� ta recei�'�
e?�i�si�s o� s��te �nd �n�ull.cipa]. fLn�s, sn��ch �unet i� nerebsT desi�xia;ted as f:he "�arkin�
;S�s�enz Restenne ,.�'uzid" � Sai.-�. �ar:tiz� S��4en[ c'ic-�cenue Fund 3ha13. �on.s�Gi�ute tt tru::3�: ��,tt�c7.
�'�r ��.e �=.�s�o�� �rcvidsd iiz ��.:i:s crd3n�2�e and sha11 bE kepc se�=�,rate �d d3.s�3:�.ci;:
�nov: 311 ot!2Yr s"i::�rls �r �he Gi�y a.~�d us�c3. on1�r �or �he purpor�e� and :I.�e ��Iae manner
�ro�i3.3.e� ira Sec�-'E...''.a�i �.,£�5..
3.(3�. OF��.'I:OI+i ;4NA iiAIN�'EDfA1�ICE. TYtat i� sa3.�]. sna,3n�a'lr�: 9.x� gvac� contrition sa3d
��rl�i.ng �,�s�sm, .and a11 parts the�e�f? ,and rrrllZ oper�.�s the sa�te irt �n ef�ie3.ent and
scor..�uti�al manner, r,�1�3.rxg sk:.h exgexi��ure�s �ar ����mEnt: ��a �or re�ew��:, �e�a�.� ana
reaZacement �� ma„� 'be .proper ,far �he eennoni3cal. apera�i�n anci :�nai��ter_ance tn.ereo� �om.
��ie garking, Sy�eia Revenue �'und..
3. �16. DIS3'OSITIOI� OF FtEL�EPIIIFS. �aat �17. r�� enuea a� �,ny tini� �emaining an depo�it
J n th� ��?�.n� Sys�em Revenue F�nd ahall be �3;spnsed. of on�.� �? z� t�.e ta'� l�tring mazirzer
anr�. gz�c�er af u�rity:
A. �eve�aue� sh3ll f3rst he useu �ar the pa�nnent oi' o�ez�zi:�ixs� e�pensss, aa
r3ef3.�zect 3.� ��c4�9.an 3..03 { jj he�eo�',.
B.. From �he �nane�s rera�,3ning 3n �he Parl�ng .Sys�em Revenue Ft�nd the Gity si�2l
31ex#;, ±�o�: 1a.te.r �'�a.n '�he Pirs� ci3.y af ea;ch �onth, appori�? on an� se1-, ,�ga�r� out of tae
Fa��� .i�stem Revenue �'und. and deposi9;: i�,-ch a bank or �rust campany 3n � specia;]: Puxicl
�Q ge known as tne "�ink:i,n� Fund", :�hiert is he�reby Greated, �ueh sums as w3I1 be
�uPiicien�. to pa,y one-�inth o#' a3.3. i:he in�er�st maturing on tk:e Bonds on, �he xfex�
�ter�s'� pay�er_�t. date �nd beginnir� t�.�?� Se�te�nb�r �., 1961, o�e-t�Tel��h a� all ��ze
�3z�.civa3 ��uring an the B4nds on the r.ex� grincipgl :rna�uri�S* date; �raYir�e.d, b.oesre�ter,
�na� �ic�rs.�ys �rom �he proceefls o�' �he 73onds a�u4�horized herein rna�y be used,. if necess�xey,
Po:� �;h� inLerpst l��camin; due on t3�e Bon�is pr3,or to, dur�.ng �,nd: �or six mcan�hs af'�e�
vhe contnl.e��an of' �he canatruc�ion a�' �he of£-�tree� �arkir.g �'ac�lit�es a��horizzcl by
i'its orc�.nance.
Th.� C�.iy sha12 a1�o frpr.s the Pa..xi r� �ys�er� Rsvenu� �unr7, de�osi� w�..ti�, said ia�r'k
oM $�usi`, C4mp�ny 3�1 � I4.ess3'v;� r?C.COUss� in sc�Ci S`1.Y11t:1 Fittld oxi i;i3(� f3.1'St +3�2y Of e�cYi
��th, '�e�inning *ir3,th. Sep��m�aer 1, 195�s the ��am of�85Ci,.QO. N`a ���her pa er�t� shaZ�.
be :reau3�red ico be ma�ie a�tto s�.d. Resersre Ac��v.�t t�aen �her� s1�.aL1 have beezi depasi�ed
therei?�, and rso lan� ar, ��aers �I�11 rem�i?z o�: de�os:�t �h���in, �n amoun� equal �o
125� o�' '�he 7.arges� ���egat� a�ount z�a::tck� c�rll�. be �ec�u�.red �'or th� pa���nt o�'
mavurin� prineipal c� �nd 3.ni:Lr•est on �re Iion�s ��z�hor3.zec1. h��eii� �:r� a.ny sueceeci�:ilg
�iur.a.1 �sar.
�ion��rs �.n. �he Reserve Acee�zn� shala. be u:secl on7.y i'or thz pur,�ose oi` tae pa;ymen��
o� �a.�ur3.r� ,�ri.~zcipa�I a� or 3nteres� on �he Bon�s when. t�2e o�her mane3/s in the S�.nl�ing
F�d ara insuf'ficiex:t tla.ere�'oz�, ar_d £c� �.o othsr �urpose.
� ur2�bslx°a�r�.7:s £rom �He Re�ez*tre Accoun.t sha.11 be subsequent�.y �est�red i"r=om '�he
,f�.r�� r�ventt�s av�]..a�1,� aP�er all: re�,v.ir�el ,�a,�nnents i`or �he 'Sini�Lng �'und and Rcs�r�e
Aecaun�, ine3:�,d9.n� . 2.n� de�'ieienc3es iar priar �ayxa.cnts,: Yiave been ma,d� in i'u.11.
Th� C2ty skk�ll nnt be re�uired �o m�lce any fur'�her ,�aymen� in�o.: s�.�.cl Sinls�.ng �'�and
or. 3:ntc �t}�e �ieaerve 1�ce�unt 3:n $a1.d S:Lnki�;�,�; Fv.ncl �rh�n tt�� a�3�rrc-ga:te amoun'L` o� Punds in
bath. �t�1� S2nt�S.r� �d. and said Reserve �.nd �re at lea.s� ��,tiul to the �.�greg�,�i;e
,g�����.1 aanoun,� of B�a�c�s i�wv.e�3 pv��uant ta t�:t.� ox3inanee thEn ou�;sianc'tix�;, plus
th� �m,�zu�it oi ir�er�st due �r therea�'��� '�-,a becoz�ze �ue an sa.9.ci Bond� �h�n ou'�atand3:z)g.
�'.. TlasreaP�e� �egenue� shal7. b� usec2 �o es�a'�l,lsh ana se� up � Ranewal and
i'fegla�e�en�E :F`und to b� mairtta.inec3 in ti�e same bt�nk or t�°tist epmpany 1.r� z�h�.ch �Y�e
�'a�3rig Sys.tem kieue�tu� �'ui?d i�3 m�l,int3�.ne�, �n,d the City gh.a.21 pa�r in�o sa3d fund:
iraan �he �ar1�7,ng 3yste�, ��venue �urr�i ar� �Yz� f'�ra� d�.�r oP ea�li mon,th beg3nr�5.ng �wei�e
�aori�N.,�: after �he complet2on: ci� sai�. oP�-���est park3:n� �acillti�s �n amaun� equ�7. to
F�Fe per centum og �he �ros5 reventaes �,e�ually ��ce�uefi from ti�e ogerat�an oP' �aid
1"arki.ng Syatem �3�tring the .preceding montn. Na �urthex� deposi�s sha�:1 he requ:L�ec� to be.
_8� �°�
�de�in'�o sa,�.d R�newal ancl Rer�ia.c�ment Funcl sthQrz �he�e ahall kzave been de rrsi.te�
� 3.n ar�d .�o i.or:�,r �,s �he�� sha7.1 rr�a,ix�: an cl�posit thez�ein tixe �vat o� �2g,40Gt. �he
:i"undt� in sualx Renevra3, Euic9 iie�la�Pm�n,t Fusict .sha7;� be ur.�eci �rr7.�r �"ork �che purpose a�' i�Y��
�ht� casf; o� oact�ns�.��s� �.irt,�r�v�xaan��. or a.d��c5 ont� �o,, ar th� r�r�la�eeit�nt o� r.api�ai
�sre�� a� �aid Pari�%n�; Sy��em ar any part �rfex�a�; prov�lc3ed, laowerre�, �hat u�aon �he
c��iif`3.aatian aP the Cor�sttlt3:ia�; 3�g3;n,ee?� tha� iunds 3::n �,a.ri R�nesaa,l �nd i�ep3:aeem�nt
�'etxid ax+� nov n�eded Por such pu�poaes, such e�ce�s �ix�:ds :ma.y be ua�d .£or tne purcYu��e
ai' Boncls oP the last ma,�uri��es �Y�en outsfisand�f.� wlzich. �.re availab3.e a� no� exceedin;�,
'I;kx� than marke� t�a7.ue og -t�aid Bandr� or flor �Yse priori redemgt3.n;� oP la�t m�tuat�ix�g ca112►b1e
�onds �.
1'�a �f on. �ny� �ayment :daice tkz� r�v�.ues c�f a�:Lca �arkir�g �ystem a�� insuf�icient
�o plac� tihe xec�,uix�od amauszt :l,n any o£ �.he �`uns�s as lzereinbefore pr��ided, �I�e dePicieney
shall be macicup in �he subseqza�nt payments 1.-ri acLd3.'�ios� ta �he paym�n�s whicIa �ottl.st
n�hai�t•rige b� x�eq�.irr�d �o b� marl.� 3nio �he i'unds Qn tlz� subsec�v:ent l�a�snent da�t�s.
E� shereai"�e_r, th� 'b�,;lanee of an,y ����rx�aes x�cma:Lr3.ng a�t�r �1Z ot�ser �equired
}�t�;yme�.�s �.�to the �une2� p�o�r;ided abov� haue b�e� made, may be used. by �h�e C4ty ia� �
m�tzlnex pz9ovided by Z�w; ��a�z3d.ed, havrev�r, tl.�a'� n:o�x� of sa;�:c� �evcmues shali e-
used for �,n other vec� }se
y pu�oses o.thex than �he purpase� he�iri,beitsre �pecifiecl unles� a17.
oi' the curren� pagmen�� �,x�avided far above :in�luciing az�y cle�i3e3�ne�.e� to� :prior
pa�rrmen�� have beez� vr.�de �n ful1. and unlestt th� Ci�y sha71 have eorr�2led i'u7.].�r t�.T�h aIl
�Iz� couen�n�s a�.d prov�.sions of this ord�.nanc�.
F, �ixe S3r�l�.ng �hu-id, anc:. �h� R��E�ue Aceount �herein, th� p��<in� Syste�a
�ievenue �'und, �he Rexeet�a,1 an� Tten2ac�ment I�unds ancl a�.�, ath� special gtands se�, up and
crea�ec� :c�y ti�.s ord�.�iane� sh�11 conmt3tu�e -i,ru�L- i'�ind.s �b� ���� �urgos� pravidecl �er�in
i'�� ezzzc;h �une7:s.� A�l �� �uch funds shaZ3. �Se etsnt3:nuousZy s�c�x+ec� in i�he 3auie m��n�r as
sta�:e an.d ;�nuni.c�:pa� de�ao•�t� oi' .P�nds gr� �+ec�ul�red tic, be seeurccl �y �he 1at,rs a�" �he _
�ta�e of F1or3.dEt ,
�.'he mon�ys in �he S:Txz:�r,g Funci maq Le :Lxzves�ed u�an cii.ree�ion tif LYi.e G;�t;� ���as�r
of �;he C:i.-�y, in cii.r.ect ob13�a�io?2s o� �h2 �3`Si�.t.ed �;at�s ��'' "�ne�3.ca �a�h.ich matui�e no�c
3.a'��r �han 3iftee�, t�a.y� p�3v� to th� n�xtc Nueceeciin.g �r�t�rest pa�n�nt ci��e�.. 'Z'h� n:ci�r.eys
ir�: tite �eserve Account �*x �hE �in�in� 2+`r.�-�ci a1acT in the Ren�i,r�.], anc3 $e�12t�e�nent �d
may' b� 'snve���d�u.;�on d3.rect9.on oP sa3d CZty fireasur�x�, 3.n ci:iriecu ab7:i�;a,'h.�.ons o�' the
.3r.:i�ed States oi Am�r�.ca: tvhi.ch mature i�at 3a��r �h;�n ox�e Jear a�4er �h� mai�.Tl�', oi
r�uc}i �n��s�n¢ents.
ARTzcLE i�
ADD1fiIANAI, GOV�NTS 0�' '�'Ff� CITY
�.;fll. ��;LE 0�` �'HE PAIiIi'�N� SXS�EM. 2'ha'� �he Parkirz� ��sHe�s sn� Y be solc� �o
?�as�rl, or other�r�.se diu�osed of or�y a�: a�.�a1e or sul;u�ar��.�;� ; 3 , rtgsged,.
:L.f �iie ��t _�y �,s a ;rho2e, a�ncl cn]:y
groeeeas t.o �ie x�ea? �? zed sYr�,l1 "f��s ;su�f'�.ci�nt fu11y �� ret3r� �Lz ai' t�,e
�dni�s issuea pursuant �co �h3,s ordinance and al.l l:nter�a't th�reoi� $o �hai.r r�agec�l.ve
da�e� vf ma�uritg, Tk�e p�oee�ds from �ucY±, s.a1e, mo�tga�e, �.ea�a� a� Q�i�er� d3.��asi'�3.or�,
c� 'L'n� Pax�3c2n� S�*stem s�a,ll ii�vne�.a��3,s� be d�positeci i� th� S1Y]._��in� �d and shall �,e
u�::1 �n�� �or xhe pur�pose o�' naYing tha pr3za�3pa]. o� anc? interieSt a� 'th� �snd� i,ssaxect
pLdrsuant to tYr3s ordinance as th� s�me si�all 'become due_
�'he �'o�ego3.pg prov3�� a� na�wi�Ytstanding, �he City ahal�. i2ave �.nd hereb;� rese��ve�
the a�'I.gh� �o se�.l, lease .o� otherzv�.se d�spo�e o� an,y o� t3ae pruger�� �omprising; a�ad�
a� '�h� Par'��: ��,*,am: he�ea��sr de�exsn3:ned 3.n the sn�;�ner p�av� ded he�ei� to he na
�.o�ger iieces�ary, uas�utl c�r pro£itao3e �2 �he operat�.an thereo�� Pz�or to �r�y. suen
saSe leas� ar otiz�r c�.�s�os:t��.on oi` saia prap�rty, i�' th� araot�.n� to be r�ceived
the��ar is not in e�c�ess ai' t�n �housand �.ol].ax�s (�1C3,QO{3}, t�l�e �err���^�7. �r�;er or
�r�:�r du1�y �uthox°i��d a�.Fie�r ira ah2rge a� �rzeh Parki��sg Systezn �r.,�13. zna�s� :� i'indf:r� ��
� t xa�n.mtzt3��g �I�at sueh ��ag,e��* can.m.r�Zs� a�2r�C o£ s�;s� Par_�3n� Sg�t�m is nc
�.onger neeessarv, �se�u:i aa �raFitable in the ���rt:tior� �rt�reQ�, �nd stach �roeeeds:
sf�1�. �e aeposi�ea 3.n the Rene�al alui Rep�a�ement �uazd an�. t�sacl unZ�T �"v j�$'OSf:I.fI�C� kl�'�'.P.�:31
�or such �un�. 2� tiie amouzl� to be ��ce�:v�ed �'rom suciz sale, Ie�se o� atk�e� cLspos3:i:3on
o�' �aid prape�ty skial]. bc� �.n eacess af tea�. �i2ou�nd c�.al7.ar� (410,.QQ0} b�t na� � e�cces�3.
a�` �'i��y thousand �o21ar� (��O,OOQ), -�h� ��ner�. m�r�a��n ar ��..��r d�.�� au�no�+��ci
Q:�t"iccr in ck;a�ge ai' s�,e12 ��rl�ng �r�4� s'za1�. �s� m�..ke a�indin� zn �ri,�ing, wh3�h
sh��l 'be ��p���ec1 }ay t31� ��ri�ult�ng L7ag3ssrer, �atar1II1i33n�,T t�a'� �s.se3� ;p�oper�y comv�is:�ng
� part o�' sucla, Parlc3.i�; S;�rstatn is no Ionge�.� neLessary, �i�e�ia3_ ori
prc��i'�al�l� 3.n th .e
o���.ticn thex�4�a"_ and the �;ov-crn:LT_s� bcc't�* o� sa.xd t�"itvr �ia�1.Z, by resc��ut3an du"sy
�,r3a�i:cd,, apnrrorre ana conetz� 1.n ;2z� a1,i�d:ti� of �.�:e general �?a�2z� 4� atl�e?} �,zl�
authQrszed of'Pi�er, and dui,ho�ize wuelz �.�1e, iea�e �i� Q��e: ct�cpc��'�3on o�' sa3.�i. prope�y.
T.he prcteeecis c�er:�v�t3 :���a �,:s� ,�,uch sa.<Lc, 1,:.�se ar a�h�r �.i.��osztia�z o� sa1.d prop�r�y,
��izi e.sees� o�' ten �hoaa�nci �Io17.�rs ($7.JsOG�j �.n�: �ot 3.n �.Y�e;�s 4� f:�.� �� ti�o�asa�d c�o�iar�
(�5�9�Q�� sha11 S�� p].aa�d :.in thc �inl��, F'car•� prcauidesi �`or in �1�.3:� �rrd:i�an::e, a3ac� sia�1�
be u�ed artZ,� �'�� tYc� purehas� o� Box�i.s o� tYae 3.��i �t?:trit3.�� �Y1en pu�stan�r� a� a�o�
rnvre �iian �he �hen marlce� ��1.ue o� such Bonds,:. or s"or t�.e :p�3.ur �de�u�a�.on o� ],ast,
m.a:es��in,�*„ cal7.ab�e Bondt�. Such pa�en� �P M�z�-z �s��cie�eds in#�o, �i�� ��,i��ti:� Fun� a� i.kiL
R�net�al ancl Rep3aaem�r�i: �`unc� �2ia��. no � roduce �he s,�oun�s s�c��,�r�:d v� be pa3.d in�o
s�;id i'unds by �t�e� prav�:isions r�f this orrl�?Ya.�z��,
Np sa1.e, lease ar o��xer dis�o.si'�ion af �th� ps�opsrt�e� oF sa�i:d �ar15:3.xxg Sy�tem s�a7.7.
b� m�,s3e �;� �he �a.ty 3.� ah� py�ocee� �o �e d�r3.x; ��. the�e�'ro.tt sha1� b� �n e�ccess u�'
%3��y i:Yaousand dol'lar� (��O,OSJO} and znauff'ic��nt: �o :gay a1.1 of �i�e �ar�ine�.ga'! o� BQ�ct�
t�.en ou�s�;an�din� ana a;.I irz�ereat i�h�retan w� theix r�spec�zv� c3a'��� of znaturity,� �,ri':hou�
tla� gr3ox� approval axad tansent �n tilr3�ing t�;� �he htilciers ar �he�.r du?,y atz�hori��d
re�resent�tives o�' sixt�r-s3.x and t��rar$�i3.rtls �� c�ntum (Eu �j�g n) 3n a�ount of �flnds.
trier_ outstsnci.i,rig. T?z� Cr.�:y .aha�7. pr��;ar�• �:he �'oxm n�' �tacY� �p��otiTa,I and cansen� �"or
e�.�cui:ien by Tandkioltic;rs, ,or �GYaeir du1� au�ha��2ed rep�egenta�;3.v��s, wli3.ch fa�m �ha1l
pa�ov�.de fvr tiZe c:Ir3�a3�:i�ii o� i;he pi*:�cced� o� �he r�a].e, :ieas� o� othe� aispo.s9.��:on, of
su�h pro�ert;3.�s af auc�� Parl�ing Sya���.
Na�hing h�2�e:I.n can'�a:tned 3a� t13s s�ci;i�n no� �.n i:l�.i.s o�3inance is: i��endad, nu�
�ha11 ii, be cans�rue3 sa as, �Go p�even€; �Y;a ::x�:rc�se by th:� C�.�y� t�f ��s x�igb.�, which i�
hereby �:�px�ess3.y 2�es�vec't, �a le,�,sc ar�, p�,ru or �;Il c�f' �he Farl.ln;g. Sy�te:a, e�ccpt �hz�
city si:reets and t;l�.e r;t�hi: �o paa=!� on said �bw��e�s�, �o p�3.v`�.'�� apes�.�ors undsr
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pzrov3:sians salaieh �a�e dera3gn�d �a �su�� �i�� rec��.�a� �of' �c�vc�nu�s Y,rh�,e% �,re adsc�uate �o�
tkae req�z9.re�nent� �,f ti�s3:s o�nanoe� Sueh Zer�se aY��.�. be appravat'c �iy a�so.Lut3.on o�' �l�e
Cit:y �ommj.ssicn and add3.t�onall,y' apPo�v�d iay �d�e Con�c�3.ting Frzgineer �na sl�a�.l con�ai.r�
a covesu�►� t�st esid ].ease �Y�.a,al 'd�e �:n �a��e a:.d �#'f e�t ors7.y sc� long ms aIl Payment�
x�eauired 'by t.3ze �e� o.�' thfi.s orct�n€�nce �ls.a17, b� �'�.�1� uu�d� asad :I.x1 �he �ven� of r�e�auZ�.
ort any af `ths g�m�n�s �ec��t3.x�d is� �h� �v3.s�ta�s Qf '�hi.t� orei3.n€�nae such :Le�s� ah�.11
�rmned3ately becnm� �ro�.d and of no �fec:�v
Noth:ir� heae�j.n conta�.nec3 in thl.s s�ct3an r,�sr 3.n thi� ax�ci.inance 3s �n:t�z�ded, non
sha1:1 it be con�fi:ru�d so as� tm p�event the tradia� 3.n o�' u�esi. eq,u�pment, incluc�3.r�; t23e.
p4-3Y°killg mc�tP,3,'� o�' ��IG. P87C°k�.�]g Sy4���ma fpi° �red3 t or a�l�wance� �ho►wai•d the +�Ui°ChS8e ol"
�a,ew equ3pmen�, i�c3.uci�.n� said �it�; me�Ers,,; provid�d �ha� said new equip�►ent 3s
subs�Ganti�lly S�mil� ixx ��pe, q�a���y and amoun� as the used equ3pmen� 80 �racl�d �n
£or esed+i� oa allovrartce.
�F.Q2. {A} ISSUAN�E flr i1THER C�BLZGATIONS �AYAELE 0%3'�" OF ftEV.�'1�IUES. Thst �hes City
will no� issue any o�laer abli�a�#ons, payable �E�om �he revenuea �eri�red P�om th� aperation
o£ �a3:d Park3r� Sy�atetn, �ciudi� bo�h off-s�Greet parkix� fa;ei13.�3.es and on-street
parkin� Paeil3:ti�s, e�cceg� :par3 pass� add3t3ox�l Bonds pxov3deci fo=• h�ein, nor
voluntar33y crea�e o� ca�se ta be created any deht, lien, pledge,.r�s�ignment, encumbrance
ot� �r�y oth�r charge havi�g prio��y to o� b�3z�; on a parity wi�h the 7:ien of the B6nds
isav,ed pursuant �4 tia3s ordinance and the 3.nte�est �herean, upon ang of the income �r�d
r�venues of said Parkir� S�tstem, inc7.ud3.ng both off-atx°eet parlcing facilitier� and on-
s�reet park3ng fac3.li�ies, or an,y p�rt thereo�. Any other oblig,ations hea°eaf'ter
issued by th� �.i�, �a�able Pro� such revenues, except such pari �,assu add�.tional.
Bonds, shall cantain an exp�ess statement tl�at such abligations are ,junior, �ui�ordinate
and ir�erior to the �onds issued pursuan� to �his ordinance, as to lien and source and
seczzri�gr £ar pa,y�.�n� f�om the x�evenues of sa3d Parl�.n� S�rs�em, includ:Lng both off--stree�E
parkin� i'aeilities and on-street parkin� f'a.ci]:it3es, and. i.n all o�her resgects.
(B) ISSITANCE t3� PARI PA.SSII ADDITIOIVAL BONDS. That no pari passu �dditional Honds
as 1n �h3.� sub-sectiox� d�3ned, pa;yable ou� ofl �hs said Parkirrig System Revenu� Fund
shal7. be created a�e� the 3.ssuance of` any Bonds pursuant_ �o tlzis ordinance, except
utxcter i�e c4nclittons and in tYae mann�r herein pro`r3,ded.
�Io auch paxi paasu addit�.onal �onds shal.l be issued un].ess the avesga�e annua3, net
revenues, as defined herein, deri�red i'rom �:he opes�ation of �he Park:Lng Sys�em, inaluding
bo�h a�f-street parlting �'acilit3:es and on-s'�reet parking facil��i�s; during the pz�ecedin�
24 months, glus 75;� oP the average annual add3:tional net r�venues, as dePined hex�e�.n,
estimated b�r �he GonsuZting Eng;lrseer ta be deriued in the 2�F months 3mmed3:ately
suceeedin� the eompletion oP the neur addition�, extensions or imp�ou�men�s to be iinanced
by �ueh �ari pas�u additionag Ha�ds, so3.$3y �rc3m such new add3t3.ar=_s, extens3ons and
3.murovements, sha13 be xsot less �ixan One Hund�ed Fii`ty per centum (�.50�) ai' the lax�es�C
aggrega�e amount oi` pr3ne3pal arad inte�est which tai7:7. ma�ur� and: become due 3n �ny
�ucceeding �ear on �e �nd�: issuecl pursuant t� �his orc3ir�nce then ou�stancl3,ng, ancl
on �ny pari passu add3tional Bonds �heretoi'orc 3.ssued and then :outat�,nci�,ng, snd on any
other �biigations the� outstandir�, avhieh are payabTe f�om the revenues o,� sa3d Park3.rg
S�stem, inelud3:ng both: gg£-stree� parlcirig facilitiss and on-s�ree� �as�k3ng faciLtt3es,
or any paa� thez^eoi', and on the par3 passu addi�iozaa7: Bonds th�n proposed to 1ae 3ssued.
P�J.or to the �.ssusnce of a,ny such par3 pasau addit:tonaZ bonds the Conault3ng
Er�ineer sYhall prepare a wri�en cex�ifica�e as �o his estimat� of the avera�e annual.
addi'iioxia,l net revenue ta be: de�ived 3.n the 2�+ months i�med3a�ely suce�e�iing the eom-
plet�.on of the� ne�r additions, exten�ian� anrl improvements �o be .�inar�ced by such pa�.
�assu additional bonds, so2eZy �rom sueh newr adri'Ltias��, ex�ens�ons an,d 3mp�ovements,.
and shall f31e such cert�.ficate in tT2e oPfic� o� the Gity C2ex�ke Such cex�ici�ic:a�e:
shal7: can�airt a ctetaiiecl statiement of tne sata�ce af any �st3.ma��d additional �ross
rev�nues, as defin�ci hef�ein, any estim�ated addit3one;1 opex�ating e:�penses, and a,ny
e�timated add3.tional n�t reveneze, as d�fined. herein, to be der3.s�ed by the Ci�y solely
�ram :suc�a new addi�3onss extensZons and �roveme�.ts to sa�.d Parking Sys�em to be
financed by such pa�i passu additlonal Sonds in �he 24 month�s �ediately succesd3.ng
�he completian o€ auch neua a;ddi�ions, e�c'censions and impx��em.en�s ta sucYa Parking Sys�em.
in the even� such certificate sYr.a�13. aho�r tha� �Yae :est�mated a�rera�e annua]. operat�ng
exp�nses ah�i]. exeeecl the estimated avexa�e :annual gross revenues to tse des�3ved srslely
�rom such new addit�.ons, �terasions and improvsments �.n such 2�k i�rnned;tately s�acceed3.ng
manths, �heM the: �st3mated average annual exesss oi aperatin,� eacpenses ave� gross
revenues sh31I be deducted From �he �.ve�age annual net revet�ues aetusll� der3wed i'rom
said P�z�king Syst�em dvr�.ng the preced3n� 2�F �ontha in compu��.ng �he power af said C3.�y
to issue par3 passu addi�.tona�l �onds und�r ichis Section �,02 {�3j
Suc12 p�ri pa,ssu actditional Bora3s s�aix b� �ssuea only �'or �he f'i.nanein� qi' �h.�
cons��ruction of nei,r acic'i�:t�.ors, ext�n�ion,s �a�d impz�ovement� �o said Pa�king, Sg�stein,
ineluding th� renewal. or replacemen� ar a.�qu3s3�iQn og new and aridi�ional cap3ical
asaets thereog,
�.'iie term "pr�ri passu add3.tiona7. Honds" �,s ussd in thia sub-seet�.on, sh�17. �ie
cleemed i-.o msan additiona�. �onds issued under tne pxov3.siorxs a�id v�rJ.�h3n �he Iimi�a�ions
oE thi� sub-section,. payable Pram the Parid.ng System Revenue �'und pari pa�su v�.th Bonds
o�3gina13.y authorized �.d issued pursuant tta 'cY�3.s ox�d9:.nance. Such par�, �as�u adcli.t�.ona1
33onds s}za'� � be deemed to Y�ve been issuQcl, pursuant to t�.is ard3.xxance, and .a12 0�' iche
ec�venants, an8 o�he� provision� of th�.s ord3.nanc�: {exceg'c as to detail� oP sueh pax'3.
gas�u atlditional Aonds izacons:�s�en� �herevaith) shal�. be f�r th� equal benePit, �sxo-
tect�.on .and securi�y a�' ttte holders aP any Bonds ox�.�ina7.ly ara�ho�i�zed and issued.
pu.rsuan� to this ordis�,nce and the holder� of aray paari passu add3.�ional Bon@s suh-
se�uently erea�ed �ai�hin t:�e lim.its and in compl�.anea trrl.th th3s �tzb,-sectian. A1:2 0�
such Eonds, reg,ard7.ess o� the �ime or t3.mer� oY` the3r isauance, sl�a1:7: rank equally wlth
respect �o �he�.r aien on the reven*aes o�` �a�.d P�srk�.atig Syatem �nd t}leir sou�c� and
securi�,y oP payment �rom r�a3.d r�venu�s �rrl�hau�t px°��ereracP of any Bc�rafl or coupon, over any
�thexx�. The �ity sh�11 caa�ply Pu11.y wfi.th as]. the inereased �a;timents i.nto ths v�xYious
�unds created in �h3:s ox�dinanee r�quiried: �or sucl� pax��. p�ssu addi�icanal Bs�nds, �.n
��.c13.t�.on to the paJm.ents requi�ed For :Ba�cis o�3ginalZ� issued. gur�cua.nt �o this o�31.n�nce.
���� ��
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A11 pari pa$�u adc'i�.tiana], Boncle �.ssued pu�suant to thi� $ub-sectian sh.�12 be:
dated P+lareh 1 or Sepl;embe� 1, and �hs17. a1�. mattar� B�r3.ally qn 5eptember ]. of each
sear �.nd the sem3-annual intex^ea� thsreon skza.�.l be payable on Ma�ck� 1 and :Sep�miaer Z
of` each year;
Tlxe te�;m "�ari p�;s.su aclditional Bonds" $3 used 3:n �hia, stzb-�seet3<sn shaii no� be
d�emed to ia2c]:ude bcsnds, ne,t.es, cez�tif3ca��ss a� an� obli�ations �ubaequent7.y i�sued,
i;he 15.en oP wh3,ch on the r�venues oP the Parkis^� System, oxd any pms� thereoP is sub�eet
i:o the p�3or aa�d su�erior 1i$n an �uch. revenues of th� Borids isauEd pua°sttiant �n ichi.s:
orc�.naiacep and the Ci�y �ha1.1 n�� i��ue ar�r abl�gatinn� v�ha'Gsaever payable �ram: the
x�evenu�8 oP the Parl� Sys�em, or arsy pax� the�ea�, ��h3ch rank equal�.y as to 7:3er�
and saurce and aer<�,ty � or payment �rom such ��verzue� with Banc'is 3ssued pux�$taa,nt: �o
th3.s arc�3,nance, except in the manner ancl under the conc'l�.t9:ons provideci in tk�ic�.
aub-sec�ian.
Nn ,�iari pa,r�su ac�ditional :�onds, as 9aa �1�3,s sub-sect�on @egined, t�ha3.a, be created. at
any t3me, however, unletts a11 oP th.e Paymr�r3,ts into -�he resp�et%ve funds. prov2ded. �or
in this ozKllnance on Boxcd� then outgtanding and aZl. ainki.ng �und, reserve a3ad ot�ter
I�9�ents prov3.dec3. far �.n tiz3.s ordinartcse shaLi have been mad� in �'u31 to the date: oP
is�siaanee oP such pari pasau ad.d3tional Bonds,, and the City sha11 have fu7.iy compl3:ed
with a1]. tlae covenan�s, �greements and terms o� thig c,rd2n�nce.
k�.03,. I�FSLTRANCE.: That �he f:i�y w111. carr,y s.�ch 2nsurance as is ordinar3.ly ca�°r3.ed
by pr3.va�e corporat3on� own�ng anc3 ope,�ating simi Iar a3ysteztts as the Parlsing S�atem with.
a reputa,ble 3neuranee earr3er ar ca�l.ers a�ain�� Ioss o� da.mage by fire, explos3.on,
hurricane, earthquake, cyclone, oec�apancy or other ha,zards axsd risks, which 3nsaxrance
shali at aiZ t3mes '�e in an amoun� os� amoun�s eqza�:1: �a the ga3.� ap��aisal va3.u� af �he
buildings, propex�ies,. �'urniture,, �`�.xtvz�es and �qu2pment vP said: Park3ng 8ystem. In
time v� war,. the C�:ty shall alsa•car�y in said amount such insur�2ce as may be ava9.lable
agains� loss dr da,mage by the risks an@ hazards oE' w�r.
4.0�, �OOKS AND ZiECORDS. Th�t the City w33.� keeg books and records:oP the
Parld.ng System, which sYia11 be s�para:�� and apart f'r*am all o�hex� bo4ka,. reeords and
aceounts oF' the Ci�t3r, in whi3eh eo�ple�e and correct en�r�.e� skiall te mafle of a]1
i:ransactians relat3xig, �o the Paz�lsing ;ystem, and any holder o� a. Bond �r :Sonds '� ssiaed
pursuant to this.o��nanc� shal2 have the �ight at a7.1 reasaru�ble t3mea to insp�c� the.
Par]tin� Sy�tem.and a11 parts thereo�P, and a1I recorcls„ accountg �nd d�� oP the �i�y'
re�.�t3r� thereto.
The C3ty shal]., at least.once a year, ca�u:se the �aooks, ��coras ana accounta oP the
Park3ng S�stem �o be properlg auci3�ed by a campetent and qua�].if3ed certified pub�.ic.
a�countant, and shai,? mail upon request, aMd make a.vailable �enera�ly, the repo�t of'
said cert�P�ed pubZ3e accountant, Q� a suuannmary t�hereoP, to ax�y holde� or holdex�s oP
Bonds 3.ssued purau,anic to this ordinanc�, ox� an�rone, acti�sg fo� and 3n '�ehaZi' oY sueh.
Bondholder or Bc�ndholders.
�+.05. MASNTEbfANCE OF PARKINt� SYSTEM.. �ha� tihe City a�-1.11 e�mp3,�te the Cons�ruction
o� the o€�-st�eet u
Parl�.ng i'acilities p�ovided �o�r �.n this ordinance in an e�onomi.cal
�nd ��i'ic3ent manner z,r3.th a21 practic�ble dis�aatch, and thereafter er1.11 raae�:nL•ain 'the
Parldng System in gaad condition anci cont,j.nuou�7.y ogerate the same in azi ef�3.cient
m�.nne� a,nd a� a rea:tonable co�� aa a�evenue produc3ng en�erp2�.se.
�,O&, SisR.�CES RENDEREII T0 THE CT'i'3t OF 'GZFI�RWATFsR. That �I�e Ci�t� of ilea�taater
vr3,]:1 no� rende� or cause to be r�ndered a�t,y 1'ree par�l�l:rng or se�ric�s of any natu�e by
ii;s Pa�king System, no� �r3.11 any p�egerentj,a,l rates be esta,blished for users of the
�ame class; asid 3.n �he event the C�:ty o� Glearts*ater, or any d�partment,, agenc�,
3.nstx•umen�a;lity, oP�icer or employee o� sa.�d C3:�g,. shall avail itssl� or thsmse3:ves og
�he faci13�3es or sex�sr3.ees provided by s�3d Pax��l.r� System, or any past icYre��of, th:e same
ra�Ges: �'eeB Qx� char�;es �pplicahle to o�her cusi-.omers r�ceivir� like aereiees under
simi.lar e3.rcumstances sha11 be cha�ged sa3.d C� ty, and �ny �ueYi department, agenc�*,
3.n��x�amenta3i�y, of'�3cer or eaiployee of �a3,d C3:ty. Such chaxges s17a11 �ae �>a3d �s the�
aecrue, and the City shali tx�ansfer from �.tae3r �eneral funds su�P3.cient sums t�o pa,y
such eharges. The reuenues �o geae3ved shaZ7. be deemed to be revenuea d.erived �'rom
the operation of �he Parliing System, and sha11 b� deposi�ed and aecaunted fb� in ihe
satne mannea� as o�her revent�es derived from such ope�*ation oF L-12� Parking S��tem,
�,, a7. �PERA�.'II+11� BUD(�FsT.. Th.at fihe �City shali ani�.u�.? 1�r, at least forty-�ive cii�.ys
prec�ding thz: beginr�.ng a�' each of' i.ts f3.sca1 y�ars, p�epare and adopt �ig resolution o�
�.ts �overning body a detailed bnc�et o� �hc.estimateri e�peuditu�es i`or operatian and.
ma�.ntena.nce o.� the parit3.n� Sys�em dua�.ng :sueh succ�edin� �isra.Z year. No expenc3ituzres
for the ope�ation a,nd main�enance af th� parki� System s�tal3 b� wade 3.n any Piscal
year �.:n exeeas of the amount ��ovided therefor �n �uch t�ud�et �ri�hou� a�ari��en �inci3s�
and recommendation by the �enes°a� m�.nager af sueh Parl�ing Sy���m o� o�her dvly suthox�i�ed
o��icer 3n charge thereof, Whicla fiud�.ng and recoYmneacia,�ion :ah,a�.l stat� ir. deta3l �he
purpo�e of and necessity zor �uch increaaed exgerzdi.�ures fo� the opera��n and main�enance
of iche Parlt�ing System, and na su,ch increased �penditures slzall be made �zntil ��
govern3ng body of said Gity shall haue appr��ed such f9.nd3.ng an.d recolmnendation b� a
resolution du7y adopted. No incre�sed eacpenditures in excess o�' �Fqenty per centtuu of
the amount o�' such budge� �ha13. be ma,de except upon the �us*thex� certii�ca�e oP thE
Gon�u.Z��.ng Er�ineer t�at such �n�reasecl e3cpenditures are neeess�y �or tiae eon��.nued
opex°a�t3.on of said Park:tx�g ��tem. The GF3.�y slia;ll ma31 copiea of sueh ana►usZ bud�et and
�11 resolu�tions au�hor3.zin� �ncre�sed expenci3.tt.zx�es Po� aperat:ton a�nd msiraten�nce to aa�r
holder ar holders o�' Band� who shal�. :Pi3.a his a,ddx�ess tr3th �he City and request in.
wxrJ:t�, that capies o� al1 suLh bud;�e'�� anc� x�solut�.on� b� i'�.�nisY�ec3 him o� �h�m,. :aEnri
si�a11 m.alce svailable such l�udgets and ail resQlu�ions a,utiao�izin,g inere�s�d expene�tur2�
goz° opexration anci an�in�exaance �f the �'arld.zig Sys�ent a•t all r�aacrt�bJ e t3m��1 tp �a'�*�
1z�Zder or holdess ag Bonds :issu�d pursu�nt �n �i�3.s ord3�aanae, �r� any ane ac�.r� f'cax�
and,in bohalf of auch Boz�dhalder or Bondholders.
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�aOE. I�F.�''�T7��5« :�t' iaalde� �� ��upc�n� ta� o�' any cat�„»an� pea�ic�t�.n3.ng tYaere�o,
issuet� uxiz��� �he p�av�.s�oras: o� �th�,s oa�3�tuac�� �ar �n�- T�a�t�ee a��i� �'or suelz Honc7.- .
hnlci.�rs 3� tY�e s�s�anex° Yl�r�.nai�e� p�vSded, z�y �3�la�r at �.ata ox• in equi�Gy,. 9�y �iu3.�a
aat�:o�, �rr,s2��nzs� r� �s1:I2er p�oae�c?�:ng 3.ra any �sawc�t. o;� �or�ae�esit; juriadie��.on, pr��ec�
�d ����e r�x�y and �,1T. �.�ii�� un�er �he 2�ws og �2xe ,St�'�� ow �'lo�id,�, or �ran�ed and
�antai���i in �i�� orr�3n�zc�, a�c3 maa� en�or�� �c� cam�e7. the: p�r�gormsn�c� of �11 du�•lea
z°��uired, b;� �zis t�ci3:nan�e r�x� b� � ap�a�3,e�'�:L� s�a.�u�G�s �o be pex��'ox�aned by ttxe ��.ty or
b� � ai�'3:�e�° tkter�o�x, �n�%,ai�g �h� ��x3.nga c21a�g� and co�le�tir�, of rates, fees,
��nta3:s car e3�.rge� €'s�� the s�x�v3,ces axstk i'€�ci7.3�ie� o� tks� F�']�ing S;�st�m«
In th� �rent �Y�� ci��au7.'� s%1;1 b� �ra�.8� �.n �h.� p�ymen� Ai' �he 3.nteres� on o� L-he
princ�:�al o� �y o� �Iae �za�1� �.ssued pu,��uaxz� �a tkz3s ord2zi�nce n�s fihe �m� sha11 hecom�
due, o� 3n 'the u�Y�3a� o� the paymen�s iTa�o �ny x�ser+re nr �inkia� �and us� arny� other
l�a�xuents requir�d �o ta� a�c�� �a�r �h3�s ord:Wna.nce, o� ��1�e event th�� �he City or any�
o�'i3c�, agen� or c�a�.�y�e �her�eo€ �i�z�.7. �a:L� Qx� x�zf use to com�a3y w�.�Y3 proeisions of
�d�.s� tis?d9.nance, ar sY2a�J. �ef�ul� ln ax.�,�t covens�r��: made hes�n, and ln tkze �'urther event
that as�g $u�la d��av.:l.�c sl�a1� cortinu� �'ox� m�e�;lcad of tP�i.a��r da5�� any holder of su�h
Ceacrt3�i�at�r� at� �ny �s�ee ��oi�z�e�1 �c� r�isxesen� Cer�3�icat� ho3.ders as Uere3raaf�er
p�av�:ded, sY�,il Yse �r,it3.�l.ed �� c��' �h� to �h� uppointmen� pi' a receivc�r o� �he Parking
�,ys�em �.n an a�a.pro�:r3a�P �udic3a�. px�ceec�.x�g; in a enur� o£ com���en�: �ux�isd:lction,
V�he�her a� not sueh Y�alde�s a� �r���e� �:� a;lsc� seek�J.r� o� �hs�1 have scsught �o enforc�
an.y o�he� righ� or exe�^.3.se arr�► a��ier x�tt�� :Lr� conne��ior� w�:�h Bonc�s ;i3aued pursuant
�c� thia ox�dinahca.
�he r�eeiv�r s� appe�3.n�cd �tsal� ta�a�r1�Y�„ d3:r�ctiy o� 'b�r �s agen�s and attorneys,
�.ezi 3�fi� anc� u,pon a;s�d i�32ie p�ssesslozz o�' a�.i o�Pas���� p�~�r� i`ac3.].i �ie� oi' sa3d
I'ar�Ln� �st�m t�x�.ct sha.13 &ol�, c�pe����e �rad rs��.n�tain9 inan�ge� anci eant� ol such off�
s�x�et park�:ng facili�3.�s, anc2 e�cpz �d ��r�y pax�t �12er�o�', a,�ci 3n �he name o� �he Gl�;y
shs21 exereise a11 i;he r'.lg�t� and poYre�s �� th� �:4.'�y Yti�h �����c� to s��.d ��f'»street
pa�r2�tnQ fac33iti:e.s as �h� (�t�* 3�se?f mi�h� clo. S'tich x�ece3ve+� .sha,ll collect and xeeeive
�11 re�enue�, maintain :an3 op�r��� suclz. oga'-si:�eic �a�3dng i.�'acilit�es 3n the maxansr.
provided in th3s ox�l9.na:�,c� and co�3� �nc3er �.h� jt.��isc'i�:et��oxz o� th� cvurt a�point3n�
�ueh receiYer, with a].�, oP �fie g�av3.�3o�� csP tk�¢ ��d3.z�.�n�e.
Sa3d �eceit:se� sh�I� a1�s� �oi1e�� ar�d �e�:e3cve aZi revenu�s der3ved fxcam the
on-s�ree�. parl�fs� �ac3.�.i�3es q� sa,�.d Pa�!k3.rt� ���rs �nci ag�1,y �fze same 3:n �Yae mazuzea
pk'OV3.P�2CI �Yl 'I'sY2�.8 Qb'C�.11ElT1C�. �i�. �3i-�stres� �arkix� �ac233.ties s17ai� cant3.nue '�a be
og�a�i�ed and mainta�.ned;, a�cc��s� �nr th� �c�31e���.on a�d d3.spnsal a� reve�ue� therefr�m,
cturing such receive�sh3p, '��;t such �ec�ive� shal�. �e en�it�ed :and ob'� 3ga,ted to o1��Ca3n
any orders irom the cot�t apPc��.n�3.ng suc2a reee3.ver 'tcs �ompe�. th� G3�ty and i�s o�`fio3als
to comp7.y 4�ith the prov3.sions o�P th:ts �rdi.nanc� in tt�e ope�°a�3.on and ma3:ntei�u3nce o�' s&id.
on-sta�eet pax�king �'aci�3tie� duriz� �uem recej:e�x�sY�.�a.
�enever a21 �hat i� due �upon �iae 8��.�ds 3.�sued g��zrsuan� ta �h3.s ardinance and
inte�est thereon, and uncier a;rty covenan�a oS t�a�.s ordin�nee i`or �e�er-ae, sinkixig or
o�he� funcis, and: upon any othe� ob7.�ga�ioz�.s ar3d �:nt�rest thereax�, hav�r� a claarg�,
iien o� encumbrance upon the rev�nues t�i' i�h� P�rldng SystAm, �Yaa7..% i�a.v� been paid and
macie �ood, and all defaults under '�Y�e ,�r��,�d.�s3:Qn� csf tlx3.s ord�nanc� �ha1�. a�ave bee?� cured
arid �aade good, possession af �i�.e of� -str2e� gaxk3ng Pacili�i�s o� sa�a Pax^i�inp; Syatem
shall. be su�rende�ed �o the �ity izgon tY1.e �ra� c�f` an �rde�^ o� �lz� �aur'c �co �ha� eifect.
tFpon any subseqezent default9 any Ysoldes� o� Bisnd� ia�ued gut�suan'� �� �hi� oa°dl..n�,nae, �r
an,y trustee appointed for $oncholcers as 12e��ina�'��r prov3d�:d, �h��.�. have t�e s�me .right
ta secvxe tY�� i'urthe� appaintment o� a rec�ive�� aapon an�r -such subseqi�ent �:e�ault,
�ch �eceiver sh�13 in �he perfarmance a� �.h� �owera ,he��ir�r-xUove �e�n�.�'erred upan
��:u! be uad;�r t3�e direct3on and superv3sion a� the eour� :makir�g su�3a apPointmen�, shall
a:� a1Z �3m�� be :suh��e� to the orders anci c3�e�:es of suc1� aau� arid �� be removeci
�Y�e���l��r a�ncl « suecesraor receiver appointed in �he diser@tion ca� sueh. Cou�t.. NoLhin�
he�ein conta3�ed s}aa?1 limit o� 3°estriet �Yze �vz�i�cnic�3�on oP srzch C.oua�� �s� en�er such
o�sr and f�rthe,r o�d.ers and decr�es as such �o2art m�a�r deem neces�z�r or apprapria.�e
�o� tY�� �a�ercf �e k�y �h.e recs3:�ter of any Punct3orz no� ��eG�P�.ea11y ae� �or�;ta h�rein.
�y reeei�te� appQin�ec3 as prorridecl herein shall hc��.� aa�:d o�s��ai�� r�ixeh oY��-stree�
pa�kir.� fae3.Iit�e� o� vata Par�.ng Sys�em 9.n the naca� oP �lae City axztt r o� the �a3.rat
��o��etion and b�nePit of the �ity and hoiders'af �qnd� 2ssu�d ptarsuats� La th�s ordinance,
Su�h reec:iver shaZi h.av� na poare� to sel.ls as�i�n;P tn�art�;a�e or a�h�r�,i.i�e di�po�e of �ny
�s��ts nf �,ny ki:�c7. or charaeter bQlong3.ng qr pertaia3.ir�g tcs �u�h P��k�n� �ys�em, 'p�.t the.
at�tYisri�g o� such. rec�i�e� sYsa11 be limited t� �he pQs�est��.ba�, apsr���.ora �nd maintenanee
o� .such off�s�reet pa�a�kir,g fa�3lities, and �he co'� 1ect�.on ar�d c�.,�pa��Z o� t�e r�venues
irom sa..�.d on.-s�r�e� �ar]f�.k3g fac3li�iea, �a� t1�e sc+le purpa�e of` tiae prs►�ec�ion a� bo�h
Lhe G3�� an�3 Bondho3,dex�s, ancl the curing and mak�r�g good pf ,ax�,y defsu3.t u��ter the pra�
visiona of this ordinanee, a�d the t�? tie to and o�m:ersh-J�.p n� �a�d �a�1�fi.r� S•,�s�em sY!ai1
remain irs th� t�.ty o� C7.ea:r�,rater and na coux� sY�all have 4sn,t� �u�:isdict�.on �o ent�r �ny
o�er, o� dec�ee pe�miitt�.ng o� requir3.ng sueh receiver t�a ��13,� mo�����c� or o�her�a�.se
disgose oP any asse�:s �� �he Pa,rltlr� Sy��em.
�'he hold�r dx hold.ers of Bonds in an agGxegate pa°ix��ip�,7, a.mQ�ti ��' na�� 1���. tkian
�weni�y-fiue per cer�tu�. oP Bond.s iasued under 'ch3.s o�dinanc� �h�n r��.����c�.r� m�y by �
duly executed certif�.c�te 3.n writing appo�.nt a tru�'tee fo�° hole3e��s o� B�ands �ssued
pursuant ta �his orr3inanc� w3.�h suthor3ty to repre�ent such Bonc3.Yiolde��. in �:egal.
�roceedir�» �ar the ez�orcement �:nd protect3.ort of the ri�hts a�' such �n�a�.�a�rg.
�uch c�rtif'ic�te �ha7.l '�e executed by sueYz Bcsridholde2�s o� t3�:e1,r dZt].� au�hor�.zed
atta�n.eys ax• representati�re�, and sh,aTl be filed ira� tY�e oP.�3.ce a�f �M.E Gi�� ��.crk.
�.�g ENFORG�T� �R CS�LT;ECTZONS. �ha� thY City� �+r3.i1, r1313:�en�ly etP;�a�ce a�a
eollect al1 fs�s, re��aZs or ather charges �rar the sez v3..eeA, aa�a �ae3l�ties� of h,
Pax�king �s�azns ans3: �ake a13. :steps,, actiazir� and presceec�n s�a� ��� t�
cal�ect�or� o� such �e�s, rentala or ather eha � enPorcemcnt �,nc7:
�`u3.J. ���n� pex�ni�tt�r3 a� auichox°3zsd by �he Gha�rl:er�lo�c aid �i�y��,nd�by�lawa�of�tl�,e �h�
�ta�e o�' F1o��.dam
�22�
�-» �0 REL,+�C�TION OF` i'ARK�N(� METEFtS, Tha,t �he City vr1.].1 ma�.n.�Gain parkin� meters.
or�. all t�tztc�e�r� wkae�e �uch. pr�,rking me�e�s are 1oca�ed and mai2ntttined on th� date ot`
�n�,c�:men�t o� tk�e ox�r,Z�.xv�ne� and vr3.11 nat removo or �eloca�G� ;��..3,� park�:ng mete�s u�.7:esn
��.cli xemov�l o� relaca��.oz� �1�11 �e x�ecomraendecl by the. Ccnsu3.'�1ng '�`�'+�n�er,, TY'te
�pvenan�; hereint�.bovc con�ained �.ax tl�.s section. ,shall no� be conatrued s� a5 to �rrev�n�
�l�e remr�r�a1 or rel.ocai�ion of psrk3x� mete��s vrhore aueh remoya7. er relo.ca�ion �� mac�e
necess�y by B�ree'� vrl,d�nin�; ox� o�reet: c�oas�:nga nor rxhal:i �a�d coven�,nt prevent th�
�uia$t3tu��.on raf ar cYt�ssige :Ln 1oe�t�ion of par.d.n� meters nece�saxy, essen��.a3 and requ3�ed
�.ax� pro�er �rat'f�.c reg�alat3on and con�xol,: v�.here such r�yua�a7., relocatian or sui�ti'�3.-
tu�� on vr1.17. not ra�t.�er�.�3.�.y 1.essen �rie revenuea ob�a�.ned from ��.E �aperat3on a� said
park�.n.g me�ers.
�F,..7.1.. DUfiA�iON 0�` C�NANTS. Tl�at a11 �he c�vena.nts and a�eemen�s ma@� 3n '�his.
��zce sha11 be b�au�.ng upan the C�.�y a s 1on�; as an,y oi' �he �3onds igsued hereunrie�,
and any 3nteres� there�n, ax^e Quts��d�.r� axzc� �n.�aa�d�
�F.7.2.� CONSITLi�Nt� �ZNEER� Tha.-�. �2ae CS.�y uriTl. ret2�3.n t��,Tbur �m3.�h and ��sor,ia�es
�Y�w iiaven, Connec�3cut, ox� o�her qual3.f'3er',. ana zyecc��.�ed engineers, �a supersr5.:se s
th:e, cons�r. ixction o� �he a�f-atreet �a�lsi�r, ��s�i.7.��i.es author3zed by tY�:� oz•dinance, and
aPter the cor�ple�ir�n o� �he cansts^u�ct3on o� �a�.cl o�'f-s�reet garls3...� gaci].itiers, the
C�.ty z•�1? x�tairi on an annual ba��:�a tl2e sa3�d V�'3.lbt�+ �rl.fih and �;s�ac#.a�ea ar other
�.ua�.�.��.ea ana r�:co�3zed en�ifies�s, to su.p��v�lse �enera,7.1� �he ope�a�3cn, :ma3nter�ance
and �:paix^ o� sald F��1� �*s'�em:a
Sa3d Consul��.rtg Ea��neeY* ��7, .m3,ke an a.t�.n��. r,e�o� o� �.e cQn.dit�.an of saitl
P�,rk3._ng �yatesu,. a,n,d: '�li� .Gi�y :sha.11. mts11 upo� reques�; and �ake �vaila'�3:e gen�x�ally,.
�he re�ox �'. of .sai,d :Gc�nsi�.lt�ng, �xgineer, to ar.y ho7.der ar hoTders o� Bands .iasued
pursuani; '�o th3s �rd3.nanc�, o� �.nyon� �c�3r�,, �ar ancl in behalf o� such Bonc�h.Q3.c3er rs�
Boizdho'�' c��er�s.
�.13;. I�T4 GOrTPE`T��iG C�T� (3YIN�?, LrA��3 Qli �ONtT�fitr•� .TrAGILI�IES, The .City laereb�
3�evc�ca.Ys��r coven�n.ts �c�.�.'u i� �r�.11 not cflnstxu.et or aequire any garlcLrs� Fac3.13�y i.mr
vzhiei2 r>o :�'ees or other chax=�es are #'i�e�l, esi:abl3shed and coZlecte� a�d .�:la9.eh �s3.I]. �e
comp��itive t,t3.ich �he Pa,c:Lli'�ies af the Gi�ya s Pa,�l.ing Sgste,� as ��fir�ed he�ein. �
Ci� ,�.ea^Ea�y �'usythe� 3rrevoea'�lg eovexia�ts ic�� to �ne �gt�x�.� permi.t�ed b;� l�sa, :L� tn �l.
na� ��ant:, nH ca�se or per�3.t ta be �.rt��d, �..ny �ranchise, narin3:t �r l�,eense �'a� �h�
co�s�rucicion, a�quis3t3;an ar operat�rsn .oY` a�s�r p�rlcing, ;facili� on any eity oana�d, c�ty
3Par�ed ar Gity contro?.7.ed prape�ty i� �;id Cit�r by �,n3r �erson.� �'�, assac�:a.�Ci€sn,
corpa�atic��� ox� a�enc� or o�her bod;l ZV�'�i84�YLY" i�123Ch 513.7.1 37� COIItY3f:��.$'�Y� rrigk� �?2e
Paai�.i�i�a of �he C�:�y3s Parkin� Sys�em �n �ze�x. ;� xaanner a�s: �co rua:�ez��13,y ��ect
adve�se?g tiz� reyeizues to l�e derived Prom �he ��ciLf:ies a� �tk�a :�3.�}s Parldr�g �ys�em;;
prcTr3ded, houte�ez�;, :�Iu�� �h� provisions a� �his, section �h��:l ncs� be ccrost�a�d to a�f�ct
or imp�,3.?� any vested righ.�s unde� an.� e�3stin� �ranchise.�,, perm�ts a� ]:�cenae,
�..��, IN:��.% �tAm�S. �:� �he reasor�3e rates,. :rsn��ls, fees .and ath�� c�tar�e�
iox the u�e of ��e se�v'�' c�s, and �'a�,Z� ties cr� sai� Parl�.n� SSrs�em are l�er�by Pound and
r7,e�ex�I.ne� to be, a�td are h�re�y Fixed aa�cl es�a'�].i�hsd as �'0110�:
9AI-Si�.' �'.Ar�KiN� �`AGs"�TfiiraS
3.81 I�Ietex,�s a� t2a� �t� o�` not 2�ss �h�n 1Q¢ pe�° haur �ach.
Ths balarnee a� �7 J:me�ers g.t.�esp��ly anci gY�y�3icaZly ins�al3ed �ri�ia�n �he cox�pn�2�e
�.�.xni.t� oP i;�e �it�r d� �'! �ax•[v�a�er snal�. bc a� t�e r��e of na� les� than � p�x= hozrr each,
AI�'-.�.'Tt`ZE�' P�Ri4IN(� �+'1�{:TI,Ti'�ES
NQ� l�ss tks�n 5� ��� hc�� ea�h.:
*�lie Ci�� ;�G�te� ccavenants 8ha� �,t��; �en�a�.s, f�es or o�her cha�es sa�.3.1 be.
ch3r-ged. an� cal�,e��ed as 3ong a� tl-,e �nds i.{.ttsLt��d,,g12er�eaun.d}er,,(� and �he �.nuer��t: tY:�r��n
ar� out�ta�a.c7�.�g �nd unp�,id, an �'�:L gn^aSJY��PiY ��GLI�311S�y 16Ci1�V� �S �'a� �hich ra�es, �e��r
reni�,�s a� Qt��ae< ���r�es are no-rr �'��ce�:, �s���,�r.�a $�a ca1? ec�ecT; :and on a�1 t�i� af�..
��ree� ��,�k�.r� �a��.:t�i.�s ta be �ont��s�a.cted o� �equixeci �'xsom t�ae groceetas 4� �he Pands
i�s�te� pu:r�uaa�t ic:Q th3.�3 a�rzasa��, and :an an� a,.�cii'�a�al on-st�et rn�rlr�.g �ac�31.i��:e�
f�x� wh3.eh par.is�.x2� s�i e�s a.re Ys��eaf��s� install�d: irn ox� os� �he s�re��s af` �he �.i'tyo o�`
c���s���.� pa�&s3.ng �:'��i].�..t�.�s., �.ereai�er eon�f�vxc�ec� and acau3.�ed. and �3naizced b� the
i�$�a�ac� of pari �a���.z asic�3.°��.a�a7� Sands ntt�aua.�� �a tkt3s orc3�,nan�e; �t'id on any on-�
s�Y'e.ev �3�ldn� �ae� :l.3.�� ns. f'o� �vY�.iek2 parkix�g ne�ers :kta11. h�x�ea�er ls� acau3r�d t"»am
�n`� sota�ce azaci �s4a�.`� � in or on �he st.�ee�s o� ��,e Ci�y, s,xt.d on ax�y oa^�'-st�e�
pa�i�ir� ��cil3.�i�� he�ea�'�ex� cons�s�xct�d o� ��qt�.r�d �'rom �any �o�ara�.
Ne3.ther sr�id �:n:it�a�l sc3�edu7.e of �ates,� x�:nt�ls, �`ess o� :oicY!er eha�es, nar any
sub�4quQn� �?ehedule o� �a��s, ��ntals, gees .ar o�1�e� cYu�a^�es �Y+..all a,t any t1;n�e b�
reaucca un3.��g:
{1} �iae -:��.ty s�+.a3.� not t.i3er�: he in clPgavl� v.nd� �.�,p oi' t�e eogezzan_ts, agr�emen�s
��nd p�s�v�.s�.ozas o„f` th3.� e�dinance, anct shh�.'11. ha.�ie made a11� �u��ren� n�;,rments, 3nc3uding.
�ny t���i�iencies i'Qx� p:�wnr pa�xnc�n�s, requ3r�cl iay tl�is ordir��c�.
�2,j �.°h� �onsu�.t3.n.� En��,n�er, �31a.�31 cer�:t�'y 3.n i�r3.'Gix� �izat. 'clze propcased reduce�I
�scY�edu7.e; rz:� �ates, �ex�.t:a1s, �e�� o� other c.h�rges ur11.7. px�actuc� azz ant4un� Qf revenxaes
s r� �e��ia �e-�� ���r�a���� �t�L�aZ to c��e huzzclr�d �':L�t�r per cen :wu o£ the amoun� o� �he
ps^�c3.ga1, o� az�d �.n�:c���� on sai,d �oMd��. 3ne1u2�3r� an„a As,s� �t�s� addi�ionaZ :�ancls
1����,:��cer 3,���z��„ �r�a�.�i� k�.�.� tt��u�e and become cliYe in e_�ciz �re�r �h�r.eaftex�, plus one
httr����d per Ge�z��;tm o� a�:7: oiher �a�eent� requir�d 3.n each yer� �h�r���'Ger by ��:i:s:
or�ina�.ce.,
'a, .
��`A.R-� ��
�� ��
. . . . . � ���� � . �
� . _ . �sii���. ' Q�c�. . . . � .
S�.CiI; 1�DI�T�ATIt�I�f t�ai AR�ITD�TFNfi� NQ �i�e�ial modi�icai:�.on uz• am�aidm�nt af �h3.�
���azxce,. .s�� a8` a,n ax°c�inance ,�mencla,�ox�r k�e�a� or suppl�nl�n��1 he,'��o, rctay l�q x►�de
����.au� �he car.�en,� i:� :��3,; �3'�g og -the ha�,de�r a� tWo-�hirds os� .�zar� in xarinci�l �ma'un�
o� �he Bo�d.s t12�rt au�s�ni,aing,, 1ax�osr�ded,. 1ao�zever, f�:�� no �noz•li,fica�ion or sYuencimen� .sYs�c���.
�+.�.�n3.�: a.c3�e 3n �he m'a����G� �� suah �onds at� � raduet�.azz �.2a the �te ,of 3nt�e�#r
'tl�s�ecin�. a� in the amQunt o�' �the �sx�.n�3pa1 obZ:L�a.t�an ar si'£�ctir� the .uncax�d3�3.ona1
grc��� s�#` th� City �o �as� �h� p�3�.c�.�,1, o� and �.n�Geh�es°�. or� �he �3and� a� �he� sawse sha];�..
I�aeom� due i'rom tb,e re�renu� o�` �he Parl�g �y���m, or r�duc� �h� p�rcern�age oP
Bc>nndi2o3�s�er.�, ret��ed �Q cansen� to s�u.ch ,mac't�.�.r3e�tion or .ame�a�n�,, w3,thc�s� ���e consent
o:� �tt�. �taide�s. �� su!aIx. &�ra�ls.,
��Q2� S�LL�`,t'X' 0'� Ii6N'A'F� PR�?i/'ZS�O�T�, i� ax�,y� one or �ore o� thQ �eaven�at�,.
agreeraertts rar �z�ztis3.on� �,� this. or��3x�n,ce sz�o�.a. ue ���aa cgn�:�ax�r to r��,y .expresB
gr�v�s;ion oP ��r o� coz�zts°��� �c� �I2� po�.�cy o�' e�ess la�r, �hcau,gh not ex�r�ssl,y
��oY�ib;i�ed, �� agains:t- pubZi� p�3�:cy, c�� �h�I�. i'az°� :any xea�an v.�nrz�so�ve� ,�� nel,d
�ra.val�d, '�hen sucli ca�c*�n�s,: �`eemeni � or .px���iona ��ia,1l. be n�.i3: a�at2 vo3d anc?
stz�.?3 ,ta� de.�� sepaxai�le i'ro�u the renia�trr3a3g cou�aants,. agre�men�s s�� �YTov3sS30315�
�ns�. 3n no �rray �i�ect t�� va3 3cii.ty c��' mlI �he a�her prav3:s3.�ns og t�s a�d3nance ar•
p� tl�ae: Hqnd� ar �enugans issu�d '�la.ereunder:._
�,cD3. ��S�T:�iGE � �4T� t��' .Bo�S., mh�: �57�:a00� Bonrls in�:tial%�r �u�h�r�.zecl to
3a� is�u.e& 3�y this o�d�rr�r_�e sh�.17, 'b� issued .and so�d �,such mazixaer ar�d a`� suc.ia priee
a� p�3:�es COI1Sj.8��P�'(y LPI.�YT 'Y',I:?8 j3�'(�T2? 3�0Tl8' .O� '�Y2.'L,:3, Q1'C�'1.F'I311GE3+ a� �h� Ci�y G�r�niss3on
s?�a3�: hereaf�er c�e���i.ne>
�;,4tF... V�'�T:CC�I�,.. 2'hat �he �3.'�y A�o�n�y 7�e a,�d he �.s �;e�e%,y aaath.oz�3zed ancl
d3r�e'�ed. �o ,�.t�sti�u�� .�app�ap�3a�� p�raceez�iYJ�s :Fa1. `th,e C�rc�� Cour� o� �he �3�^�h Juc'L�[.c3:ai
��.�.u��. o#' i�3o�;dao. �ra snc� �ar P3r�.e1?a� �ount�,: Flor2da, far �h� v�ic3at3an c�$ sa3d
�oncis, a�u3 �he p�ap�r t��tce�s oi' �I�e .�3.i�y �r� h�reby �uthoi�ze:d to `verii"y �n '�eYia.��
o� �he .�i�r 'any pl�a,�ngs #n �uch p�a���e:dir���
Upon �hs v�Zi c7a.tion u�' �he 33os�cis. pu�su�zi� tcr �u.ch p�o�sed�:rs��, �I�ere �3i ��
p�*in.ter� upon saeP� sueh Bond prior t� � de7.iyer�r �herecsi',, and �v�r �he f�esim3.le
�3gnature o� the N�yo�-Commi.��.aner�. Gi..izy �.��r and �ity �lerk� �: V�.ic�a,�3on
�er�t� �:eat� in tiae #'ox�r her�3.nabove se�. �c�r�12._
S:.Qa;; TI�3E QF �A.�E"r �FC�!'. �.� 'i� �s: herel�y �c�uaa.d�. d�eia��d abd de�.e-�r�ed
��� '�kee €'ttnds �Q i�y �?l� �eas� af tl�e acc�u3..s3,��,ota �nd cons����3nrs af the` ;Ofi-S�ree�;
Par3�tng. F�c�3i�i�s �uthorf�ed herein are neeessaa.�r and .vx°gen�Iy neec�ed f�o� �Fi�•
3�r�s�rv�t�o� �P �he heal�th, �afe� and �re'!ia�e o� �he inhabi�ai?;�s of �he Ci��r �o�' .
Clea�zaa���; `i�ir,�� �rz �ni�e�.cy i.s herelay c3e�iar�c? �nd i�.a� �h�s �orc�3.rr�ne� skaall b� .i�z
�.1 .�ar�� anc� e��e�t. .3a�in�dia�eZ�r upan �.�:�.:p��sa�� a� .p�av�dec� 3ry �a�#
I'�.SSED :oN I�IRs� �E�1UT�- �is �F�i} 1�?�y 2�; Z959
�Ass�n �r� s�corm ��r Ma�r 25� 1959
PASS� :O�i` '� i�D �`3.W�L
RF.ATiI1�T�'z �7li AT3!>P'.�Ei3 Nt�S'' �5s Z959
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