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RESOLUTION
No. 76 - 135
r RESOLUTION PRESCRIBING FORM AND AUTHORIZING
EXECUTION OF CONSTRUCTION TRUST FUND AGREEMENT
.T•=
Jet' a
,WHEREAS b Ordinance No. 1586, dui adopted on October 2 1975,
the City Commission of the City of Clearwater, Florida, authorized the
issuance of $8, 000, 000 Utility Revenue Certificates, Series of 1975; and
'j =`•".., WHEREAS, said Ordinance provides that the proceeds derived from the
sale of said Certificates, less certain deposits required to be made into certain
accounts, shall be deposited in trust with a bank or trust company in the State
??
of Florida, in a Construction Trust Fund under a Construction Trust Fund
Agreement" in order to insure the application of such Certificate proceeds
to the purposes provided in the aforesaid Ordinance; and
WHEREAS, said Certificates have, been awarded and sold; and
WHEREAS, the Barnett Bank of Clearwater, N.A., Clearwater, Florida,
has agreed to act as Trustee of such Construction Trust Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
1. That upon delivery of said $8, 000, 000 Utility Revenue Certificates,
Series of 1975, the City Manager, Mayor-Commissioner, City Cleric and City
Attorney be and they hereby are authorized to execute, on behalf of the City,
the Construction Trust Fund Agreement in the form and language annexed hereto
and made a part hereof, the form of which agreement has been approved by the
City Attorney.
2. That this Resolution shall take effect immediately upon passage.
PASSED AND ADOPTED this 4th day of November, A. D. 1976.
Mayor-Commie sio
Atte t;
' f -rY
i Clerk
Reso. #76-135
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?r rt .)q :2 ?i`P. ?°2,i ?.?:; .. s_-•f?r: r?t;S 'a •.; :•':..; ?e.??ii"'t., ii y ;°j:,asr; :_,f,<': Vii: y,:::i
CONSTRUCTION TRUST FUND AGREEMENT
WHEREAS, the CITY OF CLEr1RWATER, FLORIDA, has hereto-
fore sold $8, 000, 400 Utility Revenue Certificates, Series of 1975 pursuant
to Ordinance No. 1586 duly enacted by the City Commission of the City of
Clearwater on October 2, 1975, (hereinafter called "Ordinance"); and
WHEREAS, the City In said Ordinance has agreed to deposit the
proceeds of said $8, 000, 000 Utility Revenue Certificates, Series of 1975,
r
?`. less certain deposits required to be made Into certain accounts, In a Con-
struction Trust Fund to be known as the 111975 Construction Trust Fund" so
me to Insure the proper use of such funds for the construction and acquisition
of extensions and Improvements to the utility properties supplying water and
sewer services in said City as provided in said Ordinance, and to protect the
holders of said $8, 000, 000 Utility Revenue Certificates, Series of 1975, of
the City thereby; and
WHEREAS, the BARNETT BANK OF CLEARWATER, N. A., a
banking corporation organized and existing under the laws of the United States
of America, located at Clearwater, Florida, has agreed to act as Trustee of
said 1975 Construction Trust Fund;
NOW, THEREFORE, IT IS AGREED, on the day of
1976 between the CITY OF CLEARWATER, FLORIDA,
(hereinafter referred to as "City"), party of the first part, and said BARNETT
BANK OF CLEARWATER, N. A., a banking corporation, (hereinafter referred
to as "Trustee"), party of the second part; thai:
Section 1. There is hereby created said 1975 Construction Trust
Fund which shall be held as Trustee by said Barnett Bank of Clearwater, N.A.,
a banking corporation, with trust powers, situated at Clearwater, Florida, which
is hereby designated and appointed as Trustee for such 1975 Construction Trust
I
Rc?so.' tp76?15
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r?? ?'N: S,?Y`F`•.?`e ;? ;;n #,?: •,? ti?•,e Y'",c ?'3. '-". '„ '. ;ti:?:.:?i:.ae i? ?'ir,... 't 3r:?.?' Yi.?i?tt't-?,.'?e'.. Y •i•f ?• s•.,..5';:.',r ,r =7 -t.?
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Fund shall consist of the sum of. $7, 345, 344.04 to be deposited therein by
the proper officials of said City, being the proceeds, except accrued Interest
and the amount of $426, 677. 00 deposited in the Reserve Account pursuant to
said Ordinance, derived from the sale of said $8, 000, 000 Utility Revenue
Certificates, Series of 1975, dated August 1, 1975.
Section Z. The moneys In said 1975 Construction Trust Fund shall
be held by the Trustee in trust and applied only to the payment of the cost of
the construction and acqulsltlon of extensions and improvements to the utility
properties supplying water and sewer services In the manner provided In said
Ordinance, which by reference is made a part hereof the same as if included
verbatim herein.
For the purpose of this Agreement, the cost of said construction.
and acquisition of additions, extensions and improvements shall be as defined
In Section 1.02 (G) of said Ordinance enacted October 2, 1975.
Section 3. Payments to the persona or person, or firm or cor-
porations entitled thereto, or to the City as provided hereafter, shall be made
from said 1975 Construction Trust Fund by the Trustee upon the order of the
City, but only upon the following conditions and upon receipt of the following;
(A) A requisition of the City for such payment, duly executed
on behalf of the City by the City Manager and the City Treasurer, or such
other officers as the City shall by resolution, (a certified copy of which shall
be furnished the Trustee) duly appoint, with the written approval of the
Consulting Engineers retained in connection with said improvements and
extensions or the City Engineer In the case of payments under contracts
directly supervised by the City Engineer. Such requisition shall state;
(1) the amount requested; (Z) the obligation for or on account of which the
requisition Is made, showing separately the total obligations, the amount
already paid, If any, and the balance remaining to be paid; (3) the person
-7.-
-Reso.?-076"1.35. 11-,4-76
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", /=?Y:3 .h:;'a .,':) ' i,"f.e ii'" '3 a a1?".? •.s a`ia:? ???,hl.'.i.. .r . ,, ?f•'. •,`t ?,,r> '???xk.'.. j.w;., '?? ??'! .'?,; ?•??ti
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to whom the payment shall be made. Such requisition shall cartIly: (1)
that the item for which requisition Is made has not been paid; M that there
are no vendors', mechanics' or other liens or rights to liens or conditional
sales contracts on the property In respect to which such payment is to be made.
In addition to the above requirements, before malting any payment
from said 1975 Construction Trust Fund to contractors, builders, or material-
men, on account of the construction and acquisition of extensions and Improve-
ments to said utility properties, the Trustee shall receive a written opinion
of counsel (who may be counsel for the City), to the effect that no such part
of the construction and acquisition of said extensions and improvements to
said utility properties is located or is to be located on lands, Including
easements and rights of way, other than lands, including easements and
rights of way, good and marketable title to which is owned, or can be ac-
quired, by the City in fee simple, or that the title which the said City has
obtained, or can obtain is sufficient for the purposes of such construction and
acquisition and that such title cannot be divested so long as any of the aaid
$8, 000, 000 Utility Revenue Certificates, Series of 1975, of the City are out-
standing and unpaid.
In addition to the above requirements, no payment shall be made
to any contractors or builders, unless the City Attorney shall certify that
such contractors or builders shall have previously delivered to the Clty a
bond or bonds executed by a quailfled surety authorized to do business in
the State of Florida, approved by the City in an amount at least equal to the
amount of such contracts, conditional for the due and faithful performance of
the work, and providing in addition to all other conditions, that If the con-
tractor or his, or Its subcontractor or subcontractors, fail to duly pay for
any labor, materials, team hire, sustenance, provisions, provender or
other supplies used or consumed by such contractor, his or its subcontractor
-3-
Re a a.' 076-136 11-4-76
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or subcontractors, in performance of the work contracted to be done, the :r,•p,+.
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surety will pay the same, together with the interest at the rate of six per
cent (6%) per annum and that the surety shall indemnify and save harmless
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the City to the extent of any and all payments in connection with carrying out
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said contract which the City may be required to make, or the City Attorney "S
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shall certify that, in lieu of furnishing as surety such bond or bonds, such ?
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contractors or builders have deposited with the City, direct obligations of
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+i'•f;;"1}7i l.:; i..;•}• the United States of America, in an amount equal to the amounts of such a•: ^?.?;?
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f a contracts, with the bond or bonds of such contractor or builder, as security
for the performance of such contracts.
The City shall retain ten per cent (10%) of the amount of each payment ?!'s ,
_'.:•'i ;= :' until final completion and acceptance of all work covered by the contract
3??s<<:? - documents, The City at any time, however, after fifty per cent (50010) of the ?
work has been completed, if it finds that satisfactory progress is being made,
shall reduce retainage to five per cent (5016) on the current and remaining
estimates. When the work is substantially complete (operations or beneficial
occupancy), the retained amount may be further reduced below five per cent
(S%) to only that amount necessary to assure completion. On completion and
acceptance of a part of the work on whichthe price is stated separately in the
contract documents, payment may be made in full, including retained per-
centages, less authorized deductions.
(B) if the payment is for legal and engineering expenses, expenses
for financial or fiscal services, if any, interest on the Utility Revenue Cer-
tificates prior to, during and for six (6) months after the completion of con-
struction or acquisition of said additions, extensions and improvements,
expenses in connection with the issuance of said Utility Revenue Certificates
and advertisements in connection with the proceedings authorizing the issuance
thereof, then the requisition referred to in subsection (A) of this Section 3
shall be approved by resolution adopted by the City Commission, and a
certified copy-of such resolution furnished to said Trustee before such
payment is made by the Trustee.
Reso.
076-135
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(C) If the payment is to the City for labor or other costs for
the part of such construction made or work done directly for the City through
its employees, or to reimburse the City for amounts paid by the City for the
cost of the construction or acquisition of such extensions or improvements to
said utility properties, then the Trustee shall make such payment directly to
the order of the City upon being furnished, in lieu of the documents referred
to in (A) and (B) hereof, with a certified copy of a resolution adopted by the
City Commission describing the purpose for which such payment is to be
made.
Section 4. All original requisitions, certificates and opinions
received by the Trustee as required herein, and evidence of payment, shall
be retained in possession of the Trustee, subject at all reasonable times to
the inspection of the City, said Consulting Engineers, the holders of said
$8, 000, 000 Utility Revenue Certificates, Series of 1975, and the agents
and representatives thereof.
Section 5. When the construction and acquisition of the extensions
and improvements to said utiliy properties provided for in said Ordinance
has been fully completed, the Trustee shall be furnished with a certificate
showing such completion and the date thereof, duly executed by the Mayor
and the City Manager and City Treasurer of the City. Thereupon any balance
in said 1975 Construction Trust Fund not reserved for the payment of any
remaining part of the cost of the construction of said extensions and improve-
ments, as defined in the Ordinance, shall be deposited in the Reserve Account
in the Sinking Fund; provided, however, if the amount in said Reserve Account
after such deposit exceeds the maximum amount then required to be on
deposit in said Reserve Account, any further balance may, in the discretion
of the City Commission, be deposited in the Sinking Fund or used for the
purpose of the construction or acquisition of additions, extensions or
improvements to said utility properties,
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Section 6. The Trustee accepts and agrees to execute the trust
hereby created, but only upon the terms set forth in this Agreement Wall of
StirY` which the parties hereto agree.
Section 7, The Trustee may execute any of the trust powers hereof
'•:RT:. and perform the duties required by it, by or through attorneys, agents or
employees, and shall be entitled to advice of counsel concerning all matters
to ;' z wr
of trust hereof and its duties hareunder.
i••,r r , .r,.
Section 8. The Trustee shall, upon the request of the City, temporarily
invest or reinvest any moneys in said 1975 Construction Trust Fund in direct
obligations of the United States of America, or in Time Deposits evidenced
by Certificates of Deposit fully secured by collateral deposit of securities
other than shares of stock in which the Bank is authorized by law to :.nvest its
funds, the value of such collateral to be computed monthly at current market
values. Such investments shall mature not later than the time when funds will
be required for the purpose of which said Fund was created. Said Trustee
is hereby authorized to liquidate any of such investments or reinvestments
whenever necessary to pay requisitions upon said 1975 Construction Trust
Fund as provided herein. All interest or income earned upon any of said
investments or reinvestments shall be credited to and become a part of said
1975 Construction Trust Fund.
Section 9. The Trustee shall be protected and shall incur no
liability in acting or proceeding in good faith upon any resolution, notice,
telegram, request, consent, statement, affidavit, voucher, bond or other
paper or document which it shall in good faith believe to be genuine and to
have been passed or signed by the proper officers, agents or employees of
the City, or to have been prepared and furnished pursuant to any of the pro-
visions of this Agreement and the Trustee shall be under no duty to make any
investigation or inquiry as to any statements contained or matters referred to
in any such instrument, but may accept and rely upon the same as conclusive
evidence of the truth and accuracy of such statement. Upon the Trustee making
the payments to be made by it from said 1975 Construction Trust Fund in
i' RGSO. 076'-135 ?
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'„t ,;i. r:ns %,t ?.`3. ': ?=u:fY??;'ti ,, y'-?r 'r °1?.5?t?•'' 1i?3.?S ?G• ??, ,??,.i; ?' u. •??;.. ?+^ r u.., l ay t2?s } aa,. Y
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? l•.: fit' ?..q':: ''*=sf,; "..<? yK,'r ;.'.-
?•£ir'•?5?{ei?e •;,.?1: _, :i: .f};Y ;'i,?t.,.• .:ar33..'?,?'?;, ?7?.f':?: ?. '; '?:k'6.y:?t .•?lod.,.
;r: :3 ? ry;',:a;. .r. : `, ?' .4,:5?'re i ?•. 1; x'', .:..'.. r.?y"r•(tr's.y,,?A
f,':'?.;r?;, ?.i:.•r ?l. t.s,. '?tis.=,'..5,`..?il,..., •'r?.:. ?'.,tp??S.1.P., t.`:? .-s.?,?,1 t• ?f ?i?
,k,. ';s.4. j'. •r?. .S'd'{y; s: fF? 5`"t •si: .1r'r. ? ?s?.J ?.ii:'' r ;?a:'
'?)i'f,•Jt` .? ?.? ?s'• .:. sy'.1\r- "het.. 2'. .??. x.. e. ?: Yt ? S', yam{`i: 1?•.•, ti.;;':
Fs ±s' i??f ?,`1i 'Y:,si. !{.,i? Si•s T.,.. ?, i,+.,r•• ;,yt{"r
sib,."-S.t "'i•'?:= "5??';'''- ":i??:@?',t.•t'' .slf;?^-?:, .?^. .,
accordance with the provisions hereof, such payments shall, so far as concerns
the Trustee, be deemed to be legal and proper payments; and the Trustee shall
be relieved of all responsibility with respect thereto and shall be liable only
for proof of payment as provided herein, The Trustee shall not be respon-
sible for the recitals in this Agreement, nor for the validity of this Agree-
d
ment. The Trustee may accept a resolution of the City Commission, when
certified by the City Clerk under the seal of the City to have been duly adopted.
P..
a..° The Trustee shall not be under any liability for anything arising out of this
V:: -;
Agreement except for its own negligence, lack of good faith, or willful
ts,
'alt'? misconduct.
Section 10. The Trustee may in good faith, buy, sell, own, hold
and deal in any of said $8, 000, 000 Utility Revenue Certificates, Series of
1975, issued by the City pursuant to said Ordinance and may join in any action
which any certificateholder may be entitled to take with a like effect as if the
Trustee were not a party to this Agreement. The Trustee may also engage
in or be interested in any financial or other transaction with said City, or
holder or holders of said Utility Revenue Certificates, secured hereby, or
other obligations of the City, as freely as if it were not Trustee hereunder.
Section 11. The Trustee may construe any of the provisions of
this Agreement insofar as the same may appear to be ambiguous or incon-
sistent with any other provision hereof; and any construction of any pro-
visions thereof by the Trustee in good faith, shall be binding upon the parties
hereto.
Section 12. The Trustee may resign and be discharged of the trust
created by this Agreement, by executing an instrument in writing, resigning
such trust, specifying the date when such resignation shall take effect, and
filing the same with the City Clerk of the City not less than sixty (60) days
before the date specified in such instrument when such resignation shall take
effect. Such resignation shall take effect on the day specified in such
instrument urilcse previously a successor Trustee shall be appointed as
hereinafter provided, in which event such resignation shall take effect
immediately upon.the appointment of such successor Trustee.
Reso. #76-135
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11-4-76
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tat ' •' x'?s<j CL (hs'f}1.,•;?i}:. it ..?. F,?v r.?3 3- ??? .r`3 .`? °hs? X-•: ',?" "?: '??`:3€?$.-'`"? ?' '+?s ? "``? r;i°'?}a r:?_. s_
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1? a4r h???FS $ 'nf d'?-'+?'{ :t•? ?,a`: 7... i:..;'. ','r+ 'C.?-. - t ,^1(i' ? :: 1r 3"•^. ??•
? ??£': 'tai. ?.?'???' • r ?; i?+, s: -? !: r•- ._ '£; ' 3 ?'? a.. ti_ ?:."?? -!"t;? N; Y
'??y:,?' 'w1',' '',4;'.'•:.n,`1'':-.t?? ?I? r:rj"",',?s?;?Z?5:ti4aJj?a?.'.in1f?'?•t}r, i "{..i.,.:?:.?,:.t? ?Si?.k>'?.??,?''Y
???`.i.:-r'i -'4??? t? °^. .y[?:. 6?' ? ,?.':?. ' •' '7 i..- }R'.a•.;.r. ?: .* i 1 .. 1 ?Jf.'i,'f i;:j,• *',4 t!_. a, , S•'S+;?a3.,
;f •: Cg - .. Yt?. Cpl°:,:, „p 8•-: •... b•i "?r.`.kx. •;? .. ?!? ??.
?N- `'? ?':??Z?~:?rt• u i;:. .:+. ,'Y '. w: S.,', :Lrix'>'t!'?'; 4'a1•?3o f::w:; t°>"'?l?n:..^aa:}':?s}
+yz :.S``'??t+.;-,, i? ,,.i,.F{. i.z f.i;• ?. t?4°}??.'. F`i,a:er,?„ui?' ?'w• `zy''t?r`!:•.?r
L; ie :1?'Y;dA- ':,` „+??yr'; .?. -.1?:•t'c-? .:1? .'r., .•?;3 c': .y?: "-r,•: rrr+,}r'<i w'4'i? f xr ?+• 3.?
;i '4 'fL', - '.-s' .' rr •.-:i :,r ?.?5 ?'?Y?r^ t 4 ??,j_ ry' .I,.
. i?y`dt??'=a. s.: ,tiL. ?'' : ?;.:i a'a? .? 4; ••i,;;,-.,: ?5 c r. -a ;;?..t ,'` ?'r.
"`f'i„ :l' .'?-?i,+. y?'?.r t`:;c"??'f3?,::Ji +r'. •'Kr Lia'r,:'•<•wy-?-5.,: ;, s?,., ?'ik-:?J::,.,,:
`,mod=•,. ?? - -•'wei,w.ti?i:?.,. __._ ._.. .. ,
}
Section 13. Any Trustee hereunder may be removed at any time
by an instrument in writing, appointing a successor to the Trustee so removed,
filed with the Trustee at least sixty (60) days before the removal is to become
effective, signed by the City Manager and the City Treasurer of the City.
Section 14. In case at any time the Trustee, or any Trustee hereinafter
appointed, shall resign, or shall be removed, or be dissolved or if its property
5 p.
or affairs shall be taken under the control of any State or Federal Court or
administrative body because of insolvency or bankruptcy, or for any other
reason, a vacancy shall forthwith and ipso facto exist in the office of the
Trustee and a successor may be appointed by the City.
} Section 15. In case at any time the Trustee shall resign and
' no appointment of a successor Trustee shall be made pursuant to the foregoing
?Yv
provisions of this Agreement prior to the date specified in the notice of
resignation as the date when such resignation shall take effect, the retiring
Trustee may forthwith apply to a court of competent jurisdiction for the
appointment of a successor Trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribed, appoint a successor
Trustee.
Section 16. Any successor Trustee appointed hereunder shall
execute, acknowledge and deliver to the City an instrument accepting such
appointment hereunder, and thereupon such successor Trustee, without any
further act, deed or conveyance, shall become duly vested with all of the
estates, property, rights, powers, trusts, duties and obligations of its
predecessors in the trust hereunder, with like effect as if originally named
Trustee herein. Upon request of such Trustee, the Trustee ceasing to act
and the City shall execute and deliver an instrument transferring to such
successor Trustee all the estates, properties, rights, powers and trusts
hereunder of the Trustee so ceasing to act; and the Trustee so ceasing to
act-shall pay over to the successor Trustee all moneys at the time held by
it hereunder. '
i
m8-
' Reso. #76-135. 11-4-76
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•d1 •J"M1.•!s? ?p•?-'i*';,r: n?..? dri :v.'rr.;c '•'i.`??"^ ?T w'"'T "?'?.ri?,±t?y?ht?i.?.t??+??•?lgt?;? .aw;?xt;-!!?',^r?("+3•z?v^i. '+!.•??'''r..
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i •:a?' `j.' - }:. .:, j-?rye?'a. ?? i='?..5 a?:Y?-xJr r ?'' t„ t.r.,,• t•.;" r ? ?:. ?i4gi• "? qI 3' .,p?'?.
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Section 17. Any corporation into which any Trustee hereunder
may be merged or with which it may b,e consolidated, or any corporation
resulting from any merger or consolidation to -which any Trustee hereunder
shall be a party, shall be the successor Trustee under this Agreement
without the execution or filing of any paper or further act on the part of the
parties hereto, anything herein to the contrary notwithstanding.
Section 18. This Agreement shall be deemed tolave been, and
is made for the benefit of the holders from time to time of said $8, 000, 000
Utility Revenue Certificates, Series of 1975, dated August 1, 1975, issued
by the City pursuant to said Ordinance and shall be enforceable by any of
the holders thereof in the manner provided in said Ordinance.
Section 19. In addition to the other payments provided to be made
by said Ordinance and this Agreement from the 1975 Construction Trust Fund,
the City shall pay to the Trustee hereunder its proper fees and expenses,
and the Trustee shall have a lien on all moneys in said 1975 Construction
Trust Fund for such proper fees and expenses. Settlement of fees charged
will be in accordance with provisions of the Banking Service Contract, dated
May 26, 1976, between the City and said Barnett Bank of Clearwater, N. A.
Section 20. Subject to the lien of the Trustee for its proper fees and
expenses, the holders of said Certificates issued pursuant to said Ordinance
shall have a lien on all moneys in the 1975 Construction Trust Fund until
paid out and applied in accordance with this Agreement and said Ordinance.
IN WITNESS WHEREOF, the City of Clearwater, Florida, has
caused these presents to be signed by its Mayor-Commissioner, City Manager
and City Attorney-and its corporate seal to be hereto affixed and attested
by its City Clerk, and the said Barnett Bank of Clearwater, N.A. has caused
,.,
t- Reso. 076-135
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11-4-76
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these presents to be signed by its Trust Officer and its corporate seal to
be hereto affixed, and attested by its _ the
day and year firat above written.
CITY OF CLEARWATER, FLORIDA
Countersigned:
By
City Manager
Mayor-Commissioner
Attest:
Approved as to form and
correctness:
City Clerk
City Attorney
Attest:
rf
' s
BARNETT BANK OF CLEARWATER, N. A.
By
Trust Officer
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