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R E S 0 L U- T 1 0 N
a rFi No 78 -.53
=?,f .{_•<•,.,, A RESOLUTION AMENDING RESOLUTION 78-'36 OF THE
CITY OF CLEARWATER, FLORIDA ADOPTED ON MARCH 31,
1978, RELATING TO THE SALE OF UTILITY REVENUE
BONDS, SERIES 1978 AND SPECIAL OBLIGATION BONDS,
SERIES 1978A OF THE CITY IN CERTAIN RESPECTS;
AUTHORIZING THE ISSUANCE OF TEMPORARY BONDS
PENDING DELIVERY OF DEFINITIVE BONDS; AUTHORIZ-
ING THE EXECUTION AND DELIVERY OF AN AGREEMENT
RE CANCELLATION OF BOND SALE, AND A S.k£T'i'ER
AMENDMENT TO A SECURITIES PURCHASE AGREEMENT
?` :sRt' r+J';' BETWEEN THE CITY AND COMMUNITY BANK OF PINELLAS;
AUTHORIZING APPROPRIATE ACTION TO TRANSFER FUNDS
HELD FOR THE BENEFIT OF THE HOLDERS OF THE REFUNDED
CERTIFICATES TO BE TRANSFERRED TO CORRESPONDING
APPROPRIATE FUNDS AND ACCOUNTS FOR THE BENEFIT OF
THE HOLDERS OF THE REFUNDING BONDS ; PROVIDING AN
EFFECTIVE'DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1. Section 5 of Resolution 78-36 of the City of
,...}.? Clearwater, adopted on March 31, 1976, is amended to read as follows:
"SECTION 5. The authorization for $3,210,000 principal
r?; Ste'".
amount of Utility Revenue Bonds, Series. 1978, be and the same is
?i y F'
s; t hereby cancelled and rescinded and the authorization for $3,615,000
principal amount of Special Obligation Bonds Series 1978A, be and
'ice the same is hereby cancelled and rescinded."
SECTION 2. Until definitive bonds are ready for delivery,
there may
be executed and delivered to the purchasers, in lieu of
'
d definitive bands and subject to the same limitations and conditions,
?.•., one or more temporary typed Utility Revenue Bonds, Series 1978 and
Special Obligation Bonds, Series 1978A, respectively, in bearer form,
registrable as to principal only, without coupons, in one or- more
denominations totalling the aggregate principal amount of each of
the Series 1978 and Series 1978A Bonds to be issued, maturing in
installments and bearing interest with respect to each installment,
in substantially the same tenor-as otherwise herein authorized for
1
the Series 1978 and Series 1978A Bonds, respectively, and with such
e
appropriate omissions, insertions and variations as may be required.
If temporary bonds are issued, the City shall cause the definitive
` bonds to be prepared and to be executed, and, upon presentation to
t
' the-City of the,temporary bonds, shall cancel the temporary bonds and
deliver to the holders thereof definitive bonds of an equal aggregate
;,Ras'o..47A-53 4/26/78
77 77 7 7
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a.t* principal amount, of the maturities and bearing interest and in the
denominations as herein authorized and as sold to the purchasers
thereof. Until so exchanged, the temporary bonds shall in all
respects be entitled to the same benefit and security as the defini-
tive bonds. Interest and principal installments on the temporary
bonds, when due and payable, if the definitive bonds are not then
;;. ready for exchange, shall be paid on presentation of the temporary
b?.
bonds at the office of the city Treasurer of the City, and notation
`a. of such payment shall be endorsed thereon. The temporary bonds shall
T' be in such form and denominations as shall be determined by the
Mayor-Commissioner and City Clerk with the approval of the City
t,f
Attorney, which shall be evidenced by their execution thereof, and
?d•
shall be executed by the officers of the City who will execute the
;n. definitive,bonds, which execution is hereby authorized,
' SECTION 3. The Mayor-Commissioner and City Manager are
authorized to execute, and the City Clerk is authorized to attest,
an Agreement Re Cancellation of Bond Sale, in substantially the
form attached hereto as Exhibit A, and to deliver the same to the
other parties thereto, and such officers are further authorized to
take such other action and execute such further documents as are
necessary to implement the provisions thereof,
SECTION A. The agreement between Community Bank of Pinellas,
Seminole, Florida, and The City of Clearwater Florida
in substantially the form attached hereto as Exhibit H, is hereby
approved and the Mayor-Commissioner and City Manager are further
authorized to take such other action and execute such further docu-
ments as are necessary to-implement the provisions thereof.
SECTION 5. The appropriate officials of the City are hereby
authorized to take such action as is necessary and appropriate to
effect the transfer of moneys held in various funds and accounts
created and established pursuant to the Ordinances authorizing the
Refunded Bonds (as defined and referred to'in ordinance No. 1761 of
the City) from such funds and accounts to funds and accounts created
and established under Ordinance No. 1761 of the City having corre-
sponding purposes and functions, all as of the date of delivery of
1
-2-
Rein: x.78 3
4/26/78
?
q:: ?'1 riet {r9N`' Irv. < r la:,.: SPr ` F' e.` {! re': ra ;
tf
'??tgg 4 ? t 5,•04"!'?,,1't4 '; 1i1 `. • .
the City's Utility Revenue Bonds, Series •1978 and Special obligation
Bonds, Series 1978A.
SECTION 6. This resolution shall take effect immediately
f upon its adoption.
PASSED AND ADOPTED this 26th day of April, A.D. 1978.
Attest:
Mayor-Commissioner
Clerk
S
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RESOLUTION EXHIBIT A ( i
AGR[iEMN'r
CANC1:LLA'I'1ON OF BOND SALE
MiEREAS, the City Commission of the City of Clearwater, Florida
(hereinafter called "City"), has heretofore duly adopted Ordinances No.
1760 and No. 1761 (the "Ordinances") authorizing the Issuance of $28,000,000
Utility Revenue Bonds, Series 1978 (hereinafter called 111978 Bonds"), and
$24,000,000 Special Obligation Bonds, Series 1978A (hereinafter called
111978A Bonds"), for the purpose of refunding the outstanding Utility Revenue
Certificates, Series of 1955, 1956, 1959, 1960, 1962, 1964, 1965, 1967, 1969,
1972 and 1975 of the City (hereinafter called "Refunded Bonds"); and
WHEREAS, the terms and provisions of such ordinances of the City
provide for the deposit into irrevocable escrow of a portion of the proceeds
from the sale of the 1978 Bonds and the 1978A Bonds (hereinafter collectively
called "Refunding Bonds") which, together with other funds to be deposited by
the City,into such escrow, will be sufficient to pay the principal of, interest
on and redemption premiums with respect to the Refunded Bonds as the same shall
become dt:r or are redeemed prior to their dates of maturity, and which sums,
together with available income from the investment of funds deposited into such
escrow, will be sufficient to pay the principal of and interest on the 1978A
Bonds as the same shall become due; and
WHEREAS, Community Bank of Pinellas, Seminole, Florida (hereinafter
called'"IEscrow Holder"), has, concurrent with the execution of this Agreement,
entered into an Escrow Deposit Agreement with the City dated as of April 27,
1978, concerning the disposition of the funds to be deposited in escrow and
..the holding of such funds intrust, a copy of which is attached hereto as
.''Exhibit "A"; and
` 'Ab`eclit[i'ent/lies>a•
.Na: 78-53
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V: ',''r•?A. .'t'1..• :Y „ar !r ?.}, .!°; '?.r" t:-' .5.,?$? i. •?•.. ref a•??'? s.rfl?
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WHEREAS, it is anticipated that the Escrow Holder, pursuant
hereto and to such Escrow Deposit Agreement, will invest the funds in
escrow at the direction of the City for the purposes set forth in such
Ordinances of the City and in such Escrow Deposit Agreement, and
IMEREAS, the firms of William R. Hough $ Co. and The Pierce,
Wulbern, Murphey Corporation (hereinafter collectively called "Purchasers")
by proposal dated March 31, 1978, submitted to the City an offer to purchase
the Refunding Bonds upon such terms as are contained in such proposal; and
11MEREAS, the City did, on March 31, 1978, pursuant to appropriate
proceedings accept the proposal of the Purchasers for the purchase of the
Refunding Bonds; and
WHEREAS, it is in the mutual interests of the City and the Pur-
chasers that the Refunding Bonds be issued and delivered to the Purchasers
on April 27, 1978; and
WHEREAS, the Refunding Bonds were validated by final judgment of
the Circuit Court in and for Pinellas County, Florida, rendered on April 3,
1978, as to which the appeal period will expire on May 3, 1978; and
WHEREAS, additional economic benefits may be secured to the City
by the temporary investment of the funds held in escrow until May 4, 1978; and
WHEREAS, the City is willing to issue and deliver the Refunding Bonds
in temporary form on April 27, 1978, and the Purchasers are willing to accept
delivery thereof on that date and in that form under the terms and conditions
hereafter set forth;
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15, THEREFORE, IT 1S HEREBY MTUALLY AGREED BY CITY, THE
0
ESCROW HOLDER AND THE PURCHASERS:
1. The Refunding Bonds in temporary form will be issued and
delivered to the Purchasers on April 27, 1978, and the money received
?k
by the City pursuant to the purchase proposal shall be paid to the Escrow
ti}N Holder as provided in the Ordinances and except as provided herein will
otherwise be applied by the Escrow Holder in accordance with the pro-
visions of the Ordinances and the Escrow Deposit Agreement.
2. On April 27, 1978, the Escrow Holder shall invest $45,272,000
of the proceeds of the Refunding Bonds which are deposited with the Escrow
Holder pursuant hereto in a "Repurchase Agreement" with Salomon Brothers with
such "Repurchase Agreement" being secured by U.S. Government Securities,
direct or guaranteed, having at the close of market each day a market value of
not less than 105% of such invested funds, such agreement to be dated April 27,
1978, due and payable in Federal Funds on May 4, 1978, and shall bear interest
at the rate of 6.60 percent per annum. The Escrow Holder agrees to advise the
Purchasers and the City by telephone and in writing of consummation of the
investment in the "Repurchase Agreement" upon receipt of such confirmation by
the Escrow Holder and shall provide a copy of said "Repurchase Agreement" to
the Purchasers and the City.
The Escrow Holder agrees to monitor the margin requirements
of 105% of market value herein required of Salomon Brothers and agrees to take
such steps as are prudent to require maintenance of such margin requirement on
a daily basis or in the Escrow Holder's sole and absolute discretion take'
such action as is prudent to terminate the "Repurchase Agreement" and recover
the proceeds of said "Repurchase Agreement" with interest earned thereon to
i
date of•termiriation. In the event the Escrow Holder terminates the "Repurchase
Agreement" the Escrow Holder may in its sole and absolute discretion re-invest
I
the proceeds of the "Repurchase Agreement"'in a like investment having like
3
Attri6hment/Iteso. X78-53 3
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securit Furthermore, the Escrow Holder agrees to inform the office of the
City Manager of the City and William R. Hough F, Co. by daily (except Saturdays,
.fy7?•
..? Sundays and legal holidays) telephonic confirmation as to the adequacy Of the
margin requirement or action taken by the Escrow Holder in the event the
I
margin requirement is not met.
3, On May 4, 1978, the Escrow Holder shall receive the proceeds
of the "Repurchase Agreement", together with the interest due thereon, and
shall apply such proceeds and the univested cash pursuant to Exhibit B
attached hereto and made a part hereof; however, if either of the conditions
described in paragraph 5 shall have occurred, the Escrow Holder shall apply
all proceeds as provided in paragraph 6 hereof.
4. The closing documents, official statements, opinions of counsel
and any other documents necessary or incidental to the delivery of the Re-
funding Bonds shall all be dated April 27, 1978, and shall be delivered to
the Purchasers with the Refunding Bonds on April 27, 1978.
5. The sale, issuance and delivery of the Refunding Bonds of the
City to the Purdhasers are subject to the following conditions subsequent and
shall be rescinded if:
(a) Before 12:01 o'clock A.M. on May 4, 1978, a notice of appeal
is filed in the proceedings validating the bonds, or'
rte `Attachment/Reno. F#78-53
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(b) Before 1:00 o'clock P.M., on May 4, 1978, the Escrow Holder
shall be unable to realize sufficient proceeds of the
temporary investments due on May 4, 1978, to acquire or
for any reason the Escrow Holder is unable to purchase with
the funds held by it pursuant hereto and pursuant to the
Escrow Deposit Agreement, the United States Obligations,
State and Local Government Series, in the maturities and
bearing the interest as set forth in Schedule C to the
Escrow Deposit Agreement, or other investments approved by
Bond Counsel to the city.
As to Condition (a) above, the City shall orally notify Bank no later than
9:00 A.M., May 4, 1978, of the happening of such condition. The Bank shall
proceed in the absence of such notice as if such condition had not occurred.
Such notice shall be given to Charles H. Block or Roger Block if possible,'
6, In event of the rescission of the sale of the bonds as pro-
vided in Section S above, the following events shall occur on May 4, 1978:
(a) The Purchasers shall cause to be delivered to the Escrow
f • ,
Holder, all the Refunding Bonds, in temporary form:
(b) The Escrow Holder shall immediately thereafter:
(i) Surrender such Refunding Bonds to the City for can-
collation. Delivery of such Refunding Bonds to the
City shall discharge Escrow Holder from any and all
further liability to the City hereunder or under the
Escrow-Deposit Agreement,
J`' :i`Ab3tac hi?entjiReqq. 78-53•
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0
(ii) Set over, transfer, assign and deliver to the
Furchasers all cash on hand, proceeds of the
"Repurchase Agreement" described in paragraph 7
herein and the interest earned thereon and/or
all right, title and interest of the Escrow
Holder in the "Repurchase Agreement", securities
and other assets, tangible and intangible, then
held by Escrow Holder pursuant hereto and to
the Escrow Deposit Agreement, it being agreed
among the parties that the Purchasers shall then
be the absolute and exclusive owners of such assets,
Delivery of such assets to Purchasers shall dis-
charge the City and the Escrow Holder from any and
all further liability to Purchasers hereunder or
under the Escrow Deposit Agreement, or under the
Refunding Bonds, provided, however, that Escrow
Holder and City shall render reasonable assistance
to Purchasers in collection of any assets so trans-
ferred, it being agreed that Purchasers shall bear
all costs and expenses of Escrow Holder in rendering
such assistance.
+
-b-
.Atbachment/Resq `478-53
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(c) The Purchasers agree to defray and pay any and all expenses
incurred in the closing and delivery of the Refunding Bonds
in temporary form and any and all expenses incurred related
to the issuance of the Refunding Bonds such as the costs of
legal fees, temporary Escrow Holder fees, printing, accounting,
verification and other fees, except the Purchasers shall not
be liable for the out-of-pocket expenses of the City and fees
of its Financial Advisor.
7. Unless the sale is rescinded as herein provided, the
Refunding Bonds in temporary form shall be exchanged for Refunding Bonds
in definitive form on May 4, 1978, or on such later date as the City and
the Purchasers shall mutually agree.
8. The parties hereto recognize that the Refunding Bonds
constitute unique securities, and that monetary damages for breach
of any of the provisions hereof may not be an adequate remedy, and
it is agreed by the parties that the provisions of this Agreement
may be enforced by specific performance, injunction, mandatory
injunction, or such other remedy as may be available at law or in
equity, as well as by an award for damages.
9. The provisions of this Agreement shall operate to supersede
P`
the provisions of the Escrow Deposit Agreement and shall prevail over the
provisions of the Escrow Deposit Agreement to the extent of any conflict.
or inconsistency between this Agreement and the Escrow Deposit Agreement.
-7-
?ttac?iment/Reeo. '#7B-'S °
-XI
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?I j'?•i .? _ .`1.. ?•t;ls „•?-i !' :?t l`i.9 '.L.3.-•.'.a i??..? ? .? i`....r 4. .•?i.'
{?';?'',a',if'?t•° ?fr?"..'J.&?` i•- ?)?!?. .'t':!.•? ?.•j' ,f:.;?' '?t???^`J"t,??l
`.s •:1;4...1. .' `• ? rt ? ' ;` °.i• ?` " i e,}?• ..
??1 i1, «: •fi ,•, t`" .?!r. Ft,' t,V ,..;•` Jq„'?`'?1`s;, ?J.<;, i1`'
IN WITNESS WHEREOF, the parties hereto have each caused
this Agreement to be executed by their duly authorized officers and
their corporate seals to be hereunto affixed and attested this
day of April, 1978.
ATTEST: CITY OF CLEARWATER, FLORIDA
By
City Clerk City Manager
(SEAL)
Countersigned:
Mayor- Commissioner
Approval as to form and
correctness:
City Attorney
ATTEST:
Its:
COMMUNITY BANK OF PINELLAS
By
Its:
WILLIAM R. HOUGH & CO.
By
THE PIERCE, WULBERN, MURPHEY CORPORA
By,
t3.
???i -1!••:i n' ,%? •L, ire ;, ,?, ,? j ? r8ri
s=a,c,zS t q}:? ent/Resa` #78-53`
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, A
ESCROW DEPOSIT AGREEMENT
?j y 1
THIS ESCROW DEPOSIT AGREEMENT, dated as of April 27, 1978,
by and between the CITY OF CLEARWATER, FLORIDA (the "Issuer"), and
COMMUNITY BANK OF PINELLAS, Seminole, Florida, a banking corporation
organized under the laws of-the State of Florida, as Escrow Holder
?3U
"
"
(the
Escrow Holder
1
t
W I T N E S S E T H
WHEREAS, the Issuer has previously authorized and issued 7
. F
obligations of the issues set forth on Schedule A, hereinafter de- .'
zP,??#arr„
F?
" r ?r
€? R
as to which the current Total Debt
Fined as the "Refunded Bonds, ctx
l?:i`Y?4e
i
`
?
Service (as hereinafter defined) is set forth on Schedule A; and
'?,,,?`
k
?
WHEREAS,'the Issuer has determined to provide for payment
of the current Total Debt Service of the Refunded Bonds by deposit-
ing with the Escrow Holder cash at least equal to such sum; and
WHEREAS, in order to obtain the funds needed for such. `
purpose, the Issuer has authorized and is, concurrently with the'
delivery of this Agreement, issuing certain Utility Revenue Bonds
and Special Bonds more fully described herein; and '
WHEREAS, the Issuer has determined that the Escrow Deposit
Income, as defined herein, to.be earned pursuant to this Agreement
will be sufficient to pay the Total Debt Service of the Special
Bonds;
Now Therefore, in consideration of the mutual covenants. ,
and agreements herein contained, the Issuer and the Escrow Holder
i
agree as follows:
Section 1. Definitions. As used herein, the following
terms mean:
(a) "Agreement" means this Escrow Deposit Agreement. 1
(b) "Issuer" means the City of Clearwater, Florida.
(c) "Escrow Holder" means the Community Bank of Pinellas,
Seminole, Florida.
(d) "Refunded Bonds" means the outstanding certificates
of the following issues of bonds of the Issuer:
(1) Utility Revenue Certificates,' Series of 1955;
(2) Utility Revenue Certificates, Series of 1956;
'V
?.tr3,;:`?Ataatinient%Itescs. #78-53
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(3) Utility Revenue Certificates, Series of 1959;
(4) Utility Revenue Certificates, Series of 1960;
(5) Utility Revenue Certificates, Series of 1962;
(6) Utility Revenue Certificates, Series'of 1964;
(7) Utility Revenue Certificates, Series of 1965;
(8) Utility Revenue Certificates, Series of 1967;
(9) Utility Revenue Certificates, Series of 1969;
(14) Utility Revenue Certificates, Series of 1972; and
(11) Utility Revenue Certificates, Series of 1975.
(e) "Special Bonds" means the Special Obligation Bonds,
Series of 1978A of the issuer, authorized by the Special ordinance.
(f) "1978 Bonds" means the Utility Revenue Bonds, Series
1978, of the issuer authorized by the 1978 Ordinance.
(g) "Special Ordinance" means the ordinance enacted by the
governing body of the Issuer on February 21, 1978, as amended and
supplemented from time to time, authorizing issuance of the Special
Bonds.
(h) "1978 Ordinance" means the Utility Revenue Bond f
. Ordinance enacted by-the governing body of the issuer on February 2
1978, as amended and supplemented from time to time, authorizing
issuance of the 1978 Bonds. ;
(i) "Principal Account" means the account established and
held by the Escrow Holder pursuant to this Agreement, in which cash
and investments will be held for payment of the Refunded Bonds.
(j) "Income Account" means the account established and
held by the Escrow Holder pursuant to this Agreement, in which ,
Escrow Deposit Income, as herein defined, will be held for payment
of the Special Bonds and'the Expenses. y
r
(k) "Escrow Deposit income" means all interest and other
income derived from the investment of funds under and pursuant to
this Agreement and, after provision for payment of the Total Debt
Service on the Refunded Bonds, any excess cash and principal of
Federal Securities held in the Principal Account.
(1) "Expenses" means the expenses set forth on Schedule D
ittached'hereto and hereby made a part hereof.'
(m) "Annual Debt: Service" means in any year: (1) as to
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the Refunded Bonds, the principal of and interest on, and paying
agent fees, if any, for the Refunded Bonds coming due in such year,
and the principal of and redemption premiums with respect to the Re-
funded Bonds, if any, called for redemption in such year as shown
on Schedule A attached hereto and hereby made a part hereof, and
(2) as to the Special Bonds, the principal of and interest on the
Special Bonds coming due in such year, as shown on Schedule B.
(n) "'Total Debt Service" means, as of any date, the sum
of the Annual Debt Service then remaining unpaid with respect to the
Refunded Bonds or the Special Bonds, as appropriate.
(o) "Escrow Requirement" means, as of any date of calcu-
lation, the sum of (1) an amount in cash and principal amount: of
Federal Securities in the Principal Account sufficient to pay the
Total Debt Service on the Refunded Bonds, and an amount in cash in
the income Account which, together with all interest due on the
Federal Securities, will be sufficient to pay the Total Debt: Service
on the Special Bonds and to pay when due all Expenses then unpaid.
(p) "Federal Securities" means direct obligations of
the United States of America and obligations the principal of and
interest on which are fully guaranteed by the United States of
America, none of which permit redemption prior to maturity at the
opf.ion of the obligor.
.(q) "Call Date" means August 1, 1982, the date on which
a portion of the then outstanding Refunded Bonds, Series 1969, will
be called for redemption prior to maturity.
(r) ,Reaenpti.on Resolution" means a resolution adopted by
the governing body of the Issuer which provides for 'redemption of
a portion of the issue of the Refunded Bonds, Series 1969 on the
Call Date, irrevocably instructs the Escrow Holder to give notice
of such'redemption, and directs the paying agents of such issue of
the,Refunded Bonds to pay the Refunded Bonds and the interest thereon
upon surrender thereof at maturity or its Call Date, whichever is
earlier,, including, in the case of payment on the'Call Date, the
surrender of all unmatured coupons appertaining thereto.
4
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.,...'l.:_ •:4;.:...., . ? ., ..,....r.,. ..'?•? tom.. .. .??.,?i??'1i?ih?+r.tG:i?'?;?.lL::??ri?Lri".i•S:c'<>`14`s:.i?r'exv::?f??:r.,.•ra;r;i??,t't.yN'i?id.4v'?W'.`c??6
Section 2. Deposit of Funds. The 'iusuer hereby deposits
$43,841,527.79 with the Escrow Holder in immediately available funds,
to be held in irrevocable escrow by the Escrow Holder separate and
apart from other fundu of the Issuer and the Escrow holder and to be
applied solely a*'; r-rovided in this Agreement. The Issuer reproeants
that.
(a) Such funds are derived as follows:
(1) $20,310,652.79 from the net proceeds of the
Special Bonds; and
(2) $23,530,875.00 from the net proceeds of the 1978
Bonds.
(b) Such funds are at least equal to the Escrow Require-
ment as of the date of such deposit.
Section 3. Use and Investment of Funds. The Escrow
Holder acknowledges receipt of the 'sum described in Section 2, and
agrees:
(a) to hold the funds in irrevocable escrow during the
term of this Agreement,
(b) to immediately invest $43,097,100.00 of such funds by
the purchase of the Federal Securities set forth on Schedule C
attached hereto,
(c) to deposit the sum of $744,327.79 in cash in the
Income Account and the balance of $100.00 in the Principal Account,
(d) to deposit, as received, in the Principal Account,
all receipts of maturing principal of the Federal Securities invested
in the Principal Account, and all receipts of interest and other
income in the Income Account.
(e) to transfer to the Income Account, on each interest
payment date for the Special Bonds, any cash and principal of Federal
Securities then held in the Principal Account which is then in
excess of the amount which will be required to provide for payment of
the Total Debt Service on the Refunded Bonds.
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Section 4. Payment of Bonds and Expenses.
(a) Refunded Bonds. On each interest payment date for
the Refunded Bonds, the Escrow Holder shall pay to the paying agents
for each issue b€ the Refunded Bonds, from the cash on hand in the
Principal Account, a sum sufficient to pay that portion of the Annual
Debt Service for the Refunded Bonds coming due on such date, as shown
on Schedule A.
(b) S ecial Bonds. on each interest payment date for
the Special Bonds, the Escrow Holder shall pay to the paying agent
for the Special Bonds, from cash on hand in the Income Account, a
sum sufficient to pay that portion of the Annual Debt Service for
the Special Bonds coming due on such date, as shown on Schedule B.
(c) Expenses. On each of the due dates as shown on
Schedule D, the Escrow Holder shall pay the portion of the Expenses
coming due on such date to the appropriate payee or payees designated
on Schedule D and designated by separate certificate of the Issuer.
(d) Sur2lus. Upon termination of this Agreement, the
Escrow Holder shall pay to the Issuer any remaining cash in the income
Account in excess of the Escrow Requirement. The Issuer will apply
such payments in the manner provided in the Special ordinance, but
the Escrow Holder shall have no responsibility or duty to ensure that
the Issuer does so.
(e) Priority of Payments. The holders of the Refunded
Bonds shall-have an express first lien on the funds and Federal
Securities in the Principal Account until such funds and Federal
Securities are used and applied as provided in this Agreement. -The
holders of the Special Bonds shall have an express first lien on the
funds and on the Federal Securities, if any, in the income Account,
and on the income to be received from all of the Federal Securities,
until such funds and Federal securities, if any, and income are
received, used and applied.as provided in this Agreement. If the
` cash on hand in the Income Account is ever insufficient to make the
payments required under Subsections 4(b) and (c), all of the payments
required under Subsection 4(b) shall be made when due before any
payments shall be made under Subsection 4(c). The holders of the
Refunded Bonds shall never have any right to require or compel the
$78-53'
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????L k?i?•(?.rt?i??{, ? ,-...? ,. s...?za?_£....s ':J i..?1 ?????c _.s. _.. ..._ •''.???a S.t' r c?;.t?Y ?'?r'a?.. ?T
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Escrow Holder to apply any of the Escrow Deposit Income to pay any
portions of the Annual Debt service of the Refunded Fonds.
! -Section 5. Redemption of Refunded Bonds. The Escrow Holder
acknowledges receipt of the Redemption Resolution. The Escrow Holder
xr agrees to perform the duties set- forth in the Redemption Resolution.
Section 6. Reinvestment.
i .
(a) Except as provided in Section 3 and in this Section,
the Escrow Holder shall have no power or duty to invest any funds
?i
held under this Agreement or to sell, transfer or otherwise dispose
^I of or make substitutions of the Federal Securities held hereunder.
(b) At the request of the Issuer and upon compliance
with the conditions hereinafter stated, the Escrow Holder shall(l)
sell, transfer, otherwise dispose of or request the redemption of
any of the Federal Securities acquired hereunder and shall (2) either
purchase Refunded Bonds or Special Bonds or substitute other Fed-
eral Securities for such Federal Securities. The Issuer will not
request the Escrow Holder to exercise any of the powers described
in the preceding sentence in any manner which, if such exercise had
been reasonably expected on the date of issuance of the 1976 Bonds
and the Special Bonds, would have caused any issue to be "arbitrage
bonds" within the meaning of Section 103(c) of the internal Revenue
Code of 1954, as amended, and the Regulations thereunder in effect
on the date of such request and applicable to obligations issued on
the issue data of such bonds. The transactions may be effected only
if (i) an independent certified public accountant shall certify that
the cash and principal amount of Federal Securities remaining on
hand after the transactions are completed will be not less than the
Escrow Requirement, and (ii) the Escrow Holder shall receive an
.unqualified opinion from a nationally recognized bond counsel to the
effect that the transactions, if they had been reasonably expected
on the issue date of such bonds, would not have caused such Bonds to
be "arbitrage bonds" within the meaning of Section 103(c) of the
Internal Revenue Code of 1954, as amended, and the regulations
thereunder in effect on the date of the transactions and 'applicable
to obligations issued on such date.
Section 7. No Redemption or Acceleration of Maturity.
The Issuer will not accelerate the maturity of, or exercise any
-
y.:Attachmen eRegn. 47R--C;";-
r 1?}"j4.? ,? '• 1. .,£..,° - .?.•. =.$•,t -; •??' •'??? {viz sfd.?
R-11
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!?elA
????;c??'t?;'^? 4'.' 'fie;i ?..;. ,: •;r" : w.: r,*'^,r*;?.t?,??rr.?fsPrs?Tt?t?!"a`?t`.rcP"?:???!"'r.,?*y?f??"'w`.?.?.1
?Ali ? `• -i+'.??? ,f, ? • i :r•. ; : •,i`;f V3 s. ? ' `-??h ?M tSi`'+?? i"?. ? r ':?'?i ""> ^`i ? 7 T ??S{; tw
`ti`"Y ??• r tk,`.?Srr??? ;.F`; ?.?_.is'?"fir ??:?????_?ia '??'m E' .,".a'1r- ? f? y? r' is t?'
,L . c
h ^?t- Ktr>:et 4 .'ti?'•°. t.r'` 'ws eLs'?0'z.F- ?:r±pM[
option to em before maturity, any Refunded Bonds F, cept for the
redemption "'`Fvided for in the Redemption ReEolution -and will not.
? r
accelerate the maturity of any Special Bonds.
Section B. Indemnity. The Issuer hereby assumes liability
for, and hereby agrees (whether or not any of the transactions con-
templated hereby are consummated) to indemnify, protect, save and
keep-harmless the Escrow bolder and its respective successors,
assigns, agents and servants, from and against any and all liabili-
ties, obligations, losses, damages, penalties, claims, actions,
suits, costs, expenses and disbursements (including legal fees and
disbursements) of whatsoever kind and nature which may be imposed on,
.incurred by, or asserted against at any time, the Escrow Holder
(whether or not also indemnified against the same by the issuer or
any other person under any other agreement or instrument) and in any
way relating to or arising out of the Escrow Holder's acting as
such under this Agreement, the execution and delivery of this
Agreement, the establishment of the Principal Account or the Income
Account, established hereunder, the acceptance of the funds and
securities deposited therein, the purchase of the Federal Securities,
the retention of the Federal Securities or the proceeds thereof and
any payment, transfer or other application of funds or securities by
the Escrow Holder in accordance with the provisions of this Agree-
ment; provided, however, that the issuer shall not be required to
indemnify the Escrow Holder against its own negligence or wilful
misconduct. In no event shall the issuer or Escrow Holder be
liable to any person by reason of the transactions contemplated
hereby other than to each other as set forth in this Section. The
indemnities contained in this section shall survive the termination
of this Agreement.
Section 3. Responsibilities of Escrow Holder. The Escrow
Holder and its respective successors, assigns, agents and servants
shall not be held to any personal liability whatsoever, in tort, con-
tract, or otherwise, in connection with the Escrow Holder acting as
such under this Agreement, the execution and delivery of this Agree-
ment, the establishment of the Principal Account or-the Income Account,
the acceptance of the funds deposited therein, the purchase of the
Federal. Securities, the retention of the Federal Securities or the
proceeds thereof or any payment, transfer or other application of
$ e o. #78-53-
?".,,.rxir ?. '•X ?r?i•w.'x
7,
i? `k.4'1i;ytyit_ :'
'$i,?l'}ey/+;•}.,?;4W?y.Kraz4,?vS"''r`?iao-.r Rhoo?;!,?sia???s,:..•r?(:r.=v_?J•.?.. ,?''/`J'am`;'?,.•3'°°?'.fijr..l;??"5 r:11rF'
inoneys or Orities by the Escrow Holder in accord o with the
provisions of this Agreement, the sufficiency or timeliness of thn
funds and investments to make all of the payments herein provided
for or by-reason of any non--negligent act, non-negligent omission
or non-negligent error of the Escrow Holder made in good faith in.
the conduct of its duties. The Escrow Holder shall, however, be
liable to the Issuer for its negligent or wilful acts, negligent
or wilful omissions or negligent or wilful errors which violate or
fail to comply with the terms of this Agreement. The duties and ob-
ligations of the Escrow Holder shall be determined by the express
provisions of this Agreement. The Escrow Holder may consult with
counsel, who may or may not be counsel to the Issuer, and in reliance
upon the opinion of such counsel shall have full and complete authori-
zation and protection in respect of any action taken, suffered or
omitted by it in good faith in accordance therewith. Whenever the
Escrow Holder shall deem it necessary or desirable that a matter be
proved or established prior to taking, suffering or omitting any
action under this Agreement, such matter may be deemed to be conclu-
sively established by a certificate signed by an authorized officer
of the Issuer.
Section 10. Resignation of Escrow Holder. The Escrow
Holder may resign and thereby become discharged from the duties and
obligations hereby created, by notice in writing given to the
Issuer and published once in a newspaper of general circulation
published in the territorial limits of the Issuer, and in a daily
newspaper of general circulation or a financial journal published
in the Borough of Manhattan, City and State of New York, not less
than sixty (60) days before such resignation shall take effect.
Such resignation shall take effect immediately upon the appointment
of a new Escrow Holder hereunder, if such new Escrow Holder shall
be appointed before the time limited by such notice and shall then
accept the duties and obligations thereof.
Section 11. Removal of Escrow Holder.
(a) The Escrow Holder may be removed at any time by an
instrument or concurrent instruments in writing, executed by the
holders of not less than fifty-one per centum (51%)• in aggregate
principal amount of the Refunded Bonds then outstanding, and by
i•
476_
?' ?; •,44it?a3:!i ?WiN,a?f;:;,?'•?==qr
4 14 1-
,,.tom •F y.A`4:-atS.'i1r4.`?4.y's e;,. ",,.?"`"t't: ?,cC?'., ,,a, •?RS'?Sa?t'r'?'?h ?r?wsye n???'b"t{ti"'R:.'0,`? ;?{?ia„gx*.?>•?r.?!v..:.??,:•+a„7K"S* y.
{:?aSc,°-'',?? '4'•.Z?!'i:•i?.r... ......i?1'F:>. ?.?5:.'?i•';j.1.,w?'`.:?' ?F1??it"???^????i?Y?av?wS?Y?).i.? .i!t" - il? is+? s. s'?'3?"3x.7?..?'C
the folders of not less than fifty-one per centum (51%) in aggre-
gate principal amount of the Special Bonds then outstanding, such
instruments to be filed with the Issuer, and notice in writing given
by such holders to the original purchaser or purchasers of the Special
Bonds and published once in a newspaper of general circulation
published in the territorial limits of the Issuer, and in a daily
newspaper of general circulation or a financial journal published
in the borough of Manhattan, City and State of New York, not less
than sixty (60) days before such removal is to take effect as stated
in said instrument or instruments. A photographic copy of any instru-
ment filed with the Issuer under the provisions of this paragraph
shall be'delivered by the Issuer to the Escrow Holder.
(b) The Escrow Holder may also be removed at any time for
any breach of trust or for acting or proceeding in violation of, or
for failing to act or proceed in accordance with, any provisions
of this Agreement with respect to the duties and obligations of the
Escrow Holder by any court of competent jurisdiction upon the appli-
cation of the Issuer or the holders of not less than five per
centum (5%) in aggregate principal amount of the Special Bonds then
outstanding, or the holders of not less than five per centum (5%)
in aggregate principal amount of the Refunded Bonds then outstanding.
Section 12. Successor Escrow Holder.
(a) If at any time hereafter the Escrow Holder shall re-
sign, be removed, be dissolved or otherwise become incapable of act-
ing, or shall be taken over by any governmental official, agency,
department or board, the position of Escrow Holder shall thereupon
become vacant. If the position of Escrow Holder shall become vacant
for any of the foregoing reasons or for any other reason, the Issuer
shall, but only with the written approval of the original purchaser
of the Special. Bonds, or the corporate successor or successors of
the original purchaser, which approval shall not be unreasonably
withheld, appoint an Escrow Holder to fill such vacancy. The Issuer
shall jointly publish notice of any such appointment made by them
once in each week for four (4) successive weeks in a newspaper of
general circulation published in the territorial limits of the
Issuer and in a daily newspaper of.general circulation or a finan-
.::rr.., ': • _•Attachirient/R?asn_ 17A..Sa'
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:•, ?'% "c, ? '`'r. '"5?, :tiw t,•, F-'!i'.i i...'" °",T [., ?pr,••, ?.... :' ,: !=5,+< t?'„•Lr? : r.
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?` '3.'t'' .: Y,.'. J!e .?k; •wf :r •'?}Fe??w?`YLM k?'(v'f«. 3`'>rt3?v ?i?tl`j-• E:,, k-Zti.I r(V???;'6.??Y t:.:1T y
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?T_?`2':;c`ie.:#; _'. =4[.?'.rP.i. ' ? ?,'E'• - ;??yr•:<.f !,-_ t '. ?.?a,'1,?.. ? ?f °:1.:?,: {a ??..;..tf?''' .fir 'R?+' 5'?
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7 ,•i';,, ,`.?e1j' ` a'e?;lti' :cl ws,t ? r".,''•.' ,-r#,,1a" 1•':,`.y?l`'??5i1i+j'.. !f'.r : ?15.' ,??;,??.:`:';1't;??,• r?3 'Z••;?J. ? ?:?.?i ?y.....-Ye.?
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"?.yy.. :.i 'rl>.. Y.'S, ?jl i??; :• ' ., ., r., ..1... ;..r.j.',CE;?y •'1.'?°::"}wt %',: ;Y4i C•;. ,'; }'?, J?'„?f aJ11
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. ,. ... . ?.a. r.....lk.?.....1 :.::....................?...:.....?.'.ri.....r:,.....a<.wa.w.;,.......,.. ?'. _"1..? _-.•<:.°, rzt ,•7••,,.,..
cial journal published in the Borough of Manhattan, City and State
of New York, and, before the second publication of such notice shall
mail a copy thereof to the original purchaser or purchasers of the
Special, Bonds.
(b) At-any time within one year after such vacancy shall
have occurred, the holders of a majority in principal amount of
Special Bonds then outstanding or the holders of a majority in prin-
cipal amount of the Refunded Bonds then outstanding, by an instru-
ment or concurrent instruments in writing, executed by either group
of'such bondholders and filed with the governing body of the issuer,
may appoint a successor Escrow Holder, which shall supersede any
Escrow Holder theretofore appointed by the Issuer. Photographic
copies of each such instrument shall be delivered promptly by the
Issuer, to the predecessor Escrow Holder and to the Escrow Holder so
appointed by the bondholders. In the case of conflicting appoint-
ments made by the two groups of bondholders under this paragraph,
the first effective appointment made during the one year period
shall govern.
(c) If no appointment of a successor Escrow Holder shall
be made pursuant to the foregoing provisions of this section, the
holder of any Special Bond or Refunded Bond then outstanding, or any
retiring Escrow Holder may apply to any court of competent juris-
diction to appoint a successor Escrow Holder. Such court may there-
upon, after, such notice, if any, as such court may deem proper and
prescribe, appoint a successor Escrow Holder.
Section 13. 'Germ. This Agreement shall commence upon its
execution and delivery and shall terminate when the Refunded Bonds
and the Special Bonds and coupons applicable thereto have been paid
and discharged in accordance with the proceedings authorizing the
Refunded Bonds and the Special Ordinance.
'Section 14. Severability. If any one or more of the
covenants or agreements provided in this Agreement on the part of
the Issuer or the Escrow Holder to be performed should be determined
by a court of competent jurisdiction to be contrary•to law, such
covenant or agreements herein contained and shall in no way affect
the validity of the remaining provisions of this Agreement.
-10-
Attachment/Reno. #78-53
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.`a Y?L'`G "hiY., ?5?? a'+ ?a?ij;;s,'r S?'i a.., r k. ;?•;;t?,??\ :s.. b "?
1 ,'.?, .,Y " •.• ?`x ?.'F ?.? ?}}?? .? '415. ? f•, 4.?.: ;,?A?,? ?:E i, .,.?
i`}. o ??".IJl w?r, .'?. N.,- ?; .. ?: ?3+ •?r? `"-.?",:
1 r v`S, •e "r'?'"Ri'ir1 i F S•, t.•i J F r ?s43'• L%?
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, Section 15. Counterparts.,, This Agreement may be executed
in several counterparts, all or any of which shall be regarded for
all purposes as one original and shall constitute and be but one and
the same instrument.
Section 16. ''Governing Law. This Agreement shall be con-
strued under the laws of the State of Florida. •
Section 17. Security for Accounts and Funds. All accounts
and funds maintained or held pursuant to this Agreement shall be
continuously secured in the same manner as other deposits of muni-
cipal funds are required to be secured by the laws of Florida.
Section 18. At the time of the issuance and delivery of
the 1978 Bonds and the. Special Bonds and the entering into of this
agreement, the time for taking an appeal from the Final Judgment of
the Circuit Court for Pinellas County, Florida, rendered on April 3,
1978, validating the 1978 Bonds and the Special Bonds had not expired
nor will the Escrow Holder have purchased all of the Federal Securi-
ties required to be purchased hereunder. Consequently, the pur-
chasers of the Bonds, the Issuer, and the Escrow Holder have entered
into an Agreement Re Cancellation of Bond Sale dated as of the date
hereof (the "Cancellation Agreement"). The provisions of the Can-
cellation Agreement shall operate to supersede the provisions hereof
and,shall prevail over the provisions hereof to the extent of any
inconsistency between this Agreement and the Cancellation Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized officers and their
corporate seals to be hereunto affixed and attested as of the date.
first above written.
(SEAL)
ATTEST:
,City Clerk
? R????i';;??+?'wc?rs?yi.?A:s7:y:?,F:::1.3.:???5??r'i'?l'!'c'? ..5?a'.?:•. - __
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CITY OF CLEARWATER, FLORIDA
' a3 ?9 ?f tv°.
Approved as Co form, sufficiency
(SEAL)
COMMUNITY BANK OF PINELLAS
ATTEST:
BY
L)
.aft`'#?_ Attictu[iei7%Reao?. '' 78-53:
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I
CITY OF CLEARWATER
0
Schedule of Annual Debt Service (As Defined)
on Refunded Bonds
PAY 111G
PAN PRINCIPAL !NTE1LEST
---- AGENT FEES(2) TOTAL
---------- -------
8/
2 1/78
1/79 $588,000.00
$0,00 657,432.50
643,091.25 $1 093.45
715.47 $1 246,525.95
643,806.72
8
2 1/79
1/80 $606,000.00
$0.00 643,091.25
628,148.75
1 $1 077.02
691.36 $1 250,168.27
4628,840.11
8 1/80 $635,000.00 628,148.75 $1,071.59 $1,264,220.34
2/
8/ 1/81
1/81 $0.00
00 $612,511.25
2 $666.03 $613,177.28
2/
1/82 $664,
0.00
0.00 612,511.
5
596,067.50 $1 061.01
639.67 $1 277,572.26
596,707.17
2% 1/82
1/63 $2,424,600.00(1)
$0.00 596,06750
1522,461:25 $1 490.62
570.64 $3 022,158.12
523;031.89
8/ •1/83 $127,000.00 522,461.25 $1 000.37 $1,250,461.62
2
8 1/84
1/84 $000 504,780.00
1 541.89 $505,321.89
2
1/85 762,0080.00
$0.00
0 ,780.00
504
8487,117.50 988.74
$,511.92 $1 267,768.74
487,629.42
8 1/85 $792,0
0.00 $487,117.50 $915.70 $1,280,033.20
2/
8/ 1/86
1/86 $0.00 $466,663.75 $483.48 ' $467,147.23
2/
1/87 $625,000.00
$0.00 $466,663.75
451,918.75 849.28
458.93 $1 092,513.03
452,377.68
8
2 1/87
1/88 $657,00000
$0.00 451,918.75
1436,378.75 84263
433.16 $1 109761.38
436,811.91
8/
2/ 1/88
1/89 $685,000.00.
0.00 $436,378.75
420 143.
, 75 830.56
406 41
1 $1 122209.31
420,550.16
?/
2/ 1/89
1/90 $723,000.00
$0
00 420,143.75
50
403 727
1 .09
824
25
378 $1 143,967.84
404 105
75
8/ 1/90 .
$761,000.00 .
403,727.50 .
1682.75 .
$1,165,410.25
2/
8/ 1/91
1191 $0.00 $384,907.50 $354.64 $385,262.14
2/
1/92 $804,000.00
50.00 384 ,907.50
363,982.50 641.49
331.25 $1 189,548.99
,364,313.75
8/
2/ 1/92
1/93 $855,000.00
$0.00 1
363,982.50
341,087.50 55783
1309:88 $1 219,540.33
041,397.38
8/
21
8/ 1/93
1/94
1794 $1,160,000.00
00.00 $341,087.50
310,337.50 $617.28
280.88
1 $1 5011704.78
3101618.38
2/
8/
1/95
1/
5 $1,210,0 0.00
80.00 $310,337.50
278,200.00 601.53
$250.63 $1 520,939.03
4278,450.63
9 $1,275,000.00 278,200.00 $588.51 $1,553,788.51
2/
8/ 1/96
1/96 $0.00 $244,225.00 $218.75 $244,443.75
2/
1/97 $1,325,000.00
$0.00 244,225.00
208,037.50 $569.88
$185.63 $1 569,794.88
208,223.13
8? 1197 $1,400,000.00
$0.00 208,037.50
1169,600.00 $556.63
$150.63 $1 608,594.13
169,750.63
8/
2/ 1/48
1/99 $1,475,000.00 $169,600.00 $541.51 $1,645,141.51
8/
1799 0.00
$1
550,000.00 128,675.00
128,675.00 113.75
24.50 $128,788.75
$1,679,199.50
2/
8 1/ 0
1/ 0 00
80
:
; 85,500.00 75.00
2 85,575.00
600,0
0
00 85,500.00 $
34.00 $985,734.00
2/
8/ 1/ 1
1/ 1 $0,00 $67,500.00 $60.00 $67,560.00
1/ $600,000.00 $67,500.00 $219.00 $667,719.00
2 2 00.00 $49,500.00 45.008
$ 249,545.00
2/ 1/ 3 $600,0 0.00 49,500.00
9 04.00 $649,704.00
$0.00 33,000.00 $30.00 $33,030.00
" 8/
2/ 1/ 3
1/ 4 $600,000.00 $33,000.00 $189.00 $633,189.00
/
1/ 4 80.00 16 500.00 8115.00 S616 515.00
TOTAL $24$703,600.00 $18 ,65;557.50 $27$865.22 $43$097,022.72
(1) Includes $1,665,000 principal amount of Series 1969 Certificates
maturing 1986 and thereafter called on 8/1/82 at 1041:, and includes
redemption premium of $66,600.
(2) Payable to The Chases Manhattan Bank, H,. A., New York, New York.
SCHEDULE A
4t/Repo, 170 -53 ;.
??` ------ ----- -- +.?r:i' - ----.r', .:fir .?.?. _ ,. . .. ., .. r •{ s:.i1.'•'?til;... a',f?
,
E ? f??;: inn .`f. A? • . , .. , ... ' .. ..
?'"' ? -?i?. ,c, ..rwt?.? c ??•f?1"?aS!'A' c4i?pF,'Ft?.x{'r"f?a?'..,..Gar'f"-f; "S";, i?'
?, `•r?,+??? rr•,aw?,`."4?'??4..???? :nr.? _,???x!pxsr,i?!!7Yk^.`. _' ' . •SO?yr r«?? , :?s.. -e. j,•.A• ., • ' ..-3 "?3
t rz t ?• t, w?ii .r', ,'F'wr;fl ?:;; -.?,?.: ?,;..:;s` ?,}: `}i,:??•?t':r'?r.''r '"????'':;,?.c9??,r!°fi+?•? ?
,`y.'Ab? `l3'=..+'a?-?'. F>,..'ry?s4r: o?t:r0.-°• ..???.[?:., r. .,..r::???' `!l ?,?q? ..j.?T.4£{)..'??'•'zy,•,?irt,`•ctorl;.?
`? i.?=, '.te' ` iRS`'•?; .. .Y.?61. :A`,? :?I:i {. t?..?nr l: `3(l t'? ?y
+?. ?`'????-^? t ? _ •.'??.n".o%E:? ?:+4?., ..,,Tt?:'t.,r::'"ti?--.?<N,<YY ?.'y? ?r?n
:w}h.?:5 #i%: %.K?t:i? .a%l :>?7?:,......v ?fC?,i;?. .??:.. ;r;.:xaltti+:ri.??i:!,» .::: ,,?.j .t;.'.•?`._. ?:i5'?,wri?.:5?'_Wk:?..?:'3?..' .'?.':,kY+r ?;???ha,.t%"?.i'.?? 1Y??4r-+C•
ai ye'a'-•'
$20,385,000
CITY OF CLEARWATER , NLOHDA
Se SPECIAL OBLIGATION ISONDS, SERIES 1978A
Y,
?:. UI.IST SLRVICF SCH EDULE
PERIOD ANNUAL,
ELIDING PRINCIPAL RATE X INTEREST TOTAL(l)
t. 81 1/1978 $380,000.00 3.750 484,383.75 $864,383.75
2i 11.1979 825,000.00 3.900 477,258.75 1,302,258.75
=y 8/ !/1979 B15,000.00
1 4,050 461,171.25 1,276,171.25
2/ 1/1980 790,000.00 4.150 444,667.50 1,234667.50
1
1
' 81. 1/1980 790,000.00 4.250 $428,275.00 1275.00
1:218
21 1/1981 $765,000.00 4.350 411,487.50 1,176,467.50
8/ 1/1981 760,00U.OD 4.450 394,848.75 1,154,848.75
y?:f 2/ 171982 735,000.00 4.500 377,938.75 1,112,938.75
'- 8/
2/ 1/1982
1/1983 735,000.00
65D,000.00 4.550
4.600 361,401.25
344,680.00 1 096,401.25
,994,680.00
8/ 111983 645,000.00 4.600 329,730.00 974,730.00
., 2/ 1/1984 6251000.00 4.700 314,895.00 939,895.00
f 81 1/1984 620,000.00
1 4.700 300,207.50 920,207.50
1
,4 27 1/1985 590,000.00 4.750 285,637.50 975637.50
B/ 1/1985 590,000.00 4.750 271,625.00 861:625.00
2/ 1/1986 560,000.00 4.800 $257,612.50 $817,612.50
8/ 1/1986 555,000.00 4.800 244,172.50 799,172.50
r1: 2/ 1/1987 535,000.00 4.850 230,852.50
1 765,852.50
8/ 1/1987 530,000.00 4.850 21787875
: $747,878.75
27 111988 510,000.00 4.900 205:026
25 $715,026.25
81 1/1988 $$500,000.00 4.900 192 ,53125 692,531.25
2/ 1/1989 480,UUU.OU
1 4.950 1
1BU28125 660,281.25
8/ 1/1989 475OOO.UO 4.950 168,401.25 $643,401.25
' 2/
81 1/199U
111990 5450,000.00
00
445
00 5.000
UpU
5 $156,645.00
1
5
3
5
00 $606,645.00
5
0
5
0
.
$
, . $
,
.
4
9 $
,39
.0
9
2/ 1/1991
$415,000.00
5.100
$134,270.00
$544,x70.00
8/ 1/1991 410,000.00 5.100 123,687.50 533,6$7.50
m 2/
8/ 1/1992
1/1992 385,000.00
38U
000
00
1 5.200
200
5 113,232.50
103
222
50 498,232.50
483
222
50
27 1/ 1993 ,
.
35D,000.00 .
5.3Up ,
.
$93,342.50 ,
.
443,342.50
8/ 1/1993 $345,000.00 5.300 $84,U67.50 $429,067.50
}
' 2/
8/ 111994
1/1994 300,000.00
300
UU
000 5.4010
5
40 74,925.00
6
82
0 374,925.00
,
.
1 .
0 6,
0
5.
1 966,825.00
2/ 1/1995 260,000.00 5.400 58725.OU 318,725.00
1
81 111995 265,000.00 5.400 51:70 5 .00 316,705.00
2/ 1/1996 $230,000.00 5.500 $44,550.00 $274,550.00
8/ 1/1996 23Q,00D.00 5.500 38,225.00 268,225.00
2/ 1/1997 195,000.00 5.500 31',900.00 226,900.00
8/ 1/1997 195:0U0.00
1 5.500 26537.50
1 221537.50
1
1
2/ 11.1998 155,000.00 3.500 21:175.00 176
,175.00
8/ 1/1998 155,000.00 5.500 $16,912.50 171,912.50
2/ 1/1999 110:000.00
1 5.500 $12,650.00 122,650.00
1
# 8/ 1/1999 110
,OOU.OO 5.500 $9,625.00 119
,625.00
a 2/ 1/2000 $60,000.00 5.500 $6,600.00 $66,600.00
8/ 1/2000 $55,000.00 5.500 $4,950.00 $59,950.00
. 2/ 1/20U1 40,000.00 5.500 $3,437.50 $43,437.50
8/ 1/'2091 t35:000.0 5.500 $2,337.50 $37,337.50
2/ 1/2002 $15,000.00 5.50U $1,375.00 16,375.00
8/ 1/2002 $15,040.00 5.500 962.50 15,962.50
27 112003 $5,000.00 5.500 550.00 $5,550.00
8/ 1/2003 5
000.00 5.500 $412.50 51412.50
21 8/ 1%1004 1
:
5,000.00 5.500 137.50 15,137.50
TOTAL rranara tsaa4aaanr
$20,385,000.00 aasanraaaasaraa
$8,813,618.75 .anaanosaarvara..
$29,198,618.75
(1) Payable to The Exchange National Bank of Tampa, Tampa,
Florida., as. Paying Agent.
SCHEDULE U
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Schedule of Fedurnl Securities
First
Principal Interest Dated Maturity Interest Type of Government
Amount Ratn Date Date Date Obligations-(l) --
S 1,246,6DO 5.64. 5-4-78 8-1-78 8-1-78 SLGS, Cert. of Indebt.
643,800 6.09 S-4-78 2.1-79 2-1-79 SLGS, Cart, of Indebt.
1,250,200 6.23 5.4-78 8-1-79 B-1-78 SI.GS, Notes
628,800 6,33 5-4-78 2-1-80 8-1-76 SLG5, Notes
1,264,200 6.40 5-4-78 8-1-80 8-1-78 SLGS, Notes
613,20D '6.46 5-4-78 2-1-81 8-1,78 SLGS, Notes
1,277,600 6.50 5-4-78 B-1-81 8-1-78 SLGS, Notes
596,700 6.54 S-4-78 2-1-82 8-1-78 SLGS! Notes
3,022,100 6.58 5.4.78 8-1-82 S-1-78 SLGS, Notes
523,100 6.62 5-4-76 2-1-83 6-1-78 SLGS, Notes
1,250,400 6.65 5-4-78 8-1-83 8-1-78 SLGS, Notes
' SO5,300 6.68 S-4-78 2-1-84 8-1-78 SOS, Notes
+ 1,267,800 6.70 5-4-78 B-1-94 8-1-78 SLGS, Notes
487,60D 6.73 5-4-78 2-1-85 8-1-78 SLGS, Notes
1,280,100 6.75 5-4-78 B-1-85 8-1-78 SLGS, Notes
467,100 6.77 5-4-78 2-1-86 B-1-78 SLGS, Notes
1,092,500 6.78 5-4•-78 8-1-86 8-1-78 SLGS, Notes
452,400 6.80 5-4.78 2-1-87 8-1-78 SLGS, Notes
1,109,800 6.81 5-4-78 8-1-87 B-1-78 SLGS, Notes
436,800 6.83 5-4-78 2-1-88 8-1-78 SLGS, Notes
1,122,200 6.84 5-4-78 8-1-88 8-1-78 SLGS, Bonds
420,500 6.86 5-4-78 2-1-89 B-1-78 SLGS', Bonds
1,144,000 6.87 5-4-78 8-1-89 B-1-78 SLGS, Bonds
404,100 6.88 5-4-78 2-1-90 8-1-.8 SLGS, Bonds
1,165,400 6.89 5-4-78 8-1-90 8-1-78 SLGS, Bonds
385,300 6.90 5-4-78 2-1-91 8-1-78 SLGS, Bonds
1,189,SOO 6.91 5-4-78 B-1-91 8-1-78 SLGS, Bonds
364,400 6.92 5-4-78 2-1-92 8-1-78 SLGS, Bonds
1,219,500 6.93 5-4-78 8-1-92 8-1-78 SLGS, Bands
341,400 6.94 5-4-78 2-1-93 8-1•-78 SLGS, Bonds
1,501,700 6.95 5-4-78 8-1-93 8-1-78 SLGS, Bonds
310,600 6.97 5-4-78 2-1-94 8-1-78 SLGS, Bonds
1,138,600 6.98 5-4-78 B-1-94 8-1-78 SLGS, Bonds
382,400 4.1405 5-4-78 B-1-94 8-1-78 SLGS, Bands
278,400 1.00 5-4-78 2-1-95 B-1-78 SLGS, Bonds
' 1,218,800 7.00 5-4-78 8-1-95 8-1-78 SLGS, Bonds
335,000 1.00 5-4-78 8-1-95 8-1-78 SLGS, Bonds
' 244,400 1.00 5-4-78 2-1-96 8-1-78 SLGS, Bonds
1,286,100 7.02 5-4-78 8-1-96 8-1-78 SLGS, Bonds
283,700 1.00 S-4-78 B-1-96 8-1-78 SLGS, Bands
208,300 1.00' 5-4-78 2-1-97 B-1-78 SLGS, Bonds
1,379,000 7.04 5-4-78 8-1-97 '8-1-78 SLGS, Bonds
229,500 1.00 5-4-78 B-1-97 8-1-78 SLGS, Bonds
169,800 1.00 5-4-78 2-1-98 8-1-78 SLGS, Bonds
1,474,200 7.05 5-4.78 8-1-98 8-1-78 SLGS, Bonds
170,900 1.00 -S-4-78 8-1-98 B-1-78 SLGS, Bonds
10,400 7.06 5-4-78 2-1-99 B-1-78 SLGS, Bonds
118,400 1.00 5-4-78 2-1-99 8-1-78 SLGS, Bonds
1,561,100 7.06 5-4-78 8-1-99 8-1-78 SLGS, Bonds
118,100 1.00 5-4-78 8-1-99 8-1-78 SLGS, Bonds
22,600 7.07 5-4-78 2-1-00 8-1-78 SLGS, Bonds
63,000 1.00 5-4-78 2-1-00 8-1-78 SLGS, Bonds
623,600 7.08 5-4-78 B-1-00 8-1-78 SLGS, Bonds
62,100 1.00 5-4-78 8-1-00 B-1-78 SLGS, Bonds
27,600 7.08 5-4-78 2-1-01 8-1-78 SLGS, Bonds
40,000 1.00 5-4-78 2-1-01 8-1-78 SLGS, Bonds
628,600 7.10 5-4-78 8-1-01 8-1-78 SLGS, Bonds
39,100 1.00 5-4-78 8-1-01 8-1-78 SLGS, Bands
32,800 7.10 5-4-78 2-1-02 8-1-78 SLGS, Bonds
16,800 1.00 5-4-78 2-1-02 8-1-78 SLGS, Bonds
634,100 2.9024 5-4-78 8-1-02 8-1-78 SLGS, Bonds
15,600 1.00 5-4-78 8-1-02 8-1-78 SLGS, Bonds
33,000 1.00 5-4-78 2-1-03 8-1-78 SLGS, Bonds
633,200 1.00 5-4-78 8-1-03 8-1-78 SLGS, Bonds
16',500 1.OD 5-4-76 2-1-04 8-1-78 SLGS, Bonds
616.700 1.00 5-4-78 B-1-04 8-1-78 SLGS, Bonds
?43,097,1Q0 Total
(1) "SLGS" refer to United States Treasury Certificates of Indebtedness, Treasury
Notes, and Treasury Bonds, respectively, State and Local 'Government Series,
issued as entries on the books of the Bureau of Public Debt, Department of the
Treasury.
SCHEDULE C
:.„ ac ine t/Recto. 178.
53
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' ?1 ? •1 '$ '«y ! ? ?,°.a xl r 11 t •tiG J; 3 ? t???? ? s xn' ? ti- ti"dY' S
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? t•? `? }1! _?„?SY,_.1"?,"rt?'i?4r?vtF, ??R!@'>?a?r r.?iL ? r ?. ?x l? * ' 4
'; 7?+ 4i?e 4n f?r "r. t?'S° i`7t?)'T1 ?• ,11a?'? '1
?+' .•k$?'?tT s?tt+ucs?;?is+?r?, y+??giK {yr]`?.?a? .:.i ,?` it S7t'
1 ? , `? Y s7"":Ca'"??`??i`C9y 1i?1 •Y????????'i?"+Y:?,??: 1Y,f « ? _a
n `-? ., 'M 1; ,? .>oi rA ?<??•.,??3?ivi te?,!'y'.x?r t1? 'P ?zS?'ii?iieik?.A{.'.r.$t?'0?..'?.t. a.~:Y.???3£
CITY OF CLEARWATER, FLORIDA
Schedule of Expenses to be Paid by Escrow Holder
at Closing or Shortly Thereafter Upon Receipt of Invoices
-Category Payee Amount
Bond and Tax Ccunael Freeman, Richardson, Watson, Slade,
McCarthy & Kelly, P.A. $ 87,500.00
Counsel to Underwriters Bryant, Franson, Miller, Olive and
Brant 22,600.00
CPA Computation Verifi- Peat, Marwick, Mitchell & Co.
cation 7,500.00
CPA - Official State- Peat, Marwick, Mitchell & Co.
went 10,500.00
Escrow Holder Community Bank of Pinellas 50,000.00'
Bond Ratings Moody's Investors Service, Inc. and
Standard & Poor's Corporation 8,575.00 (1)
Printing of Official Media Graphics
Statements 18,000.00 (1)
Printing of Bonds Northern Bank Note Company 7,266.00 (1)
Paying Agent Fees The Exchange National Bank of Tampa 25,000.00
Fiscal Agent E. F. Hutton & Company Inc. 22,000.00
Escrow Calculation William R. Hough & Co. 226,000.00
Expense Contingency (2) 26,789.00
Total $511,730.00
' sexawsss?s•a se.
(1) Estimated. In the event invoices in excess of above stated amounts, the
excess is to be paid from the Expense Contingency.
(2) Balance in the Expense Contingency after the payment of all invoices is
to be remitted to the City of Clearwater, Florida.
:'. ' . SCHEDULE D
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Allocation of Proceeds Invested
an 4/27/78
Uninvested Cash Hold by Escrow
llolder
Total Proceeds on 4/27176
Investment"Incom, 4/27178 to
5/4/78
Total Proceeds on 514178
CITY OP CLEARWATER, FLORIDA
Schedule of A lication of Bond Proceeds and Investment Income Thereon
r
.•I 4
Accrued Balance 1978A TOTAL APPLIED AS FOLLOWS:
Interest Construction of 1978 Bonds Bonds To Escrow
1976 Bonds Fund Proceeds Proceeds Total rIne pal Acct. Income Acct. TO ity. '
=605,838.83 $825,299.53 ;23,530,661.64 $20,310,000.00 $45,272,000.00 $43,097,200.00 $743,661.64 $1,431,139.36
.34 ,47 13.36 652,79 666.96 -0- 666.15 .81
$605,839.17 025,300.00 $23,530,875,00 $20,310,652.79 $45,272,666.96 $43,097,200.00 $744,327.79 $1,431,139.17
766.83 1,044,55 _ _ 29,784.36 25,707.45, - 57,303.19 ..0- 2507.45 35.74
$606,606,00 $826,344.55 $21,560,659.36 $20,336,360,24 $45,329,970.15 $43,997,200.00 ;770,035.24 $1,462,734.91
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