The URL can be used to link to this page

02/07/1944 . ',. ..-;. .......~l :'~'. ~.::':. .,... ::.".. .:..:.:~~\.,.':~'.:,L'l;~'~, ~~,....:~.. :~".:':... . :', ".:i. ,. . ." ;"", . .~.' .'::< ,. .. '0 " ,c. 'i*ii';;"l~~-~'~;' _i,' . .. .,;.\t:;,<",:""",'i", ":::;/"i!\\{:'~ '.! , ,'., .. " ""'''''('''1.,; <1,,,,:,!,q~J: : , ' . . ' )~ '" .1 " ~ ~ ! ~ ~ ! i i I i, . '. ' .,~: :'., . ' .... \ . ..:.: I. : . ....~ '''''''''~'~~'j''''-'''_;I''.l'''''~'''J-.' CITY C<:l.1:MISSION MINUTES CITY OF CLEARWATER, FLORIDA FEBRUARY 7th, 1944. ?,jr:pc;;.:;, i.. . . .' ';t(ijil\liil' rl"""';""""""':'" !'l,);,;;: n;{(.:'. . ,'b:.: ~:~\"{\./>' '. : " <, - :;; , ~ ".;. . ........ . o ,~"",,,,Vi The City Commission met in regular session the evening of February 7th, 1944 at ,7:30 p.m. in the Oity Hall with the fol- lowing members present: George R. Seavy, Mayor-Commissioner Sumner R. Lowe, Commissioner Dan L. Stoutamire, Commissioner Jessie G. Smith, Oommissioner Herbert Grioe, Commissioner Absent: None. .,.- '. .... i' i , I ; , ! I !., ~ ; ; :: I , I , I , I I. gf , " r !, t , , r ., l City Manager Hendrix read a letter addressed to the Board from John F. Hatz in which Mr. Hatz ask the City Commission to approve the assignment of a lease now held by him on the Park Inn propert~ to Mr. R. V. Barden with the provision that the present lease be extended for a period of five years. It was moved by Mr. Smith and seoonded by Mr. Lowe and carried that suoh an assignment be approv.ed subjeot to an agreement on the present valuation of the buildings on the property. It was moved by Mr. Stoutamire, seconded by Mr. Lowe and carr- ied that the following persons be reappointed to the various City BOards for a period of two years as follows: ; .'.J....... . -', .. Recreation Board Board bHenry George . ~ C. Moore, Harold Adams Sr, ~. .; ., ~;". ; I . . ~ ;.... \ - t..",,,,,..; .,. · l.<\i)t :, 'i:..:,..~,,',"\r_~~JI', . 'lj~~i1;~; lll;;I, Boy Soout Trustees Charlie Shaw Thomas 'L. Boteler Jack Russell Barber's EXffinining Board-Ralph Shaw Building Contractor's Examining Board Henry Lockett P. B. MoCardell Electrical Contractor's Examining Board R. M. Baldwin Library Board Ttaver Bayly A. T. Cornwell Plumber's Examining William L. Alley Webb Hopkins Jessie P. McClung Moved byMr. Smith ~ seconded by Mr. Lowe and oarried that the City pay $400.00 to Mr. E. H. Hurlebaus and Mr. Whillock for their hangar at the Clearwater Muncipal Airport. Zoning Board Transfer of lease on the Imperial Docks was delayed due to delinquent rental and balance due for gasoline sales. Oity Attorney Richards now read a Resolution providing for the refunding of the present City of Clearwater Bonds. Said Resolution being set out in full in these minutes. It was moved by Mr. Grice, seconded byMr. Bmith and oarried~thAt the Resolu- tion be adopted. lA-'.. ". .''.~' . . -ct ':'.' j Moved by Mr. Lowe, 'seoonded by Mr. Grioe and carried that , , the delinquent tax: notes now held by the Bond Interest Fund and i~I"';"'" \ amounting to $45,428.64 be cancelled and the t the delinquent tax " notes now helg by the gas and water funds and amounting to $24,375~Ol . 'be' sold to the' fund for $8,125.00 and that the City of Clearwater Bonds in the amount of $6,599.00 and owned by the Gas and Water . Fund be sold to the Sinking Fund for $6,557.98 and canoelled. City Manager Hendrix read to the Board a proposed agree- ment with the Piedmont Flying Company, Inc., for the use of the Clearwat~r Munioipal Airport. No final action was taken on this by the Board. '::, :</..,;,',..... ,1. J ~ ," " .' . h~J',I" '. ~.;':,:>; ;' ':';>/~ There being no further business to come before the Board the meeting was adjourned. . . L,~~ Mayor-Oommissioner "'. " . ". . ...-_.._~. -----...-- , .... , .', . ,~ ..... . ." ~~.,~...... , .',.,tt' ;. .. . " " ~." :.. ;! .' . ~:.. ;..' r. ~'__ -";' ". ,,'.. ,'.... -' "....' . . ' .. '~':':::":"IVc... <.):~,~: \'.;~.:.~~~<;~'..::,~.<:'.~ ~ 'l.~~ . .,.,.... '.F'" ", '..,;{,~i'(?;l' . ,. " ,'.. 'tt.,4 . ,', "to. I .' "'f' < ,-'.,<, , " .' 1 J l ~ ~ } 1 ; ; Clearwater, Florida January 1944 Honorable City Oommissioner City of Clearwater CleArw9ter, Florida () ,.....~.. Honorable Sirs: 'Ve, the undersigned property owners of Clearwater Beaoh, res- pectfully beg to bring to your attention the fact thAt only recently some ugly, old and delapidHted shacks were permitted to and have actu- ally been set u-p on a lot in that subdivision known as "Replat of Clearw~ter Beech Park" amidst what are otherwise modest but neatly appearing, and even expensive homes nnd cottages. This, at once nnd of itself, has created a condition ~hich, if allo~ed to continue, will be producive of disastrous future prospects not alone detrimental to the interest of present property owners who have invested in that subdivision any way from a modest amount of money to a small fortune, but also to the beauty and the future attractive- ness of the Beach so much needed to the drawing and reception of guests and settlers which means the eventual aggrandizement and prosperity of of our community. We. therefore, earnestly urge this Honorable Body to Isee to it that the person responsibl0 ror this utterly indifferent disregard of all that is decent and proper: in a decent and civilized community, be made to live up to such building regulations relative to construction inside ~nd out of the buildings, sanitary recuirements and livable conditions as to render them at lenst somewhat neer in conveniences end appearance to buildin~s surrounding it. and in view of this precedent we respectfully submit that it is the future in which we are elso vastly conoerned. You Gentlemen have noted that the type of construction of all kinds of buildin~s at the Beach have greatly enhanced in recent years not only in construct1.on but also in beauty, expensive outlay p.nd designs. This has been due exclusi- vely to the individual owner whom in a spirit of cordial co-operation and interested more in what he could do to add to the beauty 9nd attrao- tiveness of this beauty spot rether than having in mind the most that he could benefit by, have strived in erecting buildings always better and more convenient than those existing regardless of cost. These are the reel builders of any community. Unfortunately not all men are animated by these worthy senti- ments and this is the kind of people that shouln and must be made to conform with what is decent and proper with such legislation, as we here- by urge you to enact, the t may make it possible to, in the future permit the erection of bmildings equal or superior to existing standard. I. " t L 1. ; 1. , L- I' .;" , I i I I ! i I . j i I l I I' ! l- .r "j !' I ! \ i ..1' I I ,,' I .' I , "1' . '1' ,"j' I RESPECTFULLY SUBMITTED -, \" '; ..". . '. J "'(11 . " I. . '.' ....'.. .:........:..~...I: , ..., ';.. '. . , " " . ,. . , . ' . ,. . ",:-. ,." . ~.--'f ',' """.' ."" ',,' , ~".' ~ ::. ..1 .' . .t;!;;il1~';:;;~. .... ',. """"" "....,..<''! . ,. . ~t1~~~~~~~~~~:rl~~~.. ' ."'....' ~'."r. Signed: WIn. F. Oeftger .' B. A. Magrew Raymond Gonzales B. E. Rix Henry Heniquez Henry Heniques E. O. Peters9n Fred Homuth John Wilgus M. Fo Hall Paul Fusillo P. A. Spoto Ben. H. Thomas G. W. Bailey Vincent G. Hall W. V. Fitts East Shore Apts. Silver Key Cottages Bay Villa Apts. Pine Oourt Apts. Sea Court AptiJ. Pelican Restaurant Person Cottages Gulfcourt Apts. Poinsettia Cottages Light House Cottages Anchorage Oottages Bay Crest Apt. Olearwater Beach Court Vaughn Market 27 Cambrig St. Causeway Apts. ******************************** f). if. ,. :...',:..;"ft . . ""'.'.: ~ ~ : ., . ";;\ .,' :.,h , .., , '. ".'. .-nr I_~' !!!e. _ I" ..... ..;" .:.;~~.;.,;,~':';':''''':;;;:;\ )731,,~, ,,, '~: . . ',' '.... ~ . " , ;. , . . , , j ;' , ) I I - I ~ .''',.. ,., :.J""7N::/:" . :l':'~' .':~"l, ,ij~~{;::(i1i . : :::::.: .<!: . 1 I l i Clearwater, Florida January 1944 Honorable City Commissioner City or Clearwater Clearwater, Florida ('oj \i~....~'" Honorable Sirs: We, the undersigned property owners of Clearwater Beach, res- peotfu1ly beg to bring to your attention the fact thAt only recently some ugly, old and delapideted shacks were pennitted to and have actu- oily been set up on a lot in that subdivision known as "Replat of Clearw~, ter Beech Park" amidst wha t are otherwise modest but neatly appearing, and even expensive homes nnd oottages. This, at on~e nnd of itself, has created a condition ~hioh, if allo~ed to continue, will be producive of disastrous future prospects not alone detrimental to the interest of present property owners who have invested in that subdivision any way from a modest amount of money to a small fortune, but also to the beauty and the future attractive- ness of the Beach so much needed to the drawing and reception of guests and settlers which means the eventual aggrandizement and prosperity of of our community. We. therefore, earnestly urge this Honorable Body to see to it that the person responsihl~ for this utterly indifferent disregard of all that is decent and proper in a decent and civilized community, be nwde to live up to such building reguletions relative to oonstruction inside ~nd out of the buildings, sanitary reouirements end livable conditions as to render them at lenst somewhat neBr in conveniences end appearance to buildin~s surrounding it. And in view of this precedent we respectfully submit that it is the future in which we are also vBstly conoerned. You Gentlemen have noted that the type of construction of all kinds of buildings at the Beach have greatly enhanced in recent years not only in construction but also in beauty, expensive outlay ~nd designs. This has been due exclusi- vely to the individual owner whom in a spirit or cordial co-operation and interested more in What he could do to add to the beauty gnd attrac- tiveness of this beauty spot rether than having in mind the most that he could benefit by, have strived in erecting buildings always better and more convenient than those existing regardless of cost. These are the real builders of any community. Unfortunately not all men are animated by these worthy senti- ments and this is the kind of people that shouln and must be made to conforn with what is decent and proper with such legislation, as we here- by urge you to enact, that may make it possible to, in the future permit the erection of bmildings equal or superior to existing standard. 100- 'l" i' i i i ! I I I 1 t I' r I. i .... t.:, J RESPECTFULLY SUBMITTED Signed: WIn. F. Oeftger , B. A. Magrew Raymond Gonzales B. E. Rix Henry Eeniquez Henry Heniques E. O. Peters9n Fred Homut h cTohn Wilgus M. F. Hall Paul Fusillo P. A. Spoto Ben. H. Thomas G. W. Bailey Vinoent G. Hall W. V. Pitts East Shore Apts. Silver Key Cottages Bay Villa Apts. Pine Court Apts. Sea Court Apti'l. Pelican Restaurant Person Cottages Gulfcourt Apts. Poinsettia Cottages Light House Cottages AnChorage Cottages Bay Crest Apt. Clearwater Beach Court Vaughn Market 27 Cambri~ St. Causeway Apts. ******************************** ed"'! ""'.",.' . . .,,~. ~ ..-,,: '''''':;':.', , ..7a 1 'f;;'....,.. , ',,' ~. , ,,' ":'':''<''~.'''.''''': ..1.. _ .. .,',.. I.' .. .,' , . . ." : . ".," i.,l..:/:,(:.'~:.!:,;<~.;. ~. ... .. ...i4i!;0;;W>' . I . ~ I j I . I , i I I I !' .. . " .; '" ,~;~:~:,:.>}i;!PW~;0ti~~~~1t01~;;~t~~:f.1~:}~f:t~g:;~5;f~1\,j?::mW!;~'i;~~1:?;H~iiPtl~W~'" .?'W~}1~$.t~K ......;.:._ .; ".!" t.-_ .,~.,~. -.:':" " " .'.w" 7~$ February 7, 1944 Members of City Commission City of Clearwater Florida I'. '.';' Honorable S1rs:- "..' '" Due to oonditions beyond my con~rol, I am compelled at this time to dispose of ~he Park Inn, Clearwater Beach, Florida. 1 have secured a purohaser for this business; Mr. R. V. Barden of this oity, who is agreeable to its purchase providing at this time I am able to secure the extension of my lease with the City of Clearwater for a period of not less than rive years and at tne rental I am now paying. Any assistanoe the honorable mem~bers of the City Commission may grant me, looking tow8rd the extension of my lense, will be most gratefully appreciated. " Yours very truly, (Signed) John Hatz John F. Hatz ***************************** 1(. H. HURLEBAUS Consulting Horticulturist Clearwater, Florida. Feb. 5th, 1944. Mr. F. L. Hendrix, Cit.y Manager, Clearwater, B'la. Dear Sir: ~ " Confirming today's oonveDsation, Mr. Whillock and I will. aooe~t $400.00 for the hangar' and lease fit the City airport. Inasmuoh as the 'hangar cost nearer $500.00 to put up than $400.00, and would oost a great deal more to duplioate tOday, and in view of the fact that we had only about 90 days use of it, I think we should not be asked to make any greater sacrifice, as you agre e. We wo~ld like at this time to put in our names for a han- gar site at one of the new locations, if and when the field i. a- gain opened to general oivilian flying. Yours very truly, (Signed) E. H. HurlebauB . . ' '., .. '''......._'.._ ~.~._......... _. ,.....~.. ',' ~A""""" .- " ~,r . . i, " n ......~~ I', .... ......' ".'",. ~. \::;~,;.'.:\,)};;;\;, ;1,':">;\,;::;:,::(" . . .' .~' ~ : - ",:,". " . f'" r. " ti r:' t I: ,. t t; . ., f; . :. .;....;. :. '.,.')...:. .f": :', :~~J {~~~~- , "1 .. . .....n.,.. ....~.ri;.;~;".:'"CO<J.:'" ',. .' .: . ,'. -'.'.' : . . .'.-- . "." . '. :. "r!' 0" r . . , .' . l :I I 1 1 'I \ , , t ! I ! .,' '. (') ..... .) I I i I I i J 1 I I I t I I I I I I I I i I i I 'I I I ! i I I I I \ I I \ I v , 1 . I . I I I . .... I ..1 . I '.1 .; '1 ..'\ . 'I . :1 .1 Oy~ j'P~(i,;;. ":.'. ;7' A RESOLUTION PHOVIDnm FOR THE ISSUANOE OF $3,848.000 REFUNDDJG BONDS OF 1944 SERIES A, $354,000 REFUNDING BONDS OF 1944 SEnI;~ B, AND $243,000 REli'tn'lDING BOHDS OF 1944 SERIES C, FOR 'mE PURPOSE OE RE:b"UNDING THE CITY'S OUT- STANDnm BONDED IlIUEDTEDNESS ON A LOViER INTEHEST BASIS, hN D PROVIDD-lG Ii'on TILE PAYMENT uF TIm INTEREST ON l1.ND 'lE:C PHIHCIPAJ.. OF SAID BONDS. BE IT RESOLVED BY TIlE CITY cm:l~ISSIlJU OF ':VIm GI'n OF CLEArn'ZA'rER, FLORIDA: Seotion 1. The city Comcdssion has ascertuined and determined and does hereby deolare that: (u) At a meetillt, duly held on ~y 25, 1936. the ~ity 001wssion of the City of cleW''Wuter duly adopted a resoLution (hereillufter souetimes oalled the "1'i3b Resolu- tion") entitled: "lillSOLUTION l1.UTHORIZnm THE REli1JUDING OF '.Ili E Orry's OUTSTANDING DIDEBTEDNESS BY" TIm ISSUANOE OF lillFIDlDING l30NDS AND DELINqUENT TAX NOTES. ff Said resolution sets forth a detailed list of all of the bonded indebtedness of the City of Clearwater which was th en outstanding, ull of which indebtedness was duly inourred for proper munioipal purposes, en d au tl1ol'izeu the issuance of refunding bonds of the City of clearwater in the aggregate prinoipal amount of $5,11u,400, designated ttRefundinb Bonds Issue of JUlY 1, 1936 Series ft. The refunding bonds so authorized are dated July 1. 1936. mature JUlY 1, 1966, and bear interest at the rate of' 2% per annum to July 1, 1941, thereafter at the rate of 2-l/25~ per annum to July 1, 1944, thereafter at the rate of 3% per annum to July 1, 1948, thereafter at the rate of 4% per armUQ). to July 1, 1953, and therea.fter at the rate of 5% per annum until maturity, bo th the principal of and the interest on said refunding bonds being payable at The Chase Nati onal Bank of the City of .I.~evl York in Hew York Oi ty. Said refunding bonds are subject to redemption in whole or in part on any interest payment date prior to maturity at par and accrued interest. In the event of any such redemp- tion, the particular bonds to be redeemed (i~ less uian all of the bonds tben out- standi Db) shal.l be determined by lot, and notioe of redemption, setting forth the numbers of the particular bonds to be redeemed bond the da.te fixed for redemption, shall be published in a financiaL. newspaper published in the Oity of .l~ew York, .l'4ew York, once a week for four consecu ti ve caleudar weeks, tile date of the fi rst pub- lication of su ch notioe to be at leBst sixty days prior to tlle date fixed -ror redemption. (b) .Pursuant to prooeedings duly had and taken in the circuit i.iourt of the Sixth JUdiciul Circuit of the State of Florida, in and l'or IJinellas County, under the provisions 0 f section 5106 et seq., eJoLlpilod General .L..aws of Florida, 1927, a decree was Quly rendered on Jw!e 29, 1936, validatinb wld oonfirming the Refunding Bonds Issue of July 1, 1936 to be issued under the provisions of said 1936 Resolution, eL.d s~id decree was al'firmed on appeal by the supreme Court of I!'lorida on July 28. 1936 lstate v city of Olearwater, 126 Fla. 73, 169 So. 602). (0) 01' the Re1'undillt) Honds .L.ssue of July 1, 1936 authoriztJd by the 1936 Resolution, bonds in the prinoipal amount of $4...365,500, desibnated Series "A", were authorized to be issued for the purpose of refundinb tl~ prinoipal of the bonds 01' the City of CJlearwater whioh Vlere then outstanding and which were duly issued .t:or municipal purposes after April 24, 1925, for the payment of which all property wIthin the present territorial limits of the Oity of olearwater, except- ing only such property as was exempted from taxation by the Constitution of Florida prior to .l~ovember 6,. 1934, wa~ subject to taxation without limitation of rate or amount. (d) Of the Hefunding Bonds Issue of July 1, 1936 authorized by the 1936 Resolution, bonds in the principal amount of $413.890, designated Series "Bit, were authorized to be issued for the purpose of refunding the principal of the bonds of' the Gity of U1earwater whioh were then outstanding and which were duly issued ]?rior to November 12. 1924 for purposes of City 11a11 and equipment, water works and equipment; gas plant a.nd equipment and parl~s of said city, for the payment of wb1 011 all property wi thin tl.le present terri toria1 limits fir the City of Ulearwater, exclusive 01' that oerta~n property annexed to said City by Chapter ~0394, speoia.l ~aws of Florida, 1925. and exceptinb such property as was exem.pted t:rom taxation by theOonstitution of Florida prior to llovember 6, 1934, was sub- ject to taxa.tio.l without limitation of ra.te or unloW1t~ (e) Of the Refunct.iIlQ no~ds .L.ssue of c.lu1y 1, 1936 authorized by the 1936 Resolution, bonds in the principal amount 01' #331,010, designated series "C", were au thorized to be issued for the purpose of refunding the principal 01' the bonas of tlle City ;:.'1' clear\'/ater whic~ were. :t~lell outstHIldin6 end which were duly issued prior to November 12, 1924, for mun~cipaJ. purposes other than City Ha~l and f1qu1pmen t, wa1ier works and el}uipment,' bas pJ.allt and equipment and parks of said oi ty, for thu payment of w~1Ch all. property \vi thin the present terri toria..l. limi ts o~ the 01 ty of Clearv.uter,.exol~.si ve 0 f that certain property annexed to said Ci ty by Chapter 1039.Lan~ Chapter. ,103,<<;14, Special ~aW8 of F.lorida, 1925, and exoepting such property as Wa~ ~xemp~~~ fr~~ taxation by the Constitution of Florida prior to Uovember. 6, .1934, w,as. .su.bj ect 'to taxation wi thout limi ta tion of rate or am.OWl t. (1'). Pursuant to theprovis1ons..o.f.,t,kie 1936 Resolution, Refunding Bonds Issue of July 1,1936 Series A .in~~ ~~b~egate prinoipal ~ount of $4,098.000 .... ;.:wereduly issued In. exohange tor and upon the surrender and oan.Qella.tion or a "'" > . I' :\,:'. ';, . " ::;:.: :,~,' -' :" '. ", ....,. . I . " __" ......:0....___ 717 .01... . . 1 ". .. ", ...., , .l.... '.' .~\'. i . . I . I I i: '" "'" I j ~ I ! I 1 1 ," . .. ~"/ ; : -: . " i - ',',' I' '.' I . I I \ . I... I . J....:::;.:. .' f ' .' f' . . ~ :, 1\ ,~,. . ~. ., {I~ . J ,. ti . L'" f,f:: '", " ~: t,~;"'" .1~ ,.... , ; : ... ....... '.' .' '! Ibtf~lnr~f~trPfut UlIlOunt of the appropritite bon~s to be l'efunded. Slmu1tun- e -:r e delivery of Refunding Bonds J.ssue of July 1, 1930 Series A to refund any bonds which had been red.uoed to jud8l'a.ent, euch suoh judge- ment was duly satisfied and ctlIlce11ed. $250,000 01' suid Re:runding Bonds Issue of July 1, 1936 Series A have been paid, and ounce11ed and the ro- maininL $3,848,000 Refund1nb Bonds ~Bsue of July ~, 1936 series A, con- sist1n~ of the following: J. . " ' i'!At,l I,tt: .: f .!; , ' 1 ~'. :: 1{0 . ~") "", " { , :.i .",' /" , I ., , . .. Denomination Numbers (all incLusive) Am.ount $1,000 1/40, 51/395, 399/404, 408/439, 441/677, 679,70), 706J725, 781/791, 799/818, 820/829, 832, 844, 848/887, 893/918, 92271114, 113U, 1139, 1144/12~, 1245/1377, 1379/1395, 13 8/1447, 14g1/1486, 1488/1503, 1505/1684, 1b~8/~809, 1825/1829, 1935, 1142/1146, 1~65/1870, 1875/1879, 1 03/1910, 1912J194~, 1956/2014, 2016/2036, 2038/2123, 2126/2170, 2173/2187, 2190/2235, 2237/2276, 2279/2291, 23!7/2335, 2337, 2338, 2353/2358, 2360/2396, 2402/2407, 2411/2434, 2442/2454, 2459, 2460, 2462/2609, 2611/2649, 2651/2819, 2827; 2837/2883, 2891/2982, 2984. 2988/2990, 2992/3085, 30U81.3l07, 3109/3112, 3126/3137, 3140/3273, 3299/3413, 3417/3422, 3428/3450, 3452, 3454/3484, 3501/3507, 3510/3639, 3641/3670, 3672/3679, 36B1/3717, 3729/3734, 3744, 3746, 3909, : 3932/4321,4339/4345.......... $3,842,000 500 4360/4371 ...........,........ 6,uoo To tal. . . . . . . . . . . . . . .. .. , . . . $3',848,UOO are now outstanding and uppa1d and constitute va~id ~ld binding obligations or ., the city of Clearwater, for the payment of' vlh1ch the 1'ull :faith and credit; of said City are pledged, and, as provided 1n the 1916 Resolution and as re- ci ted in said bonds, all taxable property (inoluding homesteads) wi thin the presBnt territorial limits of said vity is sUbjeot to the levy of ad valormn . ta1&:es',' ,vithaut limitation af rate or amount, to pay the interest on al1d the prinoipal 01' said bonds. ;/) " {'. t [' t' I' f t ! I, " I r I. i l~ [ " , '\ . ....\ :, ,I." ~' <' I: ' .. t ,.' (g). Pursuant to the provisions of the J.936 Resolution, Refunding Bonds Issue or July 1, 1936 Series B in the abgre~ate prinoipa~ amowlt of $3g1,200~l4 were duly issued in exchange ror and upon the surrender and oanoellation of a like prinCipal amount of the appropriate bonds to be refunded. S~ultan- eous1y with the delivery of Refunding Bonds Issue of' JUly '1, 1936 Series B to refund any bonds Which had been reduoed to jUdguent, eaoh suoh jud~ent was.. duly satisfied and cancelled. $27,076,14 of said Refundint; Bonds Issue of uuly 1, 1936 series B have been paid and ce.naelled and tho l'emafning $354,124.00 RefWldinL Bonds Issue 0:1' ~uly 1, 1930 ser1es B. cOllsistine. of the fo110vling: 300 Numbers (all ino1usive) 1/65, 76/285, 290/308, 310/327 ..... ~ . . . 356/388, 399/404, 409, ~14J419, 421/426, 44l/459, ~61/463, 467, 468 .... 471, 478/482 . . . . . . . .Amount Denomination .$1,000 . . . . $312.000 500 Total of Coupon Bonds. . . . . . . . . 38,000 1,800 ._ .. . . . . $351,800 460 103 25 73 73 60 80 100 120 120 120 120 /.(:7~~ \~ . . . . . . . . . . 701.................... 716.................... .; ; '. ". ,- .','~, '. 721 722 727 929 930 93l 932 933 934 935 . . . . . . . . . . .~. . . . . . . . ... .........t ...... .... ............... "7, ",' , , ,", '., . , . . . ~" ". ' . . . . . . . . . . .... . . . . . . . . ........... ..... ... ........... ........ ................ ... ., ., 1 ;, ~ ........... ..... .., ........... ....0 ,., ............e....... . --.,":.,.....----.----. I ,: ~.",;: j'.,', . . .. . . ....~'"'.i-,.i;c"."'""',"'ic''"'. ""0';'~":"~"~.)'!?t;,;:Wi!!i" ." ~~rf! f'''''''''' . . . 'fi~f~i~t. · :!i!W~f\;f;~;' . ;1 . ..... ,. ...~' f ".; _.' " ."... 936 . . . . . . . . . l2u 938 . . . . . . . . $ 180 939 . . . . . . . . . 120 1010 . . . . . . . . . 250 1013 . . . . . . . . . 50 1018 . . . . . . . . . 25 1029 . . . . . . . . . 125 , . t' . ' (D. . , ;~::'~;':':f . · . . . .. 2,324 Total of Registered Bonds Totfil -. . . . . . . . 3~4, 124 'r. . . . f' are now out s tu..n din!; and u41pai d and oonsti tute valid and bindini; obligations of the Uity of Ulearwater, for the payment of whioh the full faith and oredit of said City are pledged, and, as provide(l in the 1936 liesolution and as recited in said bonds, all taxbble property (inoluding homestaq,ds) wi thin_.the j)resent territorial limits of suid aity, exoeptiI1t; that oerttJ.in l}rolJe~.ty E4nnexed to said (;i ty bY' Chapter 10394, speoial ~fiW8 of Florida, 1~25, is subjeot to the levy of ad valorem taxes, without limitation of rate or Wllount, to pb~r the 1ntereflt on and the principal of suid bonds. t ,. ,. I . I. t I I I ., i , I . '~ I, I I . i I L (h) .l!ursuant to the Pl'oviaionu 01: the 1936 Resolution, Hefundl.ug Bonds Issue of July 1, 1936 Series C in ~ie a6bregate prinoipal amount of $285,565.86 were duly issued in eXOhf.Ilt;e 1'or find upon the surrender and canoellation of a like prilloipal Wllount of the appropriate bonds to be refWlded. Simultaneously with the delivery of Rafund1nb Bonda Issue of JUly l, 1936 Series a to refund any bonds which 11o.d been reduoed to jud~ent, each such judgment was duly satisfied and oan... aelled. $4.2,037.86 of 'said Refunuing Bonds Issue 01' July 1, 1936 Series C have been paid and canoelled alld tIle relua1nin~ $243,528.00 Refundinb Bonds Issue of July 1, j,936 ~eries C, cOllsis tint:, of the 1'011owip,: . " Denomilla tion Numbers LalJ. J.nolusi ve )_ 1/6, 11, 16, 17, 2J./4~, 57/113, 115/200 . . . . . . . . . 201. . . . . . . . . . . . . . . . Amount ! . . (i , $1,000 600 500 428/433, 435/443, 445/448, 450/463, 468/472, 490/491, 493/507, 513/52~, 522/529, 531/541, 543/560.. . . . . . . . . . . 561~ 566/571, 635/639. . . . . . . . . 719/721 . . . . . . , . . . . . . . . . . 50,000 4,800 ~oo $18J.,000 600 400 300 'lb tal of Coupon Bonds $237,300 . .. . I.. ..... . . Denomination Numbers (all inc.lusive) Amount 722 . . . . . . . . . . ~250 725 . . . . . . . . . . 50 730 . . . . . . . . . . 75 741 375 . . . . . . . . . . . "'e. 742 . . . . . . . . . . 1000 743 . . . . . . . . . . 1000 799 . . . . . . . . . . 4u BOO . . . . . . . . . . 12U 80.l. . . . . . . . . . . 3~0 8U2 . . . . . . . . . . 3~u .B0.3 .' . . . . . . . . . 380 804 . . . . . . . . . . 3ao 805 . . . . . . . . . . 3ao 807 . . . . . . . . . . 32u 808 . . . . . . . . . . 380 880 . . . . . . . . . . 30 895 . . . . . . . . . . 386 900 . . . . . . . . . . 150 901 . . . . . . . . . . 126 919 . . . . . . . . . . 26 Total of Registered Bonds Total . . . $ 6,228 $243,528 . . . . . . . . . . . . . . . . . . . . are now outstanding and unpaid and oonstitute valid and binding obligations of the city of Clearwater, for the p~yment of which the fUl.l faith and oredit of said city arel~~edged, and, as provided in the 1936 Resolution and as recited in said bonds, all taxable property (includi~homesteads) within the present territorial liRdts of said city, exoepti~g that certain property annexed to said City by Chapters 10391 and 10394, Special ~aws of Florida, 1925, is subject to the levy ot ad vblorem taxes, without limitation of rate or amoullt, to pay the interest on and the principal of said bOnds. (i). The following tabulation oorreotly set~ forth the ~ollow1ng matters with respeot to the bonds mentioned above: ,.. ". A.. In OoluainA an 1 tam number. !fOl- the purpose. of 1dentl~loationL 1'8 aSSigned. ~o eaoh original bond issue whiohwaa 9utstandiflgonida.:y.. ;,. \' ,'";;. ,t - y:.:. ....c."~,,,.~,\,~\. \ ,.,!(~. "\.;.,':;:: . " , " <., > :::" '~~{.:.">~Y:.:;.:::-! ,,'j , .., ',' ")W\\~" ':'<;\:~'~\:~i:.r.\~!;'"",v;':'-";.o:";-,,,, .... '''' .. ;~, )~;i:~L':7"" 'f' ,,: '. . " ,. ....,..,,:<t;' .' . : ',:Il~( . " . . . . .. ,:~i ~' . ;\-. ',', '.'~ <. D. The de6it;;n~tlon of the bonds of 8l1.ch suoh i aBue 1 a set ~ortn in ,Column D. ~ ;:'"",...1' .~:':, ,:~;':,',/::),t" ~. " ..- " ., ~, ,. \..<' f~ .~ 'I 'J t~' I . B. The date or the' bonds or each suell issue is set forth in Column B. o. The rete of interest .borlleby the bonds 01" eaoh suoh issue is set ,forth 111 Oolwnn.C. E. 'The prlnclpu1 umount of the bUIld.s or euoh suoh issued (1na1ud1n6 bonds then reduoed to juuwLlent) and uuthor- ized. to be ref'unded by the 1936 ,Heso1ut10!l is set forth in column E. A B C Item nate Int. 01: Hate NO. Bonds .L.. "" '" .1. 4/J./10 5 ,2 10/.1/12 5 ", ! 3 11/1/14 5 4 11/1/14 5 ; 1J.,11j14 5 6 11/1/14 o . 7 4/l/~b 5 B .1.J./J../19 5 'I. 4t15j22 6 10 '3/~/23 . 6, 11 2/l./23 6 12 4./~123 6 13 5/1/23 6 14 7/-1/23 6 15 8/15/23 6 16 5/15/24 6 17 4/J./l.O 5 18 10/.L/12 5 19 11/1/~4 5 . . 20 lJ./1/~4 5 21 l.L/1/14 5 22 '23 24 l.,' ......., .'. :,:,'25 4/1/10 5 1/J.!17 5 5/1/20 6 3/1/2l. 6 , 4/15/22' 6 ,)2/~/22'b I, D E Designation of Bonds (Bonds Issued by Tovm of Olearwat~r) Prinoipal Amount Sewerage system $14,uOO 35,1.50 12,000 J.7,oOO 5,000 J.1.,000 City Improvament street 1)av1ng Se-wer System. Drainage 'Funding' (Bonds Issued by city of Clearwater) Funding 36,':I6U 28,000 14J.~UOO ),000 3.000 3,000 6,000 6,000 1,000 8.900 $ 331,0J.0 Munic1pi11 street Impl'OVellLent 'Mun.ic1paJ,. Improvement Improvement Improvemen t Improve1llen t D Improvement E DnproV'emen't F . 'Improvement G ' 'J:mJ:lrovenent H ' 'Total,.,.... . .. . . a. . (Bonds issued ,by Town of .G1earViater.) 'Vlaterworks . ~ 24,uOO 1,850 8,000 3,000 10,000 " - ,.'~ 5,04U 8,uOO )0,000 45,000 84..000 25,OuO .01. ty lmprovement Water\vorks .lJubl1o Park Water Front (Bonds Issued by Uity of Olearwater) ~'undins Park Munio1 pal .t>ark Munioipal ParI: ~1oipa1 Improv~en~ Munioipal ""'ark rmprovemoo t ;en~".w ..1- ~ ',' ....~~~..~~~~~--'lI'~~.~~~...~rr1~:~,-:..,.~':'~ "~~~'~"""'~1Mt r;. t. ,', 1 I' i-:' t::. r, Ii ( i: [. h f( !~~~' . : '.' : '-t' ,':, '::1: . "I ,. 'r , C. , "'j , , . , '. . ( , , , . , ~ ~~~~~/" J , ) ,<, f , ..i" A B nate of Bonds c Int. Rate (~') 6 5-1/2 5-.1/2 6 6 5-1/2 5-1/4 b 6 6 6 6 6 6 6 6 6 5-1/2 b b 6 b b 6 6 .,.,', '.: ., .. l., '_,_ ..:.....:...,....: .~. .:....._~:.I;,.", D E Item No. 28 29 6/1/23 5/1/24 Dosignation of Bonds Munioipal .A.'ark Munioipal Gas Prinoipal Amount 30 3..L 32 33 34 7/1/25 5/1/26 9/1/26 6/1/27 3/1/28 6/1/2') 3/1/30 6/1/25 10/1/25 8/1/2fj 10/15/25 12/1/25 12/1/25 3/1/26 8/1/26 5/1/26 8/1/26 10/1/26 1/1/27 4/1/27 5/1/27 lJ../l/27 ..L2/1/27 fro ta..L . . . . . . . . 20,uOO .150,000 $4J.3,~90 35 3b 37 38 39 40 41 42 43 44 45 46 47 48 49 50 5..L 52 (Bonds Issuea by uity of ulearwater) Munioipal .lmprovemen t Munioipfil Improvement Munioipul Improvement ImlJ1-0VOlnen t Refunding Improvera.sn t Rel'wldi1lL 348,000 738,000 381,000 361,000 ..L88,OOO 300,000 128,000 50,000 373,OUO 9,000 38,000 39,000 27Y,OOO 6,50u 34,000 533,uoO l4,uOO 54,000 <<17,000 '/~ ,OOU '/3,000 2,000 Improvement Refundinb Improvecuen t Refundill{, Improvement Series A Improvement series B Improvement Improvemen t Improvement Improvement Series C Improvement Beries A-I ImproveI:lent Series A-2 Improvement Series D Improvement series B-1 Improvement Series E ImproV~ent series B-2 Improvement Series B-J Improveuent Series B-4 Improv~ent series F Improvement Series C-l 241,000 Total . . . . . . . . . .$ 4,365,5uO The $4,365,500 Refunding Bonds Issue of July 1, 1930 Series A, men- tioned in paragraph (c) above, were authorized to be issued for the purpose of refunding a like amount of.the principal of the bonds des- cribed in itams 30 to 52, inclusive, of the foregoing tabulation. The' $413,890 Refunding Bonds Issue of July 1, 1930 Series B, mentioned in paragraph (d) abovo, were authorized to be issued for the purpose or refunding a like amount of the principal of the bonds desoribed in items 17 to 29, inclusive, of the foregoing tabulation. The t3Jl.,U.10 Hefunding Bonds Issue of July 1, 1936 series 0* mentioned in paragraph (e) above, were authorized to be issued for the purpose of refunding a like amount of the prinCipal of the bOl.l.ds des- oribed in items 1 to 16, inclusive, of the foregoing tabulation. (j) The bonded indebtedness described aboye, which was author- ized to be refunded, and was in purt refunded, under the provisions of the 1936 Resolution, represents indebtedness originally incurred by the City of Clearwater, except the indebtedness described in items 1 to 6 , inclusive, and i telilS 17 to 21, inclusive, in the foregoing ta.bulation Whioh was originally inourred by the former Town of Clear- water ,pall' 'ot whioh indebtedness beoaw.e the indebtedness ot the Oi ty of Olearwater prior to the gener~ election in l~vember, 1930. The boundaries of the Town of Olearwater as they existed dur- Ing the t~eB it inourred ttle indebtedness above desoribed as having been inourred'by said Town were those presoribed by,Chupter6046, }~'~'~'f ,::."i,' ',':H""', "Laws ot Florida. 1909. BY Chapter 7J.)7, Sl)eoiall~aws at Florida, """";~g};~::;;k~?:::';fX::~,~;,;(./:;;,'.:::,:':i':l9.~S~, the munIoipal corporation known as the To~n of plearwatel' w.as , i':;'!;.W;;J;;,:z;:;;~:;~~;';-;:\,:;;:'.\;,'<;\'fJ.l)O,llshed 'and the, Oi ty 'of Clearwater was, oreated and est~1l11shed with ;!iR{t~6F~i,~'.L;r:),</':~l1e;8anie ,;~e,~~tC'.~18:1 ~.oundaries as the former ,To"n~'ot Olearwater, and , "j~fi~~~;i;~,Jt~1A;:i~i~j~nt;:;'>';i';i,::i ' " ,', ," . '. ',;;'" ' ' " , e""'-" ;:"1.:.. ..: I~ ---... ~ . , . '. " "~'-'~ ";:- ." . '." 7f.il:'~ , ' ','~~~;;tt)i~{ ;' "', .Ik~::,.:';,~:::>/:';:' . . ~ : ~ . i" , .' \ i ..; i i i , I 1._.:. t"',- . ~,' '. -. .' ' I' ' J ,..,' , '.. IA:.,." , ",~" l';l;;:~r\~:;~;;~g:: Y;'c.'(' r ~ /,I\l?f~'~ ' , "f!JJ;:';~~~~, ' ~' . ' , .;.~L.', .'.' r0' , .... ; . .. . .........., . : " ,~ 7ff by said chapter 7137 all indebtedness of ~le ~own of Clearwater and all oblie;a.tions assumed by the Town, ~li1.lill~ all. bond~ of tb.o T.QWa, includinb all bonds of the Town then outstandin~, 'were made binding upon the city of vlearwnter created by sui d Act. A new Charter 1'0 r the City of 01e~rwater wau provided by Chaptor 9710, special Laws of Florida, 19~J, and the territorial boundaries of ~~e City estaolished by said Aot were identical with those theretofore existing. By Chap- ter 10391, speoial ....aws of Florida, 1925, approved April 24, 1925, the territorial lira1ts of tLe city were extended, tllld it is provided by suid chapter 10391 that suoh pll7rtioll of the real Elnd personal pro- perty sUbJect t 0 taxation wi thin thu boulldaries desoribed ill aai d Aot, as oonotituted the territorial limits of the city prior to November 12th, 1924, shall be liable for E:I.Ild taxed to puy t.be prinoipal and interest of the bonded indebtedness of said 01 ty t!J,en outstundiIlb, but thut portion of said territory not oonstitutinL a part of said city prior to Hov6I:lber 12th, 1924, sL.all only be liuble tor a{ld taxed to pay the prinCipal and interest of the then existin~ bonded indebtedness of suid C1 ty 1 Bsued tor 01 ty HE.l.ll and equipment, water works und equipment, gas plunt and equipmen t, and purks of said city. By Chupter 10394, Speoial ....awe of Florida, 1~25, approved April 24, 1925, the territorial limits of the City were extended to embrace oertain additional territory therein desoribed, and it 1s provided in said Aot that none of tho property situated in. said annexed territory sub,'eot to taxation shall be taxed to pay the prin- oipal or intorest of any of the bonded or othor indebtedness of said city then outstanding. 'rhe territorial lim:i.ts of tt.e City were re- defined and certain terri tory which had been Hnnexed to th e Oi ty un- der the prOVisions of Chapters 10391 ~ld 10394, Speoial Laws of Florida, 1925, was excluded frow. th e terri toril lie1 ts of the Oi ty b~r Chapter .l6:363, special .yaws 01' li'lorida, 1933, whioh vias rutlfied at un elec- tion held on uctober 17, 1933. .~ . \ .J ~ \1.. . .~>.:;: 1 ~ . .... .n(":.. 1; '; , . l. ' r . 1: t I ,. I ,. .. \ i .. , \ I (k) 25, 1936 and lution, have ing: All of the $345.624 bonds whioh v~ere outstullding on May were not refunded under the provisiolls 01' tIle 1936 Reso- been paid and canoelled \';i th the exoeption of the fo llow- , , ! r 1 \ .1 I Item Date Interest hOe of Rate Principal Bonds (%) Designation of Bonds Amount - - 38 1.0/1/25 6 Improvement Series 13 ~5,oOO 34 3/1/28 5-1/4 ~mprovetUent RefundinL l,lOO<L,. Total . . . . . . . . . ~6,UOU I I ! (1) The 1936 Resolution also authorized the issuance of delin- quent tax notes for the purpose of re~undinb ull unpaid interest aocrued to July 1, 1934 on the outstanding bonds to be re~unded, but all of the delinquent tax notes so issued have been paid a~d oanoelled. (m) The 1930 Hesolution contains the ~ollowing provisions with referenoe to the levy of taxes for the payment of the interest on and the prinCipal of said Refunding Bonds Issue of July 1, 1936: "Seotion 4. *** Taxes suffioient to produoe the sums required for the payment of principal and interest of Baid Refunding Bonds series A, will be levied upon all property within the pre Bent terr- i toria1 l1m1 ts of the City of Clearwater Which was not exempted from taxation by the 00nstitu10n of Florida as it existed uunediately prior to November 6th, 1934, and all of such property shall be subject to the speoifio tax levies hereinafter direoted to be made. . .Q i .....1 I i "Section 5. *** Taxes suffioient to produce the sums required for the payment of principal and interest of s~id lletundinb Bonds, Series B, will be levied upon all propel'ty wi thin the present terr- i torial limits of the Vi ty 01' lileur.vater, exclusi va of that certain property annexed to said City by Chapter 10394, ~aws of Florida, 1925 whioh was riot exempted from taxation by the 0oIlstitution of Florida as it existed iDlIllediately prior to HoveJ:J.ber 6th, 1934, und all of suoh property shall be sUbject to the speciflc tax levies hereinafter direoted to be made. . "Section 6. *l!<* Taxes sufficient to produoe the sums required for the ptiyment of principal and interest of Baid Refundine, Bonds, series C, will ba levied upon all property 'withi'Il tne present terr- 1 tel'ial limit s of the City of '-'learwater, exclusive of tba t oel'ta1n propal'ty annexea to suid Ui ty by chupter 10J91 and Uhupter 103'14, Laws ot Florida, 1925, which was not exempted fro~ taxation by the COllsti tu tion of Floridt:l. as it exi sted iromedib. tely prior to .L"ovember 6, 1934, and all of such property shall be subjeot to the speoi~ic ta.x levies hereine.fter directed to be made. o "seotion 10. There is hereby direoted to be annually.levied and cOlleoted, as long as en~r refundinb bond s may be outstanding, a separate and special tax sufficient to pro duce the sum required ror the payment of interest upon said refunding bonds as tl~t interest . ... . .. matures; provided, hOwever, that in the fisoal years 1936 to 1941, ..;.!.J.l..,~rli~~.~:\;/: .. . ... .... ... ),-.~~E>1i;~r~~:y;!~:~E1~~i~JfJ;R~~:~El~E~~~:!~~:~~~: ...;':J;..::,....: ':.:' ....r~1'un.d1ng bonds, the averabe percentage of collect1 bili ty of taxes 1lj.)tJ~1~,,~~~i~;t~~,l<?;,:..\::..~.:::. .::.:::::.....:?"i:~,j}'ti::...:.:~. .'. ,:~~.'.' ,.~ ".' ..k',., 1'.0 'l;".~~"'~ ,..,. ...., , ,. . . '. ,.,'. .....,.... :', ". .. .. ...,..~,) ...- ..----. ~... _. ~"'.,.." "/;''"':'/'''':/", ,,"',., " "" fr."',;',', N.~~)~4,~"'},.:'''4''''._~~""", ....:...._:,. .~....::,.,;;.. ..' . '.~ .' , . . . '.' . '. '<.." . '. .., "-,,' ,. l' .,.t, 'f ~ " j ! 'j 1 , , '.. duriIlt:, the three years immed1atel~" preceding each year in which such levy 1s made sha~l be. deemed to be the percentage of oOlleotibi11ty or taxes for the fiscal year then beifib levied for, and suoh rate or tax ShbU be levied vvh1ch will be sufficient to produoe the amount re- quired for the pE;.yment of suoh interest upon the assumption that dur- ing suoh f1scal year tile peroentage of colleotibili.ty will be the same as th.e Civerat,e for the three ye&rs InJlledi~ tely preoedine;; pro.. vided :furtller tilat in the fiscal years 1942 to 1944, inclusive, the amount of tflX to be levied for the purl,oBe of paying ir..terast on the refundin6 bonds shall in no event be less thb.n ;p2UO ,000.00 in eaoh of sucll fiscal years. Intorest maturing in any fisoa.l year shbll be levied for and included in the taxes imposed for the 1'iaoal year iIllDlediately preceding, The proceeds of such tuxes uni the prooeeds 01' all elebt seririce taxes levied for the yee.rs 1934 ml<l 1935 will be paid into a special 1und \vhich 'Will be used sol ely t' or the payment or interest upon' said refunu1nl;., bonds, except as here1naf'~er direoted, provided that taxes levied in the terri tOI'y annexod to tha City by Oha.pter 10391, uaws of 1925, shall be applied only to the ,lJaynent of interest on Series .tlo aI.lc.. sel.'ies B refundinL bonds, arld taxes levi ed in the territory annexed to tlle city by Chapter 10394, ..&...6.WS of'1925, shall be app.1.1 eel only to the payment of 1n terest 011 l.>eries .A. re1'u.nd- inb bonds. .. f~ f= , 'l "seotion 11. 'rhere is hereby directed to be levied end collect- ed for tl...e fisoa.l year 1945, end for each fiscbl year therea1't~r until said refundll~b bonds are paid, a separate and speoial tux sut'ficient to produce in en.oLl 01' s.uch tisca.i.~rears the sum of not less than $100,000.00, and in deternining the rate of tax necessary f'or this purpose the average percentuge of co11ectibillty of' taxes during the tnree years immediately precedin6 each year in ~hich such levY 1s made shall be deemed to be the percentage of colleotibility of taxes for the fiscal year then being levied for, and such rate of' tax shall be levied vvhich will be sufficient to produce $100,000.00 upon the ussumption that during such fiscal ~Tear the percentage of colloeti bili ty Vlill be the Stune as the average for the three yeel's immediately preceding. The proceeds of such tax 'wi1l be puid into a special funG to be maintained as a sinking fund for the payment of the princival of the refundinL bonds in the munner hereinbofore set forhh and shull be used for no other ~epose. "section 12. In uddition to the moneys hereinbefore re- quired to be paid into the sinkint, fund for the rei'undin6 bonds, the.re will also be paid into such sinkinb fund all moneys llroduced by the levy of the mininl\.1Ll tax required to be llade for the pay- ment of' interest on such refundine, bonus \{hich LlU.Y be in excess of all interest requirenents for which such levy was m.ade and. the next succeeding semi-annual interest installment. The paymont of sue h e:x(}ess moneys into the sinkinb fund for the re1'unding bonds will be made upon the last day of eaoh fiscal year. Such moneys will be used solely for the retireoent of refundinb bonds by pur- ohase, c all or payment in the s wae manner as other uoneys in su ch sinkinb fund are required to be applied. "Seotion 13. J.f ..tlnd 'when the C,;i. ty shall increase its annual tax levy 1'0 r beneral uuintenance 8IJ.d operatinb expenses o'rer the sum of $lOO,POO.OO prior to the reduotion of its bonded indebtedness to $2,~O...()OJ~?- or less, the l,;ity covenants tha't it 'iJill also levy an addit~onui t~x of $1,00 for each dollar of such increase, and during eaohyear in whioh,the tax levy for general m.a1nterlunoe and operating expenses shall exoeed the sum of $100,000.00 the Oi ty will continue to levy such additional tax in such ratio to the increase in general maintenanoe and operating taxes. The proceeds of ~oh additional tax will be paid into the sinking fund for the refunding bonds and used SOlely tor the retirement 01' such refunding bonds by purchase, call. or paymen t in the same manner as other moneys in such sinkinG fund are required to be applied. "Section 16. All tax levies requi red to be made he reunder for the purChase, payment or redemption of the rei'unclinE; obligations authorized. hereby, shall constitute special levies for the partioular purposes 1"or which they ere imposed. buCh tax levies, while consti- tuting speoial levies, will be collected at the s~e time and in the SaIlle manner as other t.axes which may be levied by tLe Uity and upon oolleotion will be ir:u.aediately segregated en <.l oredi ted to the proper funds as hereinbefore provided. The (;i ty covuHan "GS that it will set aside daily out of the proceedS 01' its Tax colleotions, inCluding the moneys deri>ved l'rOL1 tL e sale or transfer 01' tux certificutes and tax deeds, tIle proper proportionate amuunt thereof upplicable to the purchase, paymen t or redemption of the refundine; obligations. All moneys so credi ted to such special funds will be forthwith deposi ted with a City depositary aIld held by it in trust for the payment, re- de~ption or purohase of the refunding obligations in the manner pre- scribed by tnis Resolution. . i I I I .1 I 1 I CI I' I ! .-.' '. .. "seotion 17. 'j,'he City covenants that 1 t will not accept payment otany tax or part thereof levied against any paroeb of pro- perty for7operating or g,overnint> tile crty unless all taxes levied ag~1n8t the SlUlla paroel or property. tOl' the PliYlJlell:& of the refunding . _ ...... ., '..?p~i~~1onsa.uthor1zed hereby are paid at tLe sliUle ti~. " ". .."..,:,,,.;>~<>: ..j',',:,. .:t.ise.ot1on'19. The City hereby covenants that notw!. thstand- ;"'\I~I~*I'fi~~~~ijtt~"\~~;i}:~;j'i1i'f~'@2~il\[i::{,c,J.:;~LL"i:_- ...... .'. ' ;: ~ J :ttt'f..~~i7~, ' .~.~}.;II.: t . {\.. -: "";lj,..;:-\~.:Jt I .w--........, . ~ f{i:! ,- :s'~'.J I tIS- { i t, ,..Jm..,..., ..... ... . ," . ..:.. , , ',~ ',1"" '\ '~. . ',,: , , I f' , '\ I. i ~ ' I i j j .j J 1 I j Zi . i " , ,j 2 :1 j j :1 II 1 1 j i , ~ \ ~ ~ , ,) , ; '. .:\ , . -.;I. .~ '~ . . ~ I , .' . "c';,;' ','" :',~. \ ' . .,;,;.'.; : "':\ '::1'lLt ::.~r~~ . ..'" ',":" / . '.', '. '~"";:.~. ~ ~ . ," ~. nl:.;.-1""~ . . .'~ 1 .' .~ ~ ,. 1,", .'~.........' , " . .' .' . ~ j t f,: k r.. fn:. , t. : i'. I. I' (, I: f ; ; ;; ine; Seotion 7, Article X of tbe Consti tution of the State of J!'lorida, added thereto by amendment ratified Hovember 6. 1\))4, and eI1Y leg- islation enacted pUrSUElllt theroto, it will levy tuxes upon all hom.e- steads er,lbraaed 'Withiu tb.e territorial limits 01' the \iity for the payr.1en t or the rtjf'undint; 0 bli ga tions au thorizeu hereby to the same exten1'" us other propeJ.'ty in tb e City lilUY be li~ble to tuxatiun there- for. "seotiull 21. wonies l.'eceived fronl tIle colleotion of taxes upon pl'oporty loctited in tl.ut part of the City annexed by Chupters 10391 and 10394, Laws of lY25>> \vill be puil! into the proper 1'unds established hereunder a 8 s ocuri ty for the l~efundi nb obli~atiolls author1zed hereby, bu t vlill be earmarked in 3uOh 1'Ullcls liS being a ppli cu bl e only to th e pur cllllBe, p uymen tor ro ti r eIllell 1:; 0 f th os e ret'und1Ill :..>b1.iga tions 1'01.' vihich su ell taxes wore levied.. ~ " I J I I ttSeotion 22. The C1 ty hereby covetmnts thet so lonG as any of tr.e refunding obligations authorized hereby nlLlY be out- stan(11nb, it will not avail itself' of the provisions of Chapter 1o~65 or any other le61Blati~ln which muy be hereafter enacted by the Legislature of' the stute or Florida in nny way iopu1ring or mOdifying the obligations authorized hereby or the covenlints of the City contuined hereln." (n) it is for the best interests of ilia City and of its taxpuyers to provide for the issuance of new refunding bonds for the purpose of refunding a liko principul amount of the outstanding Re~ f'und1ng Bonds Issue of July 1, 193~ (described in'paragraphs (f), (g) and (h) above), and thereby secure a reuuctioll ill the interest rate borne by suid outstanding bonds from find after duly 1, 1948. It' all of the new ref'unding bonds authorized. by this resolution shall be j,ssued in the manner and beurint:. interest at the l'ates as hereio- u1'ter provided, Br!d shall be exchanged par for par for the bonds to be ref'unded or sh~ll be sold lit not less than par anti the proceeds applied to the redemption of the bonds to be refunded, the carrying out of the proVisions of this resolution VJill result in savings to the 6i ty and i ts taxpa.y~rs over the life of tb e new refunding bonds in excess of $1,500,000. (0) It is the desire of the Oity Oommission that the re- fundinb bonds tiU thorized by this resolu1iion shf:111 llot constitute a novation or new indebtedness, bu.t shall uoreJ.y evidence, in a new forn, the original existinb indebtedness refunded. thoreby, and tl1at the bonded indebtedness to be refunded shull be Lle1.'bud into such new retunuin6 bond.s with like force and effect as to ob1.i~ation as if such indebtedness should. remain unref'unded. It is the desire and intention of tlle city COLunission to rene'Vi and extend ttle contractual ob~igatioll of the bonded indebtedness to be refunded 011 the SULle terms as to security and subject to the saIJ.d cOlldi t10IiS and provi- sions of 1~\\I as were made applj.cable at tl:.e time the bonded indebt- edness to be rerunded was or1b1nully incurred, and to confer upon the holders of s.l ch ne'W refundiuL bonds the S8.1:1e rights, security and remedies as are now available to tl:e holders.of the suid bonds to be refunded, unimpaired by any amen~ent to t~e Constitution of Florida hereaf'ter adopted 0 r anY' 1e{;islution hereufter enacted by 1il e Legis~ature of' ti...e Btate of Florida;~ provided, however, th~t,the provisions of the 1936 Resolution 'with rtj1'erence to the amount of taxes to be levied in each fiscal year for the payment of the prin- cipal of and the interest 011 the bonded indebtedness tc be l"etunded shall not apply to the llew refunding bonds to be issued under the provisi Dns of this resolution, and the right:a of the 110lders of such !lew ref'undine') bonds to enforce tl.e levy UIld co llectioIl of taxes for the paYlllen t o:f the principal 01' an d the interest oIl such new refund- inB bonds sha1.l be e,overned by the provisions 01' ttis resolution. Sect1nn:.2. .llor the pUJ.'pose of re1'uncling :the outstanding $3,8~8,OOO Rerundin6 Bonds Issue af July 1, 1936. Series A, describ- ed in parat;raph. (1') or section 1 of this resolution, there shal1. be issued, under the authority 01' the General .Hefunding Law, Chapter 132 of the Florida otatutes, 1941, the negotiable aoupon bonds of the Oity of. c~e~rwater in the agt!;ret;;ate principal amount of $3,848,f)OO, desihnated "Ref'unUing Bonds of 1944 t)eries An, cOllsistint:, of 3,848 bonds of the deIIDmination of $lUOO each, numbered L to 3,848, in- clusi'Ve. $1.,650,uOO of said bonds (herein SOLlotimes called "serial bonds n), consist1ne; of: bouds IlUlllbered 1 to 1,650, iIlalusi ve, sha!:l matur e annually, in nUltlerical order. lowes'ti numb erE; f'irst, as follows: $15,000 on July 1 III each of the years 19U.5 to 1948, in- olusive~ $20,000 on July 1 in each of the ~ears !949 and 1950, $25,000 on July 1 in eaoh of the years 1951 and 1952, $30,000 on JUly 1 in each of the years 1953 and 1954, $35,000 on July 1, 1955, $40,000 on July ~, 1956, ~45,OOO on July 1 in each of the years 1957 and 1.95e, $50,000 on July 1 in each of the years 1959 and 1960, $55,000 on July 1, 1961, ~6o,Ooo on July 1 in each of the years 1962 and 1963, $65,000 on July 1, lc.;64, $70,000 on JUly 1 in each of' th e years 1965 to 1969, 1nclusi ve, $75,000 on July 1, 1970, $85,000 on JUly 1 in each of the years 1971 and 1972, $90,000 on JUly 1, 1973 and (;250,000 on July 1, 1974; und the re- maining $2,.i.98,OOO bonds (herein sometimes called "ter.rn bonds") shall mature on July J., 197'1. (~.''') \.,J , " ". I r: r r r V l{ i ~, ~: ", , '\ :,'.,'. '. < , ,'! f ::,:. ~ :." " ~. ~~. .t:',< ~{. -" ~'.": ~'i:' , '1':" i~ "., . :~i',: .::. ...: 1 < ~ . . .~.. '" ../ ~ ,~. ,',.'~. ":, '.' \', '.:~.',' I .Seotion 3. . }'or the purpose of ref'undil]6 a like principal. , . ... . ""'~-~""" '.'~""H"'-':"~"'" ~ ___\1.""-"''''__, __ _. . ",>;' "=~:~:~~'.~.''"' '.."" .~ v):' '.~ . I .~ , " .t;.' .\ :-:,:i.:f!' 'f. .," r" .".;, ,<',,:';';':.:.': ',:' .-':. :r", ~..'~ ,,'>; <fl' , '.., r! . . , ~ , ~. ' ' j i j I ',,', H ,.,~", . ,-:..', ',' I.. '..l('"t 1:' .....' .1 ':"_ H.".' ,', '. ." ~ Wllount of the outstanding $354,124 Hefundillt" Bonds issue of July 1, 1936 Series B, described 1n parae,raph (g) of seotion 1 of this reso- lution, there shall be issued, under the authority or the General Refunding Law, chapter 132 of the ]'lorida ~tatutes, 1941, tlle nego- tiable OOUPOl1 bonds of the C1 ty of Clenrwater in the a~regate prin- oipal umount of $354,000 desiglUited "Refunding Bonds of 1944 Series B", oonsisting of 354 bonds 01' the denomination of ~1,000 each, num- bered 1 to 354, inc1usi ve. ~~150, 000 of sa! d bonds (herein sometimes oalled "serial boudsn), oonsistiib of bonds numbered 1 to 150, in- olusive, shall mature annually, in numerioal order, lowest numbers first, as follows: $5,000 on July 1 in each of the ~rears 1945 to 1966, inolusive, and ~lO,UOO on July 1 ill each 01' the years 1967 to 1970, inolusive; and the remaining ~204,OOO bonds (herein some- times oalled "to;&Al bondS") shu.l.l mnture on July 1, 1979. Section 4. For th~ purpol:Je of refunding a like principal amount of tlJ.e outstanding ~~243, 52B Hefwl<lillt; Bonds Issue of July 1, 1936 Series C, described ill pura~aph (h) of Section l of this resolution, tilere shall be issued, under the authority of the Gen- eral Ue1'unding ..IJS.W, ChaptOl' 132 of the Floridu Utatutes, 1941, the negotiable coupon bonds of the Ci t.y of clear.vu ter ill the agt;;.re- gate principal amount of $243,OOU, designated "Refunuing Bonds of 1944 Series C", consisting of 243 bonds of the denomination of $1,000 each, numbered 1 to 243, inclusive. ~100,OOO of said bonds (herein sometimes called "serial bondu "), COIlsistint; 01' bonds numbered 1 to lUU, inclusive, shall ~ature annual~y, in numerical order, lowest numbers first, ~s follows: ~~5, OUo on. July 1 ill each of the yea~'s 1945 to 1964, inclus1vej and the rema.ining $143,000 bonds (herein sometimes culled "term bonds") shall LlE4ture on July 1, 1979. . ., o "\L.';i-)"' J, i' :", I, t ..... !:. ,\ I j:> Ll' I{ r \ '. , I' , . r, I t ,. i i' ) " ( " j i f {..... . , . Interest pay:ment Date Coupon NUIJ.bel's JUlyl, 1944 lA and lB January 1, 1945 2A and 2B July 1, 1945 3A and 3B January 1; 1946 4A and 4B July 1, 194b 5A awl 5B Janul::1ry 1, lY47 6A and E,B I' ,.... '! . "..:. : ;"'"'J " '." '. I . ," ": '. '~'. , ~, . '.', " ..\......".".""',,.,.. 'l~t?lmJ,t i f!!~I\" .' seo1iion 5. All 01' the.new refuntiint" bond3 authorized by this resolution shaLl be dbtod January 1, 1944, wld Shall bear in- terest at the fOllowinG rates, such interest beinb payable semi- annuallY on the first days of Januory and July of euch year: the bonds which mature ill the yeurs 1945 to 1948, inclusive, shall bear interest at the rate of t,vo and one-haif per centum (2-~~~) per annum; the bonds whioh mature in the years 1949 to 1959, in- clusive, shall bear interest at the rate 01" three and one-quarter per centum (3--k%) per annu!il; and all of the renlaining bonds shall bear interest at the rate of three nIXl one-half per centum (3-~~~) per annllin. pay.o).ent of such interest shtill be ,[!ulde only upon presentation tind surrender of coupons representint; such inter- est as the same repectively fall due: pruvided, however, that the ,interest payable on e acll in terest pa~rment date on the bonds ma tur- ing in the years 1945 and 1946 and the interest payable on each of the first six interest payment dates on the r~ning bonds shall be represented by two interest coupons, numbered ~s follows: All such coupons bearinb the letter B shall be for the sum of Five dollars eaoh and all f:luch coupons beariIlL, t.he letter A shail be for the bulance of the interest payable on such dates respective- ly'. Both the prinCipal of and the interest on said new re1'unding bonds shall be payable at the Ohase National &illl: of tl~ city 01' New York in New york City in any coin or currency of the United states of America which, at the repective dates 01' }>.ayment there- or, is legal tender for public and private debts. 0",',', . . ::':" ....~i.. , , section 6. The term bonds of each series will be subjeot to redemption from moneys in the interest and sinking fund 1'01' the bonds of such series, a s hereinafter provided, and all of the bonds of each series at any time outstanding (both serial bonds and term bonds) will be sub.iect to redemption in vJhole, on any interest payment date not earlier than July 1, 1946, at par and aocrued interest; provided, however, that if the city shall exercise such right to redeem all of the bonds of any series at the time outstanding (both serial bondS anti term bonds) on ur gel'ore J&.IlUb.ry 1, 1964, it will pay to the holders of: the bonds so redeemed not only the principal 8L1ount of the bonds and the interest aocru- ed thereon to the date of suoh rec1omption at the rate borne by the bonds bU1i also additional interest on L~cn pr1noipul amount for the two years immediately precediub such redemption date at the. rate of 2-~% per annum it such right of redemption slmll be exercised on or before Januar,y 1, 1949, at the rate ot 2% per annum itiiilloh r1~ht of repamption shall be exeroised thereafter and on or' _," <"bator'e, Jan~ry ,1.:1954,- ~nd at the rate ot l..a% per annUm 'if ..' '-""'::~':;"~\:':::;.,,-:::\;;;.(,)~u~h'rl~'t,ot:r;~dempt1on shall be exeroised thereatte~ anq..on: or .' - 1!;'t1i~i~ii~~~~;ik'~::'~;:ii (~ti;ri::~s:;:';iJ;,,:: (;,~.~~''';.. . , , '-! I~ '''..-.....,-......., At least thirty days prior to the interest paYltlen t clute upon \'Jhioh any suoh redempti.Jn in to be Inade, a IlotioB of woh redemption, signed by the City Audl to r .&. Clerl(, shall be publish- ed onoe in u newspaper of goneral cirouluti~.>n publiulled in the Ci ty of Clearwater, Florida, and in u finunci~ll journal published in the Ci ty of New York, UIld shall be filed at the plaae ut 'Nhloh the prinolpul an d interest of suid bonds shull bo puyuble, Etuel shall be mailed, post~be prepaid, to all rd~ist~red owners of bonds to be redeerJ.ed whose addresses sr... all al)pear upon the boob3 of registra- tion h6E,)'eill provi ded 1'0 r, but f'ailure to mail uny SUell noti oe here- in required to be Ifluiled shull llot ai'feot the velic.li ty of the pro- oeedint;s for suoh redemption. Hotice havinL> been Liven in the mun- nel' and under thE:l conditions hereinabove provided, the bonds so designated 1'01' redel!lptioIl shull, on the interest paynent dute de- sibnated in suoh notioe, beooL18 and be due and puyab~e, and from and after ~le date of redemption so desi6nated (Unless default shall be lllade ill the PUY'.m.ent of the bonds culleu 1.01' redeul-)t1on) interest 011 bonds so desit;;nated 1"0 r. redemption 811tlll oease to aoorue and in- terest ooupons ruuturiIle uft~r the redemption date shall become void. Section 7,. 'l.llle llew refunding bonds authorized by this re- solution shall be s1 t:;ned by the Oi ty ld:anabsr and. by the 0i ty l~uditor and Clerk and oountersigned by the wayor-GotUDissiOllel.', and. the cor- porate seal of tile Ci ty shull be af'fixed thereto, tlIlCl the interest COUl)ons thereto attached w1all be executed wi t.ll tt.e f'aosir:lile ai€>>- nature of said Oi ty J~udi to r and Clerk. 5ui d oonds ~i.D. d ooupons and the validating oertificate emd provisiul1s for l'eblstrat1on and re- oonversion to be endorsed on the reverse or'" said boucls st.all be sub- stantially the following form: ~, t ..,.,.,. r q,::'.1 1 "';.:" . .' .'" > ,', ~..... [ i ~ ~ t t \ I I I ... I ,,:1 1f& 'R' " ". ". .:" '. .;i.::;:;:.l, .~ . :~ :' ....;.;.,:...,;}~ , .':',' '.:. " ~', ",.1 i. , '; " before January 1, 1964. ~f' less than all of the ~orm bonds of any series then outstanding shall be redeemetJ., the particular bonds to be redeeliled sh all be seJ.ected by lot in such maaner us the city OoL'Utlissi on in its disoretioh nuy determine, an d the notice of redem.I)tion shall state the numbers of' tIle bonds so to be redeemed. , :1- I r. I' f f:- , '\, \ \' . .~ .' " ',. . . ,'t') t , No. $lUOO I ,~ j UNITED STATES OF AMERICA ST..\TE OF FLORD>A COWJTY OF PINEI.Lf..S CITY OF CLEAHV1ATER REFUnDInG BOND OF 19 44 ~iERIES \ The city of' Clearwater, in ~1nellaB VOWlty, State ot Florida, is justly indebted and f'or vu.l.ue received hereby promises to puy to the beE1rer or, if' this bond be registered, to the registered owner hereof, on the 1st day of July, 19~, the principal Bum of , ' ~ , P~.;:,rHOUSAND DOLLARS together vii th interest thereon at the rate of' ~~ per aD.llum., pay- able semi-annually on the first days of January and July in eaoh year upon the presentation and surrender' of the annexed interest ooupons as they severally beoome due, the interest f'alling due on eaoh of'the rirst six interest pEtyment dates (in the bonds maturing in the years 1945 and 1946, insert "Eaoh interest pElYlllent da ten in- stead of "each ,of the first six interest payment uateatt) being re- presented by tw::> cOul)ons, one ooupon bearing the letter B fOl' the su.Q). of Fi ve Dol1~r s ana. the other coupon bearill(, the 1e tter .A for the balance of' suoh interest. Both the principal 01" this bond and, unless this bond be registered as to both principal allcl interest, the interest hereon are ptl.yable at rrhe OhE1se l~f:ltil)l1al Bank of the City of l~ew York in l~ew Lork Oi ty in any coin or currenoy of the United states of .Ar:1erica ,~hieh, at the respective dates of payment thereof, is legal tenuer for public and private debts, The inter- est on thi 8 bono shall be payable only upon presentation and surren- der of' the coupons, if tl.nY, represeIltinb BUell interest, or, if this bond be registered as to both principal and interest, such interest (exoept any interest which may be represented by an inte~est ooupon bearille; the 1eiiter B) shall be payable b.y check or draft drawn to the order of the reg! stered owner hereof. For the prompt payment hereol' and the interest hereon as the BUIlle shall full due, the full taitll, oredit anel taxine. power of tlle CitY" of UleurwatoJ:' are hereby irrevooably plede;.ed to the SWrJ.e extellt /;;'lld wi tll like f"oroe and eff- ect as the swne were pledged to the pbymellt of' the indebteduess re- funded herebYo This boud is issued by said City under the authority of and ih full oompliunoe with the Consti tution fwd laws of the state of Florida, including section 6 o~ Arti ole Ix: of the Constitution of Florida as amended in 1930, the General Refunding La~ (Chapter 132 of the Florida ~tatutes, 1941), and the Charter of said City, and ,t';ft';','Xl;;;:,:A ~~i~:n~; i~2e:~i:~~t~~f~~f ~:;:~~: ~~~~; ~~Hhi~~::~~:~~:~i~~d ,~\~:;;!.~'~:,;~:;!(/;:;j~:,:.. ".:. ,', such indebtedness was incurred and the teni to~1al 11m.~ts of the :~:iet~'S{iY>~>';/;'~S:, "'; '. .. Ct ty during suoh time s, and ref'ers to all acts of the J"ag1sla ture ;\Vf.I;;t1lA:'::i;:;,,,,,. ~-;:<.:;::;..,., ',.... ' . ot Florida anneXlI!g territorY' to and detaching terri tory :from the "~:::~'~!i;:~'~~~::'?:":':',>;~;:">"" :'. " . 'City sinoe suoh indebtedness 'Was inourred. 'i{{;~*J\E~;}~j~i.;:\~:~!;~:~~;::;~;;,;~);;t:i"~;G;~",~~-7';.~-~"~"'-""""".'--'.- ..".. '_'. ._...., . .. ~';.~ (J:) .,. -~!'~- ;'t. ...:,,~,.~~ ,.' . i ;' . ~. ~ l ,':. ; """.:' ::Jt':f::-~~> '. .' I::::'",)" "" . 'i~.,.;:'T '.....'...'.'.....1 .; -;"'",';' -. 1 ',' .... '.' . ,t,' ."'.' j .~ 1 j " :'j ~ ~ I ! (J *'.. ,~... , . , . , '. . L , I ~....., '."'.'." . -.' '''chis bond is one of a duly autllorized issue o~ ~ _ bonds Imown as ttRef'UIldin~ Bonds of 194.4 bel~ies t1 (herein oalled the tbonds" , oonsistillb 01' ~ bonds naturiiih in the years 1945 to 19 ,inclusive (llerein oalled the "serial bonds"l and of $ - bonds muturinb on July 1, ~979 (herein oalled the "term bonds"), all 01' like date and 'tenol', exoept, as to ma turi ties, the rates of' interest and the provisions f'or redec.ption, and issued or to be issued f'or the purpose of refundin~ a like amount 01' valid subslstine; bonded illdebtedness of suid City 1b r the p~rment of whiuh the 0ity was obli~ated to levy taxes, without limitation as to rate or a.mount, upon all property wi thin its preSe!l t tOl'ri torial lim! ts (here insert in the nefundinb Bonds of 1944 Series B. "exoept with- in the terri tory annexed to said Ci ty by Chapter 10394, ~pecial Laws of ~"lorida, 1925", und insert in the Hefundine., Bonds of 1944 Series C. nexcept vii thin the territory annexed to said 01 ty by 0hapters 10391 and 10394, Special J..uws 01' Floridu, 1925.") which wus SUbject tv taxation under the Consti tution and laws 01' }'lol'ilia as they ex- isted prior to .Uovember 6, 1934. The Cl ty res'erves the rie..ht to redeem th e tel'm bonds, when seleoted by lot, from moneys in the interest and si1l1~lnb fund for the bonds of this series, and to redeem ell of the bonds at any time outstanding (both serial bonds and term bonds) in vlIto1e, on any in- terest payment date not ea.rlier them cjuly 1, 1946, at pL.r and accru- ed intol'est; provided, however, that if' tl..Le Oi ty shull exeroise suoh right to redeem all of the bonds of this series at any time outstand- ing (both seriul bonds and term bonds) on or before January 1, 1964, it will pay to the holders of the bOIlds so redeeued not only the prin- cipal aLl:Junt 01' the bonus and the interest accrued thereon to the dE...te of suoh redemption at tl:...e rate borne b~' the bouds but UIDO additional intel'est on suoh prinoipal amount for the, two leal'S iLJllediate1y pre- cediIib suoh redemption d.at e a. t the 1'8. te 01' 2-112~b l>er unnum i1' slloh ribht of red.ecuptiou. shall be exercised on or bafol'e January 1, 1949. at tbe rt.te of 2~b per annum if such rie:,ht 01' reden.ption shall be exercised thereafter. and on or before Janua.ry 1, 1951h wld at the rate of 1-1/2~~ per a!lIl'llLJ. if such rit,ht of redemption shall be exerci sed thereafter and on or before January 1, 1964. 5uch redemption shall be made in the manner and under the terms and condi~ions provided in said resolution. It is hereby certified and recited that. all acts, conditions '/ and thiI1bs re,qui,red to happen, exist and be performed precedent to and in ,tne iss,u~nce of this bon,d, have hs.:ppened, e'xist a:n:dhave bee'n performed in due time, form and manne'rus re',iuired by the Consti tu..: ' tion and laws of Florida; that the total iridebtedness of said 'City. inoluding this bond, does not exceed, anu that th 0 total indebted- ness of sai d city at the orea.tion of tt. e indebtedness refunded here- by, inol udinf=, sui d indebtedness, di d not tlleII exceed, allY consti tu- tiona'l or statutory 11mi tation the;reon; and thu t provision has been .made for tt.e levy ~nd collection of u direct annual tux upon all pro- perty wi thin said ~i t~r wt.ich, under tho provisions v1' tILe Consti tu- tion and laws of Florida in force and, eff'ect at th e ti 10.6 of' tb,e orea- tion of the indebtedness refunded ht3l'eby, VvtlS subject to taxation for the payment of said indebtedness, 'whi cll tax shull be B ufficient to pay ttLe principal of tlIld the interest on thi s bond as the same shall fall due and. shull be levi ed ,and oolleoted at the SULlo tiLle and in the same manner as ad vulorem taxes levied l' or opera tiut:. expenses of said 0i tYj Hnd that tt.e indebtedness refunded hereby is mert:,ed into this bond vlith like f'orce and effeot as to ol>lie:;atioIl as if' such In- de btedness llad remained unrefunded. Tliis bond may be rebistered us tD princ1pa~ alone end also as to 1D th prinoipal bUd. interest 8L.d, i1' l.~egistel'ed as to' both principal and interest, may be reoonvel'teli into a coupon bond. in accordanoe 'wi th tt..e provisio 11S endorsed h. ereon b.L.d subJect to the terms ~lld oonditions set forth in said ~'esolution. IN WITNESS \lHJ~i~OF, s&id 0i tJ" 01' OlearVla.ter has caused thi s bond to be sie.,ned by its ai ty hi.naber ltnd its Ci ty J~udi tor a.nd Clerk and countersigned by its Mayor-commissioner, under its corporate seal, and tte interest coupons hereto attached to be exeouted wi th the facsimile signuture of said 0ity Auditor E.nd Clerk, all as of the 1st day of January, 1944. countersi e.;ned: Ci'ty 11anager Mayor-voomissioner ApProved as to form and oorreotneSs: Cl ty J~udi tor ana Olerk Cn-y A "ttorney (ENIDRSEMENTS ON BONUS) Certi~ic~te of Validation. .Val1de:ted and aontlrmed by decree of the C1rcu1 t Court of the ,Sixth ,Judioial ciroui tot, th e. Stu,te Of ]'101'1 da, in and for Pinellas o,ounty ,rendered.on _ 19 . "''',' . ", '" ' '., l).. ,~St ~ 7ft " - ': , .. '. , . .:~< " : ':1'>_', !.~...... . <~ 1..ro " l;'~ :: :<,~J " ~j . . ..\ I I 1 I I i 1 1 I ,; a ., . . "}f' ",'< . .;. ',', ," ,,' ; 'I ' ~?-'?:.~;~.):;.:~.:~;..l,.. . . ~ '~'. ....".~ . ",:. . ." ,'., '",', - ~.~ '. ~ ," . fvjli,t~F , .,......-J ~i(~!i,!f . ' 'Clerk of said~Circuit 00urt l?rovisiollS for l1eg1strution and Reconversion. . This bond .may be reGistered ao to prillcip~l alone on books or the City kept by the Uity AUditor lUlu Clerk as Bond Hegistrar or by suoh other Bond Ret:;istrar as may be legully appointed by the gov- ernint) 1:0 dy 0:1' suid Oi ty. ulJon presentEi.tion he roof to such Bond Re- t;istrar who shall make notation of weh registratioll in the re6is- trutio!l blank below, an d thi s bond m~Y' th erehfter be transferred only upon a wri tten assi(:;IUUent of tl.e registered OWller or his att- orney, duly uckno'Wlede.,ed or proved, su oh transfer to be mE.L de on suoh books and endorsed hereon by the l.lond He~istrar. Unless this bond be rot). :.tered as to be th 'prinoipal ano. interest; such transfer may be to bellrer UI1d thoreby truusferulJili ty by deli very shull be res- tored, but this bond, shall uLuin be sUbjeot to sucoessive regis- trations ana trtlllsf'ers as befOl'e. The principal 01.' thin bond, if' rebistered, unless rebl~tered to bearer, shall be payable only to the rebi.stered owner or 11is lebul r01Jresenta ti ve. l~o:Dwi tbstanding the rebistra tioll of thi s bond as to prinoipal alone, the ooupons shall remaill pl:lYable to bearer and shall continue to be transfer- able by delivery. rL'hiD bond may be ret,istel'eu as to both principal and interest upon presentation hereof' to such Dond Registrar who shall detach and oanoel all uIUuatured ooupons (other than ooupons bearing the le4iter B, 1f' any) and atall make notati 011 of suoh re- ~stration as to both principal and interest in the registrution blank below, after whioh rSbistration both principal and interest of thiS bond shall be payable to the registered owner or his legal representative. This bond, if oonverted into a bond registered as to both principal and interest, may be reooverted at the expense of the registered owner into a coupon bond upon presentation here- of to such Bond Registrar who shall attach hereto new ooupons re- present'ioe the interest to accrue thereafter oh this bond to the date of maturity. exoept any interest which may be represented by interest ooupons bearing the letter B, anu shall make notation in the registration blank below whether this bond is registered as to prinoipal alone or is p~able to bearer, Date of' Reeiistration Name of Registered Owner Jl Manner or H.ebistration Sie;nature ~!..~g!.s_trar The Oity of' alearwl:lter, in Pinellas Uounty, J!'lorida. will pay to bearer at The Chuse National Bank of the ai ty 01' ~~ew Y01'k in New York City the sum of Dollars in any ooinor ourr- ,enoy of the United States' ot: Jwerioa VJhich at the time of' payment is' legal tender for publio und private debts, as provided in and for ':~!.~i..\:'f,.;'~;~'.D~:~;i\<~:/",(".\,:,;~~e;~e.[~l:Bnnual interest then due on its Refunding Bond of 1944 Ser- ',,~,i.:';'::::/~,~;,:,;,'i:.':',,;.::'.':::,:,,": ;l.es _' dated January 1, 1944, No. _. . ,:" ':(.~!~i!'!:;I1~~f~j:ii;:~~~~i;:'~:~!iYmt::~~'"=~~C-"~_".~~..._,~~~~.^::~~:::~:~"~;"c~e~~ . .',. ............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... .......... ............. ..... ..... ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . ............... .............. (FOHMS OF COUPONS FOB FIRST TInlliE YEARS) NOJ $ t:)n 1, 19_, TjJ.e Uity of Clearwater, in pinellas Uounty, Florida, will pay to bearer at The Chase l\lational Bunk of the 01 ty of !\jew :Lork in .i."ew ~ork Oi ty the' sum of Dollars 1n any coin or currenoy of the United States of America whioh at the time of payment is legal tender for pUblic and private debts, as provided in and for interest then due on its Ref'unding Bond of 1944 Series __, dated January 1, 1944, No, ___I Oi ty Aud1 tor and Clerk No ~5.00 B On 1, 19_ , The Uity of Glearwater, in Pinellas County, Florida, will pay to bearer at The Chase National Bon}~ of the City of New York in New York City the sw~ of Five Dollars in any coin or ourrenoy ot: the'United states of Amerioa whioh at the time of' paymont is lee;al tender for publio and privute debts, as provided in and for interest then due on its Refunuint; Bond of 1944 Series __, dated January 1, 1944, No. . - City Auditor and Clerk (FORM OF COUPONS AFTER TIlE }rIRST THREl~ YEAHS) No. - $ On 1, 19_, __ _t"I1t.~ @),,,% f":>:,:\;. -',' .'-;; " , It) l "'~' ",:' ~;;,' ':":, ;;/:')::: i :~: ;<. .... y I,<.~'.;'::\..".'" -: h{,:"'\'\":'/i'" " :~ ..... : '. ' ,':: -;: " . " '"'. " ."." .. '.. ," . I' " :,'" , ",." 'j ..' ." t' . . I . . . q , ~. " " ' ' ..' ",.' , ~ . ,,'" '.. ,,' .' \ ...., f r ' r; I Iii I /: , i i i ! I r, t '. , ~ : ' .,' , ,:<',\>< ; t ...., ,.', , :, , ' ,;. , ,.:~";,.",,,i;;':' ,'. .. .". . , ;',::8;.<':J/, '.' I .~~. .. I.' . ;', I J I I 1 I There shall be inserted presents interest payable a~ter "unless sai d bond shull previous redemption and payment thereof". seotion 8. 'l'i tIe to any bond and to the interest ooupons Ulereto appertaininB ~lall pass by deliver in the Dame manner as a negotiable instrument payable to bearer unless suoh bond is regis- tered in the mllnner hereinafter provided. The Ci t3r shall oause books for the registration nnd for the transfer of U&e bunds, as provided in t}~is resolution, to be kept by the City Auditor and Ulerk ut hi s ofrioe in the City of nleur\latel', us Bund He gi strar, or by suoh other Bohd ile~istrar as may be le~ally appointed by the boverninb body of Buid City. ,At the option of the bearer any bond may be registored as to prinoipul alone on such books upon presentation tt.ereo1' to the Bond He/:;;istrar who shal.l ma}:e notation of such ret)istration thereon. Any bond 1.1o.Y be rec,istered as to both principal and interest (except any interest \'Jhioh may be re- presented by coupons bearinL the letter n) upon presentfltior.l. there- of to the .tlond Registrar, accompanied by all UI1L1HtUl'ed ooupons, and the Bond Redistrar shull make unotation of suoh reL;istration thereon ana. detach therfrom and oancel all unmutured coupons. Any bolid ret;;istered as to principal alone 'Or, as to both prinoipal and inter- est ma.y theretifter be tro.usrerred only upon a duly executed ussign- ment 01' the rebi stered owner or his attorney, suoh transfer to be made on such books hull endorsed on the bond by the Bond Regist.rar. Unless such bonu be ret;.istered boB to both principal ~nd interest, such transfer may be to bearer o.nd thereby transferubility by delivery sh~.ll be restored, subjeot, however, to suocessive regis- tra tlons 6. nd transfers us before. The prinoipal of any bond regis- tered aG to principal alone, Wlless ret:;istereu to bearer, and the principal of any bonu re~istered as to both prinoipal and interest, shall be payable anly to the registered owner or his leeal repre- sentative, but the coupons apperta1n1n~ to any bond reuistered as to principal alone shall r eo.ain payable to b ear ere notwi ths tanding such registration. The Bond Registrar shall not be required to transfer any bond registered as to both principal and tnterest dur- ing the period of fifteen (15) days next preceding riny interest' payment Clate of such bond. No bond l'egistered aste principal and interest shall thereafter be disl}harged from registration except as pI'ovided in section 10 1'0 this resolution. at .thR~~d of eaoll coupon whioh July/1-94o, the words hava been ow.led for provl siem made for the re- o , , , ; . ~ seotion 9. AS to any bond registered as to principal alone, or as to both principal and interest, the person in whose name the same shall be registered shull be deeued und reburEled as the absolute owner thereof for all purposes, and payment of or on acoount of the prin~ipul of any such bond shall be ~ad~ only to or upon the order of the registered owner thereof or his legal representative, but such ree:,istration may be chane:;ed, 'as herein- above prOVided. All such payments shall be valid and effectual to satisry Wld discharge the liability upon such bond to the ex- tent or the su~ or sums so paid. The city may deem and treat the beurer or any bond which shall not at the time be registered as to prinoipal, and the bearer of any coupon appertainillt; to any bond whether such bond shall be reE:;is'tered as to prinoipul or not, as the absolute owner of such bond or coupon, as the case may be, whether such bond or ouupon shall be overdue or not, ~or the purpose or receivil~ pa.yment thereof and for all other purposes whatsoever, and the city shull not be affected by any notice to too oontrary. Section 10. Any bond registered as to both principal and interest lIlay, at the option of' the registered owner, be reconverted into a COUPOll bond upon presentation thereof to the .Bond Hegistrar who shall atta.ch thereto ne\'~ coupons representing tt.e interest to be come du e thereaf tel' on the bond to th e date of ma 'tur i ty (exe ep t any interest Which may be represented by coupons bearing the letter B) and shall ra.ake notation thereon whether the bond' is registered as to principal alone or is payable to bearer. Such ne\'~ coupons shall bear .the facsimile signature of the City Auditor and Clerk who signed the bond, whioh o1'1"10e1', b~r the signing of' Duch bond, shall consent. to the execution of su ch new coupons wi th his rac- simile signature. I I !- I ! Upon every reconversion of bonds under the proviSions of th~s resolution, the Bond Registrar may require the pay~ent of all expense incurred by him in connection with suoh reconversion, pay- ment or 'Which, together Vii th any tax or other bovernmental charbe required to be paid wi th respeot to such reconversion, shall be made by the bondholder requestin~ such reconversion. The Bohd Registrar shall not be required to reconvert any bond under tt4e provisions of' this Section during the period of fifteen (15) days next pre- oeding any interest payment date of suoh bond, ,1101' after the pu'b- lioation of notice of the redemption or any such bond 1ms been made. : :~~~t;~",y.., .. .'.~:;;~~f;~:~~~~i:!~~~:~:1~;f~:i~~:~~~g~g;::~~gd /~.:;v_: ':,;",." ,'::'(,;...".; the same extent and Wi th like f'uroe and effeot as the same are now d";'\i}J;~.~>,\:;:,'",i",i);;'::,<.'>::pleaged to the payment .01' the indebtedneSS refunded by said bonds. ";'I..~Y;::'!:'!;i:..i';:;:);',;::"i:;\::.;.!.~d..the:indebtednessso:.refunded shall be merged into said new re- ~~~ib~.rttf~Jf::~~_~;~;;i:,;'~bJ~!;i~::~;:';;.;:';::) - .','(";j,i.:;;:'{:~::::/::,.;::P?:'\' ,', ,",,; . , -. .. ,'., '~ " '~"_::'" H I'.....;. ," \". "'.' '., .......,..~...... flyl ! ..,~ t.) '1.: .:. I: i..': ' . ! l.":' < "'; ~,> :"'~.' j ,'. ~~ , . " , i , , ! i \ i . \', . . \ \ ~ . ...:. ..: :;.~.\.::'",'..,> "./' \"4,...-;....:.-.. , 1~~ . ;, '.1 .:~ ,,.. I . . > j funding bonds with like force and effect as to obligation as ir such indebtedness should remain unrefunded. Secti on 12. III eaoh l'i soal year while any of the He1'und- in~ Bonds Issue of July 1, 1936 series A, ~eries B, or Series C, or the Hefundinb Bonds of 1944 berles A, beries B, or Series c. shall be outsta.lldlnt;, there shall be levied upon all taxable pro~ perty within the City of 01eurwater subjeot to taxation for such purposes aD hereinafter provided, u speoial tax suffioient to pay the interest on and the prinoipal of ti!e bonds of eaoh of sai~ issues as the sruma respectively beoome due and payable, and also a sum suffioient to provide for probuble failures of oolleotiop of suoh taxes in the same fisoal year. Suoh probable failures of oolleotion shall, 8S pl~ovided by the General Refunding Law, arbi- trarily be deemed to be the peroentage of all City taxes of the last preoeding fisoal year ,vh1oh remained unpaid at the end of suoh fiscal year, inoluding tax sales of land to the 0ity. tiuch taxes shall be levied upon all property within the City of Clearwater whioh under the provisions of the Constitution and .uaws of Fl.ox'ida in foroe and ef'feot at the time of the creation of the indebtedness refunded by said Hefundlnb Bonds of 1944 Series At netundin6 Bonds of 1944 ~erie6 B, and llef'unding BOnds of 1944 Series C, respeotive- ly, wE1s au bjeot to taxa.tion for the paymen t 01' suoh indebtedness, as more particularly set forth in Section 1 of this resolution. The City oovenants th~t if the proceeds of the speoial taxes levied and oollected in any 1"isoal year shall be less than the am.uunt required to be levied and collected in such fisoal yeal' under the foregoing provisions of this Section, then the amount of such deficiencY' shall be added to the amount otherwise required to be levied in each fiscal year thereafter until all such deficiencies shall have been L.Qfl.de up. The city further covenant s that the aggregate of the specie.l taxes levied in each fisoa1 year under the foret!,oint1, provisions of this section shall not be less than 16.6 lllills on the dollar of assessed valuation; prOVided, however, that if ill any fisoal year the total assessed valuation of property in the city lincluding homesteads) sha.ll be greater than the u..mount set 1'Ol'th ill the f'ollowine;, tabula- tion for such ~iscal year; Insoal Year Alllount !'...i scal Year .AIAount 1943-44 $13,023,000 1961-62 $16,408,000 1944-45 13,154,000 1962-63 16,538,000 1945-46 13;284,000 1963-64 16,668,000 1946-47 13,544,000 1964-65 16,798,000 1947-48 13,804,000 1965-66 16,929,000 1948-49 14-,065,000 1966-67 17,059,000 1949-50 14,325,000 1967-68 17,18<),000 1950-51 14,585,000 1968-69 17,31<),000 1951-52 14,845,,000 1969-70 17,450,000 1952-53. 15,106,000 1970-71 17,580,000 1953-54 15,366,000 1971-72 17,710,000 1964-55 15,496,000 1972-73 17~840,OOO 1955-56 15,626,000 1973-74 17,971,000 \ '. '. 1956-57 15,757,000 1974-75 18,1.00,000 1957-58 15,887,000 1975-76 1.8,231,000 1958-59 16,017,000 1976-77 18,361,000 1959-60 16,147,000 1977-78 18,491,000 .!o-~.. 1960-61 16,278,000 19'78-79 18,,622,000 and if there shall not then be any deficiency in tlw levy and co 11- ection of such taxes in preoeding fiscal years, then such aggregate tax rate of 16,6 mills on the dollar may be reduced in proportion to the increase in the amount of the ass"essed valuation fa r suoh fisoal year. . " For the purposes of this paragraph, the area VJi thin .:i the present terri terfal limits of the Oi ty exclusive of the terri- ",:~.<{!:\:":',, torY'. annexed bY' Chapters 10391 and 10394, Special LUWB of Florida, ;rf~W,;,;i'\ <, ., ,'> .~~~~it~ i:~Si~~ ~:d o~S t~:r~t t~n:~i o~~a ~r:n:i;~i~/ ~:i~r~~:;~er 'l;;:u::;,'~' ,""''': ,.',:,," .' 10391 is desi@U1ted as "Area TWo,tt und the area w1.tllin the present i.;~:;i/;::.:~~,...:)':>~~::':",'::'.~'::):'. ..:. terr4lt9r~al. ~&p.ilts of the City which was annexed by said Chapter ::;~~{r.~!.~.~.~'::>t~'>r:~,,~:;;~~/:(~./~; ..,; .;1.()394 is. designated as "Area Three". The proceeds 01' the tax levied i}';':':;<'\;;('Y'''':>'':"''':'''i:':;~}~',~;,;:.:.::)ln,q.e.r.the proviSions of this Seotion on propel.ty within 4I' aa Vne only .,i(~;";::.f3AA11. be, applied 1'1rst to the payment of the interest on the Refund- ::{;9:'~W::i~!.,.;t.;J:L'~p.e;:,J;3op.ds :Issue of July 1, 1936, Series C and Refunding Bonds of "~'~!~f;:h:~:;S;:::;~S:):9.4.4::iSer1e s c; provi dad, hOW ever, the. t if th e pro oeeds of suoh tax .. "~fi{~~~~~t~~t-/~~..,/;:.'~. ~.', . _;~~~/i~g:r~\'''ul.y{" ". ,..' " ....~:. ,..::::-.~ r) , ' -" ~.... . ~ i:....:'. ,\ (.. ~.) r~: ,. t.~.... . t~ '. " r, . . t .9....;....." \ k. . ... ..... ..... " t', . . '.,:.. ~ '". :.... . j.; . '.' '., f ~; ; i. t' ....::i~....;..... - ".." " .. .... . .,.,', ." ," : ... :<.. ..;,,):~:: <::>:~.:~: " . I !. , r ~ t' ~ t '>~. .i . .'. {., I \.",.. <r"""""" . . -.... .... ;:lh,~t~;1li~. :;;,~11,'!:, ;;~''';~~~.' A? "r~~:'~!';:\~>\;;;';:;":;'::"'::;"" ;:, .... <. "''''1<.''': . -. ...~. . ~,:"'l.:'...... ;-_ ~. ';:"'L":-">';:"";,,,,j::':'4;;~':t]. 1" 113 .(ii' I.'. .... -. .' ~,' I,,; . !'::,:....<.. ~, ;<;. '.' ...." ,".l,:::.,. : . ~~:: I "~'"'''''' 1. ", ........ '~l" '.' ,\:.~ :-.....:.::.i:':.....::.. f . ., ,I "" \ ~' .-::";:"rl'" 'tl'" ',' . , . ." . " . . i , .'. . 1. . f J J I t i. CJ l:... ....,! ~ ." shall not be sufficient to pay all of the interest on the bonds of such issues then outstandihg, then such prooeeds shall. be applied pro-rata to tho payment of such interest; and the balance of such prooeeds shell be allocated to, and deposited to the credit of, the respective funds for the retirement of principal of the bonds of said two issues in proportion to the amount of the bonds of eech Buch issue ~hlch will then be outstanding. The proceeds of the tax levied under the provisions of this Section on property within Areas One.and Two only shall be applied first to the payment of. the inter- est on the Refunding Bonds Issue of July 1, 1935 Series Band .l\efund- ing Bonds of 1944 Series B; provided, however, that if the proceeds of suoh tax shall not be sufficient to PAY all of the interest on .the bon s of such issues then outstanding, then suoh proceeds shall be applied pro-rata to the payment of suoh interest; and the balance or such proceerts shall be allocated to, and deposited to the oredit or, the respective funds for the retirement of principal of the bonds of said two issues in proportion to the amount of the bonds or euch such issue which will then be outstanding. The proceeds of the tax levied under the provisions of this Section on all pro- perty withinAreas One, Two and Three sh~ll be aop11ed first to the pa~ent of the interest on the Refunding Bonds Issue of July 1, 1936 Series A and Refunding Bonds of 1944 Series Aj provided, however, that if the prooeeds of such tax shall not be surficient to pay all of the interest on the bonds of such issues then outstanding, then such proeeeds shall be applied pr9-rata to the payment of such interest; and the balance of such proceeds shall be allooa- ted to, and deposited to the credit of, the respective funds for the retirement of principal of the bonds of said two issues in . in proportion to the amount of the bon~s of each such issue which will then be outstanding. The City convenants that the respective amounts alloca- ted for the payment of the interest on and the principal of the bonds ~f said issues will be deposited in trust with.a oity deposi- tary to the credit of appropriate special funds for the payment of the interest on and the principal of such bonds, respectively. The special fund to the credit of which there shall be so de- posited the proceeds of taxes levied for the payment of the interest on and the principal of the Refunding Bonds of 1944 Series A shall be designated "1944 Series A Interest and Sinking Fund". The special fund to the credit of which there shall be so depOSited the prooeeds of taxes levied for the payment of the in- terest on tnd the principal of the Refunding Bonds of 1944 Series B shall be designated "1944 Series B Interest and Sinking Fund". And the special fund to the credit of which there shall be so deposited the prooeeds of taxes levied for the payment of the inter- est on and the principal of the Refunding BoriE of 1944 Series C shall be designated "1944 Series C Interest and Sinking .Fund". The City reserves the right to levy such taxes as might la~fully be imposed by it upon all taxable property within any territory heretofore excluded from the territorial limits of the City and w icn was embraced within such territorial limits at the time of the creation of any of the bonded indebtedness refunded under the provisions of this resolution and to apply the proceeds of such taxes to the payment ~ ~ha p~Jm8Rt of the bonds issued h hereunder to refund such indebtedness. ! . ( ,:'. ~, " '1 '. < \ . I. ! . . ~ . , i , . r j. i ! I , I i i . ~ " . \, I I I ! I I 1 I ! i 1 i J i I . I I, I ,I '.'. .. I J . 'I' . I. '.\ . , l "j.' ......41 The. City convenants that such taxes shall be levied and collecteo at the same time and in the seme manner as ad valorem taxes levied for operating expenses of said City, And that the prooeeds of such taxeB shall be used eXClusively for the purposes for which the same are levied. The City fUrther covenants that it will not aocept payment of taxes levied for operating expenses of said City unless there shall be paid at the same time the taxes levied to make the interest and principal payments required by this resolution. The taxes so levied shall be in addition to all other taxes levied by the City of Clearwater~ The swns required to be paid on the first day of July in eaoh fiscal year on account of the interest on and the principal of the bonds authorized by this resolution, shall be raised by the levy of taxes in the preceding fiscal year ..in an amount sufficient to prOduce such sums on or before such 1st day of July. Section 13. There is hereby pledged to the payment of the new refunding bonds of each series issued under the provisions of this resolution the collections or proceeds of, all uncollected speoial assessments which are now pledged to the pay.ment of the Donds refunded by such new refunding bonds, subject to any prior pledges of such special assessments. Section 14. The City covenants that anticipated collec- tions of delinquent taxes and of special assessments ~ill not be considered' as revenue available for the payment o~ the principal ot or the interest on the new refunding bonds issued under the pro- visions of this resolution in preparing the budget of the City or in fixing the tax levies for aoy fiscal year, and that ail moneys reoeived by the Oity throus~ the collections or delinquent taxes and.speoial assessments will be deposited as reoeived to.the credit of ~ne appropriate interest and sinking rund. ~."." \{;;i/! . ' '" .. ,i . ",' ..;;..->.:. . ,,_t. ,. .' , ,; '. '. \ ' .'.,' , " I' ......-........ .... -#.""..-.----..~- ',' 1, "'\ .:. \. oeot1on 18. The holders of the new refundiD.L bonds issu- ed under the provisions of this resolution, whether suoh bonds shall have been delivered in exohunge for t he indebtedness re1'unded there- ,.b~ or shall have been sold bnd the proceeds thereof a.pplied to the "";/"~~'_~""'" ..ret1r8b1en~ of such indebtedness, shall be subrotsated to all the '" "';'.);::~)>",:';:",: ,rishtoand seourities ot the holders of suoh indebtedness. :;:"N)j{1t~):{:~,.},;",;,\:::;:';,: '/ "'. ...' . F,', /~ (""""~"" . '. .. '...... ..... ......'.. '.' ......,.........: 1'JCf . " . ' : " '::'" ~ '.' .; ~.:.: ~': ;:: ", . :.'" . .',. : ., "t,'.,., \ I ! 1 I 1 i I l r--- I I . J l ! '.' "0 ...... f ~. ,". ",:' , Seotion 15, The City hereby Covenants that it will aotively and diligently enforce the collection of 011 taxes heretofore and hereafter levied and that it will not acoept anything but lawful mon- ey for the United States of America in payment or satisfaction of . the taxes r@quired to be levied under the provisions of this resolution. The City further 00 venants that so long as any of the bonds authorized under the provisions of this resolution ShAll be outstanding, it will not avail itslcf of the provisions of any legislation heretofore or hereafter enacted by the Legisleture of Florida which in any manner impairs or modifies the obligation of the City in respect of such refunding bonds or the covenants of the City contained in this resolution. Seotion 16. If the moneys in the interest and sinking fund for the bonds of any series issued under the provisions of this resolution (exclusive of the amount required to pay bonds thereto- fore oalled for redemptiont shall at any time be in excess of the aggregate of (1) the amount of the interest payable on the next eneuing interest payment date on all of the bonds of suoh series whioh will then be ou~standing add also, if suoh next ensuing inter- est payment date shall be January 1, the amount of the interest pay- able on the next succeeding July 1 on all of the bonds of such series whioh will then be outstanding, (2) the amount of the next maturing installment of suoh bonds, and (3) the following reserve in suoh fund: $125,000 in the 1944 Series A Interest ann Sinking Fund, $15,000 in the 1944 Series B Interest and Sinking Fund, and $10,000 in the 1944 Series C Interest And Stinking Fund, such exoess, if the City shall not then be in default in making any prinoipal or interest payments re~uired under the provisions of this resolu- tion or in the performance of any other provision of this resolu- tion, shall be applied to the payment of the pnrchase price or the redemption prioe of the bonds of such series, as follows: (a) Exoept as provided in sub-division tb) of this Seotion, the City Commission may apply suoh excess to the purohase or such bonds at the lowest prices obtainable with reasonahle dili- genoe, not exceeding par and acorued interest. '(b) If, however, on any May 20 or November 20 the amount of such exoess shall be equal to or greater than the amount required for the redemption on the next ensuing interest payment date of Fifty Thousand Dollars ($50,000) principal amount of bonds, the City Auditor and Clerk shall call for redemption on the next ensuing interest payment date such amount of bonds as will exhaust such excess as nearly as may be. Suoh redemption shall be made pursuant to the provisions of Section 6 of this resolution. ~ection 17. The new re1'undinb bonds authorized by this resolution. shall be delivered in exchange for Wid upon the surrender and oancellation of the appropriate bonds to be refunded as herein- above provided or shall be sold at publio sale, as the 0ity Commission may hereafter provide by resolution pursuwlt to the prOVisions of the General Refunding Ltl.Vl. Upon makinG provisions for t14e sale of any of' said new retundinc bonds the Ci ty Auditor and Clerk sht:ill bive due notice of redemption of the appropriate outstanding bonds to be re- funded in the mamier' required by such outstandint..; bonds. upon the issuance of neW refundin~ bonds of any series under th e provisions of this resolution, either by exchanginb the same for a like principal amount of the' bonds to be refunded thereby or by sellint;; the Same and oallillb for rede.mption a lil~e principal amount o:f the bonds to be refunded thereby, there shull bu withdrawn from the sinking fund for the bonds so refunded and deposited to the credit of the interest and sinking fund for' the Ilew refunding bonds of such series an amount equal to that percentaGe of the total BlllOWlt then held for the oredi t of the sinkinb fund for the bonds ao refunded which is obtained by dividinb the total prinCipal amount of the bonds so refunded by the total principal amount of the bonds of such issue which were outstanding just prior to suoh exohaIl6e or su eh sale. . The amou.nt so deposited to the credit of the interest and Sinking fund for the new refunding bonds of each aeries shall be held ill a separate reserve account, find if at any time the amount in the sinkiue fund, exolusive of the amount to the credit of the reserve account, shall be insufficient to pay the interest on and the prinoipal of the new refundiuL bonds 01' such series as such interest and principal shall beoome due, the (; ity i..udi tor and 0lerk ahall transfer moneys from sueh reserve account into the interest and Sinking fund in an amount sufficient to make up any such de- fioienoy. .nny moneys So transferred frOLl the reserve account into the interest and sinking fund shall be restored Us soon as possible and the Uity Commission shall provide for such restoration in the llext ellsutilB~ annual bUde;et and tax levy. ..__....)1'.;.l".__.____ _. _. ".,;..,...., -1' <.' :':" I.. . .... . .. '-". ., . ."" . , .,,. ~ \'.' .' .:. .... .' '\ .', ',:' .:!' . " . ' ~'~ ' n ! I ~ " r ' l I' ~ , ! I I \ , ~ I [ f ' r.". "nT.'."...,,?\ ~. .. .-..... ,.' ,..>,.:.", . ',.' . 'f,;':.::~ -~,;.:~~ ::.;~~: . ~'. .' ;'_::.~/~~ ','~ ~..:~,:::~:;~~ '';'/. ~ ...,~..~~",,, ~ ~. .;.y"'lJt~,'.: . . " "',>> '"",,....'. ~.....~.'.' ., . ~~:;~I~~:i~t0~f&.~;:,~;;',;,,< tiection 19. au thori za tion ot sa! d No neW election shall be ratunding bonds. calJ.ed or held tor the effect Seotion 21. from end attar This resolution it s pa~sabe. shall be in .f.ull to roe and ':_',I:.! .~'t . ..', 1~\~ ~ 1<' ..' ')~'l~~i:~ti~;~;~'$ ii; I.,'!! i -,. #;\ \ i" ......~ '~I,-,.I( .j ..t~ . ., ,....1 ,,1 ..\/.......~,.JJif; - 1.1'.3:.,:;.....1 '... 'I t. , :j,.\~ J;Y:':i:, :t//fW:i~;ti{t~~l::;~:'> '.1 ' .. " \" , " -".' "I.'. " ..~l'~':.';'.' .'/'~:;t~:~~1', '. :'~C}''':~~ft . ,....,,1 ' ' ',' ..,:,', (', >":1 ,,' . :,,::'.ir"),'~'; \ " ". ':. ~.( . ;;:"~3 . 'I, ....~~:{ . ,..... . ~'. '. .! Seotion 20. able. and if any of its provisions oourt of oompetent jurisdiction, the decision. .01' such not affeot or impair any of the remainint; provisions. The provisions of shall this resolutloll be held illegal by court are sever- any shall '.' f. I... � e � %��'� CTTY C C�'JIIVIISSI4I�I MINUTES CITX �F GLEARWATER, FLORIDA FIDRUARY 7th, 1944. The City Commissio;� met in re;ular session the evening of February 7th, 1944 at�7:30 p.m. i�� he City Hall with the fo1- lowing members present: Geor�e R. Seavy, Mayor-Conm.issioner Sumner R. Lowe, Commigsioner Dan L. Stoutamire, Commisaioner J'essie G. Smith, Commissioner Herbert Grice, C'ommissioner Absent; None. City ARanager Hendrix read a letter adciressed to the Board from John F. Hatz in which Mr. Hatz ask the City Commission to anprove the assignment of a lease now held o,y him on the Park Inn property to Mr. R. V. Barden with the provision th�t the present lease be extended for a period oP five years. It was moveci by 2dr. Smith and seconded T�y Ivlr, Low� and carried that such an assignment be approged sub�ect to sn agreement on the present valuation of the buildings o� the property; It was moved by Mr. Stoutam_re, seconded by Mr. Lowe and carr- ied that the following persons be reappointed to the various City Boards for a peTiod of two yeai:s as follows; Boy S�out Trustees Charlie Shaw Thomas-L. Boteler Jack Russell Barber's Examining Board-Ralph Shaw $uilding Contractor's,Examining Board � $enry Lockett P. B. McCardell Electric�l Contr�ctor's Exam�:nin� Board R. N. Baldwin Library Board T�a4er Bayly A. T. Cornt�ell Plumber's Examining Board � enry Georbe Recseation Board ° � C.I�oore, Srq Harold Adams Zoning Boaxd V'7illiam L. Al1ey Webb Hopkins Jessie P. McClung Moved by Mr. Smith � seconded by h4r. I,awe and carried that the City pay �400.00 to Mr. E. H. Fiurlebaus and Mr. Whillock for their hangar at the Clearwater h2uncipal Airport. Trassfer oi 1e3se on the Imperial Docka was delayed due to delinGuent rental and ba'lanee due for gasoline sales. Ci,ty Attorney Richards now rsad a Resolution providing fer tlre refunding of the present Citp oP Clearwater Bonds. Said Resolution being set out in ful� in these minutes. It was noved by Mr. Grice, seconded byTF4r. Smith and carried^that the Resolu- tion be adopted. �^^«�Yu ,:. , •a;�� ; : Y_ .. Moved by �fir. Lowe, seconded by Mr, Grice and carried that . the delinquent tax notes now held b� the Bond Interest Fund a�d �,.��'' 9 amounting to y�45,428.64 be cancelled and that the delinquent tax notes now held by the gas and water funds and amounting to �24,375.01 be sold to �� fund for �8,125.00 and that the City oY Claarwater Bonds in tho amount oi �6,599°00 �nd owned by the Gas and �Nater Fund l�e sold to the Sinking Fund for �6,557.98 and cancelled. City Manager Hendrig rpad to the Baard s proposed agrae- ment with the Piedmont Flying Cc,mpany, Inc., for the use of the C'learwatt�r Municipal Airporte No final action was taken on this � by the Board. There being no further business to came before the Board the meeting was adjour�ed. �(D. /E-�e-c.t�- Mayor-Com.m�ssioner �� - _ . , l ��„�. � � �� . _ .�. . .._,, ':;. .�:. : r �� r Clearwater, Florida Sanuary 1944 Honorable City Commissioner City of CTearwater Cle�rwn�er, Flarida Honorable Sirs: [h`e, the undersigned property owners of Clearwater �each, res- pectfully beg to bring to your attention the fact that only recently some �:gl;y, old and delapidated shacks were pernitted to and have actu- ally been set u� on a lot in that subdivision known as '�Replat of Clearwster Beach Park" amidst what are otherwise modest but neatly anpearing, and even expensive homes and cottages. This, at onc�e and of itself, hns created a condition �hich, if allov�ed to continue, will be groducive of disa�trous iuture pros�eets not alone detrimental to the interdst aP present property owners who have invested in that subdivision any way from a modest amoun:t of money to a small fos•tun�,: but also to the beauty and the Puture attractive- ness of the Beach so much needed to the drawing and reception of guests and settlers which means ths eventual aggrandi�emEnt and prosperiuy oP �f our community. We, tiherefore, earnestly urge this Honorable Body to see to it that the person responsible for this utterly indifferent disregard oY all that is decent and propey in. a decent and civilized community, be made to live up to such building regulations relative to cc�.struction inside �nd out oi' the buildings, sanitary re.ouirements And livable conditzons as to render them at le�st somewla�.�t n�ar in conveniences end appearance to buildin�s surrounding it. =ind, in view of this p.receder_t we respectfully su'bmit that it is the future in which we are a"lso vastly concerned. Xou Gentlemen have noted that the type of construetion of all kinds oP buildizigs at the Beach have greatly enhanced in recent years not only in construction but also in beauty, expensive outlay and designs. This has been due exclusi- vely t;o the individ�,iai ov�n�r whom in a spirit of cordial co-eperation and interested more in what he could do to add to the beauty and a:ttrac- tiveness of this beauty spot rather than:having in mind the most that he ,could benefit by, �ave strived in erecting buildings �lways better and more convenient than those existing regardless of cost. These are the real builders of any community. Unfortunately not all men are animated by tliese worthy senti- ments and this is the kind of people that should and must be made to c;onform wsth thhat is decent and proper with such legislation, as vJe here- �y urge you to en act, t}�mt ma y make it possible to, in the future permit the erection of b mildings equal or superior to existing standard. RES�'CTFULLY SUBIvIITTED Signed: Wm. �'. 0eft�er East Shore Apts. B. A. Magrew Silver Key Cottag�s Raymond Gonzales Bay Villa Apts. B. E. Rix Pine Court Apts. Iienry �3eniquez Sea Court Spts. iienry Fleniques Pelica�. Restaurant E. 0. Petersqn Pers�n Cottages Fred Homuth Gulfconrt ppts. John 41'ilgus Poinsettia Cottages M. F. Ha11 Light House Cottages Paul Fusillo Anchorage Cottages P. A. Spoto Bay Grest A.pt. Ben. H. Thomas Clear�n=ater Beach Court G. W. Bailey Vaughn I�arket Viucent G. Hall 27 Cambri� St. W• V. Pitts Causeway Apts. *�**�*** ***� ��k***�***x�***�***�*x� � �� i February 7, 1944 Members of City CommissiQn City of Glearwater Florida Honorable Sirs:- Due to conditions beyoncl my conurol, I am compelled at this time to dispose of '�he Park Inn, Clearvaater Beach, Florida. I have s�cured a purchaser �or this business; Mr. R. V. E3ardsn of t�is city, who is agreeable to its purchase pro*�•iding at this time I am able to secure the extension of my lease K�ith the City of Clearwater for a period of not l�ass than fi�ve years �nd at the rental I am now paying. Any assistance the honorable ruemebers of the City Commission may grant me, lookin� tow�ard the exteasion oi my ler�se, will be nost gr�tefully appreciated. Yours very truly, (Si�ned) John Hatz John F. Hatz **********�****�**•ti�*:�***�*�*�x ��+,. H. HTJRLEBAUS Consulting Horticulturiat Clearwater, Florida. Feb. 5th, 1944� Nr. F. Z. Hendrix, City Nian�ger, Clearwater, F1a. Dear Sir• Ccnfirming today+s conve�sation, Mr. WY�illock and T wi�.l accept �400.00 for the ha:ngar and lease �t the Gity airport. Inasmuch as the hangar cost nearer �600.00 to put up than �4�0.00, and u;ould cost a great deal more to duplicate today,; and in view of the fact that we hsd only about 90 days use of it, I think we should not be asked to make any greater sacri�ice, as you agree. We would like at this time to put in our names for a han- gar site at one oP the nevu locations, if and w hen the field is a- gain opened to generel civilian ilying. Yours very truly, (Signedj �. H. Hurizbaus � u �� A 1�SOLUTION PI30UIDIt1G FOR Ti� iSSiJAIJCE OF ♦ �3,s48,��p REE'U2dDTNG BOTdI�S OF 1944 SERIES A, �N354,o00 ��pnvG Bor�s oF i944 sE�zT.s B, AND �243,000 �FUIdDING BONDS OF 191+4 SERIES C, FOR 7HE PiTRPOSE OIE RE�'lTNDIlVG THE CITY'S OUT- STA]VDIlQG BO�d�ED INDED�t'�DNESS O:J' A LOYtTR INT�REST BASIS, AND PROV�DIIdG FOEt TH� PAXI�I�iT UF TI� INTERLST' OIJ AND 7Ii.L P1�IISCIPAT. UI' S�1.ID BONDS, f3E IT RLSOLVED BY Tf� CITY COP;T�IISSZOTd OF '.i�IE CITX UF CLE�R�trATER, FLORIDA: Section 1. The City pommission has ascertained and deter�u.ned and does hereby declare tYiat: (a) At a meetixi� duly held or�. i��ay 25, 1936, the Cii;y Goramission oY the City o� �learva�ter du�y adopted a resolution (hereinarter sotaetiraes aalled the �+1y36 Resolu- �ion�t) entitled: "RESOZUTION liU�IORIZTNG TE� f'.EF[TtdDIIJG OF �i�, CIzY'S OUTSTANDING II�TDEBTEDNESS BY TAL IS�`UANC�, 0�' R�FUId�7ING EONDS �IJD DELINQUIIVT TAX NOTES." Said resolution sets fp rth a detailed lzst of a11 of �he bonded indebtedness o� the City oi Cloarvaater vihich was then outst�nding, all of which indebtedness was daily incurred for proper municip�l purposes, an d�zthorizecl the issuance oY refunding bonds o� t�e City oY Clear�vater in the aggregate principal amount oi 4�5,11u,l�00, designated +}Refundin� �onds Issue of July 1, 7-936 SeriQs �� The refunclin� bonds so auth�rYzecl are dated �uly 1, 1936, �ature Ju�y i, i96� � d•bear interest at the rate af 2a per annum. to J'uly 1, 191�1; thereaiter at the rate oP 2-1/2o per annum to July l, 194.4, th.ereafter at tiie rate of 3i'o per annum to July 1, T948, thereafter at tlie rats of 1� s per annugi to July 1, 1953, and ther�af �er at the rate of 5 jo per annum until maturity, bo th the p�incipal of and the ini;erest on sai�l refunding bonds being pagable at The Chase Tdati�nal Bank•oz the City of l�ew York ir_`Y�ew York City. Said re�unding bonds are subject to redem�ition in whcle or in part on any interest payment date prier to maturity at par and accrued interest. In the �vent of any such redemp- tion, the particular bonds to be redeemed (if less �an a11 of the bonds then out- standin�) shall be determined by lot, and notice oi rede�ptian, setting forth the iiumbers oi t�e particular bonds to be redeemed an d the date fixe�i for redemptian, shall he published in a iinanoial. nervspaper published in the Oitv pf I�ew Yor�, lVew York, once a v�eelc zor Pour aQnsecutive calendar weeks, tl� date of the first pu:�- lic�tion of such notic� to be at lesst sixty days prior to the date fixed for radeanl�tion. ( o) Yursuant to proceedings duly iiad end ta.ken in the Circuit �our; o�' the Sixth J'udiciaZ Cixcuit oP the State oi Florida, in and for �'ine7.las County, under t11e �rovisions of 5ection 5106 et seq., Corapiler3 General Laws oz �lorida, T927, a decree was duly sendered on June 29, 193b, validatin� and c�n�irmin� the Refundin�. Bonds Tssue af �uly l, 1936 to be issued under t3ie provisions of said 1936 RAsolu�ion, a�d said decree wr�s affirmed on apper�l Uy i;he Suprerae Qourt oP Florida on �uly 2g, 1936 {State v City of �learwater, 126 �la. 73, 169 So. 602). (C) Uf the liePundi�� ',3onds issue of July l, 1936 authorized lay the 193b Resolution, bonds in the �rincipal amount of ,�1�,365,500, desi�nated Series tfA'+, were authorizsd t� be issued for the purpase o.f refu�din� the principal of the bonds of the City of (;lear�ac�ter v�hich viere then outstandin� ana which wex� duly issued for niuiicipal purposes after Apri1 21�, 1925, for the payment of which all property within the pr esent territorial limits o� the City of Clearwater, except- ing only such proporty as was exempted from taxation �y the Constitutlon �f �lorida prior to l�ovember b,, 1934, Was subject to taxatzon withaut limitation of rate or amount. . (a) Oi the Refunding Bonds Issue of July lp 1936 authorized by the 1936 Resolution, bends in the princ3pal aq.oun� of �4] 3,890, desigiiate�i Series nBTr, were suthorized to be issued for the p�rposo of refundin6 the principal of the bonds of the City of �learwater which were then outstancling and tivhich were duly issue.d prior "to I�Tovember l�, 1924 for purposes of Citv �a11 �nd e�}uipmer_t, water v�orks and equipment; �as plant and equipment ancl parks of said �ity, �or the payment of whicla all property yvithin the present territorial linits �f the City of Clearvaatar, exclusive of that cartain prope7•ty annexed ta said Gity by Chapter 10�94, Special iaws of Florida, 19z5, and egceptin� such pro�erty as was axerapted from taxation by the�Con3�ituti9n of Flarida prior to Idovember 6, 1934, Was suU- ject to taxr�tio�i with�ut limit�tion of rate or amount. (e) Uf the Refundinb Bonds 1ssue of �uly 1, 1936 authorized by the 193e Resolutiion, bonds in the principal amount of �331,O1U, desi�nated Series ++C19, �vere authorized to be issued for ttie purpoae oi re�undin�; the principal of the bonas ��' tize City �f Clearsvater which were tlien outsl;Hndin� ar_cl rvhich v�ere duly issuecl prior to IVovember 12, 1924, for miznicipal purposes other tiian Gity Hall and �qui.p.ment, wa�er works and eyuipmenty� �a�s plant and equipmen.t and parks of sai.d �ity, for the payment of whish_ ali pxoj,�erty rvithin the present territorial limits a� tt;.e City oi Clearw�ter, exclusive �f �hat certairi property annexed to said City by Ghapter 1039.� a��u„cha�ter io�y4, S�acial L�ws �f Florida, lyz5, and excepting �uch prope�ty aa wa,s exenptecl fror�t ta�;ation by th� Con�titutian of FYorida prior ta I�overaber, 5, ,1934, was, ,stibj.eot ti� ta::�tion tivithout limitation of raLe or �raount. : (f) I'ursu�r�t to the. �rovis,ions :of. the 1936 Resolution, Re�unding i3onds ' Issue of Ju1y 1, 1936 Series: A.in the a�;�r��ai;e principal �Tmount of ,��.,098,000 were duly issued in exchan�e for aila upon the surrender an4 cancellntion of a „' � �� A i J 1' rin^ pal aaaount of ttie r��propr3:ate Uorias to be refunclad. Si�ultan- er��i�l� �vi�ii ��e delivery of �2eYundin� Bouds lssue of �u1y 1., 1936 serias A�to refund any boncis tvhioh had beeii reduoeci i;o judgmen�, e�cli such jud�e- ment was duly satisfied €�nd oanoelled. $y250,000 oi' aaid Refunding Bonds =5sue of July 1, 7.93E Series � i�ve been paid_ azid, cc�ncelled and the ro- nainin�; �3;g4g,000 Refundin�, Bonda lssue of July l, i936 Series A, con- sistin�; of the, followin�: : Denominatiion Nu�bars (all inclusive) Ar�ount �pl,000 : 1/4:�, 51/395, 399/404, 706�725, 7gl/791, 799/�1�, + g2o/i329, g32� g44: g4�/g87, �93/91g� 922/1111+, 113g, �139, 111�4/12qo � 1245L1377, , ].379/1395, 13gg/1447, 1481/14�6, 14��/1503, 15�5/168�.� lby�/1g09r . 1825/1829� 1835. 1�42/�$46, 1 b5%1�70, 1875/1�79, 1�o3/i91o, 1912�1g4y� 1956/2014, 2016/2036, 2038/2123, 21'26�2170, 2173/21$'7, 219o/2z35, zz37/227G, 2279�2291, 23t7/2�35, 2337, 233�f z353/235�, 2360/2396, 21�02/240%, 2411/2434, . 244z{z454, 2459: 2460, 2t�62jz6Cg, 2611/z6tr9, 2551/2�1g, 2�2�a 28�7�2g83� 2691/2g�sz, 29i34., 29gg/299�> 2992/3��5, 3Q��/3107, 3109/3112, 3126/3137, 3�4a/3273, 3299/3413, _ . 3L.17/3422, 34�2�/:i45Q, 3452, 3�5t+/3484, 3501/3�5p7, 3510/3639, 3641/3670, 3672/3�79, 36�'/3717, , 3729/3734, 37'44: 3746, 3909, . 3932/�5321� 4339/4345..�....,.. $�3:g4z,000 500 �.36014371 .... ............... 6,u0o Total.... . .. ........ �'3;84g,U0D ars now outstaneiing and unpaid and conatitute valid and binaing obligations of •, the �ity of C.�earwater, for the payment o� v�hich the full faith and credit of said C%ity.ara pledged, and, as provided in the 19.�6 Resolution and as re- cited in said bonds= a11 ta�caUle property (including home�teads) wit�,hin the presan� terri.torial limits oY saia �ity is subject to the levy of ad valorem ' ta�es', bvith,�ut liu►itation of rate oT amount, to pr�y ti�e interest on ahd the principal of said bonds. jg) Purs'uant to 'the provisions o� the 1936 Resolution, Refunciin� Bonds 1'ssue o.i �uly 1, 1936 Series B in the aggregate principal amount of $$3�31.,2o0r.,14 v�ere dilly issue�d i'n exchange for and upon the surrender end csancellati�rx of a like principal amount of the appropriate bands to be rePunded. Simultan- eously with the delivery o� Refunding Bonds Issue of July •l, 1936 Sexies B to refund r�ny b.onds which had been reduced to jud�nent, each such juiibment was duly satisfied and caucelled. �27�076t1l� o� said gefundin� Bonds, Tssue of �uly 1, 1936 Series � have been paid and cence116d and the remainin� �p�,51�,124.Ut? Refundin�, Bonds issue of �uly 1, ly3b Series �. consistin�, of the iollowing: Denornin�ti�n riumbers all inclusive) Amount ;�l,000 1/65, 76/2g5� 29�/3�g� 310/327 . . . . . . . . . . . �312,00u 500 356/3��, 399/4�4, 4�9, ��,}; µ,��:19, 421/4.26, 44i/t�59, °j�bl/463� 467� 468 . . . . . . . . . 3g,000 300 4Z�-, 47$/�82 . . e . . . . . . 1,800 � �rotal oP Coupon Bondso . . . . , . . . _ . . . �p351,800 ']Ol...o ............. .. 4E0 716....e... .. ..... 103 721 .. .... . . . 25 722 T� . ............... 73 7z7 ......... .... 13 929 ... .... ,.., 60 930 ......o...... �o q31 ........... .. loo 932 .. . ..... 120 933 ... ,.e... .... lzo 934 .......... .... . 120 ' 935 e. .....�,. e.. � lzo _ � � ,.. � 0 � � �.r�.,�'�// 936 . . . . . . . lzu 938 . . . . . l�o 93y . . , . . 1zo . ].o�o . . . . . . . . . z5� 1013 . . , . . . . . , 50 1018 . . _ . . . . 25 � lo2y. . , . . . 125 Tota1 0� gegistered. Bonds ...... 2,324 To�tal -. . . . . . .354,124 are now outst�ndin� and unpaid and eonstitute valid and bindin� obligations oY the City oi' Clearwater, for the payment af which the full faith and credit of said Ci�y are pled�ed, �u-id, as provided in the 1936 i2esol�:tion and as recited in said bo�ds, all taxable property (including homeste�iis) vaitihin,bhe bresent territorial limits of said City, exce�tin� that cert�,in pro,perty ann�xed to said City by Chapter 1o39t�, gpecial L�ws of Florida, 1y25, is subject to i;he leiry of ad valorem taxes, without limitation o�' rate or aniount, to pay the interest on anfl tY�e principal of said bonds. (h) 1'ursuant to the provisions uf the 1936 Resolution, Refunair�� Bonds Issue bP July l, 1936 Series C in s,he a�;gre�a�e principal amount oP �2g5,565.86 were duly iasued in exchsnge for and upon th� surrender anci can.cellation of a like ; principal amount of the appropriate bonds to be rePunded. Sinultaneously with the delivery of RePundin� Bonds Iasue o� J'uly l, 193b Series C to refund any bonds which had been reduce� to jucl�aent, each such jud�ment was duly satisYiod and can- celled. �42,037,86 of said Refunain� Bonds Issue of July 1, 1936 Series C have been paid ar�d canoel�.ed aud the reraaining �2(�3, 528.OU RePundin� Bonds Issue of JuTy l, i936 jeries C, cousi4tin� of the followi�,�: ' � Denomination piumbers (all inclusive) 9;mount �1,000 Z/b, 11, 15, �'7, 21/4y, 57/113, 115/zoo . . . . . . . ��.�i,000 600 201. . . . . o . , . . . � . . . . . 600 500 42�%433, 435I443, 445/44�, 450/463, 46g/472, 490/491, 4-93/507, 513/52Q, 522/529, 531/541, 543/56a. , . . . . . . . 50,000 y.00 561, 566/571, 635/639 • •••••- 4,g00 300 �19/`7zi . . . . . . . . . • . yoo � 7b tal o� coupon Bonas . . e . . . . .. . �z37,3Uo Denomination Numberg (all inclusive) Amount 722 . . . . . . . . {�250 725..... . . .. 50 730 . . o . . . . 75 74T . . . . . . . > . . 375 742 . . . , . . . Z000 743 . . . � . . . . . l000 7�9 . . . . . . . C,.0 800 . . . . . . . 12U gol.. .. ..... 3tto aU2. . . . . . a . 3t3u . .�03 . . . . . . . . 3�0 gU4 . . . . . . . . 3go go5 , . . . . . . . 3�0 so7.......... 3zu SO8 e . . v . . . . . . 3g0 gg0, . . . . . . 30 �95 . . , . . . . 386 �oo . . , . . . . , . 150 901 . . . . . . . . . . 126 919 . : . . . . . . . . 2b Total of ge�istered Bonds . . , . . . . . . � 6,228 Total . . . . . . . . . . . . yz43,5z� are now outstanciing and unpaid ancl constitute valid and binding obligations of the City of �learwater, for the pa�ment of rahich the full faith and creciit of said pity are �ledged, and, as provided in tYie 193ti Resolution and as recited in said bonds, all taxable property (i:�cludingLomesteads) within tiie present territorial limi.ts of said Cit}*, exceptin;g that certaiu property ar,nexed ta said City by Chaptera 103y1 rand 10394, Spe�ial Laws of Florida, 1q25, is subject to the levy of �d valorem taxes, without limitation of rate or amount, to pay the interest on aua tne principal of said bonds, (i) The follov�inb tabulation correctly sets iorth the followins r�atters. with respect to the bonds mentioned above: A. Iii Column A an item n�s.mber (for tl�e purpose of identiiication) is assipsned to eactl original bond issue which w�s outstandimg on I�Iay ?5, 19r�b• � � B. The �ate of the' Uonds ef eacii such issuo is se� forth in Column B. � G. The rate of interest bornekby the boncis of aaah such issue is seb �rorth i� Co1•umn �C. D. The desi�;nation �f the bonds �f eacll such issue is set �orth in°Column D• 'E. 'Tlie principal `ara�unt of the b�rzas of eacl� such i�sued (includin� bonds then reciucad t� judc�ent) and author- ized to be r�runded Uy tiie 193b Kes�lution is set forth in �oltunn E. � B p D E Iterz D&te �nt. of �tate Prinaipal No. Bonds �o _ Designati�n of Bonds Amount (Bonds lssued by Tov�n �� of Clear�vater) l 4./1/I� 5 Sewerage System �p1l�.,u00 2 lU/1/12 5 City Improvement 35,15� 3 ll,li/14 5 Street I'aviu� 12,000 4 11/1/14 5 Sewer Systern 17,000 y li;(1/14 5 Drainage 5,000 b 11/1/1l;. fj � Funding 11,UU0 (Boncls Tssued by City of Clearwater) 7 �./1/16 5 Funding 36,yGU $ 11/1./19 � N�unicipal Stre�i; . , Iruprov�ement 2ti3OU0 y 4�/15,l22' � 5 Iuiunici.�al• Impro�ement 141,U00 10 .. 3f1/23 6 Izapr�vement 3,00� 17. 2/1/23 6 Iznprovement 3,000 . 12 4/1J23 b•� Im.provenient D 3,000 S3 5/11�3 6 Improvemeii� E 6y000 lt� 7/1/23 6 I�nprovement F• 6,000 �5 $/7-5{23 6 Improvement G 1,oU0 16 . 5/7-5/24 6'° 2m�rovenent �� Szy00 � �otal . . . . . . . . � �� 331,0�.0 � �(Bonds issued by Town oP �Clearv�ater.) 17 4%�-/l0 5� �<<jaterworks . � 2I�, U00 18 lU/1/12 5 •City Im.pr�veme nt 1,850 19 11/1/14 5 *4TaterrvorY>s S,OUO 20 11/l�llr 5 .�ublic Park 3,UUU 21 11/1/14 5. Viater Front 10,00� {Bonds rssued Uy CitY oY Clearv�ater) , . 22 1:/1/lb 5 �'unciing 5,o4u ?3 1/1/].7 5 P�rk 8,u0o 24 5/1/20 6 Municipal �'ark 3U,Oi�O 25 3/1/21 b ��unicipal Par3t L�5,U00 ` 26 4/15/2� 6 Pdunicipal Improvement B�.,U00 27 12/1/22 6 niunicipal 1 ar1: , Improvement 25,OU0 ■ 0 a 1� ' B C D : E ItQra 17ate Int. of Rate Princi,�al No� Bonds (°,o) Designgtion.oY Bonda Amount 28 6/1/23 b Municipal rark 20,U00 2y 5/1/24 5-1/2 IviuniciPal G�s 15'�,000 .rota�. . . . . ��„�3,�00 (Bonds Zssueci Uy i:ity , oi Clearwater) 30 7/1./25 5-1%2 ASunici,�al lnprovement 34.�,000 31 5/1/�6 6 2�Iunicipal. Im.proversent 73�,o0U 32 9/ilz6 6 l��Iunicipal zta�roveraent 3g1,U00 33 6/1/27 5-1,/2 Irn,�roveuient gefunciin� 361,000 34 3/1/2g 5-1/�. Inprovement RePundin� 18$,OOU 35 6/1/2y b Im.provernent RePunciing 3�0,000 36 3/1/3A 6 ImprovemenL Re�undin� 128,OQ0 37 6/1./25 6 �mprovement Series A 50,000 3� l0/1/25 6 Improvement Seriea B 373,Ot�o 39 8/1/2C� 6 Impro�ement 9,000 1�0 10/15/25 � Improvement 38,000 1�1 i2/1/25 6 Improvement �9y000 1�2 12/1/25 6 Im.pr�vement Series C 27y,000 . 43 3/1/26 6 I�aprovement Series A-1 6,50u 1�1� g/1/26 6 Im�rovetaent Series A-2 � 34.,000 45 5/1/26 5 1/2� �ImprAvemen�t Series D 533,u00 I�6 8/1/'26 b Improver•sent Series B-1 1k,u00 �.7 10/1/26 6 Improvene�t Series E 54.,U00 �.8 l/1/27 6 �prove�ent Seriss B-2 y7,000 L�9 1�/1/2'7 o Improvement Series B-3 'Jy,OC?U 5U 5/1/27 b Tiaprover�ent Series B-4 '13,U00 51 1:1/1/27 6 lmprovenent Saries F 2,�00 52 .L2/1j27 b Improver�ent serios C-1 241,000 Total . . . e . . . :� 4s365,5uU The ;p4,365,500 RePunding Bonds issue �f J�ly 1, 1936 Series A, men� tionad in paragraph (c) above, were autharized to be issued for the purpose of rePunding a like amount of•the principal oP the bonds dss- eribed in items 30 to 52, inclusive, of tY!e Pore�oing tabulation. The �413:g90 Hefunding �onds Issue of July l, 1-93b Series �, �entioned in paragraph �d) above, were au-Eharized to be issued for the purp�se of rePunding a like amount of the prineipal of tY�e bonds desbribed in items 17 to 299 inclusive, af the foregoing t�bulation. The �331,U1� I3efunding Bonds 1"ssue of Ju1y l, I.y36 Series G�. mentianed in paragraph te) above, were �uthorized to be issued i'or the purposo of refun.din� a like amouni; of the p�ineipal of the bouds des- cribed in itens l to 16, inclusive, o� tY�e foregoi:ng t�bulation. ( j) The bonded indebtedness deacribed aiaove,, �vhich v�as author- a:zecl to be refunded, and. was in part refundeci, under the prcvisions. of the 1935 Reaolutios�, represents indebtedness ori�;inally incurred by the Cit� of t%leerwaterr except tl�e indebtedness described in items 1 to 6, inclusive, and itefns 17 to 21, inclusive, in th� fo�pgoing taUulation v�hich v�as originally incurred by the f'ormer Town of Clear- water,,�al.l•�of v�hich indebtedness beaame the indc:b�eclness of the Qi�y of Clearwater prior to the general oleeta.on in r'7over,�ber, 193�• T�e boundaries of the Town oi' Ciearv�ater �.s tl�e� e�cisted dur- ing i;he tinies it incuxred the indebtediless aUove de�cribed as havin� beeu incurred'liy ssid Totitin were tllase prascri�ied by Ch�.�ter 6Q1�6, Lav�s oi Florida� 1909. By Chapter 7137, ��ecial L�ws of Floxida, 1�.�5, the municipal corporati.�n kn.o�yn as the lOWII �� Cl�arwatei was aboliahed and the City oi Clearwater w�s cr�+�ted And estabJ.ished with tue s�ue territorial b.oundaries �s tYie former'Town o� Clearwater, ana ■ � � 7� � by said Chapter 713� all indebteclness ai the �own oP Clearwater and all obli�e.tions assumed U,y the Town, ' ' '�, includinb al1 bonds of tY1e Tawn then �uts�Landin�, ware ivade binding upon the City qf `�learwater craated by sr�id �ct. A new Ctie.rtar for tiie Gity of �%learwater was provided bp Chapter 971�, Speeial Laws of Florida, 192�, and th e territorial boundaries of �the (:ity astablishad by said kct were identi+cal with ihose theretofore esisting. By Chap- ter 10391, Specisl �'ativs of Florida, 1925, approved llpril 24, 1925, the territorial liraits ai t�,e City wera extonaed, �nd i� i� pr�vided by ssia Chaptar 10391 that such pmrtioli of the rec�i and �ersanal pro- perty subjact �o taxation�rvithin tlie bouucl�ries described in said Act, as �onstituted th� terri�orial liuiits of tiie City prior to November 12th, 1924, shall be liable �or �.nd taxeci 1�o pay tY,e princigai and interesL of the �onded indeUtedness of said City tt,en autstandin�, but that portion of said territory not consti �ui;itz� a��srt of said Ciiy prior �o Novenber 12th, 1924, 91ct�11 only �e liaUle fox a�d taxed to p�y ��e priacipal and interest oP the then existin� bonded indebtedness of said City issued �or City �all and equi�nPnt, water works and equipment, gas plant and equi��ment, r�d �arks of said Gity. By �hapter 1t�394, �Pecial "aws of Florida, 1925, approved April 24, 1925, the territorial limi�;s of tlie City vaore extended to embrace certain additional territory therein described9 and it is provided in said Y£ct that none of the propez'ty situa�ed in said annexed territory subject to ta�ation shall be taxed to pay the prin- cipal or interest of any of the bonded or other iiidebtac?nes� of said City th en outstandin�. The territ�rial li.mits of the City were re- defined and certain territory �vhich had been annesed to the City un- der tkie provision_s of Chapters 10391 and 1�391�, Special Laws of rlorida, 1925, v�as e�cluded �'roia the territoril li�iits of tY�e City by Chapter 16363, Special Laws of Florida, 1933, ��hich r�aas r�tified �.t an ele.^.- tion hel�i on �ctoher 17, 1933• (�;) kll oi the qP345•624 bonds wrv.ch vaere qutstatiding on lviay 25r 1936 and were nut refunded u.nder the provisicns of the 1936 E�eso- lution, iiave been paid and cancelled vaitii the exception oi the follow- ing: Itern �ate I�terest ivo. o� Rate Principal Bonds (�) DesignaLion of Bands Amount 38 10/1/25 6 Improvement Series B qp5,U00 �4 3/�/?g 5-�./4 improve,rsent Refundin� 1,000 Total . . . . . . �6,UOU (l) Tha 1936 Resolution al.so authorized th e issuance of delin- quent tax notes i'or thz purpose o� refunding �11 unpaid interest accrued to July 1, 193k oil the outstan din� bonds to be re�unded, but all oi' the delinquent tax notes so issued have beeu paid a�d cance7.led. (m) The 1936 �esolution contains the �ollowin� provisi�ns vaith reference to the levy of taxes for the �aymen�t of the interest on and the principal of said Re�unding Bonds Issue of July l, 193b: +tSection �.. *** Taxes suiPicient to nroduce the sums required for the payment oP princip�l and interest of maid Reft�n�iing Bonds Series A., will be l�vied upon all property withi� the present terr- itorial limits of the City p� Clearv�ater which was not exempted from taxation by the Constituian of Florida as it existe�i initaediately prior to November 6th, �93#, and a11 af .such property shall ba subject to the speci�ic ta:� levies herein�fter directed to be made. 1TSection 5. �'�* Taxes suificient to produce the stuns reqizired ior the payraent of principal and interest o� s�id Refttndin� Bonds, Series n, will be levied upon all property ycithin the pressnt terr- itorial limits o� the City o�' �learti�ater, exclusive of that cert,ain property annexed to said City by Chapter 10391�, Laws of Flarid�, 1925 which v�as not exempted from taxati�n by tk�e Const�.tution oi' Flprida as it eaisted immediataly grior to juove�ber 6tn, 1931�, �nd al? of such piroperty shall be subject to t}ie specific ta� levies hereinafter directed to be made. "Section 6. *** TaxPs sufficient to produce the sums required for the p&y�.er_t o� princigal and interest �f said Rei�znd:in� B�nds, Series C� will be levied upon all property raithi'n tne present terr- itorial lir�iits oi the Cit3r' of �learw�ter, exclusive of t2�at certain prop�ri;y annexeci t� sai.d �ity by Chapter 10391 �rld Cli�pter 103y�., Lav�s of Florida, 1y25, which �as not e�en.pted frar,l taxation by' i:he Caristitution of Fl.orida as it existed iramediately pra.or �o l�ovember 6, 1934, �d a].l of such pivperty shall be sub;ject io tlie specific tax levies hereinafter directed to be made. 11section 10. There i� hereby dzreeted to be arinuall� Zevied an�i collected, a3 long as an3* re�unclin�; borids may be outstanding, a sepax•ate arld special tax sufficient to pr�duce the sum required for the pa�nent o� interest upon said rePunding bonds as tl�t interest ma�ures; provided, Y�wever, '�hat in the �'isc�.� years 1936 i;o 1q41, inalusivo, the tax tu be levied for the payLient of interest on s�id rePunding bonds shdll in no event be les€� th.a� �200,000.00 for eacn of such years. Tn deterraining the rate o� tax nece�saxy to be levied in the �iscal yea7� 1qi,2 ancl in each Pise�l yeax tk�rea�'�er=, fior the purpose oi prcciu.cing an atnount suPficient to pa y the int�erest on saici refuiidin�; t�onds, the aver��e p�rcentage of collectibilii;y of taxes � _ duriI� i;Yie three years immediately preceding each year in :.'�ich such levy is made shall be.deemed to be the percenta�e oi collectibili�y of traxes for the fiscal year then bsin�, leviecl for, ancl such rate ot i;ax shall be levieci whic�i will be su�ficieni to produce the emount re� quired for the payment of �uch interest upon the assuniption that d�- in� such i'iscal, year tkie percentage of collectibility will be the s�uuue as tYie avera�e for the three ye�rs ir.,medi�:tely preceding; pro- v-�ded further that in the �iscal ye�xs l)1�2 to 1q4.�r, inclusive, fihe amount of tax to be levied fox� the purr�ose oP payinb interest on the re�unding bonds shall iri no event be less �h�n �2UO,OOQ.00 in each oP such ziscal yettrs. Interest m�t;uri ;� in any fi scal yee.r sh�ill be leviecl for and included in the �axes imposed for the fiscml year itnmodiately preceding, The proceeds of such ta:ces atul �h� procescls of all debt ser�ice taxes loviea for i;he y�:rs 1934 �d Iy35 �ill be paid into a special fund which will be used sol�ly Yor the payment oi inter�st upon"sAid refundin� bonds, except as herei,naf�er directed, provi ded that taxes ievied in the territory �nnexed to the �i.ty by Chapi;er 1U391, Laws of igz5, shall be applied only to the payL�ent oY interest on 5eriea h ana Series � refunclin� bonds, arid ta�:es levisd in the territory annexed ta t11e City by Ghapter 1o39t�, �-ev�s of 1925, shall be r�pplied anly to the payment of interest on �eries x refund- in�, bonds < ' �fSection 11. There is hereby directed to be levied and collec�- ed for t�e fisc�l year 1945, and for each fisc�l year thereafter until said refundin� bonds are paid, a sE�arate and special ��x sufficient to produce in each of s.uch �iscaT3=ears tiie sum of not less than �100,00U.0U, and in deterrnitting the rate oP �ax necessary Pnr this purpose the average percentage oi collectibility oP taxes during the tnree years immediately precEdia� eacY: ge�r in �vhich s�?ch lev5r is made sliall be deemed t� be the percentaga of collectibility oY taxes f or the fiscal year then being levied for, and such rate of tax sliall be levied which rvill be suffi�ient to produce �100,000.00 u��on the assumptian that during such fiscal �*ear the percentage of collcetiUility will be �he same as the average for the tl�ree years imaediately preceding. The proceeds of such tax vai11 be p�id into a special Pund to be maintained as a sinking fund ior the paynent of the principal of the refundin�; bonds in the r�anner hereixibeYore set ior3�h ana shall be used for no other p��flp�ose. �}Sectiion 12. In addition to the moneys hereini�eiore re- quired to be p�id intio the sinY.in� fund for the re�undin� bonds, tihes�will also Ue paid inta such sinY.inS fund a].1 rnaneys produced by tne levy �i the ninimurs tax required to �e raade for the pay- ment of interest on such reiundin� bonds j�hich r�ay be in excess of aIl intersst requirerients for wiiich such levy �vas nade and the next succeeding sPni-annual interes� installment. lhe �a3rrae�rt oi such exc�ess noneys into the sinYinb fund �'or the refunda.ng bonds -�vill be made u��n the la�t day of each �iscal year. Such �ioneys �vi17. be asetl solely for the retirement of refundin� Uoncls by pur- chase, ca11 or payment in the sauie manner as otuer r,:oneys in such sinkine fund are required �o be applied. �ISection 13• 1�..�d �vhen the C,�ty shall increase its annual tad levy fo r�eneral iaaintenance a� d opereting expenses ov�r the sum of d,�'1p0,p0U.:00 prior to the reduction. of its bonded indebtedness to �2, �10�D0�,?.400Js'� or less, th e �ity covenants tha't it vaill sl so l.evy r�n edditionril. tax oP �1,00 Yor each dollar of such increase, and during eacn year in v�hicli�the tax levy for general maintenance and operating Expenses shall exeeed the sum of �100,000,Q0 the City will continue to levy su ch additi�nal tax in sueh ratio 'L'o t�.e increase in �eneral maintenance and operating taxes. lhe proceeds of such ad3itional tax wi11 be Paid into the sinking Pund Por f�he refunding bonds end used sololy ior th e retirement a� such rePunding bonds b;.r purchase, call or payment in the sarae manner as other moneys in such s�:nking fnnd are required to be ap�lied. "Section i6. Ali tax levies requireci to be �ac3e hereunder for the nurchase, p�*ment or redemption � the reiundin� obli.gatious authorized hareby, sha11 constitute _ sp ecial levi es Yor t�e p�xticular purposes Por whicli they are imposed. �uch taa levies, while consti- tutin� sgPcial levies, will t�e c�I.lectec! at the sacle tine and in t�e sanie manner a� otlier ta�es whicli may Le levied by tG.e �ity tuid upon colleetion will b e iminediately se�regated an d credited to the propex funds as liereinbefore p.rovided. The �ity, covenanis that it will set aside daily out c�f trse praceeds of i'ts Tax collecti�ns, including i;he m�neys. der,pved fron tY.e sale. ar transfer of tax certificntes and tax deeds, the propAr proportionate amaunt thexeof �pplicaole to the purchase, payment or redenption of the refundin�; obligations, �111 m�neys so cre�3ite3 to such special funds will be f�rthwith deposited vaith a City depositary and held �y it in �rust for the paynent, re- demption or purchase of the refundin� obli�atiens ii1 the manner pre- s�ribe� by this Itesolutii�n. ��ecti�n 17. '1'he Gity coveiiants � that i`c �ill not accept paymetit of �ny t�x or p�rrt tliereoi levied �bainst any perce� of pro� �eri;y for opera�'xn� nr ��vernin� the City unless �11 taxes levied e�,aiust tYie saiae parc�].. Uf �roperty,�or the �i�y�eiit ax the reiundin� obli�;ations aut2�orized �erebg are paid at t1'�e s�e time. , +PSeotian 19. Tlie Ci�y hereUy cover�aiits that notwithstand- � �� <:, . y � - � ing Section %, Arti�le X of tkie Constitution of the State of Flnrida, added �Y�ereto by amendment r�ti�i.ed IJovembor 6, ly�L�, �nd any leg- islation enactad pursuant thereto, i� will levy taxea upon ai1 home- steads sL;bwaned wi�hiti the te�xit;orial limi�s ot the �ity �or the payraent oi tlie refunding obligati�ns auttioriLed herat�y to the same ex�eri�as other propelty in the City ��y be �.iuble to taxation there- for. ,�geatyUn 21, l�onies reczived zroru. thc� col.lection of taxes u�on pr�perty looated in t�at part of tZie Ci'�y annexed tiy Ch�pter� 10391 arxd 103gl�, La�vs oP 1925, will be p�sid iuto �lie pxoper lunds established hereunder as security 2or tlie refundin� obli�;atioirs authorized liereby, but vaill '6s ecirrlarked in su�h funcis r�s bein� appli cabl e only to th e pur ch ase ,�syment o r reti.rer,lent o f th os e rePundin�, �bligrz'�i�ns �or vrhich such ta.tes wore levied. +tSection 22. �.Phe City YbereUy covenants that so long r�s an5� of tre refunding abligations authorized iiereby may be out- standin�;, it will not avail 3tself of the provisions of Chapter 16y65 ox any other le�islati.n which may be herer�fter enacted by tha iegislature of the �tate oi Florida in any viay inpairing �r modifying the obli�atians authorized hereby or tha covenax�ts.of the City contained herein." (n) it is for the bes�G interests of t�e �ity and of its taxpayers to �rovide for the issuance aP new re�unding Uonds for tl�e pur�ose af refunding a like princip�3, �ount of the outstandin� i e� iunding Bonds Issue oS July 1, i936 (aescribea in`para�raplis (f), (g) and (h) above), and.thereby secure a reduction in �he interest rate borne by said outst�siding bonds zron and after ��iy 1, 194g• I� all of t�e new refunding bonds autliorized by this resolution shall Ue issued in the laanner and bearing interest at the rates as herein- ait,er provided, and shall be excnanged par for p�r for the bonds to be refunded or sh�ll be :>ol�? at not less than par and the �raceed3 applied to t� e redemption �� the bonds to be refunded, the carrying out of the �rovisinna o� this res�lution yaill result in savings to the 6ity and its taxpayers aver the lifa of the new rezunding borids in e�:cess oP �1,500,000. (o) It i s tihe desire of th e Gity Cammission �hat the re- fundinb bonds autYiorized by this resolutiion shall not constitute a novation. or ne�v indeUtedness, vut shall merely eviderice, in a iiew forn, t�e ori�inal existin€ indebtednes3 refunded thereby, and tLat the bonded indebtedness to be refundec� shall be r�er��d into such nev� refundin�; bonds with 1i�e force ran.d effect as to oUli�auion as if ' such indebte�ness shoulct remain unrefundeil. �t is ilYe desire and intention of the Gity (%ommi.ssion to renev� and extend the contractual obligatian of the bonded inc�.ebtedne,ss to be rePunded on t�ie sarie terras as to security and sub,joct to the sarae conditions and provi- sions of 1a�v as were made a�plicable at the tirne the bonded indebt- edness to be sefunded was ori�;inally incurred, end to c�nfer upon ti�e holders of sa.ch nevl refundin� bonds th� :3at:ie ri�hts, security and remedies as are now availabl� i;a t�e holders.of' the said bonds to be refunded, unimuaired by any arienclr�ent to tY:e Consti�ution of Florida hereaYter adopted o r an,y lebislation hereaf'ter enacted by tri e Le�islature �f tY.e State �f' rloridasi provided, however, that_the provisions of the 1936 Resolution �vzth reference to triE amaunt of taxes to be Tevied in et�ch Piscal year for tt?e paynieriti oi the prin- ci�al of Find the interest on the bonded inde�atec�iess tc ue rei'unded shall not apply to t�e new reiunding bonds to be issued under the provisions of this resolution, ar�ct the ri�ht� of the iwlders of such new re�unclin� bonds to enforce �Yie levy and collectian of taxes for tho payraent oP the principal of and the interesz on such new refund- in� bonds shall be �,overned b;� tk�e provisions of tY_is resolution. Sectinn'.2. r'or t,he purpose of 'refun�li.r� ��e outstancling y�3,gl�Ei,00U Refunding Boncls Issue QP July l, 1936 Series k, describ- ed in parr��;raph (f,) oP See�ion 1 of this resolution, Lhere shc:ll be issued, under the authority of t�e GEnergl I3efunding Law, Ghapter 132 of the Florida Statutes, 1941, the negotiable coupon bonds oY the City oP, Clearwater in the aggre�ate principal amount o�' �;3,£3t�8,�U0, desi�nated ��Refunciin� Bands of 1944 ��eries A«, consistin{; oY 3,E34.8 bonds oz the denUmination of :�1UOO each, numbered 1 to 3,g4g, in- clusive. �1,b5U,U0U of saicl bonds (herein sonietirr�es called ��serial Uonds�t), consistin�, oi' bonds numt�Preil 1 to 1,b50j inclusive, sha�l maturs �nnu�.11y, in nutaerir,$1 orc�er, lov�est numbers firs�, as fol�.��Ws; �15,00� on �uly 1�� each of 1;he years 191�5 to 194�, in- clusive; �20,000 an July 1 in each of trie ytears i949 �d �.950, �P?_5,000 an July 1 in each oP the,years 1951 and 195?, �P30,000 on � July 1 in each of the years 7.953 arid 1y54, $�35,OOU on July l, 1955, �1�0,000 on J'uly l, 195b, �1�5,000 on July 1 in eacu of the years 1957 and 195�, �50,000 on July 1 in cach of tho years 1959 and 1960, �55,oUU on �'uly 1, 1961, �S6U,00o on July ]. in each oP the years 1962 and 1963, �65,OQ0 on Julv l, 1y64., y�70,0U0 on duly 1 in each o� the years 1g65 to 1969, iriclusive, �p75,000 on July l, 1970, �g5,U00 on Ju1y l in each of the years 1y71 and 1972, �90,000 on �?u1y 1, 1973 and �25u,000 on �uly l, 197w; und the re- mainiaig �Q2,19ti,000 boncis (herei�. sometim.es called T�term bondsrr) sha11 r�ature on Ju1y 1, 197N• Section 3, I'or the �urpase of 'refundin� � like priricipaZ � n � 1 tunount of the outstanding �354,124 HePundin�, 73onde 1ssue of Ju].y 1, 1936 �eries g, describec� in parabraph (�) oi" �ection 1 ai this resa- lution, t�ere sha11 be issued, under tYie authority of 1:he General Reiunding Law, phapter l32 of the Florida �tatutes, 191�1, the nego- tiable ooii,ron bor�cls of the City of Clearti�ater in the ag6re�ate prin- cipal amount of :�35t,.,000 designr„;�ed T4ReYuuding Bonds of 1g4�. ;;eries B+', consistin� of 354. bonds oi the denomination oP �;1,000 each, num- bered l to 354, inclusivee �150,000 0� waid bonds (herein sonetimes ca].lod ��serial bonds��), aonsistii� o� bonds numberea 1 to 15A, in- elusive, sha11 �ature annually, in nunerical orcier, lowest num,bers Eirst, as follov�s: '�p`5,000 on J'uly 1 in each of the $rears 19t�5 to 1966, inclusive, tirid �p7.0a:U00 on July 1 in each or the years 1967 t� 1970, inclusive; and the remaining �20L�,000 bor.ds (herein some- times ealled 11tazi�QA� bonds") shall rnature on July 1, 1979. Section 4. For the purp�se of refunding �t like principal amount ��' �:e outstanding �2�3,528 I3efunciin�; Bonds Issue of July l, 1936 Series C, describea iu para£;raph (h) of Sectio� 1 oP this resolution, th.ere sha7.1 be issued, under the authority of the Gen- eral Fefundin�; Law, Cht�ptar 132 oi' tue Florida Sta�utes, 1941, the negotiable coupon bonds oP the City of plear�,��ater in the ag�re- gate princil�al amount of �21�3,OOU, desi�nated ��e�unain� Bonds oi 19k1� �eries Gte, consisting o� 21�3 bonds of the deuomination of �1,000 each, numbered 1 to 21�3, inclusive. �100,0U0 0� said bonda �herein soraeti.�es called �+saria]. bonds��) , cnnsis�in�; o� l�onds numbered 1 to lUU, inclusive, sht�ll natul� annually, in nu�erical orclei, , lovaest nurabers f irst i, a s P�llo�vs; g55 , 0t70 on , July 1 in each oP thE yeax�� 1945 '�0 196L�, inclus=ve; and �he renainin�; �11�3,000 '�onc�s (herein sometimes called ��terra bendst�) shall r�ture on July 1, 1979. gecLion 5. All 02' tik�e .new reiunclin�; bonds autllorized by thi.s resolution shall �e dated Januar3' 1, 1944, and shall bear in- teres� at the following rates, such interest bein� pay�ble ser�i- annually on the �irst days of January and Juip of each year: the borids �vhich raature in the years 1945 to 19y.8, inclusive, snall be�zr interes � at the rate oP t�vo and one-half per centum ( 2-2;;) per annuta; the bonds which rasture in the years lyt�9 to 1959, zn- clusive, shall bear interest at the ratp of three and one-�uarter per centun (3-�;;) �er annuin; and a11 af the rer:iaining bonds shail bear interest r�t tlie rate of three and one-ha1P per centum (3-z;b) per annum. paY�tent oi' such interest sY�all be ri�de only upon presentation and surrender oP coupons re�resenting sueh inter- est as t ha same repectively iall due: pravided, howeve:r, that the interest payable on each interest paS*raent date on the bonds matur- ing in ihe y'e�rs 1945 and 1946 and the interest payable on each �f tY�e first six inzerest p�ytaent dates on the rcaq'ining bonas shall be represented Uy t�,o interest coupons, numbered as foll�vas: Interest Payment Date �oupan_ Nursbers J'ulyl , 1944 lA ancl 1B January 1, 1945 2ii and 2B duly 1, 1945 3A and 3B January l, 1946 4A and 4D JulY l, 194b 5A �nd 5B January 1, 1y47 6�1 and 6B �ll such cou�ons bearin6 the letter B sht�ll be for ;,he sum of Five dollars each and all such coupons bearin�, tl�z letter :� shatl be for the b�lance of the intdrEst payable on such dates res�ective- ly. I3�th the �rin.cipal oi and the interast an said new refuncling ?�ond� shall be payable at �he Chase Ilatianal l3anb; of the Cit3* of N��y Yark in Netti York City in any coin or currency of the Uaited States oY America which, at the repective dates of Z�a�ne�t there- of, zs le�al tender for public and priv�to debts. Sect3on 6. The term bonds of each series tvill be subjeot to redemp�ion from m�neys in the interes� and sinkin� Pund Por t}�e bonds of such series, as hereinafter �ro'4ided, and aZl of the bonds of each series at any time outstancling (both serial bonds and 1:erLi bonds) will be suUject to redemption in T��hole, on any interest pasTmenl: date not earlier than July 1, 194b, �t �ar and accr�:ed interest; provided, ho�vever, thati if the Gity shall exarcise such right t;o redee� all o#" the t�onds oi any series at the time outstanc�in� (l�oth serz�l U�nda and term b�nds) on or �e�'ore Janu�.r5r 1, 1964, it will pay to th� holders of the bonds so redeemed riot only �lie princi�al aiaount oi the bonus and the interest accru- ed i;liereon to the date oi' such re��ption t�t the ratP boY•ne by the bonds bu�c also addition�l interest on s'.uch princi�al araount for the two years ir�uneciia�ely precediii�; such rede�Z�tion date �t the rate oi' 2-�• o nex annutn if such riblit o�' redemption shall be exeicisecl on or before January 1, 191�9, at tlie rate o� 2�0 �er annuui it u'�eTi ri�h� of replemption �iia11 be exercised the.reaf'i;er �nc1 on �r before January 1, 1q54, ana ai; 'L`he sato Uf 1-z�o pex annum if such ri�;ht vf redemption shall be exercised tfzerea�t�r �nd on or � � ■■■� r before ,Tanuary l, ig��,.. lf less thari all of �he te�rm bonds of any series tYien outs'Gandin� sY�a],l be redeerneci, tlie partioul�r bonda to be redeemea shall tie salected by 10� in such manner as the �ity 0ommission ln its disoreti�n tt�y dei;ermine, arid i;he notice of redemption shall state tho numbers of the bonds So to be redeemed. At least thirty days grior to the iriterest paytnent d�ta upon �vhich any suc :. redem,�tian is to be .tuade, a not,ice oi' such redemption, si�nea by the City �ud3to r,& Clerk, s1aa11 Ue �ublish- eci once iri a ne�vspaper of general circulation publishe�l in the City of CZearwater, �'loridn, and in � financial journal �ublished in the City of iVew York, aud shall, be ii],ed at �hs . place �t rvhich the principal and interest �f sAid bonds shr�ll be �ayable, anfl shall be mailed, postage pxepaid, to all registered owners of bond� �o be redeeraed whose addresses shall appear upon tl�e baoks of registxa- tion he�ein provided i'or, but failure to mail �ny such notice here- in required to be mail.ed shall uot affoet the validi�y of the pro- cee�iings for sucsh rederabtion. IJotice havin�, been �iven in tlie man- ner and under tue conditigns hereinabave prov3.ded, t2ie bonds so designated ic�r redemption shall, on the interes� pay�en t date de- sibnated in such notice, becarae and be clue aud payable, �nd from and after the date of redemption so qesi�nated (Unless defa�:tlt shal,l be i�iade irl the p�ynent of the Uonds crxlled fc�r redeta�tion� interest on bonds so designated f� r.rede�ption shall cease to accrue and in- terest coupons maturin� after the rede�pLion d�ste sY��all Uecome vaid. Section 7. `l'he new rezunclin� bonds authorized by tl�is re- solution shall ba si �ned by the City �Eana�er and by t�e City f,uditor end Clerk and countersi.gned by tb,e ulayor-Coru�issic�ner, and the cor- porate seal of the City shr�l.i be affixed thereto, and the in�erest coupons thereto attacPied sYiall. be executed v�ith tY_r� =acsimile sigr nature of said City �udit�or anci Gierk. Said boii�s ��nd coupons and the validating certificate and provisions for re�isi;ration and re- conversion to be endorsecl on tne reverse oi said Uonds sk.all Ue sub- stantially the Yollq�v� ng :o rm: � No. �1U00. UNITED STATES OF Ar�RICk ST.�R'E OF �'LORII)A COLP'7fiY OF' PIl3BIZAS GTTY OF CLEkRVlATII3 ' REFTJPT�IYdG BOI�lD QF 1944 �ERIES The Citv of Clearwater, in Yinellas �ouiity, State of rlorida, is justly indebted aeci for va].ue seceived hereby pror�ises to pay to tiie be�rer or, if tiii.s bond be registered, to the register�d o��ner hereof, on the lst day of �uly, 19_, the principal sura of ONE TTiOUSAND DOLLARS _ . +If,` _ .. . : together v�ith interest thereon ai; tho rate of i� per annum, pay- able seini-annually on the first days of J'anuary and JulJ in each year upon ths presentation and surrender of th� annexed ir�terest coupons as they severall� bac�me due , tlie interest falling due on �ach of the #'irst six interest payment tiates (in the bonds maturing in the years 191�5 and 194.6, insert �}.�ach interest payment datei� in- stead of T�each of the first six interest payment uatesTt} being re- presented bg ttitio c�upons, one caupon bearin� the letter B for the su� of Five Dollars and the other c:oupon hearii�, the letter k f�r the bulauce of such interest. BatY� i�he principal of. tl�is t�ond and, unless this nond be re�istered as to botY� princi�al and interest, the interest hereon ar� �r�yable at The Ch�se Tlati�nal Bank of the City r,g ivew York in iaew York City in any coin or currency of ths United States af Aneric� �vhich, at the respective dates oi paymant t;hereaP, is le�;al tender Por public and private debts, The inter- est on this bona shall be payabl9 anly upon prasentai;ion an.d surren- der of t�e coupons, if any, representin� such interest, or, if this bond be registered as to both principal �nd intereat, such interest (except sny interest yyhich inay be represented by an ini.erest coupon bearin� the ZeLter gj shall be payable by check or �lraft clra�vn to the order oP the regi.stered owner hereof. For tIie prompt payment hereol' a�d the interest hereon as the some shall fall due, the full faith, credit and taxin� power of the City of Cle�rwater are hereby irrevocsbly pled�ed to the saine extent and with like farce and ef�- ect as the same were pledged to the pay�eut of tPia indebtadness re� funded hereby. This 'bo�ici is issuad by said City under the authority oP and ii� full complic�nce with the Constitu�ion and .laws of i;he State oY Florida, includin�; Seetion 6 of Article 1X of the Constitution of Floricla as amended in 1930, the General RePunding Lav� (Chapter 132 of the t�lorida �tatutes, 19u.].)„ �nd the �harter of said City, and pursuant to a resolution duly adopted by the Ci��r �or�ission oi' said �ity, Sdid resolution �escribes the bonded indebtedneas to be re- funded by the bonds of this is�ue axd sets f orth the ti.mea at whieh such indebtedness was incurred and the territorial limits of the City durin�, such times, ar�d refers to all acts oi' �he Legislal:ure of Florida annexing torritory to �nd cletaching territory froni the �ity sinca such indebtadness was incurred. 6� `j'his bond is one of a duly authorizecl issue of ?� Uonds luiown as TMRefundin� Bnn�s o� 194y: :�eries ++ (l�erezn called the nbonds+�, consistin�; of $� bonds naturin�, in tha years �.945 to 19_, inclusi"ve (here ni cr�lled the +}serial bonds��) and of boizds mr�turin� on July l, 1979 (herein ca�led the +�term bands+} ,�1.1 oY like date and 'tenor, except, as to maturities, the rates of interest and the provisions for rederaptian, and issued . or to be iasued for the purpose of refundin� a like amaunt of valid suUsisting bonded indebtednesa of s�id City fb r the �qyment of which the City was obli�ated to levy taxes, �vithout li.mitatinn as to rate or amount, upon all propsrty within its present territorial limita (here insert in the I�efunding Bonds of 19k4. Series B. }texcept vaith= zn ttie territory anne�ceci to said Cit,p by �hapter 7.U3Q.�., ��scial Laws o� Florida, 1925", �rid 'inseri; in the RePunding Boncls of' lg/�i� ueries C, ��er,cept v�ithin the territory annexed, ta said City by Chapters 10391, and 10394., Special Zaws oi' Floridr�, 19z5,'") '�v}�ich was subject to �axation un.der the Constitution and laws of Florida as they ex- isted �ri�r t� l�ovember 6, 1934• ' The �ity reserves the ri�ht tb rede�m the term bonds, r•ahen selected by lot, froin moneys in the interest an.d sinking Yund Yor the bonds nf this series, and to rsdeem all of the Uonds at any time outistancLing (both serial bonds and ter� bonds) in v�hole, on any in- terest payment date nc�t earlier than �uly 1, 1946, at p�r and aecru- ed interest; piavided, howev�r, that if the City shu1l exercise such ri�ht to redeem all of the bonds af' tYiis series at �ny tirae outstana- in� (both seri al t�onds and term bonds) on or bei�re J'anuar y 1, 1964, it v�i11 pay ta the holders of the bonds so redeer�ed iwt only the prin- cipal r�r,iaunt of the bond"s and tlie interest accrued �GYiereon to the date of suah redemption at t�e rate borne b5- the bouds but��l�o additional intersst �n such pxincipal aYaounti Por the two years ir�ediately pre- cedinb such redem�tion c�ate at the rate of 2-lf2�a per annun if sucb. ri�ht of redemption sha7.1. be exercised on or bafore January 1, 1949, at the rate of 2; p� ��um if such ri�ht oi rec;�ption shall be exercised thereafter, and on or before January 1, 19�L�, and at the rate of 1-1/2p per annun if such ri�,ht of redemption shall be eaercised thereaf ter ancl on or before January 1, 1964. Such redemptian shal.]. be made in the manner and under the terias cind conclitions provided in said resalui;ion, It is hereby certified and recited that aIl acts, conditions , and thi.n�s, requi.red to h;a.ppen, exist and be periorned pre^edeut to and i.n t�� i.s,s;uance ,of c�:is bond, have ha'ppened, ea'.ist arid 3iave beeri perzo.rried in due time,, fo,rm and manne�r as'xe,�uired by tl?e Coris�ttu= tion and l�ttivs of Florida; that the to tal 'iridebtedness or said City,` inclucting this boncl, �oes not exceecl, arld that the total indebte�- • ness of s�i d City at the creatian of tr,e in�ebtedness reiunded here- by, inclu�iin� eaid indebtedness, did n�t ther� edceed, ai�y constitu- tional or statutor�r limztation thereon; and tYiat provisian has been made �o i t�e le vy anc� co llecti�n �of a direct annual tax up�n all pro- perty within said �ity v��ich, under tk�e provisions �f tl�e Constitu- tion ancl laws of Florida in �'orce end. effect at �e time of the crea- tion of t�e indebtedness refunded hereby, rvas sub�ect to taxatiion for the payrient of said indebtedness, tivhich ta;t shall be sufzicient to pay t�e principal of r�nd the interest on thi.s bond as tr,:e sane shall Pal1 due and shdll be leJied and collect�ed at tihe Sr�ne tine and in the saue manrter as ad vali�rem taxes levied f or operatin�; expenses of said City; �nd that th.e ir3eb�edness refunded hereUy is mer�ed into this bond vail%h like �or�e and ePfect as to obli�;ation as ii such in- debtedness had remained unrefunded. This bond mAy be rebistered as to prin,cipal alone es!d also as to b� th principal �nu intieresL ac7.a, ii re�istered as to both priilcipal and interest, may be reconverted into a c�upou bond, in accordance wi tii t�e provisio �s endorsed hereon ��r.d sub ject to the terms �lld conditions set forth in,said i�esolu�Gion. Ii� NiITI�ESi ti;ii��OF, said Cit� of (:learvdater has caused tiu s ' bond to be si�ned bf its City l�ic,na�er ancl its Gity �uaitor and qlerk and countersigned t�y its P�Iayor-Cotnrna.ssianer, under its corp�rate 3ea1, arid t,� e interest coupons hersto attached to be executed v�n th the facsimile si�nature of s�id Cit3* Auditor and Clerk, all as of the lst dap of JanuarJ, 1944. Countersi�ned: City 14t�zn�ger ayor- orunissioner iigpraved as to form and City kuditor and �lerk enrrectness: Ci Y A arney � (Il`1I70RSEQiEPJTS ON BONDS) Certificate o� V�lidation. Validated and con=irrned by decree of the Circuit Court of the Sa.xtlz Judicia� Circuit of the, State of Florida, in and ior �inellas Count�r, rendered on , lg ' ■ � ��9 s j�0 � f er c af s�id Cirauit �oui:t 1'rovisi�us Ior 12egistration and Reconversion. T11is bond may be re�;istered as ta principt�l alone on books- of the CitY kept by the City Auditor r�a C�erl: as Bozid Hegistrar or by such otl�er I3ond Re�istrar as nag be le�ally appUintad by tiie gov- exuin� lx� dy c= s�icl City, upon presentatian }�E reof to s uch Bond I�e- �istrar who shall make n�tation of such .registratiori in the regis� trati�n blank below, and 1;his bonci may there�fter tie transferred only upon a tivritten assi��uent of the registered owiier or his stt- orney, duly acknowledged or provad, such transfer to be made on suclz boo}�s and endorsed l�ereon by tl�c� �ond Re�istirax. Unless this l�ond Ue re�.i.� tered as to Uoth �rincipal and interest; such trarisfer may be ta be��r and thereby transferability by deliver3r sii�7-1 be res- tored, but this banci aha].l a�ain be 5ubject to successive re�;is- trations and tr�znsfers as bei�re. The principal of thi:, bonil, if reei.stered, unless re�istered to bearer, shall be payable only to the re�;istered owner or his le�;al reprssentative. Not�withstandiii� the re�;istr�tion of this bond as to principa7. alone, the coupons sha11 remaiu p�yable to bearer �eud shall continue tc be trarisfer- �Ule by delivery. This bond mPy be registered as tc, both principal and interEst upon presentatior.i hereof tio such I3ond Re�i^�rar �vho shall det��u and cancel all v,nmatured coupona (otY�er than cou�ons bearin� tho 1ed�ter B, if an�j and shall make notatio� of 'sucli re- bistrati�n as ta boL� principal and interest in the registration blank below, after �vhieh re�istration bot� principal and interest of this bond shall be gayable to tha registered owner or his legal representative. This b�nd, if converted into a boncl registered as to both principal and interest, may be recoverted at thei expense of the :�egi.stered owner into a cou�on bond upon presen�ation here- o� to such Bond Registrar who sLall attach hereto new coupons re- presentin� the interest to aecrue tl�exeafter oi� this bond to the date of maturity, except any* interest whi.ch mav Ue represented by interest coupons bearing the le�ctei: B, and shall r�t�.e notation in the 'registration blank below vahether this bond is rsF;istered as to principal �lone or is psy�Ule to bearer. Date of Name of ic bianr_er af • si�nature Re�istratiUn Registered Ov�ner i2e�istration of �2egistrar . ....... . ..�.... ... ...... ...... .. .......... . ..... .............. ..... .,. . . (FORIvfS OF COUl'ONS FOh FIRST TI3EiEE YEARS ) T10 A ;� �n l, 19_, The City of Clearwatier, in pinellas U�unty, Florida, tivill pay to bearer at The Ch�se Ivational Ean� of the �ity of lvew Yorli in l�etiv lorb �ity the' suni of Doll�rs in any coir� or currency aP the �ni�ed Stiates oF Amdrica wnich at the time of payraent is legal tender for public and private debts, as provided in and ior interest then flue on ii:s Refundin� Bond oP 1944 5eries _, dated �`anuar� 1, 191��., No. • City Aud or an G erk No B P5.0o On 1, 19^ , The �ity of �learwater, in Pinelias Couni;�*, Florida, vaill pay to bearer. at The Chase National Ban�, of 1�Yie City oF Idew York in Ng;� Yor� City t}�e sum of Five Dollars in any coin or curreney oP the United S'�ates c�' America which at the tine of payraent is legal tender Por public and priv�te debts, as provided in a nd for interest then due on its Refundin�; Bonil of. 1944 Series �, dated J'anuary 1, 1944, Ivo. � C ty Auditor and Qlerk (FORI�d OF COUPOIdS AFTER TfiE i�IRST TIjR �� YEARS) No. � -._. �— Un l , 19_, The C:ity of Cle�rv��ter, in Piuellas �ounty, �'loric�a, will pay tQ bearer at The Chuse Z3ation�i7. Bank of the Uity of' 1Yeva York in Neva York City the surn oi Dollars in any coin or curr- ency of the Unzted Stateg� of ��erica v�hich at the titne of payment is legal tender far public �zz�d private debts, as provided in r�nd for the semi.-annual int�rest the� due on its ReYunding Bond of 1944 Ser- ies _, dated Ja�uary l, 191�4., rio. � City su itor and C er ,.. ; _ �' � ,. _ There sha11 be inserted at the�end of each coupon v�hich re- pre3onts interest payable a�tex July��194.6, the words . a�unless said bon�: sh�ll have been cal.led Por previous redemption and provisic�n made Pox the pavment thereoP+�. • Sectian $: `1'itle to any bond and to �Yie interEst coupons thereto �.pperta�.ning sha11 pass by deliver in the sarae iaanner as a negota.able instr�tunent pagable to bearer unless such nond is regis- tared in the m�nner hereinaQter provided. The Cit3r sh�i� cause books fox t�ie re�istration and ior �he transfer oi' the bonds, eis provi_zc•.�d in ti:is resolution, to be kept by the City Auc�itor and �lertt at his of�ice in the City of Ci.earr•�a�er, as goncl I2egistrar, or bu� such other ��hd Registrar as iaay be legr�lly appointed bv the �o�Terr�in� body of s�id City. kt tYie option of the bearer any bond may� be re�istered as to pxincip�l slone on sucii boo�s upon preaen�ation trlereoP to the $ond Rebistrar v�ho shal•1 ma�e notation of such re�;istrr�tion thereon. _4ny bnnd nay be re�istered as to both prin.cipal and intereay {except any interest whicl� �y be re- presented by coupons be�irin€; the latter B) upon preser�tation ihere- oP to t�.e tiond �e�istrar, �zccompaniec� by all unn�tured couporis, and the Bond Redistrar shall nake anotation of such registrati�n th,ereon and �atach tlzerfrom and cance:, all unmai;ured coupons. Any bofl� re�isi;ered as to princi.pel alona ar�as to bot� grincipal s:nd inter- est may thereafter be transPerred only upon a duly edecu�ed t�ssign- ment oi tY�e re�istere�. owner or his r�ttorney, such transier to be made on sucl� bor�ks and endoreed on the bond Uy ti�e Bond Regi szrar. Unless sueh bonci be registerecl as i o bot�i principa]. �nd interest, such transfer may be to bearer ancl Lhereby transfer�bility by deliver5* sh�ll be restored, subject, however, to successive re�is- txaticns s ad trassfers �s bef�re, The principal oi any b�n1 reois- tered as to principal alone, ualess re�istereci �o bearer, a��i the princip�l oi �nv bond re�istered as to both principal a�d in�cerest, shall be pagable anly to the re�ist�red owner or his le�al repre- sentative, but the coupons appertaining to �ny boncl registzred as to prineipal alone shall se�ain pay.able to bearere not�vithstardin� such registration. Ths �ond Registrar shatl uot be requireci to transfer any bond re�istered as 1:o both pr:incipal r�nd tnterest dur- in� the period of fifteen (15) days next precedin� any interest payraent date of such bond . rdo bond regi stered as to principal and interest s2�a11 thereafter be discharged frora re�istration except as }��ovided in Section 10 fo this resolution. gectaon 9, As to eny boncl re�,istexed as to vrincipal alone, or as to both principa]. and interest, the person in who�e n�zme the same shall be registered shall be dee�ed �nd re�ar�ed as trie absolute owner thereo� for all purp�ses, and payr�enL of or on account of the prin�ipal of'' an.y such band shall be Iaadt anly to or upon ths order of the re�istered orvner thereof or his legal s�epresentative, but such registration may be chan�ed,�as herein- above provided. All such �aynents shall be valid and ePfecLual to satisfy and discharge the liability upon suc}� boud to the ex- tent of the sum or sums so paid. The City ma3r $eer�i and treaL the bearer oP any bond which shall nut at the time be _egistered as to �rincipal, and the bearer af any c�upon appertainin� ta any bond wliether �uch bo�d s�all be registered as to principal or �ot, as the absolute owner of such bond or cUupon, as the case ma� be, whether such bona or coupon shall be over�lue or no�, foa the purpose of receivin� paymenb thereoP and for a11 other pur�oaes whatsoever, and the City shall not ve afiected Uy any no�;ice to the cantrary. Section 1Q. ��.ny bond re�istered as to both principal �nfl interest nay, at the option oi tiie re�;is�ered owner, be recQnue�ted into a coupon bond ui�on presentatian thereof tn tt�e Bonci Ftegistrar who shal.l attc�ch thereto nev� coupo�s representin�; tY.e iixterest to become due therearter on tha borrd to the date af maturity (except any intereat which may be represonted by coupons bearing the letter Bj and sh�11 raalie notation thereon whether the bond�is re�;istered as to principal aione ar is pt�yable to bearer. Such netv coupons sha11 bear the faesimile signature af the City Audi�or and Cl�rk �aho si�ned the bond, v�hich ofPicer, b�T the signing of such bond, shall consent to the esecutian of such nerv cou��ons wi th his Pac- simile signature. Upon every reconversi�n cf lwnds under the provisinns of thas resolution, the Bond I�e�;iatrar rnay require the p�yr,�ent of all exp�nse incurred by him in conneetion v�iL}� such reconvexsian, pay- ment of v�hich, to�ether v�ith any tax or other �overnmental char�3 rsquired to be paid tivith respect to suc�i recanversion, shall be made by the bondhalder requestin� sur,i� recr�nversion. The �3ond Rega.strar shell, not be required to reconvert any bond under the provisions oi this Secti�n durin� the poriod of fifteen (15� da3>s next pre- oeding eny interest pqyment date of such bond, ;nar after the pu�b- lictxtion of natice of the redemption of any suc11 Uand l�s been made. Section 11. �'or the pronpt payment �f the prinoipal of and ths ini;erest on the nc�rv refund;in'� bands authorized by ttris resolu- tion as the same shall fall due, the full faith, credi� ancl taxing power of said City of C1ear�vater are Y�ereby irrevocabl� ��leu�;ed to the same extant and with liY.e f:arce and efiect �s i;he same are now pledgad t� the payment o� the inaebtednesa refunded ?�y said bonds. r�nd the indeUtedness so refunded shall be merged into said new re- � � �e� � � �'�'�''�r Punding bpnds �tiith lika �oroe and effeat aa to obligatinn as if such indebtedness should rem�in unrefunded. 5ection 12. Tn eaah i'isoal year v+hile any of ttie ktefund- 3.n� gonas lssue of July l, 1936 5eries A, 5�ries B, or Series C, or i:he Re�undin� Bonds of 19�+4 Series �1, Series B, or �aries C. shall be outstariding, there skiall t�e lovied upon all taxa�ile pro- perty �vithin th� Ci�y o� ClearGvater s�ubject to taxgtion for such purposes as hereinafter provideci, a�pecial t�x sufPiai�nt to pt�y tha interest on and the principal of the bonds of' each of said issues as the s�ne respectiv'ely bac�me due and payab?e, and also a sum suff,�oient to provida for probable failures oS cnllectio}i of such tsxes in the samo fiscal year. Such probable failures of collection shall, as provided by the General Refuudin� iaw, arbi- trari.ly be deemed to bo the pexcentage of all City taxes of the last preceding f iscal year �vhich remained unpaid at the end of such fiscal year, including tax sales of land to the City: �uch taxeS shall be levied upon all groperty within tlie Cii;y of Clearwater which under the proviaions of the �on:stitution and Laws o� �lorida in force and ef=ect at the �ime of the creation oF the indeb�edness refunded by said Refundin� Bonds of 194�4 `�eries A, Refunding Bonda o� 1944 Serzes g, and Kefundin� Bonda of 1944 Series C, respeative- ly, was subject to tax�ition for the payment of suah indebtedness, as more narticularly set forth in Saction 1 of tiiis resolution. The Ci�y covenants that ii the proceecls of the spacial taxes lavied and c�llected in any P�.scal year shall be less tuan tt�.e �zmount requirad to be leviea and collected iu such =iscal year uaider the fore�oing provisions of this Secti�n, then tha �mount of such deiiciency shaZl be added to the amr�unt othea�wise re�ui�ed to be levied.in each fiscal year thereafter unti�. all such deficiencies sliall ha.ve been �de up. T�e City furtb.es cavenants tha�G the ag�regata of the special tax�s le�ied in eacli fiscal year under the fore�;oin�; provisions of this gection shall not be 7ess tl�rxn 16,6 t�ills on �he clollar of assessed valuation; �rovided, ho�raever, tliat if in any fiscal year the total assessed valuation of property ia3 the City �includl.n � homPsteads) sha11 be greater t�au Lh� cimount set forth iu �the fo].lowin� tabula- tion for such fiscal year; Fiscal Year I�mou�:t Fiscal �`ear l�,mount i94.3-44 �k13,o23,00o i961-•6z �i6,�.o�,000 1944-45 13,154,000 1q62-b3 16,53�,000 1945-46 13;2g4,000 1963-b4 16,66�,000 1946-4.7 13,54�,000 1964-65 • 16,79g,000 1947-1�g 13,g04„o00 1965-66 1b,929,0oU i94�-49 14,065,00o iy66-67 i7,o59,000 1949-50 14,32�,000 1�67-68 17,18y,000 195U-51 14,5g5,0o0 1968-69 17,31y,000 1951-52 14,�45�,000 1969-70 17,450,U00 1g�2-53 15,106,000 1970-71 17,58�,000 1953-54 15,3�6,000 1971-72 17,71o,�oU 14�4-55 15,496,000 1972-73 17,840,000 1955-56 i5,6z6,000 1g73-7� :�7,971,00� 195b-57 15,757,000 ' 1974�75 1�;Lao,Uoo i957-5� 15,8�7,00o i975�76 18,231,000 195$-59 1.6,017,000 1976-77 18,3b1,Uo0 1959�60 16,14.7,000 1977-7� 1�,�.91,000 1960-61 16,2�S,000 197�-75 1£3,622,000 and if there shall not then be any deficiency in ths levy and co 11- ection of such taxes in preceding fisca:L years, then such aggre�ate tas rate o�' 16,6 mi11s on the dollar may be reduced in proportion to the increase in the amount oP thE assassed valuation for such f ises�l year. For the pu.rposes of this paragraph, the area vaii;hin. tl�e pxesent territorial limits af the City exclusive af the terri- tory' annexed by Chap�;es�s io39i ana io394, `�pecial Lav�a of �`lorida, 1925, is designated as +�Area �nc��, the area `vithin the present territorial limits �f "the City which was aamnexed l�y said Chspte�^ i �391 is desi�nated as +�Area Two,, ++ and i;he area wi thin the presPnt t�rx�a�tor3:a� �.ia��ts of the �ity which wAs anuexed by s�i.cL Chapter 10394 is designated as ��tire� ^three+�. The proceads vf tho tax levied urider the provisions o� this �ection on property vri.thin �ea �ne only shall be applied first to the p�yment og the intexest on the I?ePunci- in� Bonds sssue of Juiy i, ig36, Series C and RePunciin�, Bonda oP 19�.4 Series G; providecl, hv�u�ver, th�tt if tY�e proceerls cP such tax M� ' , �fr..s e shall not be sufficieni� to pay all of thc intere�t on the bonds oP such issues then outstand�.hg, then such proceeds shall.be applied pr.o-rata to the payment of such interest; �nd the balanee oP such proceeds shall be allocatod to� ancl degosited to the credit of, the resp�ctive funde for the retirement oP pr3.ncipal of the bonds oi said two issue� in proportion to the amount oi"the bonds of each suc� issue which vaill then be outstanding. The proceeds of the tax levied under the provisions oP this Section on property within Areas One.and Two only shall be applied �irst to the payment of•the`irter- est on the Refunding Bonds Issue of July 1, 1936 Series B and nePund- ing Bonds of 1944'Series B; provided, however, that iP the proceeds of such tax shall not be sufPicient to pay all of the interest on the bon s of such issues then outstanding, then such proceeds shall be applied pro-re,ta to the payment oP such interest; and the balance oP such groceeds shall be alloc�ated to, and deposited to th� credit of, the respective Punds Por the retirement of principal oi' the bonds of said two issues in prcportion to ths amount of the bonds of each such issue which will then be outstanding, The proceeds oY the tax levied under the prooisions of this Section on all pro - perty withinAreas One, Two and Three ahall be appZied Pi,rst to the payment of the interest on the FtePunding Bonds Issue of July l, 1936 Series A and RePunding Eonds of 1944 Series A; prouided, however, that if the proceeds of such ta� shall not be suPficient to pay a�l of the interest on the bonds of such issues then outstanding, then such pro��eeds shatl be applied pro-.rata to the payment oP such interest; and the balance of such proceeds shall be alloca- ted to, and depo�ited to the credit of', the respectiue Punds for the retirement of principal of �she bonds oP said two issues in in proportion to the amount of the bon:Ts oi' each such issue which� will then be outstanding. The Qity convenants that the respective amounts alloca- ted for the pay�ent of the interest on and t he principal of the bonds df said issues will be deposited in trust with.a city deposi- tary to thE credit of appropriate speeial .funds for the paymenv oY the interest on and the principal of such b�nds, respEctively. The special fund to the credit of which there shall be so de- posited the proceeds of taxes levied £or the payment of the interest on and the principal o� the Regu_�ding Bonds of 1944 Series A shall be designated "194a SPries A Interest and Sinking Fund" The special fund bo the credit oi' which there shall be sc deposited. the pro'ceeds of taxes levied ior the payment of the in- terest on �nd the principal oi' the RePundi�ng Bonds oP 1944 Series B shall be desigttated "1944 Series B 2nterest and 8inking Fundn. And the speoial Pund to the credit oP which there sha11 be so deposited the �ro�eeds of taxes levied �or tne psyment of the intex�- est an and the princa.pal of the Refundin� Barrb of 1944 Series C shall be designated "1944 Serias G In�erE�t and Sinking Fund". The City reserves the right to levy such taxes as mi�ht lawfully be imposed b� it upon all taxable property �ithin any tsrritory heretofore excluded fro� the territoria2 limits of the City and w iGh was embraced within such terri�orial limits at the time of the creation of any of the bonaed indebtedness refunded under the proviaions of this resulution and to apply the proceeds oP such taxes to the payment �t of .the bonds issued h hereunder to rePund auch indebtedness.� The City convenants that such taxes shall be levied and collee-te�l �t the same time and in the same manner as ad valorem taxes levied for operating expengas of said Q3ty, and �hat the proceeds of such taxe� shall be used exclusively for the purposes for which the same are levied. �he City iltrther covenants that it will not accept pavment oP taxes levied. for operating expensss of said City unTess �here sha11 be paid at the same time the taxes levied to make the interest and principal payments required by this resoluti�n. The taxes so Tevied shall be in adflition to all. other taxes levied by the City of Clearwater, The sums required to b e paid on the first day of J'uly in each fiscal year ott account oP the interest on and the principal of the �onds authorized by this resolutf��, shall be raised b:g the levy of taxes in the preceding fiscal year _in an amount sufficient to produce such sums on or bei'ore such lst day of July. , Section 13. There is hereby pledged to the payment o� the new refunding bonds of each series issued under the provisions of this resolution the collections or proceeds of.all. uncollected speoial assessments which are now pledged to the payment of the bonds rePunded by such new refunding bonds, subject to any priar pled�es oi' such special assessments. Section l4. The City :covenants that anticipated collec- tions oP aelinquent taxes and cf speciai assessznents will ttot be considered as revenue available for the payment of the principal of or the i�terzst on the new refunding bonds issued under the pro- visinns of this s2solution in preparing the budgst of the City or in f�xing ttie tax levies� for any fiseal y�ar, and that a�l moneys received by t�e City thsoug#� the collections of delinqu.ent taxes and sps:ial essessmer�s wil]. be deposited as receivecl to the credit of the appropriato interest and sink4tng fund. � ��3 �r �� Seotion 15, The City hereby Covenants that it will actively and diligently enforce the collection of all taxes heretoPore and • hei3a.i�er levied and that it will riot accept anythix�g but lawful mon- ' ey for the Un3ted States oP America in paym.ent or satisfaction of , the taxes r�qLired to be levied under the provisions of this resolution. The City further oo venants that so long as any of the bonds authorized under the provisions oi' this resolution shall be outstanding, it will not avail itslef of the proviaions of any legi,�lation heretofore or i,;�reaftEr enacted ry the Legislature of Florida which in any manner impairs or modifies the obligation of the City in respeet of such refunding bonds or the covenants of the City contained in this resolution. Section l6. If the moneys in the i,nterest and sinking fund ior the bonds of any series issued under the provisions of this resolution (exclusive of the e�ount required to pay bonds theret�- �'ore calle3 for redemption'� shall at any time be in excess of the , aggregate of (lj the amount of the interest payable on the riext - ensuing interest payment date on all o� th� bonds of such saries which will then be outst�nding afld also� `ii' such next ensuing inter- est paymPr.t date shall be January 1, the amount of tha interest pay- abl.e on the next succeeding Ju�.y 1 on all af �he bo�ds of su�� series which wzll then be outstanding, (2) `Ehe amouut of the neat maturing installment of sueh bonds, and (3) the following reserve in such fund: �125,000 in the 1�44 Series A Interest and Sinking Fund, �15,000 in the 1944 Series B Interest and Sinking �'und, and �10,000 in the 1944 Series C Snterest and S�inking Fund, such exaess, if the City sha11 not then be in flefault in making any principal. or intErest payments req uired under the pravisions of this resolu- tion or in the perfor�arlce of any other provzsion of this resolu- tion, sha11 be anplied to the payment of the purchase priee oP the redempti�n price of the bonds of .�uch series, as foll�ws; ` (aj Except as provided in sub-division fibj o£ this Section, the City Cor�mission may apply such excess to the purchase oP such bonds at �he lowest prices obtainable with reasonatrle dili- gence, not exc�eding par and accrued interest. '(bj Tf, however, on any May 20 or November �O tha amount of such excess shall. be equal to or greater than the amount required for the redemnti�n on the next ensuing interest payment date of Fifty Thousand Dollars (�50,000) principal amount of bonds, the City Aud3tor and Cler� sha11 �:a11 Por redemption on the next ensuing interzst payment a:.�,�;� such amount of bonds as wi.11 exhaust such excess as nearly as`�.nay be. Such redemption shall be made ' pnrsuant to the provisions of Saction 6 oP this resolution. Section 17, The new re�undin� bonds au�horized t�y this resolution.,sha�l be delivared in exchsnge for arid upon tho surrender and cancellation oi' the approprxate bonds to be rePunded as herein- �bove provided or shall be salq at public sale, as the City Commission may herea�ter provide by resn�.ution pursuarit to the F�rovisians of the General RePunding Zc�v�. Upan ma�ing provisions for the saTe of any oP said new refundin � bonds the.City xuditor a,nd Clerk sha11 �ive due notiee of redemption of the appi�opriate �utstranclin� bonc?s to be re- �unaea i� the manner' required by such outstanilin�; boncls. Ul�on the issuance of new refunding bonds oi' any series uncier the provisions of this resolutian, either by exch�ngin� the same f or a like principal aznount oY the bonds to b e xePundea thereby or by sellin� the same and c�llin€, z ar rec�emptinn a li�:e principal a�ount oi' the bonds t� be r�funded thereby, thez'e si�a11 be �vithdrawn Prom the sinkin� fund i'or the bonds so refunded ar.d deposited to the credit or the interest and sinking fund for the new refunrling bonds of such series an am�unt equal to that percenta�e of �he total amount then held for trie credi� of the sinkinb fund for the bonds so rePunrled which is obtained by �ividin� the t�taZ principal am.ount of the bonds so rePun$ed by tY�e total principal. emount of the bonds of such issue:�vhich were outat�nding just Prior to such. exchan�e ar sucn sale. , The amount so deposited to the credit o,f the interest and sinYing fund for the new re�unding bonds oY egc�. eeries ahall be helcl in a separate reserve account, snd if at any t%ime the amount in the s�.nki•n� iund, exclusive of the amount to i;he credit of the reser�e account, shall be insufficient to pay the intei:est on and the, principe7. oP the new seYunciin�.bonds of such series es such _ interest and principal shall become due, the �i�y �.uditor ar�c1 C1erk shall txansfer raonoys fron such reserve account into the interest aiid sinking ftand in an amount su�ficient to meke up any such ae- riciency. �ny mone�s so transferred Prota tY�e xeserve account into the interest and sinkin� fuiid sha].l be restored �zs soon as passible and ths �ity Commission sha.11 provide for such reatoration in ttie next ensw�i.��, annu�.l budget and tsx levy. SeetiQn i�. The h�lders of tYie n@w rePundin�; boncls issu-� ed uncler the pro■risious ,of t�is resoluti�n, v�hether such Uonds sha11 l�ve been cielivered in e�change for the indebtednsss rei"unded i;here- by or shall have been soi.ct azid t2te proceec�s thereoP applied to tY�e retir�ment of auch indebtedness, shall be subro�at9d t a all tYie ri�Ltts �nd sscu�it:;Es Qf the Y�olders of sucYi indebtedne�s� j �ection 19. 1Vo election shall be called ar held Por the authorization of sai d new reYundin6 bonds. �ecti�n 20. The prowisions of tYiig 'resolui:ioxi are sever- able, arid if �ny of its provisions sY�al1 be helc! iZlega? by any ' oourt of competent jurisdiction, �he decision of such court sha11 not a�fect �r impair any o� thE remaini�� proviaions. Seetian 21. This resolutior� sk�all be in fu11 farce and ef�ect from end aftei its passa�;e. s