05/14/1946
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Ci ty of Clearwat er Flori. da.
Special Meeting 'of City Commission May 14. 1946.
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The City Commission met in Speoial Session the evening ~r May 14, 1946 at
8 o'clock P. M. with the following members present:
Geo. R. Seavy , Mayor-Commissioner,
Timothy Johnson, Oommissioner
Jesse G. Smith tt
W. C. Wells "
Absent: Herbert Grice.
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This meeting was called for the purpose or oons1dering 8 resolution 1noorporating
the details of the Bond Refunding Plan recently entered into with John Nuveen & Co.
The resolution being read and discussed it was moved by ~~. ~ohn9on seoonded by ~. Wella
an~ unanimously carried that the same be adopted. This resolution is set o~t in full
below. The City Attorney was directed to prooeed with tne necessary validation prooeedings.
(see following page for resolution)
There being no r~rther business to come before the Board the meeting was
adjourned.
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Mayor-Commissioner
lty Auditor & Clerk.
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Clearwater, Florida
May , 1946
The City Commission of th e City o~ Clearwater, Florida.
met in special session at the regular meeting place of the Com-
y
mission in the' City Hall, in the City of Clearwater, at 6:00
o'clock 1>.M. on May 14th, 1946, pursuant to notioe duly given.
Mayor-Commissioner Geo. R. Seavy was present and presiding
and upon call of the roll, the to llowi ng commissioners were found.
to be present:
Jess e G. Smith.
T imo thy J "hnso n
\'1. C. Wells
There ~ere also present F. L. Hendrix, City
Manager, Frank Cooley, City Auditor and Clerk, end
Ralph ilichards, City ,Httorney.
The City Auditor and Clerl{ presented his affidavit
stating that the Mayor-Commissioner's call for the meeting had
been served not less then six hours prior to the hour ot: the meet-
ing on each member of the Commissi on, ei ther in person or left
at his usual place of residence. The affidavit was approved end
ordered record ed ~i th the minut es of the mee tlng.
There was then presented in writing, the following
resolution, Vlhioh resolution was read in r ull, di scuss ad l:Ind
pursu~nt to motion made by TImothy Johnson and seconded by
W. O. Wells" adopted by the following vote:
~ye: Jesse G. Smith
Aye: Timothy Johnson
~ye: W. o. Wells
Aye: Geo. R. Seavy
Nay : None
The resolution was thereupon a pproved in writing by
the Mayor-Oommissi oner, was attested by the Oity Auditor end
Clerk, endorsed by the Oity Attorney in token of his approval
or the resolution as to form and oorreotness, was deolared to be
in effect, end is as follows:
A RESOLUTION authorizing
$4,280' ,000 Refunding Bon:1 s, Series
1946, of' th e CIty of Olee rwater,
fixing the details, end providing
for the payment thereof, mEllcing
oer-tain provisions with respect to
the seouri ty and payment th ereot',
end providing for the v&lidet1.on
B nd s 61 e of s e 1 d bo nd s .
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WRlllii~ the City ot Clearwater has heretofore authorized
and oaused to be validated and delivorad, pursuant to re solution
~heretor adopted on February 7. 1944 and aID. ended on l~pr1.1 4, 194.5,
.bondsot said oity whioh ere now outstanding. liS tollows:
".~ ,111 ,000
Refunding Bon1s of 1944,
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WHEREi~S all of said bonis, were issued for the purpose
of refunding indebtedness of the city ~ich was outstanding prior
to November 6, 1934, and were authorized and issued in such manner
that they are payable from taxes to be levied without limitation
ea to rate or amount on all taxable property in the following
areas, including homesteads:
The Hefundirg Bond s of 1944, Series A, from
taxes to be s:> levied on all taxable pro perty in the
Ci ty of Clearwater as the h:> urrl,aries of said city
existed at the time of the issuance of such bonds',
and wi th the !:ld di tionel right reserved in the ci ty
to levy such tuxes upon all taxable property wi thin
b ny t erri tory theretofore excl Ii! ed from the ci ty which
was embraoed wi thin the ci ty limits et the time of
the creation of the bonded indebtedness refunded by
said bonis of Series ,h;
The Hefunding Bonds of 1944, Series 13, from
taxes to be so levied on all taxable property in the
City of Clearwater as the b,)undaries of said city
existed at the time of th e 15s u €lace of su ch bond s,
excluding therefrom the terrlitory which was annexed'
to the city by Chapter 10,394 Specibl Laws of Florida,
1925, but with the edJitional right reserved in the
city to levy such taxes upon all taxable property
within an~r territory theretofore exoluded from the
ci ty which wes embreced within the ci ty limits at the
time of the ere ation of the bond ed indebtedness
refunded by said tom s of Series B;
The refunding Boni s of 1944, Series C, from
taxes to be so levi ed on all taxable property in the
City of Clearwater as the b~undaries of said oity
existed at the time ~f the issuence of such bonds,
excludincs therefrom the territory which was annexed to the
,~ city by Chapters 10,391 and 10,394, Special
:bUWS, of :H'lorida, 1925, but with the additionl:d right
reserved in the city to levy such taxes upon all
taxable property within any territory theretofore
excluded from the cit~r Vihich wes embraced within
the city 1 imi ts at the time of the c re ation of the
bonded indebtedness refunded by said bonds of Series
C;
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Series A, dated January 1" 1944 due serially
on July 1, 1947 to 1974, inclusive, and July
1, 1979;
$314,000 Hefunding Boni s of 1944,
Series B, deted Jbnuary 1, 1944, due serially
on July 1, 1947 to 1970, inclusive, and July
1, 1979;
$229,000 He 1\1 nd ing Bond s of 1944,
Series C, deted Januery 1, 1944, due serially
on July 1, 1947 to 1964, inclusive, Bnd July
1, 1979;
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VlH~H.~iS the amount of interest which will be due on the
above described mnds from Jul;,r 1, 1946 to the llltlturity thereof,
will be $3,829,542.50 and the ci ty iles entered into an
agreement pursutlnt to which it will be possible to call said out-
standing bonds for redempti on and t:> re fund th em into the bo nd s
hereinbfter authorized, which new bonds bearing interest at the
rates hereinafter specifi ed wi 11 re quire the pcyment of total
interest thereon from July. 1, 1946 to maturity in the ~ount of
$2,929,727.50, thus effecting a savings tn interest to the
city of $899,815; end
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\VKEdili~S the maturities of the indebtedness represented
by seid bonds as hereinafter provided will be more adv~ntageous
to tIle oity end will maKe poss ibIe the retirement of the principal
or said indebtodness through the levy or toxes whioh will be m,:>re
easily p8yable by the tax.peyers of the 01 ty j bnd
''lHEH~~ the oi ty 1.s authorized by the provisions of
Chapter 132 of the Florida St&tutes, 1941, to authorize and issue
i ts rerundin~ bonlis f::n' suell pur;) ose, snd in the IDf;:.nner for whioh
pl';)vislon is lntlde in tills resolution, end bll octs, oonditi,)nB
and thines required by the iJonstltution Elnd Laws of' Florida, in-
oluding the ch E:Jrter 0 f the city !;lnd Ch!;p tar 132, b fOl'est:;lid, to
exist, to IH~ppeCl end to be pel'f".:>rmed preoedent to the issu!:Jnoe of the
rerllt1din~ b.)nds herein 6ut~1 orized, have huppened and have been
performed in regul~r and due form, time and m~nner bS so required;
~, W ER~FOHE, Be it Reso lved by the Oi ty Commiss! on
of the City of Clearwater, Pinellos County, Ii'l.::>rida, as follows:
Seotion 1. ThElt the b:l nds of the city of Clearwater
(which city is hereinbef~re and hereinafter in this resolution
sometimes referred to as "the city") in the prinoipal amount of
$4,280,000, desoribed in the preamble hereto, oonstitute a valid,
outstand'ing funded indebt.edness of the oi ty, payable as reoi ted
in sa id pre amble co
Section g,. That for the .:JU1'pose of refunding ,and re-
tiring said indebtedness there are hereby authorized to be issued
the negotiable bonds or the city in the ageregf;:.te prinoipbl amount
of ~4,280,000, to be designated "H,efunding Bonds, Series 1946.,"
of which bonds nu.mbered 1 t;:) 229, inolusive, are to be issued
f'or the purpose of refullding the outstElnding Refunding Bonds of
19~4, Series C, bonds Il1IIlbered 230 t.:> 543, inol usi ve,
are to be issued for the purpose :>f refunding the outstanding
Refunding Bonds of 1944, Series B, end bonds nwnbered 544 to
4280, inclusive, are to be issued for tb.e purpose of refunding
the outstanding de:f.....lnd.i~ Boms of 1944, Series h.
Section l. Thbt the said rtefunding B~nds shall be
dated July 1, 1946, shall be in tile denomination of *1,000 eaoh,
end shall be numbered and fBIl due serially on July 1 of each year,
as f()11~s':
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'Bond Numbers
Amou n t Year
$ 10,000 1947
10,000 1948
10,000 1949
10,000 1950
'10,000 1951
65,000 1952
70,000 1953
75,000 1954
80,000 1955
85,000 1956
90,000 1957
90,000 1958
95,000 1959
, 95,000 1960
" '. 100 ,000 1961
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" ~ j ~05,000 1962
1 to 10
11 to 20
21 to 30
31 to 40
4.1 to 50
51, to 115
116 ,to 185
186 to 260
",261 to 340
341 to ,425
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~A:;:.~:r~:>~~\-\~~:~'~Jft:'~,~~::<,r'~,~:. ;.' \, ~ " 701 t' 795
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Bond Numbers iUIlount Year
1001 to 1105 $ 105,000 1963
1106 to 1215 110,000 1964
121b .to 1325 110,000 1965
1326 to 1440 115,000 1966
1441 to 155 5 115,000 1967
1556 to 1675 120,000 1968
1676 to 1795 120,000 1969
1796 to 1920 125,000 1970
1921 to 2045 125,000 1971.
2046 to 2170 125,000 1972
2171 t.:J 2)00 1)0 ,000 1973
2)01 to 2590 290,000 1974
2591 to 2630 40,000 1975
2631 to 2 67 0 40 ,000 1976
2671 to 2715 45,000 1977
2716 to 27(;(J 45,000 1978
2761 to 4280 1,520,000 1979
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All of the bonds shell beer interest at the rate of
four and one-halt per cent per ennum f'romdete to July 1,1950,
unless sooner due, and at the rate of four p<Jr cent per annum from
July 1, 1950 to July 1, 1951, unless sooner due. Bonds numbered 1
to 50, inclusive, shelll beer interest at tw:> t.nd three-quarters per
cent pel' annum from matUi'ity unt.i,l paid if not pbid &t lllaturity.
Bonds numbered 51 to 425, inclusive, sh~11 bo&r interest from July
1, 1951 until paid at the rate 01' two end three-quarters per cent
per annum. Bonds numbered 426 to 1215, inclusivd, sh~ll bear
interest from J"uly 1, 1951 until paid Ol. c611ed fOl' redemption at
the rate of two end one- quarter per cen t per annum. B()m. s numbered
1216 to 2760, inclusive, shall bear interest from July 1, 1951 until
paid or co11ed f~r. redemption at the ra~e of two bnd one-helf per
cent per annwm. Bonds numbered 2761 to 4280, inclusive, shall bear
interest from. Jul~" 1, 1951 until pa.io,' or cfll1ed for reclemption at
the rate of' t'Wo and four-tenths per c en t per annum.. 1.11 interest
sholl be pc.yeb1e semi-an.:lual1y on Janu&ry 1 and July 1 of each
year, which interest felling due on end prior to maturity of the
bonds shell be payable upon presentation and surrender of appr.:>-
priate interest coupons to be attElched to the bom s. Interest
falling due on each semi-annual interest pbyment date on and prior
to matul'ity shall be represented by b single c.:Jupon except &s to
interest ,felling due on each interest payment dete to end inaluding
July 1, 1951 and 6S to such interest each semi-annual instbllment
due on each bond shall be represented by, two co upons t.:J be t:lttached
to the bond, one of' which coupons shell evidence interest at the
rate above specified to be borne by such bond subsequent to .July
1, 1951 or subsequent to maturity, and the other ot' which coupons
shell evidence the remainder of the interest due on such. interest
payment date, and whioh c.;)u~ons may be presented for payment
either separately or as a unit.
Said bonds shall ~e pflyab1e as t'o both prine ipal and
interest 1n lawful money or the United States of' A~rica at
The Amertoan Netional ,3ank &, Trust Co. in the City of Chicago,
"Illinois.
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Bonds numbered 1 to ,425 , inclusive, shall not be oallable
to their stated maturlti as. Bonds numbered
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426 to 4280. inclus1 ve. shall be 8ubj ect to redemption b t th e
option of t.he city in inverse order of maturities on July 1. 1951
and on any interest payment date thereafter. If less then
all 0 f the boni s of a meturi ty ore so called for redemption on any
interest payment date. the bonds to be redeemed shell be selected
by lot. The city agrees that should said right of redemption be
exercised as to bonds numbered 4?6 to 2760, inclusive, it will
PbY to the holder or hold ers 0 f each bond so c €Illed for
redemption ut)on the surrend;3r .:>f such bond, interest in edditi;)n
to that evidenced by coupons b nd f.lccrued E.1 s 01' the re dEmption date.
in an amount equal to one bnd .Jne-hull' par cent of the principal
amount -'1' the b\:>nd if called for J:'edempti 0:1 ':>11 or before July 1,
1957; one per cent ;)1' the principel amount .:>1' the bond lr called
for redemption thereafter on or before July 1. 1964, Dnd one-half
of one per cent of the principal amount of' the bond if called
for redemption thereafter Or! or before July 1, 1972. No additional
interest need be so puid on such bJnds if they bre called for
redemption after July 1, 1972. Borns nwnbered 2761 to 423J, in-
clusive, may be called tOI' redEmption on a ilY int erest pbyment date
on orerter July 1, 1951, without the payment of additional interest.
Notice of redemption is to be given not less than thirty days prior
to the date fixed for red~ption by registered mail to the registered
owner :.:>1' each bond c!;.lled for redemption, mailed to the ad:lress of
such owner showa 0:1 the .l.legist1'6r'S reeistration books. If finy
bond cblled for reden.;?tion is not 6t the time registered as t:.:>
principal, thirty days' rl.:>tice Jl' redemption shE-II be given by
publication 01" an appl''')pl'ibte n:Jtice at leust once in e newspaper
published and 118ving general ci~'cul/:;ltion in the City of Glearwbter
and at least once in b fin6:1oio1. newspaper or journCll published
in the City of New.York, New York, or Chicago. Illinois.
Section!:t. Thatel:lch of the bonds herein authorized
shall be signed by the City Auditor and Clerk and by the City
Mant;.ger, Bnd shell be countersigned by the MByor-Collill...issioner.
There shall also be plbced Oil each bond b3 endorsement by the
Cit~l ~~ttor'ney approving the b:Jnd CIS t:> fo:rm an::! COl'l'ectrless. The
lnt erest co upons f 0]' v.b ich pl'.JV is lon i s [: b:> v e made shull be
signed wi th the fLcsimile si~nGturas of s "i d offici Gls. There
sl1bll be impressed :.:>n eoch o~nj t118 COI',;or8t'J seal. Jt.' the city.
Sectiol~ 2. rlhE.t SLid .ctefunding Borns shall be register-
801e as to pl'iucipfJl in the nBlle ,)1.' the owner 0.'1 th e books of
the Oi ty ,huJi tOl' bnd Jle r~ llS ;te~i strbI', ''ihichregi struti. on shell
also be noted on the back of each bond reeistered. ...1'tel' such
registration no transfer of bonds so re gl. stered sholl be valid unless
IDbde on the b.Joks of the City l~uditor bnd Clerk and similbrlJ7 noted
on the bonds. Bonds registered as t.:> p,l'incipal mb.Y be discharged
from registration by b2ing tr€lnsfel'red to besrer, ertel' whioh they
,shall be transferable by delivery, but may agein be registered as
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to principal as before. J.\egistration of boms as to principel shall
not restrain the negoti8bUity of the coupons attached to said bonds,
which couj,Jons sholl continue to be transferable by del ivery.
Section 6. 'l'hbt sai d nefu ndi ng Bond s shall 1l:Jt constitute
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a noveti on ~r new im ebtedlless, but shall merely evidence an
extension or reno\'~al in a new 1'0 rm of tlH3 ori gJ.!lE.1l existing in-
debtedness refunded thereby, and shall be of like f..:>rce and effect
as to obligati on as ii' the ori€;l nal in:1ebtedness had remLined un-
refunded, it being the intention hereof thbt all contrbct rights
as to security, taxtng power, obligation for payment, remedy and
enforcement enjoyed by the hold aI'S of seid indebtedness in its
original form, incluJi11R; tile right tJ puyment from taxes levied
on homestead properties, sh~ll inure to and be enjoyed by the
holders of seid indebtedness in its refunded form, 6S represented
by the refundi ng bonds herein au th :Jrized; th at only such property
as would be exempt from taxation under the 9rovisions of the Laws
and Cons ti tuti on of Florida whIch were in for ce a t the time of the
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creation of the original indebtedness which in refunded form is to
be refunded b~,. the bonds herein to uth orized, shall be exempt from
taxation to pay the interest upon and ~rincipbl of the nefunding
Bonds herein authorized as the SbITJe respectively become due; that
all laws enacted si nee the issuance of the outstanding bonds
refunded by the b.:>nds I1erein authorized 't) be refunded 'which are
ineff,::ctive 6S to such .:>bligc.tions shall be ineffective as to tr.l.e
.L\efunding Bonds herein authorized; that each of sai d Hefunding
Bonds shall contein on its face a recital to seid effect, and that
the reci tal to said effect appearing as the second paragraph of the
bond form set out in the next section hereof is approved, adopted
and ratified.
The limitations applic~ble to the territory within the
city limits which is SUbject to taxation for each of the three
series of bond s herein au th:Jrized to be refu rrl ed shf:lll remain
applica ble to the c::>rresponding :r.tefunding Boni s here in authorized,
so that each H.efunding Bond shbll be paYLble from taxes to be
levied only on the taxable property in the territory which Wf;iS
subj ect to the 1 evy of tbxes 1'0 l' the pby.rilent of the series of .i..(e-
funding Bonds 01' 1944 which included the bond refilm ed by suoh
herein authorized 1'e funding bond; provided hOVJ ever, that the city
reserves the right to levy such taxes 8S might lawfully be imposed
by it upon all taxable property within any territory heretofore
excluded from the territorial limits of the city and vihich territory
is subjeot to taxation for the payment of the bom s hel'.:.in e uthor-
lzed to be refunded llnder the provisions of the resolution au thol'-
lzi~ th e issuanoe of such rond s.
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Section 1. That said Refunding Bonds, the coupons to be
thereto attached, and the vel id etion certificate end registration
blank to be endorsed thereon, shall be substan tl.elly the
following fo I'm:
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(Form of Born)
mUll' ~'D ST,h'l'&S OF lI11.1L'\ICA
ST~~'l'~ OF FLOHIDi.
C uUiJTY JF l)IN~LHS
JITY O.B' CLE..~t'::..T~H
HE~~lJNDIHG BuND, S~HIES 1946
, 1
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Number
$1,000
KNOW ,I.LL MJ;N BY 'iHES~ l)i(ES:~NTS, thbt the Citj' of
Clearwater, ~inellas County, Florida, hereby acknowledges itself
to be indebted Bnd promises to pay to the beElrer, or if this bond
be regi'stered as t.:> pri ncipel then to the regis tar ed owner hereof,
the sum of One Thousand Dollars ($l,OOO) on the first day of ~uly,
19.;.;.,.., and to pay interest on Suid sum from the date hereof until
paid, semi-annually on the first days of July end Jbnuary of each
yeer, at the rate of four and one-hEllf per cent (4-t2~~) per
annum for the first four years from the date hereof (unless
this bond shall'hbve matured prior to the expiretion of said
four-year period, and in such case then for such pbrt of said
four-year period as maY elapse ~rior to the maturity of this bond),
at the rate of four per cent per bnnum for the fifth yea~ from the
date hereof (unless this bo nd shell mature on July 1, 1950),
and, unless this bond sholl then have motured, at the rate of
per cent (
%) per annum thereafter
until paid. Interest so falling due in each year subsequent to
the f'ifth year is represented by two sani-annual interest c.:>upons
hereto attached; interest so fallinr;:: due in each of the first five
years from the date hereof (or for such pert of seid period as
may elapse prior to the mElturity date of this rond), is represented
by four interest coupons he reto El ttElched, and such interest t:>
the maturity date of this bond will be paid only upon presentation
and surrender of and in the amounts represented by seid coup~ns
as they sever611y becorr.e due. On the interest p8~'ment dates as
to which interest hereon is represented by tw:> c::mpons,. either
coupon may be presented and will be paid apart from the other.
In the event this bond is not paid at mCituri ty, interest shall be
payable thereon from maturity at the rate Jf
per cent (
%) per 6nnwn. Both principal of end interest on
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this bond bre peYClble in lawful money of the United 'States of
b.merica fit The .t~erican NCltional Bank &. ':i'rust Co., in the City of
Chioago; Illinois; and lor tt!8 prompt payment of this bond
end interest 'thereon as the same beco.rre due, the full feith,
or~dltEnd resources of said 'city are hereby irrevocably pledged.
This bond is iSsued for the purpose 01' refunding e like
of said' oi ty orlgina~.1youtst8ncll rig
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on end prior to ~rovember 6, 1934, and does not oonstl tute new
indebtedness or 6 novbtion or soid outstending 1ni ebtedness, but
.merely evidencES 6n extension or renawEJ.l tn e new for.ill of SEll d
or iginsl existing indebtedness re fund ad he.ceby, bnd is of like
foroe and effect €IS t~ obligation bS if SEltd ortginbl indebted-
ness hl:ld remc.ired unrefunded, it b6in~ expressly rlereby provided
eud recited thbt all contl'bct l'lghts as to security, taxing
power, obligation for pbYIl'1ellt, r'3medy, c.nd enfol'oGment, enjoyed
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by the holders of sF.lid indebtedness in its JrlgintJ. form, in-
oluding the right to payment from tu~es levied on homestead
properties, h~ve inurej to, ~nd bre bnJ shbll be enjoyed by the
holders of so id indebtedness 68 represented by th is defundi ng
Bond. Only such property as ~oulj be exempt from taxatlon under
the provisions of the Laws bnd Constl tution of FloritJB which were
in foroe bt the time of: the cl'eation of the orlginbl indebtedness
refunded hereby shf:1l1 Oe ex":~mpt from ta~etion t:> pay the inter est
on end principel of this bond bS the same respectively beoome
due. Lews enaoted since the creation ~1' such indeutedness
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which arb Ineffecti ve ~s t,) such. tIlde btedness are hereby d eclered
to be similarly ineff'ecti ve El s t,:) this ,bond. For a spe oificati on
of th e taxable property both wi thin and wi thout th.e bound ari es
of the 01 ty of Cleer'\VEtter which is taxable 1.'01' the payment of
principal of end interest on the various bon::l s of the issue of
which this bond is one, reference is msde ~ the hereinafter men-
tioned resolution.
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A
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trensf'er of this bond shall be valid unless made -:>n the books
.of the City Auditor and Clerk end similarly noted hereon. Regis-
tration of this bond as to prinoipel may be disaharged by transfer
to bearer, after whioh this b:md shall be transferable by delivery
but may ,=,gain be re gistered as to pri no i pal as bef'ore. Reel strati on
hereof as to principal ehbll not restrain the negotiability of the
ooupons hereto attached by delivery merely.
'I'hls bond is negotiable end is one .01' b series 01' bonds
issued by the city f.or the purpose 01' refunding curtain legal
and valid bonded indebtedness heretol'or e legl;llly oreated by
said oity for the peyment .of" wh lch the fu 11 fo! th, credit ond
resources of' said city hbve beea fI nd ere legally pledged, and
said series is issued under auth.Jrity of tlnd in full complianoe
with the Consti tution f:lnd LbWS of the State of Flori db, lnol uding
Chapter 132, Florida Statutes, 1941, and in pursu~nce 9f a
resolution 01' the City C.ommission 01' the City of Clearwater
duly end leg~lly adopted on ~bY 14th, 1946.
It is hereby certified and reoited that till ects,
conditions ~nd things required to be done precedent to and in the
issuance of saId bonds tiud .of this bond hl:lve been properly done,
happened end been performed in regular an1 due form ~s required
by la~, thbt the indebtedness which is refunded hereby is 8
legally refundable, SUbsisting and legsl obligation of suld city,
that net ther the indebtedness wh lch is re f'u rrl ed hereby nor this
ser iee )f b::> nd s, t,'Jgether wi th 611 ,')th et' lnde btedness of seid
city, exceed any limi tc:.ti'on prescri bed by the Cons ti tu tion
and Statutes 01' the 5t~te of lfloridE:, bnd th€.t bef:Jre th.e
issuance of this ooud pr.ovision h:::.s been mbde for the levy bnd
oollection of taxes sufficient in amount to provide t.ol' the pay-
m.ent of the principal of and interest on this bond as the SEJme
become due.
IN V:ITNS3S I'lHERE0F, the 01 ty of Clearwater, acting
through its City COIl~mission, has caused this bond to .be signed
by its City .l1.uditor and Clerk SilJ by its City h,-:.nager, end to
be oountersigned by its Ivleyor-Ooffimissioner, ood the corporate
seal of said city to be impressed here.Jn and the annexed interest
co upons to 'b e executed vii th t he facsimile sig n6tures of se id
of' fie iels I ell b s of this fir st day of July, 1946.
C1 ty .huditor andelerk
Oi ty Manager
Count erslgned:
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(Form of Interest Coupon)
Number
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On the first day :>f
, 19 _' unless the bond
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to "bioh this ooupon is attached is then callable for redemption
end hes been theretofore oulled for l' ed'em 9ti on, the City 01' Cle&r-
weter, ~inellu9 Jounty, Florida, ~lll pay to be~rer at
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the sum of
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lawt'"ul money of the Vatted States of ..t~merioe, being interest to
that amount due thot dbY on its ...{erundl~ Bond, Series 1946, duted
July 1, 1946, and nwubered
Clty-;Ud!tor and Clerk
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Count erg igned:
Iv~ay:>r :"Oommis stoner
(Validation Certifi cate)
V!)lidated ~nd conrtrmed by decree .')f the Circuit C::lUl't
of the Sixth Judicic.l Circuit or Florida in and for Pinellas
County, rend ered .:>n the
day of
, 1 946 .
Clerk: .J1' the Oircuit Court or
~inellas Gounty, Florida
(Form 0 l' ..tegistration Oerti fie ate)
Date of
Hegistretion
~ame of
negistered Holder
Signtltu re of
City .huditor and Clerk
Section~. That for th e purpose of pay ing prine ipbl of
a nd interest on the bond s herein a'uth ori zed th ere shall be and is
hereb~r levied by the City Commission of the City of Clearwater
on all property in the 01 ty wh ich was taxable fo r the p6y ment of
the bonds herein authorized to be refun1ed (such taxes to be levied
against property in the various territorial area.s for the benefit
of the various bonds of the Eluthorized issue in the mt.nner for -which
provision is more speci l'iof:.d.ly mude in Section 6 above), a continu-
ing'advblorem t,ax, wi thout limitation dS t.:> l.ate or 6IIl.OUllt, fully
sufficient to pay said prlncl pbl end interest promptly EI s each
fells due and to maintain the reserve fund for which provision is
hereinafter made. The minimum tax to be levied hereunder in each
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prior' to delinquenoy in the bverage per.centbge,o:f colleoti on prior
t~ delinquenoy obteining in the three years Lmnediately preoeding
the lllCiking of the lev~,'. 11.11 tax Ie vie s mede pursut3lnt hereto shall
oonstitute speoial'levias f~I' the purpose ~f' the ptlyment of such
principe1 end interest. Suoh taxes shbll be payable in lawful
money of the United Stetes .:>f l~meriofJ, shall be colleoted at the
same times end in the same manner €IS are generCil city tbxes, end. as
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rbpldly as oollected and fr~m day to day shall be transferred and
depostted tn b sept:lrete sinking fund in the city depositary end hald
Lntl'ust therein so131,y for the p~yment of prinei pli1 of Emd interest
on the b.J nd shere t n au th ori zed. Sa id fu. nd shull be known as th e
tt~tefunding Bonds, Series 19h6, Sinkin~ J!'und" end the m:mey therein
shf.ll1 be Itept separate and apart from all ~ther funds .Jf the city
and shall be continuously secured tJ the fullest extent required
or permitted by the lE:iwS of i101'idaBD:1 the oity ch6rter f'or the
security of other mUni~)bl depomLs.
Section 2. 'l'hat in ordel' to 6s~ure the retireIGent et
or prior to Glliturity of bll of the bJn:i s l1erein authorized end in
order to provide for the illbintel1<;.noe .Jf b 1'e serve funJ for suoh
purpose, the city" grees thL- t the minimum levy 'Wh ioh it Viill .DE ke
in eech fiscal yeel' pur'sui..:lnt to the pr~visi~ns .Jf Section 8 I;lbove
shall not be less thou ID.6 mills on the do11er of assessed vblua-
tion, and that such millage will be increbsed in each year by the
seme percent8ge as the percent5ge of average jelinquencies for the
three preceding years determinej bS pr.Jvided in seid Section 8.
If in any 1'isCtll :/eer the tot8l assessed w1uetion of property in
the city, including homesteads, shall be 6?;reater than the amount
set forth in the following tbbulation for such fiscal Y-'3C1r, then the
tax which would otherwise be required to be Ie vie d in suoh year
u:.J.der the provisions of this paragraph m&y be reduced in proportion
to the inorease in the emoullt of !:lssessed Vtllllstion for such fiscal
year over the vL.luation for such fisotll year appearing in the fol-
l~ving tabulation:
Fiscal y~
19h6- 47
1947 -413
1948 -49
1949-50
1950- 51
1951-52
1952- 53
1953- 54
1954- 55
1955- 56
1956- 57
1957-58
1958-59
1959-60
1960-01
1961-62
1962-63
196 3- 64
Val uation
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13,544,000
1.),804,000
14,065,000
14,325,000
14,585 ,000
14,845,000
15,106,000
15,366,000 '
15,496,000
15,626,000
11),757 ,000
15,887,000
16 , 017 , 00 0
16 ,147,000
16,278,000
16,1,.08,000
16,538,000
16 ,663 ,000
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Fisoa1 Year
19b4-b5
1905-66
1966-67
1967-68
1968 -69
1969-70
1970-71
1971-72
1972-73
1973-74
1974 -75
1975-76
197&-77
1977-78
1978-79
$
Valuation
16,'798,000
16 ,929 ,000
17,059,000
17,189,000
17,319,000
17,450,000
17,580,000
17,710,000
17 ,ghO ,000
17,971,000
18,100,000
18,2)1,000
18,361,000
18,h91,OOO
18,b22,OOO
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Whenever the money in the .iefulldlng Bonds, 3eries 194&,
Sinking Eund shell be in excess of the aggregbte of (1) the amount of
interest pEJyable on and prior to the next au oceeding July 1 on 611 of
the born s then outstl:lndine. (2) the Eilnount ;)f the next InlJturing in-
stallment 01' the bonds, Eond (3) B reserve f'uni of ~150 ,000, end if
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such excess is not needed to ~emove any existing def~ults, such ex-
cess shull be cp plied to tbe purchase or redanption of bonds as follows:
(a) Except B s provided in subdiv1 51 on (b) 01: th 1s Section
the City Conunission mtlY apply such excess to the pm-chase of f:my out-
standing bonis of the bonds herein wthorized et the lowest prices
obtai 118 ble Vii th re asona bIe d t ligence, but not tn exoess 01' the pri c e
at which a like amount 01' bonds could bo redeemed hereunder on the
next interest payment date.
(b) if, however, on J..:ey 20 01' NJV eInber 20 the amount of'
such excess shall be equal to 01' greater thsn the EiIllount rellu1red for
the redemption on the next ensui~ interest pe.yment d6 te of $50,000
principul am.)unt 01' bonds then redeelllbb1e, the City ,hudi tOl' bnd 01erk
shall obll 1'or ,redemption on the next ensuing interest p8yment date
such amount of bonds 8S will exhaust such excess as nabrly as may be.
On July 1, 1946, ~here shall be trans1'erred to the Refund-
ing i3onds, Series 1946~ Sinking Fund all IllonfW then LVbilE.1ble in the
sinking fund accounts for the bonds herein buthorized to be re funded9
inc 1udin.:, the reserve ~f $150,000 VJhich has been established for th e
benef! t of' th e outstanding bo nd s. The money in the re serve fund shall be
retained, either in cash or in direct obligations of the United Stf2tes
G.)vernment, oS B reserve f'or the bonds herein authorized and shall be
withdrawn therefrom only for the payment of principal of or interest on
the b:;>ncls as 'to whioh there would otherwise be a default. Any money so
withdrawn from the reserve sholl be replaced from the first proceeds of
the ta:xes levi ed in Sectlon B hereof not l' equ ired fo r the payment of
princ~pal or interest CJming due within the next sucoeediI1€' twelve months.
Any exoess 8ccumul!, tine; in the s inking fund pri or to May 2J,
1951,' which would be bp plio uble to tIle pur cbuse or redemption of: bo nds
underthe:roregolng provIsions 01'this section and whioh by reason of
the i.v.abiiity of the City to purohllse oonis within the price limits above
speci r ied c a.anot be SJ ap plle d lnlJY, in the di scretion of the City Com-
mission, be invested in direct .)bllgutions of the United Stetes Government,
in whioh oase suoh obllg~tions sh~11 be sold on or prior to May 20, 1951,
proaeeds.theEOf used to oal1 for redemption on the next suooeodi~
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interest payment date as mtony of the bonds then redeemable as oan be re-
deemed with suoh proceeds.
In lieu 0f iuvesting such excess in obligations
of the United St~tes Goverruaent, the city may invest suoh excess in out-
stenji ng bonds h'3rein El u thol'i zed or in coupons represel1tine; interest
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becoming due the.I!On, but it is express ly OOVeUf..n ted. and a greed thet the
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city will not, priol' to July 1, 1951, retire ony of tho boms herein
6uthorized, end thE1t bonds which m€.:t be so pUl'chesed shell be retained
unextinguished bS c..:l .investment until July 1, 1951. On July 1, 1951, end
et ell ttmes thoreb1'ter, bll bonds S:J tlurchesed shEall be cbncelled and
shall not be sUbject to ralssuance.
Section 10. Tht:.t the bonds herein auth orized shtill be
--
prepbred end executed ElS s.Jon bS IIll.;y be E.d'tel' the adoption of this
resolution ani, !;..t'ter h:...ving been volideted as herelnufter provided,
shell be by the City Tre~surer delivered to the Jruchssers thereof on
July 1 J 1946, pursuant to peyment th erefor i.n llcuordence wi th the
te.rms of sa1 e. Tl1e City 'l'reesurer shall t r5nsfer from sf:ii d s51 e
proceeds to the Chase Netional ot;.nk 01' the City :)f New J.ork on
July 1 a sum sufficient to pay the ~)rincipu1 of the outstending
bonds herein L;uthol'ized "to be refunded in the omount 01' ~4,280,OOO.
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together with tl~ additional interest which must be pbid thereon by
reason. of the oBll of such bonds for redemption on July 1, 1946.
The City Treasurer is furth~r instructed to transmit to The Chase
National Benk of the City of New York on or before July 1, 1946,
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from other fund s of the ci ty El ccwl1ula ted fo r such purpose, a sum.
sufficient to 'pbY interest due on that dElta on ell of the ,d.efundlng
Bonds or 1944 -which now remein outstanding, together wi tb. principel
of all of such bonds fbl1ing due or caled for redemption on July 1
which EJ re not to be pEl id from the pro ceeds .:If the new refundi ng
bonds as ebove ~)rovided, 5nd an emou:lt suff icient to pay the addi-
tional interest on such l'emE.1ining ronds required by reason of their
call fo~ redemption snl not to be peid from such refunding bonds
proaeedso
Section 11. That the bonds herein authorized shell be
advertised bnd sold to the highest Elnd bast bidder in the mannaI'
required by Chbpter 1.32 of the Flol'idEl statues, 1941, which sule
shell be held Elt 8 date t:J be deter'mined by the City .h.uditor fHld
Clerk, which date shall be fElr enough in EldVbnCe of July 1 to assure
the delivery of the bonds 0:1. that date. The City ,huditor and Clerk
is hereby authori zed to ,Jublish the necessary s!;.;l e not ice. It shall
be provided in said n;:>tice of sale thut no bid for the bonds will be
considered which offers to pay less thlin principel and accrued
interest to July 1, 1946, plus a premium of eight per cent (8%) of
the amount of the b:Jnds.
Secti on 12. That if a ny refundi~ to nds herel,n €I u thorlzed
shall be held by any court of oompetent jurisdiction to be invalid
,.for any reason, the holders of such boms shall be su brogated to
all rights enjoyed by the holders of the bonds refunded thereby.
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.ndopted end approved };!ey 14th, 1946.
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14.
Seotion U.
That the provisions o~ this resolution shell
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oonstitute 8 contract between the 01 ty and the holders 1'rom time to
time 0'1' the re fund ing bond s herein eu thorized, VJh ioh c.::>nt ract shall
be enforceable either at law or in equity.
Seotion 14. That the City btt~rney is hereby auth~rized
and direoted t.::> talee epprOI)l'itlte t;II'oceedlngs 1n the Circuit Court
of the Sixth Jud ici~l Circuit of Flor ida t n end fo r i-'lnt=J1IBs County
for the validetion of said bonds and tilts l'eso1utio:1 and the pl'ovi-
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slons herein oontl:Ji ned I tlnd the 1.iey ~r -Comrr.issl::>ner bl1d ai ty .t\udl tor
and Clerk brcl bU tl1ol'i zed t,) sl gll thlo3 ple adi Q!. s in such pr.::>ceedlngs
,f
for Lnd in beh~lr of the City or Clebrw~ter.
Section 15. Th~t i1' bny cl&use, sectl~~, ~ur~graph or
provision .::>1' this resolutl~a sh~l,l be decl€lred u,;,lenfo~'cebble by eny
oourt :.>f oompatGnt j ul'isd leti 0:1, su ch holdi n~ shall not f:..f'l'ect or
invt:.lidate the l'enk.i.1O. ar hereof.
Secti (Jt1~. That 1J:: reason of th:! neoessit.y for th e lm-
med il:lte 8 uthor LZElti on 0 f thB born s El nd the c om.J)leti on of the va lid lj-
ti.JIl thereof i!1'101' t;; July 1, 1946, the dlAte on vlhich th(j bonds to
be refunded must be reJ.eemed, tin emer'e;ency is hereby deolared making
it necessary thc..t this resolution shell become effective immediately
upon its adoption bod it is so I'8so1ved.
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Gill. ,;.{. S :J:.il.vy
r.:ay or-C omnli BS loner
F Lt.h:'U< GOO L;~
i ty .hudi t.:J~
Attest:
rr'he E.lbove resolution E:lnd the c~ntr6ct
therein authorized approved as to f~rm
and oorrectness this 14th day ~f Iv:ay I
1946.
Hi:.L1JH itICR.RDS
Oi ty ~~tti.>l'ney
(Other business not pertinent to the
ab;:>ve 8 ppears in the minutes. j
..c>uI'Subnt t.::> mot ion duly ffi1.:lde bud cerri ad I the meeti ng
\'~as adj ourned .
b TT .J;S
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G l1D. 1\. SillNY
Mayor - C oD:unl s s i oner
F.iihNK C OL2'Y
City .i~udl tor [;11 d Clerk
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15.
COUNTY OF PINELLi1S
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STATE OF FLORIDA
It
the under signed
FM.NK COOLEY
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hel'eby
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oertify thut I 8m the dul:,' qUalified tlnd 5ctl II€; City J~uditor and
Clerk or the City :>f CleaJ:'wiJter, lnorid6, end as such Clerk 01:
the Ci ty COILllllss ion of said city.
I further certi1'y that tr..e (;b:>ve and foregoing cO~1sti-
tutes fl true and COI'rect co.py of excerpts of the minutes :>f a lneet-
ing of the City Commission held onliley 14th, 194.6, inoluding a
resolution adopted at said lYJeetingt as said minutes and resolution
ere of fioiblly .:>f record in my possessi:>n.
IN WITl'IiSS WHE.t:i:i:OF
I h~ve hereunt:> subsoribed my officiol
signature end impressed hereon the corpol'Elt e seal of said oity
this 15th day of: 1ley, 1946.
FR.J.NK G OOLbY
City b.udi t:>r and Clerk
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City oT Clearwater Florida.
Spoci+�l 2�ieeti.ng o� City Commissi�n Niey 14, 1946. _ .
"_he Gity Commission met in Special Session the evening of �Iay 1�., 19�.6 at
8 o'clock P. M. with the foLlowing members present;
Gea. R. S�avy , Mayor-Commissio���r,
Timothy J'ohnson, Gommissioner
Jeisse G. Snith t� �
Vd. C. 'Nells n
Absent: Herbert Griee.
This meeting was called for the purpose �f considering a resolution incorporsting
the details of the Bond R�fundin� Plan recently autered into with J'�hn IJu�een & Co.
The resolut��n being read and discussed it was moved by PaIr, ��hns�n sec�nded by Mr, Frjells
anct unanim�usly carried that the same be adopted. This resolutian is set �ut in full
beiow. The City l�ttorney wes directed to proceed v�ith the necessary validation proceedings.
(see foTlowing page Por res�lutian)
There being no further business to came beF�r.e the Board the meeting was
adj�urned. .
��Y_,U7 -
Mayor-Commissioner
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1.
Clearrr�ater, Flor,ida
��Y � 1946
The Cit� Commission oP the City of Glearwater, Floride, �
met in speciel session et the regulaz� meeti�g place of the Com-
mission in the City Hall, in the City af Clearwater, at 6;00
o'clock P.14I, on May lt�th, ].946, pursuent to natice duly given.
Prayor-Commissioner Geo, R, Seavy was presemt and presiding
and upon call. oi' the ro31, the foll�wing c�mmissioners were Pound
to be present:
Jess e G. Smith
Timcthy �ohnson
�"J. C . Wells - _
There were also present F. L, Hendri$, City
I�anager, Frank C��ley , Gity �uditar bnd Gles�k, �nd
Ralph 2ichards, City ntt�rney .
The City buditar end Cler•_t presented his ai'fidavit
statir� that the lYIayar-C�mmissioner's ca11 for the meeting had
been served n�t less than six haurs prigr tp the h�ur �f the meet-
ing on each �ember af the Commission, 2ither in pers�n or 1e��
at,his ususl place of residence. The effidavit was approved and
ordered rect�rded v�ith the minutes of the meeting.
There was then presented in writing, the followinv
resolution, which resolution w'es read in full, discussed and
pursu�nt tp moti�n made by Tim�thy J'�hnson and sec�nded by
tN. C, l�l'ells, adopted by tne foll�Ni�g v�te:
A.ye: J'esse G: Smith
�ye: Timothy Johnsan
Aye: VJ, C. Wells
AYe: Gso. R. Sesvy
Nsy : None
The resoluti�n was thereupon appr�ved in writing by
the I�2ayor-Commissionsr, wss attested by the Gity Auditor and �
�lerk, end�rsed by the City Attorney in t�ken oi' his approval '
of the xes�luti�n ss ta f�r� and correctness, wes declared t� be
iu Pffect, and is ss follaws: •
k RESOZUTION suth�rizing,
�4,2g0,000 Refunding B�nis, Series
1946, of the City of Clearw�ter, .
fi�ing the details, and pr�viding
for the pa, ment thereof, making
c er tain pravi si �ns wi th re sp�ct to
the securitq end psyment th ere�f,
and providir� for the val id ati an: �
and sale of said bonds.
�k** **�k :k**
4YI3Enr7AS the City o� Clearwat'er hss herat�f�re authorized
end coused t� be validated and delisered, pursuant to resolution '
therefor adopted �n Februery 7, 1944 and amended on april 1�, 1945,
bonds af s eid city wtiich a re now outst�nding ,, e s foll�,vs:
�3,737 ,000 Refunding Bor�l� �f 1944,
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Series �, dated January l,, 19k4 due serislZy
�n Juiy l, 19y.� to i97�, �.noiusive, ana July
1, 1974;
�31�,o0U Reitiinding Bon�3s of 1944,
'' Series B, dated J'r�nur�ry 1, 194.la., dua sariaTly
�n Suly 1, 1�1�7 to 1970, i.n�lus�ve, and J'uly
1, 19'79; -
. �229,000 l3eflinding Boncls of' a.Gl,�.,
5eries C-, deted J'anuary 1, �941,., due serially
on J'u7.y 1, 1947 t5 1964, inclusive, and July
, i, 1R793
� and 4YHE��S a11 of' s ai d bon3 s, were
issued for the purpase
of refundi�g indebtedness of the city vat�ich was outstanding prior
to November Ei, 1934, and w�re authorized and issued in such manner
thst theq es�3 payabla from taxes to be levied with�ut limitation
es �a rate :�r �mount an �11 taxab?,.a property in -�he following
sreas, includin� homesteads: , ,
The �i�fundirg B�nd s�f 191�4, Series n, fr�m
texes to be sa lavied on a11 te�;at�le property in the
Gzty of Clearwater as the b�un3 aries af said city
existed st thz t�.ma of the issuance of such b�nds,
a�d wi�u the addition.al right i:zserved in the city
to levy such taxpa upon sll taxable property within
sny terxitary -ther�tofore exeluded fram the city which
was embraced �uithin tha �ity limits at the ti.me �f
the creatian af the bon3ed in�e.btedness refunded by
said b�r�s of Series ti;
Tha �efunding S�nds of 191�.4., Series E, fram
taxas t3 be sU levled on all taxable pr�pertv in the
Gity �f Clearwater as ttze b�undsries �i' said city
: existed at the time of' the issuance �f such b�nds,
excludi� tLerefrom the ferr�tary which rvas annexed`
to the cii,y by Chept2r 10,394 Special L•aws �f FZor�.da,
192�, but with the sc�i iti�nal right reserved in the
- city to levy such tares u�o�.all taxable pr�perty
, within ans territory t�ieretofore exeluded ir�n the
city which was embraced within the city li.mits at the
timo �f the creation �f the bo?uled indebtedness
reiunded by said bomi s of Series B;
Tha r efunding Bo�i s af 19L�,, Seri es C, from
texes ta be so levied an all taxable �r�pertq in the
City of Clearwater as t1:e b�un�ariss �f said city
existed st the tise oi the issuance of such bonds,
eacludinp +� erefrom the territarg which was annexed to �he
.- city by �hapters 10,391 and 10,394, SPecial
��ws,: �f Flarid�, 192�, but, with the additi�n�l right
reserved in the city to levy such taxes upon atl
t;axable nr�perty within any territ�ry theretafore
excluded £rom the city v�hich �vas embraced within
t�e city limits at the tim� �f the creatian of the
bonded indebtedness refunded by said bonds of Series
C;
snd
- j�IH�R��S the amount oi interest which will be due on thz
above described Lvnds fr�m July 1, 191�6 t� the maturit� thereof,
will be .��p3,�29,542.50 snd the city has enterad into an
agreement gursuant t5 which it will be p�ssiale to call said aut-
standing bonds f�r redemption an,d t� refun� them into the b�nds
hereinaftar au�uorized, which new bands bearinb interest at the
rates herainafter sDecified will require the psyment of total
intersst there�n irom �uly 1, 1946 ta meturity in the amount of '
�2,929,72'7•50, thus ePiaotin� a ssvings in interest t� th�:
city �i' w.�g99,815 � and
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1'lIi�d'� S the maturities of the indebtsdness represented
by seid bon�.s as hereinaF�ter pr�vided will be ru�re advantage�us
to the city snd will make bossibla the retirement �f the principal
o#' said indabtedness thraugh the lev� of t�xes which wi11 be more
easily peyablP by the taypayers �f the city; and
1'JHyf2�;r,S the ci ty is auth �ri zed by the provisi ons of
':hepter 132 of the Florid�, Statutes, 19��1, �to autn�r•ize end issue
its refunding bon�s �'�r .such purposa, and in the manner for which
prov'ision is made in this resoluti�n, ancl bll aets, conditi�ns
anci thin�s reguired by the Constitution snd L•aws �f Flari3�, in-
c2u�i:� the ch.erter of the city end Ch�pter 132, sPqresaid, t�
exist, to hbppen and ta be Qer�'�rmed precedent t� the issuance �� the
refunclin� bonds hzrein aut�orized, have haopenzd i�nd have been
Performed in regular and due f�rm, time and ��naer as sq required;
NOV�, 'Iiir�R�+,FOHE, B2 it r2esolved by the City C��issi�n
�f the Gii.y' of Clear�vater, Pinellas Count�, Florida, as follqv�s:
Section 1. Th�t t2e bonds �f the City of Clearwster
(which city is hereinbef�re snd hereinaftar in tt�is res�lution
sometimes raf�.rxzci t� ss "the city") in the principal am�unt o�'
�4,?�O,OOO, described in the preamble heret�, constitute a valid,
outstand•ing flznded indebt�dnzss �f thz city, payabl� as recited
in said preambls.
Section 2. That for th� ��rpos� �f refuud� ,� and re-
tirin� said indebtedn�ss th ere s re hereby auth�ri zed ta be issuzd
the neg�tiable bonds �� the city in the s�;rs;at� princip�l amoun�
of �p4,280,00Q, to be designat�d "iieYundi� B�nds, Serizs 1946,"
of which t��nds numbered 1 t� 229, inclusive, e,rz t� be issued
f�r the purpose oi' refundir� the outstsading eiefundir� Bonds of
191+4, Series C, b�ndsiumbered 230 t� 543, inclusi�e,
are t� be issued f�r the purnose of refundi� the �utstanding
�efandi� B�nds af 19Li1�., Series B, en� bonds nwr�sred 5J�la. t�
42g0, irclusive, are t� Ue issued f�r the �urp�se o�' rei'unding
the �utstanding �teft�ndiqc Bonds �f Z91+1�., 5eries n.
Secti�n 3. Thst the said neYundix� B�nds shall be
dated July l, 1�46, shall be in the dengmination af �k1,�00 e&ch,
end shall be numbered and fa].l due serially �n July 1 �f-each yeer,
as fo].lov�s:
B�nd i�umbers kmount Year
1 t� 10
11 to 20 � l0'0 0 1947
� 194$
21 to 30 10,000 1949
31 to 40 lo,000 �950
41 to 50 �lo,000 ].951
51 to 115 b5,o00 1952
116 to lg5 7O,000 1953
18b to 2tio 75,00b 1954
2�1 � 34� 80,000 1955
341 to 425 SS,000 1956
426 ta 515 , 90,00� 1957
516 t� 605 �` 90,000 195g
606 to 700 95, 000 • I9'S9
�701 t� 795 95�000 1960
79b to 895 1�0,000 1961
g9� t� loo0 105,00� 1a62
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C�nt'd.
Boixi Ntunbers xmaunt Y'ear
loo�. ta 1105 � 105,00o i963
1106 to 1215 110',000 1964
izlb t� 1325 ll�,000 i966
�.32o ta 14.4� 115,000
1441 ta 1555 115,000 1y67
155d to 1675 120,000 19�g
1676 to 1795 120,000 1969
i796 to 1920 �.z5,aoo i971
1�zi to zo�.s 1z5, o00
2046 to 217� 125,oU0 , 1972
zi71 ta z3oo i3o,000 i974
23c�1 t� 2590 290,000 1975
2591 to 2b3o i�0,o00 1976
2031 to 2670 40,000 1977
2671 t� z715 45,000
2716 to 2760 � /�5 �000 197g
2761 t� 4280 1,52a,000 1979
AZl af the b�nds s na11 bear interest at the rate bf
four and one-half per cent per annum from date to Jul;� I, 1950,
unless soqner �luey and at the rste �f four per cent per annum fr�m
July 1, 1950 �o J'uly l, 1951, unless sooner due. Bonds numbered 1
t� 50, inclusivs, sholl bear interest at t�a� �nd three-quarters per
cent per annum =rom maturity until paid if not paid at maturity.
Bonds �umbered 51 t� 425, inclusive, shall bear interast fram J'uly
1, 1951 unti:�. pai3 at the r2te �i two and three-quarters par cent
per annum. B�nds numbered 42b tio 12�5, inalusiva, shall besr
interest from July l, 1951 until �sid or c�.11ed fos• redem�tiori at
the rate �f tw� and �ne-�uarter per esnt per annum. Borxls numbered
1?_16 t� 2%60, inclusivs, shall 'oear interest f.rom J'uIy l, 1351 until
p�id �r callecl f�r redemption at the re.te o�' tw� snd �ne-helf per
cant per an�um�. B�nds numbered 27b1 t�.4280, inclusiva, shs11 bear
interest i'r�m July 1, 1951 un�til payi• �r called for redmiption et
the rate o� two and f�ur-tenths per cant per ar_num. kll i nterest
shsll be psy�ble semi-anZual ly �n Januax;� 1 and July l�f each
year, vahic+� interest fsll�ng due on and prior to maturity of the
bonds shall b� psyable unan presentati�n and sqrrender �f �appro-
priate i:�terest coupons ta be sttac�ed t� the b�rris. Interest
fallin� 3ue on each semi-annusl interest gsymant dste an and priar
to maturity shsll be repxeszntad by s sing le caup�n except es to
interest,felZing due �n each interest payment dste t� and including
July l, 1951 and as ta such i�terest erach semi-annual inst�llment
du� an sach b�nd shr�ll be represe�ted b;� tw�. :��up�ns to be atteched'
to the band, �ne af which c�upons she11 evidanca inter�st at the
rate �bave speciPied to be barne by such bond subseyuent ta July
l, 1951 or su bsequant to maturity, and the �ther oi which co u�ons
shall evidenea the remsindar �f the interest due an such interest
payment d5te, and which c�u,�ons may be presented P�r payment
either separatel� �r as a unit,
Said bonds shell be peyable ss t•� both pr.i.ncipal a:zd
interest in lawful mqney oP the United States �f Americs at
Th� kmericen Nati�nal Benk Ec Trust Co. in the Cit� �g Chic��o,
Illin�is. �
Bancls numbered 1 t� 1�25, inclusive, shal]. not be cellebl.s
far redemptian prior to their stated moturiti es. �onds numbered
1
5.
�.?6 tb 4?gt�, inclu�ive, sha11 be subject tq redempti�n et the
option oi' the city in iriver�e order �P maturitie3 on J"uly l, 19$1
and on eny interes+ payment date thereafter. If less than
�11 oi` the boxr�s of a maturity are so celled i'or red�pti�n on any
interest payment dete, the bonds tu be redeemed shall be selected
by lot. The city agrees that should said right ai' redemption be
exercised as to bonds numbered 426 to 2'760, inclusivz, it will
pay to the holder �r holders �f each band s� called f�r
redemptipn up�n the surrender of such b�nd, interest in �aait��n
to thet evidencad by coupons and accrued as o� the redanp�ion data,
in an am�unt equal t� one dnd one-half pzr cent of the principal
am�unt �f the b�nd if ca1 Ted � or i�eda,mgti on �n �r before � uly 1,
1957; one per cent �f the pri ncipal amount of the b�nd iY called
far redpnption therEafter �n or befare J'uly 1, 196�., and �ne-half
oP �ne per c�nt of the pr�.nci oa� am�unt aP t;he bqnd if called
f�r redzmption ih ereafter o� �r before duly 1, 1972. Vo additi�nal
interest need be s� paid �n such b�nds if they are celled P�r
redemption after July 1, 1972. ��nzs numbered 2761 t� 428�, in-
clusive, mey be called iar• rad�oti�n �n eny interest payment dste
on or�'tei� July 1, 1951, with�ut tha payment �f edditional interest.
iJ�ti�e of redemption is t� be �ive� n�t less �han thirty dzys �riqr
t� the dat� fixed f�r red�pti,on by regis�tered mail to ��e rzgist2red
owner �f eac� b�nd cslTed i�r. redemption, meiled t� tha ��ress bf
such owner sh�w1 �a the �tegistr�r's registratio� b��ks, I�' any
b�nd c�illed f�r red��tion is not at the time registere3 as t�
principal, tnirty deysT n�tice ��' rzdempti�n sh�11 be giv2n b3
publicati�n �f an appr�prib�z notioe at least anc� in a ne��spaper
p.ublishe3 and �aving general ci��culati�n in tha City �f �leai:water
snd at least �ncz in b finG::ci�1. �ewsp�per or j�urnal publish�d
in the Qity �P 1Vew,York, ilew Y�rk, �r Ghica�, Illin�is.
5ection 4. That each �f the b�nds herein auth�rized
shall be si gned b3� the C�ty xuditor an d Clerk snd by the City
Man�ger, en� shall be c�untersigned_by the Liay�r-C�i�issi�ner.
There sha1Z also be alaced �n a�ch b�nd a:l eadorszme�t by the
City ��tta��ney sp�rovin� the bon3 �s to form and correctness. The
interest caup�ns f�?� v�ich pY�visi�n is �h�v� made shall be
signz3 with i.he f�:csimile si�n�tur�s of s�id �fficidls. T�ere
slisll be imuressed �n eGch bon� tiia c�r:;�ratv saal �t' the city.
Secti�lz 5. 7��t s�.i3 tefundir� Bon:is shall bs re�ister-
aale as t� priucipal in the name oz the �wner �� the books of
th� �:ity nu3it�r bnd �ler�C �s :ie�istr�r, �vhichregistrati�n shall
alsa be noted �n the ba�n �f each b�nd re�istered. �,iter such
registration no trans�er �i` b�nds s� registered shall ba valid unless
made on the b��ks �f the City haulit�r s�:d Cler� an3 similsrl3� s��ted
�n the bbnds. ��nds ragist;ered as t� princi�sl m�y ce �isclicrged
fr�rr� registrati�n by b4ing tr�nsferred t� bearer, after which they
�hall be trt� nsferobl e by d el iv ery , but may b gai n be r egi st�rad s s
.�
�.� �� '
,
�
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�
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�,� principal as befar�, �.e�istrati�n �f bands as t� princip�l shall
not restrain t�e n�gatislril.ity of �he coup�ns e�tached t� seid b�nds,
which c�u�ons shr�ll continua t� be transferable by aelivary.
Section 6. Thst said neili:�din� B�nds shall not c�nstitute
a n�veti�n �r new i�lebtadness, Uut shall merely evidance an
extension �r rene�vsl in e new f�rm �f the �riginal existi� in-
dzbtsdnes:: reilinded thereby, and sh�ll be or lika f�rce �nd effect
ss t� �bligsti�n as if the �riginal indet�tedness ha� rem�ined un-
r•efunded, it bein� tP�e intention hereof t�1st ell c�ntrect rights
as ta �ecurity, tsaing power, obligstion f�r payment, rewedy and
enf�rcement enjoyed bs the holders af ssid indebteaness in its
�riginal f�rm, inclu3in�tae righ� t� payment Tz-;m taxes levied
�n h�mestesd pr�narties, shall inure to and be enj�yed by the
h�lders �r said indebted`ness in its refund�d form, ss represented
by the refunding b�nds harein autL�rized; that �nly such property
as v��uld be �xempt £rom tsxation under the nrovisi�ns �f the I,aws
and Gonstitutian of Florida v�hich were in f�rce at the time �� the
cresti�n �f the ariginal indebtednass which in rafunded for� is to
be rafunded by the bonds hex•ein auth�rized, shal 1 be exem.pt from
taxation ta psy the interest up�n and principsl of the rcafunding
23or.rls herein autli�rize� ,��•h� same raspectively become due; that
s11 laws enactad si nce tn e issua��ce of the autstan ding b�nds
refu�ded by tha b�nds herein authorized t� be refunded �r�hieh are
inefz�ctiva es t� such obligations shsll be ineff'ective as t� the
�efunding t3�nds her2in authqrized; tha;t esch �f said Rei'unding
B�nds shall c�ntain on its face a recital to said effect„ �nd that
the recit�l t� said effect appearing as the sec�n3 par�graph of the
U�nd farm sat �Lit in thz next secti�n,herebf is appraved, ad�Pted ,
and ratified.
The limitati�ns applicable t� the territ�ry vaithin the
c�ty limits which is subject to t�xati�n for each �f the t.hree
sexies of bond s hexein auth�rized t� be xeilirsi ed shall remain
appZicable to the c�rrespandino Zefandin� Bon� s herein suth�rized,
' s� ths� each n�Punding �ond shel l be pay�ble from taxes to be •
levied �nly on the tsxable pr�perty in the territox�� which wr�s
subject to the levy �f texes for the na�gment �f the series �f �ie-
Pundin� B�nds �f 1944 w�ich included the b�nd rei'un3ed by such
herain auth�rized i•efunding b�nd; provided h.,� ever, thrt �he city
reserves the right t� levy such iaxes �s mi�ht lawiully Ue imposed
by it u��n sll taxable property within any territ�ry uerebof.ore
excluded from the territ�rial limits of the city sn1 v+hich territ�ry
is subject to tax�ti�n for the payment of thA barrls her.:in auth�r-
ized t� be reiU,nded under the 5rovisions of the reso].uti�n auttior-
izing the issu�nce �f such bond�.
s
7.
Section 7. That ;said Re�undi� Bonds, the coupons to be
thereto attached, and the valide'tian certificate and ,registration
blsnk to be endorsed thereon, shall be substsntially the
following form; .
(Foxm af Hond )
iJ�dITi,D STt;T"1+;5 OF' t,M„ttIC�
' STr_Ti OF FI,OtiIDi�
COUi1'i'Y� OF i'zlV�s�,I,t�S
CITY OF QLI+��t,ttylr,Ti;$
HEFUNDIiVG BOND, S'�tT�S 1946
Number
�1,OU0
KNOW �,LL b7L�`iV BY �I�S�' I�FtES�1VT5, that the City �P
Clearviater, I'inellas C�unty, Flarida, hereby acknowle3ges itsel�
tp be indebted and pr�mises t� pay ta the ber�rer, or if this bond
he regi�stered as to principal then t, th� registared owner hereoi',
the sum of One Thousand �ollsrs (�1,000) on the iirst day �� July,
19 , and ta nay interest on ssid su� Proin tl�.e date hereof until
peid, semi-snnuelly on the first days ai` July an3 J'�nuary �f each
year, at the rate of f�ur and one-hali per cent (4-;�2�0) per
annum for the first Pour years fr�� the date hereoY (unless
this bond shall'h�ve matured prior t� �he expiretiqn of said -
i'our-year periad, snd in such case then f�r such p�rt �i said
four-�2sr peri �d a s msy elapse prior to th� maturity �f t�is bond ),
at the rate �f faur p�r cent per annum f�r• the fi�th yeer ir�m the
dete hereof (unless this �nd shr�ll raature on J'uly 1, 1950),
and, unless this b�nd sha11 then hsve mstured, 6t �the rste �f
par cent ( �fO) per snnum thereaiter
until peid. Intarest s� falling due in each year subsequent ta
the fift� year is rzpresente3 by two s� i-an nu�l interest c� upons
heret� attsched; interest so fallinti due in esch �z tha �irst fivs
years from the date �.ere�f (�r Yar such psrt o£ s�id periad ss
may elapse prior to the moturity date �f this o�nd), is renresented
by four inter�st c�upons hereta attached, ;and such interest to
the met�xrity dste of th is b�nd will ba paid ouly up�n presentstian
and surrender af a�d in the am�unts repr�sented by said coupans
ss tiie5* severslly become due. On the interest �e5•ment dstes as
t� which interest hereon is represented by tw� c�uoans, eitner
c�upoi3 may be pr'esented anfl will be paid apart fr�m the otiier. �
In tiZe event'th is bbnd is n�t paid e� ma�urity, interest �hall'be
psy�ble there�n i'r�m maturity �t the rai;e :�f
pzr cent ( j'o) psr snnum. B�th principal �� and interest on
tliis b.�nd are nay�ble in l�wful m�ney �f the UcLi�Ced States of
kmerica �t Tbe �unerican ��7r�ti �nal B�nk &. 7rust Cb, , in tha City �f
Chicego, I1,linois, and i� r the pr�mpt g�yment �f'this b�nd
and interest there3n as the sar.ie become duz, the flill faith,
ored3t and .res�urces �f s�id city sre hez�eby irrevocably pledged.
Thi.s b�nd is issued f�r the �urpose of refuncling 8 like
amount �f b� �ded indebted�Ess �f s�i3 city ori ginally outstandin�
■
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�n and prior �� �3ovemUer b, 193l�, an� does ri�t c�,nstitute neW
indebtedness ar a n�v�tion �f ssid outstanding ir�ebte3ness, but
merely evidenc� au extension or r�new�l. in a neW ��rm �i' sai d
�xi�inal existing indebte�ness refunded hereby, �,nd is of like
f�rce and affect as t� �alig�ti�n bs if ssid ari�inel indebted-
ness had rem�ined unrefunded, it be�.nQ exprsssly hereby p_r�vided
sn3 recitad thet &11 contract rights as t� security, taxir�
p�uvar, �bligati�n for pssrment, rzmedy, �n3 eni�rcement, enjoyed
by the holders �f said indebtedness in its �riginbl form, in-
cluding the right t� payment fram t�xe5 levizd on homes�Gead
properties, have inured to, and ar'� snd shell be enioyed b3+ the
h�lders ot' said indebtedness ss rapresented by th iq ;te�uncling
ilond, Only such prqperty as w�ul� ba exempt fr�m tsxati�n under
the pr�visi�ns �f the I,aws and Constituiion oi' �'lorida vahich were
in forca st the tins �f the creation ol the originsl indeotednass
rzfunded hereby shall be exempt irom taxati�n t� pa5 the interest
�n and princi�al �2 this b�nd ss the same resp�etively become
due. I,aws aaaeted since the creation �f such indebtedness
��ahich arr ineffective as t� such indebte�nass are hereby declared
t� be similarly ineffectiv� as to this b�nd. For a speei�ication
oi' the tsxsble �roparty both within and without the b�un�aries
�f the Cit� of Clear�vater which is taxable 'z�r the paj�ment �f
principal �f and ix�terest �n �the various b�tri s of the issue �f
r•ahich this b�nd is �ne, reYerence is made to the hereinaiter nen-
tianed resolution.
Bonds nunibared y.2b t� �.2f30, i�lclusive, �f the issue
of v�ich �his is �nz are optionbl far redemption in inverse
order �i' maturities �n ,Ttzly 1, 1951, and �n any interest pa3=ment
date thereefter st par and sccrued interest to the date fixed f�r
redemption„ ezcept that as to bonds numbared 426 t� 27�v, in-
clusive, the city will pay t� the halder oP each b�nd so redaemed
interes� in additian t� �hat evidenced by co upons and accrusd
as �i the red�mPti�n asta in the am�unt of $15 ii redeemed an �r
bef�re Ju1y 1, 195/, �1Q if red.eemed thereafter on or before
July l, 196�., and �5 if redeemed tdlereafter �n �r befqra July 1,
19�2. �l'hirty days' n�tice �i redemgtion is ta be given by
registered mai]. t� the registered holder, �r es to bonds n�t
registered, by publiceti�n in a newspaper published and having
general c�rcul�ti�n in the City oi C1e�rwrter and in s finencial
newspbper �r j�urnsl published in the City �f Vevd Y�rk, New York,
�r Chicag�, Illin�is.
This bond is re�i.sterable �s t� principal in the name
o#' the �wner an the ba�ks �f the City huditor and Clerk o�' the
City of Clearwater, es its�isti•ar, which registrati�n shall als�
be n�ted on the back �i this b�nd. kP+er such re�istration no
�
9.
transfer of this bond sha11 .be v&lid ranless made �n the books
of the Ci,ty kuditor and Clerk and sim_i.larly notad herean. Fegis-
tration �f thi3 oond as to principal ntsy be ciischarged by trans�'er
t� bearer, r;fter w:�ich this bond shall be �rsnsi'erat�le by delivery
but ray a�ain be registered ss to prineipal as bef�re. Registrsti�n
hex•eof ss to pri:ncipal shall not restrain the negotiability ��' the
coupons hereto attsched by 3elivery merely.
Tlris bond is negotiable �nd is one �� s series of i�nds
issued by the city iqr tha purpqse of re�unclix� certein legal
ancl valid b�ndad indebtednass herat�f�r e legally created by
said city for the psymant of which the fu11 Yaith, credit and
re�ources af said city hGve been and are legalYy �ledged, and
said series is issued under authority of sn3 in full complisnce
with the C�nstituti�n snd La;�s �f the State of Floridd, includin�
Ch�pi;er 132, Florida Statntas, 1�41, an3 in pursu�nce oi a
resolution o� th;a City Com�issian of the City �f Clearwater
duly and legolly sa�pted �n �ay 11�th, 1946.
It is hereby certifi�d and rEcited thst all acts,
c�ncLti�ns ana things requirad to be done precedent tq ond in the
issuance �f said bqr�s a�d o£ this band ha�e been properly done,
happened and been performad in ?-egular and due form ss rec�uired
by laya, that the indettedness winich is refun3ed hereby is a
�.egally refundable, subsisti� and legsl �bligstion o� said ci�y,
th�t neither the indebtedness which is refu�led hereby n�r this
s9ries �f b�nds, t�gathzr with sll �ther indebtadness �i ssid
cit,y, exceed any limit�ti-�n prescribed by tha Canst;itution
and Stctutes �� the S��te of Fl�risi�, dn�i th�t bef�re the
issusnce bf this b�n� �r�v�ision h�s been ma�e f�r the levy and
collection �f taxes sufficiant in emaunt t� pr�Fide f�r tha �ay-
menti �f the pr�inci�osl �f and interest �n this b�nd ss the s�rue
Uec�me due.
IN �:'IT}T���SS S"_1Fi �2�JF, tha City af Clearwater , acting
thr�ugh its c;ity u�n:missi�n, �as caused this b�nd to be signed
by its City hu3it�r and �lerk s�l.� by its City I�.;;nsger, and t�
be c�untersigned by its T��layqr-C��uiissionex, snd the carporate
sesl �f said city to be impressed here�n and the annexed interest
coup�ns t� be executed with the facsimile sianstures ai said
�fficials, �11 �s �f this £irst da,y of July, 191;6.
City huditar and �lerk
City T,snsaes
�
Gount ersi gned •
2Ji�y�r-Gom��iss ioner
�
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� � � � � ; � ��a.
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(F�rm �f Tnteres� C�up�nJ
Numb er �
Jn the first day o�' , 19 , unless the b�nd
to Vihich this c�upon is attached is �hen callable far redesu�tiozz
and has been theret�fore c�lled for redem;,�ti�n, tPie Gity ot C1ear-
water, Pznellas i.�unty, Florida, will pay t� bearer at,
' , in the City of • ,
thz sum. oi Dollars (��) in
lawiul monay o� tlie iTnited States af rmerica, being iiitarest t�
that am�unt due thet day �n its �'tefunclir�g $ond, Series 19�.b, dated
July 1, 191+6, and num�ered _,
— C�ty huditor and lsrk
`-C y Manager
C�unt ersigned;
P+.sy or -G��un�.s s�aner
(Validation Certificate)
��lidat�d and cor�ir�ed b5 decreQ �f thz Circuit C�urt
af the Sixth Judici�l Gircuit �f Flarids in and f�r Pineilas
Countyr rendered �n �the dey of , 1946•
Clerk �f the Cixcuit Court of
t'inellas C�unty, Florida
(Forrn of �tagistrati�n Csrtiiicate)
77ate of �vsme o£ � Sign�,tu.ra �f
rte�istrati�n i�egistered Holder City Audit,�r and Clerk
Section 8. That f�r the purp�se of payin�, principsl of
and inter�st �n the boncls herein suth�rized there shall 'oe and is
hereb3� l�vi�d b5� the City Gam�nission of the City of Clearwater
on all pr�perty in thz city v�hich was taxable Par the payment of
the b�nds herein ruthorized t� b� x�fun3ed (such taxes t� be levied
�gainst nraperty in the t**�ri�us territ�rial areas for the benefit
of the vsrious bonds oP thz authorized issue in the m&nner for �hich
pr�visi�n �s more specificclly m�de in Section 6 abave), e cantinu-
ing ad vr�l�rem tax; wiihout limitati�n �s to �ate or r�a�un�, £u�ly
suf�icient t� na� ssid princioel snd interest pr�mptly r�s esch
fMils due and to maintain the reserve fund f�r which �rovisi�n is
hereinaftex� made. The minimum tax ta be lavied hereundsr in each
yEar ahsll alweys be sufficient t� �roduce the minimum am�unt here-
a£ter speci£i�d as the am�unt to be 5roduced £�r _such year.
In determining the rate �f i:ax necassary for�ch annual
l,evq, it sha11 be assumed th�t the taxes so levied will be col.lected
. � yo
11. ,
prio2' 'tc d�linyue�c i fih
- y n,_e �verage per.centbge.a� c�llectio.Z prior
to flelinquency �btsinin� in the three years immediately preceding
tne mraking of the levy. 1�11 tsx lEvies made pursu�nt hereto snall.
constitute s�,eciel'levies �'or the purpose oi'° the paym�nt of such
prineipF�l and interest. Such taxes shall be uayabls in lswiul
m�ney ��' the U�ited Stbtes of kmerica, shall be �ollect�d at the
sa�na times and i:n the sama msnner ss are gener.al city texes, and as
r�pidl;� as c�llzcted and fr�m dr,y to day sha ll be transferred and
aepasited in a seperate sinking itind in the city dFp�sitary aud held
intrust therein s�1�l,y f�r the p�ymant of princip�l oP and int�rest
an the b�nds herein auth�ri zed. S�iid iLind shall �e knovdn s s the
"iteiunding Bonds, Series 1946, Sinkin� Fund�� and the m�rrey therein
shall be kept separste and apart fr�n a1.1 �ther funds of the eity
end shall be c�ntinu�usly secur�� t� the fullest extent repuire3
or permitted by the lsv�s �i rloridaancfi. the city chsrter for the
security of othzr municins.l dep�siis.
Section 9. Thst in arder to assure the retir�ent st
ar priar t� ma-Gurity �f �11 0� the b�xrls herein authorized and in
�rder to pr�v�3e far the msinten�nc� � a reservz funa for sucn
purnosa, tb:e city �grees th�t the minimum levy vahich it will m�ke
in each fi�cal yaar �ursuant to tha or�visi�ns o� Secti�n 8 sbave
shsll not be less than 1b.6 mills �n tha d�llar oi assesse3 v�lua-
ti�ii, and that such millage v�ill be incxeased in each year by the
aamz percentege as thz percent�ge of aversge delinquenci�s P�r the
�hree precedi�g yesrs deter�ine3 es �r�vided in sai3 S��cti�n �.
If in a ny fii scr�l ;,=ear the ta ta1 a ss ess ed v�l uatian of pro �erty itt
the city, includin� hom�steads, sha11 be �reater than the amount
set f�rth in the f�115vzing t�bulsti�n Par such fiscal y:ar, t�en the
tax vahich w�uld otherwise be requirad to be levied in such year
under the provisi�ns of this paragraph m�y be reduced in Dr��ortion
to the increase in the amount af assessed v�,luati�n f�r such fiseal
year �ver the v�luati�n for such fiscal year appaaring in the iol-
l�vai� tabulatian:
Fiscsl Year Valueti�n
1946-47 � 13,544,000
1947 -4S 13 , �ot� , oo�
194� -49 11� y 005, �p�
1950-5�1 14�325,000
�-4 , 585 , 00�
1951-52 14, 81�5, 00�
195z-53 15,1�6,000
195�-55 �-5,496,00�
1955-56 1�,b26,o00
195b-57 15,757,000
1957-Sg 15,8g7,o00
195g-59 l0,017,000
1959-b0 lb ,147',00�
19b0-ol 1b,278,000
1961-02 lb,4o8,000
l9f'2'63 1b,538,C��
19c� 3- 54 lo , 663 , 000
—
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v9�
12 .
Fiscal Year Valuati�n
�964=�5 � � ib,�'000
1965-'06 16,929,Qoo
1966-07 17,059,000
1967-1� 17 , �-s9 , 000
196�-69 �.7�319,000
1�b9-7� �.7,450,000
197�-71 17,580,00�
i971-7z 17,7io,o0o
1972-73 17 , 8t�0 , 000
1973-'�4 17,971,000
197�-75 1$,100,000
197�-7� 1�,231,000
197�-77 1�,361,000
1977-7s ig,�.9i,000
197S-i9 18,622,Oou
t;Jhenever the m�ney in the rtefunding B�nds, Series 19�.6,
Sinking �und shell bE in eacess a2 the bggregata �f (1) the amauut of
interest payable on and prior t� the naxt succeedir� J'uly l�n ell of
the b�nds t1�en �utstanding. (2j tha c�nount of the next mr�turin� in-
stallment �f the bonds, �nd (3) e reserv2 iund �f �150,000, and if
such excess is na� needed t� rem�ve any existi� defaults, such Qx-
czss sha11 be aoplied to the purchase ar red�mptiqn �f bonds as f�ilows:
fa) Excep`t as pr�videa in suodivision (b) af this Section
_ tiie City Commissi^n may apply such excess t� the pur�hrse �f any �u�-
standing bo�s ai' the i�nds herein �thorized a`� the lan}est prices
obtsinsbleitiit� reaso�able dili�enee, but aot in excess of the price
st which a like amount �Y bonds could be redeeme3 hereunder �n the
next interest payment date.
(b) if, ho-�vever, �n 1�4ay 2� or IJoveraber 20 tY�e am�unt af
such agcess shall be eguel in �r greater th�n the amount rer�uired for
the i�edemption �n the next ensuing interest peyment date of �50,000
principel am�uut �f bonds 'then re3eemeble, the City r,uditor a�3 Cl�rk
shall call f�r redzmpti�n on the next ensui� interest p�+yment date
such sm�unt �-P l�nds es will exhaust sucli excess �s nearly as may be.
On July l, 194�, '�here sha11 be transferred to the iteiund-
ing �3onds, Serias 191�6, Sinking �'un3 all m�ney then uvaila ble in the
sinking i�nd accounts for the b�nds herein nuthorized to be refunded5
includin%; tha rzserve �f .,��150,000 vahich has been established �'or the
ben�fit �f the outstand;ing bonds. The m�ney in the reserve flznd shall ba
retained, either in cssh �r in direct obligations �f the United States
G�vernment, ss a ressrye Po'r the b�nds herein authorized and shell be
�vithdrawn therefr�m only for t�.e paym�nt �P prix.cipal of �r intersst �n
the b�nds as to which there w�uld. otherrvise be a dei'ault, Fny m�nay so
w�thdrawn,from the rzserve shell be rz�leced fr�m the first pr�ceeds af
tY�e tages,levied in Seetiqn 8 hereoi' nat require3 for the payment �f
�rincipal, �r interest c�rain, due w.ithin the next succeedina tN�elve m�nths.
`xny sxc�ss accumulbting_in the sinkin� fund pri�r � It2ay 20,
1951, �which tnauld b2 ap �licable to the p�clZase or redemption of bonds
under the�f�regoin� pr�visians �i'.this section end which b3 reesan of
th,e a.nability �f the City �o purchase a�nds within the prico limits above
specified cs���i b� so applied m�y, in the cliscrztion �f the Qi.ty Com-
missi�n, be invested in direct �oligati�ns of the Uni�ed St�tes Government,
in which casa such �bligu�i�ns shr�1]. be s�ld on or pr9.or t�o 1VIe� 20 , 1951,
snd the pr�ceeds the�o� used to call f�r redan.ption on the nox� succeedizl;
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:13. " �y �
interest payment date as many oT the bonds then redaamable rs cen be re-
deemed with st�ch �r�ceeds. In lieu of i�vestin; suc�i excass in �bligr�tions
af the Unitod Stetes Goverrua�nt, the city msy invest such e:xcess in out-
stan�ing bands herein euth�rized or :in c�u��ns represe,ntin� interest
becoming due theieon., but it is expressly c�ven�nted,and egreed that the
city will n�t, prl�r t� July 1, z951, retire any tif the bor�s herein
sizth�rizad, end that bonds v�hieh mEy qe so puz•ches2d shall be retai_ned
unex'�inguished �s �� investment until Tuly 1, 1951. On J'uly .l, 1951, and
at �ll timas tb.ere�iter, bll bands s� purchased s}zdll bs c�ncelled and
sha11 n�t be subject to reissuanep.
Sectian 10. Th�t the bonds herein authorized shr�ll be
prepared and executed as s��n as may ba cft�er the adapti�n of this
resolution ani, sfter huving been validatec? as hereinafter pr�vided,
ti
shall be by the Cit�� Tre�surer dellv�red t� the �ruchas�rs thereof �n
July l, 1946, pursusnt to paym2�t ti� eref�r in aecordance with tha
terrus �f sale. The City Treesurer shall transfer i'r�m said sa12
pr�ceeds t� the Chase Idational Benk �i` �the City af I7ew r�rk �n
Jul;� 1 a sum sufiicient to pay the princip�l ai the outstanding
bond, herein �uthorized ti� be refunded in the amount o� �4,280,000.
together v�ith the additi�nal int�re�t whic� must be pbid �Uhereon by
reaso:� qf the call �Y such boads for red�pti�n �n Jul;� 1, 194b. •
The City Treasurer is furthsr ittstructed to transmit t� The C�'�2se
National Bank �f thz City oi iQew Y�r1c on or be��re July 1, 1946,
from atier funds �f th2 city c.^.cumulated f�r such purp�se, a sum
sufficient to �r�y interest due on thot date �n ell of the i�efun�in�
B�nds �f 1944 v+�ich n�w remain �utstanding, tag?ther witr principal
af all of such bonds fal.ling due �r c�led for red�npti�n on July 1 '
whieh are not �� be paid ir�m the �oceeds �f the new sefunding �
b�nds ss abo�e �r�vided, and sn �mount suC�iczsnt ta aay the addi-
ti�nal intiarest on such remaining b�ads required by reasbn af their '
call io� red2mpti�n an°� n�t ta be paid fram such rafunding bonds �
proceeds. �
Secti�n 11. That the bonds herein authorized shall be
advertised and s�ld ta the hi�hest and bsst bidder in thr m�nner !
required by Chepter 132 �i the Floz�ida Statu�s, 1941, v�hich s�le �
shail be hzld at a date t� be detei�mined by the Citg �,uflitor snd �
Clerk, which date shsll be far en�ugh 1T1 8C148TlCZ af JuTy 1 to sssure
trie delivery o.f the bands �n that date. The City xudit�x and Clerk "
. . . � � . . y . �
is herzby autli�rized ta ,�ublish the necessare sale n�tice. It shall ��
be provided in said notice �P sale that na bid for the b�nds will be �
cansidexed which offers t� a less than +� o S
p y �rincipal and � cru„d g
1
iuterest t:, July 1, 191�6, plus a premium �f eight per cent (8�'fo) �f �
the amount �f the b�nds. �
Section 12, `Phat if eny refunding b�nds herein �uthorized '�
— �
shb11 be held Y,y eny c�urt oi competent jurisdictian t� be in�ral�id
f�r any raason, the holders �f such bonds shal� be subrogsted to
a11 rights enj�yed by the halders �f the b�nds refun�i�d thereby.
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,�.c�.
Seotion 13. That the pr�visians �i" this ras�lution shall
cansti�ute a contract batween the oi�y and the holders �r�ni time t�
time of the refunding bo;�3 s harein au th�rized, wh ich contract shall
be enfarceable either at la�y ar in equity.
. Section 14. Ti�at the CXty Attorney i s hereby �autharized
and directed �a talce�eppropriate proceedin�s in the Circuit Gourt
of t1�e 8ixth J'udici�l Circuit �f Fl�r�.da in and for �'inellas County
for the vaiidation oi said b�nds and this res�lution and tk�e pravi-
sions h�rein c�ntained, end the b4ayar-Commissioner and City yuditor
and Clerk. sre autii�rizzd t� sign the plesdi.n�s in such �u��ceediu�s
i�r �n� in behGlf �f the City �f Claerwater.
Section 1�. That if sny clauss, s�cti�a, �er�gr�apll or
pr�visi�n �f this rssoluti�n sh�ll bz declas•zd u.ZenFox��able oy r�ny
court �f, c�mpetent jurisdictio:�, such h�ldina sha]_1 n�t �ffect or
- i�slidate the rem�incler heraof.
Section lfi. That by re�son �f thu n�cessity ��r thz im-
mediate authorizeti�� of tha b�rr3s and the c�spleti�n �f the valida-
� ti�n there�f �ri�r to JulS� 1, 191�6, tb.e data �n which the bonds tU
be rsiunded must be r�cleemed, sn emer�euay is her2b,y decldred makina
it necessary th�t this res�lutian sh�ll beeome eiiective imrned;�tely
. up�n its ad��tion snd it is so resol�%ed.
Hdopted and ap�r�ved M�y 14�, �94b. �� .--
��e�/
G� .it. � •�'AVY �
1:fayor-C�mmissi�ner
�ttest:
�
Fi-��dK GOOL.�Y ��L�
�ity �,udit�i an3 Glerk
G.
i -
Zh� �bove resolution and the contract
thez•ezn auth�rized spprovad as t� i�rm
and c�rrectness tnis 3�.tY� day af iJiay,
� Y946.
Rr,I,iH kI�AtiRDS
� �ity tsttoz•ney
!;
� lOther b�isinEss not �ertinant i;� the
. ab�ve a ppears in the minut es . j
.E'ursusnt t� m�tior_ duly �ade and carri2d, the meeting
' ivas ac3journed. � Vl
G�J . it . 5�
' ' N?"ayor-Q�rr,missioner
h'I'i^ a,S
FithI�T'li G OL�Y
City xudit�r znd Cl.erk
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gk
f
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-�r� 9�1,
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STriTi; Oi �'LOYTI31� j
) SS
COUNTY OF t'Iid�2L1�5 )
I, the undersigned FR�?JK COOLL'Y hereby
>
. certify thUt I r�m: the duly qualified snd �c�ing City huditor and
G1erk �f thz City �f C:;learweter, rlorids, and as such �:l�rr of
the r�ity C�iumis: ion �f said city.
T further certify thai tra abqve and f�reg�i� c�as�Li-
tutas a tru2 and eorrect capy of axcerpts of the minutes �P s meet-
ing of the City C�mrni.ssi�n he13 �n i,�tay 1k,th, 1y46, including a
res�lution eaopt�a at said �eeting, as said minutes and rzs�lution
are �fficiGlly �i rzcord in my p�ssession,
IN ?'�TTI�T.j;SS �"TFH,�;�UT' I hsve hereunt� subscribzd my �fficisl
signature and impresszd here�n the c�rporata seal of said citq
this 15th da,y �f P�Tay , 19L.6.
FRE�;�tK COOLII'
City nuditar and Clerk
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