09/10/1951
~ ;."'.
','
'.f"
-':,.
-;,;'",',\
'. ~ ' .;, ~ .':, . " i. " ' .
.. ,
',:I'l
' '/;'
':~,!
. '~l
'I
i ,,--.,
'--..
" u "
:'.~"~'~.j,
'1
.1
,', " ':,
:j
,
"
1
i
.I
j
I
,j
,
j
I
1
j
I
1
.~
j
:1
:;,
1
1
!.
":', ;
.'1'
~f.
,. ,,"
. .t:
"
';
{
,
. .
" ',',
',}
i-.'
, ~
.1~
, i~
':.:;f
, ,:":, f
, "
'"".': ..... .: ~
,"1.' .
" ",.,'. .,,';.:.., ,. . 'H_'HI."' '.;'. ..,:
,", .
...;,:.,..~)"; ';~I'
,~".. 't)' 1 . ,'"...".;.,;.', "
,". ,.'. ',... '
. . <-.."',. "
. ..,...,...".), ,
.';t~!f%~~1!
.';'.,.;\
CITY COMMISSION MEETING
September 10, 1951
The City Commission of the City of Clearwater met in special session at City Hall,
Monday, September 10, at 7:~O P.M., with the following members present:
I
I
I
!
!
I
,
Herbert M. Brown
Joe Turner
Thomas H. Black, Jr.
Herbert M. Blanton
-Mayor-Commissioner
-Commissioner
-Conunissioner
-Conunissioner
Absent:
Garland D. Lynn
-Connnissioner
Also presont were:
F. C. l.l1dd1eton
C. E. Ware
s. Lickton
Geol~ge T. lIicC1amma
-City Manager
-City Attorney
-City Engineer
-Ohier of Police
,_ ~,,.' .,~,....."-rc
The meeting was ca lIed to order by the 11ayor.
Report was p,iven by City 1I1anager on the exponses involved in 11r. Kabrich's work
on the Court streot extension. City Manar,er sta ted thn t everything is clea red up ex..
cept for about four cases, and that the expenses amount to approximately t;657.00. Map
was presented by City Attorney showing what propertieu have been purchased within the
ri/~ht of way by the City; what properties made deals with the City in which a certa'in
amount of money was paiel to the property owner plus cancellation of :improvement assess-
ments or cancella tion of improvement aSSASSInents plus the af~reel'l10nt on the part of the'
City to move certain nuj1dings; and propertios traded directly for cancellation of the
assessments. The City Attorney stated that of the few who are left all except two appear
to be very close to settlement, and that it may be that condemnation proceedings will
have to be brought at;ainst these two property holders. Mayor Drown requested the Com-
mittee to continue to function and see that the rest of the right of way is procured and
to bring back another report when there is ~trther information to add.
Mayor Brown also spoke of the Missouri Avenue right of way, and requested that the
COl1unittee give serious thought to the employment of Mr. Kabrich on this project innne-
diately. Other members of the Commission agreed that II!r. Iilibrich's retention for this
work was advisable. City Attorney stated that County Engineer's Office has turned OVer
to him all title searches for properties on which title must be obtained in that area.
He stated that deeds will be prepared in advance so that only one contact need be made
by Mr. Kabrich of property holders in this right of way. He stated that the Missouri
Avenue people are very ar,reeab~ toward giving property in that area as they want the
right of way and are glad not to be assessed for it. He stated, however, that any special
prOblems will of course show up on investigation by tlr. Kabrich.
Connnissloner Black made motion that expenses incurred in connection with acquiring
of the right of way nece Bsa ry .for the Court stl"eet extonsion, namely $657 .00" be pa id to
Mr. Kabrich. Commissioner Blanton seconded the motion. Vote was cast and motion unan-
imously carried.
Mayor Brown called for motion tha t Ur. Ka brich be employed on Missouri Avenue ex-
tension. Commissioner Blanton moved that Committee be appointed for procuring properties
for right of way from Be11eair Street North to Druid Road and the t hiring of Mr. Kabrich
be authorized as right of way a~ent. Commissioner Black seconded the motiono Vote was
taken and motion unanimously carried.
i
I
I
t
!
l
I
..':';-,':',,
'. .". ,,:;'~:(:::1<
l'
r . : "':
! '::.'. .:i..'""
:(, ' -~:. ,;{ ,-:'. ,., .
! "
,;',:~H\}i~~tf.f ~
Li1j)~IIi.t~
t,. "'..,...tij:;"..,j'. .
'(1'1
Report was given by c~ty Engineer on Mandalay Unit #5 improvement project. City
Engineer stated that the proposal is to take the entire subdivision and charge the drain-
age against the entire area of the subdivision as shown on map he presented. He stated
that he could justify from levels taken that all areas from the crown of the road in
Manda1ay do add to the problems of drainage in this area. Pa'\Ting will be charged against
front footage. Since the curb and gutters, especially the gutters~ are taking care of
drainage" he recommends that curb and glltters be charged against drainage and not against
paving. If curb and ~tters are not charged against drainage same lots will have to pay
drainage plus curb only. He did not consider that fair but stated it could be done tl~t
way. Commissioner Blaclc moved tha t the City Engineer's report be accepted and tha t the
City 1mnager be authorized to publish notice of public hearing; that from Mandalay to
the Bay and Clearwater to properties involved facing Somerset inclusive be included in
this project; that basis for assessment be on an area basis as pertains to curb and storm
sewers and that the assessment for paving be on a front foot basis; and that City Manager
be authorized to advertise ror bids covering this work so that it will run simultaneously
with notice of public hearing, which will be held the first Monday in October - October 1st;
bids to be opened only if worle is authorized at the public hearing. Commissioner Black
stated that the latter part of his motion was made with the thought that time would be
saved for the property owners after the long delay in getting this project under way. Com-
missioner Turner seconded the motion, which was voted upon and unanimously ca~ried.
Mayor Brown asked if there was a report on the lmrinas Project. The City Manager
requested that Committee go with the City Engineer and him tomorrow afternoon at 1:00 PM
to make final inspection of the Marinas property. It was agreed that this be done. Mayor
Brown stated that Mr. Al'Dlston ia waiting for final payment. He stated that City Mamger
would like to have some authorization to pay this account if the inspection proves that
this work is properly done. Commissioner Blanton moved that City Manager be authorized
to make final payment atter inspection by the Committee and if the work is found to be
completed in a satisfactory manner. Commissioner Black seconded the motion, which was
voted upon and unanimously passed.
Mayor Brown brought up the matter of the reading of Ordinance No. 608 pertaining
to the issuance of Yacht Basin Revenue certificateso The City Attorney submitted amend-
ments to ~i8 Ordinance, some of which he stated originated with the Commission and some
with the City Attorney. Commissioner Black moved adoption of amendment amending Subsection (al
')
.......
_...._~;'fIi..._
i~ """'--..--
, . '
'1:iz;~k:;~J{::~~;0:'<i;;::..~:.",.:,..., ,..,:...', '
.,':,~
"<~~
..: 'i.""J :,..J,
:1:: 1,.....10: '
"
i
".
,\
.:)
J
~
,
.~
;,
'.
';
i
: ,
of Section 1 of Article 1 by striking all of Subsection (a) and inserting 1n place
thereof as read by the City Attorney. Commissioner Blanton seconded the motion, which
wa& voted upon and unanimously carried. Commissioner Black moved to amend Supsection
(f) of Section 3 of Article 1 of Ordinance No. 608 by striking all of Subsection (f)
and inserting in place thereof as read by City Attorney. Commissioner Turner seconded
the motion, which was voted upon and unanimously passed. Commissioner Black moved to
amend Subsection (g) of Section 3 of Article 1 by striking out all of said section and
inserting in place thereof amendment as read by City Attorney. Commissioner Turner
seoonded the motion, which was voted upon and unanimously passed. Commissioner Black
moved to amend Subseotion (h) of Section 3 of Article 1, Ordirnmce No. 608 by striking
tlle item noted by the City Attorney and inserting the words noted by the City Attorney.
Commissioner Turner seconded the motion, which wafJ voted upon and unanimously passed.
Commissioner Black moved Subsection (c) of Section 13 of Article 3 by addition in the
fifty line of the words read by the City Attorney. Cammisaloner Turner seconded the
motion, Which was voted upon and unanimously carried. Commissioner Black moved to
amend Paragraph 1 of Subsection (d) of Section 15 of Article 3 by insertlnr, in the
second line thereof the phrase noted by the City Attorney. Commissioner Turner aeconded
the motion, which was voted upon and unanimously carried. Commissioner Black moved to
amend Subsection (j) of Section 6 of Artlcle 3 of Ordinance No. 608 by inserting in
Subsection (j) the phrase as read by the City Attorney. Commissioner Turner seconded
the motion, which was voted upon and unanimously carried. Mayor Brown asked whether
thero has been any expression from the Clearwater Beach Association on this projeot.
Tlle City Attorney replied that Mr. Carson~ Freaident of the Association, read over a
oopy of the Ordinance end raised two or three questions regarding it and seemed to bo
fully sa'tisfied with it. Mayor Brown stated that Mr. Carson had said that the Asso-
ciation did endorse the project and fully approves it. Commissioner Blanton moved
that an additional $30,000.00 be added to the issue of revenue certificates and that
the payment of said additional sum be provided by adding two more additional maturities
of $15,000.00 each at the end of the pay period specified 1n the Ordinance. Commissioner
Turner seconded the motion, which was voted upon and unanimously carried. C1t1Attorney
then read Ordinance No. 608. Commissioner Black moved pasasge of Ordinance No. 60B as
amended on its third and final reading. Commissioner Turner seconded the motion, whiCh
was voted upon and carried.
Consideration was given to amendments to Occupational License No. 580. Commissioner
Turner moved passage of Ordinance No. 609 on its first readinB. Con~missioner Black
seconded the motion~ which was voted upon and unanulously carried. City Attorney read
Ordinance No. 609, which was discussed during the reading by all Commissioners. Com-
missioner Turner moved that Ordinance No. 609 be taken up at second reading by title
only by unanimous consent. Conmissioner Black seconded the motion, which was voted
upon and unanimously carried. City Attorney read Ordinance No. 609 by title only. Com-
missioner Black moved passage of Ordinance No. 609 by title only on its second reading.
Commissioner Turner seconded the motion, which was voted upon and unanimously carried.
Meeting was adjourned by Mayor Brown at 12:15 AM.
~
layor- ommiss r
--------------------------------------------------------------------~---
September 7, 1951
Mayor-Commissioner Herbert M. Brown,
Connnissioners:
Joe Turner, Herbert Blanton, Garland D. Lwnn,
Thomas H~ B1aclc
Gentlemen:
The City Commission will meet in special session Monday evening - September 1.0, 1951 -
7:30 P. M. 1n the City Hall - to consider items on the attached agenda.
1.
2.
3.
4.
5.
Yours very troly.
F.C.Middleton, City ~mnager.
Improvement Project.
City Engineer's report on Manda1ay Unit #5 -
Third and final reading of Ordinance #608.
Consideration of wmendments to Occupational License Ordinance #580.
Report from Mr. Kabrich regarding Court street Extension right-of-wEV .
Items not on the Agenda will be considored by oonsent o~ the Con~isBion.
Adjournmento
".:' "
11"\
,,' , ~.
,.,'/,:;
I,
i '
I
t
I
.'
f
!
I,
I:
I
!
, \ I,
, "
'~;'~~iHtlri ,
"I' ".,..",.~
111~i1~.;'\
, ' :~." " . ._, ,..;
.~ :' &~.;' .
".,. , ,:: ,~', .. :' _4 '\ ,I. " :
.,...< ,\ - .
.....- & . ~~. '.,
_..,,_ ;,.."l:.' .J.,
... ......,;,:,..".
., ". ,,:.L
CITY OOM11ISSION MEETING
Sept~ber ~O~ 1951
ORDINANOE NO. 608
, ,',.. Co' " . ~I
.':?.:":.:....:}:.;:~f
";".\' .';~
, < ...,: : .;j
~j ~
.,~ .
; ~:.\...,.,y.~\ .l;~~;:j/
;:1
"j
:,~
:~i
,q
'1
.~
:;}
. il
1
1
i
I
AN ORDINANCE PROVIDING FOR THE OONSTRUOTION,
IMPROVDfEN'l' AND EQ,UIPMENT or A COMMERCIAL
AND RECREA'.rIONAL BUILDING AND A PIERJ AUTHOR-
IZING THE ISSUANOE OF $:325,000.00 YAOH'l' BASIN
BE:VENlJE CEB'l'IFIOATEB; AND PROVIDING FOR 'mE
EIGHTS OF 'l'HE HOLDERS THEllEOF.
BE IT ORDAINED BY THE CITY OO!MISSION OF THE OI'l'I' OJ' CLEARWATER, FLORIDA:
1.
provisions
amendments
water, and
ARTIOLE I
STATtrrORY AUTHORITY, FINDINGS AND DEFINITIONS.
AU'l'BORI'rX' OF THIS ORDINANOE. This Ord1nanoe is adopted pursuant to the
ot Obapter 9710, Speo1a1 Aots ot the Leglslature ot Flor.1da, 1923, and
thereof and supplements thereto, be1ng the Oharter ot the Otty ot Olear-
other appl10able prov1s1ons ot law.
It is hereby tound and determined as ~0110ws:
(A) !hat the 01ty or Olea~ater 1s now the owner ot 1and, premdees and vater
rights 1n sdd 01 ty ,known as Land Lot 2, the West one-halt or Land Lot 5; allot Land
Lots 7 to 13, inolusive, and ~ater Lot 1 ot the 01ty Park SubdiVision, Clearwater Beaoh
Island, Clearwater, Florida, and that the revenues to be derived trOB the tees, rentale,
or other charges tor the use o~ said land and water r1ghts and taci11tles oonstruoted
and to be oonstruoted thereon, as here~n authorized are not p1edged or encumbered 1n
any manner.
(B) That the oonst:root1on, 1mpx-ovement and equipment at a Commero1a1 and
~oreat10nal Build1ng and a pier (hereln oalled "Yacht Basin Faoi11t1es') ae here1n-
after described, are tor a proper munioipal purpose, and it is 1mperat1ve in order to
preserve the publio health and prov1de proper reoreat10nal facl1i~ies tor the lnhabitants
of the 01ty or Clearwater that sald Yacht Basin F~cl1ities shall be construoted, im-
proved and equipped in aooordanoe with the provis1ons ot th1s Ord1nanoe.
! "
(0) That the revenues to be derived trom the Proj eot hereinafter desor! bed,
1noluding the Yaoht Bas1n Faoi1itles, ~1l be suffioient to pay the principal or and
interest on all of the Yaoht Basin Revenue Certif10ates 1ssued pursuant to this
Ordinanoe and to make all reserve, s1nking fund and other payments provided for in
this Ord1nanoe, and to pa7 the neoessary oost at operating and maintaining said ProJeot.
(D) That the pr1ncipa1 of and interest on the Yacht Basin Revenue Certlt10ates
to be issued pursuant to this Ordinanoe and all o-r the reserve. 81nlt1ng tund and other
payments provided t"or 1b this Ord1nance, will be pdd sole17 trom the Revenues de 1'1 ved
by the 01ty ~rom the operat10n of said Projeot, and it w111 never be neoessary or author-
1zed to use the ad valorem tax1ng power or any 0 ther tunds or said 01 ty to pay the
principal of and interest on said Revenue Cex-t1fiaates to be issued pursuant to this
Ord1nanoe, or to make any ot the reserve, sinklng tund or other payments prov1ded ror
in thls Or1dinanoe, and said Revenue Certitioates issued pursuant to ~ls O~1nanoe
shall not oonst1tute a 1ien upon any of the propert1es o~ sa1d Projeot or upon any
other property whatsoever 01 ~e City.
(E) That there has been 1ssued under date ot July 1, 19~O, $11S,000 Oommeroial
and Yacht Basin Revenue Certlt1oates, to -r1nanoe the oost ot the construot10n, 1mprove-
ment and equipment of a Yaoht Basin, and that 1t 1s expedient end advantageous to the
City, to refund the outstand1ng oertificates of said issue by the sale or exchange ot
the oert1tloates hereinafter ~thorized.
(F) That oonstruction, improvement and equipment ot said Yaoht Basin Facil1tles
shall be undertaken and oomp1eted ln acoordanoe w1~ the plans and speo1f1cat10ns pro-
posed by the Oity1s Engineer. and heretofore f1led in the of~ice of the Oity Aud1tor
and Clerk, at an estimated cost ot $32~,OOO. SUoh cost shall be deemed to include the
refund1ng ot the outstanding oerti-r1cates ot sa1d issue or Oommero1al and Yacht Basin
Revenue Cert1~ioates, dated Ju~y 1, 1950, issued to finance ~e cost ot the constructlon,
~mprovement and equipBent ot the Yaoht Basin and the oost ot the oonstruction, 1mprovs-
ment and equipment of sald Yaoh:t Ba.sin Fac1li ties pursuant to said p1ans end speoif1oa-
tions. ino1uding the aoquis1tion of any lands or 1nterest there1n and o~ any r1xtures
or equlpment or p~pertle8 deemed neoessary or convenient theree6r, 1nteres~ upon the
Yacht Basin Revenue oer'titloates lssued pursuant to th~s Ordinance prior to, and during
and tor six mantas atter the comp1et1on and placing ln opex-at1on of said Yaoht Bas1n
Faoi1ities; engineering and 1egal expenses; expenses tor estimates o~ oosts and ot
revenues; expenses tor plans, specitications and surveys and ~oh other expenses a8
m8.1 be neoessary or ino1dent to the f'1nano1ng authorized by this 0l"'d1nance, and the
oonstruct1on, improvement and equ1pping of' such Yaoht Basin Fao111ties and ~a plac1ng
o'f same 1n operation.
. "~. , .
<
,
oj
'0
, " .",.1.:1
, '. "
, ,~;, '
, -. .
','" '
2.. ORDINANCE '1'0 OONSTITU'l'E CONTRACT. In oons1dera tlon o:t the acoeptanoe of
the Oertitloates autho:r1.zed to be issued hereunder by those who shal1 hold the same
trom ~ime to time, this O~nanoe shall be deemed to be and shall const1tute a oontract
between the Oity of' Olearwater, Flor.1da. and suoh certificate holders, and the oovenante
and agreements here1n Bet ~orth to be perto1'Dled by said 01 ty shall. be tor the equal
benet1t, protect1.on and Beour1 ty of the legal holders ot any and allot such Cert1f-
10ates and the ooupons attaohed thereto. allot wh10h shall be ot equal rand and ld th-
out pretex-enoe, P~cr1t7 ord11t1notion ot anT ot the Oert1f1cates or ooupons over any
other thereot eJtcept QS exprea 811 prOvided thereJ1n and herein.
. .,~ - ,...... -
.. ;~.'\ ::::.::..~t~~:t .~'i\t:?~!1~~~:1.:
", '
. )
i
I
i
r
I
!
I
~
r,
"
. "... ,.,
'i'~)g~(
z~~vt~lj, :
~~t" , J
~,\
" '.. oJ:' :_ ~ .. :', . ~ .
'. .', ,. ,......, ".......'~~..."...;,:,..
~.:..~.., ~; 1 -",' ~.., :".~_;\.::;', ;'., ,; ::\: ,.I~L_..',;~.:.~:;....:~.-::~>~,~-;:-:;~,.:.~, ;~..~<:..'-~~~.;'<~.~~;; ~;'..~': .~;..,:; .,~-, ,,: ,.,.;:-." ' -.. "'-: ,
" '
, . . . - ,
. '.' .,.. '
.. ,,' ','.co c:::;;';.";~i.;'~~';;~~:;';~~";;'i,.'~;i.":~1.;;~~;~;,~~;t!<~;tiii.~i":lc;",~',;i$":;~':";'_;";\~!. ,,',. ". ,,';'" }:'~':;~;.!i, ::"'. r,: ',:
;!t I-z.., ;':';.i\::"(;'~:;,;, :;', , .
:',,: ~l"),:::~-/~.:(.:,
I~
i)
, ~~
;11
i~ !
,~
3. DEFINITIONS. The following terms shall have the toll owing meanings
in this Ordinanoe unless the text otherw1se expressly requires:
(a) "Oity. shall mean the Clty o~ Clearwater, Florida
(b) "Aot" shall mean the Charter ot the Oity of Olearwater, oonstituting
Ohapter 9710, Special Aots ot the Legislature of Florida, 192', and amendments
thereo~ and supplements thereto.
(0) .Oertifioates' shall mean the $325,000 Yaoht Basln Revenue Oertifioates
authorized to be issued pursuant to this Ordinanoe and any additlonal Certlfioates
hereafter issued pursuant to subseotion 13 (t) hereot in the manner therein provided
and the interest coupons attaohed to said Certit1oatee.
(d) 'Holder of Oert1fioates. or "Certitioate ho1der-, or any similar term,
shall mean any person who shall be the bearer or owner ot any outstanding Certif-
ioate or Certitioates registered to bearer or not reg1stered, or the registered owner
of any outstanding Certitioa~e or Certifioates whioh shall at the time be registered
other than to bearer, or of any ooupons representing 1nterest aoorued or to aoorue
on said Certifioates.
(e) "Yaoht Basin Faci11ties. shall mean the oommeroial and reoreationa1
building and a pier oonstructed and to be construoted in the area of the ProJeot
pursuant to the above mentioned plans and speoif1cations of the City's Engineer.
(t) 'ProJeot- shall mean land, premises, water rights, and areas within the
City known as ~d Lot 2 and the West half ot Land Lot 5; Land Lots 7 to 13, in-
olusive, and Water Lot 1 of the Clty Park Subdivision, Clearwater Beaoh Island,
Olearwater, FlOrida, and all improvements or fao1lities now or hereatter looated
or oonstruoted thereon, includlng the Yaoht Basin fao1lities, together with all
buildings, tixtures, equipment, and all property, rea~ or personal, tangible or in-
tangible, now or herea~ter owned or used by the City 1n connection with suoh proJeot
or suoh Yaoht Bas1n faoilities.
(g) ftRevenues" shall mean 111 rates, tees, oharges, rentals, or other inoome
received by the Oity, or aocrued to the Oity or any Board or agenoy thereof 1n oontro1
of the management and operation of the projeot, all as oaloulated in acoordanoe with
sound aocounting praotioe. -Revenues' shall be specifically deemed to include,
wi thout being lim1 ted to, any and a1l rentals or other payments recel ved bY' the Oi ty
from lessees, lloensees, or other persons tor said project, or any part thereof; pro-
vided however that whenever and wherever the Oity shall 1ease or lioense any portion
of said proJeot under terms providing that such licensees or lessees have made or
shall make oapital 1mprovements to said project or a part of parts thereof, which
capital improvements shall accrue to and the title to which improvements will vest
1 n the 01ty only the net rent or l10ense tees so paid or acorued to the Oity shall
be oonsidered as "revenues" under the terms of ~is Ordinance.
(h) 'Operating Expenses" shall mean the current expenses, paid or aocrued,
ot operation, maintenance and repair ot said Project and shall include, without
limiting the generality o~ the foregoing, taxes, insuranoe premiums and administrative
expenses ot the Oity properly chargeable to the Project, labor, the cost ot materials
and supp11es used tor ourrent opera~ion, and charges tor the accumulation supplies
used tor current operation, and oharges for the aocumulation of appropriate reserves
not annually recurrent but which are suoh as may reasonably be expected to be in-
curred in acoordanoe with sound accounting practioe. "Operating expenses" shall not
inolude any allowanoe for depreoiat1on, renewals or extensions or any charges for
the accumulatioh ot reserves for capital replacements, renewals or extensions; pro-
vided however, that whenever and wherever the Oi~y shall lease or l1cense any portion
ot sald ProJeot under terms providing for the payment of net rentals to the City ani
whereby the lessee or licensee pays part or all of the costs ot operation and ma1n-
tenance, then the part of such costs of operatlon and maintenanoe paid by suCh lessee
or license shall be included under the term "Operating Expenses. as used in this
subsection (h).
(i) Words importing singular number shall lnolude the plural number in each
case and vice versa, and words lmporting persons shall include t1rms and oorporations.
'\
;,
J
I
f
,
!
I
r
I
I
i
I
l
\~.
~
,
I,
.. ~ i
"
~
~
"
'A
1
i
1
~
i
'~
)
" '." ~: ::~'.~., . '
':~~~~:{{:
':,
,.
" 'i
,
,,'
~
ARTICLE II
AUTHOm ZATION , TERMS, EXECUTI ON, REGI STRA TION
AND ISSUE OF CERTIFICATES
4. AUTHORIZATION OF CERTIFICATES. Subject and pursuant to the provlsions
of this ordinance, Oert1fioates ot the Oity ot Clearwater to be known as WYacht Basin
Revenue Oertifioates" are hereby authorized to be issued in the aggregate princ1pal
amount ot not exoeedlng Three Hundred Twenty Five Thousand Dollars ($325,000) for
the purpose ot refunding the outstanding certifioates of said issue ot $115,000
Oommercial and Yaoht Basin Revenue Certifioates, dated July 1, 1950, and to finance
the oost ot the oonstruction, improvement and equipment ot Yaoht Basin Facilities as
provided 1n this Ord1nanoe.
-_.~,.".._.
':,'
, ,~, .',. ;'
;',', I' '...'
I .~ <... ;.
....:.,. S,: .
':' ,
,,~
~.;,~/ )
'''-: 4.., '
I
I
1
I
i
;
" '
, '~ :'
. ,
,.... . ....:., ... , ,';,'
,. ..:::;,," ~;\:,!.~:;;.:::,.:;;..J :,~;U:~;; ":;:L~:!$:;;'.r;f.l;i;:;\:'::';;;::~d;;':;";"'~~~~}.J~;ij~:::.,,:.,~ ': .' ,:i'
,:!, l.5f'" " ",
" . .';111~;'
:);\;ir~f~;(
,'" L
1..., ,.",,"
,.' ." ,. ."~ ,',J.:' .. . _ '
S. DESORIPTION OF OERTIFIOATES. The Certifioates shall be dated July
1, 19;1, shall be in the denomination ot $1,000 each, shall be numbered trom 1 to
'25, inolusive, shall bear interest at a rate not exoeeding the legal rate payable
semi-annually on January 1 and July 1 of eaoh year, and sha11 mature serially 1n
numerioal order, lowest numbers f1rst, on July 1 o~ eaoh year, $5,000 in eaCh at
the years 1952 to 1956, inolusive, $10,000 in eaoh of the years 1957 to 196;, in-
olusive, and $1;,000 in eaoh ot the years 1966 to 1979, 1nc1usive.
The Oertifioates maturing in the years 1952 to 1960, 1nolusive, shall
not be redeemable p~ior to maturity. The Oertitioates maturing in the years 1961
to 1979, inolusive, shall be redeemable prior to matur1ty, at the option ot the Oity
on July 1, 1960, or on any interest payment date tberea~ter prior to maturity, ~s a
whole or in part, in inverse numerioal order, at a redemption price ot ~ar and
aoorued interest to date of redemption, plUS a premium dF1ve per oent (5%) of the par
value thereot it redeemed on or before July 1, 1963; or a. premium ot Four per oent
(4%) ot the par value thereof it redeemed thereafter but on or before July 1, 1966;
of a premium ot Three per oent C,%) ot the par value thereot 1t redeemed thereatter
but on or betore July 1,1969; or a premium or Two ~er oent (2~) ot the par value thereof
if redeemed thereafter but on or before July 1, 1972, and ~thout premium if redeemed
thereafter; provided that a notioe ot suoh intended redemption shall have been pub-
lis~d by the Oity at least onoe, at least thirty days prior to the date ot redemption
in a t1nanoial paper published in the City of New York, New York, and provided further
that if lees than all of said Oertifioates subject to redempt10n are 80 oalled tor re-
demption, the notioe of redemption shall state the ident1fYing numbers ot the Oertif-
ioates to be redeemed.
Bald Oertitioates shall be issued 1n ooupon form, shall be payable with re-
speot to both prinoipal and interest in lawful money of the Unlted states ot Amer10a,
at the prinoipal otfioe of the Chase National Bank of new York, new York, N.Y. and
shall bear 1nterest trom their date, payable in aooo~ance with and upon surrender ot
the appurtenant interest ooupons as they severally ma~re.
6. EXEOUTION OF OERTIFIOATES AND COUPONS. Sa1d Certifioates shall be ex-
eouted in the name of the 01uy by its City Auditor and Clerk and 1ts City Manager,
and oounters1gned by its Mayor-Commissioner and shall have impressed thereon the
oorporate seal of the Oi ty. In oase anyone or more of the off1oers who shall ha V8
signed or sealed any of the Oertitioates shall cease to be suoh offioer ot the Oity
betore the Certifioates 80 signed and sealed shall have been aotually sold and de-
livered, suQh Oerti~ioates may nevertheless be sold and delivered ss herein prov1ded
and may be issued as if the person who signed or sealed suoh cert1~ioates had not
oeased to hold suoh otfice. Any Certifioates may be signed and sealed on behalf ot
the Oity by suoh person as at the aotual time of the execut10n of suoh Certificates
shall hold the proper offioe in the City, although at the date of euoh Oertifioates
suoh person may not have held suoh offioe or may not have been eo authorized.
The Coupons to be attaohed to the Cert1~laates shall be authentioated with
the taosimile signatures of the present or any future City Auditor and Olerk, City
Manager and Mayox-Commissioner o't said Oi ty and the 01 ty may adopt l!lnd use for the
purpose the faosimile signature ot any of sud persons who mall have held suoh
offioes at any time on or atter the date of the Certit1oates, notwithstanding that
he may have oeased to hold suoh otfioe at the time w.nen said Oertifioates shall be
aotually sold and delivered.
7. NEGOTIABILITY AND REGISTRATION. The Certif10ates shall be, and have
all of the qualities and inoidents of, negotiable instruments under the 1aw merohant
and the Negotiable Instruments Law of the State of Florida, and eaQb suooessive holder,
in aooepting any of said Certifioates o~ the ooupons appertain1ng thereto, shall be
oonelusively deemed to have agreed that suoh Certificates shall be and have allot
the qualities and inoidents of negot1able instrnments under the law merohant and the
Negotiable Instruments Law of the State ot Flor1da, and eaoh suocesslve holder shall
turther be oonolusively deemed to have agreed that said Oertificates shall be inoon-
testable in the hands of a bona tide holder for value in the manner proVided herein-
atter in the torm of said Certifioates.
The aert1fioat~s may be registered at the option of the holder as to
prinoipal only at the offioe of the Oity Auditor and Clerk of the City, such regis-
tration to be noted on the baok of said Oertifioates in the spaoe provided therefor.
After suoh reg1stration no transfer of the Certifioates shall re valid unless made
at said offioe by the registered owner, or by his duly authorized agent or represen-
tative and Similarly note4 on the Certifioates, but the Certif1cates may be disoharged
trom registration by being in like manner transferred to bearer and thereupon trans-
ferability by delivery sh~ll be restored. At the option ot the holder the Certif-
icates may thereafter again from time to time be reg~8tered or transferred to bearer
as before. Such registration as to principal only shall not affeot the negotiability
ot the ooupons which shall 00 ntinue to pass by de11very.
8. OERTIFIOATES MUTILATED, DESTROYED, STOLEN, OR LOST. In oase any Cer-
titioate shall beoome mutilated or be destroyed, stolen or lost, the Oity m~ 1n 1ts
disoretion issue and daLiver a new Oertificate w1tn all unmatured ooupons attached of
like tenor as the Oertificate and attached aoupons. it any, so mutilated, destroyed,
stolen or lost, in exchange and substitution tor suoh mutilated Oertifioate, upon
surrender and oanoellation of suoh mutilated Oerti~loate and attached ooupons, if
any, or in lieu of and substitution tor the Cert1ficate'and a~taohed ooupons, it anT,
~:"':~.._,_.
if'
, ,
~., ,.
, .
J
; ,
" ;
". ;;
!
,.
J.:</ ~ -
I'"
r;"
[)~~
~~W'.
I~ :,~,,;',:\v$-~/ .
I{:~flk~~:~;:'
}~,)~~ '
h'
~;
,\
~ t:
. .,
, ' ,
"',,. . "..'"....'.'d. ,
..,: ~ I ,':;\;. ~-!';':~i;'~\w~~~:.:;"i.t:~.;;~:;...;~~:\~i;~~~~..:'.;.'~>"~"i:, ~ ;}.~~,i} ~i~':: ,
tZ! f-
.1 " .'...
~-'It:,}:,\:" ~,;:,j,};:,~(;~//~'.,:,~;!~;;;::~~:~::~:~'~,.;~~;-.;~:'i,..",~.; "
, ,I'~ "',$"." ~"'/''''''''fSI
':j#,{t{~~11Jl
~'i,:;(li'l}'-""" '",(' , i
;II~I~[(','
<";/;;'jY,'\{.:;~:";"" i Ii
destroyed, stolen or lost, and upon the holder furnishing the Oity proof of his
ownership thereot and satistaotory indemn1 ty and oomplying w1 th suoh other reaSon-
able regulations and oond1tions as the City may presoribe and paying suoh expenoes
as the 01ty may inour. All Oertifioates and ooupons so surrendered shall be oan-
oe11ed bT the City Aud1 tor and Clerk and held tor the aooount ot the City. It any
suoh Oertifioate or ooupon shall have matured or be about to mature, instead ot
issuing a subst1tuted Oertitioate orooupon the Oity may P87 the same, upon being
indemnitied as atoresaid, and if suoh Certitioate or ooupon be lost, stolen or
destroyed, without surrender thereot.
Any suoh dup1ioate Oert1tioates and coupons issue1 pursuant to this seo-
tion shall oonstitute original, additional oontraotual obligations on the part o~
the 01ty, whether or not the lost, stolen or destroyed Oert1t1oattes or ooupons be
at 811Y time found by anyone, and suoh dup1ioate Oertif'ioates and coupons s~al1 be
entitled to equal and proportionate benefits and rights as to 11en and souroe and
seour1ty tor payment trom the Revenues of the Projeot with all other Certif10ates
and ooupons issued hereunder.
" "I
,. >'
'1'
>/'f)
'f/"'''''''\: )
~ "".,
.. "'1
"
'..\,
,.
J
,1
',I
~1
.~
.~
.~
i
1
9. FORM OF OERTIFICATES AND OOUPONS. The text ot the Oertifioates, oou~ons
and provisions tor registration shall be of substantially the tol1owing tenor, with
suoh omissions, insertions and variations as may be neoessqry and desirable and author-
ized or permitted by this Ordinanoe, or any subsequent Ordinance or Resolut1on adop~d
prior to the issuanoe thereot:
'..:
i:
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF CLEARWATER
YACHT BASIN REVENUE CERTIFI CATE
'1,000
1
i
KNOW ALL MEN BY THESE PRESENTS that the C1ty 01" 01earwater, in Pine1las
County. Florida, tor value received, hereby promises to pay to ~e bearer, or it th1s
Certifioate be registered,to the registered holder as here1n provided, on tne f1rst
day 01" July 19 ,from the revenues and speoial funds hereinatter mentioned, the
pr1no1pal sum of
ONE THOUSAND DOLLARS ($1,000)
wi th 1nterest thereon at the rate ot per oentum (.' '. ~)
per annum, payable semi-annually- on 'the 1st day of January and the 1st day of J'u1y 01"
eaoh year upon the presentation and surrender of the annexed ooupons as they severally
fall due. Both prinoipal ot and interest on this Certitioate are payable 1n 1awtul
money o~ the Un1ted states of Amerioa at the prinoipal otf1oe ot the Chase National
Bank at the City of New York, New York, N. Y.
This 6ertlfioate 1s one of an author1zed 1ssue ot Certif10ates in ~e ag-
gregate prinoipal amount of $325,000 of 11ke date, tenor and etteot, exoept as to
number and date of maturity, issued to refund the outstanding Certificates ot an issue
at $115,000 Oommeroial and Yaoht Bas1n Revenue Certif1oates, dated July 1, 1950. and
to finanoe the oost of the oonstruotion, improvement and equipmen t of commerc1al and
recreational building and a p1er in the Oity of Olearwater, under the authority of and
in full oomp1ianoe with the Constitution and Statutes of the State of Flor1da, the
Charter 01" the City of Clearwater, being Chapter 9710, Special Acts ot the Legislature
ot Florida tor the year 1923, as amended and supplemented, and other applicab1e
statutes, and an Ord1nance duly adopted by the City Oommission ot said Oity on Septem-
ber lOth, 1951, and is subject to all the terms and condit1ons ot said Ordinanoe.
This Certifioate and the ooupons apertainlng hereto are payable SOlely trom
and seoured by a lien upon and pledge ot the net revenues derived from the operation
of the ProJeot descr1bed 1n the Ordinance authorizing this issue of' Oertitioate8 in
the manner proVided in sald Ordinance and does not constitute an indebtedness of the
C1ty of Clearwater within the meaning 01" any constitutional, statutory or oharter
provisions or limitation, and it 1s expressly agreed by the holders ot this Certit-
icate and the coupons appertaining hereto that suoh holders shall never have the right
to reauire or oompel the exeroise of the ad valorem taxing power o~ said Oity, or the
taxation ot real estate in said City, tor the payment of the prino1pal of and interest
on this Certificate or the making ot nny sinking tund, reserve or other payments
provided tor in the Ordinance Quthor1zing this issue ot Cert1fica~es.
It is further agreed between the City ot Clearwater and the holder ot th1s
Oert1ficate that this Certitioate and the obligation evidenoed thereby shall not con-
stitute a lien upon the aforesaid projeot, or any part thereot, or on any other
property ot or in the Oi ty o-r Clearwater, but shall oonst1 tute a lien only on the
net revenues der1ved trom the operation of' said Projeot in the manner provided in
sald Ord1nanoe.
. ,'.,.
The 01 ty 1n sa1d Ordinanoe ha~ covenanted and agreed with the holders ot
the Oert1fioates ot this 1ssue to tix and establ1sh and maintain suoh rates and oollect
such tees, rentals or other oharges tor said ProJeot and each and every part thereof
and to revise the same trom t1me to t1me whenever neoessary (subJeot to the provisions
o~ anT oontra6tB with lessees or lioensees of Buoh ProJeot, or any part thereot) as
will always proYide revenues suff10ient to pay and out ot said revenues shall paT. as
the same shall become due, the prinoipal ot and 1nterest on the aert1~loates ot this
, l.ilsue, '~1n add1tion to PaJing, as the same shall beoome due, the neaessarT expense.
',',
. " ; ~ '
',~ .' '. :;',
.:',}/ ";:,,.,'i';;/
, ,
, . ~', '\'.,_ '~, ':#~',_' :'~. .:~;\ ~ .:..:.::::..~. ~';::~); ~:.;:'::"~;.;.";:::~~:I,.~~:;j.~~:~;i ':<.C'.~,. ~.l~~ :.~_.:;.~~ij~~~:l;~'~:.~~:;;l':.:;~ '. ..., ':. '" ' ,
~ /.' c- h>i;\,~;}Y; ;~, '.
tJ1fi ~ f.; "\ q!; .~~.' ","
i :::! :~..:(~.'.: ':~,:,>!.'" . I
:"";:.:'::"
o~ operating and maintaining said Projeot, all reserve or sink1ng fUnds, or other
paY'D1en ts prov1ded for in said Ordinanoe, and all other obligat1ons payable out ot
the revenueS or said Project and that suoh rates, fees, rentals or other oharges
sbal1 not be reduoed so as to be insuffioient to provide revenues tor suoh pur-
posee, and said 01ty has entered into oertain further oovenants w1th the holders
o~ the Certif10ates of this l~sue for the terms ot whioh referenoe is made to sa1d
Ord1nanoe.
";,',',
. . ," '.
The Certit10ates maturing 1n tbe years 1952 to 1960, inolusive, are not re-
deemab16 prior to maturity. The Certifioates maturing in the years 1961 to 1919
1n~lusive, are redeemable pr10r to maturity, at the option of the C1ty on July 1,
1960, or on any 1nterest payment date thereafter pr10r to maturity, as a whole or
1n part, in 1nverse numerioa1 order, at a redemption prioe ot par and aoorued
1nterest to date of redemption, at a redempt10n prioe ot par and aoorued 1nterest
to date ot redemption, plus a premium ot five per oent (5~) ot the par value there-
or 1f redeemed on or betore July 1, 1963; or a premium of tour per oent (~) ot the
par value thereot it redeemed thereafter but on or betore July 1, 1966; or a premium
ot three per oent (3%) of the par value thereof if redeemed thereafter but on or be-
~ore July 1, 1969; or a premium of two per cent (2%) of the par value thereot' it redeemed
thereafter but on or betore July 1, 1972; and without premium if redeemed thereatter:
prov1ded that a not1oe of suoh redemption shall have been pub11shed at least enoe at
least thirty days prior to the date of redemption 1n a f1nanoial paper published in
New fork Oity, New York.
It is hereby oertified and reoited that all aots, oonditions and things re-
quired to exist, to happen and to be performed precedent to and 1n the issuanoe ot
this Certifioate, exist, have happened and have been performed in regular and due
~or.m and time 8S required by the statutes and Constitution ot the state ot F10r1da
app1ioab1e thereto, and that the issuanoe of this Certifioate, and ot the issue of
Certificates of whioh this Certifioate 1s one, does not violate any oonstitutional,
statutory or oharter lindtat1on.
This Certifioate, and the ooupons appertain1ng thereto, is, and has all the
qualities and inoidents of, a negotiable instrument under the law merohant and the
Negotiable Instruments Law of the state of Flor1da, and the or.1ginal holder and each
suooessive holder of this Certitioate, or of the ooupons appertaining thereto, shall
be oonolusively deemed by his aooeptanoe thereot to have agreed that this Oertitioate
and the ooupons appertaining thereto shall be and have all the qua11ties and inoiden~s
o~ negotiable instruments und.er the law merchant and the Negotiable Instruments Law
ot the State ot Florida. The original holder and eaoh suooessive holder ot this Cer-
tifioate, and of the ooupons appertaining hereto, shall be oonolusively deemed to
have agreed and oonsented to the following terms and conditions:
(a) Title to this Certifioate, unless registered as herein provided, and to
the annexed interest ooupons, may be transferred by delivery in the manner provided
~or negot1able instruments payable to bearer in the law merohant and the Negot1ab1e
Instruments Law of the state of Florida;
(b) Any person in possession of this Certitioate, unless registered as here-
in prOVided, or of the interest coupons hereunto appertaining, regardless of the
manner in whiCh he shall have aoquired possession, is hereby authorized' to represent
himself as the absolute owner hereot, and is hereby granted power to trans~er absolute
t1t1e hereto by delivery hereof to a bona tide purchasert that ls, to anyone who
shall purohase the same for value (present or anteoedent) without notioe o-r prior
defenses or equities or claims of ownerShip enforoeab1e aga1nst his transterror;
every prior taker or owner of this Cert1fioate, unless registered as here1n provided,
and o~ the annexed interest ooupons, waives and renounces all of his equities and rights
here1n 1n favor ot every suoh bona fide purohaser, and every suoh bona fide purchaser
shall aoquire absolute title hereto and to all rights represented hereby; and
(0) The City of Clearwater may treat the bearer ot this Certifioate, unless
reg1stered as herein prOVided, or of the interest ooupons hereunto appertaining, as
the absolute owner hereof for all purposes w1thout be1ng affeoted by any notioe to
the oontrary.
This Certitioate may be reg1stered as to prinoipal only ln aocordanoe with
the provisions endorsed hereon.
IN WITNESS WHEREOF SAID City ot Clearwater, Flor1da has issued this Cert1f-
10ate and has oaused the same to be signed by its Oity Auditor and Olerk and its
City Manager, oountersigned by its Mayor-Commissioner and its oorporate seal to be
artixed hereto and has caused the interest ooupons hereto attaohed to be executed
with the taosimi1e signatures of all of said offioers, all as ot the f1rst day ot
July, 1951.
" "
I
I
I
I
!
I
I
, I
'.j
',1
!
i
CI'rY OF CLEARWATER, FLORIDA
BY_
City Auditor & Clerk
(SEAL)
BY
C1 ty M8A-1ager
Counters1gned:
Mayor-Commissioner
',}
.....
- ._~----'--
,"... - ...........-.
;'": ;.
,
!
, ,~:'
.' ;,.....,.
" , ,. \ .
1. . ~ . i '.
DATE OF !;
REGISTRATION
IN WHOSE NAME REGISTERED
SIGNATURE OF REGISTRAR
.
~,:.
.,
, }~t~1~;ii~ii*t~K
.,.,'1-..:&.,...1. "~"'l~l~j"f'
I;~~;!'\.;
1:':J1;)
, ,.',' ,: ,',:>),y:':
t'~\.}:;[{t:;>
~ '. ':';:':. :', .
I', .. ',i "
. .',."., ',;"'! .:1.
" .<:.:;.;~~>~'.\~;:"
'~'.. '\..~ ~:,~~,t.~.;("",....
,,/}'~;~~~~k~~~, '
",:.:";:r,; '.~ ,
.A;:
~.', ..: ~'" ,. ~ ",.
c,,",'_,c,,~,/.~ 'c"""""""""""~""'"","""'~'~"~"""L'"""',".2.JD"~i"O"';~.,~~~1~~t:",,~~
" .",:- :;: .'1-1 lY:':\' i:~:;
. '':;:~/~/; ,;'\
\' .., '.
'''i~~~\~\'~;~''.i:'-!.:_l.~k'''''':;'~_:_.. ,,~ ~~ ..:.-.,:t,...~~"
:-
;,
,;,.,.~(.. "J~0J\
:/. .'1'_.;, :." ~> ,r:'- 1. ,:.' ,; '.' ,
i!W:!;i'iiji'~,(:i:\ .
,';- '," ., ..<::.
",' ""
FORM OF OOUPON
No.
On the day ot ,19 ,(unless the Oerti~ioate to whioh this
coupon is attached shall have been duly oalled tor redemption and prov1sion tor the
payment ot the re4emption prioe duly made) the Oity ot 01earwater, Florida, w11l par
to the beare~ at the prino1pal otfioe ot Obase National Bank of the Oity ot New York
New York, N. Y. t'rom revenues and speoial funds desoribed in the Certifioate to
whioh this ooupon is attaohed, the sum ot Dollars ($ ), in
lawful money ot the United States at Amerioa upon presentation and surrender of
this ooupon, being six months interest then due on its Yaoht Basin Revenue Oertitioate,
dated Jul7 1, 1951, No.
OI TY OF CLEARWATER, FLORIDA
BY
Oity Auditor and Olerk
BY
City Manager
COUNTERSIGNED:
Mayor-Commiss1oner
(FORM OF VALIDATION CERTIFIOATE)
Validated and oontirmed by deoree at the Cirouit Court ot the Sixth Judioial
Cirouit ot Florida, in and tor Pinellas Oounty, rendered on the dar ot
Clerk of the Cirouit Court ot
Pinel1as Oounty, Florida
(PROVISION FOR REGISTRATION)
This Certifioate may be registered as to prinoipal on17 in the name ot the
holder on the books to be kept by the Cit,y Auditor and Clerk as Registrar, or suoh
other Reg1strar as may hereatter be duly appointed, suoh registration being noted
hereon by such registrar in the registration blank below, atter which no transter
shall be valid unless made on said books by the registered holder or attorney du1y
authorized ,and Similarly noted in the registrat10n blank below, but it may be d1s-
oharged trom registration by being transferred to bearer, after whioh it shall be
transferable by delivery, but 1 t may be aga1n registered as before. The registra-
tion ot this Certifioate as to principal shall not restrain the negotiab1lity of
the ooupons by delivery merely.
ARTICLE III
aOVEN'ANTS, REVENUES AND APPLICATION THEREOF.
10. aERTIFICATES NOT TO BE INDEBTEDNESS OF THE OITY. Neither the Oertifioates
nor ooupons shall be or oonsti~ute an indebtedness ot the City, but shall be payable
solely trom the Revenues of the ProJeot, and other speoial funds, as herein provided.
No holder or holders of any Certitioates issued hereunder, or ot any ooupons appertain-
ing thereto, shall ever have the right to oompel the exeroise ot the ad valorem taxing
power ot the 01ty, or taxation in any torm ot any real prope~ty therein, to pay said
Certifioates or the interest thereon, or to be entitled to payment ot suoh prinoipal
and interetlt from any other funds ot the City exoept the net Revenues ot said Projeot,
as provided herein.
11. CERTIFICATES SEOURED BY PLEDGE OF REVENUES AND SPEOIAL FUNDS. '!'he pa)'ment
ot the debt service ot allot the Oertifioates 1ssued hereunder shall be seoured forthwith
equally and ratably by a lien on the net Revenues derived ~rom said Projeot. The net
Revenues der1ved from said ProJeot in an amount suftioient to pay the prinoipal ot and
interest on ~e Oertificates herein authorized, and to make the parmente into the re-
serve and sinking tunds and all other payments prov1ded tor in this Ordinance, are
hereby irrevooab!y p1edged to the payment o~ the Principal o~ and interest on the
Certificates herein authorized as the same become due.
-,"','; .
I",
./IJIH1.___t
'. '>" ".;,; ,;',;~;,~\~,,~\\.\1'~'1".)~\~~;'J~"1~P': ~( '. ':'.,."." '-:;:::.'/\~: :,':'c;~'~"'\':"~~~l!;i,
.,,;;.~ ..:'--;,.,)\,~-;'". .;..,:i":"~:';<}';,i~:~~~!~c;.~i~~~k~~~fu~i~iti~~~~i~E0:~~~ii{/,:::.:.:~"L': ;~~~
-")17" 'F"';:"i~'~'W ';,;";.',
f?(I' tZ,!'; ~Y(i': ~~?q, t
;f1~!,~t~!.~~~
,..".\.l:v;"A.'/"'i.
.it~tJ;f:~[.~}~[:~~:".
t" '< ','. ".',)'".,,',1,...,
;..: ~ .:.);i::;~:;~i?.
",' ,,,.',!'.,,,
'?,: "1:' ~ ".r
. "";.
~'.,' ,
.. ~)
", .
. .~.<_ ,;,,.1.' . . '.. . ,.,,~ , '..
..\.~~, 1"" ~
12. APPLIOATION OF CERTIFIOATE PROCEEDS. All moneys reoe1ved ~rom
the sale ot any or allot the $325,000 Certitioates orig1nal11 authorized and
issued pursuant to th1s Ordinanoe shall be deposited by the Oity 1n a speo1al
aooount, and shall only be used for, and applied by the Oity solely to, the
payment ot the oost of the oonstruotion, improvement and equipment ot said Yaoht
Basin Faoi1ities, the retund1ng of sa1d outstanding Certifioates ot an 1ssue of
.115,000 Oommero1a1 and Yaoht Basin Revenue Certif1oates, dated Ju1~ 1, 1950,
the estab11shing of a Reserve Aooount in the amount of $15,000 wh10h is hereb~
oreated; and other purposes prov1ded 1n th1s Ordinanoe, and for no other
purpose whatsoever. It for any reason any portion or suoh prooeeds of sale ot the
Oert1f1oates are not neoessary for, or are not to be applied to, the aforesaid
purposes, then suoh unapp11ed prooeeds shall be depos1ted by the Oity in the
Reserve Aooount hereinabove oreated, 1n the S1nking Fund to be estab11shed pur-
suant to subseotion D ot Seotion 13 of th1s Ordinanoe and shall be used on1y ~or
the purpose of the parment of matur1ng prino1pa1 ot or interest on the Certit-
ioates when the other moneys 1n the Sinking Fund are 1nsutfioient therefor, and
~or no other purpose. All suoh prooeeds shall be and oonst1tute a trust, fund
tor suoh purposes and there 1s hereby oreated a 11en upon such money, unt11 so
applied, 1n favor of the holders of the Cert1fioates. Moneys deposited in the
speoia1 aooount pursuant to th1s Seot1on 12, may, pending the1r use 1n the
manner in this Ordinanoe prov1ded, be temporarily 1nveeted in d1reot ob11gat1ons
ot the United States of Amer10a maturning not later than s1x (6) months trom the
date of purchase or must otherwise be mainta1ned in oash.
I
: I
I
I
I
I
I
I
',...
13. COVENANTS OF THE CITY. So long as any o~ the Cert1tioates shall be
outstanding and unpa1d, or until there shall have been set apart in the Sinking
Fund herein established a sum sufficient to pay, when due, the entire prinoipal
of the Certifioates remain1ng unpaid, together with 1nterest aoorued and to
aocrue thereon, the Oity covenants with the holders of anyand all of the Oert1t-
icates 1ssued pursuant to this Ordinance as follows:
A. RATES. That the City will ~ix, estab11sh and mainta1n suoh rates and
col1eot suoh fees, rentals or other oharges for the servioes and fao11it1es ot
said ProJeot (subJeot to the terms ot any valid leases or 1ioenses then in foroe),
and revise same trom time to time whenever neoessary, as will always provide
Revenues suff10ient to pay, 1n the manner speoified 1n Seotion 13 ot this Ord1nanoe,
and out of said Revenues shall pay, as the same shall beoome due, the prinoipal of
and 1nterest on the Certifioates, in addition to paying as the same shall beoome
due, the neoessary expenses of operating and maintaining suoh ProJeot, all reserve
or sink1ng fUnds or other payments prov1ded tor in this Ordinance, and all other
obligat1ons or inaebtedness payable out ot the Revenues ot suoh Project, and that
such rates, fees, rentals and other oharges shall not be reduoed so as to be in-
suff1c1ent to prov1de Revenues tor suoh purposes.
B. REVENUE FUND. That the entire gross Revenues der1ved ~rom the oper-
at10n of said Project sl~l be deposited in a speoial fund in a bank or trust
oompany whioh is a member ot the Federal Reserve System, whioh fund is hereby
designated as the 'Yacht Basin Revenue Fund" (Herein called "Revenue FundI).
Said Revenue Fund shall constitute a trust fund to r the purposes provided in
this Ord1nance and shall be kept separate and d1stinct from all other funds o~
the C1ty and used on11 tor the purpose and in the manner provided in subseotion
D of this Seotion 13.
C. OPERATION AND MAINTENANOE. That it will ma1ntain 1n good oond1 tion
said proJeot and will operate the same either d1reotly or through lessees or
lioensees in an eff1cient and eoonomioal manner, making such expenditure tor equ1pment
and tor renewal, repair and replaoements, taxes and insuranoe as may be neoessary
for the eoonomioal operation and ma1ntenance thereof trom the Revenue Fund.
j
D. DISPOSITION OF REVENUES. That all Revenues at any time rema1ning on
deposit in the Revenue Fund shall be disposed of in the following manner and order
of priority:
(1) Revenues shall f1rst be used tor the payment of all ourrent Operating
Expenses of and taxes levied upon the Projeot as herein def1ned, to the extent
that the same are not paid by lessees or lioensees.
(2) Thereatter trom the moneys remaining 1n the Revenue Fund, the City
shall not later than the first day ot June and the first day ot De oember in each
year apportion and Bet a part out of the said Revenue Fund and depoeit in a fund
to be known as the WYaoht Bas1n Revenue Certiticate S1nking FUndI (Herein called
.S1nk1ng Fundi), which is hereby oreated and estab11shed suoh sums as will be
suffioient to pay one-half ot all the pr1ncipal and interest on the Certifioates
issued hereunder which shall mature and beoome due within sllch ~1soal year.
In the event any withdrawals are made from said Reserve Aocount, heretotore
oreated out o-r cap1 tal , suoh w1 thdrawals shall be restored to said Reserve
Aocount from the first available Revenues whioh are available a~ter all payments
have been made ~or matur1ng principal of and 1nterest on the Cert1fioates.
The 01ty shall not be required to make any turther payments into said
Sinking Fund or into the Reserve Aooount in said Sinking Fund when the aggregate
amount of funds 1n both said Sink1ng Fund and said Reserve Account are at least
equal to the aggregate pr1ncipal amount ot Oertifioates 1ssued pursuant to this
>.
'..' '
\. ~ ". " .'
. .....
~"I'IlI__,
r-""".,b,..~.;/:'~ '
: i. ',;:.,,',
,~
l ," ','
!., .:'.)L:,:z:'~:-:,
11 , ,"I...." ,lll.}'~ ..,t.",
f:.':>'.~"f-~j.~ ~~i"\~:J"':1
..~.\::'I;.(~.~~~J,\-"~~~~;:~ .,
f' '" .....~\ ",,'<
" '. ~ ' i"
'. .
M~:~!~!lir0f~~~it~~:""C~~~
. .'~'.'~.'{'I'f!\,};;'~t~(;
,. ," ',;,', ': /. ~.. '... ,~
'. ,"',. ." .
".,.,..,. .",'
....\:'/i:.:.,;.,;,:..,
, ,(;",<:..::::.,>~, "
Ordinance then outstanding, plus the amount 01' interest then due or thereafter to
beoome due on said Certiticates then outstanding.
t~) Thereafter trom the moneys remain1ng 1n the Revenue Fund, the 01 ty
shall establish and set up a Renewal and Replaoement Fund and shall pay annually
into said fund trom the Revenue Fund on the tirst day o't June ot eaoh year an
amount equal to three per oentum ()%) ot the Rwvenues aotually reoeived and
oolleoted trom the operation 01' the Projeot during the preoeding twelve (12) mon~h
period. The moneys in suoh Renewal and Replacement Fund shall be used only tor ~be
purpose 01' paying the cost 01' extens10ns, improvements or add1~10ns to. or ~he re-
plaoement 01' cap1tal assets of, said ProJeot, or any part thereot.
(4) It on any semi-annual payment date the Revenues, together with other
ava1lab1e tunds, are insuftioient to plaoe the required amount in any o't the tunds
as hereinbetore provided, the detio1enoy shall be made up in the subsequent payments
in addition to the payments whioh would otherwise be requi~d to be made into the
Funds on the subsequent payment dates.
(,5) Thereafter, the balance of any Revenues remain1ng atter all other
required payments 1nto the funds provided above have been made, may be used by the City
in any manner required or permitted by law.
(6) The Revenue Fund, Sinking Fund and Reserve Account therein. and the
Renewal and Replaoement Fund, and all other speciaJ. funds eat up and oreated by this
Ordinanoe shall 00 nstitute trust tunds for the purpose provided herein tor suoh tunds,
and shall be depos1 ted and maintained in a bank or trust company in 'the City 01'
Clearwater, Florida. All of such funds shall be cont~nuously seoured in the same
manner as State and municipal deposits of tunds are requ1red to be seoured by the
laws 01' the State or Florida; provided, however, that the obliga.tions seouring such
ttunds shall be at all times at least equal in market 'Value to the amoun~ of money
in said funds. The moneys in the Re serve Aocoun t 1n the S1nUng Fund and in the
Renewal and Replaoement Fund may be invested by the City in direct ob11gat1ons of
the United states 01' Amerioa or must otherwise be maintained in cash.
E. SALE OF PROJECT. That said Projeot, or any par"t thereof', may be eo 1d,
mortgaged or otherwise disposed 01' only if the net prooeeds to be realized shal1 be
sutf10ient fully to retire all of the Certifioates issued pursuant to this Ordinance
and all 1nterest thereon to their respective dates o~ maturity or ear11er redemption
date. The proceeds trom suoh sale, mortgage, or other disposition ot said ProJeot
shall immediately be deposited in the Sinking Fund and shall be used only tor ~e
purpose of paying the pr1ncipal 01' and 1nteres t on the Certif1cate s 1 ssued pursuant
to t h1s Ordinance as the same shall beoome due, or the redemption or callable
Certi~ioates at a prioe not greater than the redemption prioe thereot. Atter all
ot suoh prinoipal and interest shall have been dulY' paid a.nd retired any balanoe re-
main1ng in said tund shall be remitted to the C1 ty.
The leas1ng or lioensing of said Project, or 01' parts there or , shal1 not
be deemed to be a sale or disposition of suoh ProJeot as 10ng as the Oity reoe1ves
reasonable and tair rentals or income under suoh leases and licenses and the same
are payable into the Revenue Fund.
~~~/)
....":.:.:.....,,.1
1
I
I
I
1
I
1
. i
I
i
i
,
~
f
I
i
,.,.
, "",'\
" ,
I
.1
,..' I
.,:....,:.j
,
, ,1
.1
F. ISSUANGE OF OTHER OBLIGATIONS PAYABLE O~ OF EEv.ENUgS. That the City
will not issue any other Obligations. except upon the oond1tion~ ~nd in tne manner
provided here1n, payable from the Revenues derived from ~e operation of said
Projeot, nor voluntarily ore ate or cause to be created any debt, lien, pledge,
assignment, encumbrance or any othe r charge, hav1ng priority to or being on a par1 ty
with the lien or the Certitioates 1ssued pursuant to this O~lnanoe and the interest
thereon, upon any of the Revenues at said Projeot pledged a.s seour1 tY' ~herefor in
this Ordinanoe. Any other obligations 1ssued by the Oi tY' in addi tion ~o the Cer-
tificates authorized by this Ord1nanoe shall oonta1n an express statement that such
obligat1ons are junior and subordinate 1n all respeots to the Oer~lt1cates issued
pursuant to this Ordinance as to lien and souroe and seourl ty tor payment trom 'the
Revenues 01' said Project.
G. INSURANOE. That the C1 ty will carry, or cause to be carried tor 1 ts
benefit, suoh insuranoe, and 1n suoh amounts, as 1s ordinarily oarried by private
oorporations owning and operating similar improvements and fao1lities in the area
wi th reputable carriers against loss or damage to the Project, and 8aid proper~1
loss or damage insul'anoe shall at all times be in an amoun"t or amounts equal to the fa1r
appraisal value or the buildings, properties, f'acili ties, improvements, turni ture,
fixtures and equipment of said Projeot. In time of war, the C1~y shs.~l also oarry
in said amount such 1nsuranoe as may be available ap;ainB~ 10se or damage bY' ~he
risks and hazards or war.
H. BOOKS, RECORDS AND INSPECTION. That ~he Oity will keep books and
records 01' said Project which shall be separate and apart: from a~l other books,
records and accounts of the City, in which oomplete and correct entries shal1 be
made 1n accordance 111. th standard pr1no1ples ot accounting or all transaotions re-
lat1ng to said ProJeot, and any holder 01' a Cert1'ticate or Certif10ates 1ssued
pursuant to this Ordinanoe shall have the right at all reasonable times to inspeot
sald ProJeot and all parts thereor, and all reoords. aooounts and data ot ~he 01ty
relating thereto.
---
'.',1 '
-, ,
:\ "
i' ."
t ., ~.'
I ,::>_...;,.
" ""';';,/::i,;~:,<.
,"",::-;~i~f){i~~l;;~::' :
, ,""'X'
. .
. '. ""'""""='''"'''''''"';''''~;;;''1f,i~,;. ;},
I.'..'."..,..."
.;,::" . :<~.. ,~. .~ ~.,:...~ \.':: :'~~:/'"
~. .., :-. ~., .: ~
! ",<
I
I
!
!
;' ~...I' :',: .,_ "_. .. '...,' '~.'
; - " ,
. .
, "..... ,,-'>" .,-.
'.:., ,,1\
,
!he C1 ty shal.1. at the end ot eaoh f1scal year, oause the books, reoordll
and accounts of said ProJeot to be properly aud1ted by an independent oertified
publio aooountant of recogn1zed standing and shall, upon request, make available
ld. thin 90 days atter the end ot each suoh year, the J'eport ot said auditor at all
reasonaDLe times to any holder or holders of CertitioatGB lssued pursuant to tb18
Ordinance. Promptly after the reoeipt ot such audit report a copy thereot shall be
mailed b1 the 01ty to any Certifioate holder who shall have ~iled h1s address with
the City and requested in writing that oopies ot suoh reports be l"umished llm.
.~'"'
I. OONSTRUOTION.AND MA!NTENANCE OF YACHT BASIN FACILITIES. That the 01 t;,y
will oomplete the construction, improvement and equipment ot the Yaoht Basin
Faoili ties proVided 1'or 1n this Ordinanoe wi tb all praotlcable dispatoh, snd will
.lIB.1ntain said J?roJeot in good con<~i tlon 8ld oontinuously operate the same in an
e~~10ient manner and at a reasonable oost.
I
1
J. SERVIOES RENDERED TO '!'HE CITY. That the C1 ty Will not render or cause to
be rendered any tree services or 1'aoili t1es of any nature by sud ProJeot, nor allow
any use or oocupation thereo~ without reasonable oharge therefore, nor wi11 any pre-
ferential rates be established for users 01' the same olass, provided however the Oity
shall not be requ1red to oharge ordinary pedestrians who do not maintain a business
or occupation at or in said fao11ity tor the privilege of going 1n and upon sald
tacility or any part thereof; and in the event the City, or any department, agenoy~
instrumentality, o1'f1cer, or employee thereof. shall ava11 1tself or themselves of
and use such ProJeot, or any part thereot, or occupy said Project, or any par~ there-
01', the same rates, rentals, tees or oharges applioable to other parties using like
tac1l1ties under similar oiroumstances shall be charged the City and any suoh depart-
ment, agency, instrumentality, otficer or employee and all such rates, rentals, ~ees
or oharges shall be r~aeonab1e. T~e Oity shall require any lessee or licensee to
observe and enforoe the proviSions ot tM.s subseotion J. Suob oharges shall be paid
as theyaoorue, and the City shall transfer from its ~eneral fUnds suffioient sume to
pay suoh charges. The inoome so rece1ved shall be deemed to be Revenue der1ved ~rom
the operation of the Projeot, and shall be depos1ted and acoounted tor in the same manner
as other Revenues derived from the operat1on ot the Project.
K. OPERATING BUDGET. That the 01 ty shall annually, at the same time and in
the same manner that it prepares its annual munioipal budget, prepare and adopt by
resolution of 1ts governing body a detailed budget of the estimated expenditures tor
o~ration and maintenanoe o~ the Projeot dur1ng suoh sucoeeding tisoa1 year. No ex-
penditures for the operation and ma1ntenance of such Projeot shall l:e made j,nl any
f1soal year in exoeS8 of the amounts provided there~or in suoh budget without a written
~inding and reoommendation by the general man~er ot' such Projeot or other duly author-
ized offioer in charge thereOf, whioh tinding and recommendation shall state in detail
the purpose of and neceSSity for suoh inoreased expenditure for the operatlon and
maintenanoe of suoh Projeot, and no such 1noreased expendituree shall be made until
the governing bo~ ot said Oity shall have approved such f1nding and reoommendation by
a resolution duly adopted. No inoreased expenditures in exoess ot ten per centum o~
the amounts proVided for 1n suoh budget shalJ. be made without the further oertificate
ot an independent reoognized oonsulting engineer that Bucb increased expenditures are
neoe8sary for tne continued operation and maintenance o~ said Projeot~ ~he Oity shall
mail oopies ot such annual budget and all resolutions authorizing inoreased exPendi-
tures for operation and maintenanoe to any holder or holders ot Certificates who shall
tile his address 'Wi th the Oity and request in wri t1ng that ooples of all such budgets
and resolutions be furnished him or them, and shall make ava.t1s1il.e such budgets and all
~esolutlons authoriz1ng inoreased expenditures ~or operation and ma1ntenance ot such
Projeot at all reasonable ti~s to any holder or holders of Cert1f1cates 1ssued pu~
Buant to this ordinanoe, or anyone aoting ~or and 1n behalf of such Oertif1oate holder
or Certiticate holders.
..
j
L. ISmJANCE OF ADDITIONAL OBLIGATIONS. That no addi t10nal ob11gat10nl!l, as
in this subsect10n detined, payable pari passu out of the Revenue Fund shall be oreated
or 1ssued after the issuance of any Certifioates pursuant to th1s Ordinanoe, except
under the oonditions and in the manner herein provided.
No suoh addit10nal pari passu obligations shall be issued or oreated unless the
~net earnings. of such ProJeot during the preoeding ~elve oonseoutive months shall
equal at least one and one-halt times the highest aggregate principal and 1nterest
requ1remen,ts f'or any sucoeed1ng twelve oonseoutive month period onr'all suoh addl t10nal
obligations to be 3.ssued, and unless the proceeds derived from the sale 01' suoh ad-
ditional obligations shall be used solely for the purpose 01' making repa1rs, 1mprove-
ments, additions or extene10ns to the ProJeot. "Net earnings" as used in this sub-
section L are hereby de~1ned as Revenues less Operating Expenses.
The term UAdditiona~ par1 passu obligations~ as used in this subsection L
shall be deemed to mean additional ob1igat1ons evidenoed by Certifioates 18sued
under the prOVisions and within the 11m1 tatlons o't this Ordinance parable trom the
Bavenue Fund par~ passa with Certificates origlna1l~ authorized and issued pursuant
to this Ordinanoe. Suoh Oert1fioates shall be deemed to have been issued pursuant
to this Ordinanoe the same as the Cert1tioates or1ginally author1zed and issued
pursuant to this Ordinance, and all of the oovenants and other provis1ons ot this
Ordinanoe (exoep't as to details of such Cer't1fioates evidenoing such add:1 tional. ob11-
gations 1noone1s'tent therew1tn), shall be tor the equal benefit, protection and .
seour1ty of the bol~81's of any Oertifioates originaJ.ly author1zed and issued ~ursuant to
this Ordinanc~ ~d the holders ot any Certi1'1oates evidenoing additional pari passu
ob11gat1ons subsequentll created within the limitations ot and 1n oompllanoe w1~ this
8ubseotion L. Allot suoh Certi~ioatea, regardless of the time or times ot their
188uanoe. Ihal1 rank eque1ly wi th respeot to iheir l1en on the Revenues ~nd their
.ouro.. aud 8C!Jourl ty tor payment tram said Revenues Y1 thout preterenoe of anr
Certif10ate or ooupon, over any other.
... . :,. J. _.'._. '. _,': ,..'" "'~;~.. . I ,
,'-
'<'1..,
~!;'
I
!
!
,
!:
~.
t,;~',,(c . ,
f. "....'.'..'.,\.
~ : ,",,-:.''-.,
~:;i,/f~;:~.' .
..y 'I- 1
,,'
"
,\
, .
The term 'add1t1onal par1 passu obl1gations' as used 1n this subseotion
L shall not be deemed to inolude bonds, notesp 'oert1fioates or other obligations
subsequently issued, the l1en ot whiCh on the Bevenues of suoh ProJeot 1s subject
to the pr10r and superior lien on suCh Revenues ot Certifioates issued pursuant to
thi s Ordinanoe, and the Oi ty shall not issue any obl1gations whatsoever payable
trom the Revenue" ot said ProJeot whioh rank equally as to 11en and souroe md
seourity tor payment trom suoh Revenues with Certlf10ates lssued pursuant to this
Ordinanoe exoept in the manner and under the oonditions provided in this subSeotion L.
No additional obligat10ns, as in this subseotion defined, shall be ereated at
any time, howevar, unless all of the payments into the respeot1ve tunds prov1.ded tor
in this Ordinanoe on Certifioates then outstand1ng, and all other reserve or sink-
1ng funds, or other payments prOVided for in this Ord1nanoe shall have been made in
tull, and the Oity shall have tully complied with all the oovenants, agreements
and terms or this Ord1nanoe.
M. REMEDIES. Any holder of Certifioates or ot any ooupons pertain1ng1bereto,
issued under the prOVisions ot this Ord1nanoe, or any Trustee aoting tor suoh Oar-
titi ~te holders in the manner here1nafter provided, may, either at law or 1n eqult7,
by suit, act1on, mandamus or other proceeding in any oourt of oompetent Jurisd1ot1on,
proteot and enforoe any and all rights under the laws o't the State of Florida, or granted
and ~ontained in this Ordinance, and may enforoe and compel the performance ot all
duties required by this Ordinance or by any app110able statutes to be pertormed by
the Oity or by any offioer thereof, 1ncluding the t1xing, oharging and oolleoting ot
rates, rentals, fees and charges for said Projeot sUbjeot to the provis1ons ot any
valid leases or licenses of said ProJeot, or any part thereot.
In the even t that detaul t shall be made in the payment ot the 1n terest on 01'
the prinoipal ot any ot the Oert1ficates 1ssued pursuant to this Ordinanoe as the same
shall beoome due, or in the making of the payments into any reserve or sinking :tuna.
or any other payments required to be made by this Ordinanoe, or in the event that the
City or any officer, agent or employee thereof shall fail or refuse to oomply w1th the
provisions of this Ordinance, or shall default in any oovenant made herein, and in the
further event that any such detaul t shall continue for a period of thiety \30) dars,
any holder of suoh Certificates, or any Trustee appointed to represent Certificate
holders as hereinafter provided, shall be entitled as ot right to the app01ntment ot a
reoe1ver of suoh Projeot 1n an appropriate Judioial prooeeding in a oourt ot oompetent
jurisd1otion, whether or not suoh holder or Trustee 1s also seeking or Shall have
sought to enforoe any other right or exeroise any other remedy 1n conneot1on wi th
Certi'tioates issued pursuant to this Ordinance.
The reoeiver so appointed shall forthwith, directly or by his agents and
attorneys, enter into and upon and take possession of such Projeot and eaoh and every
part thereOf, subject, however, to the righ~ of any lessees or licensees, and 1n the name
the City shall exeroise all the rights and powers of the City with respeot to such
Projeot as the City itself might do. Suoh receiver shall collect and reoeive all
Revenues, maintain and operate suCh Projeot 1n the manner provided 1n this Ordinance,
and comply under the Jurisdiction or the oourt appointing suoh receiver, with all of
the proviSions of this Ordinance.
Whenever all that is due upon Certificates issued pursuant to this Ordinanoe,
and interest thereon, and under any covenants ot this Ordinance for reserve, Sinking
or other funds, and upon any other obligations and interest thereono having a oharge,
lien or encumbrance upon the Revenues ot said Project shall have been paid and made
gOOd, and all defaults under the proviSions of this Ordinance shall have been cured
and made good, possession ot suoh Project shall be surrendered to the 01ty upon an
entry ot an order of the court to that effect. Upon any subsequent detault, any
holder of Certificates issued pursuant to this Ordinanoe or any Trustee appointed
tor Certifioate holders as hereinafter prOVided, shall have the same right to secure
the further appointment of a reoeiver upon any suCh subsequent default.
Such reoeiver shall 1n the performanoe ot the powers hereinabove oonferred upon
him b~ under the direotion and supervision of the court making suoh appointmen~, shall
at all times be subject to the orders and deorees of' such oourt and may be removed
thereby and a suocessor receiver appointed in the discretion of such court. Nothing
herein oontained shall limit or restriot the jurisdict10n of suoh court to enter'
suoh other and further orders and decrees as suoh court may deem necessary or ap-
propriate for the exercise by the reoeiver of any tunction speoif1cally set torth
herein.
t, '," ,
1,1~'.ll.
,"{:~;tjl'\ ,./
., ...
. ..--
,
'"
'~J"
]
Ij
, \
, ,
"
.
, J
, ,:'
...".
. ~.' . . '.
p ','
Any receiver appointed as provided herein shall hold and operate such Projeot
1n the name o't the Oity and for the joint protection and benefit ot the City and
holders of Certificates issued pursuant to this Ordinanoe. Suoh rece1ver shall have
no power to sell, assign, mortgage or otherwise dispose ot any assets ot any kind or
oharacter belonging or pertain1ng to such Project but the author1 ty of such reoeiver
shall be limited to the possession, operation and maintenance of such Project, sub-
Ject to the rights ot any lessees or licensees, for the sole purpose of' the protec-
tion ot both the Oity and Certif1cate holders, and the curing and making good of any
default under the provisions of this Ordinance, and the title to and ownership ot
such ,roJeot sbaJ.l remain 1n the City, and no oourt shall have any Jurisdiot1on to
enter any order or decree permitting or requiring suoh receiver to se11, mortgage or
otherwise dispose ot any part of suoh ProJeot.
.. . ... ...r:o'.\ ,..-"..~--.......,. -"'.:. ':',~ "',' .'....,~_...:'~...-...... :",c" :.~'."t,... '''~''''''''''''''''''''''_; r: .,... , 'l' 'J.':.-+
_.~-_. ~..y"llrr_,_-
,.,',.. I
!
i
I
"
" ,
I
f.
;:ii[ti~f,
""",~J~
,j~fj~~:\
,;~~t!.
'.:, '.:.. ... - \,.,.. ~.
.' ,~, ,....- ..,..~..~... -.. ,.....>.:.... :,. ....'2;.'" .;:~~'..'~ :;;,........ ,.j,..:;l.:..'......_.',-'o... '" .w... q
!he holder or holders of Oertifioates in an aggregate prinoipal amount ot
not less than twenty-tive per oentum ot Oert1f1oates issued under th1s Ordinanoe
then outstand1ng may be a duly exeouted oert1tioate in writing appo1nt a trustee
tor holders ot Certifioates issued pursuant to this Ordinanoe with author1t:r to
represent suCh Certifioate holders in any legal prooeeding for the enforcement
and proteot1on of the rights of such Certifioate holders. Suoh oertifioate shall
be exeouted by suoh Certif10ate holders or their duly authorized attorneys o~
representatives and shall be tiled 1n the otfioe ot the Oity Auditor and Clerk.
N. ENFORCEMENT OF COLLECTIONS. That the Oity will diligentlY enforoe and
oolleot all fees. rentals. rates or other oharges for said Projeot. and take all
steps. aotions and prooeedings for tbe enforoement and oolleot1on ot suoh tees,
rentals, rates or other oharges whioh shall be oome delinquent to the full extent
permitted or authorized by the Charter ot said City and by the laws ot the State
ot Florida.
I !.~;"~:,:,l\\, > '
i.' .' ..'", "
i
ARTICLE IV
MISCELLANEOUS PROVISIONS.
I
!
t
!
I
I
i
I
I
i
I
I'
i
, ..
. "
..
14. MODIFIOATION OR AMENDMENT. No material modifioation 'or amendment
ot this Ordinanoe or ot any Ordinanoe or resolution amendatory hereot or sup-
plemental hereto. may be made without the oonsent in writing ot the holders of
two-thirds or more in prinoipa1 amount ot the Oertificates then outstanding;
prov1dedp however, that no mbd1t1oatlon or amendment shall permit a ohange in
the maturity o~ suoh Oertificates or a reduction in the rate of 1nterest thereon,
or in the~ount ot the prinoipal obligation or affeoting the unoonditional promise
of the City to maintain rates and rentals for the Project, as herein provided, or
to pay the principal of and interest on the Oert1ficates as they shall oome due
from the Revenues, without the oonsent of the holder ot such Certificates.
1S. SEVERABILITY OF INVALID PROVISION. If anyone or more ot the
oovenants, ~reements or provisions of this Ordinance should be held oontrary
to any express provi s1 on of law or oontrary to the polioy ot expre ss law, though
not expressly prohibited, or against publio poliCY. or shall ~or any reason what-
soever be held inva11d, then such movenants, agreements or provisions shall be null
and void and shall be deemed separable from the remainin~ covenantsp agreements or
prOViSions. and in no way affeot the validity of all the other provisions ot this
Ord1nanoe or ot the Oertificates or coupons issued thereunder.
16. REFUNDING OF CERTIFICATES. If the City shall at any time hereatter
issue Oertifioates. by sale or exohange, to fUnd or refund any of the Oertit-
10ates 1ssued pursuant to th1s Ordinance, the Ordinance or other proceedings author-
1zing the issuance of such funding or refunding Cert1ticates may provide that the
holders ot suoh funding or refunding Certif10ates shall have the same lien and all
the r1ghts and remedies of t~e Cert1f1oates so funded or refunded; prOVided," however,
that suoh funding or refunding Certif1cates shall be in 11ke principal amount and
shall bear the same dates of maturity as the Certificates :1'unded or retunded by tile
issuanoe thereot.
17. That Charles E. Ware. Oity Attorney, be and he is hereby author1zed
and direoted to institute appropriate proceedings in the 01rcuit Court of the
Si~~h Judioial Circuit o~ Flor1da, 1n and for Pine11as County, Florida, for the
val1dation of sa1d Certifioates, and the proper offioers of the City are hereby
authorized to verify on behalf of the Oity any pleadings in such prooeedings. The
Certificates hereby authorized shall be sold and del1vered in suoh manner and upon
such terms as shall be determined by subsequent action of the City Commission.
18. That it is necessary for the immediate preservation ot the public peace,
property, health and safety of the C1ty of 01earwater and 1ts c1t1zens and inhab-
1tants that the oonstruotion, 1mprovement and equipment o~ said Project, as author-
1zed here1n, be undertaken and oompleted with the least poss1ble delay, and this
Ordinanoe is hereby declared to be an emergency measure and shall take effect upon
its passage as provided by law.
19. That all ordinanoes and resolutions of the City Commission of the City
of Clearwater, or parts thereOf, in oonfliot with the prOviSions of this Ordinanoe
are to the extent of suoh oonflict hereby superseded and repealed.
PASSED ON THE FIRST READING Au~st 13. 1951
PASSED ON THE SECOND READING August 20. 1951
PASSED ON THE THIRD READING September 10, 1951
Herbert M. Brown
Mayor-Commiss10ner
A'l'TESf:
H~ G. W1np:o
, Oi ty Aud1 tor and olerx
CT'PY COP�4P,4TSSTODJ MELTIIJG
ueptember 10, 19b1
The C:Lty Coxmnission of the Citf oi' Clearvratar met in special sesa3.an at Ciiy Iiall,
Mondaf, September 10, at 7s30 P.t,7., with the Pollowin� membflrs present:
Absent:
Also present were:
Herbert bS. gxown
Joe Turner
Thomas H. Black, Jr.
Iierbert M. Blani:on
Garland D„ Lynn
P. C. �4Iiddldton
C. E. SYare
S . I,ickton
Geor�e T. T�icClamma
-Mayor��omm3ssioner
-Commia t�i onar
-Commis3ioner
-Commisaioner
-Cormnis sioner
-City n�anager
�Cit� Attorney
-.City En�ineer
�Chief of Pol3ce
The meetizi� was called �o order by the btayox.
Report P�as p;i,ven by City Zianager on the expenses involvecl in hlr. Kabrich+s work
on �he Court Street extension. Gity ItiSana�er atatad thav everything is cleared up ex-
ce�t fox about four cases, and that the expenses amount to ap�aroximately �;657.00. n4ap
vras pxesented bq City Attorne�r shov�ing whet propert3ea have been purchased within the
rif,h� of rray by the City; what properties made deals v�ith the Gity in which a c6rtain
amoun� af money was paid to the prop�rty owner plus cancellation of improvement assess-
ments or caneellation of 3xnprovement assessments plus the a�;reernent on the part aP the
City to move certain b�zildings; and properties traded directly for caneellaticiz of the
assesaments. The City Attorne� stated that of the Pew mi�:o axe left all except tv�a appear
to be very close to settlement, and that it may be that condemn�ttion nroceedings v�ill
have to be brought a�;ainst �he3e 'tP�6 property holders. Mayor Brown requested the Gom-
mittee to continus to function and see that the rest of the right o.f vray is procured and
to bring back another report w2ien there is further inforriation to add.
Maqor Brown also apo]�e of the hiisaouri Avenue right o�' ti,iay, and requested that the
Corunittee give seriaus thought �o the ar.lployment of P,ire Ksbrich on this project iirnne-
�iately. Other mambers of the Co�unias3on a9resd that iur. �brich�s re�ention for this
�vork was advisabled Cit�* Attorney stated that County Engineerls 0�'fice Y?as turnad over
�o h3m all title searches for properties on v�hich title �ust be obtained in that area.
He atated that deeds �vi11 be prepared in advanoe so that only one cantact need be made
by �Sr. Itabricil of praner�y holders �n this ri�h.t oi way, He stated that the N3.ssouri
Avenue peaple ara vex� a�;reeab]E to�rd giving propert;� in that area as theg vrant th_e
right of way and are glad not to be assessed for it. He st�te&, hoti�ever, tY�� any special
problema vvill oP course sh.ov� up on investigation by Rir. X�briche
Comuiissionor B1acY, made motion thxt expenses incurred in connection with acquzring
of tho ri�ht of vray necessary �pr the Court Street ex�ension, narsely �657,J0, be paid to
I�Zr. I�abrich. Cormnissionc�r Blanton secondad the motion. Vote VJAS cast and niotion unan-
imously carried.
rlayor Brosvn called i'or s�otion that ;.Zr. Sabricli be amployed on NIissour3 4venue ex�
tension. Com�issionar Blanton moved that Cammitt�e ba anpointed for procuring propertieg
for ri�;ht of wa,p from Belleair Street Nortii to Druid Road and that hiring of bir� Ifabricn
be aubhorizad as right of way agent. Cosranissioner Black seconded the motiou. Vote was
talten and motion unanimously carried.
��9
Report was �iven by C�ty Engineer on blandalay Ur�it � improvement prajec�. City
Engineer stated that the proposal is �o take �he entire subdivision and charge the drain-
a�e against the entire area af �Yie aubdivision as sho�vn on map he presentFd. He stated
�hat he eould �ustif'g from levels taken that all areas fron the crov�rri of the road in
111andAlay do add to the probleme of drainage in this area. Paving will be charged against
front foo�age. Since tlie curb and gutters, especially the gutters, are taking care of
draina�e, he recormnends ti�at curb and ���tters be charged against drainage and not against
paving. If curb and �ut�ers are not char�ed against draina�e some lots will have to pay
drainage plus curb onl�, $e did not consider that fair but stated it could be done that
vtay. Corumissioner Black moved that the City Engineerts report be accep�sed and that the
City ri7ans�er be authorized to publish notice of public hearing; that from hlandalay to
the Bay ana Clearwater to proper�ties involved facing �emerset inclusive be included in
this project; that basis for assessment be on an area basis as pertains to curb and stos�
sewers and that the assessz�ent for paving be on a front foot basis; an� that City &I�r�ger
be authorizod ta advert3se for• bids covering this tivork so that it will run simultaneously
with notice of public hearin�;, which will be held the first n7onday in October - Oc�Gobar lst;
bids to ba npened on1J i£ work is authorized at tho public hearing. Comin�ssioner Black
stated that the latter part of his motion was made tvitYi the thought that ti�e �vould be
saved for the property owners after the long dela�y �.n �etting this project under way. Com-
miasioner Turner seconded tha motion, vrhich was voted upon and unanimously carried.
Mayor Brov�n aslsed if there was a report on the AZarinas Project. 'i'he City rYanage�
requested that Cor,nnittee go �vith the City Engineer an�l him tomorrow �£ternoon at I:00 P�
to make final inspection of the hTarinas proper�y. It waa agreed t11at this be done. NIagor
Brown stated that Mr. A.i�rston is walting for final payment. He stated that City Nar�ger
tivould like to have some authorization to pay this account if ths inspection proves that
this work is nroperly done. Cormniss3oner Blanton moved t11at cit+� bianager be authoritied
�o make final payznent ai'ter inspect3.on by the Gormnittee and if the work is found to be
completod in a satisfactnry manner. Cou�missioner Black ssoonaea the motion, which was�
t��ted iipon and unanimously passed.
Mayor Bro�vn k�roup;ht up the matter of the raadin� o.f Ordinance No. 608 pertraining
to the issuance of Yacht Basin Revenue certificates. The City Attorney submitted amend-
ments to this Ordinance, sor.ie of which he stated originated with the Comnission and soma
with the C3t9 Attorney. Commissioner Blsek moved adoption of amendment amending Subsection {a)
CITY COMIufI,SSION MEET�NG
S'ep�ember Z0, 1951
o£ Section 1. o� Article 1 by strik3ng all of Subsec�ion (a} snd inserting in place
thereo� as read by the City Attorney. Corr�misnion�r BZ�nton seconded the motion, whicl;�.
was voted upon and unanimously carriad. Covmiissioner Blaek moved to amend Subseation
(f} of Section 3 of Article 1 oi Ordinance No. S06 by strik3ng all of Subaeation (i')
and �nsertin�; in place there��f as read t�y City Attorney. Commissioner Turner seconded
tlie motion, which was voted upon and unanimously passed. Co�nissioner Black moved to
amend Subseotion (g) of Section 3 of Article 1 by striking out all of said seation and
inserting in place thereof amendment �s read by City Attorney. Commissioner Turner
seconded the motion, which was voted upon end unan3moualy passod. Commissioner F31ack
moved to amend Subsection (h) of Section 3 of Axt3cle 1, Ordinan ce NU. 608 by striking
the item noted hy the City Attorney and inserti�n� tho words notad by the City Attorney.
Co�issioner Turner seconded the motion, which was �tated upon and unanimously pas3ed.
Conmissioner Black movad Subsection (c) of Section 13 of Article 3 by addition in the
fifty line of tlie words read by tha City At�orney. Co�miss3oner Turner seconded the
motionR which was voted upon and unan3mously carried. Commissioner Black moved to
e�end Paragraph 1 of Subsection (d) o.f Section l� of Artcicle 3 by insertin�; in the
sec�nd Iine thereof the phrase noted by the City Attornay. Goimni�sioner Turner �econdad
the motion, which was vo:Gu. upon and unanimoualy carried. Commissioner Black moved to
amend Subsection (j) of Sec+ion 6 of Axticle 3 of Ord3:nance No. 608 by inserting in
Subsection (j) the plzrase as read bg the Gitg Attorney. �o�unissioner Turner seconded
the motion, which was voted upon end unanimously carried. h4ayor Brotvn asked whether
there has been any expression from the Cle�rwa�er Beach Asso�iation on this project.
The C3ty Attorney repZied that n'Ir. Carson, President of the Association, read over a:
copy of the Ordinance and raised two or three queations regard3np; it and seemea to be
flzlly satisfied with it. N:ayor Bro�vn stated that Mr. Carson had said that the Asso-
ciation did endorse the project and f`ully approves it. Comnisaianer Blantom m�ved
that an �dditional ��.'30'000�00 be added to the issue of revenue certifieates and that
the nayment of' sa3d additional sum be provided by adding two more additional maburities
af �15s000.00 eacYs at tha end of the pay period spec3fied in the Ordinance. Coimnissioner
Turner seconded the motion, which was vo�ed upon and unanimously carried. City Attorney
then read Ordinance No. 608. Co�nissioner Black moved passage oi Ordinance No. 608 as
�nenasa on its third and f�nal reading. Caimniss3.oner Turi�er seconded tha mot3on, which
�ras voted upon and c�rried.
�/D
Consideration �vas given to amendments to Occupa.tional License hTo. 580. Corrunissioner
Turner moved passage af Ordinance I��. 6Q9 on its firsi; readin�. Co�uniss3.oner Black
seconded the motion, wh3.ek�:�vas vatec� upon and unanimously carried. City Attorney read
Ordinanee No. 609, which wa� diecussed during the reading by all Corr�n3.ssioners. Com-
missioner `1`urnex movea that Ordinar_ce No. 609 be taken up at second read3ng by title
only by unanimou3 consent< Gor.�nissioner Black seconded the z2otion� whici5 was voted
upon and knarz�ously carried. City Attorne� read Ordinance No. 609 by title onl;�. Com-
missioner Black moved passa�e of Ordinance No. E09 by title only on its second reading.
Gommisa•ioner '1'tirner seconded the motion, which �+ras voted upon and unan3.mously carried.
Maeting was adjourned by riayor Brovm at 12:7.5 AI�I.
ATTEST�
,
City Auditor Clerk
Iviayor-Carrnnissioner Herbert Pd. Erovms
Gonnn:tssioners �
Gentlemen:
�
Iayor� o�niss: r
Joe Turner, Herbert Blanton, Garland D. Lpnrls
Thorr�se H. Black
September^7, 1951
The City Commission v�i1Z meet in special session Ni�ndr,� evening - Sepi;ember 109 195I -
7:30 P. M. in the Gitg Ha11 - to consider iteras on the attached a�enda.
Yours very truly�
F.C.Nitldl,eton, Cit9 NTar.a�er,
�. Gity Engineer� e report on ivlandalar Un3t �f�5 .� Improvemen� Pro ject.
2. �'hird and final reading of Ordinance �608.
3. Consid�ration o� amendmentg to Oc�upational Licsnse Ordina nce �5$0.
4e Repart from Mr. Ksbrieh regardin� Court Street Extension rignt-of-wqy .
5. Items not on the A�enda v�ill be considered hy consent o�' the Conunlss�.ono
Adjournment,
CTTY COD'Ih1ISST.OT1 MEETIiiG
September l�, 195�.
OF{DTNANCE N0. 608
AN ORDIPIANCE PROnDING FOR TiiE CONgTitUCTION,
IMPRO'VEMEIJT AND EQITTPMENT OI' � CO2+IMER�TAI.,
AND RECREATIONAL SUrLDING AND A PIER; AUTHOR-
IZIP7(3 THE I9$UANOE OF �325aU00.00 YACHT BASIII
AEVENPJE CERTIFICATEB; AND PROVIDIN(� FOR THE
R'�GI�TS OF 'PF1E HOLDERS THEREOF.
BE iT ORDI�INED BY TFIE CITY COM�iT88I�N OF THE CITY OF CLEAFiWATER, FLQRIDA:
AftTI CLE I
STATUTORY AiJTHORTTY, FINDIN(�8 AND DEFIAIITIONB.
1. AUTHORITY OF T�iIB ORDINAN�E. Thia Ordinance 3s adapted pursuant to the
proviaione of' Chap�er �710, S�eoial Aats of the T,egielature oP Flori.da, 1923, and
amendmente thereof and eupplementa there�o, being the Char'ter oP the Ctty af C1ear-
water, and other applica�le provisions oP lawo
It 1� hereb� found a.nd determined as followre:
(A) �hat the C1ty of Olearwater ia now �hs owner of land, preraises arid water
rlghte in said City,knowm as Lac?�l Lot 2, the �Teat one-half oP Land Lot �; a1Z of Land
Lote 7 to 13, inclusive, and Water Lot I, oP the Oity Park Subdiviaion Glearwater Beach
Tsland, Clear*aater, F].orida, and that tha reven�tee to be derived fram� ti� �eee, rental.e,
or other che.�^gea for the uee of eaid land and water rights and faciZi�ties eonstrucied
and to be construeted thereon, as herein authorized are not pledged ar eneumbered in
any manner.
(B) 2'ha.t the aonatruotion, improvement and equipment of a Commereial and.
Recreational Huilding and a pier (hereln called �'i'acsht Basin Faeiliti.es") aa herein-
after deacribed, are Yor a proper municipal purpose, and 1t ie imperative in order to
preserve the publics health anci provide proper recreational facilltiea for the inhabitants
of the City oP Cleartvaber that said Ya.cht Basin Fscllitiea ahall be conetruuted, i�-
proved and equipped in accardance wl�h the provie3one oP thie Ordinance,
(C) That the revenues to be deri�ed from the Projeot hereinaPter deacribed,
including the Yach� Baein Faciliti�e, will be eufi`icient to pay the prineipal aP and
interest on all oi the Yaoht Basin Revenue Certificates iasusd purauan� to this
Ord3.nanee and to make all reaerve, sinking �'und and other paymenta prov�ded for in
this Ordinancse, and �o pay the neoeeaary eoet o� operating and maintaining eaid Project.
{D) T3�,t the principal oP and intere�t on tlie Yacht Basin Revenue Certificates
to be lssued pursuarit to thia Ordinancse and all of the reserve, einking fund and other
payments provided for i'i� this Ordinanee, will be paid aolely from the ReQenues derived
by the Ci�y irom the operatian of said Project, and i� w1I1 neeer be n2cessary or author-
ized to uee 'the ad valorem ta,xing power or any other funde of eaid Clty to pay the
prinolpal of and intereat on sald Revenue Gerti�'icsatee to be iesued purauant to thi.s
Ordinanoe, or �o make any oP the rese rve, sinking iurtd or other paymente provi3ed fnr
in this Oridinanoe, and eaid Renenue CertiPioates issued purauant to this Ordinanae
shall not constltute a Zien upon any oP the propertiea of sald Project or upon anp
oth�r p�roperty wha.tsoever of the City.
(Ej That there has b�en issued under date of July l, 1950, �11�,000 Commercia3
and Xacht Basin Reven�.ze CertiPioatee, �o Pinanee the coat of the construcstion, improve-
ment and equipment of �. Yaaht Basin, and that it 1s �xpedient and advantageaus to tha
City, to refund the oui;standing certificatca of said issue by the eale or exchange oP
'the aertiPioatea hereina#'ter authorized.
(F) Tha.t construazlon, improv�ment and equipmen'� of sald Yacht Basin Faeil3ties
ehall be undertaken and aompleted in accord.ance v�ith the platis anci epecificationa pro-
posed by the City�s Engineer, and heretvPore filed in the oPfice of the Ci�y Audi�or
and Clerk, at an eetimated cost aP $325,OOOe Such cos'� ahall be deemed �o include th�
reftinding oi th� outetanding o�rti�'3catea of said iasue of Commeraia]. and Yaeht Basir�
Revenue �er'tif9.oatee, dated July l, 1950, issued to finance the cost of the construotion,
improvem�nt and equipment of the Yacht Basin and th� csost of �he eonatruation, �mprove-
ment and equlpment of saicl Yaaht Basin Facilities pursuant to said plans and epeoi�iea
tlons, 1naluding the aesquisition of any lartda or interea�G therein ar�d of any fixttiY^es
or equipment or properties deemed necessary or esongenien� therei�ors intei�°Ps'� upon the
Yacht BaeSn Revenue oertiY'icates issued ��xrsuant ta thie Ordinanae prior to, and during
and for eix montha aPter the completion and placing in operatlon of said Yacsht Bas1n
�'aai�.itiee; engineering and legal exper�ees; expensee Por eetir,ateg oi aos�s and o�
revenuea; expenaes for plans, speoifications and aurveye and such other expensea ae
may be neaessary or inc�ident �o �the Pinan�ing authorized by this OrdinaYxoe, and tha
consts°uetion, improveme;�t an�i equSpping oY such Yac�.t Baein Faeiiitie� and ths placing
of same 3n operati.one
2ek ORDINANCE TO �ONSTITUTE CONTRAC�v In oonsicieration of th�� aocep�anoe of
the Cer�SYioatea authorized to be lasued l�ereunder by thase wha shall hold the same
fron time to t1me, thie -0rdinance shall be deemed to be and shall constitute a cantract
between thQ City oP Clearwater, Florida., and such certifioate holders, and the oovenanta
and agreements herein set forth to be p�rformed by said City slza7.1 be for the equal
b�nefit, prnteo'Cion and �eour9.ty of the legaZ holdera of any and a7.1 of auoh Cert3f-
Soates and the aoupons �.ttaaixed theretoa a:11 of whicsh ahaYl be of equal. rarid and �d. �ii�
out preferenc�e, priorlty or dietinotian of any of the CertiPioatea or coupone over any
other thereof exoept as �xpresaly provided therein and hereine
3. DEF'INITIQNB. The fo3l�wing terme ahall have the following meaninge
in this Ordinance unlese the text otherwise expresgly recquirea:
(a) °C3tg" ehall mean the CSt3P aP CZearwater, Florida
('bj ��Acst�� ahall mesn tY�e Charter of tlie City o� Clearwater, conetltuting
Chapter g7Z0, Speoial Aata of the LegieZature of Florida, 1923, and amendment�
thereof and aupplements thereto.
(o) uCertifSaates" ahall mear the �32$,p00 Yacht Basin Revenue Certifiastes
authorized to be iss�zed pursuant to this drdinanoe and arzy additiorial CertiPloatea
hereaPter lasued pursuant to aubseation 13 (�) hereo� in the mannei^ thsrein provided
and the interest coupona attached to aaid Ceritifiaatea.
(d) ��Holder of Certifiaates" or ��Certifioate halder�'', or any similar term,
ahall mean any person who shall be the bearer or owner of any ou�Cstanding Certii-
ioate or Certiflcates registered to bearer or not regiBtere�i, or the registered owner
oP any outstar�ding Certifloa�e or Certificates whioh ahall at the time be re�istered
other than to bearer, or of any csoupona representing intereat aocsrued ox� to accrue
on eaid Certificates.
(e) ��Yaah� Basin Fac111tiee1° shall mean the aommeresial. and recreational
bu11d1ng and a pier aonstructed �.nd to be conetrucsted in tlie area of the Pro�eot
purauant to the above mentioned plana and s�eciiicatione of the City�s Engineer.
(P) "Projectu sha11 mee.n land, premisea, water rights, and areas within the
City known as L�and Lot 2 and the S4eat half oi' Land Lot �; I,ar�d Lots 7 to 13, in-
clusive, a.nd Water Lot 1 of the City Park Subdiv3sion, Clearwater Besoh Ieland,
Clearwater, Floxlda, and all improvements or �aailitiea now or herea#'ter 3oaated
or oonstruofied 'thereon, including the Yaaht Basin Pacilities, togeiher with a11
buildinga9 fixtures, squip8ent, and all property, real or personal, tangi'47.e or in-
tangible, no�r or� heresfter owned or uaed by the City in eonneation with sueh projeot
or auch Yacht Baein facilitiea.
(g) ��R�venues° ahall mean s.�l ratee, fees, ohargee, rentals, ar other ineome
received by the City, or accrued to the Ci$y or any Board or agenay thereof in oontrol
of the management and operation of the project, a11 as calcUlated in aceord�.nee with
sound aecounting praot3ce. �+Revenuesu shall be apecificaZly deemed to include,
without being �.imited to, any and all reni;als or other payments received by the City
from lessees, 13censeesa or oiher peraons for eaid project, or any pari thereof, pro-
vided however that whenever and wherever ihe City sr�aZl 3:ease or 13cense any portion
of said pro,�ect under terms praviding that auch licenaees or lessees have made or
aha11 make capit�7. improvementa to said pro�ect or a part of parte thereoi', whlch
capita.l impro�rements shall accrue to and the tltla to which improvements will tree$
9. n the C7.ty only the net rent or 2icerise fee� so paid or acsarued to the City ahall.
be eone3dered ae ��revenuea�� under the terma oP this Ordinanoe.
(h) u0perating Expensesn ehall m�an the current expenee�, paid or acorued,
of operation, maintenance and repair oP said Projeat and shall inelude, without
Iimiting the generality of the foregoing, 'Gaxes, .ineurance prem3ums and adminis trative
expenaee of the Ci�y properly chargeable ta the Project, labor, the cost of materials
r3,nd euppl'.lea used for aurrer.t operation, and chargee for the acaumulation 8upplies
used for current operation, and ahargtl� Por th.e accumulation oP appropriate resernes
not annua.11y recurrent but which are such as may reasonably be expected to be in-
curred in accordance with eovnd accounting practice. '�Operating expeneea�� eha11 not
inolude any allowance fnr deprectis.tion, renewale or extensiona or any eharges for
the accumulat3on of r�aerves for capital replacements, renewale or exteneions; pro-
vided however, that whenever and ��herever the Citg shall lease or license any vortion
of said Projsct under terma providing for the payment of net rentals to the City aral
whereby the le�see or licensee pays part or all oP the cogte oi operation and ma.in-
tenance, then the part oP such coste of operation ar�d maintenanae paid bg such Zeeeee
or lieen�e �ha71 be SneZuded under the term ��Operating Expenses° as used in t�is
aubseetion (h).
(1) Worde impopting singular number a3hall include the p].ural number it� each
case and vice verea, and worda importing peraons shall include firme and corporations.
ARTICLE II
AUTHORIZATION, TERMB, EXECUTION, RE�I3'1'RATION
AND ISSUE OF CERTIF'ICATES
4. �UTHORIZATION OF CERTIFICATES. Subject and pureuant to the provisions
oP �hia ordinance, Certifiaates of the City of Glearwater to be known ae �'Yacht Bas1n
Revenue Certificates� �,re hereby authorized to be iseued in the �ggregate principal
amount oP not exceeding mhree Hundred Twenty P'ive Thoueanci Dollare (�3z5,000) Por
the purpoee of reYunding the outstanding certilPlca�ea of ssld ieaue of �11$,000
Commercial and Yaeht Baein Revenue Certifica.tesy dated July l, 1950, and to Pinanae
the cost o�' the conetruction, improvement and equipment oP Yaeh't Basin Faeilitiea as
provided in thie Ordinanee.
;
z'
5. DESCRIPTION 0�` CERTIFICATES. The rertiiicsates sha11 be dated July
l, 1953, sha11 be in th� denomination oP �¢1,000 each, shall be numbered Prom 1 to
92�, inclusive, ahall bear interest at a rate not exceeding the legal rate payable
aeml-annually� on January 1 and July 1 oP each year, ar� shall mature aerially in
nuu�rioal order, lo��est numbers first, o:� July l of each year, �5,�00 in ea.ch oP
the yeare 1952 tu 19�6, incluelve, �10,00(J in each of the �+eara 1957 to 1965, in-
clusive, and �15,000 Sn each of the years 1966 to 1979, inclusive.
T3ie CertiPicatee maturing in the �ears 1952 to lg6o, inclu8lve, ehall
not be re�eemable prior to maturlty. The Cer'�iPicates maturing in the years 1961
to 1979, inelueive, eha11 be redeemab3e prlor to ma.turi�ty, at the option oP the City
on July 1, �960, or on any intereet payment fla�e thereafter prlor to mat•uM ty' as a
whole cr ln part, ?n inverse numerical order, at a redem�tion prioe of par and
aaorued interest to d ate of redemption, plua a premium af Five per cent (5�) oY the par
va7.ue thereof if redeemed an or before July ls 1g63; ar a premium of Four per cent
(4�) oP t}ae pax value thereoi' if redeemed thereafter but on or'before July 1, 19b6;
oi' a premium oP Three per cent (��) oP the par vFalue thereoP iP redeemed the�eafter
but on or be�ore July 1,1969; or a premium o� Two per aent (2�) oP the par value thereoY'
if redeemed thereafter bu'� on or before July 1, 1972, and without premium iP redeemed
thereaPter; provided that a notioe o#' sueh intend2d redemption shail have been pub-
lished by the Gity at leaet �nce, at least thirty da,ys prior t�o the date of redemption
in a finaneial paper publiehed in the City oP New York, NeVr York, and provided Yurther
that if 1 eea than a11 of said Certifieatea aubjeet to redemption are so called f'or re-
demptic�n, the notice of redemption sha.11 etate the identiPying numbera aP the CertiP-
icatea to be rsdeem�d,
Said Certlficates shall be issued in coupon formy ehall be payable with re-
apeot to both princi�al and interest in lawflxl noney of tiie Uni��ed States of America,
at the principal oPfiee of the Chaae National Banl� oP Y�ew York, Nes� York, N.X, �,nd
sha.11 bear intereet Prom '�heir date, payable in aceordanee with and upon surrender of
the appurten�nt interest coupons as they severallg ma:ture.
6v EXECUTION OF CERTIFICATES AND COUPONB. Said CertiPicatee shall be e:Y-
ecuted 1n `bhe name oY the Ci�y by its City Auditor and Clerk and ita Cit�r Manager,
and counierelgnerl by 1te Mayor-Commiseioner and shaZl have impreased thereon '�he
corporate aeal oi the Ci.ty. In case any one or more oP th�a ofPlcera who shall ha.ve
aigned or eea3.ed any oi the CertiPicates eha1.1. �ease to 3e suc� oPficer of tY� Cit�
be�ore the Certii'ieatee ao signed and sea7.ed ahall have been act�zally sold and de-
Iivered, such CertiPicates may neverthelesa be sold and d2livered as herein provided
and may be iseued as if the pereor who signed or sealed auch certificates had not
ceased to hold such office, Any Certificates may be signed and sea�.ed on behali oi
the City by such person as at the actual time oP the execution of such Certificates
ehall hold the proper �ffice in the City, althou�;h at the date of sueh Certificates
euch peraon may not have held such ofPice or m�� not have been $o authorized.
The Coupona to be attached to the Certipieates ena.11 be authenticated with
the faoaimile eignaturee of t�e present or any Putrlre C3�ty Auditor and �lerk, Cit�
Manager and Mayos�Commiseioner of �sid City and the City may adop� e.nd uae for �he
purpose the i'acsimile eignature of any oP sai d persona who sh all have he7.d auch
officsee at any tine on or after the date of the Certifioatea, notwithetanding that
;ze may ilave ceasea ta hold such offioe at the time wPien said CertifiQatee si�a.11 be
aotually sold and delivered.
7. NEGOTIABILI TY ANA REGISTRATIONo The Certificatea sha11 be, and haqe
all of the qualitles and incidenta of, negotiable inetrumen�s under the law mereshar�t
and the Negotiable Inatruments Law of the State oP Florida, and each aucceasive holder,
inraaoepting any oP said C�rtiPicates oP the coupons appertaining thereto, Bha11 be
oonolusively de�med to have agreed �hat suoh. Certi�icates ah�,ll be and have all of
the qualities and incidents oP negntiable inetruments under the law merchant and the
Negotiable Inatrumente Law of the State of Flor-ida, arid each auccessive hol�ler ahall
further be aonclusively deemed to have agreed tha.t said Certiflcates shall be inaon-
teatable in the hande oP a bona Pide holder for value in tl� manner provicied herein-
after in the form of said Certifioates.
The Certificatis may be reglatered at the apt2on of the holder as to
prinaipal. only at the offiae of the City Auditor and Clerk of the City, such regis-
tration to be noted on the back o� said Certificate� in tYle gpace provided thexePor�
After such regls�ration no tranafer o� the Certificatee Sr�azi ta valid unleae made
at said offiae by the registered owner, or by hia duly au�horSzed �gent or repreeen-
tative and aimilarly n4ted on the Certificates, hut the Certificates may be discharged
from regietrat3on by being in like manner tranaferred to bearer and thereupon trar.s-
i'erability by delivery sh�ll be restored. At the option of the holder the CertiP-
lcatea may the�eafter again from time to time be registered or trans£erred to bearer
as befora, Such regiatration ae to principal only shall not affeot the negotiability
of the coupona tahich ahall co ntinue to pass by deliver�*.
8. CERTIFICATES MUTILATED, DEBTROYE77, STOLEN, OR LOST. In csase any Cer-
tifioate sha11 becsome mutilated ar be destroyed, stolen or lost, the City may in its
disaretion lssue and cle7.iver a ne��r CertiPicate wlth a7.1 unm�:tured ooupone attached of
li.ke tenor as the Certif3cate and attached oottpoils, 1f an,y, so mutilated, destroyed,
s�o].en or ingtr in exvhange and subetitution for auch mutilated Certifieate, upon
surrender and oaneellation of suoh mutilated Certifioate and attached couponaa if
any, or in lieu �f and substitution �'or the Certi�ieate and attaohed couponsr if an3*,
deatroyed, stolen or lost, and upan the holder furniahing the City proof oP h1e
otrnership thereof and satiafaoto•ry indemnity and aomplying wlth suoh other reason�
able reguZatlons and canditions as the C1tq may presaribe and paying auoh expensee
as the City may incur. Al1 Certii'loates and ooupons so surrendered �hall be aan-
aell�d by the City Audi$or and Clerk and held for the acoount of the City. If'any
guoh Gertiflaate or coup�n ehall have matured or be about to mature, inetead af
isauing a substitu'ted CertiPioate or aoupon the City mQy pay the same, upon being
indemnified as afoxesaid, and if such Certiiicate or Qoupon be 1ost, atolen or
destxoyed, without surrender thereoPe
An� such slu�licate Certifiaatea and ooupone issized pursuant to thie seo-
tlon shall conatl$ute originaZ, sdditional aontraatual obli�ationa on the part of
the City9 whether or not �he Tost, atolen or destroped Certifioattes or oounone be
at any time iound by anyona, and auoh duplicate Certifioates and ooupone sha?.1 �a
entitled to equal and proportionate benefits and righta tta to lien and eauree and
eeaur3ty for payment �'rom the Revenuae of the Projeat HrSt1z all other Certifioates
and ooupons issued hereuncter.
9, FORM OF CERTIFICATE5 AND COUPONSe The text of the Certificatss, ooupons
and provisions for regiatration sha11 be of aubstantlallq the �ullowing tenor, with
such omissiQns, l.nsertiona and variations as may be necese�ry and deairable and author-
ized or permitted by thia �rdinanae, or any subsequent Ordinance or R�solution adopted
prior �o the iesuanae thereo�';
tTNI TED STATES OF At+IERICA
STATE OF F'LORIDA
CITY OF CL,EARWATER
YACHT BASIN REVENIIE CERTIFICA`I'E
�1,000
KNOT4 ALL MEN BY THESE PRESENTS �that the Qity of Clearwater, in Pinellas
Conntg, Florida, Por value received, hereby promi�es to pay to the bearar, or if thie
CertiPicate be registered,to the regiaterecl holder as herein provided, on the Pirst
day oP July 19 ,�rom the revenues and speaial funds hereinafter mentioned, the
prinoipal sum of
-0NE THOUBAND D(3'�LARS (�l, 000)
wi'ch interest thereon at the rate oY per aen'�um (
per annume payable aemi-annually an the lst day of January and the lst day of Julq oP
eacsh year upon the presentation and surrender oi' fihe annexe@ oou�sons aa they eegerally
Pall due. Bo'th principa7. of and interest on thta Certifioate ase payable in lawful
money of the United States of Ameriaa a.t the principal oPfiee oP the Chase I�ational
Bank of the City of New Yor�, New York, N. Y.
This Eer'tificate ia one of an autharized issue oP Certifiaates Sn the ag-
gregate principal amount or �325,000 of 31ke date, tenor and ef�'ecta except as to
number and date oP mattzrity, issued to refund the outstanding Gertificates of an issue
of �115,000 Cammercial and Yacht Basin Revenue Certificatea, dated July 18 1950, � d
to Yinance the ooat of the csonstruction, improvement and equip�ent of commercial and
recreationa], building and a pier in the City of Clearwatera undEr tl� �,uthos�.ty of and
in Yull complianee with the Conatitution and Statutea o� the 3tate of Florida, the
Charter of the City oP Clearwater, being Chapter 971Q, apeci.al Aeta oP the Legi�lature
of Flori@a �or the year 1923, as amended and supp:.ementect, and other applleable
statutes, and an Ordinance duly adopted by the Clty Commiasion oi ea,id City on Sep�em-
ber lOtn, 1957., and ia subjeet �o all the terma and conditiona of said Ord3nance.
Thie Certificate and the �oupone apertaining hereto are pa.yable solely from
and eecured by a lien upon and pledge of the net revenuee derived from the operation
of the P�aject described in the Ord.inance authoriz9.ng this iaeue ai Certifica�es in
the manner provlded 1n sa9.d Ordinance and does not conatitute an indebte@ness oi the
City of Clearwater wlthin the meanin� af any csonatitutional9 st��utory or oharte�
provieiona or limitation, and it is expresely agreed by the h�ldere of thie Cer�iF-
icate and the cnupons apper�aining hereto t�:at such Holders ehall never have the right
to reo_uire or compel the exercise of the ad valorem taxing pos,�er of said City, or the
�a�.tion of real estate in said Git�, Por the payment of the princinsl oP and interest
on thie Certiflcate or the making of any ainking ftiznd, reserve or other paymenta
provided for in the Ordinanoe authorizing thia iasue of Certificaies,
It is further agreed between the City of. Clearwater and the h�lder of thls
CertiYieate that �hia CertlYicate and the ebligation evidenced thereby shall not con-
etitute a lien upon the aPoresaid projeet, or any .pp.rt thereof, or on any other
proper�ty of or in the Ci�y �P Clear�rater, but ahall cone�i�ute a lien only on the
net revenues derived Prom the aperatian: of eaid Pro,eet in the manner� provlded in
said Ordinanese
The City in said Ordinance hae csovenanted and agreed wlth the holders df
the Certlficates oP this issue to f1x and eetablish and ma.intaln such ratee and oolleet
such fees, rentale or oth.er cha.rges for sald Projeot and each and every part thereoP
and to reviAe the same fram ti.�e to time whenener necesaary (aubject ta the prav4elons
of any contracts with lesaeea or 1lceneees oP euch Projec't, or any part thereoP) &s
will alwaya provide revanues suPfielent to pay and ou't oY aald revenuea shall pay, ae
the eame shall become due, the princl,pal aP and intereet on the Certlficatea of this
1Baue, in add�,tion to paying, as the sa.me eha3.l become due, tha neceaeary expensee
oP operating F+nd maintaining sai.d Projeat, all reserve ox slnking Yunds, or o�her
paymente prov3.ded for 1n sald Ordinanee, and a].1 other oblS�ationa payable out oP
the revenuea oP said Pro�ect and that euch ratee, fees, rentals or other eharges
sha11 not be reducsd eo as to bo Sneu�fieient to provide revenuea for such pur-
posee, and eaid City hae entered into eertain 2'urther oovenanta with the holdere
af �the Certiiioa�be oP this 4#�sue Por �he terme oP whlcsh referenee ie made to eaid
Ordlnance.
The CertiPicates maturing in the yeara 1952 to 1960, inclu�i�e, are no'� re-
deemable prior to maturity. The Certific�.tes maturing in t':e yeara 1961 to 19?9
in�luelve, are re�eem�b7.e prlor to maturity, at the option of the City on Julg 1,
1960' or on a�y interee't payment da�e therea,fter prior 'to ma.turity, ae a whole or
in part, in inverge numerical order, at a redemption prlce of par and accrued
interest to date oY redemption, at a redemption price o�' par and accrued interest
to date of redemptlon, pl�us a premium of five per cen�t ($�) of the par value there-
oP if redeemed on or bePore July 1, 1963; or a premium of four per cent (4�) oP the
par vaZue 'thereoP iP redeemed thereaf�er but on or bePore July 1, 1966; or a premium
of three per oent {3�) of the par value thereoY iP redeemed thereafter but on or be-
fore �7'uly 1, 1969; or a premium of two per cent (2�) oP the par value thereof if redeemed
thereafter but on or before July 1y 1972; and without pre�ium if redeemed thereafter;
provided that a notioe of such redemption shall have been publiehed at leaet onee at
least tial.rty days prior to the date oP reden�ption in a f�.nancial paper published in
New �ork City, N�w Yorls.
It is hereby certified and recited that al]. aata, eonditions and thinga re-
quired to exiet, to happen and to be perPormed precedent to and in the iasuanoe of
thie CertiPicate, exiat, have happened and have been performed in regular and due
Porm and time as required by the at�.tutes and Conetltution oP the State oP Florida
app�,'�-•�.ble thereto, and that the isauanee of this Cer�a�ioate, and oP tize isaue of
Ceri;y;�lcates af whioh this CertiFicate ia one, does not violate any conatitutianal,
statutory or ohar$er limitation.
This Certi�icate, and �he poupong appertaining thereto, ie, and hae all the
qualities and inaidents of, a negotiable instrument under the law merchant and the
Ne�otiable Instruments Law of the State oP Florida, and the origlnal holder and eaah
successive holder of thia CertiPicate, or oP the coupons appertaining thereto, ahall.
be oonclusively deemed by his acoeptanae thereof to have agreed that this Certi�icate
and the coupone appertaining thereto shall be and have all the qualitles and inoidante
of ne�otiable instrumenta under �e law merchant and the Negotiable Ins'trumenta Law
of the S�ate oa' Florida� The origin�l holder and each sucaesaive holder of thia Cer-
tiiiaate, and of the coupons appertaining hereto, ehall be conclusitrely deemed to
Yi�ve a�reed and conaented to the Pollowing �erms a.nd conditions:
(a) Tit1e to thia Certificate, unless regis�ered as herein pravided, and to
the annexed interest eoupons, may be transferred by delivery in the manner provided
Por negotiable instruments payable to beax*er in the lar� merchant and the Negotiable
Inetrumente Law oi the Stste oi Floris�a;
(b) Any pereon in gosseasion of this Certificate, unlese registered as here-
in provided, or of the intereat coupons hereunto appertainings regardless of the
manner in whioh he eha11 have aequired posseesion, ie hereby authorized to represer.'�
himself ae the abaolu�e otdner hereoF, and ia hereby granted power �o tran�Per absolute
title hereta by delivery hexeof to a bona f9.de purchaser, that is, to any une who
aha11 purclaase the eame for val.ue (present or antec�dent} withou� notiee of prior
defenses or equitlea or claims of ownership enforeeable against his tranei'error;
every prior taker or owner oP this Certif3ca�e, unleea regietered as herein provided,
and oP the annexed interest cnupone, waives and renounees a17. oi his �qu�.t�.es and righ�s
herein in Pavor of everp euah bona fide purahaser, and every surh bona Pide purc�haser
ahall aoquire abeolute title hereto and to all rights represented hereby; and
(c) The City a� Clea.r�ra'ter may treat the bearer oP this Cer'cifica'te, unlesa
registered as herein provided, or of the interest eoupons hereunto aptaertaining, as
�Ghe abaolute owrisr hereof for all purpoaes witliout being aifeoted by any notice '�o
the oontrary.
Thia Certifiaate may be registered as to prinoipal on].y in aacordancs with
the provisione endoraed hex°eon.
IP1 WITI�IESB WFIEREOF SATD City of Clearwater, Florida ha;s issued this Certif-
iaate and has oauaed the same to be signed by its City Auditor and Clerk and its
City Manager, countereigned by ita Mayor-Commieaioner and 1�a aorporate eeal to be
affi�ed hereto and has oaueed the interest coupons hereto attached to be executed
v�rith the faaaimile eignaturea of a11 oY said oPficers, all ae oP the Pirst @ay of
July, 1951.
CITY OF CLEARWATER, FLORIDA
BY
City Auditor � Clerk
BY
City Manager
Counteraigned:
Mayor-Commisaioner
�/6
FORM OF COUPON
No.
On the dag of '1} ,(unlese the Certifiaate to whlch thie
coup�n is attached eha11 have been duly aalled for redemptlon ancl provlelon for the
payment of the rr:dem�tion price duiy made) the Gitg of Clearwater, Florida, will pay
to the bearer at the principal oPi'ioe oi Chase National Bank Af the C1ty of New York
New York, N. Y. from revenues and special funds deacribed in the Certifioato to
which thia coupon is attached, the aum of Dol.lare �� j, in
lawful money of the United States of America upon preaentation and surrender of
this coupon, being aix montha interest 'tiien due on ite Yacht Basin Revenue CertiPioate,
dated July 1, lgsl, No.
CITi' OF CLEARWATER, FLOR?DA
BY
City Auditor and Clerk
BY
Oity Manager
COUNTERSIGNED:
Mayor-Commission�r
{FORAi OF VALIDATTON CERTIFICATE)
Validated and eonfirmed by decree of the Cirouit Court o�' the Sixth Judicial
Circuit of Florida, in r�nd for Pinellas County, rendered on the day of
Glerk af the C1rcu1� Court oP
Pinellas County, Florida
(PROVTSION FOR REGISTRATION)
This Certif3ca�e may be regis�ez�ed as to principal only Sn the name of the
holder on the books to be k2p� by the City Auditor and Clerk as Registrer, or ettch
other Regis�rar as may herea�'ter be duly appointed, such reglstra;tion being no�ed
hereon by such regiatrar in the regiatration blank be2o�ry after whiah no tranafer
sha1Z be valici unlesa ma.de on said booke by the reglstered holder or att�rney duly
authorized and similarZy noted Yn the registratioa bZank below, but 1t may be dia-
eharged from �gistration by being trar.s#'erred to bearer, after whl.ch it ehall be
transferable by delivery, but it may be again registered as beforem The registra-
tion oP thia Certificate ae to principal shall not x�estrrain the negotiabillty of
the coupone by delivery merely.
DATE 0�' �
RFGI3TRATION
ZN PlHOBE Np.ME REGISTERED
ARTICLE III
SIGNATURE OF RECISTR9R
COVENANTS, RE'4ENUES AND APPLICATION THEREOF.
10, CERTIFTCATES NOT TO BE INBEBTEDNESB OF THE CITY. Nelther ti�e Certiflcates
nor coupone ehall be or constitute an indebtedness oi the Cit�, but eha.11 be payable
so3.ely Prom the Revenues of the Pro�ect, and ot3aer special funde, as herein provided.
No holder or hoidera of e.ng CertiPioa�ee lsaued hereunder, or oi any coupone appertain-
ing there�so, sha11 erer have the right to oompel the exerclse oP the ad valorem taxing
power o�' the City, or taxation in any form of any real property therein, to pay said
CertiPioates or 'the inte�est thereon, or to be entitled to paymen't of euoh prinoipal
and intereat from any other funda of the C1ty except ths net Revenuea oP aald Pro,ect,
as pravlded herein�
13.. CERTIFICATES SECURED BY PLEDGE OF REVENUES AND SPECIAL FUNDS. 2*h,e paymeat
oP the debt aerviee of all oP the Certifloatea i.seued hereunder siza,ll be aecured forthwith
equally and ra:�ably by a lien on tla� net Revenuea derived from aaid Project. The net
Revenues derived from said Project in an amount eufficient to pay the principal of and
intereet on the Certificatee hereln authorized, and to m�.ke the paymente into the re-
serve and ainking funds and all other payments provided Yor 1n thia t7rdinance, are
hereby irrevocably pledged to the payment of the principal of and intereet on the
CertiPicates hexein suthorized ae the same beQome due.
�/�
12. APPLICATION OF CERTIFICATE PROCEEDB. All moneya reaeived from
bhe sale of any or aii oP the �325,000 CertiPioa'�ee originally a.utharized ard
ieeued purauant to thie Ordinance ehall be depoeited by the Ci.ty in a epe6ial
account, and ahall onlq be used Por, ar_d applied by tne Cit� �olely to, the
payment of the oost oP the construcstion, lmprovement and equipment of said Yaoht
Baein Faoilities, the rePuncYing of aa�.d outetanding Certlfiea$es of an iseue of
�ii5,000 Commerclal and Yacht Basin Re�enue CertiPicatee, dated J'uIy 1, 19�0,
the establiehing of a Reserve Accsount irt the amount of �15,000 which ie hereby
oreated; and other purpoees provided in thia Ordinanc�, and for no other
purpose whataoerer. If �or any reason any portion of euah proceeda oi sale of the
Certifioatea are not neaessary for, or are not to be applied to, the aforesaid
purpoees, then such unapplled proceeds ahall be depasited by the City Yn Zhe
Reserve �Lccount herelnabove created, in the Sinking Fund to be eatablished pur-
euant to eubaeat3on D oP Section i3 oY this Ordinance and ehall be ueed only for
the purpoae oP the payment of maturing principal of or in�tereat on the CertS.P-
ioatea when the other moneys in the Sinking Fund are insufPic9.ent therefor, and
for no other purpoee. All suoh proceede shall be ar.d oor�atitute a truai•Pvnd
for such purpoaes and there is hereby created a lien npon eueh mon.ey, until so
�.pplled, in Pavor of the holdera oP the CertiYicates. Moneys depoaited in the
apeoial acoount purauant to this Seotion 12, ma.y, pending their use in the
ma.nner 1n: this Ordinance provided, be temporarily inv�a�ed in direet obligat�.one
of the United 8'Gates of America maturning not later than eix (6) months from the
date of pureshaae or mue� other�wiae be maintained in csash,
13. COVENANT3 OF THE CITY. So long as any oi the CertiPlcatee ahall be
outatanding and unpaid, or until th�re shall have been set apaxt in the Sinkiag
Fund herein establiened a sum suPficient to pay, when due, the entire principal
of the Certificates remaining unpaid, together with intereat acerued and to
�.ccrue thereon, the City covenante with the holders of �y �a �i of the Certif-
icatee issued pursuant to this Ordinance as followe:
A. RATESe That the C1ty will f�.x, eatablish an�. malnta3n such rates artd
collect sueh feea, rentals or other esharges for the servicses and i`acilitiea of
said Pro,�ect (subjec� to the terma oP any galicl leasee or licensea thpn in goroe),
and revise same from time to time whenever necessarg, �.s will always provide
Revenues aufficient to pay, in the manner epeoified in Seotion 13 of th�.s Q�dinance,
and ou� of said Revenuea aha11 pay, as the same shall become due, the prinaipal og
and interest on the Certificates, in addition to payi.ng as the same ehall become
due, the neaessary expenses of operating and maintaining such Projeot, all resa�e
or sinking Punda or other payments provided fo� in this Osdinance, and aIl ot%er
obligations or Sndebtedness payable out of the Revenues of such Projeat, and tha.t
such rateg, Pees, rentals and other eharges shall not be reduced so as t� be in-
sifficient to provide Revenues for such p�zrpoeee,
B. REVENUE FUND. That the ent�.re grose Revenues derived from the opex5-
ation of said Project shall be deposited in a speaial f'exnd in a bank or trust
company whtcsh is a member of the Federal Reser�re System, s;r�i.ch ilznd is hereby
desi�n�ted as the ��Yacht Basln Revenue Fund" (Herein called "Revenue Fund"),
Sa3.�1 Revenue Fund ahall constitute a truet Fund Po r the pus�posea pro�ided 1n
this Ordinance and sha11 be kept eeparate and distinat from all other it�nd� of
tne City and u�ed only Por the purpose and in the manner provided in aubseotion
� of thia Seation 13•
C. OPFRATION AND MAINTENANCE. That it will maintain in �ood condi�ion
aPid projeat and will opexate the same either direotly or through leaseee or
licenseea in an Officiant and �conomical manner, making such expenditure for equipment
and for renewal, repa:l.r and replaaemente, taxes and inaurance as may be necessary
for the euonomical operation and maintenance thereof irom the Revenae F�nde
De DISPOSITION 9F REVENUES. That all Revenues at any time �emaining on
deposit in the Revenue Fund ahall b$ diapoaed oP in the folloVring manner and order
of prioritys
(1) Revenuea ehall flrst be used ior the payment of all csurrent Operating
Expensee of and taxea levied upon the Project as herein defined, to the extent
that the same are not pald by lessees or liaensees.
�2) Thereafter from the �►one$s re mai.ning in the Revenue Fund, the City
ehall not later than the first day of June and the Pixst day oP De cember in each
year apportlon and set a part out of the eaid Revenue Fund and deposit in a i'und
to be known as the ��Yaeht Basin Renenue Certificate Sin�cl.ng F'und� (Herein callec3
°Slnking Fund"), wh�.eh ie hereby oreated and established auch �ums as will be
euffi�ient to pay one-half of a1�. the principa:7. and intereat on the Certifieates
lseued hereunder which shall mature and become due within euch Piscal year.
In the event any� withdrawals are ffiade from aaid Reserve Account, heretofore
oreated aut o� capital , eu�h wlthdrawals eha11 be reetored to seid Reserve
Aceount from the first availab].e Revenues which are available aiter a11 payments
have been made for maturing prinaipa.7. of and in'terest on '�he Certifioatsa.
The Ci'�y ehall not be required to mslce any further paymente into aaid
Sinking Fund or into the Reaerve Aocount 1n said Sinking Fund when the aggregate
amount of i'unds in both said Sinkin� Fund and eaid Reserv� Account are �t least
equal, to the aggregate principal amount of Certifioatea issued purauant to �hie
6rdinance then outstanding, plus the amount of interest then due or thoreafter to
beoome due on sa3a C�rtificatea then outstanding.
(3) Thereafter from the moneys remalning in the Revenue Fund, the City
ahall esta'Llieh and set up a Renewal and Replacement �nd and shall pay annua��y
into said f�znd �'rom thz Revenue Fund on the firat dap df June of eaoh year an
araount equal to three per oentum (�) of the Revenues aatually reoeived and
colleated from the operation of the Proleat dur9.ng the preceding twe].v� (12) month
periodo Tiie moneye in auch Renewa7, and Replac�ment Fund shall be ueen only :for the
purpose of paying the Qost of extensions, improvements or additions to, or the re�
plaoement o� aapital assets of, sald Project, or any part thereoi'.
(�:) If on any semi-annual paqment date the Revenues, to�ether with other
agailable #'uncis, are insuf�'iQient to place the required amount in any of tha Punde
as herainbeYore provided, the deficienoy shn11 be made up Sn the subsequent payments
in addition to the paymen�s whiah would o'�herwise be required �o be made into the
Funda on the subsequent payment datea.
(�) Thereafter, the baZanee of any Revenuse remaining after a1Z o�ther
required paymenta into t;he it�nds provided above have been made, may be used by the City
in any manner requix°eci or permitted by I.aw.
(6) The Reve:cue Fund, 9lnkin� Fund and Reserve Account therein, and the
Renewal and Replaoement Fund, and a7.1 other special funde set up and oreated b3* this
Ordinanee aha11 ao netitu'te trust iunda Por the purpose prov�l.ded herein for such f'unds,
�.nd shall be deposi�ed and maintained in a bank or trust oompany in �he City oP
Clear�ater, Florida. AZ1 of �uch i`unda ehall be continuously secured in the eame
manner as State ac�d municlpal. 3eposits oi' fund� are required to be aecured by the
laws of the State of F].orid�.; provided, however, that the obligations seeuring such
8unds sha1l be at all times at least equal in ma:rket �alus to the amount oi money
in said fundse The moneye in the Reserve Aceount in the Sinking b'und and in the
Renewal and RepZacen�nt Ftind may be invested by the City in direct obligatiena of
the United States oP America ur mus�i otherwise be maintainsd in caahe
E. SALE OF PROJECT. That eaid Projeot, or an� part thereof, ms.y be so 1da
mort�aged or otherwiae dieposed of oriZ� if the �et prooeeda to be realized shall be
eui'fiolent i�Ily to retire a11 of the Certifiaates iaeued pursuant to �1�.te Ordinanae
and all intereat thereon to their reapective datee of maturity or earller redemption
date. The proceede Yram sueh sa1e, mar'tgage, or other dlepoaition of said Pro9ect
sua11 immediate3.� ba d�poeited in the Sinking F`und and aha7.1 lae used only for the
purpose of paying t�ae principal of and interest on the Certii9.omtes iseued puranant
to t his OrdinanCe as the aame �ha:ll beesome due, or the redemption of oallable
Cer'�ificates at a prioe not greater than the redemption pM oe thereof. After all
of euch principaZ and lnterest ehgil have been dulq paid and retlred any balance re-
maining in said fu.nd shall be remitted to t�e Gity.
7.'he leasin� or licen�ing of said Projeet, or of parts thereoP, eha11 naic
be deemed to be a aale or dispositian oP suah Pro,�eet as long as the Citp receivee
reaeonable s?nd fa.ir rentals or income und�r such leases and 1lcenaes and the same
are payable into the �.evenue Fun@.
F. ISSUAN.�E 0�' OTfiER OBLIGATIONS PAYABLE OUT OF REZ�NUESa That the City
will not i�sue a.ny other obligations, exaept upon the aonditions:and in the ma.nner
proviaed hereizs' payable irom the Revenuea derived from the opera.tion oi' said
Project, nor Qo3.untar3ly create nr cause to be created any debt, 13en, pledge,
a.asignment, encumbrance or any othe r eharge, having pri.ority to or being on a parity
r;rith the lien of the Certificates iesued pursu�nt to thle Ordlnanee and tha interest
thereon, upon atiy of the Revenues oP said Project pledged as aecurity therefor in
thie Ordinance, An� o'�her obligations issued by the City in addition to 'the C�r-
tiiicatea authorized by thia Ordinanoe ehall contain an exprees statement that euch
o'bligations are ,9unio.r and eubordinate in all reapecta to the Oertificates iesued
pursuant to this Ord.inance ae to lien and eource and security for pay�ent from th�s
Rev�nues oi said ProJect.
G< INSURANCEa Th2t the City will ca.rry, or cause to be carrled for its
benePit, such insurance, and in auch amounte, as is ordlnarily carried by private
corporatians owning and operating similar lmprovemente and facilitlea in the �.rea
with reputable carriers against loss or damage to t2xe Project, and said property
loee or damage insura,nce ahall at aZl timee be 1n an amount or amouzits eqna7. to the �'air
appraieal value of the buildinge, propert3ee, facilitiess improvements, f4arniture,
iixttu�ee and equipment oP said Projecte In time of war, the C1ty ehall aleo carry
in said amount eucii inaurance as may be availab�e a�ainet loes or damage by the
riak� and hazarda of war.
H. BOOKB, RECORDS AND INBPECTIOId. That the City will keep books and
re�ord� of �aid Project whieh sha11 be eepaxate and apart from al1 other �ookap
recorde and ac�ounta of the City, in which complete arxi oorrect entriee ehall be
made in aecor�.ance with atandard ps�3.nciplea oP aocoun'ting oP all �ransactione re-
lating� to aaid Projeet, and any holder of a CertiPlcate or Cer�Elfioates iesued
purauant to this Ord.inance shall have the right at ali reasonable timee to inapeot
said P�oject and s],l par'�e 'thereo�', and all recorde, accounte and data of the City
relating thereto,
��9
The C1ty eha1.1, a� the end nf each f].ecal year, cauee the books, recorde
and accounts of said Projeo� to be �roperlp �.ud?ted by an lndependent certiPted
publia accountant of recognized standing and ehall, upon requeet, malie available
within 90 days after the end oP eaoh gucsh year, the report of sa.id audltor at a11
reasona'l�77.e 'timea to any holder or holders oi C�rtl�iQatee issued pursuant tcr thte
drdinance. Promptly �,fter tlze reeeipt of euch audlt report a copy thereof sha11 be
mailed by the Ci�ty to any Cert9lf3cate holder who sha7.1 he.ve i'11ed hie address with
the City and requeeted in writing that copiee oP euch reporta be Purnished him.
I. CONSTRUf1T20N AND MAINTENAIJCE OF YACHT BASIN FACILITIESe That the City
will complete 'Ghe construetion, lmprovement and equipmenic of the Yaeht Basin
Faeilities pro�r�.ded �or in thte Ordinance with all praeticable dispa�ch, and will
ataintain eaid :Ero,jeat in good Qondition aid csontinuously operate the same in an
efficient manner and at a reasonable cost,
J. SERVICES RENDE�tED T0 TAE CITY. Th..at the City will not render or cauee to
be rendered any �re� sergices or Pac311tiea of any nature by aai.d Project, nor all�vr
any uee or oacupatian thereof without xeasonable charge therefare, nor will any pre-
ferentia], rates be eetablished for ueers of the eame class, provided however the City
sha,ll not be r�quired to charge ordinary pedestrians who do not maintain a bueineea
or occupation at or in said iacility Yor the privilege of going in and upon a�.id
Pacility or arty part thereoP, and in the e vent the City, or any depertment, agenoy,
instrumentality, offieer, or employee thereof, ahall a�rail itaelf or themaelves of
and uae auch Project, or any part thereoP, or occupy eaid Project, or ang part there-
of, the same rates, rentals, feea or eharges appl�.cable to other parties using ltke
Pacilities under si�illar circumgtances shall be char;3ed the City and any such depart-
ment, agency, instrumentallty, oPPicer or employee and all such rates, rentals, feee
or charges ahall be re�.eonable. The Citg ahall require any Iesaee or lieenaee to
ob�eree and enPorce the provieions oP this suueeetion J. Such eharges ahall be paid
as thay accrue, and the City ahall tranefer irom ita general f'unds suf�icient sume ta
pay auah chargea, The ineome eo recei�ed shall be deemed to be Rev�nue derived from
�the operation oP the Project, and eha1� be deposited and accou�fred Par in the same manner
as other Revenues derived Pram the operation o� the Pro�ect.
K. OPERATING BUD(xET. Tha.t the City shall annually, at the eame t? me and in
the same �nanner that it grepares its annual municipal budget, prepare and adapt by
resolu'tion oP its governing body a detailed buage� o� the eatimated expen8:ituz�ea for
operation and maintenanee oP the Projeet during such euceeeding fiscal year, No ex-
penditures for the aperation and maintenance oi sueh Project ahall be made 9:n:any
fi�cal year in exaess of the amounts provided thers�or in such budget witho•ut a written
finding arid recommendation by the general manager o£ such Pro,9ec� or other duly author-
ized officer in charge thereoP, V�hich finding and recommendation c�hall ata�Ge in detall
the purpose of and neceseity for euch increasad expenditure for the operation anci
maintenanae of such Project, and no such in�creased expenditurea eh�.11 be made until
the governing body of sai,d Cit� ehall have approved auch finding and recommendation by
a reaolut3on dul� adopted. No inareased exper.ditures in exceas oP ten per cen�um of
the amoun°Gs prpvided �or in such budget shall be made without the Purther certii'icate
oP an inc�ependent recognized conaulting engineer that sueh increased expenditures are
nocessary for tY+e continued operation and maintenance aP'said Projectv mhe City sha1Z
mail coples o� euch annual buaget and a11 reao].utione authorizing increaeed expendi-
turea ior operation and maintenanee to aazy holder or holdera o� Certii'icates who anall
filQ his �ddre�s with the City and request in wrSting that copiea oY all sueh budge�s
an� reeol.utions be furnieked him or them, and ahall make avatT�b7.e sueh. budgets and a1?
�eaolutiona authorizing increased expenditures ior operation and ma.intenance oi auch
r�jec� s� all rea�ona.ble timea to any holder or holdera of Certifi.catee lasued pur�
auant to this ox3inttnae, or anyone ac�ing f�r and in behalf of sueh Certi�icate hoZ�er
or Certificate Y�oldere,
Lo 23�€FJANCE OF ADDTTIONAL OBLIGATIONS, That no additional obligatione, aa
in this s�.baeation dePlned, payable p�ri passu out oP the Revenne F'�znd sha7.1 be created
ar iseued after tP�e i.sauanae oP any Certificates pursuant to thi.a Ordinanae, axeept
under the conditions and in the ;nanner herein provided,
t10 such additional pari paasu obligationa sPiall be iasued or creatzd unlesa the
��net Qarningep of sueh Project dux�ing the precading 'twelve aoneecutive mot2the sha11
equaY at least one and one-ha1P times the higheat aggregate principal an3 interest
requSrements for any auc�aeeding tvrelve oonsecutive mor��h period on�a.Zl such additional
obllgationa to be 3ssued, ana unleea the preceed� derived from the sale of auoh ad-
ditional obligations shall be used solely for �he purpoee of maJsin� repairs, improve-
ments, additiona or extenaione to the Pro�emt> ��Net earninga° as �eed in th`.Ls auo-
seetlon L are neraby defined as Revenue� less Opera�ing Expensee.
The term ��Additional pari passu obligationa�� as uaed in thie subaection L
aha11 be deemed to mean add.ition�,l obligations evidencecl by Cer�ificates is�ued
unaer the pronislons and within the litnitat3ona oi this Ordinanoe payable fz�om the
Etevenue I'und parl paaeu with CertiPicates or�ginally authorize3 and isaued pureuant
to thie Ordinr�.nee. Suah Gez^tifi�catee shall be deemed to have been iseued pursuant
�to this Ordinanoe the same �,s the Cer�ifioatee originally authorized and iasued
pureuant to �h1s Orclinance, and a11 of the co�renanta and other pr�visions uf this
Ordlnance (except as tfl dei,ails o� such Certiiicatea evidenalr� �uch additiona3 obli-
gations �,naona�atent therew3.th), shall be for the equal bene�lt, protectian and
seaurity oP the liolders of any Certiiicatee origlnally au�thorized and issued pursuant to
thie OrdinanGe and the ho3ders of any Cer�lflaatea evidencing additional pari pasau
obligat9.ons eubsequently created witri9.n the limitationa o� and in csompliance with thia
aubesctl.on La All o�' such Certii'Zc�.tes� regard.less o�' the time or times oP tYielr.
j.esua,ncse, shall rank eq�zal.ly wi�h respe�u to tlieir lien on the Revenues �nd thelr
eouraee and �eQurity Por pay�ent f'x�om said Revenuee witha�t preferencse oi an�
Certiflaate or ooupon, over any other.
a2r.`ti t�
The term ��additional paxl passu obliga�ions�� as uae�. 1n thle subeeation
i� shall not be deemed to incslude bonds, not�s, eertii'icates or other obllgations
aubsequently issued, the lien ot' whiah 4n 'the Revenuee ot' such Pro�eot is subjeat
te the prior <.nd superior 11en on suoh Aevenuea of Cericifioatee isauecl pursuant to
thls Ordinance, and the City shal.l not i�sue any obligatinne whatsoever pagable
from the Revenuee o� sa1.d Projeot whioh rank equally as to lien and s8urce azd
eeourity for paymen� from euch Rev�enuee with Certlficatee ieaued purauant to thia
Ordinanoe exospt in the manner and uncier the condltiona pxovided in this aubseotion L.
No additianal obligatione, ae in this subseotion defined, ehall be orea�ted at
any time, however, unle�s all of i�he paJ�ments into the reapeotive funde provlded for
in thie Ordinanoe on Certificates �hen c�utstanding, and all otY�er reaerve or aink�
ing funds, or other paymente provided fc>r in this Ordinanoe sha11 have been made 3m
full, and the dity ehall have fully com�>lied with a11 the aovc�nante, agreementa
and tprms of tYiis Ordinance.
M. REMEDIEB. Any holder oP C2rt�iPiaates or oP any eoupona pertaining4hereto,
iesued under the pravieiona oi this Ordinance, or any Trustee acting for sueh Ces�
tifi os.te hol�iers in the manner herelnafter provlded, may, e ither at la� �r in equity,
by suit, action, mandamus or other grocseeding in any court of aomp�tent jurisdiotion,
proteat and eni'orae any and all rights under the laws of the State of rlora.da, or granied
and oontained in thia Ordinance, and may enforce and aompel the performa:�oe of all
duties required by this Ordinance oi•by ,sny applioable stat•ates to be performed b�
the Ci�y or by any offioer thereof, incl�uding the Pixing, charging and colleeting aP
rates, rentals, fees and chargee i'or said Pro�eat aubjeot to the provieions af any
valid leases or licenses oP said Projeot;, or any part thereof.
In the even't that deiauli shall bi� made in the payment of the intereet on or
the pz°1na3pal of any of the Certiiicates issusd pursuant to this Ordinance a� the same
sha11 b�csoma due, or• in the malsing of the payments into any x�aerve or siriking iund
or any other na,ments required to be made by this Ordinance, or in the event that the
City or any otfie�r, agent or employee tl%iereaf ehall fall or reflzae to compl9 with �he
provisiona af this Ordir�anoe, or shalY d��fault in any covenant ma.de herein, and in the
fhrther even't that any suv� dei'ault ehal:t continue for a period of thi�ty (30) d�zye,
any holder oi such Cer�ificatea, or any '.�ruatee appointed to repreeent Certificate
holders as hereina#'ter provide@, shall be enti$led as of right to tk�e sppointment of a
r�caiver oP aueh Projecs� in an appropriai;e �udicial proaeeding Sn a court of oampe'tent
jurisdiation, whether or not su�h holder or Trastee 1s also seeking or ahaTl have
sough� to enforce any other right or exerciae ar�,y otner remedy in cannection wi�h
Certificatea iesued pursuant to thie Ordinanee.
Ths receiver ao appointed shall Pc�rthwith, directly or by his a�enta and
attorneys, enter into and upon and take poasassion of �uch Projeet and eaoh and every
part tY�s�eof, at�bject, however, to t�e r3.�ht� of any leasees or licensees, and in the name oi
the Ci�y ahall exerclse a11 the rights and pob�er� of the City with respect to such
Pso�ect as t3�e Cit� i ts��t' might doe Such receiver ehall oolleet and reoeive all
Revenues, matnicain and operate sueh Projecst in the manner provided in this Ordinance,
and csomply under the �urisdiotion of the eourt appointing suoh recs�lver, t�ith a�l of
the provisions oP thls Ordinanceo
Whenever all. that ia dua upon Certifica�Ees isaued purauant to this �rdin�.nce,
and lntereet thereon, and undar any cocenanta oP thia f2r3inanae for reserve, ainki.lg
or othe r funda, and upon any other obligations and in;Gerest thereon, having a oharge,
lien or encumbranee v.pon the Revenues a� said Pr�jeot ahall have been paid and made
good, and all ciefau3,�Ge under the pro�riaioas ai this Ordinancse ahall Y�ave been cured
and m�,de good, posseua�ion of auoh Pro,jeot ahall be aurrsndered to the City upon an
entsy oP an order aP t;he co+art to that ePfeet. IIpon a.ny eubsequent defaul.t, �.ny
holder of CertiPicat�ea iesued pursuant to thie Orciinanee or any Trustee appointed
for CertiPicate ho2ders as hereinafter provided, shall i^�ave the same right to secure
the fur�her �ppointment of a receiver upan any sueh subsequent defaul.ta
3uch receiver shall in thE performance of t;he powera hereinabov�e oonferred upon
h9.m b� under the dixeotion and eupervision oP the court �aking auch appointmen'�, shall
at all times be subjee't to the ordere and decreee of sueh court and may be removed
thereby and a saccesaor receiver appointed in th� dlacretion of auch court. Nothing
herein containe8 ahall iimit or restriot the jurladietion of such court to enter
�uch other and Purther ox�ciera and decrees sa euah court may deem necessary or ap-
propriate Yor the exercise by the receicer of any function apeeifically aet forth
hereine
Any receiver appointed as provided herein en�li r�oia and operate such Pro,eot
in the name oi the Ci�y and fox the joint proteotion and benefit of the City and
holdera oP CertiPicates iesued purauant to thie Ordinance. Suah receiver shali hane
no power to sell, aseign, mortgage or oth�rwise dispoee df any assets of any klnd or
charaeter belonging or pertaining to �uch Projee'c but the arzthority of euch reoeiver
ahall be limited to the posseaalon, operatinn and maintenance oP such Projeat� sub-
ject to the righta of any leeseea or licenasea, Por the eole purpose of the protea-
�tion of both the City and Certifica�e holders, ancl the curing anc7. making �ood of any
default under the prov3�slons of this Ordinance, and the title to and ownerehip oP
suc� �ro�ect ahall remair_ in t he Clty, and no court shall have an y juriedic�ion to
enter any o�ler or decree permitting or requlring such reoeiver to sell, mortgage ox
other�riae dispoee of �ny part o� such ProJect.
The holder or holders of Certifioatea in an a�gregate principal amount af
not lesa than twenty-�ive per centum of CertiPicates iasued under this Ordinance
then outatanding may be �, duly exeeuted aertiPicate in writing appoint a�Gxu�tee
for holders af Certificates iseued pursuant to this Ordinance with authority ta
repreeent euch Certificate holdare in any le�a1 proceeding Por tiie enPorcement
and proteation oY the righta of sueh Certlficate holders. Such aertii'lcate ehall
be executed by aueh Certificate holdera or their du7.y autharized attorneys or
repreaentativea and ehall be filed in the ofPias oP the City Auditor and CTerk.
N. ENFORCEME'NT OF COLL�CTIONS. That the City will diligent;Zy enfaroe and
oolleot all feee, rentals, rates or other charges for said Projeet, and take all
etepe, �etions and procseedinga Yor the enPorcement and ooileetion of sueh Pees,
rentala, ratee or other chargee whioh ehall. be come dellnquent �o the full extent
permltted or authorized by the Chartbr oY sald City and by the lat•�s oP the State
of Florida.
ARTICI,� IV
NSISCELLANEOU5 PROVISIONB.
14, MODIFICATION OR AMENDMENT. No material modiPication or amendm�nt
of thie Ordinance or of any Ord.inance or resoTution amenda�ary hereof or eup-
plemental heretof may be made without the consent in z�rriting of the hold�re of
two-thirds or more in princlpal amount of the Certificatea then outatanding;
pravlded, however, tlaat no mbdl�'ieation or amendment shall permit a change in
the maturity of such Certificates or a reduc�ion in the rate oP intereat thereon,
or in the anount of the prinelpal obligation or aPfecsting the unconditional promiee
of the City to maintain ratea and rentala for the Project, aa herein pz�ovided, or
to pay the principal of and interest on the Certificates as the� ehall come due
from the Revenuee, without the consent oi the holder of auch Csrtificates.
15o SEVERABILITY OF IHVALID PROVI820N. If any one or more of the
covenante, agreemente or provisions of thie Ordinance should be held oontrary
to any express provision o�' law or con�rary ta the policy of sxpress law, though
not expressly prohibited, or against public policy, or eha1Z for any reason what-
saever b�e held invalid, then auch eovenants, agreementa or provisions ah�.11 be null
and void and ahall be deemed se�arable from 'che remainin�r covenante, agreementa or
provlsione, and ln no way affect the validi�g of a11 the other provialons of thts
Ordinance or oP the Eertificates or coupons isaued thereunder.
i6, REFUNDING OF CERTIFICATES. Ii the City ahall at any time hereaPt2r
isaue Certiiica�ea, bg sale or exchange, to ftxnd or reftiind any of the Certif-
icates iasued pursuant to thie Ordinance, the Ordinance or other proceedings author-
izing the issuance of such i'unding or rei'�inding Certifiaatea may provide that the
holders oP euch funding or refunding Certificates shall have the same lien and all
�he rights and remedies of t�e Certificates eo funded or re�unded; provided, however,
that auoh f'unding or reflznding Certificates ahall be in li�e principal amoant and
shall bear the same dates of maturity ae the Certificatea 'funded or refixnded by the
isauance thoreof.
17. Tha� Charles E. Ware, City A�torney, be and he is hereby au�horized
and directed ta institute appropriate proceedin�s in the Circuit Court of the
�ixth Judicial Cireuit oP Florida, in and for Pinell�s County, Florida, ior the
validation of eaid Certificates, and tne proper oi'i'ioera oP th� City are hereby
authori7ed to verify on behalP of the City any pleadings 1n such proceed.ings. The
Certii'icates herebu authorized ehall be aold and delivered in such m�nner and upon
auch terms as ahali be determined by aubsequent action oi the City Commission>
18. Th�.i it is neceasary for the immediate preaervation of the pubiic peaae,
proparty, health and saiety oP the City of Clearwater and ita citlzens and inhab-
itanta that the construction, improvement and equipment of said Pro�ect, as author-
ized he�ein, be undertaken anct conpleted with the leaet possib3.e delay, and thia
Ordinanee is herebg aeoiaxea to be an emergency measure and ahall take affect vpon
its paesage as proviaed by law.
19. That all ordinanaes and resolutions of the City Comruission of the City
of Clearwater, or parts thereof, in conflict �vith the provisione o#' this Ordinance
are to the extent of auoh oonfllat hereby superseded and repealed.
ATTEST:
H. G. Win�o
City Auditor and er
PASSED ON Tf� FIRST READING Au�uat 13� 1957.
PASSED ON THE SECOND READING Au�us� 20, 1951
PASSED ON THE THTRD RF�P.DING 5eptember 10, 1g51
Herbext M. F3rown
N�ayor-C omrai s ai ona r
�� �