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08/16/1955 '~'i:Jr~=t;;~~r~~~,:,~t'j:~~;::~"i-'~"~;"'~!~"'"f1"!~~~~'~~"... , ' .' CITY COMMISSION KEE'l'ING August 16, 1955 ; The City Commission of the City or Clear~ater met in special s8ssion at Oity Hall, Tuesday, August 16, 1955, at 1:00 P.M. with tbe following members preeent: Herbert M. Brown W. E. Strang, Jr. J. N. Bobannon Guy L. Kennedy Jack Russell Mayor-Commissioner Commissioner Oommissioner Commissioner Commissioner Also present were: F. O. Middleton Chas. M. Phillips, Jr. G. T. McClamma Frank Abernathy City Manager City Attorney Ohief of Police City Treasurer -- -~--. The Mayor called the meeting to order and announced that the meeting had been called for the purpose of considering on its third reading Ordinance 6e~ which would authorize the issuance of .1,500,000.00 Utility Revenue Certificates to provide for improvements to the water and se~er systems and storm sewers ot the City. The City Attorney read Ordinance 684 on its third reading. Commissioner Strang moved that Ordinance 684 be passed and adopted on its third and rina1 reading and the proper officials be authorized to execute it. Motion was seconded by Commissioner Russell and carried ~nanimously. The City At.torney stated that. the Ordinance would be publiShed by title only as a legal notice in the Clearwater Sun according to the legal requirements and requested the reporter present at the meeting to place a notice in the Clearwater Sun that copies of the Ordinance would be available for distribution to anyone upon request. There being no ~urther business to come before the Commission, the meeting was adjourned at 2:40 P.M. Attest: ~~ ~' ' y r- omm s ~ . ,." . .".... .,.'., . . .,'", . !-: . " . CITY COMMISSION MEETING August 16, 1955 WAIVER OF SPECIAL COMMISSION MEETING Know all persons tnat we the undersigned Commissioners of tne City Commission or the City of Clearwater, Florida, do hereby waive notice of a Special Meeting of said City Commission which was held at the City Hall in the City of Clearwater, Florida, at 1:00 P.M., Tuesday, A~ust 16, 1955, ani we do hereby specifically waive notice set out in Section IS of the Charter of the City of Clearwater, Florida, and we do hereby severally consent to said meeting at time and place before said. " t:, ,,' I\'.'''''>!~'''',~."""".",<+:,II;' ""......""""'<"v.~:.". ...\...........~.....t,..'..uJ.;!.r "1...W~~,;.).4~,.f..;~ . .......:_ .7' .. ,,.;~"'.. ~ ,H ~ Herbert M. Brown BErt T M. BRO~ MAYOR-COMMISSIONER /s/ W. E. strant- Jr. w. E. STrtANG, ;J . COMMISSIONER ~s/ G. L. Ke,pedY . L. IEN~ED COMMISSIONER ~ J&hn N. Bohannon N . ~OkAN~N COMlvIISSIONER d, ,,' I . ~; "'. ,::1. , .' ,.'~ ,'.. . ;' ...'. 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ORDINANCE NO. 684 AN ORDINANCE PROVIDING FOR 'l'HE CONSTRUCTION AND AC'~UISITION Oli' ;~DDITIONS, EXTENSIONS AND IMPHOVE:.iENTS TO 'fHE WATl!;R .AND SE':IER SYSTEllS .i~ND STORM SEWEHS OF THE CITY OF CLEAR'/lATER, llINELLAS COU1\TY. }!"LORIDA; PHOVICING l<'OR 'lIRE PAY- MENT OR REFUNDING OF CJ:;RTAIN oursTAr-mING OBLIGATIOI~S; AlJ"THOHIZING TUE ISSU- ANCE OF $1,500,000 UTILITY RETiNUE CERTIFICAT1!;S; PHOVIDING jl'On THEIR MATURITY DATES; PROVIDII'~G FOR THE EXECUTION, NEGOTIABILITY AND HEGUn'HATION OF' SAID CERTIFICATES; PROVIDING FOR REPLACEMENT AND PA11~~NT OF MUTILATED, DESTROYED, STOLEN AND LOST CERTIFICATES; PROVIDIrJG FOR THB COVlmf.NTS J~ND REVl~NUE6 AND APPLICATION OF REVENUES OF SiLID CERTIFICA'l'ES; PHOVIDIrm FOR THE COVJl;NANTS AND OBLIGATIONS O:r' THE CITY OF CLEM~;'!ATl!:R UNDER SAID CEHTIFICATKS; PROVIDING ]'OR THE ~STABLISHMENT OJ!' THE "UTILITY SYSTEM HEVENUE }I'UND" AND PROVIDIfiG FOR THE OPBR11.TION AND 1,:AINThNANCE 'rHt:REOF; PHOVIDIHG FOR THE DISPOSITION OF RE-VENUES FROM TH:6 AFOIlliSAID Rli..'V};NUJl~ FUND; LIr-.U'l'INO Tm;; ADDITIONAL OBIJIGATIONS 'i/HICH M/..Y BE ISSUED AGAIl~ST TH}; BECUHITY Pl.li;DGED FOR S/IID CEHTIlI'ICAT!::3; PRO- VIDING FOR IUW.EDIES 0]' Ci<.:HTI1!'ICATEHOLDERS; LDAITING MODIFICATION on .AAmND- MENT OF THIS OHDIiJANCE; PHOVI!lING :FOH 'l'Hr~ SEVERABILITY OF Tag PHOVISIONS HEREOF; PROVIDING Fan 'l'BE IS~:UJ~NCE AT,:1.1 SAlJ.: OF TH.r: m":HTIFICi\TE0; PROVIDING FOR TH~ VALIDATION OF SAID CE,I1TI}~ICi~'T'i,S; PHOVlnnm THAT 'fHW ormnu~r.:~E IS J.N EMERGENCY MEASUnEj AND PROVIDII,G lrOR RF:Pi.:AL OF OnT'IliANCES ArID RESOLUTIONS IN CONFl,ICT HEHEWITII TO THE l~j,,"TENT OF THr.:IR COHFLICT. BE IT OHDAINED BY TH~ CITY COMMISSION OF 1'HE CITY OF CI..EAHV'ATER. ~"LORIDA: AHTICLE I '," ,.. STATUTOHY AliTHOHITY, J?Ir:DI;;GS AND DEFINITIOI!S. 1.01. AUTHOlUTY OI!' THIS OjmIW;,I~l;1!.. T1lis ordinance is adopted pursuant to the provisions ot Chapter 9710, Special Acts ot the Legislature ot Florida tor the year 1923, and amendments thereot, and supplements thereto. being the Charter ot the City ot Clearwater, and other applioable provisions at law. 1.02. ]'INDINGS i'.ND DETiillMIHi1TIONS. It is he..'eby tound and determined as tallows: (A) That the City ot Clearwater now owns. operates and maintains a system of utility properties supplying water. gas and sanitary sewerage services and a system at utility properties supplying storm sewer services, in and to said City and its inhabitants ann other users, and under the above-mentioned statutory authority is empowered to cumbine, maintain, operate, improve and extend such utility properties and regulate and fix reaso;iable rates and charges tor the services turnished thereby. (B) That the city derives revenues from rutes, tees and charGes made and colleoted tor the services and facilities ot the aforesaid utility pro- perties and said revenues are n:)t pledged or encumbered in any manner and that no obligations or any kind are ohargeable against the revenues ot said utility properties, or any part thereat except as tallows: (1) The City has heretofore issued and hos no~ outstanding its Munioipal Utility Revenue Certificates>> 3eries at 1947, dated December 1, 1947, in the principal amount of $326,000. bearing interest at the rate ot three per oentum (3%) per annum and maturing in numerical order on December 1 01' each yeur in the years 1955 to 1963, inclusive. which by their terms are paynble from and secured by a lien u;Jon the revenues derived from the operation of the utility properties 01 the City supplying water, gus and sanitary sewerage services and are redeem- able at the option of the City on December 1, 1955. in the manner provided in the autlJor izing ord InnIlce j (2) The City has heretofore issued und has no~ outstanding its Municipal Utility Hevenue Certificates, Series 01' 1950. dated June 1, 1950, in the prin- cipal amount of $110,000. bearing interest at the rate ot three per centum (3%) per anLum and'maturing in numerical order all December 1 at each year in the years 1955 to 1965, inolusive, which by their terms are payable from ond secured by a lien upon the revenues derived from the operation 01' the utility properties ot the City supplying water, gas and sanitary sewerage servioes and are redeemable at the option ot the City on December 1, 1955, in the manner provided in the authorizing ordinance; ()) The City has heretofore issued 6nd has no~ outstanding its Water Revenue Certiticates, dated December 1, 1935, in the principal a~ount ot $7,000, bearing interest at the r6te of tour per oentum (4%) per ann~, and maturing on December 1, 1955, which by their terIlls are payable trom and secured by a lien on the utility properties ot the City supplying water service. in the ~anner provided in the authoriZing ordinance; (4) The city has heretofore issued and has now outstanding its Gas Revenue Certifioates, dated Deoember 1. 1935, in the prinoipal amount ot $18,000. bear- ing interest at the rate ot tour per centwm (4~) per annum and maturing on Deoember 1 ot eaoh year in the years 1955 to 1951, inolusive, which by their terms are payable trom and seoured by a lien on the utility properties ot the City supplying gas service, in the munner provided 1n the authorIzing ordinanoe. (C) That it is deemed advisable, in the best financial interests and to the eoonomic advantage of the City and its inhabitants to pay, refund or retire said outstanding Municipal Utility Revenue Certifioates, Serles ot 1947, said " :. ~ .' .' I, i. I, I " , 1" ..., .' t " I I ' ' , "", ,,' j " , ,. i ...: \ i \' "J :. ,,:,;'+i~r!:;tf.~~!i~0~f.i}~~;~~::i:~;'iY~~F::;'~i:;;;::':\,::x~,;:\",." .'.",", ,,:" .~:.~, ;,' ...~,:. ~ .' _ : ..' ...1 ".C - ':~ ~,~~'~t%i.(~t~{~J~~~~'~~~~:-"~::;:~~L:~'/"~~~~;,'~ L. ", ;\', '. -',:-,~';":;"~ ,"'. '<...~:: ". ,~\..., "\; . " ,,"~' ; .' ~~:' i:' :~ ' t ",'::'. :~.}.i:::q~:,,<~:'r~~~~~I~~~~~~~~~~;;", . . . . . ." .,c......;;~"';;..2;,:~'.~G1t~Ji:i\tiliJi~~Ii~f!~J1.v;tc&ii!;!i;\;:i,i~ 4 5 ,-; ~{,\: ::; i,h:' . ~. , . . . . . '., ," . . .." . ",~~.: ;', .).::,~,~~~,;, "\;::':)..."J:'~"'''''''':,.l.',", ~.~.j~~:;.l...n'~',',,;,:, J.l.....'~.\..,.._ ,." " -q .'" '. -~. -2- li:;~l . '\' '\;>" .r.: ..!/f.c1ci~~:i,C!i '~ >::':n~).:,:,~.:tc:s:;,;,:,; ~':'.';':':::':~!~~;"~Jt(,~""'li :: .", - :':':'1 ~:. '- .'."':.".',~:. ...., ....,....., ...; ""'1 i~w~~1rfj~ 1',,' outstanding Munioipal Utility Revenue Certifioates, Series at l~~~~ and said outatancing ~ater Revenue Certificates, referred to in Section above, as hereinafter provided. "8 ('J..) (D) That the City Commission of the City hus heretofore by ordinanoe duly enaoted oombined and oonsolidated the utility properties supplying water and sanitary and storm sewerage services and in order to IOaintain and operate said oombined ond oonsolidated utility properties ~or the proteotion ot the health, sarety and welfare of the City and its inhbbitants it is neoessary that suoh oombined and oonsolidated utility servioes be improved und extended, as pro- vided in this ordinanoe. (E) That the revenues ~~rived from naid oombined and oonsolidated utility properties supplying ~ater and sewer service are not pledged or encumbered in uny manner, except for said outstanding oertifloateD referred to in Seotion :2 (B) above. :B("') (F) Tbe.t the oombined and oonsolidu ted utility properties auppl:,'ine; water and sewer service shall be improved und extended substantially in accordance with the plana and specitications vrepared by Briley, Wild and Assooiates, Engineers, und heretofore tiled in the office ot the City ~uditor und Clerk at an estimuted cost of not exceeding $1,101,000. Such cost shall be doemed to inolude the cost ot construotion or uoquiaition ot extensions, impxovamenta and betterments to Baid utility properti~s, inoluding the aOltuisition or any lands or interest t!lerein and of finy fixtures or equipment or properties deemed necessary o~ convenient therefor, interest upon the certificates issued pur- suant to this ordinance prior to, and during and for six mo,nt.hs after the COlJ~- pletion ot such extensions, improvements and betterments, engineering and legal expenses, expensos for estimates ot costs and ot r~venues, expenses for plans. speoifications and surveys, administrative expenees and such other expenses as may be necessary or incident to the finunoing authorized by this ordinance, ond the oonstruction or acquisition ot the extensions, !n;;lrovel;lents and betterments uuthorized by this ordinance and the placing ot same in opera- tion. (G) Thut the estimated J..'evenues to be derived fruIll the operatlon ot said oombined and oonsolidated utility properties supplying water and sewer servioes will be more than sufficient to pay all operating and maintenanoe costs of suid combined and consolidated utility properties and to pay the unnuel interest and sinking fund re!luirement::3 for the Certiticates herein autl.orized, and that it will never be necessary or uuthorized to levy taxes on nny reol property in said City to pay the principal ot or interest on any of the Certificates to be issued pursuant to this ordinunce, or to ffiake ony of the reserve, sinking fund or other payments provided tor in this ordinance, nnd that the Certifi- cates issued pursuant to this ordirwnce shall not constitute a lien upon any ot the said utility properties or upon any other property whatsoever of the City. 1.03. ORDIN"\NC~, TO COi~S'I'ITtiTl1; CO NT Hi,. CT . In consideration of the aoceptance of the Certificates authorized to be issued hereunder by those who shall hold the same from time to time. this ordinunce shh11 be deemed to be and shall constitute u. contract between the City an.Cl sllch certificateho1ders, end the covenants and hgree.m.ents herein set forth to be performed by said City shall be for the equal benefit, protection una security of the legal holders of any and all of sllch Certificates and the coupons attaohed thereto, 0.11 of which shall be ot eClua1 rank and \~it!lout preference, priorit;,l or distinction of any of the Certifioates or coupons over any otlier thereor, exoept as expressly provided therein and herein. 1.04. DEFINITIONS. The following terms shull have the tollo\~ing mean- ings in this ordinHnce unless the text otherwise expres:31y requires: (A) "City" shall mean the City ot Clear~.lltel', Florida. (B) "Act"shall mean Chapter 9710, Laws of Florida. Speoia1 Act of 1923, as amended. (C) "Certificates" shall mean the $1,500,000 Utility Revenue Certifioates originally authorized to be issued pursuant to this ordinanoe, together with any pari passu additional Certificates hereafter issued under the terms, conditions and 1Lmitations contained in this ordinance, and the interest coupons attached to said Certificates. (D) "Holder of Certificates" or ttCertiticateholder," or any sl~ilar term, shall mean any person \~ho shall LIe the bearer or owner or any outstanding Cer- tifioate or Cer~ificates reglntered to bearer or not registered, or the registered owner ot any outstanding Certificate or Certiticates whioh shall at the time be registered other than to bearer, or ot any coupons representing interest aocrued or to aoorue on said Certificates. " (~) "system" she,ll mean the complete combined und oonsolidated water svstem and sanitary and storm se~er system of the City now owned by the City, or here- after conB~ructed or acquired by the City, including the improvements, extensions and additions thereto to be oonstructed or aoquired either trom the proce9ds of the Cer~ltioates or from any other sources, together with all lands or in- terests therein, inoludinB plants, bUildings, maChinery, ~r8nohi5e8, PiPes! mains, fixtures,- equipment and all property, real or personal, tangible or intang blo, now or hereafter owned or used in oonneotion therewi~h. I' I ' i , . ,: ".'1:. ,', '.' ~.~~ ,;( ,~ - ,', ..', . . -3- ';A';;~~';;;.iL~:;~_;;;":~';'..'~';';.'~..'..,:';'~Li;&iti2;ji!;;L5llii~iSi~"".c~.,:-,~,::::,;~~;,:,~:,,:,"::"'~!\f!''''~~~'; ,. :, I (F) "FacilitIes" shall mean all the faoilities ot said System, and all parts thereot, existing at the ~Lme ot the enaotmen~ ot this ordlnance, ond also any faoilities which ~y beraaftez be added to sald System, or any parts thereor, by any additions, ~etterments. extensions. or inlpzovements thereto, or property ot any kind or nature, ren1 or personal, ~angible or intangible, hereatter oonstruoted or acquired in oonneotion ~ith said System. (G) "Revenues" or "Oross devenues" shell mean ull rates, tees, rentals or otlJsr charS0B or other incon.e reoel ved by the City, or aoor\1ed to the eIt, or to any board or aGency of the City 1n oontrol of the nmnag~cnt and operatIon ot said systeml and all parts thereot. tram the operation or said System, all as caloulated n aooordance \'tith sound aocounting practioe. (H) "Operuting Ex~enses" shall ~~an tbe o~rent expenses, paid or aocrued, ot operatioD. ~lntenanoe and repair ot soid system and its facilitios, as oaloulated in aooo~danoe with Bound aocounting praotice. and shell Inolude. '1~1thout limiting the generalIty 01 tbe torego1:;g. Inauranoe pre1l11u.ms. administra- tive expenses at the City relating solely to the said System. lobor, the cost of materials and supplies used tor our.rent ope.ratlon. nnd cha.rges tor the aoou- mulation ot a~propriate reserves tor current expenocs not annually reouzrent but whiob are suc~ 6S may reasonably bo expooted to be inourred in aocordanoe ~1th so~nd acoo~t1ng praotice. "Operating ~xpenses" shall not inolude any allowance tor aepreoiation o~ renewals or replacements of oapitel aasets ot sa.id System. (I) "I~et Reven~es" shall menn tbe Revenues. as defined in subBec~lon (G) above, re~ln1ng atter deduction only o~ Operating Expenses, as def~led in subseotion (H) above. (J) Words importing singular nwnber shall include tbe plural nwmber in each case and vice versa, and worus importing persons shall include tIrms and co~porat1ons. 3f': .a:1..' \';~\'" .'[~\~, f.{;;~~ ( i\;~~~;!~?~f~,~~t , . \,' ~ '.... '.1_'1'1: 1.r1;J, '! ~ l',t{~.tr~};rU.. ' . , J:, ,.,: ",I"')"'~f':t" AHT:ICLE II .1 2.01. AUTIlORIZhTION OF clmTIFn-:J~T.ES. S~bject and pUl's~ant to the pro- visions o~ this ordinunoe, obligvtlons of the City ot Clearwater, Florida, to be kno~n as "Utility Revenue Certifioatesa serles of 1955R. are hereby author- ized to be issued in the aggl'ega~e prinoi,pal amount of not exceeding One bUllion Five Hundred Thousand Dollars ($1,500,000), ~or the purpose of tinanoing the cost of the ulprove.ments to the System 813 provided in Section 1.02 (F) hereot, and the retunding of certain o~tstanding Obligations of the City, us ~rovided in Section 3.03 hereof. 2.02. :JESCRIPTION OF CKtTlli'lCJ\r;.~ES.. The Certificates shall be dated August 1. 1955; shull "De in the denoli:inatlon of t~,OOO each, sball be numbered trom. 1 'to 1.500, inclusive; ohall beur 1nterest a't c rate o~ rates, not exceed- ing the legal rate. to be determined upon the sule thereot. ptlyuble semi-annually on February 1. tinct Aue;ust 1 of eaoh yea.r. ami sh"11l mature serially in nwner1cal order, 1.owes~ numbers flrstg on August 1 of each year. in the yeara and amounts as tollows: Year Amount Year Amount 1956 $31.000 1971. $49,000 1951 32.000 1972 51,000 1958 3l,.,000 1973 52,000 1959 34.000 1974 53,000 1960 36.000 1975 55,000 1961. 36,000 1976 57,000 1962 38.000 1977 59,000 1963 38,000 1978 61,000 1964- 40,000 1979 62,000 1965 41,000 1980 6i'OOO 1966 43,000 1981 6 ,000 1.967 43.000 1982 68,000 1968 45.000 1983 70,000 1969 47.000 1984 12,000 1970 48.000 1985 75,000 said Certi:t'ioates shall be issued in coupon form, shall be lH:qat'le 'With respect to both principal and interest at the prinoipal office of The Chase Ma.nlul'ttan Bank. New York C1'ty. !;ew York. in lawful mOTley ot 'tbe United States ot America, and shall bear in.terest fl'om tbeir date. payable in accordance 'With and upon surrender of the a'ppurtenant interest coupons as tb e'l severally mature. The certificates maturing in the years 1962 to 1985. inclusive. shall be redeemable prior to their respective stated dates on maturity, at the option ot the City. on August 1, 1961~ or on an~ Interest payment date thereafter, In whole or in 'part, but in inverse nwmerloal order it leas than all. at par and acorued interest together with the ~o11owing premiums 1~ redeemed at the fol- lowing tlmea: F f sentum (4~) ot the par value thereot it redeemed on August 1. l~Rf 8: ~liereatte~ to and including August 1. 1966; T~8e per centwm (3%1 ot the per vulue thereo~ it redeemed on leb- r\1ary 1, 1967 or tnereatter ~o and Including AugU$~ 1. 1971; .' "', ,,.....-....,.,,, ", .'.' /', '.. .-' '" , ' ," "", ,', -, ..'"\,~ . ~'::'~'Y~';Yiii~;~m~1~=~~;b;~,.c....~......"'" '~, "~t{~ . . . \,'.:' .. 1 ,,:' ~ . I !:I.,' " ..<:-. : I, . . _~. ',' ,". "," ,l "... , .... ~ . . ;' .. .~~ ."~.;:'. . ;.,.,~. .: '" .... ,,~. .:. -~..> ~ :....,'~.. "...~., .' ~..., ".., ".... -4- Two per oentum (2~) of the per value thereot it redeemed on February 1, 1972 or thereafter to and including August 1, 1976. One per oen~um (l~) of the par value thereot it reAeemed on February 1. 1977 or thereafter to and inoluding August 1, 1981j end ~lthout premiwn if redeemed thereafter; provided, however, thbt notice ot uuoh intended redemption ahall be given at least onoe not less then thirty (30) dtlYs 'prior to the rcder.l,ption date by publication in fi finanoial pup~r published in the City of Ne~ York, New York. 2. 03. KX~C.....,TI01; 01,' ':'l:i(j'IFICA'l'J;.;..i .- ,.:]; COiJPJ..s. Sa id Certifioates shall be exeou ted in the nar.;e of tho City by the City hudi tor and Clerk and its City Manager and oountersigned by the Mayor-Comr::.ia~~toner and its oorporate se...l shall be uttixed the.reto. In oase BUY one or lIlOre of the officera who shell !lave signed or saeled any of the Certificates Dball cease to be Buch offioer of the City before the Cextltioates 60 signed und a€uled shall hbve been actually sold and deliverod, such Certificutea may nevertheless be aold and dellve~ed as herein provided a.nd may be i5BU~d Eta it tl.e pOl'son who sit;ned or sealed such Certifl- oatos nad flOt ceased to hol(1 &:ouoh otfloe. JillY Ce~t1ficate l1luy be signed and sealed on behalf ot the City by such person es at the actual ti~e ot the exeou- tion of suoh C9rtificate shall hold the proper offIce in the Cit~. although at the date ot Buoh Certificates such person may not t~ave held such otl'ioe or Lliay not have been so authorized. The ooupons to be uttsched to the Certificates shell be authentioated ~ith ~he facsimile siglla'tures of the preseIlt 01' a.ny tuture Mayor-Commissioner, City Manager and City Auditor and Clerk ot said City, and the City may adopt and use for that purpose the :f'aosimile signature ot any person who shall have been suoh ~ayor-Commissioner or City M8nage~ or City AUditor and Clerk at any time on or after the date of the Certificates. notwithstanding that he lIlt:JY bave oeased to be suoh otficial at the time '/'Jhen suid Certiticates shall be uotually sold and de~ivered. 2.04. NEGOTIABILITY fiND RLGISTn~frION. The Certifioates shall be. and have all o:t the qualities and incidents of, negotiable instruments under the law merchant and the Negotiable Instrwnents Law ot the state of Florida. and each suocessive holder. in aocepting any ot said Certificates or the ooupons apper- taining thereto, shull be oonclusiv~ly deemed to have cGrecd that such Certi- fioates shall be und have allot the qualities ~nd inclcients 01' negotieble instrlUllents uno er the laW me.rchliut und the Negotiable Instr uments Law at the stute ot Florida, and each sucoessive holdel' shull furtL.er be conclusively deemed to have agreed that said Certificates shull be incontestable in the hands of a buna fide holder for value in the manner provided hereinafter in the for~ 01' said Certificates. The Certificates may be r~6istered at the option ot the holder as to prin- cipal only, or &s to both principal ana interest, ut the office ot the City Treasurer of the City. suoh xegistration to be noted 0.11 the back of sa.1<i Certi- fioates in the 5pl.1Ce provided therefor. Atter s,oh registration as to prin- cipal only, or both principal and interest, no t~flnsrer o~ the Certificates shall be valid unless made ut said o:f'fice by the xegistered owner, or by his duly authoxized agent ox ropxesentative und ~)iIJI:ll5rly noted on the Cer'tificates, but tbe Cextificates ~y be discharged from registration by be.1ng in 11ke mun- nex transferred to bearer and thereupon transferability by delivery shull be restored. At the option of the holder the Certificates may thereaftex oguin trom time to time be registered or transferred to bea~er as betore. Such xegistration 8S to p~inoipal only shall not affect the negotiability ot the ooupons whioh shall continue to pass by delivery. 2.05. CERTI1!'ICNl'ES l.:lJTILATED, DESTROYED, STOLEN OR LOST. :In case any Certitioate shall beoome mutilated or be destroyed. stolen or lost, the City may in its disoretion issue and deliver a new Certificate with a11 unmatured ooupons, if any, so mutilated, destroyed, stolen or lost, in exohange ond sub- stitution ~or ouch mu'tilated Certificate, upon suxrender and cancellation of such mutilated Certitioate and attuohed ooupons, if any, or in lieu ot and substitution for the Certificate Bnd attaohed coupons, i1 Lny. destroyed. stolen or lost. and uvon the holder furniShing the City proof of his ownership thereof and satisfactory indemnity and oomplying with sucb other reasonable re- gulat10ns and conditions as the City may prescribe and paying suoh expenses as the City may Inc~. Al~ Certificates und coupons so surrencte~ed shall be can- celled by the City Txeasurer and held fo~ the aocount of the City. It any suoh Certifioate or oo"pons shall have matured or be abou~ to mature. instead of issuing a substituted Certificate or ooupon, the City may pay the same, upon being indemnified us aforesaid, und if such Certifioate or ooupon be lost, stolen or destroyed. without surrender thereof. Any such duplicate Certificates and ooupons issued purs~ant to this section shall oonstitute original. 6ddltional contractual obligations on the part o~ the City, whether or not the lost, stolen, or destroyed Certifioates or coupons be at any tUne found by anyone, and such d~'plicate Certificates and OOllpons shall be entitled to equal and proportionate benefits and rights aa to lien and souroe and seourity tor the pfiyment from the Revenues dexived by the City ~rom ~be ope~ation o~ the System with all other Certit1oat~s and ooupons issued bereunder. 2.06. FORM OF CERTIFICATBS l~D COUPOI~. The text ot ~he Certifioates and OOUPODS and >>rovislons tox registration shall be of substan~ie~ly the tollow1ng ~enor. ~ltb suoh omissions, insertions and variations as ~y be neoessary and desl~able and author1~ed or permitted by this ordinanoe or any subsequent ordi- nanoe adop~ed prior to ~he issuance thereot: ,..'!', ,,', '-~'<\' ,_c ,:>:......., .,' , -...'_..,.. ..._.~ 1/57 . , ., . i I i . . ., , . ;"-,,, I,,,;. ' . ._:..' '~,,1: I~J;~~~~'i{ 1mi~: ,rl h' ~~;;>... 'I;': -' J' ,-. .... ... .. ,-. , , ...'. .. ...... ,",.;'__ .:.... . ,,' -,..,._.::':~.:..~ . , ~i'~{i1;t1~j11~W~:~'t]j{;;;;:::;2::.~:~,,:.:c~"~;.::..,,~.,i"'~;6,,<~=.,~1;i,,~~,.,,(;;~;;,,~;;w,.,","'""....."'",'i",~:;,;~i~~~,~ . -5- . UNIT~.D STATES OF AMERICA STATE OF FLOHIDA COUl~TY OF PINELLAS CITY OF CLEAHWATER UTILITY REVENUE C~1'.RTIFICATE, SERIES OF 1955 KNOW ALL MEN BY THESE PHLSh:NT& that 1#he city ot Clearlf.ater, ~'lorida, tor value received, hereby promises to >>ay to the bearer, or it this Certifioate be registered, to the registered holder as herein provided, on the 1st day ot August, 19 ,trom the revenues and speoial tunds provided theretor, tho prin- oipal sum ot ONE THOUSA1;n DOLLARS with interest thereon at the rate ot per oentum ( ~) per annum, payable semi-annually on the 1st day ot February and the 1st day ot August in eaoh year upon the presentation and surrender ot the annexed ooupons ~s t~ey ueverally tall due or to the registered holder hereot it this Certiti- oate be registered as to interest as well as prilloipal. Both principal ot bnd interest on this Certifioate ore payable 1n luwtul money ot the United states ot Amerioa at the prinoipal ofrioe of The Chase Manhattan Bank, New York, New York. No~ $1,000 This Certifioate is one ot an authorized iS8ue of Oertifioates in the aggre- gate prinoipal amount of $1,500,000 of like dute, tenor and efteot, except as to number and d8te ot maturity, (and interest rate) issued to tinance the cost ot the aC'1uisition and oonstruction ot various inprovements unc extensions to the utility properties of the City supplying water and se~er servioes tor the City of 01oa:L'water, Florida, and to retund oertain outstanding Obligations ot the City ot Clearwater, under the authority ot and in full complian~e with the Con- stitution and statutes of the state of Florida, including the Ch&rter ot said City, and other applioable statutes, and an ordinanoe duly enacted by the City Commission of 8&id City a.nd i:J ~,ubjeot to ull the terms and conditions ot said ordinanoe. The Certificates of tnis issue of \\hioh this Certificate is one, maturing in the years 1962 to 1985, inolusive, are xedee~tiblL prior to maturity, at the option ot the City, on August 1, 1961, or on any interest payment date there- after, in whole or in part but in inverse numerical order if less than all, at the price of pur and aocrued interest to the date of redemption, plus the tol- lowing premiums if redeeLcd at tile tol10\',1ng times: Four per centum (4J&) of the par vulue therdot it redeemed on August 1, 1961 or thereafter to and inoluding August 1, 1966; Three peroentWll (3%) ot the par value thereot it redeemed on February 1, 1967 or thereafter to and inoluding AUgUHt I, 1971; Two per oentum (2%) ot the par value thereof if redeemed on February 1, 1972 01' thereatter to and inoluding August I, 1976; One per oentum (1%) of the par value thereof if redeemed on February 1, 1977 or thereafter to and including August 1, 1981; and Without premium if redeemed thereatter; prOVided, hoviever, that a notice of suoh intended rede.mption shall be given at least once not less than thirty (30) days prior to the redemption dnte by publi- cation in a finanoial paper published in the City of New York, New York. This Certifioate and the coupons appertain:ng hereto are puyable solely from and seoured by a lien upon and pled3e of the net revenues derived by the City from the utility properties ot the City supplying water and sewer services in the manner provided in said ordinance authorizing said Certifioates and does not constitute an indebtedness of the City of Cleurwater within the meaning of any oonstitutional, statutory or oharter provision or limitation, and it is expressly agreed by the holders of this Certificate ~nd the ooupons appertain- ing hereto that such holc1ers shall never h6ve the right to require or oompel the exeroise ot the ad valorem taxing power ot said City, or the taxation ot real estate in said Citj', for the payment ot the prinoipal of and interest on this Certifioate or the making of any sinking fund, reserve 01' other payments pro- vided tor in the ordinance authorizing this issue ot Certificates. It is turther agreed between the City ot C1ear~ater and the holder of this Certitioate that this Certificate and the obligation evidenced hereby shall not oonstitute a lien upon the Ci1#Y'5 utility properties, or any. part thereot, or on any other property ot or in the City ot Clearwater, but shall oonstitute a lien only on the Lot revenues derived from the operation ot the City'S utility properties supplying water and sewer servioes in the manner provided in st;ld authorizing ordinunce. The City in said ordinanoe has oovenanted and agreed with the holders ot the Certifioates ot this issue'to fix and establish and maint;;~in such rates and oolleot such tees, rentals or other charges for the services and taci1ities aftorded by the City'S utility ~roperties supplying water and sewer services ~:e~:B~::;:: ::;t~n~r~~ A~: ~gdtAfit gi~R~IBrrB,gXBRarIBaff ~J~ tlw~KR pro- same Sha~~ become due, the ptlncipal ot and interest on said Certifioates, all reserve or sinking funds 01' o~her paymen~s provided tor in said ordinanoe, the necessar1 expenses .ot operating &nd maintaining said utility properties and all ,;- othel' obligations .-payable out of th~ revenues ot said utility properties, and 'f 5'~ '. 1" ' .. ,";.' \.< , .. '. ';' ":',: ,~ : .' ~.:, . 1 j', . \. I. ' i I i '",,' _ i , ',>, . .~..-~---;--"'--~~---~----:---------- ------- ., )~\~~~<~~~~\~~1~?,~{~~r,":~1;:;~A\:':~"i.~ ,~<"', ' '.,. , ,.'..,' ";:~" ':0",.' ..'. ,.., .\i;':;\;~(\'~(;;;~~{~1J:J:llijJi0;~dDdji";,~:&Li~':;L::'i.:,N:J::~~:g~~;~;,;L:~i~2j2i~;Li;~.;,;,L,.;;,~:;;:,~2~i~';.j\-,>~:;:,),;}:~",'~;;)~st.::.';i~lili\it&~4J~.t~~,~1i;~\;' '~:.;. ~', ,~H; ~ f ! \;:!~t,~'~'~t~~~t!:~~;~~~;~~~.~' '15'1 -6- that suoh rates, tee, rentals or other oharges shall not be so reduoed 80 as to be insuftioient to provide adequate revenues tor suoh purposes, and 801d CIty has entered into certain turther covenunts with the holders ot the certiticates ot this issue tor the terms ot whioh reterenoe is made to said ordinanoe. It is hereby oertified and reoited that all aots, oonditiol1S and things required to exist, to hBllpen and to be pertorlfled preoedent to and 1n the issuanoe of this Certitioate, exist. have happened und have been performed in regular and due torm und time aa required by the La~8 und Constitution of the State of Florida appllcuble thereto. tind thlit the issuanoe ot thia Certifioate. and ot the issue ot Certifioates. at whioh this Oertifioate is one. does not violate any oonstitutionul, utatutory or charter limitation, ; This C3rtltlcate. und the ooupons appertaining hereto, is and hau all tne qualities and inoidents of ~ negotiaole instrument under the la~ merohant and the NegotIable Inatrwnenta Law ot the State ot FlorIda, and the original holder and eaoh suooessive holder ot this Certifioate, or ot the ooupons appertaining hereto, shall be oonolusively deemed by his aooeptanoe hereor to have agreed that this Certifioate and the oouvons a;>pertaining hereto shall be und have ~ll the quali- ties and incidents ot negotiable instruments under the la~ merohant and the Negotiable Instruments Law of the state of Florida. The original holder and eaoh suooessive holder ot this Certitioate, and of the coupons appertaining hereto. shall be oonolusive1y deemed to have agreed and connented to tbe tol- lowing terms und conditions: (a) Title to this Certifioate, unless registered 8S herein provided. aod to the annexed Interest ooupons, may be transterred by dellvery in the manner provided tor negotiable instrwnents payable to bearer under the law L~rohant and the Hegotlable Instruments La\'i ot the state of Florida. (b) Any person in possession ot this certificate, un~ess regis~ered as herein provided. or ot tbe interest ooupons hereunto apperta1ning. zegard~ess ot the manner in ~hioh ne shull have acquired possession, is hereby authorized to represent himself as the absolute OWller hereot, and is nereby granted power to transfer absolute title hereto by delivery hereof to a bona tide purchaser, that Is, to anyone who shall purchase the sume tor value (present or anteoe- dent) without notioe ot prior defenses or equities or olaims ot o~nership en- for~eable against his transferror; every prior taker or owner ot this Certiti- oate. unless registered as !Jerein provided, and ot the annexed interest ooupons, waives and renounoes allot his equities and rights herein in favor of every suoh bona tide purohaser, und every such bona tide purchaser shall acquire title hereto and to a~l rights represented hereby; and (0) The City ot Clearwater ~~y treat the bearer ot this Certificate, unless registered as herein provided, or of the interest ooupons hereunto appe~- taining, as the absolute owner hereof for ell purposes without being utteoted by any notice to the oontrary. This Certifioate may be re~i8tered as to prinoipal only, or as to both prinoipal and interest, in uccordance ~ith the provislons endorsed hereon. IN "'ITNli:SS '''FlEREO:F said City of C~earwate.r, Floridu, has issued this Certi- ficate and has caused the same to be Signed by the City Auditor und Clerk and its city Mana~er. and oountersigned by its ~.~ayor-Comrnlssioner witb the corporate seal ot the City to be affixed hereto and has caused the interest coupons hereto attached to be exeouted ~ith the f8c8iwi~e signatures of the suld offioers, all as ot the ~8t day of August, 1955. CITY OF CL.EAHVlArJ.1~R I FLORIDA By city Auditor and Cle.rk Countersigned: By city Manager Mayor-Commiss10ner l!'ORM OF COUPON No. t On the 1st day ot ,19 . the City ot Clearwater, Florida. will pay to the bearer at the principal office of The Chose Manhattan Bank, New York. New York, trom the revenues and special ~unds referred to in the Cer~itloate to whioh tbls coupon 1s attaohed. the sum o~ ($ ), in lawfu1 money ot the United states of America, upon presentatIon and surrender ot this coupon. being s1x months interest then due on its Utility Revenue Certi- tioate, Series ot 1955. dated August 1. 1955, No. '.~ .... ! ~,. '.: . . . ..' '<.;' ..... , . ";~:'~.<));;:';,:::0Mayor-Oommf.'iiIoD.er :N4f.;j~~~~~i~!~;;,k' . ..... . OITY, OF CI..EARi-lATER, FLORIDA Clty Aud1tor and Clerk 011;, Mallager ....'....,,/1'. .... t' > .......;...,.,., ....... '. : ;. .. .",:;;"~i,;~~,~",,"'1.h:_:~~..,,;.:.,,," ,.",.,.;";.;:,,,~~~~~~~~~~~~t~ . ~:'. ,;\" .0:',- ,: >1;'~"', ';. .\:..~" ~"'. ".",'; -7- J t~i:"'"l ;~{~~1;i~I~~, . . ';~'" "T' "/".;t..,,. \',,\ ,,4--0 h;'1j~(:~:f~~t~;r;?;1::.~~', ~~~1J ""'. "l'{""'" '...,':> J (To be inserted in Coupons maturing atter oallable date on Callable Oertifioates "unless the Certificate to ~hich this coupon 1s attached nas been previously dUly cal:Led for prior redemption and payment tbereof duly forti) (FORM 0]' V i\ LIr:AT ION CLHTIFIC4\TE) Validated and oonfirmed by deoree of tbe Circuit Court ot Florida, 1n and ~or Pine:Llos County, rendered on the day ot . 1955. Clerk of the Cirou1t ot Plnellas County, l"!orido. (PHOVl:3ION ::FOR HEGlGTlU~rrIO~) Thi8 Certificate may be registerod in the name ot the holder on the books to be kept by the City Tr~asurer, as Regi~trur. or Duoh other Registrar 8S may hereu~ter be d~ly appointed. as to ~rinclpnl only, such reg1strat1on being noted hereon by such Registrar in the reg1stration blank below otter whioh no trana:ter shall. be v111id unles8 maae on said books by the registered holder or attorney duly authorized and silliilarly noted in the registration blank below, but 1t may be dlsoburged trom regiutration by boing trcnsterred to bearor after whioh it sball be transtoruble by delivery but it may be again registered as betore. The registration of this Certificate as to principal shall not restrain the negotiability or the ooupons by delivery merely but the ooupons may be surrendered and the interest made payable only to the registered holder, in whioh event the Regl~trar shall note in the registration blank below that this Ce~ti:ricute is registered uS to interest as well as principal and thereafter the interest will be remitted by '18i1 to the registered holder. tNlth the consent at the bolder and at the City ot Clearwater this Certificate, ~hen cppverted into a Certificate registered as to both prlnol1~1 and 1nterost, may~econv~rted into a cou~on certificate &od ugain oonverted into u Certificate registered as to both principal and interest as hereinabove provided. Upon reconversion ot this Certifioate coupons representing the interest to aocrue upon the Oertifi- cate 'to date or l1laturity shall be nttached hereto by tbe Hegistrar and the Registrar sha1l note in the registration blank below whether the Certificate is registered as to prinoipal only or payable to bearer. Date at .Registration . . In \'lhose Name . Manner of . Signa ture of . . Hegiaterec . Registration . Registrar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ARTICU; Ill: CQVEN1'N'fS, DPl!;CIAL J::'U.t!D8 ~ND /~I)PLICATION THE REO}' 3.0l.. CERTIF:J:C;1Irl~S NOT TO BE INDEBTEDNESS OF THE CITY. Neither the Certi- ~icates no~ ooupons shull be or constitute an indebtedness at the City within ~he meaning ot any constitutional. statutory or charter limitation ot indebted- ness. but sha1l be payable SOlely from tn~ ~Bvenues 01 the uti1ity properties ot the City supplying water and aewer sexvices and speoial funds as herein pro- vided. No no:Lder or holders of any Certificates issued hereunder, or of any coupon appertaining thereto. sha11 ever have tbe right to compel the exercise ot the ad valorem taxing power at the City, or taxation in any torm ot any real property therein to pay said certifioates or tbe interest thereon. 3.02. CERTIFICATES SECURED BY PLEDGE OF REVENUES. The payment ot the debt se~vice or all. ot the Certifioates issued hereunder shall be secured forth- with equally and ratably by a first lien on the net revenues derived trom the utility properties ot the City supplying water and sewer servioeB and the speoial ~unds provided theretor herein. The net revenues derived from said utility properties, in an amount sufficient to pay the principal of and interest on said Ce~titicates herein authorized, and to make the payments provided tor in this ordinanoe, are hereby irrevocably pledBed to the pa3ment at the principal at and interest on the Certi~icates herein a~thorized as the same become due. 3.0.3. APPLICATI011 0]' CERTIJ!'IC..:.TE PHOC.EEDS AND HETIl~EMENT OF OU'l'ST.ANDING OBLl:GATlONS. All moneys received from tbe sale or any oz all of the certificates authorized and issued pursuunt to this ordinance shall be disbursed and applied as bereinatter ~rov1ded. (A) All acc~ued tDterest received upon tbe deliver3 of tbe Certificates shall be deposi~e4 in the Sinking Fund hereinafter created. (8) $294,000 tbereof.together with such additional moneys of the 01ty c,e~lved ~rQR ~e G>>B~at1on ot 1ts utili~y p~opertle2 inclUding presently aooumulated ~.8erY9a sup>>l11ng water and sewer services as may be necessary to pay interest aoo~Q1Bg to Decesber 1. 1955, >>lus the redemption premium due on suoh dute, on ~be .294.000 priBolpal amoun~ ot Nmnlo1pal U~11itJ Revenue Ce~~i1io8te8~ Serles .' ..~ . . ,., u , "" , , 'I~() '~li ;1, i \, >:~,~:.~. ~ ," ",,:M.. :~: ~"'\~~' '\:f'~'\."""'" r~~rf~tt: . 1 . ,,' I' , I , i" . " . ! " . ' : 1- , I "., '. ....,.. , , ',' , , " ' " :..'. . '. . " i,:"'\ ',I I .' . . . j i ~: '.' I ! ': .'1 ... .; '..1" . ..".-, :.....'.,.. ..' ";.' ..-::.'.~....::~r.;;/;.~~:....,..:.~. . -8- ot 1947, ot the City. dtited Deoember 1. 1947. and maturing in the years 1956 to 1963, inolusive, shall be deposited with the Chemical Co~n Exchange Bank, New York city, l~e~ York, the paying agent of B~id outstanding certitioates, in trust tor the sole and only purpose of redeeming and retiring said ae~tlti- oates und the oou llOIlS pertaining thereto on December 1, 1955. Simu1'taneously Y1Iith the deposit of the aforesaid moneys with the Chemical Corn Exohange Dunk pursuant to the next preceding parheraph, there shall also be duposited with said Chemioal Corn Bxohange Bunk, the paying agent ot the outstand- ing Munioipa1 Utility Hevonue Certifioates, Series or 1947, of the City. moneys ot the Oity derived trom the operution of its utility properties including pre- sently acoumulated reserves sup'plyin~ vmter and se'Ner serv1ces sufficient in umount to pr-.y the prinoipa1 of ond interest aooruing to maturity of $32,000 pr in.oipC:.ll amount of :,;unioipal utility Revenue Ccrtlficutcs, Sories or 1947, of ~he City, dated DeCUI:lber 1, 1947, ond .maturing Deoember 1, 1955. in trust tor the sole (lnd only purpose or paying at maturity the principal ot ond interost on said certitiootca. (C) $105.000 thereof, together with such additional ~oneys ot the city derived from the operation ot its utility properties inoluding presently uocumu- lated reserves supplying water and sewe~ services us ~~y be necessary to pay in- tereat accruing to December 1, 1955, plus the redemption premium due on such date. on the ~l05.000 principel amount of !,1unicipal Utility Revenue Certificates, Series ot 1950, at the City, df;ted ~eceillber 1, 1950, and ~oturing in the years 1956 to 1965, inclusive, shall be deposited v-lith the Chemical Corn Exohange Bank, New York City. Now York, the paying agent ot said outstanding certifioates in trust for the sole and oIl1y purpose of redeeming Hnd retir1ng said certifi- cates aud the coupons pertaining thereto on necember 1, 1955. " Simultaneously 'with the deposit of the aforesaid J::oneys with the Chemioal Corn Exchange Bank pursuant to the next preceding paragraph, there shnll also be deposited with said Cheffiicul Corn Exchunge Bank, the paying agent ot the out- standing J~unic1pal utility llevenue Certificutes, Series of 1950, of the City, moneys ot the City derived from the operation of its utility properties inolud- ing presently uocumu1ated reserves supplying wat8r and se~er services sufficient in amount to pay the prinoipal ot unu interest acoruing to maturity on $5,000 principal amount of r.:unicipa1 Utility itevenue Certificates, Series of 1950, ot 'the City, dated June 1. 1950, and maturing Decer::ber I. 1955, in trust tor the sole and only purpose ot l)uying at Dlaturity the pl'inolp8l of and interest on said certificates. (D) S1ro.ul.taneously with the deposit of the aforesaid moneys with the Chemi- cal Corn Exchange Bank pursuant to subsections (B) and (e) above, there shall be deposited vlith the J.i'irat IJat10nal Dunk of Cleal'\\uter, Florida the paying agent of 'l;he outstanding -;later Hevenue Certificates ot the City, .moneys ot the City derived trom the operation of its utility properties inoluding presently accumulated reserves supplying "ater and sewer servioes sufficient in wnount to ~ay the principal ot and interest accruing to maturity on $7~000 principal amount of ''''ater Revenue Certificates, of the City. tated December 1, 1935, and .maturing December 1, 1955. in trust for the sole and. only plll'pose ot paying at .maturity the principal of u!1.d interest on Stdd certi1'icatcs. (E) Any moneys deposited VwitH the pa:..ing agent5 of the outstanding certi- ticates described above pursuant to subsect:ons (B), (e) and (D) above, may be invested and ~elnve8ted by said pnyine a~ents, as directed by the City, in direct obli~t1ons ot the United States ot America; provided, ho~ever, that all suoh investments and reinvestments of such Lr.oneys shall be in uuch obligations as otoresaid maturing in such amounts und at suoh times au may be necessary to provide funds to pay the principal ot and interest and redemption premium on the outstanding oertificates, for v.hioh said moneys were so deposited, tw the same become due and payuble. The'interest, incorne or other increment reoeived by the City on any SllCh investment sholl be deemed to be Revenue or the System and shall be deposited in the Revenue Fund hereinafter provided for. The City does bereby determine and elect to redeem on December 1, 1955, the ~294.000 principal t.llilOunt of i:unioipa1 utility Revenue Certitica tea, Series o~ 1947. of the C1 ty, dated December 1, 1947, ll1ld maturing in the yeGrs 1956 to 1963, inclusive, ,~nd to redeem on Deoember 1, 1955, the ~l05,OOO principal amount of )'funicipal Utility Revenue Certiticates, Series or 1950, of the City. dbted June 1. 1950, and maturing in the years 1956 to 1965. il1Clusl vo. ~nd the pro- per otficers o~ the City are hereby authorized and direoted to do and perform such acts and things as muy be neoessary to effoct the redemption of said out- standing cert1~icates on the aforeSaid dl,ites in accordance ~i th t.he provisions ot the prooeedines l.luthorizing the issuance thereof. (F) The balanoe of ~he proceeds ot sale ot the Certifioates snall be de- posl~ed by the City with u bank or trust oompany authorized to exexoise trust powers and which is a member ot the Federal Deposit Insuranoe Corporation, ns Trustee, in a trust fund to be known as the "Construction Trust Fund". under a Construotion Trust Fund Agreement to be hereafter entered into between the said Bank and the City. Suid agreement shall prov1de, oJnong other things, that no ~ithdrawal, shall be made trom said Construotion Trust Fund, except tor legal and enginecrlns expenses, tees ot fiscal or financial agents. and expenses in oonneotion with the issuanoe and sale ot the Certificates, without the written approval otthe COH~ul~in8 Engineers retained in oonnection with the improve- ment and extension ot the Systea as herein autborized and the Mayor and the C1~y MaDaB~r and the Cit, Treasurer. It fo~ any reason the moneys in said Fund, oJ.i'8.n1P~r1i, th:~~eot, arc not neoessary tor, or are not applied to the purposes -._--~ ,"" --... , Lj {p / I. ~" \ '. ~ : .', ,".' ':'.";'t]:i;~~tt~~~::;?,:,c~:,:,::~^:;:". .' .. f. I' : ~ ;'~ ,....,"..:.,.,.~ ".~~. :}:'.~' . < .." ,::" ':,,' 0..> '" ,. "l..?'.>:f ;'. , ..,. ~., . ~ I"'. :-;' " :?t:~\~o'>:.~"~ ',:"."r~~~P::;;r:;f;!;{i\' ." ..... ~,:.::. .,..:';",#. ; h.,. . ,;., ~,,:::,.,~ L;,L::~:",~;~,JL~~22l'!f~iZ:l;:iL{:;;~i;1~~1~;\;L.:~'J,~;~~il~l~k~:Gr~~~3.{l:~ti2;,;ti~~::K', . ..' . . __....~ 1._' '. ~,.,.......~;~JI~.~L~<~. ,....~l.,;~ ~.~;.'~....~-.... :;\{ ,.",k) r,:'~,::/'~;':..:::/::~r:":"lr\t",-", . ~. :'.\., "':';~':'<'::1 I . '\.,,: !!,:,'I < \ (," ,'. -.1. ~ . .);:".;0;~:(! " " " ", .,.,.1 : /:;Zt~~~,.",: '.: '-';',';:';','::;,;\,:.:';. '. ,;;,:: j ':~'" .;:,//:;:;~};'i\..-'::~::'~:"I .,:~.~ :~! .~~ ::::.':':;./, :.";~:~:'l.:e.':' '~.: .~ ; . " ./'-" ._-, ;'iF -9- provided in this ordinanoe, then ~uoh unapplied prooeeds shall be deposited by the City, u~on oertification ot suoh Consulting Engineer that suoh surplus pro- oeeds are not needed tor the purposes ot the Construotion Tru~t Fund in the Henewal and Heplaoe.ment Fund established pursuant to subseotion D ()) of Seo- tion 3.04 hereot, and shall be used only tor the purpof:ies therein provided. All suoh prooeeds ot the sale at the CertIficates sholl be and oonstitute trust fun8s tor such purvoLcB and th~re is hereby created a lien upon suoh money, wltil so ~PlJ1ied, in fl.v(}r ot the holders of the Cortlf ioutes. Duch prooeeds ot the Certifioates I,lay. pending their use in the mannel' in this ordi- nance provided, be temporarily invested in direot obligations at the United states of luner icu, lIiatur ing not 10 tar thnl1 t.....el va r:Olltho ofter the du te of purchuse thereof. 3. 04. COVl;NArn'~) OF TlI;;. Crry. 80 long an any ot tho prinoipal at or in- terest on finy of the Cert1tictites ohal1 be outstanding and unpa.1.d, or until there shall have been Bet opurt in the Sinking Fund C!Ild ne~erve Aooount herein e~tDbliBhed a sum suffioient to pay, when due, the entire principal at the Certit1catos rem.uining unpuill, together with interest aocrued und to Hoorue thereon, the City covenants ~ith the holders at any ond all of the Certifioates issued pursuant to this ordlnalloe as follows: (A) RATE~). That the C1 ty will fix t estu blish ond ,r!'laintHin suoh rates and calleut such fees, rentals or other oharges for the services Dnd faoili- tics of the System, ~nd revise tho SUI~e trom time to time whenever neoessary, tiS will always provide Hevcnues suffioient to pay, in the manner specified in Section 3.04 of this ordinanco, Bnd out ot said !fevenucs shall pay, as the same eh~ll b~oome duo, the prinoipal of [lnd intereDt on the certificates, in addi tion to pay int;, [,S the 8CHne ahall become due, t.he neoessury expenses of operating and maintaining the System, all re:.:;erve or sinking fWlds or other paym.ents provided for in tJlls ordinance, und all other Obligations and indebted- ness paYclble out of the Revenues of the System, and that such rate, fees, rent- ala or other charges shall not be reduced ;JO (.f:i to be insuffioient to provide adequate Revenues for such purposes. (B) RbVEI4UE FUND. That the entire Gross Revenues derived from the opera- tion of the System ahall be deposited in a speciHl fund in a b~nk or trust oompany in the StHte of Floridu which is eligible under the state laws to re- oeive deposits ot stute and municipal, funds. which fund is hereby created and esti; b11shed I..nd designated us the "utility System Revenue .l!'und" (herein~fter oalled "Revenue Fund"). Said Hevenue Fund ahaU oOllsti tute a trust fund for the pur!:oses provided in tilis ordinance and sOOll be ke:)t seporllte and distinot from all other funds ot the City and used only for tlle 1JUl' ose5 and in the manner provided for in :Jubset,tion (D) of thil5 Sect i on 3.04. (C) OPEBA'l'ION l\ND :.,~i.IK~';~t\.';NCE. That it will maintain ill Bood oondition the System, and all purts thereof t bnd '<'Jill operate the snme in nn efficient and economical manner, Iriak1.Ii~ such expenditures for equipment and for renewal. repair und reploce!:!ent fiS IchY bE: proper for tho econoiliical operation and main- tenance thereof. (D) JISPOSITIOiJ OJ!' ~i,,:,,;\.r};{~GES. That all Revenues at any time remaining on deposit 1n the HeVCIlue Fund shall be disposed of only in the following nm.nner and in the following order: (1) Revenues ahal} first be used for the payment of all ourrent Operating Expenses of the 3ystem. (2) From the mOIluys remaining in the nevenue ~'und the City shall next apportion, set apart ahd de~osit ~ith a bunk or Trust Corepany in the stute or Florida which is eligible uneer the luws of suid ~tate to receive deposits of state and municipal funds, as Trustee, in a fund to be kn~~n BS the "Sinking Fund", which is hereby estnb11sbea, on the first day of euch mOllt.tl, un amount equal to one-twelfth (1/12) of all the prinoipal of the Certific~tes issued hereunder which shall mr....ture and bec0rne due on the next principal maturity date, und on the first day of each month, beginning ~ith the first day ot the month imrrlediately follo"ing the aelivery of the Certificates, an umount equal to one-sixth (1/6) of all the int€rt~st ",hlch shull mature and become due on the next semi-annual interest payment date; provided, however, that suoh in- terest ~~Y. to the extent thut the Revenues ore insufficient therefor, be paid from the moneys in the Construction Fund during the period following delivery of the Certificates to {Iud includine six c.onths after the cOj"pletion of the improvements, extensions and additions to the System provided for in this ordi- nance. The City shall also from the Revenue Fund deposit ~ith the Trustee of said Sini(ing Fund, in a Reserve Account 1n said Sinking Fund, whioh 1s hereby esta- blished, on the 1st duy of ee~h month. beginning with the first day ot the month which is {;'lore than thirty duys t:lfter the delivery of the Certifioates authorized herein, an amount e~uul to one-twelfth (1/12) ot twenty per oentum (20%) of the largest aggregate amount of principal of and interest on soid Certificates which will matu..re Bnd become due in (lny sucoeeding year; provided. however. that no further payments shall be required to be made into said Re- serve Aoeount when there ahall have been deposited the:ein, and as long as there shall remain tberein~ the swn of $60,000. There shall be deposited in the Reserve Aooount in said Sinking Fund, upon tho date o~ delivery at the Ce~tit1oates authorized herein, all moneys :then held by the Oity in any and all funds oreated and established under the proceedings authorizing the L/(P7- . , i;~i~I~~~.;:~".~L'_'"... .... ........ '. ," ", 't' .,.;~ ',~! I.,....~ '..' ....-.........,..,. /.)1:.' .;' "'.~ ..., ~^~,...I:',~{""~'.i~.....'. .: . "'.' -10- issuance ot the outstanding Water Revenue Certitioates. duted Deoember 1, 1935. ~he outotanding Muniolpal utility TIevenue Certifioctes. Series of 1947. dated Deoember 1. 1947. ~nd the outstanding If.unioipal utility Revenue Certifioates. Series ot 1950. dated June 1, 1950. as debt service reserve tunds. and the pro- per officers or the City are hereby authorized and directed to etteot suoh trans- fer. . .' , ',-, ..! " :' " ..:1 , . . ",:",,'! ',,' 'j "\,, . 1 I Any withdrawals trom the Heoerve Acoount ahull ~ubsequcntly be restored from the tlrot Revenues of the System available after all required current pay- ments for the Sinking Fund and Heserve AOOOUllt. inoluding any deticiencies tor prior payments. huve been m~de in tull. Moneys in the Reserve Aooount shall be used only tor the purpose ot the puyment ot maturing principal of or interest on the Certifioates when the other moneys in tne Sinking Fund are insutflcieut therefor. and for no other purpose. The City ahall not be requir~d to nlElke any further payments into said Sink- ing Fund or into tbe Reserve Aooount in said ~inklng Fund when the uggrcgate amount of funds in both said Sinking Fund and auid ~ie6erve J~coount arc at least equal to the aggregC;l.te prinoipal l:1ffiOunt of Certlfiout.:s l~sued lJursU8nt to this ordl- nunea then outatandlng. plus the umount of interest then due or thereafter t.o beoome due on said Certificates then ou.tstaudiag. ()) Thereatter Hevenues shall be used to establish find set up a Rene'Wal and Replaoement j,I"'und to be c.aintuined in the OfJIne bank or trust compl1ny in whioh the Revenue Fund is maintained. and the City shall puy into suoh fund from said Be Jonue Fund on the lut duy of eaoh month, beginning ~ith the 1st day of the month which is moro than thirty days after tne delivery of the Certificates, an amount equal to five per cent (5%) of the Gross Revenues of the System col- 1eoted during the preceding month. The funds in such Renewal and Heplaceuent Fund sha11 be used only for the purpose at p3~'lng the cost of extensions. im- provements or additions to, or the replacement of capital assets ot. the System, or any part thereof; proviued. llOwever. that upon the certlficfltion of a duly qUl:llified &nd independent engineer or firm of ellg1neers tila t funds in said Renewal and Replficeroont Fun0 al'e not needed tor such pur;)08(~S. such excess funds m'~,y be u~ed in any monner autIlol'ized or permitted by 10;'4. In the event that surplus proceeds of sale ot the Certificates are deposited in the Henewal fJnG Heplacement I.'und pursuant to t.he provisions of Section J. OJ (F) hereof. ~uoh deposit shull be credited aguinst the deposits herein required to be made and the deposits herein required to be nu:,de shall begin upon the appropriate tirst day of the month succeeding the first day of the month ~hich is more than thirty days follo~ing the delivery at the Certificutes ofter giving effect to and oredit ot suoh advance deposit 8!:;r:lnst the deposits herein re'luired to be made. (4) If on any monthly payment dctte the Hevenues are insuffioient to place the required uI~~ount in any of the 1!'unds as hereinbefore pl'ovided. the deficiency shall be made up in the subsequent payments in addition to the payments which wou1d otherwise be requirod to be made into the FUI.ds on the subsequent payment dates; provided, hov.ever, that any defioienc.y in the Sinking :C'und and iteserve .Account shall be ::"de up before tiny further p&yment is mude irto the i\enewnl end Replacement Fund. (5) Thereafter, the balunce of any Revenues relllaining after all other re- quired payments Lito the }'unds provided &DOVe huve Deen made. may be used by the City in any manner authorized or permitted by law. (6) Tbe Sinking b'und find the Hesel've Aocount therein, the Renewal and Re- plecerJent ]'und. and all other Funds set up e..nd oL'eoted by this ordinance ohull oonstitute trust tunds for the Purl>oses provided herein tor such Funds. Allot the moneys on deposit in any of such fund.s. inc lud lng the Eevenue I,'und. ahtill be continuously secured in the same manner as state and munioipal deposits of funds are required to be secured by the laws of the state of Florida. t70neys in the Reserve Account and moneys in the Henewa1 and Heplbcement Fund may be invested in direot obligatiDns of the United States of Amerioa or must otherwise be main- tained in cash. !\~oneys in the Hevenu.e Fund and 'the Dinking Fund (except the Reserve Aocount therein) shall not be invested a't any time. (E) SALE OF THl!: SY::',TEM. That the System may be sold, mortgaged. leased or otherwise disposed ot only as a whole or BUDstantially as a 'Whole. and only it the net prooeeds to be rehli~ed shall be sufficient fully to retire allot the Certificates issued pursuant to this ordinunce and any pari passu additional obllgetions hereafter issued within the terms ot Section 3.04 (K) of this ordi- nance. and ~11 interest thereon to th~ir respeotive dbtes of m~turity or earlier redemption date. The prooeeds from sUch aale. fiDrtgege. lease or other disposi- tion ot said System shall ilMlediately be deposited in the Sinking Fund and shall be used only for the ~)urpose of paying the prinoipal of and interest on the Cer- tifioates issued pursuant to this ordinance and any pari p~suu additional obli- gations hereafter issued within the terms of 0ection ).04 (K) of this ordinanoe, as the seme shall become due. or the redemption of cf,llla ble Certifioates or the purohase ot Certificates at a price no't greater than the redemption price thereot. The toreg01ng provision not....ithstanding. the City shall ht~ve and hereby reaerI8s tbe right to sell. lease or other~1se dispose of any ot the property oompr sing a part ot the System hereafter determined in the manner provided herein to be no longer neoessary, useful or protitable in the operation thereot. Prior 'to any such sale, lease or othel' d1s,poD1tlon at said property. it 'the amount ;".- ,I,;. -...~ . ,.' 'II '? - - \fl ,:) :):.;":~:".'..:.",,>. . . ': ": :~;"" ~'" .. '. . . .; . ~I~::(. I I j I i I, ~ ' I I I I I ., I ., ;','-.'i:';' ' j ':""", ,~::,~,,':~,;.:<r1.y<,:, 1,...."" '..., ,', .". i.'(' , 1;'<;,~;}+~Y';/;,~1;~~}~.~ .' ; t.'~).... ..I~"'~""'J""."'J '1~~~~!ifttf~< ?~ (fie (~~t" ": ..,! " -11- " ., ..\ to be rocelv&d therefor ia not in excess of ~25,OOO, the duly authorized ortl- oer in ohurge of the ~jYstem sl1f.ll lllake a finding in viriting determining tl1at such property coapris!nr, a part of tho System is no lonser neoessary, useful or profitable in the operation thereot, and suoh prooeeds a~ll be deposited in the }-(eno'Wal and Heplao61I1ent lrund and tHJod only as provid€lc1 herein for such fund. If the amount to be reoeived tram suoh salo, lellsa or other (,1spooltion of said property shall be in exoess 01 :25,000 but not in exoess of $75.000, the duly authorized offioer in ollarge at the System shall first (:.0..1<0 u finding in vlritillg deterlnin1ng that such property OOlilpl'iain~ a purt of the Systenl is no Jonger necesB~ry, useful or pxotltnble in the operution thereot. and the governing body ot said city shull, by I'f):;)l,lution duly udojJted. upprove end oon- cur in the finding ot suoh d111y authorized of lioar, and authorize :,uoh sale. leo.se or other diapc.sltlon of suh~ propertYa 1'he proceedf:J derived fl'Oll' any such aale, leuse or otLor Ji~po3itlon of seid property, in exoess of ~25.000 and not 1n exoess 01: ~75 ,000 ahu.ll be pltlced in the Sinkin3 J!'und pI'ovlded tor in this ordiu~nce, und f:Jhl1l1 be used only, for the redemption or Certl1:1<}tltea of the lCJst mnturitiea then olltatanc.1ing \'fhioh arc oalluble prior to lllaturlty, or tor the purohosi:l of fJaid cullab1e Cel'titioutes ot Lhe lust mElturi tics thOll outstanding at u price not Greater th.vn the then redomption prioe tbel'uof. or. it no callnble Certificates are then u~tutanJing. for tho puroJlooe of lest maturing Don-oallublo Certif1.cates at tile then market prioe. Suoh payment of SUCll prooeeds into the 8inkiClg Fund or tbe Reuevisl find :.:opleoement Fund shall not reduoe the aJ.11ounts l'c-Jquired to be paid into said Funds by other provlsions ot this ordinanceo 'I I , ,'j .1 No sale. lease or other disposition ot the properties of the Syotem sbnll be made by the City if the prooeeds to tbe derived therefrom shall be in ex- cess ot ~75.000 and insufficient to pay ull 01 the prinoipal of the Certificates then outstanding und all interest thereon to their respect! va dutes o"E nlo.tur ity I ~ithout the pEior approval ~nd oousent in ~riting of the holders or their duly authorized ~epresenttltives of sixty-six and two-thirds per centwn (66 2/3~) in amount ot Certif icntos tilen outstendinB. 'I'he City shall preptire tbe f01'ID or such approvel and consent tor execution by Certlfionteholdcra. or their duly authorized representatives. V.llich fOrl!l shall provide for the disposition 01: the prooeeds of the oale, le~se or other disposition ot such properties of said Sys- tem." (F) ISSU1\):C:~ OJ!' O'rEER OBLIGJ~TIOW ~)...YJ\BLi OUT 01<' Hio:VEmri:5. That the city w11l not issue any other obligations, except upon the oonditions and in the manner prOVided berein, p~yable from the ~evenues derived from the operation of said System. nor voluntarily cru&te or cause to Le created any ~ebt, ~ien, pledge, assignment, encW:Ilbr~nce or bny other chLrge h8VintS priority to or being on a parity with the lien of the Cel'tiricates issued pursuant to this ordln~nce and the interest thereon, upon any of the Hevenues 01' said Syutem. i,ny other obllefjtions issued by tl1e City in li(jditiou to the Cert11'ict1tes tluthorlzed by this ordinance or additional CertificLtes provided for in Sect10n 3.04 (K). sba11 contain an expl.'ess stateIl,ent that su.ch obligcltions ure ju.n10r nnd subor- dinate in all respects to tile Certificates issued pursuant to this ordinance as to lien and source and st3cuxity tor payment from the Hevenues of ' the System. (G) INSUR~l;CE. That th.e City wi11 corry such insurance as is ordina.rily oarxied by private corporations owning anu operating similar utilities as tue Bystem'~ith a rep~t~lble insurance carrier 01' oarriers. including liability in- surance, end insurance age i:lst loss or damage by fire. explosion. hurrioan~, eerthquake, oyolone. occupancy or other hazards and risks, and said prvperty loss or damage insuranoe 811611 f: t all times be in an amount 01' hLounts equal to tIle fair appraisal vulue of the buil(Ungs, properties. furniture, fixt.u~(;a and equipment of said System. In the time or war, the City shall also carry in said amount such insurance as LiaY be available on reasonable terms against loso or Uam8~e by the risks and bazards of war. (H) BOOY...s A!,H) ".ECO,?,DS. That the City will keep books and records of the System. whioh shull be separate and apart from all other books, reoords and aocounts of 'the City, in whioh complete and correct entries shall be nlade in aocordance -with standl'rd principles of accounting ot all tronsactions re1flting to the System., and any hol(:er or a Certificat.e or Certificutes issued pursuant to this ordinance shall have the ri~flt at oIl reasonable times to inspeot the Syotem. and all parts thereot. and all records, acoo.lnts and date ot the City relating theretoo The City sha1l. at leo.st once a yelix, callse the ~)ookB, records and aocounts 01 the Syster:..:. to be properly audi tad by f.l O(iI;,;')etent auditor or accountant o'f reoognized standing and shall mall upon request, .'.tnd Clll.ke nvailab1e, tbe report of said auditor or aooountant tit all rel'1sonable times to any holder 01' iiolders of cert!f icstes issued pursuunt to this ordlru.'llce, any taxpayer or oitizen of said City, or any person ~I.'eceivin8 servioes from the System. or enyone aoting for and in behalf of suoh ~axpayor, oitizen or Certiticuteholder or Certifi- cateholdora. Proiliptly after the receipt o~ eaoh suob audit report, a oopy thereo~ shall be mailed by the City to uny Cert1ricLteholder who shull have :filed his address with the City and requested in writing that a oopy of suoh reports be furnished him. (1) MAINTEI.thNCE Ol!' t),[STEM. That the City will coe.plete the improveIl1enta. addlt10Da and extensions to the System provided for in this ordinanoe in all econom.1cal and etfioient manne.1' \\lith all praotioable dispatcb, anti thereafter .111 maintain said System in good condition and oo~tinuously operate the S8S;',8 I' ;, .. ...........t. ,. --'.' II G, /{ '. \ " j , I >\. " I I ! , , 'I. . . ,', . , <<.( . " ~,;. I (' ';:':ij., --. '.'. .,.... '_:._Cc~;;;ir;j;:~~,;"",;",,~~;~~;::;'~;~~~~' . ~. . . .' .. .,.. , li''';)~itp:~~iJ.u:;LL,;~..;,;",_;,~.,., '.' ..'~: _,.:"_ ." '. ,-:.. '.., '_'J '~'.' ,!L'.\ ,.~.~ \_ , -12- in an eftioient manner and at u reasoDuble oost. (.1) SEHVICES i:{ENDJ;hED l,~n:: COLLECTION . OJ!' CHJ~i{GES. That the Oi1;y will not render or oause t.o he rendered any freE:: servioes ot any nature by the SYf:ltem, nor will any preferential rate~ be ea1;ublished for users ot tlle Bame olass; and in the event the City ot Clearwater,o~ 8ny dopartment, agency, in~trumentality, officer or employee thereof, shall ev~il itselt of the tuoilitlea or servioes provided by the system, or any part thereof, the S8me rates, tees or ohurges apl~licable to other customers receiving like oervices under similar oircWIl- stances s11all be charr-ed the City and any suoh department, l:1genoy, instrumentality, officer or em.ployee. Suoh .char:~eB sholl be paid os they accrue, and the City shall transfer trom its generul tunds 3uftioicnt sums to pay uuch oharecs. The moneys so reoc1,ved shall ~~ ('eom,cd to be Hevenues derived from the opera- tion of the System, and sholl bo oeposited and uooounted for in the sElme manner as other Revenue derived fron 6uoh operation of the System. "', ;" .." , . *,. ~:,. :' ,. ',' , , . ,'. I " '; " : ~ ' " .. \ (1\) ISSUi\NC1', Oi.":'J'~i<I . 'A~': t: i.j)I;I'l'lOl.J'.L CEJ-.'l'IFIC. '.'l'l:S. 'l'hat no pari passu additioool Certificates, BH in this subseotion defined, payoble pori pasBu with Certifioates issued pursuant to this ordinance out ot the HeVCIlue Fund, sholl be issued ~fter the issu~ncc ot any Certificates pursuant to this ordinance, except upon the conditions and in Uie r;,annor herein provilleu. No such pari passu additional Certificateo shall be- issued unless the aver- age annual Net Revenues of the System during the preoeding two (2) years shull have been not less than one!lundred fifty per eentum (150%) 01' the largest amount of principal end interest which ....Iill beoome due In any year' thereufter on: (1) the Certifioates theretofore issued pursuant to thio ordinance, including any puri passu Certitic~tes theretofore issued, then outstanding, (2) the pari passu additional Certificates pro;:.oused to be is:Jued, end (3) any other obli- gations paynble from the ~evenues of the System. ~or the purpose of this 3ubseotion 3.04 (K) the phrase "Certificates ttlere- torore issued pursubnt to this oruinance" shull be deemed to include the ~l,500,OOO Certificates originally authorized to be issued pursuant to this ordim:.nce, ~nd also any additioual pl.~ri passu Certificutes tllerctofore issued under the con- ditions und in the l::anner provio.ed in this subnectioll ).04 (K). The term "pal'i passu additional Certifioates" a~ used in this subseotion sholl be deemed to L~i~n additional Obligations evidenced by Certificates issued unJer the prOVisions ane \-'i1 tbin the 1imi tu tiolls of this suL~,eotioll payable trom the Hevenue ]'und pUl'i pfl.SSU with Certitic/..ites originally tiutho:L'ized and issued pursuant to this ordinance. Sucb Certificates shall be deemed to have been issued pursuant to this oruinance t.he same as tlle Certi1'ice.tes originally author- ized and issued pursuunt to this ordinance, and all of the covenants and other provisions of tllis ordinance (except ai to aetails ot such Certificates evi- denoing Buch puri pas"u additionul obligations inconsistent therewith), shall be for the equal benefit, protcctioIl and security of the holders of any Certi- tioates originally authorized and issued pursuant to this ordinance and holders of any Certificates evidencing additional obligations subsequently issued with- in tile liluitations of and in compliance \'Iith this subseotion. .All of such Certificates, regardless of the til(l€ or limes of their iSbuanoe, shall rank equally witb respect to their lien on the Revenues ot the S~'stem provided tor herein, and their sources und seourity for payment from said Revenues, without preference of any Certifioates, b~ ooupon, over any other. The term "additional puri passu Certifio!:.tes" as used in this subseotion shall not be deemed to inolude bonds, notes, oertificates or other obligations subsequently issued, the lien of ...~h loh on the Revenues of the system is sub- ject to the prior and superior lien on such Revenues of Certificates issued pursuant to this ordinance and the City shall not issue any Obligations what- soever payable from the Revenues of the 3yste~ ~hich ronk equally 8S to lien on and source and seourity for- payment troill suoh HevenueB ,,"lith Certifioates issued pursuant to this ordinance exoept in the munner and under the conditions pro- vided in this subseotion. No additional puri ,i>assu Certiticates, &8 in this subseotlon defined, shall be issued at any tillie, however. unless allot the payments into the respective funds provided for in thtt,~ ordinance on Certifioates then outstand1ng, und all other reserve or sinking iunds. or ot.her ,paymonts iJrollided tor in this ord Inanoe shell hi.'IVe been Iilade 1n fu~l to t.he dute of issuance ot shid puri passu t~ddi- tional Certifioates OIld the City shell have fully oOli,plied \,ith all the cove- nan~s. agreements and terms of this ordilltl.nce. ! .;' ..,'. ili1,~j~~{iifC . "."'....l."\.'f~.,..\,,.~~ i;~fyf,;[~1~~:c \ All suoh additional pal'i paasu obligations shall be dated February 1 or August I, shall mature on AQBust 1 of eaoh yeur 01' maturity, shall bear interest payable semi-annublly on F'ebruary 1 and August 1 of eaoh year, and shall mature in annual installmentD substantially in proportion to or less than the amount or outstanding Certiticates theretofore issued pursuant to this ordinance which mature 1n uny ~'eal' in vihic.h there is a principal maturity of suoh proposed addi- tional obligations. Suoh additional pari PUSBU obligations may be issued only tor the p~rpose 01' finanoing additions, extensions, i!nprovements or betterments 1;0 the System or tor the purpose ot finanoing additions, extensions, improvements or betterments to the utility properties owned and operated by the city tor the p~pose 01' supplying gas service to the City und the inhabitants and users there- at. (L) RE~mDIES. Any holder ot Cert1tlcatesor ot any ooupons appertaining thereto, issued under the prOViSions ot this ordinanoe, or any t~u8tee acting for suoh Oertiflcuteholders in the manner hereina1'ter provided, may either at ., /, , , -- -. - , ~ ., , '".((. - ~ ,r "'~','" "'i?f!.:;~~~:t1:?~:";!"Yl!~~1~~,~ - . '",. -1)- law or in equity, by suit, aotion, mandamus or other prooeeding in any oourt of oompetent Jurisdiotion, protect and enforce any and all rights under the laws of the State of Florida, or granted end oontained in this ordinanoe, and may enforoe and oompel the performanoe ot ull duties required by this ordinance or by any applicable st~~tutes to be pertormed by the City, or by any officer thereot, inoluding the fiXing, charging, and colleoting of rates, fees, rontals or other oharges for the services und facilities of the System. In the event that default Silall be n:nde in the payment of the interest on or the prinoipal ot any of the Certificates issued pursuant to this ordinanoe as the same shall beoome due, or 1n the making of the payments into bny reserve or sinking fund or any other payments required to bo made by this ordlnunce, or in the event that the City or any officer, acent or employee thereof shall tail or refuse to oomply with the provisiuns of this ordinance, or shall default in any oovenant made herein, und in the further event that any such default shall oontinue for a period of thirty ()O) deys, any holder at such Certifioates, or any trustee appointed to repreaent CertifioBteholdors as hereinafter prOVided! shall be e~titled aa of right to the appointment of a reoeiver of the System n an appropriate Judioiul proceeding in a court 01' oomputent Jurisdiction, ~hether or not suoh holuer or trust,ee is uleo se<.;king or ~hB.ll have sought to enforoe any other right or exeroise any othor remedy in connE::otion with Certifioates issued pursuant to this ordinance. The oourt appointing said reoeiver shall establish the compensation to bo paid to said receiver for his services. The reoeiver so appoint~d shull 1'ortl~ith. directly or by his agents and attorneys, enter into and upon a.nd toke possession 01' the System, and eaoh Bnd every part thereof, E:nQ ::ihall hold, operate and maintain, manage and oontrol the System, and each and every part thereof, end in the name of the City shall exer- cise all the rights and powers of the City with respect to the System as the City itself might do. ~UOll receiver shall collect and reoeive all Revenues and .maintain and operate the 5y utom in tho manner ;)rovided in this ordinance, and comply under the jurisdiction 01' the oourt appointing suoh reoeiver, with all 01' the prOVisions of this ordinunce. Whenever all that is due upon Certificates issued pursuant to this ordinanoe, and interest thereon, nnd under any covenants of this ordinanoe for reserve, sinking or other funds, and u)on any other obligations flnd interest thereon having a oharge, lien or enoumbranoe upon the Hevenues of the System, shall have been paid and made good, und all defaults under tile prOVisions of this ordinance shall have been cured ond mude good, possession of the System shall be surrendered to the City upon the entry of an order of the Court to that etfect. Upon any subsequent default, any holder at Certificates issued pur- suant to this ordinance, or any trustee uppointed tor Certiticateholders as hereinafter provided, shall have the right to secure the further appointment ot a receiver upon any such subsequent default. Such reoeiver shall in tile l>ertormunce of the powers hereinabove conferred upon him be under the direction ond supervision of the oourt mf1king such appoint- ment, shall at all times be DUbjeot to the orders end decrees of suoh court and may be removed thereby and e suocessor reoeiver appointed in the disoretion of such Court. Nothing herein oontuined shall limit or restrict the jurisdiction of such court to enter such other and turtlier orders and deorees as such court may deem necessury or appropriate tor the exercise by the receiver of any funo- tion not specifically set fortn herein. Any reoeiver appointed as provided herein shall hold and operate the system in the name of the City and for the joint protection and benefit of the City and holders of Certificates issued pursuant to this ordinunce. Such receiver .shull have no power to sell, assign, mortgage or other~ise dispose 01' any assets of any kind or chart1cter belonging or pertaining to such utility properties, except as provided in Seotion ).04 (E) hereof, but the a.uthority of such re- ceiver shall be limited to the possession, operation and maintenance of the System in the name of the City for the Joint benefit of the City and said Cer- tifioateholders. The holder or holdel's of Certlfioetes in an aggregate prinoipal amount of not less than twenty-five per oentum (25%) of Cextificates issued under this ordinance then outstanding may by n duly exeouted oertificate in ~riting appoint B trustee tor holders of Certifioates issued pursuant to this ordinance with authority to represent such Certificateholders in any legel prooeedings tor the entorcement and protection of the rights of suoh Certificc.teholders. Such oertitio~te shall be exeouted by suoh Certificateholders or their duly authorized attorney or representatives, and sl1all be filed in the office of the City Audi- tor and Clerk. (u) ENFORCE~~NT OF COLLECTIONS. That the City will diligently enforce end colleot all tees, rentals or other oharges for the services and faoilities of the System and take all steps, actions and proceedings for the enforoement and oollection of suoh tees, rentals or other oharges ~hiQh shall become delin- quent to the full extent permitted or authorized by the ~ct Bnd by the la~s of the State of Florida. That the City will, under reasonable rules and reeulations, shut off and disoontinue the supplying ot the water service and the sewer servioe ot the System tor the non-payment of fees, rentals or other charges for said water servioe or said sewer service, or either ot them, and will not restore said water servioe or sewer servioe, or either of them, until all delinquent oharges tor both. water service and sewer service, together with interest and reasonable penalties, have been paid 1n tull. ,.' '\, ,t:.' ~_... 11 Co Co (:;!ii;~~!l~l!, , f;, "",",II"'~\'%Z '1 ' , ~, .,.'" ....' ,." .,', "'~",,' SC,""';" ~:':';' :':J:~:;!;~i:'\~;,~?-:,-~\~,;,)~,ja:~.:':0' ,,;:,::,'g~~~~;-"?~~i~,1:f!,;~\~~,1.~)~~';~;;' ;~~~;~r;';IL"~""';;"';"~"~""d<".~;~,..":..~,~",;,i~~.~;'",;;,.,,,;;.;i2Gi;.cXi2.2S::2~,;{i,;~'j;JJil: ..-. -14- ARTICLE IV MISCELLANEOUS PROVISIONS 4.01. MODIFICATION on ,,'J,iENu:,m:T. No material modit ioa tion or amendment ot this ordinance or of any ordinance or resolution amendatory thereot or supple- mental thereto, JIl8Y be made without the oonsent in writing of the holders ot two-thirds or more 1n prinoipal amount of tho Certiticates then outstanding, pro- vided, however. ttmt no modifioation shall permit a ohunge in the maturity ot such Certifioates or a ,reduotion in the rate ot interest thereon. or in the ~~ount or the prinoipal obligation or affecting the unoonditional promise ot the City to fix, maintain and oolleot fees, rent~ls and other ohurses for the water ser- vioe and sewer service of the System sufficient to pay the prinoipel 01' t~nd interest on the Cer'titicatos, us tile SElme ahall beoome due, from the Revenuos ot tho System, or reduce suoh peroentage of holders 01' suoh Certifioetes required above tor suoh modifioations or amenWnents. without the oonsent ot the llolders ot suoh certificates. 4.02. THANSFER OF EXI5'fIHG It'Ul':DG. All moneys ot the City derived t~om the operation or its utility properties sup~lying water and sewer services and lleld on the date ot delivery ot the Certifioates authorized to be issued here- under, not other~ise required to be applied or disbursed pursuant to the provi- sions ot this ordinanoe. shall be deposited in the Revenue Fund established pur- suant to Section 3.04 (B) hereot. 4.03. SEVERABILITY OF INVALID PROVISION. It anyone or more of the cov&nants, agreements or provisions of this ordinance should be held contrary to any ex- ~ress provision of law or contrary to the policy ot express law, though not ex- ~ressly prohibited, or against public policy, or shall tor eny reason whatsoever be held invalid, then suoh covenants, agreements, or provisions shall be null snd void and sball be deemed separate trom the reJIlaining covenantn. agreements or prOVisions, and in no way afteot the validity of HII the other prOVisions ot this ordinonce or of the Certificates or coupons issued thereunder. 4.04. VALIDATION I\UTROHIZED. That pursuant to Chapter 75, Florida statutes, ~he City Attorney of the City of Clearwater, be and he is hereby authorized and direoted to prepare and institute prooeedings in the Circuit Court ot the Sixth Judicial Cirouit in and tor Pinellas County, Fl~rida, to validate and oontirm the issuanoe of the Certitioates authorized by this ordinance and all prooeed- ings and actions taken relating thereto. 4.05. EFFECTIVE DATE. It i~ hereby found. deolared and determined that the funds to pay the oost of the oonstruotion of the additions, extensions and improvements to the System authorized herein are neoessary and urgently needed ror the preservation of the health, safety and weltare ot the inhabitants ot the City of Clearwaterj that an eme~genoy 1s hereby declared and that this ordinance shall be in full foroe and effeot immediately upon its passage as provided by la~. 4.06. That all ordinances and resolutions of the City Commis~ion ot the City of Clear~ater, or parts thereof in oonfliot with the provisions 01' this Ordinance are to the extent of such cOLfllot hereby superseded and repealed. PASSED ON FIHST HEADDZG .August 15, 1955 PASSED ON SECOND .mc;;~DING .August 15, 1955 PASSED ON THIRD AND FINAL READING AND ADOPTED August 16, 1955 /s/ Herbert M. Brown HERBERT M. BROWN 1~YOR-C0~~ISSIONER .ATTEST: )s/ R. G. Whitehead E. G. ~SH ITEfJiLAD CITY (.UDITOR ..;ND CLEf<K '., . ':'.' , ";'.: t -' ~ . . . ~ ," ." .... . f~'l~!lll: /," """li"<:h',, i":',!:jf!~!f( i . ' . ,",,",",1, . ". . CITY COMMISSION MEETING August 16, 1955 The City Comraission o.£ the Gity o� Clearwater met in special session at Gity Ha11, Tuesday, August 16, 1g55, at 1:00 P,M. with t he faZlowang members present: Herbert M. Brown Mayor wommissioner W. E, Strang, Jr. Commissioner J. N. Bohannon Commissioner Guy L. Kennedy CAmmissioner Jack Russell Commissioner Also present were: F. C. :�Iiddleton City Manager Chas. M. Phillips, Jr. City Attorney G. T. NcClamma Chief o£ Police Frank Abernathy City Treasurer The Mayor called the meeting to order and announced that the meeting had been called for the purpose of considering on its third reading Ordinance 6$y. which would authorize the issuance of �1,500,000.00 Utility Revenue Certificates �o provide for improvements to the water and sewer systems and storm sewers of the City. The City A�torney read Qrdinance 6$4 on its third reading. Commissioner Strang moved that Ordinance 6$4 be passed and adopted on its �nira and final reading and the proper offic�als be autlaorized to execute it. Idotion was seconded by Commissioner Russell and carried unanimouslp. The City Attorney stated that the 0-rdinance would be publish�d by title only as a legal notice in the Clearwater Sun according to the legal requirements and requested the reporter present at the meeting to place a notice in the Clearwater Sun that aopies of the Ordinance wou].d be available for distribution to anyone upon request. There being no further business to come before the Commission, the meeting was adjourned at 2:40 P.M. Attest: -�� ' �'�-�.e� � City ditor and Clerk � ...., 4�:I � i _%�.t..ti..� . .�� .�-� Cl2'Y COMMISSION Ni�ETING August 16, lgg5 WAIVER OF SPECIAL COMMISSION MEETING Know all persons that we the undersigned Commissioners of the City Commission of the Qity of Clearwater, Florida, do hereby waivs notice of a Special Meeting uf said City Commission which was held at the City Hall in the Gity of Clearwater, Flor�ida, at 1.00 P.M., Tuesday, August 16, 1955, and we do hereby specifically waiye notice set aut in Section 1$ of the Charter af thQ City of Glearwater, Floridaq and we do hereby severallp consent to said meeting at time and place before said. �s/ FTerbert Mo Brawn 1��`RB�R'1 M. BROWN MAYOR-CO�SSIONER Isf Jack Russell �ACK RUSS�LL COMMISSIONER /s/ G� I,. Kennedt* G. ENN D CQNL�iISSIONER �S/ w. E. Stran�. Jr. W. E. STRAI� G, J2Z„ COMMISSIONER 1s/ John N. Bohannon JO�I V N. BOHANNOi COMNiISSIONER ORDINkNGL t10. 6$!� A�I OI2D7IJ�4PJCL PI�QVIT�II�IG �+'OR 2'F3� COIIST�TIGTIObT AI�IL l�C:�UI5ITTON OI+' riL'D2TIOI78� EXTL1dSTOx�S AND Ii:�PR4Vi;3iLP3T� TO �IiE V1�`PLi� ANI7 vI�'"��t w4�T��`S .�T�D �Tp�� SE�d�.iS 0�' THL CI'�'Y OI' CF,Li�ii,"tai2'�F�, F'IAI�Li.ir; COUI�TY= }.�LOFtTf�l.; PRIiVI�IF�'G i�t3R �iE PkY- �,3.LI3'I' C1R L�EFUTiBI1�TG 0� Gi''Fi�!'l�IN OUPS'Pt1N1iIt3G OBI..IG�iTZO�:S ; AL�iOi?iZIT�fG� TLi� ISSU- �NCL 0�' �;1,5Q0,000 UT�ZITY �V�:Zr7i5E CL�k?TIFICATL+'S; 1'ROVII3IT�G �OR TfiLIR �ikTUi2ITY �AT�.S; PRC3VT;.�TIyG I't3�2 THL E>iECIITZI�AT, .�GUTIAB�LITY I:NA x2iGT�,tRl�It�1+F OR SF►ID CE�TIi+yIc;ts�,GS; PE�OVII3ING FOFi RFPL�i�EY�I3T xP �) PA'YPcs;NT OF t+ItTrILAT��., I7L��`1'ROY.ETJ, STOL%�N t,RID I�OST C��?TTrICATi�S; PF€OUIDII3G �OR ^ii-iE: COV1;t:�n�i'S i�+iD RL'�T�NO�S �IVD AI'r"''LIC�'i.'PZOT:+f OI+' RI�VLiti'U�S OF SlsTD G�liTII'ICATES; x�'ROV�IiwGr 7�Of� '�'H�, COV�IINTS AND OBi;,ZGhTION.`'i OE�' THk� v^I`5.'X OF CLTSnT�t�IiTi;1i UNDER SAIU C�13TT��''IGk`.�'3�5; PI30ilI17ThTG F0� Ti� i�TABiIuI3ri;iEtiT Qi T�w "IITIL�TY SYST�b� IiL�P�T"UE I+'�?i3�" k'�D ?RaVTI?IP`G I�OR Tffi_� 01�k:a'2�1TI0�? f�ND :s;kIt�ITi�N��NC%: `ZT�Li?�OF; F�20VI�IivG F'QR T� DTSPJSIT�O�t �I' RI:'VENL'ES T'ROTvi TI�t�; 1�T�'ORrt SAI� R�j7i�I3t3E FUt+ID; LIi»t2'I.'ITv� 'k'Fil: EtTii)T.`I'IO::AI, OBLIG.AiIOt:.�� _,,FiICH r�iV' BL�' I�.�;UED F,G�1�t�N� TI3'� �LCIIR�I'Y �'Z.�;DGEn �OFc S��Ii7 C�P.T7:I�ZCAm::S; PRO- iTII]Ii1C FOR l? �"��L`IPS� OF C�.ftTIFIC�,TEHOLDERS; LI&'i'ITIY?C3� �iOrl�'IC.EsTIOit 012 Ai��;;Iv`D0 L9�111T �T "i"�iTS Oi2I'I:J�sT3C�; FRO�rI�Ii�,G :cOI? Z`F..� �.'sLVEEiliEIT,3."?'Y OI+' `3,'�' PROVISIO2uS HLR�OI+`� I'ROVI'.7T1tG POii ='� I��li:�I�ICE <�i;T`.+ SAI�: OF TH� CY:rTI�'iGt1T�±,�� PP.OV?DI��iG TOR ?`F� Vl,LIDi3:'PI01�7 OI' S�I17 C�ETIFtC�i::S; �'FiOVT�I.tG THI�T `��ii�i QR�IT;tit:-'� iS K�3 EuiLRG�I3CX �.�Ii+,A:zL;Rl� � A1V'D �sZOVIT)II1G �'OR RLI';��iL OF OT_:I'If: `rit�?CE5 At;?J FES�2.,ii�1'� a2�S IPI CqTdFLICT �.,E�"TiTF'i TO �Fi� s:�'"PEtaT OI' Tf3F:IR COT7FLICT. B� IT OIiDATPI3sTi BY TFi�' CT`.t'X COh7x.T.�'iSIOT�i QF ii� G3TY OI+` C'LE�?;':x'Pi.R, 1+'I,ORTnii; nI?TIC.LL I STATUTORY ALi�;:d.tiTY, rIfYLI,:GS Ai�T3 D.:��II�3fiS�`r'S. 1.01. l�UTFiOicITY Or Tf�IS Oi�bI��:if�t;�. Ti�is ordinance is adapted pu�suant to �he provisians of Chapter 9710, Special Acts oP 'Ghe I.egislature oY �lorida Yor the year 1923, �nd �c:lendments ther�of, and suppletaents thereto, bein� the Charter oY the City o� Clearw�ater, and acher applic�ble provisions of ].aw. 1.02. TINi I7��S r�iJD b�:T�:c�g�:TIJATiOT�iS. It i.s hereby 3'ound and determiued as Yollows: (�) T�at the City of Clearvtater now owns, operate� and mai�tains a syster� of utility properties suppl�ing water, gas and sanitarg sewerage services anc3. a system oY utility properties supplyin� storm set�er services, in and to said City and its inhabitants and other users, and under the abone-mentioned statutor� authority is em,�o��ered to combine, msintain, operate, improve and extend such utility properties and regulate and Pix reeson�ble rates an� charges �'or the services furnished thereby. {B) That the City derives revenues from rates, Yees and char�es made and collect�d Yor the services und facilities oP the aYnresaid utility pro- parties and said revenues are n::t pledged or encumbered in any sanner and that no obligation� oY any kind are chargeable agai.nst t�e revenues of said utility properties, or any part tkereoP egcept as follows: {1) The Ci.ty has heretoYore issued and h�s n4�: outstan�ing its �unicipal �tility P.evenue Certificates, Series oY 1g1�7, dated December 1, 1947, in the principal ar�ount oY �326,0�4, bearin� interest at tha rate of three �er cen�um (3;b) per annum and maturing in numerical �rder on Dece�ber I of eacb. yevr in the years 195g to 1463, inclusive, which by their terms are payatle �rom end secured by e lien u;,on the revenues derived �rom the oneratio� o� the atility properties of the City supplying water, �as and sanitury setiverage services and are redeem- able at the option of the �ity o� t�ecember 1, 1955, in �he n�anne�r pro�ided in the �ui;i�orizin� ordinance; (2) The Citcy has hereto:�cre issued �nfl has nas� outstanding its ::2unicipal Utility i�evenue Certif icates, Series o� 1950, dated �`4ne 1, 1g50, in the prin- cipal amount of �110,000, be$ring interest at the xate oi tl�ree par centum (3;) per ana.um �nd �r�turin� in numerical oraer on t�ecember 1 of esch year in the years 1�59 to 1965s iaclusive, �vhich by thQir ternis are payable iroci �ncl �eaurea by a lien upon the revenues de.�ived �r�m the operation o� 1;he util3.ty pro�erties of the City supplyin; �vater, gas and sanitary sewer�ge services and are recleemat,le at the option a� the Git;y on December l, 1955, in the manner provided in the authorizin� ordinance; (3) The City has heretofore issued and 'uas no�; OlitS'G8T1CIj.T1� its F�ater Revenue CertiPicatea, a,ated Decem�er l, 1935: in the �rincipal a:.-zount ot �7,000, hearin� interest at the rate of Your per centum (4�') per anntam, �nd �aturir_� on i7ecember 1, I955, ��-ah by their terr�s are payable from and secured by a lien on the utility propei�ties oP the Gity suppl,�ing vaater service, in tb.e �:ttnner provided in the authorizin� oruinance; (�.) The City has he�etnYore i,ssued and has no�v outstanding i�s G�s Revenue Certif ioates, dated Aecember l, 1935, �.n the principal nmount of �l�,OtlO, Uear- ing interesi; at the rate of four per centum (k�} per annum mnd mQturin� on December 1 oP eaoh year in the years 1955 to lqs7, inclusia�e, c�;hich by their teru� are ;pay�ble Prom and secured by n lien on the utility pxopert�.es �f the Gity sup�lyin� gas 9eruice, in the rr�einner provided in the �uthorizin�; �rdinanee. (C) That it is deemed advisable, in the best Pinancial intereats a�d to the ec��nonic advanta�;e o� the City and its inhabitants �o pay, rePund or retire said ontstandin� %,unici��al. Utility Revenue Certf,i3.aa'�tes, 5eries o� lgi�7, said �� outstanding P�aunicipa�. Utility s�evenue Certiricat�s, Series o� 1950, anfl said out�tr�nCin� :':'ater R�venue Cer�ii'ie�tes, seferred �o in SQct3on �}- abo�e, as herein�.Ptes provid�d. 13 (�.) CI]) fih�t the Cit� Cbmcttission oP the City ha� hereto�ore by ord3.nance duly enaated eor�hined anc� cansolidated the utility prapor�ies sup,��lying wate� and sani.�t.ary a�ad st�xm sec�era�e s�ra.iees 8�a �.� orae� to �8znt�fn and operate s�id combined nnd consoZidated utility pro�erties Tor the �rotecti.o.n o� tl�e haalth, safet� and welf$re o� the Citg anci its inh�bitants it is necessarl� 1;hat sueh combined ana consol.ida�Ged utilitS� servicss be improved ond extended, as pro- vided ia this ardinance. (�j That the revenues derived Prom said oombinsd and consolidated utility properties �ap�lyin� watex and sewer yervice are not pledged or enccwabered in any msnner, escept, Por said o�ttstanding aerti�icates reSarred to in Sec�ion �j abovs. .B { a.� (Fj Tt�at t.he combined and oonso.Lidated u�i],ity properties supplyirig watex and sewer ssrvicA shall be imgroved �nd extendod subs�anti�lly in 8C4�TC�&A08 v�ith the nlans and speciiications pre,�ared by �riley, t;'i.ld a.nd llsso�iates, �n�ineers, �niz �ereto�c�re PiZed in tke o��ice of the Citv xudito� an� Glerk at an esti�sated cost o� not exceedi.ng �1,�.01,000. Such cost sha11 be deemed to include the cost o� co;ustruot�.on or �c�uisition oY extensions, imp.rouements and betterme�ts to said utility pray�exties, inoluding t�e ac�uisition of any 2ands ar interest 'therein and o3 sn� �ixtures ar equi,pment or propertie� deemed nec�ssnry or coneenient there�or, inter�st; upon the cextificates iesued pzzr- suan�t to tt�is ordinence prior to, and c�ur�ag and �or six manths a�ter the coL;- pletion of such eatensions, improvemez�ts and bet�erments, en�iueerin,� �xnd legal egpensesy expenses �or estir�ates oY costs and p� revenues, oxpen��s for vlans, specifica�tions �ind surveys, adminigtrat�i�re �xperc�es and sueh oth�r egpenses as �tay be necessary or iiiciflent to the Sinancing au�horized by this ordinance, and the conatruct�on ox �equisition oP the extensions, 3.r�:�,rove�.;ents and bettexc�ents authorized by t�iis ordinanee and the placin� oP same�in nne�a_ tion. ' (G� That the ssti�ated revenues to be dErived from the operation of said combined and consolic.at�c3 utilit3� �roperties s�gpZying cvster and se�rer services vrili be more ��an suYPicient to pay all o,peratiug and maintenance casts o� s�zid combined and eo�solidated uti�ity prQpErties anrl t4 �ay the nnnual intexest and sinkin�; fund requireme�ts Por the Certif icates hereiti autfaori�ed, snd that it will neaer be n�cessary or authorized to levy taxes on any ret�1 property in said Ci�y �o pa� the prin�ipal of s,r interes't on any a�' the Cartifiegtes to b� issued pursuant to this ardinance, or to mak+a sny oP the reserve, �inking fund or other payraents �ravided Ypr yn this ordinance, and that �he Certi�i- cates issued pursuant; to this ardznance shall no� coustitu�e a lien upon any of the said utility pro�nerties or u�on any othex prop�rt,� tivhatsoevex oi' the Cii;y. 1.03. OR33It;��dC�: Tf7 GOF:ST�T�`SF: Gpii�'iR,�CT. In consider�tion of the aeee,ptance of the Csrtifinates authorized to be issued hereunder by those vrho shall hola the same Prom tine to tima,, this ordinance slaalI. be clee�ed to he and sha11 cortsti�ctte � contract �etvaeon the City az+c�. such certiPicateholders, and the covenanta and :�greements h:erein set fort.h to ba per�ormed by said City sna11 be �or the equal benefit, protection �F�� securit�r o� the ZegaZ holders of �tty and all aY sucia CertiPica�es and the coupons attacheci �hereto, a11 aY vrr�ich shall be oY aqual ra�k and withou�L Preference, pxiorit;r or distinetzon a� any o� �he Certiiicates or coupons over an;� otner thereoY, e�cept as oxpressly . provided therein and herezn, I.04. AErINI'PiUNS. Th.e follovling terces shc�ll have the iolloLving mQan- inga in th;� ordin�nce unless t�s tegt otherwise expxessly requires; {A) nGitg,� shal], raean the C1ty oi Clearv��ter, Flrsricia. (B} ��,et*=shal]. mean Cha,�ter 9710, Laws ot Flarida, Specxal Act nY i923, as amended, (C) "Certificates{r aha11 mean the �I,�00,000 Utility Revenue Certificates originally autharized to ae issued pur_saant to �his ordi.nanae, to�ether with any p�ri passu ndditional Certi�3c�tes hereaPter issued under the ter�, co�ditions and licciiations cor�tazned in this ordinance, and the interest caupons attached �o said CextiPicates. (D} nHolder oP CertiYicatesT� or TMCertiiicateholder,n or any �i�i1�r termF shail mean any pe�son �aho sh�r11. ��e the bearex or ovaner of any outstan�ing Cer- tiYicate ar Certi�ica-Ges regi�tered to bearer or nct re�istered, or �h� re�ist�red ovrner qf a�� outstandin� Certi�ieate or �ertificates .,i�ioh shall at �the time be registered other than to bearer, or oi any aoupons representing interast accrized or to accrue on said Certi�icatea, (E} r�S�B'�SlIItO shall mean the complete combined �nd conyolidate�. �vater s;�s�em and s�nitary and storm sew�r system oP the Gity now own.ed b,y the Cityr or here- aYte:r constructerl or �cquired 2sy the Gity, includfn� t�ie improvemen:ts, exten�ions end ttdditions th�xeta to be eonstructed or acquired eii:her Yrom the proceeds o'� i;he �ertiiicates or Sro� any other sources, to�;ether with a11 la.�ds �r in- i;exest� therein, includin� plants, build."cn�s, maehir�ery, franchises, pipes, mains, fi�tures,-�equinmsnt and all property, real or persona�, tangible or, intan�;ibls, now or heresYter owned or used in connec�ion therensith. _.3.. (T) ��'aoilities�T ahall mean a11 the Pscilities o� said 3ystem, and a:tl P$r�o thereof , existir�g s�,� �k� �� oT the enactment ot tt�is ord3nance, �t�d also any �acili�ies vahiah may ,hereaYter be adcied to said system, cr ang ,par�s �hereof, by any adcil�iona, bett$rmerts, ex�enaiona, or i�proveruents there-to, or property of en� ki�d nr natuxe, rosl ox person&1, tan�:LbIQ or intangilale, hereafter odnstruoted or aGquired in conneetion y�i�h s�id 3a�stem, �G� �+�evenueat+ or t�Gr�ss i3evenuee" shal7, A1,2SII a],l ra'��g� �ggg� re�uals or other �herg��:s or other ineor:F recei.ved by the City, or accrued to the Citp or ta any board ox a;,en�y of the City in eontrol oY the ��$gE�� a�d �oger�tion. o� said System, and a17, paxts thexeaf, Yrom tfze operation oY �gS.fl Sy�i�m, ai� as calculated in acc�:d,�znce with sound accountin� prac�ice. (Hj '�Operating ��.penses" shr�ll me�tn the aurxent expenses, paid or accrned, of oparation, maintenance and xepair oY said System and its Yaci],it,iEs, as calculated in secoz�dance with sraund accounting practiee, and si�al,l inclutie, voithout 1ir�iting the �enerality oP the faregoi;.g, i�surance premiums, administrr�- tive expenses of the City xelating soZaly ta �he said �ystem, labor, the cost oY mate�Ciels and suptsl.3,es used �or curxent operation, axicl ci�arges Yox the aacu- mul�tion o� appropriate res9rves �or current expenses nat annual7.y recurrent but whicf� axe such as may xeasonably be e�pected to he ineurres3 in aecordance ti��itJ� s�und aecounting pr$ctice, "Operatin� �x�enses" stlall not include any al�owance Por �tepreciation or renewal.s or renl.acements o� capital assets o� sa�a syste�. (I) 'slJet Revenuean sh�ll niean tf�e Regenues, �s defined zn a�ns�ction (G) above, aemaining at'ter deduction only oY Operating Expenses, aa defirte@ in subsect�on (�ij above,. (J) �'ords importing singular number shall include the plura3. nur��e� in each case and vice versa, and worc�s i�nnor4ing pextians s.h�ll znclude �irn.a and ca�porations. A�?TSCL� � 2.U1. �iUTHOFIZIi�ON OF G�jRTIFICf�Ti�S. Subject an� pursuart Lo the pro_ vis�.ons o� this o=�dinc�nce, oblig�:tiona of the Gitp c,� Glearwater, Florida, to be 4znown a, rtUtiii�y Revenue Certi�icates, Ser.ies o� 1qsSn, are hereb3� author- ize� to he issued in the a�grsgate principal araount a� not exceeding flne �;illioa Five iTundred Thousand Dolla2s {�1,500,OOOj, f'or the �uxpose o� Yinattcing the cost o� the ic:provements to the System as pravi�2ed in Section I,U2 (F`) hereoP, and the re�unding of eertain outstanding obligations oP the �ity, As �rovided ir� �eetion 3.Q3 hereoP, 2.020 �ESCRIsTIOR OF C�::tll�I�.;=i'ES. �'h� GertiYic�tes shall be da#�ed August 2, 1g5,; st�ai2 �Se in tne neno�i,nation of �1,000 erxeh, shall be numbered Trom 1 to 1,50�, inclusive; shall be�r in�erest at a rate or rat�s, ��t egceed- ing the legal rr�te, to be dete.rmined upon the sc�2e tlzerea�, p�yabie �eui-annuall� on �'ehruary 1 and F�a�u�t 1 of eech year, an� sh.�11 matur� serislly in numericaZ order, lotvest nu�rbers �irst, an l�u�us'� 1 0� eec� yeax�, in t�e years and aaQunts as �ollpws; Year 1956 1957 195g 1959 1960 1961 19b2 lgb3 196y. 1g65 1966 ].967 19�g 196� 1970 I�no unt �31,000 32,�00 34,000 34,OOD 3bp000 36,000 38,flo0 38,000 40,000 47. , tJ00 43,000 4.3,000 1�.5 , o00 47,000 4s,000 j'ear 1�71. z972 Z473 1974 �975 1976 1977 1978 Z979 �9�0 1981. �982 19g3 198?� 1985 �lmo unt �t,.9,A00 51,�00 $z,000 53,00� SS,�oo 57,000 S9,OOQ 5�,�ao fi2, OOQ 64:aoo 6b,000 5g,0o0 70,O1�G '72pOD0 r5,000 Said Csrtificates shall be issued in coupon Porm, s!�all be pay�ble vrith respect to both przncipal and interest at the principal office of The Chase �:antaattan Bflnk, Ne�i �osk Ciiy, :re�ro York, in 1�awFu1 �oney o� the United S�ates of America, anri shall bear interest from �heir date, pa�able in aeco�dance �vith and upon surrozzder of the �ppu;�tenant i�iteresi: coupons as ti�ey �everallq �ature� The Certificates ma�turing in the yeaxs 1q6� to 1g85, inelusive, shall be redee�BbZe prior ta their respeci,ive statr�d d�ates on ma�;uritq, at the option �f �he City, on �ugust l, 1961, ox on any interes�t p�yment d$te thexeafter, in v��ho�.e or in nart, but 3n 3.nverse �umericaZ order �f. Iess thaa a31, at p�sr and accrued intere�� tageth.er with the So1lov;ing pre�iurus i� red�emed at �he �'ol- lowing ti��ces: �o �� entum (1�,�) pY the p�r value thereof iY' redeemed on A�.��ust l, 9�� x there�tYtex to and inel.uding Asgust 2, 19b6; Thxee pex centum (3;bj a3 the par v�lue the�eof ii radeer�ed on I'eb- ruary 1, 1967 or the.reaftier to �nd includin� a�ug��t 1, 19']l; �� ... . .. _ . . . .. .. .. . . . . .. .... . . .. . . .. . . .... . . . .. ... . .... .. . . . . . . . . . . . . .. ... . .. .. . .. .. . . . . . . . . . . . . . .. . . . . - � . . . .. . . . . . ... . .. . . . . , / � �� I � �s � Z`u:� per aentusrt (2jb} of the p�r value thex�eof it redeer�ed �n I'ebruary l, 1972 or �hereaPter to and ino7.�.din� Aa�ust l, 1976� One per centum (1�) of tx'�e par valae thexeof if' re'doeme�i on Yobrur�ry 1, 1977 or thereaP�er to wnd incl.udin� �.tz�a�t l, 1961; and �lithout premium if redeowe�i �hereafter ; provi:ded, however, thAt notice of such intended redemption shall be �iven �t ieast once not lass then thirty (30j flc�ys prior to tue redemption date by ,pub].teation • i.a ��inancial p�per published in the Gity oS ;�'er, 3�ork, idew York. 2.03. �G:;TTGty Or �'�it'i'T.�'ICAi�u �,i�I� GOui'J.�S. Said Certi:Piaate� shall ue executed in the nae:e of the Gity by the �it� huditor and Glerk and its Gity I�:anager a�d counterai�ned by the Iwayor-Go.m�.ias:�onex and its oorporate see.l suall be aPYixEd thereto, In case sns one ar more o� the off'zcert� who sha11 ueve sibned or sealed a�y o� the Ce.rti�ica�es shall cease to be such o�Picer oT �Yie City bsPore the Certiiicates so signed anr'l sasled shall have be�n actually salci �nd delivered, suoh C�xti�icates may neaerthelesy be sold and delivared as herein grovided �nfl iaay bo issued as if tY�e person who si�ned or sealod s¢aIi CertiYi- cates had uot ceased to hold suoh office. Hn,v CertiPicate raay ba si�ned ahd sealed on behal� oT 'the Gity 2�y such person ss a� t;he actual ti.�e oP the execu- tion c�S such G�rtificata shall hold �he proper o37:ice in the C3.t3�, althou�h at the date oP such Gexti�'icates such parson may not ha've he2d such otfica or �ay no� hage been so autharized. The coupons ta be f��tached to the CertiYicates sha11 be autt�enticated �vith the facsimile si�naturea oY the present or any �nture t;ayor-Commissioner, City Pianager and City laud�.�or and Clerk o� said Gity, and tha Cits may aclAp-t and use �or that pt�xpose the facsimil.e signature +of any perso� wha sha7.1 have bs�n such P;�ayor-Commissioner or Gity t�an�ger or City Audi-�or and Cl�rk �� ny tiiae on or aYter the dete of the CertiPicates, notwitt�s�anding that he may have ceased to be such oP�icial at the ti�e v�hen said Certificates sht�ll be actually sold anc; delivered. 2.04. I�TEGOTIABII.ITY �,NP ?c�G3S�RnTS�??1. Tue Certi�ioates shal.l be, and hane all o� the aualities and incidents of, nego�iable instrt�ents under the law merchant and �the Neoo�Giable Instruments Laiv oP tho St�te o� I'larida, �nd each successive liolder, in �ec��ting any o� said Certifioates or ttse conpons apper- taining thereto, sh�ll be aonclusively deemed to have agraed that sach Certi- Pic&tes shall be and have a].1 of the �,ualities �nci incidents of ne�otiable instrurileni,s under the lav� merchsnt an� the b?Egotiable Instr�un.ents Lav, oi ti�e Sta'te of F'loricla, and e�ch succsessive �older s.hrll Purtrer be conclusigely dee�ned to havp a�reed that said Certificates sha11 be incontestable in the hands o� a bana iide holder for value in the manner provided hereinafter in the form o� said Gerti�icates. The Certificstes �ay be xegistered at the option of the nolder as i;o pxin- cipal only, or as to both principal snd interest, at the oY.Yic� oP the City Treasurer of the City, such registration to be noted on the bact� of �Qid Certi- Yicates in the space providecl therefor. A:�ter s:�eh re�istration as to prin- cipal onl�, ar both principal anc3 interest, no transfer o� the Certificates shall b� valid unless �ade at said off ice by the xe�istercd owner, or by l�ia dulg aut.tiorized a�ent or regresentative and �iu�:il�rly noted on the Certificates, but the Gertifica�es may be dischar�ed from re�;istration by being in like m�n- ner trr�nsierred to bearer and thereupon trans�erak�:ility by delivery sh�li be restored. At the option o� the holder the Certificates may thereafter a�ain from tim.e to time he registered or tran.��erred to bearer as beYore. Such xegistxation as to princip�l on].y �he1i nr�t a�3ect th.e negotiabxlity aP the coupons whicY� shall continue �o pass by delivery. 2.05. CLATII'IGA�'ES I.'UTII,f�TED, DESTRO'�LD, �TOZk.N OR ZdBT. In case any Gertifa.cate shal�. beoone matilated �r be destroyed., stolen or lost, the City may in its diseretinn is�ue and deliver a new Certifieate c�ith �11 unmatured coupons, �.Y an�, so mutilated, destroyed, stolen or lost, in. exchax��e and suh- stitut�on for such mutilated CertiiPicate, upon surrender and eancellation oP such riutilated Gertificate and attached coupons, i� eny, or in li�u af an� 9llt79'C�,jiRt'i�.OT! Por the Certi�icate and ettached coupons, if �.ny, destroyecZ, stclen or lc�4t, and �yaan t�ie holder Yurnishi�n� the City proof o� his odvnership thereoi and satis�actory indem:nity ancl complyiro �i�th such other reasor�able re- �ulatiot�3 and con4itions as the City may prescribe a�d payir� such �x�enses as the City ma� iacur. l�11 Gerti�icates and counons so surrendered shall be can- celled hy the Cits Treasurer and held Yor the accaunt oP the Cit�. If any such CertiSicate or coupons shall have matured or be about to nature, instead oi issuin� a substituted Certifieate or coupon, the City may pay the $a.me, upon being inde:nnifie3 �s arorea�id, and iY such CertiPicate ox co�p�n be lost, stolen or destroyed, �ithout surrender thereof. Any guch duplicate CertiYicates anfl couporrs issued gur�uaiit to this sec�ion shall constituie or3�in�l, adc3itiona7. contr�zctual obligations on the part oP the �3.ty, rvhether or not the J.ost, stolen, Ur destroyed Certificates or coupons be at any tine Pound by xnyone, and such duplicate Certi�iaates ttnd cr�upons shall be entitled to equal and proportionate benetita and si�ht� as to lien and soures �nd secu�ity Por the p�xyment grom the uevenues derived by the City from the o�aeration o1' �he system v�ith �11 other Cert:L�iaat�s �nc1 coupons is�ued hereund.er . 2.06. FL�R3T 0� CERTIFICF,T�S ludD COUYOi�S. The text oi the Certifia�:tes a�d coupons and provisions Por re�istration ahall he o� substantially the i'ollowirtg tenor, with sueh omissions, insertiotts and variabions �s r.iay be necess�ry anci desirable nnd au�thorized or permitted hy thi� ��ciin�nce ox �iny �ubs�quent ari�i- nance �dopted prior to �he issusnce thereoP: -5- �o . UNxfi� STATI;B OI�' &ifiE�iICA �1, 000 S'�AT�S O£ �OFiIDl: CQt7h�'Y Ok' r I?�LI,AS CITY 0� CLEiiTi;°!A`iER UTILITY RL'V�NNU�: Ci;N.TT�'IC�TL, SI;RI�S OI' 1955 T£N04Y ALL biE1+T BX TFILSE FRLS�iaTS that the Citq of Clearv.ater, �lorida, �or valixe received, herebg promises �o pay to the he�rer, or if this Cer•tiYicate bo registered, to •the registered �oltiar ae hereitt provided, on the lst day aP Au�nst, 19 ,�rom th.e revenues and speciaJ. Punds pravided thereSor, the prix�- cipal sum oP OI3� THOUSFii�� rOLLI�'tS with in.terest thereon at �he rate vf per centum { �) per arinum, paysbl� semi-annur�ll,y on the lst day of February and tfxe lst day oP August in each year uoon the presentation anri surrender oP the �nnexed coupons ss they severally Pa11 dae ox� to the registered halder hereoi i� this Gert3:�i- cate be re�gis�ered as to interest �s well as r�rir,cipal. Both priticipal of �nd interest o�i this Certi�iest� are payable in lawfu.l noney oY the Un3.ted States af .elmerica at the princip�l �PSice oP The Chase TNE�nb�zttan Ban.�, Tde�v '�ork, Tdew York. � �his CertiYioc�te is one o� an aut,horized iasue o� Certificates in the eggre- �ate rrineipttl araount oP ,�„�,1,500,000 of like date, teaor and ei�e�t, except as to number ancl date oP maturitp, (and interexz� rate} issued ta finance the cost o� the ac�'�tTj,91tS.0II and construction oP various irs�rovementa aa� extansio�s to the ucil.itp propest;ias aP the City supplying water and seti�er services for the �ity oY ��Zoart+�ater, F'loriaa, and to re�und certain ou�Gstanding abli�atiana o� the Cirv �P C1ear�veter, under the authority of snd in f u1I compliancs �vich the Con- st�;.�ion and Statntes o� the State of Florida, includin� the Gharter oP said City, and ather applicable sts:tu�es, and an ord2naece duly enacted �ry the Gity Comi¢ission of' said City and is subject t� �11 the �erms end condi'tions o� said ordinance. The CertiPicates oP this issue o� �hich this Certiticate is one, a�turing in. the years 19b2 to i�85, inclusivep are redeen�ble prior to r�aturity, at the optian o� the City, nn �'iugust l, 1.951, or on any interest pa�rsettt date there- after, in ��hole or in part but im inverse numerical o.rder i3 lEss then all, a� �he price of par and accrued interest to the date o3 redemption, plus the �01- lo�zing premiunis ii redee�ed at �he iollo�.ing �imes: �'our pex centum {4-,��) o� the p�ir �alue t�erac�f if �e�eemed on Angust 1, 1951 or therea�ter �o and ittcluding :Au�ust 1, 1966; ThrPe pereentum (3gb) o� the par value thareoP i� r�d�emed on �'ebruary l, 1967 or therea�ter to and in.el�ding Augu�t 1, I97i; Two per centum (2�j o� the par value thereo� i� re�eemed on February 1, 1972 or thereaYter to and 3nc1nd3ng �ugust l, 197b; One per centum �l�) oY the par aalue thereo� if redeemed on Februa�y 1, 1977 or thereatter to and includin� Augus� 1, 1981j and :`cithout �rer�.ium. if redezmed thereafter; psovided, hov+enar, that a natice oP guch i�tended rede�ptian shall be given at least onee not Iess �han thirt9 f30) days prior to the redem�tion date by� pnb1�- cation in a�inancie�, paper publist�ed: in the City af �?e�� York, New i*ark. This Certifica�te and the coupons appertain:;.ng hereto are na��ble solel� �rom and secured by a lien upon �nd pled�e oY the net revennes derived by �he City �ro� the utility properties o� the City supplyin� weter and se�uer ser�ices in the rcanner provided in aaid ardinance autharizi�� ssid Certi�3cates and does not const�tute an indebtedness oY the City o� Clearr�rater witt�i.n the �eanin� oi eny canstitution�l, statu�ory or ch�rte� pravisi�n or li�itation, end it i� egpressly a�reod by the holaers oi' �his ��rtiPict�te and the coupons flppertain- ing here�o that �ueh holclers sLcall never hr��ve the ri�ht to xequire or compel the e�ercise o� ti�e ad �alorem taxing pa�rer og �aid City, or the taxation of real estata in said (:ity*, for �he pagment aP the principal oP and inte2est on this CertiPicate or the m�king oP any siuking �Pund, resexve or other payments pro- vided ior in the orclinance au�tiiorizina this issue oP CertiPie�t�so It is farther agreed between �Ghe City oY Clearwater and the holder of t.his Certificate tha� ;Ghis CertiYicate an.d the ohligation evides�ced hereby shall uot consti�tute e lien ugon the City's utility prcaperties, or any part thereoP, or on any other property oP or in the �ity oP Clearwater, but shali cc,nstitute a lien only on the net revenues derived fros the oper�tii�n of the Gityts utiZity propertie� sup�lyin� water and sawer servxees in Lhe manner provi3ed i.n s�id authorizing or8inance. The Gity in said ordinar�ce hss covenanteci and agreed ��ith the holders o� the Certi�icates af this issue to iiz and es�ahlish and m�intain surh rates and collect such fees, �eni;als or other char�e� Yor the sergices and :�acilities ar�oraea, by the City*s utility nroparties supplyin� water and sewer services and t� . revise the satce Pros� time tc tim �^� eneyer necas� r � will alta��e pro- vide r n ues sufi'ieient to a��= ari� ou� o�. sa�.a. ravenue� �ti� I� ga,y, as same s�a��l bacome due, the p�anaiosl o� :�r�d intereat on said �ertis°ic�tes, all reserve or sinl:ing Yunds or othe.r payments provided Por in said uSCdiI1flII�2a the necessarq egnensos oP operati.ztg �nd maintainin� said utility pro�ertiss end all other obligatit�ns =payt�ble out oY the rev'enues oi' saicl utilitg properties, and . ..>. � . .�,. _ .__ .� � J V a , „ , , _ �, _,- ,. -- _ I -b- that such rstes, �ee, rente,ls or o�her ahaxges sh�ll not ba so reducc�ci so As to be insn�iicient to provide r�dequate rev9�ues for suah parpose3, t�nd eraid City has entered into certain �urther aovenauts tvith the holdeis of the Cnr�titicatna of this issue for the terms o� �vhich re�erenae ,is made to sraid ordinanoe. It is hereUy certil'ied snd recsited that all aets, cond3ti.atis and things required to egisi, to happen and tn be periormed �reoedent to and in the issuanos o� �his Gertificete, exist, hava happened aud havo bcen per�vrmed in ro�ular ` and due i'orm and ii.rne as rEqui>ed b� the T�azi� and Constitution o� �he ��ate oP Florida applicable a�hereto, and �hut the iasaence of this CertiPicate, and o� the issue oF.CertiPica�es, a� w'�iah t�is Cart��ioate is ane, doAs not violate any constita�ional, stntutory or charter limitation. ' This C�rtiPie�te, and the coupons apgertaining hereto, is and has alZ the qu�lities end irici�Ients o� r� negotiable instrument under the 1aro�+ msrchant and the Ne�atiable Instrvments I�a�v of the utate o�` �'lorida, and the ori�inal holdex and each suceeasive ho?d�r o�' this Cerl;iPic�ste, or o� the coupons appertaining hereto, sha1Z be conclusively deemed by h:is aaceptttnce hereof to have agreed that this Certi�icate and the coapons a��per�ainin�; hereto 3hall be ancl have all the qu�li- ties and incidents o� nego�iable instruimont9 under the 1aw merchant and the Negotiable Instruments �iw of ths State oP �`lorida. The original holder t�nd e�ch success:Lve nolcler oY this Certi�icate, �nd of t�ie coupons appertainin�; hereto, �h�ll be conclusively deemed to havo agreed and conaent;ed to the 3bl-� lo��ing terms �nd couditioY�s; (a} Title to th3s Certificate, unl�ss registered as hers3n provided, and to the annexed interest coupons, �ay be transierre� bp dslivery in the manner provided 3or ne�otiable instrutnents payable to bearer under the law r;�.er^hant and the L�egotiable Lnstxume�ts La�� o� the Sta•te o3' �'loriiia. (bj tlny person in possession of this Certificate, unless registered as ner.ein provided, or o� tha i.nterest coupon3 hereunto ap,�ert��ining, ra�ardless oi the manner in t�hich he shrzll h�vs eequired passessiqn, is hsieby authorized to represent hirtselP as th� absolute orvner hereof, and is �iereby „ranted pov�er to transfer absolute title her�to by delivery hereof to a bona �'ide purchaser, that is, to an.y one �rho shall purchase �he same for value {present br an�ece- dent) �aithaut notice of prior defenses or equities or claims oP owner�h3.p en- �orceable ag�inst .hia transferro�; every prior tak�r os ovtner of this Certifi- cate, u�less re�istered os her.ein �rovided, And of the ann�xed inter.est aoapons, waives an8 renounces all of his equxties and rights herein in favar op evex�y snch bona fide pureheser, and every sach bona fide purehas�r sh�ll acquire title hereto and �o all. righLs repre�ented hexeby; and �c� The Ci�� oi Cle�rtivatar �ag treat the bearer oP this Gertiticate, unlass registQred as herein provided, or oP the 3.nterest conpnns hereunto a�per- taiaingn as the absoTute o:�ner 12ereo� Yor ell parpases vaithout bein� af�ected bq any notiee to the coutrary. This Certi�icate n�ay be re�is�ered as to principal only, or as to both �ri.neipal an� interest, in accordanee �ith the provisions endorsed heraon. IN '''?T�,LSS ""Ii��O�' said Citg oi Clearwatar, Florid�, has issued this �erti- �icate a�3 has c�use� the sscie to be signed ny tne City Auditox �nd Glerk and i�s Gity :4ana�er, and countersi�ned hy its n;;ayor-Comraissioner vrith the corparate seal o� t.he C'ity to be a�Sixed,hereto r�nd has causefl the interest coupons hereto attache� to �e executed �ith �he i�cair�ile si„na�ureg oY the s�id aP�icYrs, all as o� tne 1st day o3 �iu�ust, 1955. � GIT� OF �LEkiiS;�i'I`.e:R, �'i0F?I1:�1 By G ty �ud: tor and G].erk Countersi�nec�; By Ci�G� T�4ana�er Pi�ayor-Commissioner FQFthS t?I+' G�LTl'92s iv"o e On the Ist dap of , 19 , the Ci+,y oY i;learwater, I'lorida, tivill pay� to the bearer at the principal of�'ice oY The Chase �Ianhattan Dank, New Y'orl�, P�e�N Yark, Yram �he re4enues and speciel Punds rePerred to in the CestiYica�e to vahictz this cou�on is attached, the suia oY ('� � in lav��ul �oney of the'Gnl�ed States oY �merica, upon pxesentation and surrender � oP t�is coupon, being six months interer�t then cl�e on its Utii.ity iievenue Ger�ti- Picate, Series of �955, a�tea �ug�.st �, 19559 No. CT'i'Y Ok GLI�liR:"1�.TER, I'LOTtII�A G�Gy Au or an C er G ty �ana�er Y�ayor-Commissioner �� Ca _7_. (To be lnsor�ed in Cou;�ons maturir.g after call�ble date on Gallable CertiPica�es - 'runless the Ceri:iYioate to wt�icli this Qoupon is a�Gtached haa been previously duly called �or prior xedemption and p2,sment t}�ereoP au.ly PorrT) {FQx-�i 9I' YriLIPATION Ci;P.TT�ICi3.�iE1 ��lidated and ennfirrr,ed by �c.�cree o� the Gircuit Cou�rt oi �'lorida, in and Yor Pinellas County, rendered on #,lie day o� . 1955. Glerk oi t e Gircu C o Pine as County, Florida (PROVIuIQI4 ydR I3E�GT5TRI�TIOr?) Tici,s Certificate ma9 be regigtered in the n�me o� the �olfler on the booka to be ko,�t by the CitS� Treasurer, ss Regi��rar, oz such other REgistrar �s ma.5� hereafter be duly ap�ointed, as to principal only, sucia registr�tion bc�ing noted hereon by sacYa l�egistrar in the registra�Gion blank b�lovi ai�er ��hicl� no tranoPer sY�l1 be v�ilid unless made on said bo�ks by the registered hold�r or attorney du19 an�horized and similarly noted �n the registrat�on blan�: belovs, but it may be disoh�rged from regi3tration hy be9.ng transYerred: to 'bearer sPter which it shall be trangYerable hy deli'very bat it may be ggain register�d �s be�ore. The registrat3:on oY this Certificate as ta principal shall nat restzain the ne�otiability ot the coup�ns by daliverp merely but the coupons may �e surrendered an�l the in��,rest rcane pa�able only to the rsgistered holder, in vahich event �he Registrar shall note in the r��istration blank helov; that this Certii�cate is registered �s to in�terest as well as principal and therea�ter the interest will be remittea by r�ail to the regis-�ered holder. �ith the consent of the holder and o� the City of Clearv�ater this Gert.ificate, r7hen converted into a Certificate registered as to both pr'?ncipal �d interest, mayl�econaerted into e coupon certifical;e end again eonverted into a Certi�ical;e registered as to both grincipal and inter.est as hereinabove provided. Upt�n rec�nversion of this Gerti�icate coupons re�±resenting the 3nterest to acoxue upon the Cer�3.�i- eate to date of inaturity shall be �ttached hereto by the Ftegistrar and the Re�istrar shal.l note in the re�istration blank belo� v�h�ttter the CertificatE is re�istered as to principel only or payabZe to bearer. Date of . In .lhose i�?ame �,2anner of . 83��ture of Re�i.stration Re�istere� �e�i4tration 8e�istrar :'1RTIGLL IIT C4Va!�i�i:,fi3fiS9 SP:�CIni. FUTFD;� nlul) 1,a''I'I�ICATTC7I�' �REO� 3.01. C�,RTTl�IC3 iLS ivOT '�0 BE� Z'�IT�BTEDNESS OF TH�' CIiY. P:either the Certi- �icates nor coupons shall be or eonstitute nn indebtedness o3' th� Citg within the meaning oi any constitutiounl, statutory or charter ii�itation o� indebted- nPss, but shall �e payable solely Yram t�u r�venues o� the ��tility properties of the City supplqing �vatea �nd �e�ver s�ivicas an.d special funds a,s herein pro- vided, No holder or ho3ders o� any CertiPieates issued hereunder, or o� any coupon appertai.ning thereto, shall ever have t�e right �Go compPl the eaercis� of the ad valarem tax3.n� pca�ver oP the City, or taga-tion i.n any Porm oY any real property therein to pay said Certifica�tes or the interes� thereon. 3.02. GE�TTFIC�LLS S�:'L"Ri:D BY' �LL�L'�� OF' Ri�'VyT:Lt�u. The payment o� �he de�t ser*rioe oP aZl oi the Gerti�icates issued hereunder sha21 be:seetu�ed Yaxth- with squally and ratably by a i'irst lien an �he net revenues derieed Yrom the utility properties oY the C3ty suoplying �ater and szsver service�s an�c tho special �unds provided thexePor herein. The net revenues derived from said utility properties, in an amount sntficient to pay tlze principal o� and inter�st oa. sAid GertiYicates herein authorized, and to make the payments �rovidad �or in this ordinance, nre hereby irr�voc�Bly pled�ed to the payment oP th� principal of and interest on the CertiPieates herein authorized a.s the ss�ae b�co�e due. J.D3, n�PLICkTIOTd OI�" CEFcTI1TC:.x�s PROC��S AIvD i�ETlns�i.;�f+1T OF OUTST�:I+IL'IfI� OBL�G6TIt}N5. xll maneys received �ron�. the sale o� any or all oP the CertiPicates authorizod and issned puxwuu.fxxn� �o i;hi.s ordinance shall be disbursad and applied as nerei^aiter provided. (�1) All accr.u�d interest reneived upon t►ae delivery �f the CertiYicstes sha11 be depasited in the �inking Fund hereinaPter created� (B) �29d�,t700 t,hereof,together with such additi9n�x1 moneys o� the 63'Gy derived from the operatia� of its utility propexiies inclnda.ng pxesently accumulated reserves su�plying watex and sewer services as may b� necessary to pay interest accruing to December 1, 1955, i�lus the redemption premiiun due on such dute, on the �291�,t700 princip�l fsmount of 2�unic3pal Utility Revenue �erti�i,cates,: Series '1 �� % _g_ 03' 1q47, o� the City, dated December �., 1947, and ntatuxing in the yoars 1�56 to �963, incslusiv�, shall be degosited with the Chemic�l Corn Exchange Bsuk, �Ier� York City, New Yor�, the paying a�ent of s�3d outstanding certif3ca�es, in trust �os� the sole and only purpose of red�eming and retirin; said oextifi- ca�es and the eoupons pertaining �hereto on December 1, 1;955. 5is�ultaneously with the deposit nP the afores��3d moneys �vith -�he Chemia�l Corn Egohenge �3ank pursuant to the n�xt precedin� par��raph, thexe sha7,1 r�lso be depasited c�ith said Chemical Corn Excheiz�e Bank, the paying ageu� ai the outstand-- ing P;innicipal Utility I�evenue Gerti�icates, Neries oP i91�?, ai the City, moaeys a� the City derived from the operation oY its atility proparties inaludiu� pre- , sently accumulateci reserves supplying water and sev�er services suY�'icien� �.n a�aunt to p�y the principal of and interest aacru;ng �o �atur:.ty oi �532'OQO principal �mount oi �,unicipsl iitility Revenue Certific�tes, Seri�s oS 1g1�7, of the Git�t, dated Dece�ber 1, 1947, �nd maturing Deaenbex 1, 1955, in.�Grust �or the sole a�d orily pur,pose o1' payin,�, at maturity the princi:pal. oz and interest on said cer�iTicateso (C) �105,OQQ thereo3, to�ether with such sdditional �oneys of tl�e Cit9 derived �r�m i:he opera�ion o� its utility pxoperties inoluding presently �ecucnu- Zeted reservea suppl,ing �vster a�.d sawer services as t�$y be necessarp to pay in- terest accruin� to Decemb£r l, 19�5, Aius tt�e redemption nremi�t�. due on such d�te, on the �l0y,D00 principal amount o� 2�unicipal IItility Re�renue CertiPicates, 5eries of 1950, o� the City, dr�t;ed �ecsember l, 1950, and �aturin� in the years 1q56 to 1965, inclusive, shall b� cep��ited �ith the Charuical Cr�rn Lxchange Bank, IvTe� Yo�k Git�, 2de�� 'ork, th.e paying agent of said ou•tst�nding aartificates ir. trust �or the sole an�i only purpose •of xedeeraing a�d r,etiring said certifi- ca�tes and the coupons pertainia�� theret�a on L�ecembe� �, 19�5. � Simultaneously s�ith the deposit o� the aYoresaid �oneys �vith �he Chemical Corn E$ahan�e Bank pursuant to the next preceding para�raph, there shall also be deposited �vi'th said Ghe�ical Corn �ch�nge Bank, ti�e paging agen�t of the aut-- st�ndzng i:iunicipal Utility Revenue Certificates, Series o� 1g50, o�' �Ghe Gity, moneys oY thA City derived Yrom the operation ot �ts utility propeo•ties includ- i�g presently �ccumu3ated reserges snpplying water ancl se«er services suY�icient in amount to pay the prinaipal oi and interest aceruing �o maturity on �5,000 prineipal amount oY ;:unie�.pal Utilit� i�evenue Certi�icates, S�r3.£s oi i95o, oY the City, deted J"une 1, 1950, and maturing Decer,n�iser l, I.Q55, in �rust �or the sole and onl9 �urpose oi raying at maturity th.e principal oi and interest on said certi�icates. (D� �imultaneously with the deposit oY the a�or�said mo�eys v�ith i;he Ghemi- eal Corn �xehange Bank pursuant to stihsections (Bj and (Cj above, i;here shall be deposited v��it� the Firsi idatianal Banit of Glear`.ater, Florida ths payino �gent o� the outstandin� 7iater Revenue Certiiicates ai the Citye aonegs of the City derived Prom the operat�on oY its utilii�y properties inoluding presently accuc�ulatsd reserves supplyir�g csatier and sewer services suificient in s.maunt to pay the principal oY and interes� accr.uing to maturitq on �7,OQ0 principal amount oY "7ater Revertue Certiiicates, ot t�e City, dated :�ecemBer l, 1935, and maturin� ��cem�er 3, iQ55, in trust for �hs sole ar�d only ��r�ose o� �ayin� �t matur�f;y tiie prineipal oY end interest on said certiiicatiQs, (�j �ny naneys depcsi�ed ��ith the pa;in� agents of t$e outstc�nding certi- �i.cstes deacribed �bove parsuant to subsections (B), (Cj and (D) a�o•ae, may be 3nvested a�d reinveated by�said peqi:�g �agent.s; as directed by the Cit�, in �irect obli�ations ai the IInited States o� .Aneri�r�; pragided, MozaePer, that a11 such inv�stments and reinvestments of suc.h mnna�s sha.'il be in suah obli�;ations as a�oresaid mFzturin� in such amounts and at such tiu�es a;, may be necessar� ta provide �unds �o p�q the .principal oi and intereat snd redemption rrsmiuci on the ontstanding cer'tificates, ios v�fi�ich ssid moneys c�ere so t�eposited, as the same �ecome due and a�y�ble. The'interest, ineome or other increment rer,eived b� �he City on Lny such i.uvestment sY�al"1 be �nATM:s� t� be Hevenue nr the System Encl sha11 be depositeci in the Re�venae I'und l�erein�Pter provided ��r, The City cioes herebq dei;ermine and elect to redeem on Doce�ber 2= 1955, the �291�,000 �rincipal c�:ount oY ;'unicipal Utility Rever�ue Gerti�icates, Seri�s o� 19y.7, aP the city, aatea December 1, lgi�7, and maturin� in the �ecrs 1956 t� 1963, inclnsive, �,nd to redezm on Uecember l, 1955, t�e �,105,000 principal amowat oY p�unicipal �tility Revenae Cexti�icates, Series or ig5o, oP the City, dated dune 1, 1950, and :aturing in tne years 1956 to 19�5, inc.Lusive, �nd the pro- per of3icer3 0� the Git;� are h�reby authorized and direoted to do and perform such acts and things as mr�� be necessary to. ePfec� �the redemption of said out- atanding cErtiYicates on the a�oras�iid d�tes in accordance with th� provisians o� the proceedin;s �uthorizing the issuar�ce thereo�, (F) The bal�ace of ;;he ,procoeds ot sale of �the CertiPicates �hall be de- posited by the Citg v�ith � bank or txust a�mpeny aatf�orized to exeroiae trust pov�ers and v�hich 5.s a member oY the i�ederal �eposit Insurance CorPoration, t�9 Trus�Ees, in a trust Yund to be known as the "Constractiori irust Fund�+, nn3e•r a Construetion �rust Funl A�:reement to he hereaPter entered into betv�aen the said Bank and the City. S�id a�reement shall provic�a, arcon� other thin�;s, that no W'1tI2(IPFlj9&1 s;ialy be actde Prom said Construc�ion Trast �und, Pxcepi; Yor legal and engineerin� exp�nsess Yess oY Pisea]. or Pinan�cigl agen-�s, �±id. exponnes in conneetion �cith t�ie issuance and 3ale ot the CertxPicates, vai.thout tne wrritten ap�3rovol oi the �o�}sulting �ng3neers retainec3 in connection with the iraprava- men�t and e�t�nsian oT the System �s hereia� autborizer� qnd the �fayor and the Cit� :�angger and the Cith Treasurer. ZY for eny re�son the money9 in sa�a xuna, or any p�rt thereoY, r�r� not necessary Yo�, or are nat ttpl�li�c� to �Che Pi2T�08�89 _c�_ .�xov�.a�a in Lhis ordinance, thel� �uah unapp�i�sd proceeds �ua11 be de,po�i��d by the City, u�oh certi�icat3.at� n1 �uch Cc�nsul�ting �:.ngineer that 3uch surplus pro- eeecls are not needed fnr the ,hurpo�es oP. the �onstxuetion Trus� S`undt iu thE itenewal and P.e�laceme�t %und established pursu�ni to subsection D(�} of Sec- �ion 3.Ok nereAP, and shall be use� only �or the purpose� therein provicied. l�1.1 such pracf�eds oP the �sle oP the Certl�ica�es sha1Z be anci constitute 'L'xus�t tun, s Por auch purlaose3 and th�re ie heraby crea�e3 a lien upon suck mo:�ey, until so apirl�.ed, in i=�vor o� tha t�olders oP the Cert:i.Piau'�eg. �rueh �roaeer,l�, or thQ CertiPic�zte� raay, penc�ing their use in the ��nner in this orciz- nanoe provided, be temporarily inve�ted it1 direct obligations o� the United �:te:tes o� Funeric�, naturin� not l�.ter tu�n ta.elve r:onth,� a�ter the date o£ ptu cha�e thereof. 3.04. C�VT.N�TlTa OF s'H',:. CI��Yo Sa long as any oY i;he prinoipal o� or in- tereat an any of the CertiPioa�es shal�. bz outatanding and unpaid, or until there shal]. have be�u set ap�rt in i:he Sin�ing Futtc� �nd '�eserve �ccount herein est�bliahed a sum suPPic3ent to pap, v�hen due, the entire principal of the Certi�icatas remra.inin� unpai4, toQether tivith int$rest accrued ancl to accrue thereon, the City co�enun�a v�ith the holders oP any and all o� the CertiYicates issued pursuarxt to this ordinance as fo21o«s: (1�) R�T��. That �he �ity will Yix, esiablis� and �Qintain such rates a�c� callect suah Pees, rersta3s or atuer char�ee for the services ��d faciZi- tie� oP the S�stem, and revise the sa�e Yrom tir�e to tirae r;henever necessary, �a rvill al�vays provide Revenues �u�Picient to �ay, in the c�nner speci�ied in �ection ;.01� o� thi� or3inanee, a.nd ou�G of said :?eve�ues sl��ll pa, , ss the same sh�Zl becor,le ciue, the princin�l oP und interest on the Certiiicatas, in addition to pay in�;, us the sar�e shall become due, the necess�ry expenses o� operatin� and maintaining t�e Sys�em, all reserve or siakin� �unds or otfier �ia�ments providecl for in this ordin�nce, �nd aZl other obligations and indebted-- nesa nay�ble out of �he Revenues of the 5gstem, and that such rate, Pees, ren�- els or other charges sha11 not be reducecl �o �s to he insu��icip�t to provide a@e�uate ftevenues for such purposes. (B) R�:ifi,TNE F[ltm. Th�t the entire Gross Revenues derived fraa the opere- tion of the System sha11 b� deposited in a special Yund in a hKn� or trust co��any in Lhe St�te of Florid� whieh is elig�ble under t�e st�te la��s to re- ceive depoaita o� stttte ax�� municipal:funds, vrhich Yun� is her�by created and est�:blishad �nct designated �s the "Utility Sy�stem Revenue Fund'T (herein�Pter called ��Revenue runc?T') . Said Re.venue Fund sha1Z canstitute a trust Pund �or the ��urr,ose� provided in this ordinauce aud shall be key�t separate and distinet from all ather �unds af the Gity and use� onlf �or tne �3t�r.oses and in the m�nner grovicled �or in sul�sec:tion (T:) of this Saction 3aD4• (G) OPT�:i3�TIatt ,�T�� ".�.Iiti��:NS?3G�. That it wi12 c�aint�in in �ood conditioii the Systecn9 an� a11 prarta tnereoP, �n3 �+ill operate the s�e in an e�iie�ent and economical rannex, rnakin� such eagenc3it�res �ox equip�ent and Por renetival, ret�c�ir arid regl�ce�e�t as �ay be proper ior the aer�no�ica� operatios� and sain-- tena�ce thoreai. (D) :3I5; OSTTIOz; OF ::uC�:�i'G'�a. That �11 Raver�uas at any time �ea�inin� on deposi� in the �evenue Fund shall be c�isposed of only in the Pollowi�g �anrer and in t�.e �olloi�i�:b ordar: (1)' Revanues shalJ first be used Yo� the pay�tent of all current �per�ting Expenses oY the Syste�. (2) Rras the moizuys r��aining in the :t�venue �'unri th� Oity shall ne�t �pgortion, set apart axi@ de�osit n�ith a b�nk or Trust Co�pany in the St�ts o� i+lorifla cs�nich is eli�;ible unaer the 1�z�s of s�id :�tate to receive aeposits o� s�ar,e �nd �nunicipal Yunds, as Trustee, in a fund to be Isn�ti�u as tha "Sin3sinQ �'und��, ti�rhich is hereby es�abTiahed, on the �irst day of each mout�, an amotxn� equal to one-t�velPth (1/�.2) of a].1 the nx�.noipal o� taE GerLific�tes issued. hereunder r�hich sh�l1 m�ture and becurae t�ue on ths next princ:ipal msturity date, and on the first day �f each �os�t�, Ge�in�in;,�>�ith the �irst day oi i;he uos��la im�ediately �ollotsing the nelivery of the Gertifi�cav�s, an umount equa� to one-siath (1/b} of all tL=e interust �yt.�ich sha11 mature and become uue on the nnxt seni-annual interest nay�ent date; pravided, howecer, tl�at suck in- terast may, to the ext�:rt that the Revenues are insu�f icient therefor, be �aid ira�i the monays in �he Construction Z'und durin� the period Yo1loFaing delivery o� the Certiiica�Les to a�d inclu.din� six �:.onths a�ter the co.:.pletion af the improvements = exter�sions a�id adelitiot�s to ths Sys�em provided for in this ordi- narxce, The City shall also from the Revenue Fund, de�asit �tiith �he 7,�rustee o� said Sinkcing Ftznd, in � Res�:rve �seGoant in sa:�.d Sinking �'und, irhieh is hereby est�- blishaa, on the ls�t day oi' e�nh m�nth, beginnin; �ith the first nay oP the month twhich �s �:.ore thas3 thirty days caPter the delioery of �ha Oerti�icates authoriTed herein, an amount e�us7. to or.e-twel�th (1/12) of �ssenty per cent�uu (20�) oP the �ar�;est a��regate amo�n� o� �rincz,�aa1 oY and 3.nteres� on sald �:�ertificates which �vill �nnture �nd heeomo clue in ctiny 3tzceeeding year; provided, ho�ever, that no further paytn�nts s.hall be requS�e�. to be made into said Re- serve Account �vhen there s;rall have :bsen �epositeci th4rein, �nd r�s lon� ns there shall remain therein, tha sum of ^,>Q,J00. Thexe shall be de,��sited in the i;e�erve Accoun� in said 3it71;.ing �und, uFion �Ghe date of velivery of the GextiSic��es �zuthorized herein, �11 moneys then hol.cl by tlxe City itt anp anci �13. funds created nh� established under the proceedings autl�orizing the � (0 7 si l� ')j ;1 � � � ��. �� -lo-- isauena�e oY t:he outstandin� y�ater ,3evenue Gertit3aAtes, ci�ted December l, 1�35, the outstanding C,?unicipal Utili'ty fievenua CertiP�,cates, �eries aY 19k�, dated I3ecember 1, 19t�7, and the outstanfiing ;;unicipal TJtility R�veixue pert:tYict�tes, Series oP 1950, datad Jun� 1, 19SO, as debt service r.eserve funds, �nd the pro- per oi'ficers oP the City are hereby authorized and ciirected to o�Yeat such trtzns- f�r. Any �vithdr�tiaals i'rom the Rese�ve ltcoount siiall subsequen��y be restored Prom the Yirst Revenues of the Syste� avail�hla atter all roquirad current p�zy- nen.ts Por �he Sin1>in� Fund and Resarve Aocount, inaludin� any de�ic2encies for prior payments, n�ve been rat�d� in full, 2�n�xe9s in the Reyerve A�count shall be used only for the purpose of the ,��yment o� mat�xring �rineipal oS or interest on the Certificates when tha ott�er moneys in the Sinkin� Fund �re insuf�icien� tt�erefor, and �or no other purpooe. The Citg shall .��t be required to �ake any f urthsx n4ymen�s into said Slnk- ing Fnnd or into the Resarve kec�unt in said ;�inking Futtd when the a�g.re�ate �imouni; o�' �unds in both saia Sinking Fund tt�d s�iti ��eserva �icoount are at least ec�u�tl to the ��;gre6�te prinoipal a�ount oi Gertificatr:s issued �ursu�nt to this ordi- nr�rce then outstanding, plus the a�ouct �� interest then due qr thereefter ��o becoiae �iue on said Certiticstes then outs'tttndi:�. (3) Therea�ter �:eve�ues shall be used to establish end s�t up a�enewal a.�3 Be�Zacer,�ent Tund to be �aintain.eci in the sama bank or trust cot��pan� in ��hich the Revenue Fund is �airtained, and the G3.t,y shal.l pay= int� such iund frou; said Re.enue �'und on the 1�=�t dr�y nf each mo�th, be�inning v.ith the lst day of the taon•Gh tivhich is raore tl�an thir•ty d�ys after t;he deli��ery oP the Gertif�.cates, an emount equal to iive per cent (5�) oi ti�e Gross Revenues �� the Systom col- lecte�3 during the preceding manth. `I'he �tznds in such Renev�al anc3 S�eplacer:ient Fund shall be used onlv i�r the gurpose of i�sS�ing the c�st oY sxte,nsions, im- orovements or additions t�, or the repl.acement aY capital assets of, the System, or any part thereoi'; provi�ed, f�owever, tl-iat upon the aertiPicatinn �� n duly qnalified ��d indeper_dent en�ineer or Yir�i of en�ine�rs that itznfls in said Rene�sal and Repl�cement I�ca.nd_ are not needen �or suc� �ur �os�;s, such eacess �unds m: y be use�i in any cnanner authorized or permitted by latiti. In the event that susplus proceeds oP sale o� the Cartii'ic�tes are de�oaited in �Ghe tene�al �nd f:eplacenien�t �'und �ursnant to �ha provisions o�' yection 3,03 (F) hexeo�, such de�osit shall be eredited.a�airst the deposits herein requireo to be t�sad� �nc? the deposi�s herein required to he msde shall begin upon i:he approoriate first day oP tha month sucoeedin�; th� first cay cf the r;.onth ��;hich is more than thirty days follovein� -the delivery o�' the Certi�'ie�ztes �fter �iving e�fect to and C2647.t oi' such adv�nce deposit a��inst the deposits nerein required to be lnade. �4) I� on any ruonthly pr�yment d�te the He4enues aZE insufxicient to place tha re4u3.rcd r��:c�:uit 3n �ny o� the Funds as Y�ereinbeYore provided, the deficiency shall be mnde up in the subsequent payments in addition to �he payments v�hich wonld other�5ise be regaired to be r�ade into the Funds on �he subsequent parment dates; provided, horrever, �hat any de�icienes in the Uinki.ng Fund r�nd 'xzeserve �ceount shall be :,, de up bePore any �[:rther p&yment is made ir�to the izenewal and Replacement Fund. (5) Therea3ter, the �sal�tnc:e of any Revenue� remaining after all otl�er re- quired aayments i;,to ths �unds proT,rided above have been made, may be used by the City in any manner authorized or permitted by lavr, (6) The Sin�in� Fund and the i:eserve _�ecount therein, the Eienev�al and Re- placer�en� �'und, snd aIl othe� �unds set u,� and created hy tbis ordineizr,e shall constitute trust fun�s Por the pur;,�oses pxovided herein iar yuch i�unus, ��11 of the �oneys on deposit in any af sucn iunds, inalading the �ieveuue F'und, sh�11 ne continuously secured in the sare �anner as state and municipal depasits o� Yun6s are rEc�uired to be secured by the latiss oP the State of rlarida. p,";oneya in the '�esexce itccount rznc� moneys in the E�ene�:a1 and .2epl�;cement Fund may be i.nvested in di,rect obligat:�.nrs o�' the ITnited States of Acuerica or �ust other��ise be main- taineci in cas,�. i�onzys in the i�evenue Fund and the Sir�hing Fund (exc�,,�t the P.eserve �ccount thereinj shall not be invested at any time. (E) S-tiI.,� OI' T�:i�' S"?';>3.'"i�.I. That the S�s�;era rsay be sold, mortga�ed, lea�ed or ot3iexwise disp�sed of only as a whole or suhstantially as a w�iols, �nr3 �nly i� the net pr�ceeds to be re�li�ed sha11 be suYficie�t fully to retire all oY the Gestif'icates �ssued pnrsuant to this orr]inar�ce r�nd any pr�ri passu �dditional obligr�tions uereaiter 3ssued within the t�rrns of Seetian 3.04 (Y�) oi this ordi- nance, end �11 inter�st thereoa-� to 'their rF.s�ecti5re d�ztes oi' r�aturity or earlier redem��tion date. The proceeds Prom such 9a1�, r,,ort�r,Nge, le�sse or otlier ciispo�i- tian oP said System sh�ll imm.edi_atel,y na de,r?osited in the Sinicin� Fand and shall be used on�.y �?or the �:urpose oP pa,n;,n� the principal of and intereUt on the Cer- tiYicates issued ,pursuant to trxis ordin�nce and any puri� p�sr:�u addition�l oh].i- ��tions hereaPter issued witt�in the terrns of Ueation 3.0t� (K) o� this orclinanee, as the s&�e shall bocor�e due, or �he redeaipi;ion of calla�le Certificates or the purchase oP Certi�icates at a Qrice not �reater than tho rede�gtion prir.;e tPtereoP. The �oregoin� provision notv�ithstanclit, , the City sh&11. hr.ve ar�d hePeby� �eserves �che ri�U�ht to sell, lease or ottierw��e d�,spose oY any aY the pro ext eo�:prising �s p�rrt of the 5ystem hereaPter ciete�rr�ined in the r�aurzer ,�rovitied herein to re tta lon�er neces�ary, use�ul or proPitable in the csperr�i;ion '�her�ol. Prior to an.y �ach sr�le, le�se or other dis��o�itir�n oP sai�. propertg, if the r�n;o�tni; -11- to be race�ved therefor i� not in eacess of �25,000, the duly �uthorized oYYi- oer in ehar�e of tihe ;,�ystem sh�aa.l �ake a Yinding ir� variting determinin� thst such property conprising a part of the System is no lon�;er neaeseary, aseiul or profitablo in the opera.tioxi thereo�, and auch proceecls shall be deposited i:n tlie Ttenewal and Replacement �'und and u�ed only as providec� h�r�in tar such. fund. I:C the atnount ta he rereived Prom sucn sale, leae$ or other �:isnosition of said property shall be in excess o� �25,000 but not in excess nf �75,OOA, tha duly �u�horized oiPicer in char;e oP the System shall �i�st c:a�e a Yindin� in v,ritin� determin;Lng that �uch p�operty co�prisin� g p$rt oY the �Syszem is no a..onger nocess�,ry, usePul or pro�itable in the operation thereof, and �he governing bocly oi s�id C3:ty shall, by s��c,lution duly ado;�ted, approve and con- au.r in the Yinding oP Buch d�tly authorizeq officer, and a�.thorize �uch sale, lease or other disp�9ition o� saici pr.operty. mhe nroceeds cierived Yror,: any �ueh sale, ].�ase or o�k�er disr�osition bf saicl property, in ezee�s of �;?_5,000 and not in excess of �75,000 shall be pinced in the Sinl:in;� I�'t�.ud provtc�ed �or in this ardin�nce, and st��ll be used oniy;Por the redemption o� Cer•tiPic�tes or the ].ast iaaturities then outstanding v�h�.ch are callab�:e prior to �sturity, or Por the purchasz oP �aici c+�lla{�Ie Gert.iiicates oP the I.ast mr�turities then outstanding at a price nat �xeater th�n the �hen reden��tion price ther�o�, or, iP no callnble CertiPicates are then a�l�stanc?ing, S'or th� purehase o� 1.ast maturing no�-aal?able Certificates at tne then maxket prioer Such. payment oY such pr�caeds in�a the Siriking Fund ox the �enev�al and �:eplac�msnt Fund shall not reduce the a,mou:n•ts required to be paid i�to seid Funds by other provisions oi' th�.s ordinance. No sale, lea�e or other d3.sposition o� the properties o� the System shall be mad.e by the City if the proceods to the derived thereProm sha11 be in ex- aess of �75,000 and insuYPicient to pay aIl af the principal of the CertiPic�tes then outstancling nnd all interest thereon to tA.eir respective datss o� r��turitry, �vithout the prior approvbl and cQnsent in writin� oY the holders or their cluly authorized representatives o� sixty-six and two-thirds per centum.(66 2/3�) in amount oP CertiPicrtes then outstanding. The Citg shall pr�pare the 3'orm oP such approv�l anc; consent Yor execution by Certific�tehalder�, or their duly euthorized reFresentatives, v�hich forr� shall provi�e Por the dis�oosition oY t�e proceeds of ti�e sals, le8se or ott�er disgosition oY such propertfee o� said Sys- tem. (I') ISSis'Ai,'C� OF QT's'�i3 OBLIGr:TIONc:; �;,4.ilBLis OG'T UI� it�sYEY�t��ES. That tt�e Gity tireill not issue any other obli�stions, exce,pt upon the conditions and in the rr.anner provided herzin, ��yable �rom the :�evenues derived i`rom tihE o�eration o� said Sysj;em, nJr voluntarily creatP or cause to �e createcl �ny �..ebt, lien, pled�;e, assi,,nmetit, encunbrance or �iny cther ch�rge aaving priori�y to or bein� ou a p�rity iviti� the li�n of �he Certi�ic�ites issued pursaan�; to this ordin4nce and the interest thereon, unon any oP the I3evenues of said 5ystem. �,ny ot�er �blig�ztions issued by the City in auc�ition �o the GertiYic�tes uuthorized hy tt�is ordinance or �dditionel Gertific�:tes pravidea �or in Section 3,01� (�) , shell contain �an sxpress state�e�t �hat �uch abligations are junior anr2 subor- dinc�te i.n a11 respects to t�ie CertiYi�ates issued pursuant to this ardzxlance as '�o lien anci source and sacuxity �or payment 3rom the :2evettues ai the �9stem. (G) 11:SU`�r'iS:CE. �'hat the City vai�l carry such insurance as is ordinarilg c�rr•ied by priv�te coxporati�ns ovf�ing anci onerat3ng sirailar utilitiEs as the .�ystem'tirith a reput�ble insurance carrier or carriers, including li�Bilitq in- surance, and instL.ance a�ai,�st loss or dacaage by fire, explosion, h'urricane, aurthquake, cyelone, occupancy or ather hazards and risks, end s�id p�uoerty loss nr cia�age insnrancs shall �t all tim�s be in an a�;ount ar �:;a�ts equal to the �air ��raisal v�lue o� the buildin�s, Qro�erties, �urniture, �iat �.�s and ec�uipccent o� said �ystem, In fi,�e ti�e oi vrar, the Cit� sb.all a].so csray in said emounb se�ch `�.surance as ��y be avail�bTe on reasonable �erms �Uainst loss or ��am�:-;e by th�� risks and hazards o� tqar. {Fi) B0�35 A?�D �;:�Ct�i.i7�. That the City vaill keep boaks and recorc3s o� th� System, vohioh s��ll be separate and spart Yram a11 other boo�s, records and accounts o� the City, in v.hich coL:glete an3 correct entri�s shall �e r�a$e in accard�nce with standz�.rd principles oP accounting af sll transactrons relatino to the Systam, and any holc:Er o� a CertiiicaLe or Certific�tes issuec3 pursuant to this ordi.nance shall have the r�.�l�.� at all reasonable times to irrspect the Sy;�tem, and all parts t�ereo�, and all records, aecoants and data oP t�e �ity relatin� thereto. The C3t3� shall, at leust once �, year, c�use the �oo1s, reco.�ds �nd ac�ounts o� the Systers to be pro��rly audited by a cor.?aeteat auditor or accountant o� recognized staz�ding xnd sha11 �ail upon request, and.�wke r�va3lable, the regort oP said auditor or necounta�t �t all rec�sonable times t� t�ay h�lder or �.olders oP Cert�fica�ee issued pursuant to this ordinanee, any taxpayer o� citizen oP sei.d City, or eny person receivi�� services �'rom the Syste�, or anyone aeting ior end in behalf o� such taxpayer, eitizen �r Certi�ic�tehalder or Certifi- �ateholciers. Pro�.ptly ai'ter �the receipt af each such audi�; re�ort, a oopy thereo�' shall be m�iled by the Cit9 �L� �an� Certific�<tehol�er who sht�ll have filad nis t�dclress tivith the Oity and requested in in;r3:tin� thrat a oopy oP such re�orts be furnlshed h i�i, (I) iwAIP1T.�I�i1?CL OT' �"_ST�:hi. That the City v��ill co:;:p2ete the improvements, �zdit�.t�.ons and extensinns to tY�a System ,provided Por in i;his ordinance :In an eoonot�ica�, and Afficiettt manner tieith A11 practicable dispatch, an:i ttserea�tex a�ill mRintain said Systes in �ood conc�ition and continuously operate the sa;,.e �`' l�a !.� �� -I2- in an efPioient manner and at � rcas�n�'�1e cast. {J') �k;R�rSC�S Y�tfi��Ti ,�.PI21 CuLi.ECT1��iI�•OF GiTx�r;Gs;S. That the City vaill nat render or ca�zse �o be rendered eny Pree sarvices of atYy ns�ure by tae Sy�tam, nor r�ill any preferentiai rata� i�e estat�lisf�ed for u3ers oP �he same class; and in the evenb the City oi' Clearwater,o� any d�partment, a��ticy, inytrumontal.ity, officer or employee thax�a�9 sl�all avail 3tse1P oP the i�C�l�'��E� or services provided bg the Systen:, ox any part thereof, the saLie sate�, Poes or eii�r�;e� ap_>licable to other customers receiving lilte services under siu�ilar circt�m- stances shall be char�;e3 �he Ci.ty snd any such departn:ent, ��ency, instrumontality, o�Picer or enxployee. Such .char.;es shall be paid us they aocrue, �nd the City sh�ll tr�xnsier �rom its �eneral Punc'ts suff icient �ums to pey yual� char�es,. The mon�ys so raceived shal? �:�, c'een:ed to be iievenues derived fran the apera- tiatt of the Sy��Cems end shall �e depo�itec� an� tzcoount�d Yor in the seme ntanner as other �evenue deri.ved froc� sueh opext�iian af the Systera. (ii) ISSt3�NCi; Oz� ='.��I :1.'. �.�AN:LfiI�T:3'�L �:�F:TIFI�::'i'E:S. That no pAri passu add3�ional Certi�icates, r�s in this subsection defined, pay�ble pari passu v,ith GertiYicates is�ued pursuant to this osdinance out of the F3evense rund, shall be issaed F:fter the issu�nce of any Certifict�tes pursuant to ti-4is ordin€�nce, except upon the conditions and in the �:annor hereitt provicled. �vo such pari passu additiona]. Certificates shall b:; is:�ued unless the qver- �ge annual Yvet Revznue3 af the Syste.� durin� tt�e preceding trvo (2j �*ears s3.�.11 �ave beea not 3:ess than onehundred fifty per centum (150�) of Ehe 1ar�;est amount oi' principal an� inte�est ti�hich �yill beco�e c�ue in �ng year ttiere�a��er on: (1} ��e Certi�icates thereto�ore issued �,ursuant to this oxclinance, inclufling �np pari passu CertiP'icates theretoi'ore issueci, then outstanding, (2} the gari passu additional Certi�iQa��s pr��osed to be issue�, �nd (3) any other abli- g�tions pa�ahle iroui the �evenues nf the System. :r'ar the purgose �� this subssction 3.U1� (�) the p.trase °t�erti�ieates tYaere- totore issued pursua�t to this :aruingnceTt shall be dee�ed i;o include the �1,5C0,00� CertiYiea�e� ori�inallp aui;itorized �o be issued puxsaant �to this ordin�nce, ard also any additioual pr�ri ,passu Certificates theretofore issued u�c�er ti2e con- diti�ns aud in the rian.cier pravicted :�.n this subsection 3.04 (K) . The terra "pari passu ad.ditio�al Gerti�ioates�� as usecl in this subsection shall be deamed to �._e�n adc�tional ohli�ations ev3denced by C,ertificates issued un�er tFxe provisions anc: t+rithin the limit&tians oi this sui;section ,��yable Pxom the r��venue .�und pari passu ttith GertiYictites ori�;inally �utti�rizecl and is�ued pczrsuant to �his o.zdi��znce. Such Certiiicates shall be 4eemed to hane been issued puxsuent t� t►ais orciinance the same as the UertiPicate� �rigin�lly author-- ized anfl issued pursu�nt to th�e ordinanee, arid all o� the novenants and other provisi.ons of t�is orcinance (except as to tretaila �3 such Certifie�tes evi- c:encing �uch gari pas:;u ad.dition�l oblig�tions ineonsistent therewith), sha11. be Y�r t&e sc�ual bene�it, pratec�ion and seeuritx o� the t�ol�3ers o� any CE�ti- Picates originaily authorized and issue$ gur�uant to this orc?inance and holc?ers of any Certific�tes evi.deneing additiohal obli5ations subseqaently issued �vith- in �ia�, limitations ai ar�d ya c�s�li�nee .aith this 3u�seation, yll of �u�h C�rtiticates, re�ardless oY the t.i.�ie or i�imes o� their issuance, shall rank equally v:ith sespec�.to thair lien on. the Revenues oi the 5ystem provided f�r herein, end tneir sources rxnd secu�it� for payment from said Revenues, ti,itk�out prePere�ce oP any CertiPicates, fli-coupon, over any other. The tern TMadditiou�l s�ari passu Certiiici.testT as ased in this subsection shall not be 3eemed to inelufle bonds, r�otes, certi�icates or otrer obli�ations stthseouently issaed, the lien o� v�hich on the �evenues oP tne System is �ub- je�t trs the pxior �irid superior lien on �uch E�evenaes oY Certificates issued pursuant to this ordinance an¢ the Ci�y shall not issue any obli;ations vahat- soever rayr�ble �rom the Revenaes of �he Syster� wi:�ch rank e�ually rzs to lien on and source and securit� �oa° pa�ment �ror� sueh Revenues v+ith Certi�icat�s issued pursur�nt to tt�is �.�din�r�ce exce,pt in the n�ann�r and ur_der the con� �tions pro- vided in thi3 subsecti�n. iJo addi�ionsi puri �assu Certificates, as in 'this subsection defined, shall be issued at a�� ti�ie, ho�rever, unless all oP the payments into the respective Yun�s provided for iu th�,p:;�rdinance on Gerti3icates ti�en outntandin�, and all other reserve or sinking �urtczs, or other �ayments �ro'�idecl for in tftis or�i.uauce shall hc�ve been �ide in full �o the d��Ge of isguance o� s�id pari p�,ssu z:dai- tional Certi�icates and the City shall have Pull� cotaplied �,ith all the cove- nants, �greements �:nd terma oY this ordiur�nce. �li sach addition�l pari p�zs9u obli�atians shall be deted I'ebruary..1 or �iu;ust 1, shall na�Gure on Auvust 1 of esch year oP matur:i�y, si�ll be�r in�erest �ayable semi-annur�lly on F'ebrua:t�y 1 snd �u�ust 1 oP each year, and sh�ll m.at4re in annaal installnents substantially in �ro�ortion to or less tnan th� a�ount oi outstandin� CertiPiantea theretoPor� issueci pursuan� to this ord5.nance whlch mature itt €xn'y � e�r in vrhich there is � principal maturity oP such progoseti addi- tional oi�li�ations. Such sddltianal pari p�sau otsligations r;r-:g be is3ued, only Por the purpose oP �inancin6 add;i:�ir�n�, extensians, i��roae�ent� or betteru,ents to the �ystem or for the ��urpose of Pinr�neing ndc�iti�n9, e�tensions, imnrovements or betterments to the utilit� f�roperties owned end �per�ted by the City Yor tbe purpase of supplqing �as service to the Citg �nd the �,nh�xhitan.ts �nd usexs there- of . (L) R�i::�I?Ir,�. t�ny halder oY CertiYicat�sor oE �ny cou��ons ap�ert�iinin� thereta, issusd under the provis�,c�ns oP this ordinwnce, or any �rustee acting �or such CertiYicsteholders in �the manner hereinaPter provided, so.ay either at _13_ law or in equity, by suit, aetion, ffiandamua or other pz�oceed3ng in anV court o� oo�upetent jurisdiction, ,�,rotect �nd enforce any �.nci all righta uuder the la.ws a� the State of Flqr3.da, or �ranted and contai�ed in this ordinanc;e, and may enforce and compel the perto�mance oP all duties required b� this ordittance or hy any applic�tle st�t ute:� to be perTormed by the Git�,��r by ainy oP�icer thareo�, inoludin� the �ixin�, charging, and collecting o� rates, fee�, rentals or ather char�ee for the services €�ud facilities o� �Ghe Sys•;;em, In the event that dePault afiall be rcade in the payment oY the interest on or the pri.ncinal of' an� oY the CertiPicates issued pursuan� to this ordina�ce as uhe same shall b�;come due, or- in the m�,kin� oY the payruents in�Ga �ny reserve or sinkin� iund or any other pa�ments required to be macle by t�i� ordinance, or �.n the event that tl�e Cxty or any o��icer, a�e�t or employee thexsaY shall �nil or rePuse to comply with the provisions o� this ordin�nee, or shall de��ul'G ir� an� cavensnt macie herein, and in the iurther event that any such dePault shall con�inue Por a period o2 tbirty (30) dags, any holder oP sach Certi�icates, or aay trustee sppointed ta represen�G �ertif3.cateholders as hereinr�Yter provided, shall bs entitled as of riQht to the appointment oY a rEceiver of the System in an �ppropriate judici�I proceeding in a conr�G oP competent jurisdiction, 1�he�her or not such holdzx or trustee is aisa se�:kin� or sha11 .�a:v� sough�G to enforce any other right or �xercise any other remedy in connection with CertiPica�es issued pursuant to this ordinance. The couxt appoi�ting said recsiver shall establish the compensation ta be paid t� s�id receiver fos his service�, The rec�ivsr so eppointr:d shall forti3v�ith, clirectly or by his agents an� attorneys, enter into �nd updn and take possession oi the Systera, and eech and evary part thereo�, �nd s�all hald, operate �ind mai.ntain, �auage and control the 5ystem, and each and overy part thereoP, ana in tl�e name o� the City shall exer- cise all the rights and po�aers o� the City �raith respact to the S;�stem as the City itself might do. ::ueh receiver shall ool].ec-G and receive a11 Revenues and maintain aad operate the 5y�tem in the manner provide� in this orciin�nce, and comply under the jusisdicti.on o� the court appointing such receiver, �ith all oP the provisions o� this orditiance. �Ihenever all that is due u�on Certificates issued pur�uant to this ordin�nce, and interest thereon, and under ans covenants oP this ordinance Por reserve, sini�in� or other �unds, aad uy�on any other obli.gr:ti_ons �ind interest thereon. ha.ving a char�e, lien or e�ecunl�rance u�an the i�eveuues o� the Systor�., shzll have been paitl and made good, and all deiaults nrider tne provisions of this ordinance sna11 have been cured and made goo�, �ossession of' the System s�a,11 be surrendered to the City upon the entry o� an order oY the Couxt to that ePPeat. U�on any subset�uent dePaul�t,, anq holder oP �ertific�tes issued pur- suant to th�.s ordinance, nr an� trus-tee a�pointed for Cer�ci�`icateholders as hereinaater ,provided, silall have the right to secure the �'nrther appointment oY n receiver upon any such subsequent de�ault. Such rece3ver shall in t�e per�oFAance oY the powers hereinabove conTerred upott him be under the direction and supervision oP thc court n�aking snch appoint- ment, shall a't all times be su�ject to the orders and decrees oY such court and ruay be removed thereby and e suceessor recei�er sppainted in the disaretion o� such Gourt. T3othin� herein contained shall linit or restxict tfle jurisaiction 03 such cour-� to erter stzch other snd furtl2er orders and 3ecrees as such court msy deem necessary or a��iro7riate Por ti2e sxercise by the rea�iver oP any Puac- tion not speciPically set Portri herein, Any receiJer appointed as provid�ed herein shall hold �nd opera�e the Svste� in the name o� the Cxty and Por the joint protection and ber�aePit oS the Git,� and �iolders of CaxtiPica�es issuad pursuant to this ordinence. Such receiver sha11 have no power ta sell, assign, mortgage or other��ise dispose o� any assets oP any kind or character beion�ing or pertainin„ to sucPi u�ilit9 propEr�ies, c;xcept as pronided in Section 3,�/� (�} heraoY, but the authority of sueh re- ceiver shall be li.mited to tne ,�osses�ian, aperatian and ragfntenanca of the 5ysiem in the uame o� the Gi:ty �or the jeint benePit oY the City and said Cer- ti�icateholders. The holder.or holders of Certificates in an aggregaGe principal amount o� llot less than trventy-Pive per centam (25�) oP Gerti�icates issued unc��r this orciinance then oui;standing m$p bq a duly exeouted certi�icQ�e in. tiwriting apE�oint a trustee �or holrlers o� Certificates issued pursuant to this ordia�nce v�ith authori�y �o represent such CertiPio�teholdere in any Ie�al proeeedinga for the onforcement snd protec�ion of the rights oP such Gertzficf�teholder•s. �uch QertiYic�te shall be executed by s�ich Certi�icateholders or �heir c1ul.y authori.zed attorney �r representatives, nnd yi�a11 he filed in the 'o��ice of tbe City �1uc�i- tor and Clerl�. (bi) ESiI�'ORCEI��II� OF GOLI,�GTIONS. That the City vyill dili�ently enYor.ce and collect �:11 �ees, rentals or other oha�ges �or the Qervices ancT faciliti.es of the System �nd tabe all steps, actions a�d proceeclin�s Por the enioxcement and col],eetion of sueh Peas, rentals or other eharges whioh �hall b�eone delin- quent to the full extent p�rmit�ed or authorized by the �ct and by the lac�s oP the �tate of Florida, That the C3ty wil]., under reasonable rules and re�u�.ationss sh�t o�� and discontinue t�e supplging o� the �vater ser�rice and the seYler se�vice oY the S�z�tem for the non-p�yment of �ees, rentals or other chr�r�;es for said tivater servzoe or saic: aev�er 9ervice, or either of thE�r�, anu will not restore said y«ter service or sewer service, or either oP th�n, unuil all cisliu�nent eharges Yor both water service r�nd setver aervice, togetixer F�ith in,terest �nd reaso�able penalties, l�ave been �aid in Pul.l, �� ' -14.- Attmzcr� nt �QT�GI�:LLta�EQUS PfiOVI�T�N6 4..01. 14"ODIFICATION Oi. �;�YuT��P3To No material modific�tion or amendmsnt oi this ordinance or oY any ardina�ce or resolution z�mendatory thereof. or aupple-- mental thereto, may Ue made without �he consent in tvri�ing o� the holders o� t�vo-thirds or more in principal amoun� of tha Certificates then o4tstattciing, pro- qided, t�owever, that no modigioation shall permit 4 change ia the maturity o� such Certific:ates or z� .reduction in the rate oi' interes� thereon, or in �he r�ount oP the prineipsl obligation ar a�tocting the unconditiona�. nromise o�' the City to fix, c�intain and call,ect �ees, rental.s and other ehar;es �'or i�he �later ser- v� ce and setives service oi` t�e uy�stem suf�icient to pay the principaI. oP c.nd interes� on �hc: CsrtiPicatas, as tiie sare shall hacone due, from the 1?�venues o� the System, or .recluce such percet�ta�e oi holdera oY suoh Cextific�tes required sbove for suah modi�ieati�ns or a�eend;aer,ts, �3thout ttte consent of the it*�lders oP such Certi�icates. 4.02, TR�'�SFiFi OR E�;xSTIi�� FG��. All raones�s o2 the Cit� derived Prani the opsration o� its utility ,progerties sezpvlying water �znd se�aer services and held on the date oP iieligery o� the Certif icates au�horize� �ta be issued here- under, not otherwise re�uired to be r�pplie� or disbur�ed purauant to the provi- sions o� this ordinanae, shall be deposited in the Revenue Fund established p�- suant to Sec�ion 3,01� ;B) hereaY. 4.a3� SEVER�B?L:LTY OT' INPnLII? PROUISIOPI. IY any one or nore o�' the covenants, a�r�ements ar pxovisinns of this ordinance shUuld be held contrary to any eg- press pravisian of law or contrarv to �Ghe policy of e�press la�v, though nat e�- pr�ssly prohihited, ox e�ainst pablic p�licr,r, or shall �or eny reason �1hatsoev�r b� held inval3,d, then such covenants, agreements, or prvv;sions shall he nuZl and void �nd shall be deemed separate f'rom �he remaini�g covenants, agreements or provisions, and in n� way �:ffect the vc�liaitg of ull the other proBisions oi this ordiQance or oi the CertiPica-G�s or �oupons issued thereunder. 1�.A�. FAI,TRaTSON �iL'TFiOI?I�ED. That pursuant to Chapter 75, I�lorid� �tatutes, the City A�tor�es o� the Gity o� C�ear�cater, oe and he is hereby authorized and directed to �repare and institute proqaedin,gs itt the Circuit Cnurt oi' the Si�th Judiai,al Circuit in and for Pinellas Cpuntg, Florida, �o v�lidate ancz con�'irm the issuanee o� the Cestificates aathorized by this ordinance ancl a11 procEed- ixi�a and actions talzen releting �hereto. �..05. ��C�'T"VL ,�9T�. It �s hereby found, declared and determined that the .fun8� to pt�y the cost o�' the constructic�n oP th� additions, extensi�ns and improrements to the System authorized .herein are necessary ancl urgently n�eded �or the prc�servatiou oP the healt�., sa�'ety and vaelf�rs oi tue inhabitants oP the City o� C1ear�:3tE:C = tllfll`, &11 emergencs .Ls hereby declared and tha-t this ordinanee shall be in full force r�na e�Pect i.mmediatel� upon its nassa�e a� pz�nvided by 1ati�. l�.�6m That a].l ordinances �nd resoZu��ons o� i;i�e �ity Gonmission ot the Cit,r o� Clea�water, or parts tuereoi in conflict with the provisions oP tt�is Ordinance are to tae extent o� such conflic�G aereby supErseded and repealPd> �.T'��ST : Js/ R. G. t:�hitehead R. G. r.'�IIT�Eii'.�iI7 CITY �U:;ZTOFc r,,l`�: r.LE$I� P,A38ED 4N FIl?ST i?',i;1IDTP,G PliSS�D ON SL�C01',7p ��,s�TitG P�SS�D (.1iV TiiIAD I�Y3D �'�P�AZ RECiDIPiG Is.<<ID 1iI�0i'�i'�D August 15, 1955 rlugust 15, 1955 �.u�ust I.6, 1955 __ /s/ Fie�bert Li. I3rov�n � HEfi$ERT ��. BRO�"n�T 2Si.4Y0R-Cvi:`�t}�Su I OI�L+'.rc' �� e 1) � � '� .� �